Wheels Up sets date for Q1 2024 earnings release

Q1 2024 financial results from Delta Air Lines-backed Wheels Up Experience will be announced on May 9th.

By Doug Gollan, April 23, 2024

Wheels Up will announce its first quarter 2024 financial results on May 9, 2024.

Management will review the results during a webcast at 10 am EST.

It will mark the second full quarter under Delta Air Lines-led leadership for the nation’s fourth-largest charter/fractional private jet operator.

After needing a $500 million rescue package last year, the flight provider said it expects to reach a breakeven EBITDA by the end of the year.

During a private customer event at The Masters, Delta CEO Ed Bastian told members, “We’re just getting started.”

From its most recent earnings, announced on March 7, 2024:

Wheels Up 2023 Q4 Earnings Highlights

  • Q4 revenue decreased to $246 million from $408 million year-over-year, a drop of $162 million. Excluding Wheels Up Aircraft Management (sold to Airshare) and Aircraft Sales (spun out to its management), revenues dropped to $236 million from $324 million, a $88 million decline year-over-year. 
  • Full-year 2023 revenue dropped to $1.25 billion from $1.58 billion, a 20.9% drop.
  • Active Members decreased year-over-year by 15% from 12,661 to 9,947 and 10,775 at the end of Q3.
  • Live Flight Legs in Q4 decreased 26% year-over-year to 14,374 from 19,308 in Q4 2022. They were also down from 16,581 in Q3. For FY 2023, Live Flight Legs dropped 19% to 64,481, compared to 79,664 in 2022.
  • Net Loss for Q4 decreased 64% year-over-year from $224.9 million to $81.1 million. Net Loss in Q3 was $144.8 million, including a $56 million impairment charge.
  • Full Year 2023 Net Loss dropped from $555.5 million in 2022 to $487.4 million. 
  • Q4 Adjusted EBITDA loss dropped from $43.7 million to $38.1 million year-over-year.
  • Full Year Adjusted EBITDA loss dropped from $185.3 million in 2022 to $145.9 million in 2023.
  • Cash and Cash Equivalents increased to $384 million at the end of Q4 2023 from $365 million in Q3 2023. That includes $264 million in cash, a $100 undrawn revolver, and a $20 million equipment note
  • Block Sales increased quarter-to-quarter to $207 million in Q4 2023, compared to $79 million in Q3. However, they were down year-over-year from $346 million in Q4 2022.

READ: Everything you need to know about Wheels Up 2.0

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