Wheels Up Experience Inc. Class A (UP) Quarterly 10-Q Report

Wheels Up Experience Inc. (UP) Class A has submitted its 10-Q filing for the quarterly period ended September 30, 2024.

The filing reports a decrease in revenue to $193.9 million from $320.1 million in the same quarter the previous year. This decline is attributed to a reduction in live flight legs and active members.

Cost of revenue decreased to $166.9 million from $299.9 million, reflecting the company's focus on cost reduction and operational efficiency.

The company reported a net loss of $57.7 million for the quarter, compared to a net loss of $144.8 million in the previous year.

Adjusted EBITDA for the quarter was negative $20.0 million, compared to negative $18.5 million in the same quarter of the previous year.

Wheels Up announced a fleet modernization strategy, transitioning to Embraer (ERJ) Phenom 300 and Bombardier Challenger 300 series aircraft.

The company entered into an agreement to acquire 17 Embraer Phenom aircraft for $105 million, with the transaction expected to close in November 2024.

A new revolving credit facility up to $332 million was committed by Bank of America (BAC), expected to support the fleet modernization strategy.

Wheels Up continues to focus on network optimization, including consolidating operations within its Primary Service Area and opening a new maintenance facility in Palm Beach.

The company is involved in ongoing litigation with flyExclusive over a terminated agreement, seeking recovery of deposits and damages.

The filing also details the company's efforts to streamline its product portfolio, enhance its partnership with Delta (DAL), and improve operational efficiency.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Wheels Up Experience Inc. Class A quarterly 10-Q report dated November 7, 2024. To report an error, please email [email protected].