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07-08-2025
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Wheels Up Announces Second Quarter Results
Continued focus on more profitable flying leads to improved financial performance and customer experience ATLANTA, Aug. 7, 2025 /PRNewswire/ -- Wheels Up Experience Inc. (NYSE:UP) today announced financial results for the second quarter of 2025. Highlights of the quarter, including GAAP results, non-GAAP financial measures and key operating metrics, are on pages two and three and incorporated herein. Commentary from Wheels Up's Chief Executive Officer George Mattson about the company's financial and operating results for the second quarter ended June 30, 2025 is included in an Investor Letter that can be found on Wheels Up's Investor Relations website at Second Quarter 2025 Results Revenue of $189.6 million, down 3% year over year Total Gross Bookings of $261.9 million, consistent year over year Gross profit of $2.2 million, a $13.2 million improvement year over year Adjusted Contribution of $23.1 million equating to an Adjusted Contribution Margin of 12.2%, up 4 percentage points year over year Net loss of $82.3 million or $(0.12) per share, a 15% improvement year over year Adjusted EBITDA loss of $29.0 million, a 22% improvement year over year Adjusted EBITDAR loss of $25.1 million, a 13% improvement year over year "Our top priority has been realigning our product, fleet, and operations to better meet customer demand, while advancing our strategic partnership with Delta. This focused execution has strengthened our financial position and laid a strong foundation for sustained, profitable growth," said Wheels Up Chief Executive Officer George Mattson. "I'm incredibly proud of how our team has continued to deliver exceptional service and operational excellence, even as we invest in modernizing and simplifying our fleet. As we scale our premium jet offering, deepen our collaboration with Delta, and drive greater productivity and efficiency, we remain committed to transforming our business and delivering the most accessible and flexible portfolio of private aviation solutions in the industry." Business highlights More profitable flying. Continued progress against the previously announced fleet modernization strategy has resulted in meaningful financial improvement. Gross profit improved approximately $13 million year over year in the second quarter on 33 fewer active aircraft in the controlled fleet at quarter end. Adjusted Contribution Margin increased by over 4 percentage points year over year to 12.2 percent on a 10 percent increase in Utility during the second quarter. Progress on fleet modernization. Premium Phenom and Challenger jets comprised approximately 20% of Wheels Up's controlled fleet at quarter end and the company is expecting to add three Challenger 300 aircraft into revenue service in the third quarter of 2025. As part of streamlining its fleet, the company sold or completed lease returns on 31 legacy aircraft during the first half of 2025 and has retired the Citation CJ3 from revenue service. Strong growth in Delta partnership. For the second quarter, corporate membership fund sales exceeded expectations and increased more than 25 percent year over year. Corporate membership fund mix was 45% for the quarter, up 4 points sequentially from the first quarter. Actions to improve productivity and efficiency. Wheels Up is in the process of implementing initiatives expected to drive approximately $50 million in annual cash cost savings through the efficiency, productivity and overhead cost reductions associated with our fleet modernization plan and other actions over the next several quarters. The financial impact of these actions is expected to be realized on a rolling basis as they are completed, with the full impact expected to begin in the back half of 2026. Financial and Operating Highlights(1)Three Months Ended June 30, (in thousands, except Live Flight Legs, Private Jet Gross Bookings per Live Flight Leg, Utility and percentages) 20252024% Change Total Gross Bookings $ 261,948$ 265,346(1) % Private Jet Gross Bookings $ 208,326$ 216,843(4) % Live Flight Legs 11,97112,855(7) % Private Jet Gross Bookings per Live Flight Leg $ 17,403$ 16,8683 % Utility(2) 41.137.410 % Completion Rate 98 %98 %n/m On-Time Performance (D-60) 88 %91 %n/mSix Months Ended June 30,20252024% Change Total Gross Bookings $ 503,850$ 490,0203 % Private Jet Gross Bookings $ 413,619$ 408,6061 % Live Flight Legs 22,86624,609(7) % Private Jet Gross Bookings per Live Flight Leg $ 18,089$ 16,6049 % Three Months Ended June 30, (In thousands, except percentages) 2025 2024$ Change% Change Revenue $ 189,637 $ 196,285$ (6,648)(3) % Gross profit (loss) $ 2,192 $ (10,998)$ 13,190n/m Adjusted Contribution $ 23,070 $ 15,298$ 7,77251 % Adjusted Contribution Margin 12.2 % 7.8 % n/a 4 pp Net loss $ (82,299) $ (96,973)$ 14,67415 % Adjusted EBITDA $ (29,037) $ (37,355)$ 8,31822 % Adjusted EBITDAR $ (25,119) $ (28,759)$ 3,64013 % Six Months Ended June 30, (In thousands, except percentages) 2025 2024$ Change% Change Revenue $ 367,167 $ 393,386$ (26,219)(7) % Gross profit (loss) $ 1,088 $ (27,552)$ 28,640n/m Adjusted Contribution $ 45,511 $ 17,313$ 28,198n/m Adjusted Contribution Margin 12.4 % 4.4 % n/a 8 pp Net loss $ (181,612) $ (194,366)$ 12,7547 % Adjusted EBITDA $ (53,187) $ (86,584)$ 33,39739 % Adjusted EBITDAR $ (43,911) $ (69,844)$ 25,93337 % Net cash used in operating activities $ (110,804) $ (98,956)$ (11,848)(12) % __________________ (1) For information regarding Wheels Up's use and definitions of our key operating metrics and non-GAAP financial measures, see "Definitions of Key Operating Metrics," "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" sections herein. (2) For the three months ended June 30, 2025, Utility for the Embraer Phenom 300 series and Bombardier Challenger 300 series aircraft in our controlled fleet were 49 and 54 hours, respectively. We did not have any Embraer Phenom 300 series or Bombardier Challenger 300 series aircraft in our controlled fleet during the three months ended June 30, 2024. n/m Not meaningful About Wheels Up Wheels Up is a leading provider of on-demand private aviation in the U.S. with a large, diverse fleet and a global network of safety-vetted charter operators, all committed to safety and service. Customers access charter and membership programs and commercial travel benefits through a strategic partnership with Delta Air Lines. Wheels Up also provides freight, safety, security, and managed services to a range of clients, including individuals and government organizations. With the Wheels Up app and website, members can easily search, book, and fly. For more information, visit Cautionary Note Regarding Forward-Looking Statements This press release contains certain "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements provide current expectations of future circumstances or events based on certain assumptions and include any statement, projection or forecast that does not directly relate to any historical or current fact. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of the control of Wheels Up Experience Inc. ("Wheels Up", "we", "us", "our" or the "Company"), that could cause actual results to differ materially from the results discussed in the forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding: (i) Wheels Up's growth plans, the size, demand, competition in and growth potential of the markets for Wheels Up's service offerings and the degree of market adoption of Wheels Up's member programs, charter offerings and any future services it may offer; (ii) the potential impact of Wheels Up's cost reduction and operational efficiency and productivity initiatives on its business and results of operations, including timing, magnitude and possible effects on liquidity levels and working capital; (iii) Wheels Up's fleet modernization strategy, its ability to execute such strategy on the timeline that it currently anticipates and the expected commercial, financial and operational impacts to Wheels Up, including due to changes in the market for purchases and sales of aircraft; (iv) Wheels Up's liquidity and future cash flows, certain restrictions related to its indebtedness obligations and its ability to perform under its contractual and indebtedness obligations; (v) Wheels Up's ability to achieve its financial goals in the future on the most recent schedule that it has announced; (vi) the potential impacts or benefits from pursuing strategic actions involving Wheels Up or its subsidiaries or affiliates, including, among others, acquisitions and divestitures, new debt or equity financings, refinancings of existing indebtedness, stock repurchases and commercial partnerships or arrangements; and (vii) the impacts of general economic and geopolitical conditions on Wheels Up's business and the aviation industry, including due to, among others, fluctuations in interest rates, inflation, foreign currencies, taxes, tariffs and trade policies, and consumer and business spending decisions. The words "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "future," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "strive," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that statement is not forward-looking. We have identified certain known material risk factors applicable to Wheels Up in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission ("SEC") on March 11, 2025 ("Annual Report") and our other filings with the SEC. It is not always possible for us to predict how new risks and uncertainties that arise from time to time may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, we do not intend to update any of these forward-looking statements after the date of this press release. Use of Non-GAAP Financial Measures This press release includes certain non-GAAP financial measures, such as Adjusted EBITDA, Adjusted EBITDAR, Adjusted Contribution and Adjusted Contribution Margin. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and should not be considered as an alternative to Revenue or any component thereof, Net income (loss), Operating income (loss) or any other performance measures derived in accordance with GAAP. Definitions and reconciliations of non-GAAP financial measures to their most comparable GAAP counterparts are included in the sections titled "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures," respectively, in this press release. Wheels Up believes that these non-GAAP financial measures provide useful supplemental information to investors about Wheels Up. However, there are certain limitations related to the use of these non-GAAP financial measures and their nearest GAAP measures, including that they exclude significant expenses that are required to be recorded in Wheels Up's financial measures under GAAP. Other companies may calculate non-GAAP financial measures differently, or may use other measures to calculate their financial performance, and therefore, Wheels Up's non-GAAP financial measures may not be directly comparable to similarly titled measures of other companies. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP financial measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. For more information on these non-GAAP financial measures, see the sections titled "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" included in this press release. Contacts Investors:ir@ Media:press@ WHEELS UP EXPERIENCE INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands except share and per share data) Three Months Ended June 30,Change in20252024$% Revenue $ 189,637$ 196,285$ (6,648)(3) % Costs and expenses:Cost of revenue (exclusive of items shown separately below) 173,955191,690(17,735)(9) % Technology and development 9,35810,529(1,171)(11) % Sales and marketing 24,38521,4802,90514 % General and administrative 30,23235,949(5,717)(16) % Depreciation and amortization 13,49015,593(2,103)(13) % (Gain) loss on sale of aircraft (2,203)234(2,437)n/m (Gain) loss on disposal of assets, net 20(136)156n/m Total costs and expenses 249,237275,339(26,102)(9) % Loss from operations (59,600)(79,054)19,45425 % Other income (expense)Loss on extinguishment of debt (22)(805)783n/m Change in fair value of warrant liability —(70)70n/m Interest income 836285551193 % Interest expense (22,084)(16,667)(5,417)33 % Other income (expense), net (470)(221)(249)113 % Total other income (expense) (21,740)(17,478)(4,262)24 % Loss before income taxes (81,340)(96,532)15,19216 % Income tax benefit (expense) (959)(441)(518)n/m Net loss (82,299)(96,973)14,67415 % Less: Net loss attributable to non-controlling interests ———— % Net loss attributable to Wheels Up Experience Inc. $ (82,299)$ (96,973)$ 14,67415 % Net loss per share of Class A common stock:Basic and diluted $ (0.12)$ (0.14)$ 0.0214 % Weighted-average shares of Class A common stock outstanding:Basic and diluted 698,996,977697,458,9661,538,0110.2 % WHEELS UP EXPERIENCE INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands except share and per share data) Six Months Ended June 30,Change in20252024$% Revenue $ 367,167$ 393,386$ (26,219)(7) % Costs and expenses:Cost of revenue (exclusive of items shown separately below) 332,379389,950(57,571)(15) % Technology and development 19,88221,610(1,728)(8) % Sales and marketing 46,54642,9173,6298 % General and administrative 87,04972,18614,86321 % Depreciation and amortization 33,70030,9882,7129 % (Gain) loss on sale of aircraft (8,754)(2,490)(6,264)n/m (Gain) loss on disposal of assets, net (3,269)1,827(5,096)n/m Total costs and expenses 507,533556,988(49,455)(9) % Loss from operations (140,366)(163,602)23,23614 % Other income (expense)Gain on divestiture —3,403(3,403)n/m Loss on extinguishment of debt (60)(2,511)2,451n/m Change in fair value of warrant liability —(98)98n/m Interest income 1,9843411,643482 % Interest expense (41,964)(31,222)(10,742)34 % Other income (expense), net (169)(350)181n/m Total other income (expense) (40,209)(30,437)(9,772)32 % Loss before income taxes (180,575)(194,039)13,4647 % Income tax benefit (expense) (1,037)(327)(710)n/m Net loss (181,612)(194,366)12,7547 % Less: Net loss attributable to non-controlling interests ———— % Net loss attributable to Wheels Up Experience Inc. $ (181,612)$ (194,366)$ 12,7547 % Net loss per share of Class A common stock:Basic and diluted $ (0.26)$ (0.28)$ 0.027 % Weighted-average shares of Class A common stock outstanding:Basic and diluted 698,641,618697,403,3881,238,2300.2 % WHEELS UP EXPERIENCE INC CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except share data) June 30, 2025December 31, 2024 ASSETSCurrent assets:Cash and cash equivalents $ 107,000$ 216,426 Accounts receivable, net 38,70532,316 Parts and supplies inventories 12,16212,177 Aircraft held for sale 37,88435,663 Prepaid expenses 22,30223,546 Other current assets 15,61811,941 Total current assets 233,671332,069 Property and equipment, net 317,912348,339 Operating lease right-of-use assets 32,16356,911 Goodwill 224,419217,045 Intangible assets, net 87,36796,904 Restricted cash 34,24230,042 Other non-current assets 75,95276,701 Total assets $ 1,005,726$ 1,158,011 LIABILITIES AND EQUITYCurrent liabilities:Current maturities of long-term debt $ 31,542$ 31,748 Accounts payable 35,36229,977 Accrued expenses 96,10189,484 Deferred revenue, current 727,099749,432 Other current liabilities 12,07616,643 Total current liabilities 902,180917,284 Long-term debt, net 391,335376,308 Operating lease liabilities, non-current 50,77450,810 Other non-current liabilities 9,1889,837 Total liabilities 1,353,4771,354,239 Mezzanine equity:Executive performance award —5,881 Total mezzanine equity —5,881 Equity:Common Stock, $0.0001 par value; 1,500,000,000 authorized; 699,803,945 and 698,342,097 issued and 698,993,636 and 697,902,646 shares outstanding as of June 30, 2025 and December 31, 2024, respectively 7070 Additional paid-in capital 1,948,4181,921,581 Accumulated deficit (2,284,507)(2,102,895) Accumulated other comprehensive loss (3,084)(12,662) Treasury stock, at cost, 810,309 and 439,451 shares, respectively (8,648)(8,203) Total Wheels Up Experience Inc. stockholders' equity (347,751)(202,109) Non-controlling interests —— Total equity (347,751)(202,109) Total liabilities and equity $ 1,005,726$ 1,158,011 WHEELS UP EXPERIENCE INC CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) Six Months Ended June 30,20252024 Cash flows from operating activitiesNet loss $ (181,612)$ (194,366) Adjustments to reconcile net loss to net cash used in operating activities:Depreciation and amortization 33,70030,988 Equity-based compensation 20,95625,479 Payment in kind interest 26,49220,501 Amortization (accretion) of deferred financing costs and debt discount 5,694(1,328) Loss on extinguishment of debt 602,511 (Gain) loss on sale of aircraft held for sale (9,429)(5,208) (Gain) loss on disposal of assets, net (3,148)1,827 Impairment of right-of-use assets 20,218— Other (765)4,751 Changes in assets and liabilities:Accounts receivable (4,965)1,502 Parts and supplies inventories (857)2,635 Prepaid expenses 1,68620,204 Other non-current assets 2,09517,473 Accounts payable 4,7489,287 Accrued expenses 2,731(14,232) Deferred revenue (24,915)(21,378) Other assets and liabilities (3,493)398 Net cash used in operating activities (110,804)(98,956) Cash flows from investing activities:Purchases of property and equipment (30,465)(9,633) Capitalized software development costs (5,893)(7,825) Proceeds from sale of divested business, net —5,903 Proceeds from sale of aircraft held for sale, net 55,12237,856 Other 1,150(2,208) Net cash provided by investing activities 19,91424,093 Cash flows from financing activities:Purchase of shares for treasury (195)(404) Proceeds from long-term debt 19,551— Repayments of long-term debt (36,898)(40,992) Payment of debt issuance costs (18)— Net cash used in financing activities (17,560)(41,396) Effect of exchange rate changes on cash, cash equivalents and restricted cash 3,224(1,175) Net decrease in cash, cash equivalents and restricted cash (105,226)(117,434) Cash, cash equivalents and restricted cash, beginning of period 246,468292,825 Cash, cash equivalents and restricted cash, end of period $ 141,242$ 175,391 Definitions of Key Operating Metrics Total Gross Bookings and Private Jet Gross Bookings. We define Total Gross Bookings as the total gross spend by our members and customers on all private jet flight services under our member programs and charter offerings, all group charter flights, which are charter flights with 15 or more passengers ("Group Charter Flights"), and all cargo flight services ("Cargo Services"). We believe Total Gross Bookings provides useful information about the scale of the overall global aviation solutions that we provide our members and customers. We define Private Jet Gross Bookings as the total gross spend by our members and customers on all private jet flight services under our member programs and charter offerings (excluding Group Charter Flights and Cargo Services). We believe Private Jet Gross Bookings provides useful information about the aggregate amount our members and customers spend with Wheels Up versus our competitors. For each of Total Gross Bookings and Private Jet Gross Bookings, the total gross spend by our members and customers is the amount invoiced to the member or customer and includes the cost of the flight and related services, such as catering, ground transportation, certain taxes, fees and surcharges. We use Total Gross Bookings and Private Jet Gross Bookings to provide useful information for historical period-to-period comparisons of our business and to identify trends, including relative to our competitors. Our calculation of Total Gross Bookings and Private Jet Gross Bookings may not be comparable to similarly titled measures reported by other companies. In our Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Reports on Form 10-Q for each of the three months ended March 31, 2024 and June 30, 2024, as well as certain other earnings materials furnished in connection therewith, "Total Private Jet Flight Transaction Value" and "Total Flight Transaction Value" were presented as non-GAAP financial measures, and "Total Private Jet Flight Transaction Value per Live Flight Leg" was presented as a key operating metric. To improve the clarity of our reports filed with the SEC and to use comparable terminology to other registrants, beginning with our Quarterly Report on Form 10-Q for the three months ended September 30, 2024, we relabeled "Total Private Jet Flight Transaction Value," "Total Flight Transaction Value" and "Total Private Jet Flight Transaction Value per Live Flight Leg" as Private Jet Gross Bookings, Total Gross Bookings and Private Jet Gross Bookings per Live Flight Leg, respectively. In addition, we now present Private Jet Gross Bookings and Total Gross Bookings as key operating metrics given their usage. We will no longer present Private Jet Charter FTV or Other Charter FTV, which were included in such past filings. Live Flight Legs. We define Live Flight Legs as the number of completed one-way revenue generating private jet flight legs in the applicable period, excluding empty repositioning legs and owner legs related to aircraft under management. We believe Live Flight Legs is a useful metric to measure the scale and usage of our platform and our ability to generate Flight revenue. Private Jet Gross Bookings per Live Flight Leg. We use Private Jet Gross Bookings per Live Flight Leg to measure the average gross spend by our members and customers on all private jet flight services under our member programs and charter offerings (excluding Group Charter Flights and Cargo Services) for each Live Flight Leg. Utility. We define Utility for the applicable period as the total revenue generating flight hours flown on our controlled aircraft fleet, excluding empty repositioning legs, divided by the monthly average number of available aircraft in our controlled aircraft fleet. Utility is expressed as a monthly average. We measure the revenue generating flight hours for a given flight on our controlled aircraft as the actual flight time from takeoff to landing. We determine the number of aircraft in our controlled aircraft fleet available for revenue generating flights at the end of the applicable month and exclude aircraft then classified as held for sale. We use Utility to measure the efficiency of our operations, our ability to generate a return on our assets and the impact of our fleet modernization strategy. Completion Rate. We define Completion Rate as the percentage of total scheduled flights operated and completed, excluding customer-initiated flight cancellations. On-Time Performance (D-60). We define On-Time Performance (D-60) as the percentage of total flights flown that departed within 60 minutes of the scheduled time, inclusive of air traffic control, weather, maintenance and customer delays, excluding all cancelled flights. Beginning with the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2025, we changed the presentation of Completion Rate and On-Time Performance (D-60) to include wholesale flights, which we believe better aligns those metrics to information that we use internally to evaluate our operations and reported Live Flight Legs, which includes wholesale flights. Completion Rate and On-Time Performance (D-60) for the three and six months ended June 30, 2025 and 2024 reported in the table above includes wholesale flights, which were previously excluded from such metrics in the Company's filings with the SEC beginning with the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2024 through and including our Annual Report. Completion Rate and On-Time Performance (D-60) reported in the Company's previously filed Quarterly Report on Form 10-Q for the three months ended June 30, 2024, which excluded wholesale flight activity, were 99% and 87%, respectively. Definitions of Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDAR. We calculate Adjusted EBITDA as Net income (loss) adjusted for (i) Interest income (expense), (ii) Income tax expense, (iii) Depreciation and amortization, (iv) Equity-based compensation expense, (v) Acquisition and integration related expenses and (vi) other items not indicative of our ongoing operating performance, including but not limited to, restructuring charges. We calculate Adjusted EBITDAR as Adjusted EBITDA, as further adjusted for aircraft lease costs. We include Adjusted EBITDA and Adjusted EBITDAR as supplemental measures for assessing operating performance, to be used in conjunction with bonus program target achievement determinations, strategic internal planning, annual budgeting, allocating resources and making operating decisions, and to provide useful information for historical period-to-period comparisons of our business, as each measure removes the effect of certain non-cash expenses and other items not indicative of our ongoing operating performance. Adjusted EBITDAR is included as a supplemental measure, because we believe it provides an alternate presentation to adjust for the effects of financing in general and the accounting effects of capital spending and acquisitions of aircraft, which may be acquired outright, acquired subject to acquisition debt, including under the Revolving Equipment Notes Facility, by capital lease or by operating lease, each of which may vary significantly between periods and results in a different accounting presentation. Adjusted Contribution and Adjusted Contribution Margin. We calculate Adjusted Contribution as Gross profit (loss) excluding Depreciation and amortization and adjusted further for equity-based compensation included in Cost of revenue and other items included in Cost of revenue that are not indicative of our ongoing operating performance. Adjusted Contribution Margin is calculated by dividing Adjusted Contribution by total revenue. We include Adjusted Contribution and Adjusted Contribution Margin as supplemental measures for assessing operating performance and for the following: to be used to understand our ability to achieve profitability over time through scale and leveraging costs; and to provide useful information for historical period-to-period comparisons of our business and to identify trends. Reconciliations of Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDAR The following tables reconcile Adjusted EBITDA and Adjusted EBITDAR to Net loss, which is the most directly comparable GAAP measure (in thousands):Three Months Ended June 30,Six Months Ended June 30,2025202420252024 Net loss $ (82,299)$ (96,973)$ (181,612)$ (194,366) Add back (deduct):Interest expense 22,08416,66741,96431,222 Interest income (836)(285)(1,984)(341) Income tax (benefit) expense 9594411,037327 Other (income) expense, net 470221169350 Depreciation and amortization 13,49015,59333,70030,988 Change in fair value of warrant liability —70—98 Gain on divestiture ———(3,403) (Gain) loss on disposal of assets, net 20(136)(3,269)1,827 Equity-based compensation expense 8,29514,26820,95625,479 Integration and transformation expense(1) 183—1,366— Fleet modernization expense(2) 7,972—13,119— Restructuring charges(3) —4,371—6,515 Atlanta Member Operations Center set-up expense(4) —458—3,481 Certificate consolidation expense(5) —3,674—4,812 Other(6) 6254,27621,3676,427 Adjusted EBITDA $ (29,037)$ (37,355)$ (53,187)$ (86,584) Aircraft lease costs(7) 3,9188,5969,27616,740 Adjusted EBITDAR $ (25,119)$ (28,759)$ (43,911)$ (69,844) __________________ (1) Consists of expenses associated with the Company's global integration efforts, including charges for employee separation programs and third-party advisor costs. (2) Consists of expenses incurred in connection with the execution of our fleet modernization strategy first announced in October 2024, which primarily includes expenses associated with transitioning the Embraer Phenom 300 series and Bombardier Challenger 300 series aircraft to our operations and pilot training programs aligned to our fleet modernization strategy as well as certain costs incurred associated with exiting legacy private jet models. (3) Includes charges for contract termination fees and employee separation programs as part of our cost reduction and strategic business initiatives. (4) Consists of expenses associated with establishing our Member Operations Center located in the Atlanta, Georgia area ("Atlanta Member Operations Center") and its operations primarily including redundant operating expenses during the transition period, relocation expenses for employees and costs associated with onboarding new employees. The Atlanta Member Operations Center began operating on May 15, 2023. (5) Consists of expenses incurred to execute the consolidation of our FAA operating certificates primarily including pilot training and retention programs and consultancy fees associated with planning and implementing the consolidation process. (6) For the six months ended June 30, 2025, primarily includes a $20.2 million non-cash pre-tax right-of-use asset impairment charge associated with vacating our former New York City corporate office space for a smaller, centralized location and related on-going lease costs for the vacated space while we seek a sublease tenant. For the three and six months ended June 30, 2024, includes (i) collections of certain aged receivables which were added back to Net loss in the reconciliation presented for the twelve months ended December 31, 2022, (ii) reserves and/or write-off of certain aged receivables associated with the aircraft management business which was divested on September 30, 2023, (iii) expenses associated with ongoing litigation matters and (iv) amounts reserved during the second quarter of 2024 related to Parts and supplies inventory deemed in excess after revision of future business needs associated with strategic business initiatives. (7) Aircraft lease costs are reflected in Cost of revenue on the condensed consolidated statement of operations for the applicable period. Refer to "Supplemental Expense Information" below, for further information. Adjusted Contribution and Adjusted Contribution Margin The following tables reconcile Adjusted Contribution to Gross profit (loss), which is the most directly comparable GAAP measure (in thousands):Three Months Ended June 30,Six Months Ended June 30,2025202420252024 Revenue $ 189,637$ 196,285$ 367,167$ 393,386 Less: Cost of revenue (173,955)(191,690)(332,379)(389,950) Less: Depreciation and amortization (13,490)(15,593)(33,700)(30,988) Gross profit (loss) 2,192(10,998)1,088(27,552) Gross margin 1.2 %(5.6) %0.3 %(7.0) % Add back (deduct):Depreciation and amortization 13,49015,59333,70030,988 Equity-based compensation expense in Cost of revenue 1008161781,562 Integration and transformation expense in Cost of revenue(1) ——363— Fleet modernization expense in Cost of revenue(2) 7,725—10,782— Restructuring charges in Cost of revenue(3) —3,703—3,703 Atlanta Member Operations Center set-up expense in Cost of revenue(4) —458—1,860 Certificate consolidation expense in Cost of revenue(5) —2,445—3,471 Other in Cost of revenue(6) (437)3,281(600)3,281 Adjusted Contribution $ 23,070$ 15,298$ 45,511$ 17,313 Adjusted Contribution Margin 12.2 %7.8 %12.4 %4.4 % __________________ (1) Consists of expenses associated with the Company's global integration efforts including charges for employee separation programs. (2) Consists of expenses incurred in connection with the execution of our fleet modernization strategy first announced in October 2024, which primarily includes expenses associated with transitioning the Embraer Phenom 300 series and Bombardier Challenger 300 series aircraft to our operations and pilot training programs aligned to our fleet modernization strategy, as well as certain costs incurred associated with exiting legacy private jet models. (3) Primarily includes charges for employee separation programs as part of our ongoing cost reduction and strategic business initiatives. (4) Consists of expenses associated with establishing the Atlanta Member Operations Center and its operations primarily including redundant operating expenses during the transition period, relocation expenses for employees and costs associated with onboarding new employees. The Atlanta Member Operations Center began operating on May 15, 2023. (5) Consists of expenses incurred to execute the consolidation of our FAA operating certificates, primarily including pilot training and retention programs and consultancy fees associated with planning and implementing the consolidation process. (6) Consists of amounts recovered on Parts and supplies inventory reserved during prior periods related to Parts and supplies inventory deemed in excess after revision of future business needs associated with strategic business initiatives, including fleet modernization. Supplemental Revenue Information Three Months Ended June 30,Change in 20252024$% Membership $ 7,474$ 16,046$ (8,572)(53) % Flight 158,330163,684(5,354)(3) % Other 23,83316,5557,27844 % Total $ 189,637$ 196,285$ (6,648)(3) % Six Months Ended June 30,Change in 20252024$% Membership $ 16,663$ 32,900$ (16,237)(49) % Flight 305,898314,613(8,715)(3) % Other 44,60645,873(1,267)(3) % Total $ 367,167$ 393,386$ (26,219)(7) % Supplemental Expense Information (In thousands) Three Months Ended June 30, 2025 Cost of revenueTechnology and developmentSales and marketingGeneral and administrativeTotal Equity-based compensation expense $ 100$ 330$ 259$ 7,606$ 8,295 Integration and transformation ———183183 Fleet modernization expense 7,725——2477,972 Other (437)——1,062625 (In thousands) Six Months Ended June 30, 2025 Cost of revenueTechnology and developmentSales and marketingGeneral and administrativeTotal Equity-based compensation expense $ 178$ 764$ 500$ 19,514$ 20,956 Integration and transformation 363—5005031,366 Fleet Modernization 10,782—722,26513,119 Other (600)——21,96721,367 (In thousands) Three Months Ended June 30, 2024 Cost of revenueTechnology and developmentSales and marketingGeneral andadministrativeTotal Equity-based compensation expense $ 816$ 353$ 132$ 12,967$ 14,268 Restructuring charges 3,703—516174,371 Atlanta Member Operations Center set-up expense 458———458 Certificate consolidation expense 2,445——1,2293,674 Other 3,281——9954,276 (In thousands) Six Months Ended June 30, 2024 Cost of revenueTechnology and developmentSales and marketingGeneral and administrativeTotal Equity-based compensation expense $ 1,562$ 636$ 267$ 23,014$ 25,479 Restructuring charges 3,703—1,6481,1646,515 Atlanta Member Operations Center set-up expense 1,860——1,6213,481 Certificate consolidation expense 3,471——1,3414,812 Other 3,281——3,1466,427 View original content to download multimedia: SOURCE Wheels Up
WIRED
02-07-2025
- Business
- WIRED
Affluent Travelers Are Ditching Business Class for Business Jets
Jul 2, 2025 11:00 AM With a rise in 'semiprivate' carriers, new booking tech, and commercial airline partnerships, it's never been easier to fly private. We're cruising 35,000 feet over the French Riviera, the plane's wing cutting through billows of white. Below us, the sea is sparkling, and I spot a cluster of yachts anchored along the coastline. A ray of light hits my glass of Champagne and turns it to liquid gold. I take another sip. So this is what it feels like to be on cloud nine. I'm flying from London to St. Tropez with the private aviation company Wheels Up, and for the first time in my life, I don't want a flight to end. Once you've gotten a taste of the private jet lifestyle, it becomes easy to understand why wealthy travelers are so taken with it—despite the hefty price tag and contentious carbon footprint. But, as Leona Qi, president of Vista US, a private aviation company that owns VistaJet and XO, tells me, a large group of private jet travelers are not, in fact, ordering Champagne and caviar on their way to the South of France. Instead, they're more likely to be taking board meetings en route to the Midwest for a multi-million dollar IPO deal. For today's business travelers—whether we're talking C-suite execs or Taylor Swift—the appeal of flying private lies in its efficiency, more so than luxury. Without being constrained by commercial flight routes and airports, you can 'visit three cities in a day and come back home to sleep in your own bed, and the next day you can present to the board or to your executive team,' says Qi. With the return of in-person meetings and office mandates, more business travelers and corporate clients are seeking out private aviation solutions. ILLUSTRATION: Alex Green Private aviation's first post-Covid boom mainly included leisure travelers who transitioned away from commercial airlines during the pandemic for reasons of health, explains George Mattson, CEO of Wheels Up. 'You had a bunch of new people in private aviation,' he says. 'And once you try it, you generally don't want to stop.' Despite that, because of the rise of remote work, business travel remained below pre-pandemic levels. That's changing. With the majority of companies implementing hybrid or full-time office mandates, business travel has resumed and, with that, business jets are back in business. So far this year, worldwide private jet activity has been up year-over-year for 20 out of the past 24 weeks, per WINGX data. According to Qi, VistaJet has received three times as many RFPs (request for proposals) from corporations looking for private aviation solutions during the first six months of 2025 compared to the first six months of 2024. 'You can save a lot of time—and time, ultimately, is money.' But business travelers aren't the only customers driving the surge in demand. Private carriers have long been a popular option for reaching leisure destinations that lack commercial connections. According to aircraft charter specialist Chapman Freeborn, harder-to-reach destinations like Scotland's Hebrides, and the French and Italian islands of Corsica and Ischia, are trending this summer, alongside perennial favorites like the Hamptons and Ibiza. The biggest spikes in worldwide private jet activity in recent months have coincided with major sporting events and holidays; over Memorial Day weekend, private jet flights in the US hit an all-time record compared to previous years. This story is part of The New Era of Work Travel , a collaboration between the editors of WIRED and Condé Nast Traveler to help you navigate the perks and pitfalls of the modern business trip. There's still room for growth—according to 2021 data, the majority of US households who can afford to fly private, in fact, do not. One reason for this is that private aviation requires a relatively manual booking process. From calling up brokers and comparing jet card memberships to purchasing fractional ownership models, it's often easier to purchase a $10,000 business class ticket than to go through the motions of reserving a private charter. So-called semi-private carriers combine the reliability of scheduled flight services with the exclusivity of private aircraft and terminals. ILLUSTRATION: Alex Green The industry is now beginning to address those pain points with new products and tech. A handful of start-ups are vying to become 'the Uber of private jet travel,' such as Kinectair, which offers real-time pricing and route search features, without charging membership fees. This summer, Uber itself launched a helicopter booking feature in the Amalfi Coast. The intersection between commercial and private aviation is continuing to grow. In an industry-first, Delta Air Lines is now connecting its international business class passengers with Wheels Up charter flights throughout Europe. Meanwhile, 'semi-private' carriers like JSX, XO, and Aero offer scheduled services aboard private aircraft that travelers can book by the seat—a model that's proven a hit among premium travelers. Tradewind Aviation—which offers both book-by-the-seat scheduled flights and private charters in the US and the Caribbean—says it's seeing roughly a 33% year-over-year increase in scheduled service bookings across its routes; However, private charters are seeing 'less of an increase' this summer compared to last, a Tradewind spokesperson tells Traveler . As demand for scheduled services increases, carriers like these are expanding their route maps. This May, Aero launched a bicoastal Los Angeles to New York flight (featuring in-flight Erewhon meals and Starlink Wi-Fi). The company says the new route was 'built for business travelers, flying from Los Angeles to New York on Monday mornings and returning to Los Angeles on Thursday afternoons.' Mattson, of Wheels Up, believes even more travelers will be making the leap from business class to business jet in the years to come. Above all else, the core draw of private aviation—whether used for a corporate or leisure trip—remains a simple one, he says: 'You can save a lot of time—and time, ultimately, is money.'
Condé Nast Traveler
02-07-2025
- Business
- Condé Nast Traveler
Affluent Travelers Are Ditching Business Class for Business Jets
We're cruising 35,000 feet over the French Riviera, the plane's wing cutting through billows of white. Below us, the sea is sparkling, and I spot a cluster of yachts anchored along the coastline. A ray of light hits my glass of Champagne and turns it to liquid gold. I take another sip. So this is what it feels like to be on cloud nine. I'm flying from London to St. Tropez with the private aviation company Wheels Up, and for the first time in my life, I don't want a flight to end. Once you've gotten a taste of the private jet lifestyle, it becomes easy to understand why wealthy travelers are so taken with it—despite the hefty price tag and contentious carbon footprint. But, as Leona Qi, president of Vista US, a private aviation company that owns VistaJet and XO, tells me, a large group of private jet travelers are not, in fact, ordering Champagne and caviar on their way to the South of France. Instead, they're more likely to be taking board meetings en route to the Midwest for a multi-million dollar IPO deal. For today's business travelers—whether we're talking C-suite execs or Taylor Swift—the appeal of flying private lies in its efficiency, more so than luxury. Without being constrained by commercial flight routes and airports, you can 'visit three cities in a day and come back home to sleep in your own bed, and the next day you can present to the board or to your executive team,' says Qi. With the return of in-person meetings and office mandates, more business travelers and corporate clients are seeking out private aviation solutions. Alex Green Private aviation's first post-COVID boom mainly included leisure travelers who transitioned away from commercial airlines during the pandemic for reasons of health, explains George Mattson, CEO of Wheels Up. 'You had a bunch of new people in private aviation,' he says. 'And once you try it, you generally don't want to stop.' Despite that, because of the rise of remote work, business travel remained below pre-pandemic levels.
Forbes
19-06-2025
- Business
- Forbes
Propellers, Rotor Blades Are Music To The Ears Of Private Jet Flyers
Supersonic private travel for the super-rich may be up in the air. However, their need to access hard-to-reach places quickly, particularly destinations with short or no runways, is driving several leading private jet flight providers to launch or expand operations and partnerships that utilize turboprop, piston and rotorcraft aircraft. If you are not a UHNW, typically defined as having a net worth of at least $30 million, don't despair. Private jet charter and fractional operator is adding a Caravan turboprop and amphibious float plane ... More to help its well-heeled customers access smaller airports or places with no airport at all. The most recent initiative comes from JSX, which offers a semi-private option. Still, experts say it is the travel needs of the very wealthy that are driving the trend. 'The challenge when a client wants to buy their third, fourth or even fifth home is: can they land their jet nearby,' says Alasdair Pritchard, a partner in Knight Frank's Private Office, adding, 'This can dictate property decisions, so we help clients explore alternatives, whether that's nearby airports with helicopter access or private airstrips on larger estates.' For those who want the full private experience, FlyExclusive, which previously limited its services to jet aircraft, selling fractional shares, jet cards, and on-demand charters, is launching charter flights using an amphibious float plan and Caravan turboprop. Wheels Up, via a partnership with Tropic Ocean Airways, helps members make that last mile as easy a ... More day at the beach, including sometimes landing at the beach. Knight Frank says UHNWs who are increasingly buying third, fourth, and fifth homes in locations that are hard to access with private jets, are looking to propeller aircraft and helicopters. It is not alone. Wheels Up has been expanding its partnership with seaplane operator Tropic Ocean Airways, in which it has a minority ownership stake. The commercial agreement enables members to fly to more than 70 smaller airports across Florida, the Bahamas, and the Northeast U.S., including the Hamptons, Lake Placid, Fire Island, Sunset Beach, Montauk, and Block Island. 'We're not surprised to see rising interest in turboprops, seaplanes, and helicopters for last-mile travel—it's a trend that aligns squarely with the solutions we've been building over the past several years," says Wheels Up CEO George Mattson. He adds, 'Our customers can easily combine a commercial or long-range private flight with a final leg aboard a wheeled or amphibious Cessna Caravan EX—creating a seamless, end-to-end premium experience.' Flexjet has been expanding its last-mile helicopter service for members of its fractional jet ownership program by acquiring rotorcraft operators in both England and the United States. In 2023, Flexjet received permission to operate helicopter flights between Florida and the Bahamas. It has now expanded the seasonal service to year-round. Flexjet Vertical Lift President Eli Flint said at the time, 'Now that our clientele has grown accustomed to accessing off-airport destinations, they expect it wherever the helicopter can take them – and now that includes from Florida to the Bahamas and the Florida Keys.' Flexjet offers its fractional private jet customers the ability to use hours on its helicopter ... More service in the Northeastern U.S., England, and South Florida. Longtime private and shared turboprop operators have also been expanding their footprint focusing both on price and accessing airports jets can't utilize. Tradewind Aviation, which had operated exclusively in the Northeastern United States and the Caribbean, added a Florida base for charter flights in 2023, as well as scheduled flights last year from Witham Field in Stuart to the Bahamas. Like JSX, it sells individual seats on its scheduled flights and uses private terminals, so customers avoid the hassles of crowded airports with long lines. PlaneSense, which long focused on fractional ownership, has expanded its jet card offering, enabling customers to fly on its fleet of Pilatus PC-12 turboprops by committing to buy just 25 hours. JSX will buy up to 25 ATR turboprops as it seeks to expand its semi-private by-the-seat flights to ... More airports that were previously the domain of the private jet users. It also expanded the primary service area for its fleet to the West Coast in 2021, opening a maintenance facility near Las Vegas to support an increase in flights in the Western U.S. Last year, SkyShare which has a days-based fractional program on preowned PC-12s targeting customers in Arizona, California, Colorado, Idaho, Montana, New Mexico, Nevada, Oregon, Utah, Washington and Wyoming, added an entry level program cutting the initial investment by 41%. Its targeting business flyers who need to visit multiple remote locations in a single day. The PC-12 is renowned for its short-runway access and can even land on grass airstrips. And that's the point. FlyExclusive is basing a Caravan and amphibious float plane in Miami, with operations set to start later this month. Chairman Jim Segrave said, 'There's a clear gap in the market…with the launch of our new amphibious float plane and land-based Caravan, we're expanding our ability to connect travelers to the most sought-after island destinations in the region.' Its seaplane will be 'capable of landing at any suitable water landing site, enabling direct access to private beaches, remote islands, and waterfront properties with no runway required.' And its not just second homes that are driving the last-mile solutions. Air Charter Service signed a deal in April to staff a new terminal and helipad area at the Silverstone race track, a two-and-a-half hour drive outside of London. During the British Grand Prix it handles over 1,500 flights and more than 6,000 passengers. Air Charter Service CMO James Leach said the heliport is expected to get use during rest of the year for special events and experiences offered at the track. He noted, 'The benefits of private aviation mainly revolve around time-saving, with our helicopter shuttles saving many people on average between two hours and five hours, whilst those traveling from abroad by private jet can often save even more time when compared with scheduled flights, especially if they add a helicopter transfer to the circuit.' William Herp, CEO of Linear Air Taxi, a charter broker specializing in turboprops and piston aircraft, says that advances in technology over the past decade have boosted consumer confidence in the segment. He points to last month's announcement that the Cirrus SR Series G7+, which can seat three passengers, will be the world's first single-engine piston aircraft equipped with an FAA-approved autonomous emergency landing system. The system activates if the single pilot becomes incapacitated. With a touch of a button, the airplane lands itself. The key benefit of the propeller aircraft, he says, is being able to land at runways as short as 3,000 feet. 'With a (charter) jet, you are looking at 5,000 feet or more if there is rain,' he says. Herp says these days most customers are open to the propeller aircraft instead of a jet if it can get them to their destination faster than an alternative airport further away. 'When we first started (20 years ago), we had to explain how piston props were safe. Consumers were unaware piston props were available for charter. We're not having that conversation as much,' he says. Herp says Linear has around 700 piston prop aircraft available for charter on its website. Prices range from around $750 to $2,500 per hour, plus fees, plus you pay for repositioning the airplane to and from its base before and after your trip. Still, it's more more affordable chartering a jet. Wheels Up's Mattson adds, 'As demand continues to grow for more personalized and experiential travel, we see these aircraft and partnerships as essential to delivering the kind of elevated, last-mile solutions today's premium traveler expects.' Of course, not all of us have the money to charter an entire aircraft no matter the size, nor the need to land at a waterfront property. JSX plans to cater to the rest of us. Earlier today it announced it had signed a letter of intent for up to 25 turboprop airplanes from ATR Aircraft and plans to start operations later this year with two leased turboprops. It states that the new type will add up to 1,000 more airports it can fly to in the U.S. beyond its current Embraer regional jets, offering its by-the-seat version of shared private aviation. JSX CEO Alex Wilcox said, 'Many of these airports were, until now, reserved only for those who had the means to fly private.' Its by-the-seat prices often start under $500. A spokesperson says no airports have been selected yet.
Yahoo
17-06-2025
- Business
- Yahoo
Wheels Up Announces Executive Leadership Changes to Align Go-To-Market Strategy and Accelerate Growth
ATLANTA, June 17, 2025 /PRNewswire/ -- Wheels Up Experience Inc. (NYSE: UP), a leading provider of on-demand private aviation, today announced key executive leadership appointments that align the company's go-to-market growth strategy with the evolving needs of its customers. "These leadership changes are a natural next step in our transformation journey," said George Mattson, Chief Executive Officer of Wheels Up. "As we continue to focus our customer-centric strategy around the goal of seamlessly delivering the broadest and most accessible suite of global aviation solutions across our programmatic on fleet and global charter offerings, all aligned with our first-of-its-kind strategic partnership with Delta Air Lines, we expect these organizational changes will help drive our commercial success in the marketplace and long-term growth." Effective immediately: Mark Briffa, currently CEO of Air Partner and EVP, Charter, will become Chief Sales Officer, unifying global sales across our Membership and Charter offerings under one leader. Meaghan Wells, EVP of Enterprise Planning and Strategy, has been appointed Chief Growth Officer, a new role that unifies key growth functions. In this position, she will oversee the newly formed commercial strategy group, integrating revenue management, product strategy, and competitive analysis, to drive more coordinated, data-driven decisions that are expected to enhance our customer offering. She will also continue to lead fleet and corporate strategy, partnerships, and enterprise planning. Kristen Lauria, currently Chief Marketing Officer, will expand her role to include customer experience, driving deeper integration across brand, communications, and customer engagement. As Wheels Up progresses its previously announced fleet modernization plan, investing in and enhancing all aspects of the customer experience will be a key strategic focus area for the company. As part of the leadership realignment, Dave Harvey, Chief Commercial Officer, will step into a senior advisor role to the company through August 2025 to help ensure a smooth and effective transition. "We are grateful to Dave for his significant contributions in shaping and executing our commercial strategy, and we thank him for his leadership during a pivotal phase of our transformation," added Mattson. About Wheels Up Wheels Up is a leading provider of on-demand private aviation in the U.S. with a large, diverse fleet and a global network of safety-vetted charter operators, all committed to safety and service. Customers access charter and membership programs and commercial travel benefits through a strategic partnership with Delta Air Lines. Wheels Up also provides freight, safety, security, and managed services to a range of clients, including individuals and government organizations. With the Wheels Up app and website, members can easily search, book, and fly. For more information, visit Cautionary Note Regarding Forward-Looking Statements This press release contains certain "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside of the control of Wheels Up Experience Inc. ("Wheels Up"). These forward-looking statements include, but are not limited to, statements regarding the expected impact and timing of certain personnel transitions on Wheels Up, Wheels Up's growth plans, the degree of market adoption of Wheels Up's member programs, charter offerings and any future services it may offer, and the anticipated impact of Wheels Up's fleet modernization strategy. The words "anticipate," "continue," "could," "expect," "plan," "potential," "should," "would," "pursue" and similar expressions, may identify forward-looking statements, but the absence of these words does not mean that statement is not forward-looking. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in Wheels Up's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission ("SEC") on March 11, 2025 and Wheels Up's other filings with the SEC from time to time. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, Wheels Up does not intend to update any of these forward-looking statements after the date of this press release. Contacts Investors:ir@ Media:press@ View original content to download multimedia: SOURCE Wheels Up
