Wheels Up Announces First Quarter Results

Core Insights - Wheels Up Experience Inc. reported financial results for Q1 2025, highlighting progress in business transformation and profitability despite challenging economic conditions [3][6][7] - The company has authorized a $10 million share repurchase program to enhance shareholder value [3][6] - A partnership with Delta is expected to drive growth, particularly in corporate accounts, with new hybrid travel options launching this summer [7][8] Financial Performance - Revenue for Q1 2025 was $177.5 million, a decrease of 10% year-over-year [6][8] - Total Gross Bookings increased by 8% to $241.9 million, while Private Jet Gross Bookings rose by 7% to $205.3 million [5][6] - The company reported a net loss of $99.3 million, or $(0.14) per share, which is a slight increase in loss compared to the previous year [6][8] Operational Metrics - Live Flight Legs decreased by 7% to 10,895, while Private Jet Gross Bookings per Live Flight Leg increased by 15% to $18,843 [5][6] - Utility, a measure of operational efficiency, improved by 23% to 38.1 [5][7] - Completion Rate was 97% and On-Time Performance was 85% for the quarter [8][27] Strategic Initiatives - The company is modernizing its fleet, including a partnership with Gogo to install high-speed satellite Wi-Fi, with installations expected to begin this summer [7][8] - Wheels Up's liquidity position is strong, with approximately $272 million available, including a $100 million undrawn revolving credit facility extended through September 2026 [7][8] - The company is focusing on enhancing operational reliability and customer experience through its strategic initiatives [7][8]