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Wheels Up Announces Second Quarter Results
Prnewswireยท 2025-08-07 10:55
Core Insights - Wheels Up Experience Inc. reported a focus on improving financial performance and customer experience through strategic realignment of its product, fleet, and operations, particularly in collaboration with Delta Air Lines [4][6][8] Financial Performance - Revenue for Q2 2025 was $189.6 million, a decrease of 3% year over year [7][9] - Total Gross Bookings for Q2 2025 were $261.9 million, consistent with the previous year [6][7] - Private Jet Gross Bookings decreased by 4% to $208.3 million compared to Q2 2024 [6][7] - Gross profit improved by $13.2 million year over year, reaching $2.2 million [7][8] - Adjusted Contribution was $23.1 million, with an Adjusted Contribution Margin of 12.2%, up 4 percentage points year over year [7][9] Operational Metrics - Live Flight Legs decreased by 7% to 11,971 in Q2 2025 [6][9] - Private Jet Gross Bookings per Live Flight Leg increased by 3% to $17,403 [6][9] - Utility increased by 10% to 41.1 hours [6][9] - Completion Rate remained stable at 98% [6][9] - On-Time Performance decreased to 88% from 91% in the previous year [6][9] Strategic Initiatives - The company is modernizing its fleet, with premium jets comprising approximately 20% of the controlled fleet [8] - Plans to add three Challenger 300 aircraft into revenue service in Q3 2025 [8] - Sold or completed lease returns on 31 legacy aircraft in the first half of 2025 [8] - Corporate membership fund sales exceeded expectations, increasing over 25% year over year [8] - Initiatives are expected to drive approximately $50 million in annual cash cost savings through efficiency and productivity improvements [8] Cash Flow and Balance Sheet - Net cash used in operating activities was $110.8 million for the six months ended June 30, 2025 [22] - Cash and cash equivalents at the end of the period were $107 million, down from $216.4 million [21][22] - Total assets decreased to $1.005 billion from $1.158 billion [21][22]