Wheels Up Experience (US:UP)2022-06-11 19:14Financial Performance & Growth - Wheels Up's total revenue increased from $332 million in 2018 to $1.195 billion in 2021, with a CAGR exceeding 45%[7] - The company projects revenue between $1.47 billion and $1.52 billion for 2022[7] - In Q1 2022, flight revenue reached $236.363 million, a 24% increase compared to $190.474 million in Q1 2021[73] - Membership revenue in Q1 2022 was $20.647 million, a 38% increase from $14.974 million in Q1 2021[73] - Aircraft management revenue grew by 19% in Q1 2022, reaching $60.506 million compared to $50.880 million in Q1 2021[73] Operational Metrics - Wheels Up reported over 73,000 live flight legs in 2021[9] - The company has over 12,000 active members as of March 31, 2022[10] - Flight revenue per live flight leg increased by 8% year-over-year, from $12,467 in Q1 2021 to $13,410 in Q1 2022[78] Market & Strategy - Wheels Up estimates a democratized total addressable market (TAM) of approximately $80 billion by 2025[24] - The company estimates the current democratized TAM to be around $51 billion[24] - Wheels Up's 2021 total revenue represents approximately 4% share of the existing private aviation market, valued at $31 billion[24] Financial Measures - Wheels Up reported an adjusted EBITDA loss of $49.428 million for the three months ended March 31, 2022[87, 95] - Adjusted contribution margin was negative 0.8% for the three months ended March 31, 2022, compared to 10.8% for the three months ended March 31, 2021[90]