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Wheels Up Experience Inc. Class A (UP) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in total revenue to $792,104,000 from $1,253,317,000 in the previous year. This decline is attributed to a 22% decrease in live flight legs and an 8% decrease in flight revenue per live flight leg.
Membership revenue also decreased by 30.5% to $57,614,000, which the company attributes to a 46% reduction in active members, primarily due to changes in membership offerings and regional focus.
The company reported a net loss of $339,635,000 for the year, an improvement from the net loss of $487,387,000 in the prior year. This improvement is partly due to decreased costs and expenses, including a 41% reduction in cost of revenue.
Wheels Up's cost reduction and operational efficiency initiatives included the consolidation of FAA operating certificates and a focus on primary service areas to optimize operations.
The company completed the acquisition of 17 Embraer Phenom 300 series aircraft and related assets from Grandview Aviation LLC, aligning with its fleet modernization strategy.
Wheels Up entered into a new credit agreement, providing a term loan facility of $390 million and a revolving credit facility commitment of $100 million from Delta Air Lines.
The company continues to focus on its partnership with Delta Air Lines, enhancing its membership and charter offerings to provide a seamless experience across private and premium commercial travel.
Wheels Up's liquidity as of December 31, 2024, included $216.4 million in cash and cash equivalents, with a working capital deficit of $583.7 million.
The company anticipates meeting its liquidity needs for the next 12 months through a combination of cash on hand, operating cash flows, strategic asset sales, and potential borrowings under its credit facilities.
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 annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.