Wheels Up Announces Increased Revenue for First Quarter 2023.

NEW YORK: Wheels Up Experience Inc. (NYSE:UP) today announced financial results for the first quarter, which ended March 31, 2023.

First Quarter 2023 Highlights

Revenue increased $26 million year-over-year to $352 million, a first quarter record

Active Members decreased 1% year-over-year to 12,285 in total

Live Flight Legs decreased 13% year-over-year to 15,389 in total

Net loss increased $12 million year-over-year to $101 million

Adjusted EBITDA was flat year-over-year with a loss of $49 million

"As we position Wheels Up for future success, we expect the program changes we announced today will allow us to continue to scale and evolve our product offering to deliver world-class service profitably," said Interim CEO Todd Smith.

Our revised product offering will improve Wheels Up's competitiveness and service delivery, as well as the flight experience for members and customers. These changes are positive steps for Wheels Up, and we are committed to making the decisions necessary to improve this business to deliver for our customers, employees and shareholders.

The company also announced key executive changes to lead the next stage of growth and profitability for Wheels Up, including naming current Board member Ravi Thakran as Executive Chairman.

"I am excited to work with the team at Wheels Up, especially Todd in his expanded capacity as Interim CEO," said Thakran. "The Board would like to thank our founder Kenny Dichter for his steadfast commitment and dedication to the organization. His innovative vision for private aviation has enabled us to build an iconic brand and a strong base of loyal members and teammates that positions us very well moving forward."

Announcement Details

Retained a leading executive search firm to identify an experienced operator to serve as permanent CEO and drive next phase of the company's journey.

Announced program changes to align guaranteed service in regions where Wheels Up has a significant network density advantage and margins are highest. It is anticipated that members and customers will benefit from better rates in many areas and improved service nationwide.

Enhanced the company's value proposition for corporate customers through a new, industry-leading program with Delta Air Lines to benefit business fliers of both companies through volume-based preferential rates on Wheels Up flights. Delta will continue to provide Wheels Up customers unique access and exclusive benefits such as earning SkyMiles(r)...

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