Wheels Up Q3 revenue up 39% to $420.4M; net loss widens to $86.8M; President Hegde departs

Wheels Up Experience Inc.

2022-Q3 EPS reported -$1.10 revenue$1,171,503,000

Revenue grew 39% YoY to $420.4M; Active Members up 12% to 12,688; Live Flight Legs +7% to 21,025.
Net loss widened to $86.8M from $59.5M; Adjusted EBITDA loss increased to $45.2M from $23.9M.
Issued $270M equipment notes (EETC) to strengthen cash position; targets Adjusted EBITDA profitability in 2024.
President Vinayak Hegde departs; receives $600k base + $400k lump sum plus 12-month advisory role at $110k.
Program changes effective Dec 1 to adjust capped rates and consolidate MOC into Atlanta; expected to lift 2023 margins.

item 2.02 item 5.02 item 9.01

Executive movements

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Departed

Vinayak Hegde

President

UP · Wheels Up Experience Inc.

Effective: 2022-11-09
Filed: November 9, 2022, 6:59 PM ET

The Company is also announcing the departure of Vinayak Hegde, President of Wheels Up Partners LLC, an indirect subsidiary of the Company (“WUP”), effective as of November 9, 2022

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Wheels Up Experience Inc. reported three months ended September 30, 2022 results: revenue $420.4 million, net income $86.8 million.

Period: three months ended September 30, 2022
Revenue: $420.4 million
Net income: $86.8 million
Result: reported results

Exact text from the filing

Inc. (NYSE:UP) today announced financial results for the third quarter, which ended September 30, 2022. Third Quarter 2022 Highlights • Revenue increased 39% year-over-year to $420.4 million • Active Members grew 12% year-over-year to 12,688 in total • Live Flight Legs increased 7% year-over-year to 21,025 in total • Net loss increased by $27.4 million year-over-year

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Vinayak Hegde departed as President at Wheels Up Experience Inc..

Action: departed
Role: President

Exact text from the filing

The Company is also announcing the departure of Vinayak Hegde, President of Wheels Up Partners LLC, an indirect subsidiary of the Company (“WUP”), effective as of November 9, 2022

View on SEC.gov

44 earnings releases filed in the last 30 days. Browse all earnings releases →

Wheels Up Experience Inc. filing history →

Source: SEC EDGAR

accession 0001819516-22-000031

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