8-K
filed May 9, 2023, 7:59 PM ET
ticker UP
CIK 0001819516
leadership
confidence high
sentiment negative
materiality 0.90
Wheels Up CEO steps down, CFO named interim CEO, Q1 revenue $352M, net loss $101M
Wheels Up Experience Inc.
- CEO Kenny Dichter departed May 9, 2023; CFO Todd Smith named interim CEO and Ravi Thakran appointed Executive Chairman.
- Q1 2023 revenue increased 8% to $352 million, a first quarter record, but net loss widened to $101 million.
- New member programs create two primary service areas (East and West) effective June 26, aiming to improve margins and service.
- Company evaluating disposition of non-strategic assets and opening a Member Operations Center in Atlanta on May 15.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Wheels Up Experience Inc. reported first quarter, which ended March 31, 2023 results: revenue $352 million, net income $101 million.
- Period
- first quarter, which ended March 31, 2023
- Revenue
- $352 million
- Net income
- $101 million
- Result
- reported results
Exact text from the filing
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
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Kenneth Dichter departed as Chief Executive Officer at Wheels Up Experience Inc..
- Action
- departed
- Role
- Chief Executive Officer
Exact text from the filing
On May 9, 2023, Wheels Up announced that Kenneth Dichter, the Company’s Chief Executive Officer and Chairman of the Company’s Board of Directors (the “Board”), will depart from his positions as the Company’s Chief Executive Officer and Chairman of the Board effective May 9, 2023
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.8
Ravi Thakran was appointed as Chairman of the Board at Wheels Up Experience Inc..
- Action
- appointed as Chairman
- Role
- Chairman of the Board
Exact text from the filing
Mr. Dichter will remain a director on the Board and will transition the role of Chairman to Ravi Thakran, as described below.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Kenneth Dichter departed as Chairman of the Board at Wheels Up Experience Inc..
- Action
- departed
- Role
- Chairman of the Board
Exact text from the filing
Mr. Dichter will remain a director on the Board and will transition the role of Chairman to Ravi Thakran, as described below.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Todd Smith was appointed as interim Chief Executive Officer at Wheels Up Experience Inc..
- Action
- appointed as interim Chief Executive Officer
- Role
- interim Chief Executive Officer
Exact text from the filing
Effective as of the Effective Date, the Board appointed Todd Smith, the Company’s Chief Financial Officer, to also serve as the Company’s interim Chief Executive Officer and principal executive officer until a successor Chief Executive Officer is identified.
View on SEC.gov
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