Wheels Up Stock Slides On Q3 Loss, Margin Pressure

Wheels Up Experience Inc UP reported a third-quarter revenue increase of 55% year-over-year to $301.98 million.
The company's Active Members grew 45% Y/Y to 11,375 as of September 30, 2021. Active users increased by 29% Y/Y to 12,011 in Q3; Live Flight Legs increased by 52% Y/Y to 19,714, and Revenue per Live Flight Leg increased by 2% Y/Y to $11,076.
Gross profit for the quarter was $4.84 million (-44.5% Y/Y), and the margin contracted by 290 bps to 1.6%.
Total costs and expenses increased to $370.55 million (+120% Y/Y).
Net loss was $(59.46) million compared to net income of $20.55 million a year ago.
Loss from operations stood at $(68.57) million versus income of $26.13 million same quarter last year.
Wheels Up's cash used in operating activities year-to-date amounted to $152.43 million, compared to $5.4 million cash provided a year ago.
Adjusted EBITDA loss expanded to $(23.93) million from $(8.03) million a year ago.
Also read, Morgan Stanley, Sees Sharp Downside In This Aviation Company.
Price Action: UP shares are trading lower by 8.62% at $6.68 during the market session on Wednesday.

Momentum18.76

Growth14.30

Quality-

Value28.54

Short

Medium

Long

Earnings Calendar