Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Akanksha Bakshi

Wheels Up Experience Clocks 64% Revenue Growth In Q4

  • Wheels Up Experience Inc (NYSE:UP) reported a fourth-quarter revenue increase of 64% year-over-year to $345.04 million, beating the consensus of $280.69 million.
  • Revenue growth was driven by solid flight demand and the impact of COVID-19 on 2020 results.
  • The company's Active Members grew 31% Y/Y to 12,040 in total, and Active Users grew 11% to 12,543, primarily driven by the growth in Active Members.
  • Live Flight Legs increased by 63% Y/Y to 20,296, and Flight revenue per Live Flight Leg increased 2% to $12,428.
  • EPS loss widened to $(0.31) from $(0.19) in 4Q20.
  • The company reported a gross loss of $(12.64) million, compared to a profit of $7.29 million in 4Q20.
  • Loss from operations totaled $(82.24) million versus $(29.29) million in 4Q20.
  • Adjusted EBITDA loss increased to $(46.29) million from $(11.25) million a year ago.
  • Wheels Up's cash generated from operating activities amounted to $126.49 million in FY21, compared to $209.64 million a year ago.
  • Price Action: UP shares are trading lower by 6.27% at $3.29 during the market session on Thursday.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.