Wheels Up Announces Increased Revenue for First Quarter 2023

Wheels Up Experience Inc.  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®, SkyBonus® points and Medallion Status.
  • Evaluating the disposition of certain non-strategic assets, as the company continues to focus its core charter business.
  • Member Operations Center in Atlanta, expected to open May 15, will drive improved operations, customer communications and service.

Financial and Operating Highlights

As of March 31,



% Change

Active Members(1)



(1) %

Three Months Ended March 31,

(In thousands, except percentages, Active Users,  Live Flight Legs and Flight revenue per Live Flight Leg)



% Change

Active Users(1)



6 %

Live Flight Legs(1)



(13) %

Flight revenue per Live Flight Leg

$             15,060

$             13,410

12 %


$           351,812

$           325,635

8 %

Net loss

$          (100,866)

$            (89,040)

13 %

Adjusted EBITDA(1)

$            (48,915)

$            (49,428)

1.0 %

(1) For information regarding Wheels Up’s use and definition of this measure see “Definitions of Key Operating Metrics and Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” sections herein.

For the first quarter:

  • Active Members decreased 1% year-over-year to 12,285 offset by a higher mix of Core members, in line with our conscious efforts toward more profitable flying.
  • Active Users increased 6% year-over-year to 13,336 primarily driven by growth in Core members and due to the acquisition of Air Partner.
  • Live Flight Legs decreased 13%  year-over-year to 15,389 reflecting industry conditions and our efforts to focus on profitable flying.
  • Flight revenue per Live Flight Leg increased 12% year-over-year to $15,060, and up 17% year-over-year excluding Air Partner1, primarily as a result of our fiscal 2022 program changes, which included higher pricing and the introduction of a fuel surcharge in the second quarter.
  • Revenue increased 8% year-over-year primarily driven by increased aircraft sales and due to acquisition of Air Partner.
  • Net loss increased by $11.8 million year-over-year primarily driven by interest expense incurred on our Equipment Notes issued in October 2022.
  • Adjusted EBITDA loss of $48.9 million, relatively flat year-over-year.

1 The growth of Flight revenue per Live Flight Leg excludes Air Partner Live Flight Legs and Flight revenue, which is reported on a net revenue basis. This metric is provided for comparison purposes to show the underlying performance of Wheels Up.