Mon, May 5, 8:45 PM (6 days ago)
**Wheels Up Experience Inc. (UP) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** $177.53 million, down 10% YoY. - **Net Loss:** $99.31 million, slightly higher than Q1 2024. - **Profit Margins:** Negative, with a gross margin of -0.6%. - **Cash Flow:** Net cash used in operating activities was $47.92 million. **Key Metrics:** - **Total Gross Bookings:** $241.90 million, up 8% YoY. - **Private Jet Gross Bookings:** $205.29 million, up 7% YoY. - **Live Flight Legs:** 10,895, down 7% YoY. - **Private Jet Gross Bookings per Live Flight Leg:** $18,843, up 15% YoY. - **Utility:** 38.1, up 23% YoY. - **Active Users:** 6,166, down 40% YoY. - **Completion Rate:** 97%. - **On-Time Performance (D-60):** 85%. **Trends & Uncertainties:** - **Fleet Modernization:** Transitioning to Embraer Phenom 300 and Bombardier Challenger 300 series aircraft. - **Legal Proceedings:** Ongoing litigation with Exclusive Jets, LLC. - **Sales and Use Tax Liability:** Estimated potential exposure of $5.5 million. - **Future Operations Impact:** Dependent on liquidity, debt obligations, and strategic transactions. **Future Outlook:** - **Liquidity:** $171.8 million in cash and cash equivalents, $35.2 million in restricted cash. - **Debt:** $308.9 million in Revolving Equipment Notes, $456.9 million in Term Loan. - **Strategic Actions:** Potential share repurchase, extension of Revolving Credit Facility availability. **Non-GAAP Measures:** - **Adjusted EBITDA:** $(24.15) million. - **Adjusted EBITDAR:** $(18.79) million. - **Adjusted Contribution Margin:** 12.6%. **Ticker:** UP