Wheels Up Experience (UP) Q3 2024 Earnings Report

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Previous Report: Q2 2024

Next Report: Q4 2024

UP Q3 2024 EPS Results

Actual EPS-$1.32

Consensus EPS―

Beat/Miss―

One Year Ago EPS-$50.45

UP Q3 2024 Revenue Results

Actual Revenue$193.90M

Expected Revenue―

Beat/Miss―

YoY Revenue Growth-39.42%

Earnings Announcement Details

QuarterQ3 2024

Date11/07/2024

TimeBefore Open

Conference CallThursday, November 7, 2024

UP Upcoming Earnings

Wheels Up Experience's next earnings date is estimated for November 11, 2026, based on past reporting schedules.

Q3 2024 Earnings Call Audio

UP Q3 2024 Earnings Call

0:00 / 0:00

Q3 2024 Earnings Slide Deck

Q3 2024 Earnings Call Summary

Q3 2024

Earnings Call Date:Nov 07, 2024|

% Change Since:

Earnings Call Sentiment|Positive

The earnings call reflects a positive outlook with stabilized revenue and significant operational improvements, including a successful fleet modernization strategy. While there are challenges such as a decline in membership revenue and on-time performance issues, the company has made significant strides in reducing losses and improving customer satisfaction.

Company Guidance

In the third quarter earnings call for Wheels Up, CEO George Mattson highlighted several key metrics indicating the company's financial and operational progress. The adjusted contribution margin reached nearly 15%, almost doubling from the previous quarter and marking the highest since going public, reflecting improved operational performance and higher fleet utilization. The adjusted EBITDA loss was reduced by nearly 50% sequentially to $20 million, advancing towards the goal of achieving positive adjusted EBITDA in 2025. Block sales saw a significant increase, up 85% year-over-year to $147 million, driven by strong traction in corporate sales, particularly joint Delta accounts. Moreover, the company's fleet modernization strategy, including the acquisition of Embraer's Phenom 300 and 300E aircraft, is expected to enhance operational efficiency and profitability. With the support of a new $332 million credit facility from Bank of America, Wheels Up anticipates improvements in cash flow and liquidity, positioning the company for resumed growth in 2025.

Stable Revenue and Operational Improvements

Revenue was $194 million in Q3, roughly flat sequentially, highlighting stability. Adjusted contribution margin was 14.8%, nearly double the second quarter, the highest since going public in 2021.

Significant Reduction in Adjusted EBITDA Loss

Adjusted EBITDA loss reduced by nearly 50% sequentially to $20 million, showing meaningful progress towards achieving positive adjusted EBITDA in 2025.

Strong Growth in Block Sales

Block sales were up over 85% year-over-year to $147 million, with joint Delta accounts representing the highest mix of overall block sales in September.

Fleet Modernization Strategy

Announced a fleet modernization strategy including acquisition of Embraer Phenom 300 and Bombardier Challenger 300 series aircraft, expected to complete in approximately 3 years.

Improved Customer Satisfaction

Nearly 50% increase in customer satisfaction, with almost 3/4 rating their experience as excellent or very good.

New Financing Commitment

Entered a commitment letter with Bank of America for up to $332 million revolving credit facility, supported by Delta Airlines.

UP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 11, 2026	2026 (Q3)	- / -	-2.379	―
Aug 04, 2026	2026 (Q2)	- / -2.97	-2.145	-38.46% (-0.83)
May 11, 2026	2026 (Q1)	- / -2.29	-2.845	19.33% (+0.55)
Feb 19, 2026	2025 (Q4)	- / -0.80	-2.509	68.11% (+1.71)
Nov 05, 2025	2025 (Q3)	- / -2.38	-1.32	-80.23% (-1.06)
Aug 07, 2025	2025 (Q2)	- / -2.15	-2.024	-5.98% (-0.12)
May 01, 2025	2025 (Q1)	- / -2.85	0.655	-534.35% (-3.50)
Mar 11, 2025	2024 (Q4)	- / -2.51	-1.04	-141.25% (-1.47)
Nov 07, 2024	2024 (Q3)	- / -1.32	-50.446	97.38% (+49.13)
Aug 08, 2024	2024 (Q2)	- / -2.02	-103.362	98.04% (+101.34)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed