Wheels Up Reports Fourth Quarter Results
Operational improvements and strategic repositioning continue to progress
Cash balance up sequentially from third quarter
Fourth Quarter 2023 Highlights
- Total Revenue decreased
$162 million year-over-year to$246 million , partially due to the divestiture of the Aircraft Management business - Adjusted Contribution decreased
$16 million year-over-year to$3 million - Net loss decreased year-over-year to
$81 million , due primarily to the absence of a goodwill impairment charge in the current quarter - Adjusted EBITDA improved
$6 million year-over-year to a loss of$38 million
"In our first full quarter since the strategic investment, we have made strong progress on a number of key fronts. Operationally, we continue to drive performance and strengthen our team. Commercially, we are rebuilding our sales pipeline, restoring customer confidence, and are seeing strong momentum in our joint efforts with the Delta sales teams," said
"We made significant progress over the past quarter to improve our business for a sustainable future," said
Recent Initiatives
- Introduced new UP for Business program, offering a tailored private aviation solution for small and medium-sized enterprises jointly sold through
Wheels Up and Delta sales organizations offering unmatched flexibility and global capabilities.
- Added incremental
$40 million of investor capital from Kore Capital andWhitebox Advisors , bringing the Company's total secured new capital to$490 million .
- Achieved or exceeded goals for Total Completion Rate and On-Time performance in the fourth quarter, inclusive of weather, air traffic control delays, unscheduled maintenance and customer delays.
Wheels Up continues to lead the industry in the publication of its service metrics.
- Announced a number of new leadership appointments with a combined over 250 years of aviation experience to company's operations team as part of its mission to lead the industry in performance and reliability.
Financial and Operating Highlights |
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As of |
|
|
||
|
2023 |
|
2022 |
|
% Change |
Active Members(1) |
9,947 |
|
12,661 |
|
(21) % |
|
|
|
|
|
|
|
Three Months Ended |
|
|
||
(In thousands, except Active Users, Live Flight Legs and Flight revenue per |
2023 |
|
2022 |
|
% Change |
Active Users(1) |
10,744 |
|
13,846 |
|
(22) % |
Live Flight Legs(1) |
14,374 |
|
19,308 |
|
(26) % |
Flight revenue per Live Flight Leg |
$ 14,079 |
|
$ 14,178 |
|
(1) % |
|
|
|
|
|
|
Revenue |
$ 246,380 |
|
$ 408,257 |
|
(40) % |
Net loss |
$ (81,115) |
|
$ (224,910) |
|
64 % |
Adjusted EBITDA(1) |
$ (38,122) |
|
$ (43,705) |
|
13 % |
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
||
(In thousands) |
2023 |
|
2022 |
|
% Change |
Live Flight Legs(1) |
64,481 |
|
79,664 |
|
(19) % |
Flight revenue per Live Flight Leg |
$ 13,710 |
|
$ 13,470 |
|
2 % |
Total Private Jet Flight Transaction Value per Live Flight Leg(1) |
$ 15,863 |
|
$ 14,721 |
|
8 % |
|
|
|
|
|
|
Revenue |
$ 1,253,317 |
|
$ 1,579,760 |
|
(21) % |
Net loss |
$ (487,387) |
|
$ (555,547) |
|
12 % |
Adjusted EBITDA(1) |
$ (145,868) |
|
$ (185,251) |
|
21 % |
(1) |
For information regarding |
For the fourth quarter:
- Active Members decreased 21% year-over-year to 9,947 offset by a higher mix of Core members, primarily as a result of the regionalization of our member programs and focus on more profitable flying.
- Active Users decreased 22% year-over-year to 10,744.
- Live Flight Legs decreased 26% year-over-year to 14,374 reflecting a slowdown in the industry and our efforts to focus on profitable flying.
- Flight revenue per Live Flight Leg was relatively consistent year-over-year.
- Revenue decreased 40% year-over-year primarily driven by the divestiture of our non-core aircraft management business as well as reduced flight revenue and aircraft sales.
- Net loss decreased by
$143.8 million year-over-year to$81.1 million , due to the absence of a goodwill impairment charge in the current quarter and lower costs that more than offset the decline in revenue.
- Adjusted EBITDA loss improved by
$5.6 million year-over-year to$38.1 million , reflecting our operational efficiency and other spend reduction efforts.
About
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of the control of
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures, such as Adjusted EBITDA, Adjusted Contribution, Adjusted Contribution Margin and Flight Transaction Value. These non-GAAP financial measures are an addition, and not a substitute for or superior to, measures of financial performance prepared in accordance with generally accepted accounting principles in
For more information on these non-GAAP financial measures, see the sections titled "Definitions of key metrics and non-GAAP financial measures" and "Reconciliations of non-GAAP financial measures" included in this press release.
CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except share data) |
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|||
|
|
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ 263,909 |
|
$ 585,881 |
Accounts receivable, net |
38,237 |
|
112,383 |
Other receivables |
11,528 |
|
5,524 |
Parts and supplies inventories, net |
20,400 |
|
29,000 |
Aircraft inventory |
1,862 |
|
24,826 |
Aircraft held for sale |
30,496 |
|
8,952 |
Prepaid expenses |
55,715 |
|
39,715 |
Other current assets |
11,887 |
|
13,338 |
Total current assets |
434,034 |
|
819,619 |
Property and equipment, net |
337,714 |
|
394,559 |
Operating lease right-of-use assets |
68,910 |
|
106,735 |
|
218,208 |
|
348,118 |
Intangible assets, net |
117,766 |
|
141,765 |
Restricted cash |
28,916 |
|
34,272 |
Other non-current assets |
110,512 |
|
78,157 |
Total assets |
$ 1,316,060 |
|
$ 1,923,225 |
LIABILITIES AND EQUITY |
|
|
|
Current liabilities: |
|
|
|
Current maturities of long-term debt |
$ 23,998 |
|
$ 27,006 |
Accounts payable |
32,973 |
|
43,166 |
Accrued expenses |
102,475 |
|
148,947 |
Deferred revenue, current |
723,246 |
|
1,075,133 |
Operating lease liabilities, current |
22,869 |
|
29,945 |
Intangible liabilities, current |
1,525 |
|
2,000 |
Other current liabilities |
416 |
|
18,023 |
Total current liabilities |
907,502 |
|
1,344,220 |
Long-term debt, net |
235,074 |
|
226,234 |
Deferred revenue, non-current |
983 |
|
1,742 |
Operating lease liabilities, non-current |
54,956 |
|
82,755 |
Warrant liability |
12 |
|
751 |
Intangible liabilities, non-current |
10,677 |
|
12,083 |
Other non-current liabilities |
6,983 |
|
3,520 |
Total liabilities |
1,216,187 |
|
1,671,305 |
Mezzanine equity: |
|
|
|
Executive performance award |
2,476 |
|
— |
Total mezzanine equity |
2,476 |
|
— |
Stockholders' equity |
|
|
|
Common stock, |
70 |
|
3 |
Additional paid-in capital |
1,879,009 |
|
1,545,530 |
Accumulated deficit |
(1,763,260) |
|
(1,275,873) |
Accumulated other comprehensive loss |
(10,704) |
|
(10,053) |
|
(7,718) |
|
(7,687) |
|
97,397 |
|
251,920 |
Non-controlling interests |
— |
|
— |
Total stockholders' equity |
97,397 |
|
251,920 |
Total liabilities and equity |
$ 1,316,060 |
|
$ 1,923,225 |
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands except share and per share data) |
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|
||||||
|
Three Months Ended |
Twelve Months Ended |
||||
|
2023 |
|
2022 |
2023 |
|
2022 |
Revenue |
$ 246,380 |
|
$ 408,257 |
$ 1,253,317 |
|
$ 1,579,760 |
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
Cost of revenue |
250,925 |
|
395,627 |
1,232,506 |
|
1,540,325 |
Technology and development |
11,608 |
|
14,804 |
61,873 |
|
57,240 |
Sales and marketing |
17,328 |
|
29,349 |
88,828 |
|
117,110 |
General and administrative |
23,539 |
|
53,331 |
145,873 |
|
183,531 |
Depreciation and amortization |
13,506 |
|
19,074 |
58,533 |
|
65,936 |
Gain on sale of aircraft held for sale |
(5,611) |
|
(425) |
(16,939) |
|
(4,375) |
Impairment of goodwill |
— |
|
118,000 |
126,200 |
|
180,000 |
Total costs and expenses |
311,295 |
|
629,760 |
1,696,874 |
|
2,139,767 |
|
|
|
|
|
|
|
Loss from operations |
(64,915) |
|
(221,503) |
(443,557) |
|
(560,007) |
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
Change in fair value of warrant liability |
54 |
|
1,251 |
739 |
|
9,516 |
Loss on divestiture |
— |
|
— |
(2,991) |
|
— |
Loss on extinguishment of debt |
(1,595) |
|
— |
(4,401) |
|
— |
Interest income |
31 |
|
2,058 |
6,121 |
|
3,670 |
Interest expense |
(14,220) |
|
(7,515) |
(41,255) |
|
(7,515) |
Other expense, net |
162 |
|
464 |
(660) |
|
(1,041) |
Total other income (expense) |
(15,568) |
|
(3,742) |
(42,447) |
|
4,630 |
|
|
|
|
|
|
|
Loss before income taxes |
(80,483) |
|
(225,245) |
(486,004) |
|
(555,377) |
|
|
|
|
|
|
|
Income tax benefit (expense) |
(632) |
|
335 |
(1,383) |
|
(170) |
|
|
|
|
|
|
|
Net loss |
(81,115) |
|
(224,910) |
(487,387) |
|
(555,547) |
Less: Net loss attributable to non-controlling |
— |
|
— |
— |
|
(387) |
Net loss attributable to Wheels Up Experience |
$ (81,115) |
|
$ (224,910) |
$ (487,387) |
|
$ (555,160) |
|
|
|
|
|
|
|
Net loss per share of Common Stock |
|
|
|
|
|
|
Basic and diluted |
$ (0.14) |
|
$ (0.91) |
$ (3.69) |
|
$ (22.60) |
|
|
|
|
|
|
|
Weighted-average shares of Common Stock |
|
|
|
|
|
|
Basic and diluted |
576,426,623 |
|
24,783,277 |
132,194,747 |
|
24,567,164 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) |
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|
|||
|
Twelve Months Ended |
||
|
2023 |
|
2022 |
Cash flows from operating activities |
|
|
|
Net loss |
$ (487,387) |
|
$ (555,547) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
|
Depreciation and amortization |
58,533 |
|
65,936 |
Amortization of deferred financing costs and debt discount |
329 |
|
766 |
Payment in kind interest |
10,453 |
|
— |
Equity-based compensation |
25,633 |
|
88,979 |
Change in fair value of warrant liability |
(739) |
|
(9,516) |
Provision for expected credit losses |
1,705 |
|
8,129 |
Loss on divestiture |
2,991 |
|
— |
Loss on extinguishment of debt |
4,401 |
|
— |
Gain on sale of aircraft held for sale |
(16,939) |
|
(4,375) |
Impairment of goodwill |
126,200 |
|
180,000 |
Other |
5,825 |
|
1,575 |
Changes in operating assets and liabilities, net of effects from acquisitions: |
|
|
|
Accounts receivable |
30,062 |
|
(23,946) |
Other receivables |
(3,164) |
|
2,537 |
Parts and supplies inventories |
4,686 |
|
(21,693) |
Aircraft inventory |
11,010 |
|
(29,470) |
Prepaid expenses |
(17,315) |
|
(3,058) |
Other non-current assets |
(32,289) |
|
(41,555) |
Operating lease liabilities, net |
(552) |
|
(490) |
Accounts payable |
(8,089) |
|
(9,702) |
Accrued expenses |
(35,110) |
|
19,143 |
Deferred revenue |
(348,419) |
|
103,313 |
Other current assets and liabilities |
2,890 |
|
(1,715) |
Net cash (used in) provided by operating activities |
(665,285) |
|
(230,689) |
|
|
|
|
Cash flows from investing activities |
|
|
|
Purchases of property and equipment |
(20,168) |
|
(83,559) |
Acquisition of businesses, net of cash acquired |
— |
|
(75,093) |
Proceeds from sale of divested business |
13,200 |
|
— |
Purchases of aircraft held for sale |
(4,240) |
|
(40,105) |
Proceeds from sale of aircraft held for sale, net |
68,308 |
|
51,208 |
Other |
267 |
|
— |
Capitalized software development costs |
(16,497) |
|
(27,693) |
Net cash provided by (used in) investing activities |
40,870 |
|
(175,242) |
|
|
|
|
Cash flows from financing activities |
|
|
|
Purchase of shares for treasury |
(28) |
|
(7,687) |
Purchase of fractional shares |
(3) |
|
— |
Proceeds from notes payable |
70,000 |
|
— |
Repayment of notes payable |
(70,000) |
|
— |
Proceeds from long-term debt |
382,200 |
|
259,200 |
Repayments of long-term debt |
(59,523) |
|
— |
Payment of debt issuance costs |
(21,692) |
|
(6,727) |
Net cash provided by financing activities |
300,954 |
|
244,786 |
|
|
|
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
(3,867) |
|
(5,424) |
|
|
|
|
Net decrease in cash, cash equivalents and restricted cash |
(327,328) |
|
(166,569) |
Cash, cash equivalents and restricted cash, beginning of period |
620,153 |
|
786,722 |
Cash, cash equivalents and restricted cash, end of period |
$ 292,825 |
|
$ 620,153 |
Definitions of Key Operating Metrics
Active Members. We define Active Members as the number of Connect, Core, and UP for Business membership accounts that generated membership revenue in a given period and are active as of the end of the reporting period. We use Active Members to assess the adoption of our premium offerings which is a key factor in our penetration of the market in which we operate and a key driver of membership and flight revenue.
Active Users. We define Active Users as Active Members and jet card holders as of the reporting date plus unique non-member consumers who completed a revenue generating flight at least once in the given quarter and excludes wholesale flight activity. While a unique consumer can complete multiple revenue generating flights on our platform in a given period, that unique user is counted as only one Active User. We use Active Users to assess the adoption of our platform and frequency of transactions, which are key factors in our penetration of the market in which we operate and our growth in revenue.
Live Flight Legs. We define Live Flight Legs as the number of completed one-way revenue generating flight legs in a given period. The metric excludes empty repositioning legs and owner legs related to aircraft under management. We believe Live Flight Legs are a useful metric to measure the scale and usage of our platform, and our growth in flight revenue.
Charter FTV. We define Charter FTV as the sum of total gross spend by members and customers on all private, on-demand charter flights that are at market-based rates and are not Programmatic Flights. Charter FTV excludes customer gross spend attributable to all group charter flights with 15 or more passengers and cargo flight services. We use Charter FTV to measure the size of our private jet charter business relative to the overall industry. See "Non-GAAP Financial Measures" above for more information about the use of Charter FTV in the calculation of Total Private Jet Flight Transaction Value and Total Flight Transaction Value.
Other Charter FTV. We define Other Charter FTV as the sum of total gross spend by customers on all group charter flights with 15 or more passengers and cargo flight services. We use Other Charter FTV to measure the size of our group charter and cargo charter businesses relative to the overall industry. See "Non-GAAP Financial Measures" above for more information about the use of Other Charter FTV in the calculation of Total Flight Transaction Value.
Total Private Jet Flight Transaction Value per Live Flight Leg. We use Total Private Jet Flight Transaction Value per Live Flight Leg to measure the average price for each live flight leg. See "Non-GAAP Financial Measures" above for more information regarding our use and definition of Total Private Jet Flight Transaction Value.
Definitions of Non-GAAP Financial Measures
Adjusted EBITDA. We calculate Adjusted EBITDA as net income (loss) adjusted for (i) interest income (expense), (ii) income tax expense, (iii) depreciation and amortization, (iv) equity-based compensation expense, (v) acquisition and integration related expenses and (vi) other items not indicative of our ongoing operating performance, including but not limited to, restructuring charges.
We include Adjusted EBITDA because it is a supplemental measure used by our management team for assessing operating performance. Adjusted EBITDA is used in conjunction with bonus program target achievement determinations, strategic internal planning, annual budgeting, allocating resources and making operating decisions. In addition, Adjusted EBITDA provides useful information for historical period-to-period comparisons of our business, as it removes the effect of certain non-cash expenses and variable amounts.
Adjusted Contribution and Adjusted Contribution Margin. We calculate Adjusted Contribution as gross profit (loss) excluding depreciation and amortization and adjusted further for (i) equity-based compensation included in cost of revenue, (ii) acquisition and integration expense included in cost of revenue, (iii) restructuring expense in cost of revenue and (iv) other items included in cost of revenue that are not indicative of our ongoing operating performance. Adjusted Contribution Margin is calculated by dividing Adjusted Contribution by total revenue.
We include Adjusted Contribution and Adjusted Contribution Margin as supplemental measures for assessing operating performance. Adjusted Contribution and Adjusted Contribution Margin are used to understand our ability to achieve profitability over time through scale and leveraging costs. In addition, Adjusted Contribution and Adjusted Contribution Margin provides useful information for historical period-to-period comparisons of our business and to identify trends.
Total Private Jet Flight Transaction Value. We calculate Total Private Jet Flight Transaction Value as the sum of total gross spend by members and customers on all private jet flight services, which excludes all group charter flights with 15 or more passengers and cargo flight services. Total Private Jet Flight Transaction Value reflects the Flight revenue recognized from Programmatic Flights (as defined below) and private, on-demand charter flights by members and customers. "Programmatic Flights" are all flights that were flown subject to a Wheels Up Member Flight Service Agreement, Custom Corporate Agreement or other similar agreement (excluding jet cards) that provides for guaranteed aircraft availability, shorter call-out periods, capped rate protection or fixed rates, and other benefits.
We calculate Total Flight Transaction Value as Total Private Jet Flight Transaction Value, plus the sum of total gross spend by customers on all group charter flights with 15 or more passengers and cargo flight services.
We include Total Private Jet Flight Transaction Value and Total Flight Transaction Value as supplemental measures for assessing the size of the markets which we serve.
Reconciliations of Non-GAAP Financial Measures
Adjusted EBITDA
The following table reconciles Adjusted EBITDA to net loss, which is the most directly comparable GAAP measure (in thousands): |
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|
|||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net loss |
$ (81,115) |
|
$ (224,910) |
|
$ (487,387) |
|
$ (555,547) |
Add back (deduct) |
|
|
|
|
|
|
|
Interest expense |
14,220 |
|
7,515 |
|
41,255 |
|
7,515 |
Interest income |
(31) |
|
(2,058) |
|
(6,121) |
|
(3,670) |
Income tax expense |
632 |
|
(335) |
|
1,383 |
|
170 |
Other expense, net |
(162) |
|
(464) |
|
660 |
|
1,041 |
Depreciation and amortization |
13,506 |
|
19,074 |
|
58,533 |
|
65,936 |
Change in fair value of warrant liability |
(54) |
|
(1,251) |
|
(739) |
|
(9,516) |
Loss on divestiture |
— |
|
— |
|
2,991 |
|
— |
Equity-based compensation expense |
3,983 |
|
23,140 |
|
25,633 |
|
88,979 |
Acquisition and integration expenses(1) |
— |
|
5,177 |
|
2,108 |
|
21,269 |
Restructuring charges(2) |
2,749 |
|
4,215 |
|
43,655 |
|
10,380 |
|
3,673 |
|
— |
|
30,568 |
|
— |
Certificate consolidation expense(4) |
576 |
|
— |
|
11,375 |
|
— |
Impairment of goodwill(5) |
— |
|
118,000 |
|
126,200 |
|
180,000 |
Other(6) |
3,901 |
|
8,192 |
|
4,018 |
|
8,192 |
Adjusted EBITDA |
$ (38,122) |
|
$ (43,705) |
|
$ (145,868) |
|
$ (185,251) |
__________________
|
|
(1) |
Consists of expenses incurred associated with acquisitions, as well as integration-related charges incurred within one year of acquisition date primarily related to system conversions, re-branding costs and fees paid to external advisors. |
(2) |
For the three and twelve months ended |
(3) |
Consists of expenses associated with establishing the Company's |
(4) |
Consists of expenses incurred to execute consolidation of our |
(5) |
Represents non-cash impairment charge related to goodwill recognized in the second and third quarters of 2023, and the third and fourth quarters of 2022. |
(6) |
For each of the three and twelve months ended |
|
|
Refer to "Supplemental Expense Information" below, for further information |
Refer to "Supplemental Expense Information" below, for further information
Adjusted Contribution and Adjusted Contribution Margin
The following table reconciles Adjusted Contribution to gross profit (loss), which is the most directly comparable |
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|
|||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue |
$ 246,380 |
|
$ 408,257 |
|
$ 1,253,317 |
|
$ 1,579,760 |
Less: Cost of revenue |
250,925 |
|
395,627 |
|
1,232,506 |
|
1,540,325 |
Less: Depreciation and amortization |
13,506 |
|
19,074 |
|
58,533 |
|
65,936 |
Gross profit (loss) |
(18,051) |
|
(6,444) |
|
(37,722) |
|
(26,501) |
Gross margin |
(7.3) % |
|
(1.6) % |
|
(3.0) % |
|
(1.7) % |
Add back: |
|
|
|
|
|
|
|
Depreciation and amortization |
13,506 |
|
19,074 |
|
58,533 |
|
65,936 |
Equity-based compensation expense in cost of |
830 |
|
3,136 |
|
3,927 |
|
$ 14,456 |
Acquisition and integration expense in cost of |
— |
|
2,410 |
|
— |
|
3,060 |
Restructuring expense in cost of revenue(2) |
— |
|
34 |
|
1,075 |
|
34 |
|
2,264 |
|
— |
|
24,704 |
|
— |
Certificate consolidation expense in cost of |
324 |
|
— |
|
8,044 |
|
— |
Other(5) |
3,975 |
|
961 |
|
3,975 |
|
961 |
Adjusted Contribution |
$ 2,848 |
|
$ 19,171 |
|
$ 62,536 |
|
$ 57,946 |
Adjusted Contribution Margin |
1.2 % |
|
4.7 % |
|
5.0 % |
|
3.7 % |
__________________ |
|
|
|
(1) |
Consists of expenses incurred associated with acquisitions, as well as integration-related charges incurred within one year of acquisition date. |
(2) |
For the twelve months ended |
(3) |
Consists of expenses associated with establishing the |
(4) |
Consists of expenses incurred to execute consolidation of our |
(5) |
For the three and twelve months ended |
Flight Transaction Value
The following table reconciles each of Total Private Jet Flight Transaction Value and Total Flight Transaction Value |
|||||
|
|||||
|
Year Ended |
||||
|
2023 |
|
2022 |
|
2021 |
Flight revenue |
$ 884,065 |
|
$ 1,073,094 |
|
$ 873,724 |
Add back (deduct): |
|
|
|
|
|
Charter revenue in Flight revenue(1) |
(195,092) |
|
(132,501) |
|
(180,113) |
Charter FTV(2) |
333,898 |
|
232,126 |
|
180,113 |
Total Private Jet Flight Transaction Value |
1,022,871 |
|
1,172,719 |
|
873,724 |
Other Charter FTV(2) |
177,345 |
|
164,318 |
|
— |
Total Flight Transaction Value |
$ 1,200,216 |
|
$ 1,337,037 |
|
$ 873,724 |
__________________ |
|
|
|
(1) |
Represents the portion of Flight revenue not attributable to Programmatic Flights |
(2) |
See "Definitions of Key Operating Metrics" for more information about Charter FTV and Other CharterFTV |
Supplemental Revenue Information |
|||||||
|
|||||||
(In thousands) |
Three Months Ended |
|
Change in |
||||
2023 |
|
2022 |
|
$ |
|
% |
|
Membership |
$ 19,077 |
|
$ 23,056 |
|
$ (3,979) |
|
(17) % |
Flight |
202,374 |
|
273,743 |
|
(71,369) |
|
(26) % |
Aircraft management |
10,398 |
|
61,846 |
|
(51,448) |
|
(83) % |
Other |
14,531 |
|
49,612 |
|
(35,081) |
|
(71) % |
Total |
$ 246,380 |
|
$ 408,257 |
|
$ (161,877) |
|
(40) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Twelve Months Ended |
|
Change in |
||||
2023 |
|
2022 |
|
$ |
|
% |
|
Membership |
$ 82,857 |
|
$ 90,132 |
|
$ (7,275) |
|
(8) % |
Flight |
884,065 |
|
1,073,094 |
|
(189,029) |
|
(18) % |
Aircraft management |
175,829 |
|
242,032 |
|
(66,203) |
|
(27) % |
Other |
110,566 |
|
174,502 |
|
(63,936) |
|
(37) % |
Total |
$ 1,253,317 |
|
$ 1,579,760 |
|
$ (326,443) |
|
(21) % |
Supplemental Expense Information |
|||||||||
|
|||||||||
|
Three Months Ended |
||||||||
|
Cost of |
|
Technology |
|
Sales and |
|
General and |
|
Total |
Equity-based compensation expense |
$ 830 |
|
$ 319 |
|
$ (17) |
|
$ 2,851 |
|
$ 3,983 |
Restructuring charges |
— |
|
— |
|
— |
|
2,749 |
|
2,749 |
|
2,264 |
|
— |
|
— |
|
1,409 |
|
3,673 |
Certificate consolidation expense |
324 |
|
— |
|
— |
|
252 |
|
576 |
Other |
3,975 |
|
— |
|
— |
|
(74) |
|
3,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
||||||||
|
Cost of |
|
Technology |
|
Sales and |
|
General and |
|
Total |
Equity-based compensation expense |
$ 3,927 |
|
$ 2,096 |
|
$ 1,764 |
|
$ 17,846 |
|
$ 25,633 |
Acquisition and integration expenses |
— |
|
53 |
|
134 |
|
1,921 |
|
2,108 |
Restructuring charges |
1,075 |
|
6,940 |
|
2,761 |
|
32,879 |
|
43,655 |
|
24,704 |
|
201 |
|
— |
|
5,662 |
|
30,568 |
Certificate consolidation expense |
8,044 |
|
— |
|
— |
|
3,332 |
|
11,375 |
Other |
3,975 |
|
— |
|
— |
|
43 |
|
4,018 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||
|
Cost of |
|
Technology |
|
Sales and |
|
General and |
|
Total |
Equity-based compensation expense |
$ 3,136 |
|
$ 1,133 |
|
$ 2,695 |
|
$ 16,176 |
|
$ 23,140 |
Acquisition and integration expense |
2,410 |
|
— |
|
— |
|
2,767 |
|
5,177 |
Restructuring charges |
34 |
|
591 |
|
332 |
|
3,258 |
|
4,215 |
Other |
961 |
|
— |
|
— |
|
7,231 |
|
8,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
||||||||
|
Cost of |
|
Technology |
|
Sales and |
|
General and |
|
Total |
Equity-based compensation expense |
$ 14,456 |
|
$ 3,180 |
|
$ 11,009 |
|
$ 60,334 |
|
$ 88,979 |
Acquisition and integration expense |
3,060 |
|
— |
|
— |
|
18,209 |
|
21,269 |
Restructuring charges |
34 |
|
591 |
|
332 |
|
9,423 |
|
10,380 |
Other |
961 |
|
— |
|
— |
|
7,231 |
|
8,192 |
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