Welcome to our dedicated page for Wheels Up Experience news (Ticker: UP), a resource for investors and traders seeking the latest updates and insights on Wheels Up Experience stock.
Wheels Up Experience Inc. (NYSE: UP) is a transformative membership-based private aviation company headquartered in New York. It offers a unique aviation solution designed to make private flying more accessible and convenient through reduced upfront costs and innovative technology.
The company's core business is on-demand private aviation services, prominently in the United States. Wheels Up delivers its services via a blend of owned and leased aircraft, integrating an 'asset-light' charter model to present a wider array of global travel options. Members can seamlessly book flights, manage accounts, and join rideshare opportunities using the Wheels Up mobile app. Beyond aviation, the app also provides access to exclusive lifestyle events and a comprehensive luxury concierge service, collectively known as the Wheels Down program.
Wheels Up is notable for its significant partnerships and investor backing. Key investors include Delta Air Lines, Certares Management LLC, Knighthead Capital Management LLC, Cox Enterprises, Kore Capital, and Whitebox Advisors LLC. Recent investments have bolstered the company's financial stability, including a $40 million term loan facility by Kore Capital and Whitebox Advisors.
The company also announced a strategic services agreement with 5x5 Trading, enhancing its aircraft brokerage and advisory capabilities. This partnership aims to optimize fleet acquisition and disposition services, contributing to an agile and efficient operational model.
In 2024, Wheels Up is set to open a state-of-the-art maintenance facility at Palm Beach International Airport (PBI). This facility represents a strategic realignment of the company's resources, aimed at improving reliability, efficiency, and cost control. In line with these changes, the company is closing underutilized facilities in Cincinnati and Broomfield, CO, and reallocating resources to areas of higher demand.
Wheels Up's financial condition remains robust, with strategic cost reduction efforts and operational efficiencies aimed at achieving positive Adjusted EBITDA. The company's diverse offerings include membership programs, charter flights, whole aircraft sales, and commercial travel benefits through its partnership with Delta Air Lines. Additionally, Wheels Up provides freight, safety, and security solutions to various sectors, including industry, government, and civil organizations.
For those interested in the latest updates and performance metrics, Wheels Up regularly releases financial results and business updates through its investor relations webpage. The company's vision is to connect private flyers to aircraft and each other, facilitating life's most important experiences through a premier aviation platform.
Wheels Up Experience (NYSE: UP) has appointed Jill Greer as Executive Vice President of Investor Relations and Sustainability, effective January 2025. Greer brings over 20 years of aviation experience, including 21 years at Delta Air Lines where she led investor relations and finance digital transformation efforts. In her new role, she will shape Wheels Up's investment narrative, lead investor engagement, and develop the company's ESG strategy.
Prior to joining Wheels Up, Greer served as Vice President of Investor Relations at Travel + Leisure Co. and Senior Vice President of Finance at ADT. At Delta, she helped earn the company recognition as a 'Most Honored Company' by Institutional Investor. Based in Atlanta, Greer holds an MBA from Georgia Institute of Technology and a Bachelor's degree from University of Maryland.
Wheels Up Experience Inc. (NYSE: UP) has secured a $332 million revolving equipment notes facility with Bank of America and completed the acquisition of GrandView Aviation's fleet of 17 Embraer Phenom 300 and 300E aircraft, along with maintenance assets and customer programs. The facility, supported by Delta Air Lines' credit backing, refinanced Wheels Up's existing fleet, funded the GrandView acquisition, and will support future fleet transition. The strategic move aims to enhance customer experience by expanding the fleet with newer, more capable aircraft, particularly during the peak holiday travel season.
Wheels Up (NYSE:UP) reported Q3 2024 financial results with revenue of $194 million, showing stabilization but down year-over-year. The company achieved its highest-ever Adjusted Contribution Margin of 14.8%, up 380 basis points year-over-year. Net loss improved to $58 million, an $87 million improvement year-over-year. The company announced a fleet modernization strategy, including plans to acquire GrandView Aviation's 17 Phenom aircraft and sell 13 Citation X aircraft. A new $332 million credit facility commitment from Bank of America, supported by Delta Air Lines, is expected to strengthen the balance sheet.
Wheels Up Experience Inc. (NYSE: UP) has announced a major fleet modernization strategy, involving several key transactions:
1. Acquisition of GrandView Aviation's entire fleet of 17 Phenom 300 and 300E aircraft for $105 million.
2. Agreement to sell its owned fleet of Citation X aircraft and lease them back temporarily.
3. Plans to introduce Bombardier Challenger 300 and 350 aircraft to its fleet.
4. Partnership with Gogo Business Aviation to equip new aircraft with Gogo Galileo HDX satellite-based WiFi.
5. Secured a $332 million revolving credit facility from Bank of America, with credit support from Delta Air Lines.
These moves aim to lower the average fleet age by 10 years, improve operational performance, and enhance customer experience. The transition is expected to be completed within three years, subject to market conditions.
Wheels Up Experience Inc. (NYSE: UP) has announced the date for its third quarter 2024 earnings release. The company will disclose its financial results on Thursday, November 7, 2024. Following the release, management will provide a review of the quarter and a business update during a webcast at 10 am ET. Interested parties can access the event through the Events & Presentations page on the company's Investor Relations website. An online replay of the conference call will be made available approximately three hours after the webcast concludes.
Wheels Up Experience Inc. (NYSE: UP) has appointed Meaghan Wells as its new EVP of Enterprise Planning and Strategy. Wells will lead the development of the company's long-term growth strategy, focusing on enterprise planning, fleet and corporate strategy, corporate development, and commercial partnerships. Her expertise lies in driving growth and securing capital for rapidly scaling organizations.
Wells' background includes a notable tenure as Chief Investment Officer at Vista Global, where she led financing strategy, corporate finance, FP&A, and investor relations during a period of rapid profitable growth. CEO George Mattson expressed confidence in Wells' ability to contribute to Wheels Up's strategic mission of building a strong and resilient business model.
Wells is set to begin her role at Wheels Up on November 4, 2024. She joins the company as it continues to focus on profitable growth and operational excellence, building upon its recent operational improvements and strategic partnership with Delta Air Lines.
Wheels Up Experience Inc. (NYSE: UP) announced that its lead investors have agreed to extend the lock-up restriction on their shares of common stock for an additional year, until September 20, 2025. Approximately 97.2% of the shares issued under the Investment and Investor Rights Agreement will remain subject to this extended lock-up.
The agreement includes:
- Delta Air Lines, Inc., CK Wheels , and Cox Investment Holdings, extending the lock-up for all their shares
- Kore Capital and funds managed by Whitebox Advisors extending the lock-up for 72.5% of their shares
Wheels Up CEO George Mattson expressed appreciation for the investors' confidence and support, stating that this extended commitment allows the company to continue executing its strategic plan.
Wheels Up Experience Inc. (NYSE: UP) announced executive leadership transitions. Chief Financial Officer Todd Smith and Chief Legal Officer Laura Heltebran are departing. Matthew Knopf, formerly of Delta Air Lines, will join as Chief Legal Officer and Secretary on September 9. Eric Cabezas will serve as interim Chief Financial Officer.
Knopf brings over 35 years of legal experience, including nine years at Delta Air Lines where he led key legal teams. Cabezas, who joined Wheels Up in 2019, previously served as interim CFO and was instrumental in securing the company's 2023 capital investment.
CEO George Mattson expressed confidence in Knopf's industry knowledge and Cabezas' ability to lead the finance team during the transition. He also thanked Smith and Heltebran for their contributions to the company.
Wheels Up Experience Inc. (NYSE: UP) reported Q2 2024 financial results, showing improvements in profitability despite revenue decline. Revenue decreased to $196 million, primarily due to divestiture of non-core assets and focus on profitable flying. Adjusted Contribution Margin increased to 7.8%, while net loss improved to $97 million. The company made strides in operational efficiency, product portfolio enhancement, and deepening its partnership with Delta Air Lines.
Key metrics include:
- Active Members: 8,268 (down 29% YoY)
- Active Users: 9,999 (down 20% YoY)
- Live Flight Legs: 12,855 (down 29% YoY)
- Total Private Jet Flight Transaction Value: $216.8 million (down 19% YoY)
- Adjusted EBITDA loss: $37.4 million (improved by $2.9 million YoY)
Wheels Up Experience Inc. (NYSE: UP), a leader in private aviation, has introduced enhanced transparency features on its mobile app and website. The update allows travelers to explore dynamic pricing rates across locations and dates, track savings, and monitor loyalty progress. This move aims to provide increased flexibility and value for customers.
The new booking options cover over 200 popular city pairs for the summer, with more routes to be added throughout the year. Customers can now access competitive pricing options for every day of the year, enabling Wheels Up to optimize its operations. The 'Flexible Plans' feature presents lower-cost airport pairs, potentially offering substantial savings per leg.
FAQ
What is the current stock price of Wheels Up Experience (UP)?
What is the market cap of Wheels Up Experience (UP)?
What services does Wheels Up Experience Inc. offer?
How can I book a flight with Wheels Up?
What is the Wheels Down program?
Who are Wheels Up's key investors?
What recent strategic steps has Wheels Up taken?
Where does Wheels Up generate the majority of its revenue?
What is the significance of the new maintenance facility at PBI?
How does Wheels Up ensure safety for its flights?
Can non-members book flights with Wheels Up?
Where can I find Wheels Up's latest financial results?
