UP - Wheels Up Experience reports Q2 results

2023-08-15 03:28:58 ET

• Wheels Up Experience press release ( NYSE: UP ): Q2 net loss increased year-over-year to $161 million, driven by a $70 million non-cash goodwill impairment charge.
• Adjusted EBITDA improved slightly year-over-year to a loss of $40 million.
• Revenue of $335.06M (-21.3% Y/Y) misses by $43.59M .
• Active Members decreased 8% year-over-year to 11,639 offset by a higher mix of Core members, in line with our conscious efforts toward more profitable flying.
• Active Users decreased 4% year-over-year to 12,549.
• Live Flight Legs decreased 16% year-over-year to 18,137 reflecting our efforts to focus on profitable flying.

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