Wheels Up Experience Inc Stock Price, News & Analysis

Wheels Up Experience Inc. (NYSE: UP) announced the release of its first quarter 2022 financial results, scheduled for May 12, 2022, after market close. Following the announcement, management will host a conference call at 4:30 pm ET to discuss the results. Wheels Up positions itself as a leader in private aviation, boasting a marketplace of over 1,500 verified aircraft and a comprehensive set of services tailored for members, including flight sharing and exclusive benefits. The event will be accessible via the Investor Relations website.

Wheels Up Experience (NYSE: UP) has completed the acquisition of Air Partner plc for approximately $109 million, or 125 pence per share. This all-cash deal, finalized on April 1, 2022, is expected to enhance Wheels Up's global reach and service offerings, particularly in group charter and aviation safety. The integration is predicted to be accretive to adjusted EBITDA in the first year. Air Partner operates in 18 locations worldwide and will retain its leadership team, enhancing Wheels Up's brand and capabilities in the private aviation sector.

Wheels Up Experience (NYSE: UP) announced a strategic partnership and minority investment in Tropic Ocean Airways on March 30, 2022. This multiyear agreement aims to provide Wheels Up members with enhanced travel options, integrating Tropic Ocean's charter services into Wheels Up's marketplace. Initial focus will be on enhancing access within Tropic Ocean's coverage area, with plans to expand into additional markets. The investment supports Tropic Ocean's growth and aims to introduce exclusive flight offerings for Wheels Up customers, enhancing their travel experiences.

Wheels Up Experience (NYSE: UP) announced the appointment of Dave Holtz as Chairman of Operations. Holtz, a seasoned Delta Air Lines executive with over 40 years of experience, will lead the creation of an industry-leading Member and Operations Center aimed at enhancing service for Wheels Up members. President Vinayak Hegde emphasized the importance of operational excellence amidst record demand. Holtz's extensive background includes serving as Senior Vice President at Delta, where he contributed to their award-winning operational strategies. His role at Wheels Up signifies a commitment to improving customer experiences.

Wheels Up Experience Inc. (NYSE:UP) reported a 64% increase in fourth quarter revenue, totaling $345 million, compared to the previous year. Active Members rose by 31% to 12,040, while Live Flight Legs surged by 63% to 20,296. Despite these gains, the company faced a net loss of $77 million, up from $34 million year-over-year, and Adjusted EBITDA decreased to $(46.3 million).

Management expressed optimism about long-term commitments and upcoming growth initiatives, including an acquisition of Air Partner PLC to expand operations.

Wheels Up (NYSE: UP) announced the appointment of Dwight James, Delta Air Lines' Senior Vice President, to its Board of Directors, effective February 24, 2022. He takes over from Eric Phillips, who resigned for personal commitments. James brings extensive experience in aviation and customer engagement, having held various senior roles at Delta.

Wheels Up continues to strengthen its leadership as it seeks to capitalize on growth opportunities within the private aviation sector.

Wheels Up Experience Inc. (NYSE: UP) announced it will release its fourth quarter and fiscal year 2021 financial results on March 10, 2022, before market opening. Management will hold a conference call at 8:30 am ET to discuss the results, which can be accessed via their Investor Relations website. An online replay will be available shortly after the call.

Wheels Up Experience (NYSE: UP) has announced its agreement to acquire Air Partner PLC (LSE: AIR) for 125 pence per share, amounting to an enterprise value of approximately $107 million. This all-cash deal is aimed at enhancing Wheels Up's international footprint across 18 locations globally, expanding service offerings, and leveraging Air Partner's established relationships in private aviation. The acquisition is expected to be accretive to Wheels Up's adjusted contribution margin and EBITDA in the first year, with the deal anticipated to close in Q1 2022, pending approvals.

Wheels Up Experience Inc. (NYSE:UP) has appointed Stevens J. Sainte-Rose as Chief People Officer, overseeing human resources, culture, and diversity initiatives. Sainte-Rose, a seasoned HR veteran with experience in various industries, has previously held senior positions at notable companies like Coca-Cola and Walgreens. Additionally, the company has expanded the roles of President Vinayak Hegde and Chief Marketing Officer Lee Applbaum, enhancing their responsibilities in managing the Wheels Up marketplace and customer experience. These strategic appointments aim to bolster Wheels Up's growth trajectory in private aviation.