Wheels Up Records Best Revenues for 2021 4th Quarter

Wheels Up Experience ($UP) announced its earnings for the fourth quarter of the date ending December 31, 2021 just yesterday.

Fueled by strong demand, continual member and flight leg growth and prepaid block sales increase, they were able to record it’s best revenues for 2021. They beat analyst’s expectations expectations by a fairly considerable margin, and posted results that showed signs of the aviation industry rebounding.

Their revenues increased 64% YOY, increased their memberships by 31%, increased their live flight legs by 63%, and decreased their net loss by $42 Million. These are promising results, and are telling in the private aviation industry making a full 360 recovery.

Kenny Dichter, Wheels Up Chairman and CEO, provided a statement on the results. “I am pleased to report another quarter of record revenue, strong membership growth and retention, along with the best quarter in our history for prepaid block sales, which grew more than 80% to $540 million in the fourth quarter. We have more members that are increasingly making long-term commitments to Wheels Up, giving us clear revenue visibility for the year ahead and the confidence to invest in our growth while absorbing short-term margin pressures. Additionally, we have several key initiatives underway to improve our profitability as we aggressively expand our global supply. As always, I am grateful to our employees for their dedication and to our members and customers for their loyalty and trust.”

Their strategic objectives have shifted a bit, with them putting technological developments at the forefront and doing their best to optimize long-term profitability. Since then, they have acquired a private jet charter in Europe, developed a global scheduling system, and will be rolling out a Wheels Up Mobile App.

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