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Wheels Up is a leading global provider of on-demand private aviation with a large, diverse aircraft fleet and a network of safety-vetted charter operators, all committed to safety and service. Our offering is delivered through a mix of our membership program and charter solutions that strategically utilize our controlled aircraft fleet and charter operators to deliver a greater range of travel …
The business is unprofitable at the operating level (-27.62% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 7.0% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -$260M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$728M
▼ -7.0% YoY
Net Income (TTM)
-$278M
▲ +13.4% YoY
Op. Margin
-24.73%
▲ +5.1pp YoY
ROIC
-28.58%
▲ +11.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$359M
▼ -29.5% YoY
Op. Cash Flow (TTM)
-$218M
▼ -113.5% YoY
Net Debt
$502M
Cash & Equiv.
$54M
5Y CAGR: +1.2%
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