Wheels Up releases its second quarter results

Wheels Up's second quarter revenue decreased by 41%, when compared to the same period last year, down to $196 million. Total costs and expenses was $275.5 million in the quarter, resulting in a net loss of $96 million. However, the net loss was an improvement was the previous year's second quarter net loss of $160.6 million. ""Over the past year, we've taken vital steps towards realising our vision of building Wheels Up into a true innovator in private aviation,” said George Mattson, chief executive officer at Wheels Up. He continued: “We enhanced our product portfolio to offer unparalleled value across our programmatic member and global charter offerings alike, and we continued to build on the one-of-a-kind strategic partnership with Delta Air Lines."" The company's adjusted EBITDA also improved compared to the year prior to a loss of $37 million which is down from $40.3 million a year prior. ""The initiatives we have taken over the past year to strengthen our business are now contributing to sequential improvement in our financial results,"" said Todd Smith, chief financial officer. ""During the quarter, we have reduced underutilized maintenance facilities and removed significant structural costs from our operations. Today, we are operating much more efficiently and are in a strong position to scale our business as we take advantage of our enhanced commercial product offerings."" Active members decreased 29% to 8,268, due to the regionalisation of member programs and focus on profitable flying - active users also decreased by 20% to 9,999, this is related to the decline in active members. Its total assets at the end of the quarter were valued at $1.1bn. Total equity and liabilities was $1.1bn.