Wheels Up continues to bleed red ink
05-10-2024, 01:00 PM
#1
Gets Weekends Off
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Joined APC: Dec 2017
Position: Retired NJA & AA
Posts: 1,966
Wheels Up continues to bleed red ink
https://www.ainonline.com/aviation-n...k?utm_campaign
-1Q revenues plunged by $155M
-$97M quarterly loss
-Cash on hand fell by $80M to $180.8M
-Active members decreased by 25% Year over Year to 9,155
-1Q revenues plunged by $155M
-$97M quarterly loss
-Cash on hand fell by $80M to $180.8M
-Active members decreased by 25% Year over Year to 9,155
05-10-2024, 03:17 PM
#2
Gets Weekends Off
Joined APC: Aug 2018
Posts: 219
https://www.ainonline.com/aviation-news/general-aviation/2024-05-10/wheels-continues-bleed-red-ink?utm_campaign
-1Q revenues plunged by $155M
-$97M quarterly loss
-Cash on hand fell by $80M to $180.8M
-Active members decreased by 25% Year over Year to 9,155
-1Q revenues plunged by $155M
-$97M quarterly loss
-Cash on hand fell by $80M to $180.8M
-Active members decreased by 25% Year over Year to 9,155
05-11-2024, 01:38 PM
#3
Gets Weekends Off
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Joined APC: Dec 2017
Position: Retired NJA & AA
Posts: 1,966
I saw on another thread a picture of a bunch of WUP King Airs parked. Made me think....I havent seen any of their King Airs on the ramps in a long time. Problem is who wants to write them a check for a lot of $ to prepay for time when, if they were to file BK, could walk away with the money. Sounds like a death spiral to me.
Same here. However Delta is very motivated to keep WU flying. Delta has a huge liability in FF miles for unused hours should WU cease operations.
05-12-2024, 06:03 AM
#4
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Joined APC: Sep 2006
Posts: 112
what really needs to be addressed
The cost of operations are above the income on an hourly basis. The revenue per hour is also one of the highest in the industry. Cost control is clearly not a significant skill set of this organization.
05-15-2024, 06:52 AM
#7
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Joined APC: Jul 2013
Posts: 463
citations are still as busy as ever, there are a bunch of Xs that mountain originally bought that were never repainted. Plus they have Alante's CJ3s and TMCs hawker 400s.
05-20-2024, 08:22 AM
#8
New Hire
Joined APC: Apr 2024
Posts: 5
I saw on another thread a picture of a bunch of WUP King Airs parked. Made me think....I havent seen any of their King Airs on the ramps in a long time. Problem is who wants to write them a check for a lot of $ to prepay for time when, if they were to file BK, could walk away with the money. Sounds like a death spiral to me.
Costs ought to come down when everyone actually works for the same company, or so says management. Hopefully we get enough time to show that.
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