Company: UP
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001819516-25-000012
Chunk: 124

Company: Wheels Up Experience Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 7
Chunk 124
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— —  %Net loss attributable to Wheels Up Experience Inc.$(339,635)$(487,387)$147,752 30.3  %

n/m - not meaningful

65

Revenue

Revenue for the year ended December 31, 2024 compared to the year ended December 31, 2023, was as follows (in thousands): 

Year Ended December 31,Change in20242023$%Membership$57,614 $82,857 $(25,243)(30.5) %Flight633,865 884,065 (250,200)(28.3) %Aircraft management9,707 175,829 (166,122)(94.5) %Other90,918 110,566 (19,648)(17.8) %Total$792,104 $1,253,317 $(461,213)(36.8) %

The decrease in Membership revenue was driven by a 46% decrease in Active Members year-over-year. The decrease in Active Members was primarily as a result of the regionalization of our member programs and focus on profitable flying, as well as streamlining our membership offering. 

The decrease in Flight revenue was primarily driven by a 22% decrease in Live Flight Legs year-over-year, which resulted in a $197.0 million reduction to Flight revenue, and an 8% decrease in Flight Revenue per Live Flight Leg, which resulted in a $53.2 million reduction to Flight revenue primarily as a result of our focus on more profitable flying.  

The decrease in Aircraft management revenue is attributable to the divestiture of our aircraft management business on September 30, 2023. We do not expect to realize any significant revenue associated with aircraft management activities in future periods.

The decrease in Other revenue was primarily attributable to a $17.0 million decrease in sales of aircraft inventory, as the Company has reduced its focus on whole aircraft sales, and the absence of $7.0 million of software licensing revenue recognized during fiscal year 2023. The decrease was partially offset by a $4.7 million increase in group charter revenue. 

Costs and Expenses

Cost of Revenue

Cost of revenue decreased $499.4 million, or 41%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. The decrease in Cost of revenue was primarily driven by the decreases in revenue noted above, a