Wheels Up Experience Inc. (UP) · 10+ Years of Financial statements

Income Statement	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	385	695	1,194	1,580	1,253
+ Sales & Services Revenue	385	695	1,194	1,580	1,253
- Cost of Revenue	380	693	1,172	1,606	1,291
+ Cost of Goods & Services	380	693	1,172	1,606	1,291
Gross Profit	5	2	22	-27	-38
+ Other Operating Income	- -	- -	- -	- -	- -
- Operating Expenses	83	65	227	358	297
+ Selling, General & Admin	69	120	193	301	235
+ Research & Development	14	21	34	57	62
+ Other Operating Expense	- -	-76	- -	- -	- -
Operating Income (Loss)	-78	-63	-205	-384	-334
- Non-Operating (Income) Loss	29	22	-7	171	152
+ Interest Expense, Net	29	22	9	4	35
+ Interest Expense	29	23	10	8	41
- Interest Income	1	1	- -	4	6
+ Other Non-Op (Income) Loss	- -	- -	-17	167	117
Pretax Income	-107	-85	-197	-555	-486
- Income Tax Expense (Benefit)	- -	- -	- -	- -	1
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-107	-85	-197	-556	-487
- Net Extraordinary Losses (Gains)	-21	-14	-14	-1	- -
+ Discontinued Operations	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	-21	-14	-14	-1	- -
Income (Loss) Incl. MI	-86	-72	-183	-555	-487
- Minority Interest	11	7	7	- -	- -
Net Income, GAAP	-96	-79	-190	-555	-487
- Preferred Dividends	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-96	-79	-190	-555	-487
Basic Weighted Avg Shares	25	25	20	25	132
Basic EPS, GAAP	-3.92	-3.21	-9.28	-22.6	-3.69
Basic EPS from Cont Ops	-4.36	-3.48	-9.63	-22.61	-3.69
Diluted Weighted Avg Shares	25	25	20	25	132
Diluted EPS, GAAP	-3.92	-3.21	-9.28	-22.6	-3.69
Diluted EPS from Cont Ops	-4.36	-3.48	-9.63	-22.61	-3.69
EBITDA	-39	-4	-150	-318	-276
EBITDA Margin (%)	-10.07	-0.64	-12.59	-20.16	-22
EBITA	-78	-63	-205	-384	-334
EBIT	-78	-63	-205	-384	-334
Gross Margin (%)	1.27	0.24	1.88	-1.68	-3.01
Operating Margin (%)	-20.3	-9.06	-17.13	-24.33	-26.67
Profit Margin (%)	-25.01	-11.32	-15.91	-35.14	-38.89
Sales per Employee	- -	- -	550,096	507,798	568,140
Dividend per Share	- -	- -	- -	- -	- -
Depreciation Expense	39	59	54	66	59

Balance Sheet	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	- -	396	933	820	434
+ Cash, Cash Equivalents & STI	- -	313	785	586	264
+ Cash & Cash Equivalents	- -	313	785	586	264
+ ST Investments	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	- -	59	87	118	50
+ Accounts Receivable, Net	- -	50	79	112	38
+ Notes Receivable, Net	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	8	8	6	12
+ Inventories	- -	5	9	54	22
+ Raw Materials	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -
+ Other Inventory	- -	5	9	54	22
+ Other ST Assets	- -	19	52	62	98
+ Prepaid Expenses	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -
Total Noncurrent Assets	- -	964	1,048	1,104	882
+ Property, Plant & Equip, Net	- -	388	426	501	407
+ Property, Plant & Equip	- -	576	650	763	664
- Accumulated Depreciation	- -	189	223	262	257
+ LT Investments & Receivables	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -
+ Other LT Assets	- -	577	622	602	475
+ Total Intangible Assets	- -	564	584	490	336
+ Goodwill	- -	400	437	348	218
+ Other Intangible Assets	- -	164	147	142	118
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -
+ Misc LT Assets	- -	13	37	112	139
Total Assets	- -	1,360	1,981	1,923	1,316
+ Payables & Accruals	- -	92	151	192	135
+ Accounts Payable	- -	21	44	43	33
+ Accrued Taxes	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	71	107	149	102
+ ST Debt	- -	79	32	57	47
+ ST Borrowings	- -	63	- -	27	24
+ ST Finance Leases	- -	16	32	30	23
+ Other ST Liabilities	- -	669	953	1,095	725
+ Deferred Revenue	- -	651	934	1,075	723
+ Derivatives & Hedging	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	18	19	20	2
Total Current Liabilities	- -	840	1,135	1,344	908
+ LT Debt	- -	205	83	309	290
+ LT Borrowings	- -	148	- -	226	235
+ LT Finance Leases	- -	56	83	83	55
+ Other LT Liabilities	- -	21	26	18	21
+ Accrued Liabilities	- -	2	2	2	1
+ Pension Liabilities	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	19	24	16	20
Total Noncurrent Liabilities	- -	226	110	327	311
Total Liabilities	- -	1,066	1,245	1,671	1,219
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -
+ Share Capital & APIC	- -	798	1,451	1,546	1,879
+ Common Stock	- -	- -	- -	- -	- -
+ Additional Paid in Capital	- -	798	1,451	1,546	1,879
- Treasury Stock	- -	- -	- -	8	8
+ Retained Earnings	- -	-531	-721	-1,276	-1,763
+ Other Equity	- -	- -	- -	-10	-11
Equity Before Minority Interest	- -	268	730	252	97
+ Minority/Non Controlling Interest	- -	26	6	- -	- -
Total Equity	- -	294	736	252	97
Total Liabilities & Equity	- -	1,360	1,981	1,923	1,316
Shares Outstanding	25	25	25	25	697
Capital Leases - Total	- -	72	115	113	78
Net Debt	- -	-102	-785	-333	-5
Net Debt to Equity	- -	-34.62	-106.57	-132.04	-4.97
Tangible Common Equity Ratio	- -	-33.92	10.87	-16.6	-24.34
Current Ratio	- -	0.47	0.82	0.61	0.48
Cash Conversion Cycle	- -	9.17	12.1	19.74	21.66
Number of Employees	- -	- -	2,171	3,111	2,206

Cash Flow Statement	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	-107	-85	-197	-556	-487
+ Depreciation & Amortization	39	59	54	66	59
+ Non-Cash Items	4	12	38	266	160
+ Stock-Based Compensation	2	3	50	89	26
+ Deferred Income Taxes	- -	- -	- -	- -	- -
+ Asset Impairment Charge	- -	- -	- -	180	126
+ Other Non-Cash Adj	2	9	-12	-3	8
+ Chg in Non-Cash Work Cap	38	224	232	-7	-396
+ (Inc) Dec in Accts Receiv	-4	21	-22	-21	27
+ (Inc) Dec in Inventories	- -	-1	-3	-51	16
+ (Inc) Dec in Prepaid Assets	-3	- -	-11	-3	-17
+ Inc (Dec) in Accts Payable	13	-20	28	9	-43
+ Inc (Dec) in Other	32	224	240	60	-378
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -
Cash from Operating Activities	-25	210	126	-231	-665
+ Change in Fixed & Intang	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	14	51	68
+ Disp of Fixed Prod Assets	- -	- -	14	51	68
+ Disp of Intangible Assets	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-4	-7	-47	-124	-24
+ Acq of Fixed Prod Assets	-4	-7	-47	-124	-24
+ Acq of Intangible Assets	- -	- -	- -	- -	- -
+ Net Change in LT Investment	10	- -	- -	- -	- -
+ Dec in LT Investment	12	- -	- -	- -	- -
+ Inc in LT Investment	-2	- -	- -	- -	- -
+ Net Cash From Acq & Div	-28	97	8	-75	13
+ Cash from Divestitures	- -	97	8	- -	13
+ Cash for Acq of Subs	-28	- -	- -	-75	- -
+ Cash for JVs	- -	- -	- -	- -	- -
+ Other Investing Activities	-18	-8	-13	-28	-16
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -
Cash from Investing Activities	-41	82	-39	-175	41
+ Dividends Paid	- -	- -	- -	- -	- -
+ Net Cash From Debt	-38	-63	-214	259	323
+ Cash From Debt	- -	1	- -	259	452
+ Repayments of Debt	-38	-64	-214	- -	-130
+ Cash (Repurchase) of Equity	- -	- -	- -	-8	- -
+ Increase in Capital Stock	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	-8	- -
+ Other Financing Activities	125	- -	588	-7	-22
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -
Cash from Financing Activities	87	-63	374	245	301
Effect of Foreign Exchange Rates	- -	- -	- -	-5	-4
Net Changes in Cash	21	228	462	-161	-323
EBITDA	-39	-4	-150	-318	-276
EBITDA Margin (%)	-10.07	-0.64	-12.59	-20.16	-22
Net Cash Paid for Acquisitions	28	-97	-8	75	-13
Free Cash Flow	-29	203	80	-354	-690
Free Cash Flow to Firm	- -	- -	- -	- -	- -
Free Cash Flow to Equity	- -	140	-121	-44	-299
Free Cash Flow per Basic Share	-1.18	8.26	3.89	-14.42	-5.22
Price/Free Cash Flow	- -	- -	5.21	-2.3	-0.8
Cash Flow to Net Income	0.26	-2.67	-0.67	0.42	1.37

Wheels Up Experience Inc.

UP US

2.06

2.06