Wheels Up Experience Inc. (NYSE:UP) Q4 2023 Earnings Call Transcript

Wheels Up Experience Inc. (NYSE:UP) Q4 2023 Earnings Call Transcript March 7, 2024

Wheels Up Experience Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Welcome to the Wheels Up Fourth Quarter 2023 Earnings Conference Call Webcast. It is my pleasure to introduce Keith Ferguson. Mr. Ferguson, you may begin the conference.

Keith Ferguson: Thank you. This morning we announced our fourth quarter financial results. The earnings release with the supporting tables as well as a copy of today's presentation can be found on our Investor Relations website at wheelsup.com/investors. Please refer to the slide with our disclaimer. Today's presentation contains forward-looking statements based on our current forecast and expectations of future events. These statements should be considered estimates only, and actual results may differ materially. During today's webcast, we will refer to non-GAAP financial measures as outlined by SEC guidelines. Unless otherwise noted, all income statement related financial measures will be non-GAAP other than revenue. Reconciliations of GAAP to non-GAAP financial measures and definitions of non-GAAP financial measures are found within the financial tables of our earnings release and appendix of today's presentation.

With that, I'd like to turn it over to Wheels Up's Chief Executive Officer, George Mattson.

George Mattson: Thank you, Keith, and thanks to all of you for joining us today. Over the past five months as CEO, I've had the privilege of meeting with many of our loyal customers and partners who form a powerful Wheels Up community and also with many of our prospective customers interested in the next chapter of the Wheels Up journey launched late last year in conjunction with the strategic investment by Delta Airlines and our other new investors. I'm very pleased that following the challenging period the company faced last year, we are seeing an accelerating level of engagement and we believe that our value proposition is resonating with customers across our offerings and market segments. I'm also pleased to report on the progress we've made since our last earnings call, including solidifying our financial position, enhancing our operating team and structure, building our traditional new business pipelines and scaling our Delta customer initiative while continuing to invest and deliver an exceptional experience for our customers.

Wheels Up has built a strong foundation of flexible and accessible aviation solutions to offer our customers through programmatic member offerings in the US as well as on demand private, group charter and cargo offerings here in the US and around the world, on fleet, off fleet and in partnership with Delta, offering a seamless connection between premium commercial and private travel, the only one of its kind in our industry. Although most people know Wheels Up for its well-recognized brand and membership offerings, some may view us as simply a North American operator focused on leisure customers, our signature events and legacy turboprop aircraft, but we're much more than that. With Air Partner, we are also one of the largest Part 135 charter providers in the world.

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