Analyst Summary:
Wheels Up Experience Inc. reported its Q4 2022 financial results, with revenue driven by loyal customers spending at significant levels. Their focus is now on delivering world-class service profitably and generating substantial progress in 2023, with the aim of achieving positive Adjusted EBITDA in 2024. The company also announced the consolidation of its Alante operations and anticipates opening a new Member Operations Center in Atlanta, Georgia, to enhance customer communication and service.
Active Members and Live Flight Legs saw an increase year-over-year, while revenue, excluding Air Partner, rose. Wheels Up reported $162.0 million net loss in Q4 2022 due to expenses associated with restructuring, operating costs, and certain historical receivables. The company provides forwards-looking statements, predicting that their operational efficiency will improve but acknowledges that competition in the aviation industry is rapidly changing.
Quotes from CEO Kenny Dichter and CFO Todd Smith showcase the company's strong foundation of business and plans for progress in the upcoming years. The company believes their non-GAAP financial measures, such as Adjusted EBITDA, provide useful supplemental information to investors. Regardless, investors should use caution, as forward-looking statements are subject to risks and uncertainties beyond the company's control.