Wheels Up Experience Inc. (NYSE:UP) Q3 2023 Earnings Call Transcript

We are also leveraging Delta’s capability across Air Traffic Control planning and their leading-edge meteorology reports to schedule around ATC and adverse weather delays, including proactively offering an opportunity for customers to shift their travel plans to avoid likely delays. We are already seeing improved pilot utilization and lower costs, through our certificate consolidation efforts. We expect further efficiencies, as we complete that consolidation. These actions are a contributing factor to why we are seeing improving customer delivery metrics. And we expect continued improvements in the year ahead. We expect to continue to reduce operating expense, as a result of the sale of our managed aircraft business which was sold at the end of the third quarter, and the benefit of run rate reductions, driven by previously initiated restructuring activities.

While our spending is coming down in absolute dollars, we are continuing to invest in customer service and delivery. When you put it all together and based on the progress we have already delivered, we remain confident in achieving positive adjusted EBITDA in 2024. So to wrap-up, I’m extremely thankful to Delta, to Certares, Knighthead and Cox for their confidence in Wheels Up and what we can accomplish together. With this new capital infusion, we have the resources we need to continue to service our members and customers at the highest level. With that, let me turn it back to George.

George Mattson: Thanks Todd. I’m really excited about the future for Wheels Up and our ability to lean into our strategic partnership with Delta, to really do something unique in the industry that can’t be matched by our competitors. We are going to be a show-me company not a, tell-me one. Our stated goal is to become the best run Private Aviation Company and deliver tangible, measurable progress every week, every month, one flight at a time. I look forward to sharing updates on our continued progress. Before I close, I want to take the opportunity to sincerely thank all of our employees, whose strength, commitment and passion to the company is evident as we work together to fulfill our most important obligation, delivering an always safe and exceptional flight experience for all of our members and customers.

I also want to thank our loyal members and customers who have stood with us, despite the increased media attention and speculation in the press earlier this year. We are working tirelessly to provide you with the best possible aviation solutions, as we build toward our future. Thank you for your interest.

End of Q&A: That concludes today’s conference call. Thank you for your participation. You may now disconnect your lines.