Wheels Up Experience Inc. (NYSE:UP) Q4 2022 Earnings Call Transcript

And I think if we do that combined with some of the plans we have regarding shaping that demand, increasing our concentration percentage of on-demand charter et cetera, we’re set up to really realize that growth and improvement in margin as we go into 2024 and beyond.

Marvin Fong: Perfect. And then just maybe one housekeeping question. I think you mentioned an up-tick in bad debt expense. I mean how significant was that in, would you — are you sort of embedding more — an up-tick in bad debt expense that goes on in your full year guidance?

Kenny Dichter: Yeah. The bad debt charge that we incurred in the fourth quarter was largely related to some historical cleanup. As we went back to the books and doing our reviews and working on kind of the year-end position, we took a look at some of the outstanding AR we had — and we cleaned up some historical aged items that we just felt was appropriate to put behind us. We don’t think that in any way is reflective of kind of an ongoing condition or any deterioration at all. I mean, we’re fortunate to have a very strong and affluent customer base, and that’s not an area that we have any concern on.

Marvin Fong: Okay. Perfect. Thanks a lot. That’s all for me.

Operator: Thank you. We currently have no further questions via the telephone lines. So I’ll hand back over to Keith Ferguson and the team for any closing remarks.

Keith Ferguson: Charlie, thank you. And I just want to thank everybody for joining us today. Thanks again.

Operator: Ladies and gentlemen, this concludes today’s call. Thank you for joining. You may now disconnect your lines.