Private lift provider Wheels Up reported record revenues for the fourth quarter of 2022 in its year-end earnings call this morning. The company noted its total revenue for the quarter was $408 million, an increase of 18 percent year-over-year, on its way to year-end revenue of nearly $1.6 billion, an increase of 30 percent from 2021’s total.
“Active members grew 5 percent compared to a year ago, and retention metrics across our membership tiers have remained at high levels,” said CEO Kenny Dichter. “However, we are seeing some headwinds in new membership sales due to the macroeconomic environment, as well as a conscious effort to focus our global sales and marketing towards the most efficient and profitable flight opportunities.” He added that live flight legs for the year decreased by 5 percent year-over-year “while demand and pricing remained very strong relative to historical norms.”
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