Wheels Up Experience Inc. (UP): restructuring charge — Wheels Up announces restructuring plan targeting $30M annual savings, $14M charges

Wheels Up Experience Inc.

Plan reduces headcount in non-operational areas; excludes pilots, maintenance, and customer-facing roles.
Expected annualized run-rate savings of ~$30M, primarily in SG&A costs relative to Q3 2022.
Total pre-tax charges of ~$14M: ~$7M already incurred in Q4 2022 actions, ~$7M expected by end of Q1 2023.
Charges include severance, benefits, and share-based compensation; ~$8-9M in one-time cash expenditures.
Restructuring actions expected to be substantially complete by end of Q1 2023; part of Path to Profitability for 2024 Adjusted EBITDA.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Wheels Up Experience Inc. announced a restructuring with charges of approximately $14 million in total pre-tax charges affecting areas of the business that do not directly impact the Company's operations or its customers’ experience (headcount reductions in several areas of the business).

Type: restructuring
Charge: approximately $14 million in total pre-tax charges
Affected area: areas of the business that do not directly impact the Company's operations or its customers’ experience
Headcount: headcount reductions in several areas of the business

Exact text from the filing

in the fourth quarter of 2022 (the “Q4 Actions”) prior to the Company’s commitment to taking the actions announced today. The Company estimates that it will incur approximately $14 million in total pre-tax charges in connection with the Plan, approximately $7 million of which were incurred to-date and in connection with the Q4 Actions, and approximately $7 million

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Wheels Up Experience Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-027358

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