---
schema_version: "secwatch.filing_event.v1"
accession: "0001819516-22-000031"
form_type: "8-K"
ticker: "UP"
cik: "0001819516"
company_name: "Wheels Up Experience Inc."
filed_at: "2022-11-09T23:59:59+00:00"
generated_at: "2026-06-22T01:50:19.351220+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Wheels Up Q3 revenue up 39% to $420.4M; net loss widens to $86.8M; President Hegde departs

## Summary
- Revenue grew 39% YoY to $420.4M; Active Members up 12% to 12,688; Live Flight Legs +7% to 21,025.
- Net loss widened to $86.8M from $59.5M; Adjusted EBITDA loss increased to $45.2M from $23.9M.
- Issued $270M equipment notes (EETC) to strengthen cash position; targets Adjusted EBITDA profitability in 2024.
- President Vinayak Hegde departs; receives $600k base + $400k lump sum plus 12-month advisory role at $110k.
- Program changes effective Dec 1 to adjust capped rates and consolidate MOC into Atlanta; expected to lift 2023 margins.

## SEC filing metadata
- accession: 0001819516-22-000031
- form_type: 8-K
- ticker: UP
- cik: 0001819516
- company_name: Wheels Up Experience Inc.
- filed_at: 2022-11-09T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1819516/000181951622000031/0001819516-22-000031-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1819516/000181951622000031/up-20221107.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001819516-22-000031
- JSON: https://secwatch.observer/filing/0001819516-22-000031.json
- Plain text: https://secwatch.observer/filing/0001819516-22-000031.txt

## Key facts
- Earnings Releases
  Wheels Up Experience Inc. reported three months ended September 30, 2022 results: revenue $420.4 million, net income $86.8 million.
  - Period: three months ended September 30, 2022
  - Revenue: $420.4 million
  - Net income: $86.8 million
  - Result: reported results
  source text: Inc. (NYSE:UP) today announced financial results for the third quarter, which ended September 30, 2022. Third Quarter 2022 Highlights • Revenue increased 39% year-over-year to $420.4 million • Active Members grew 12% year-over-year to 12,688 in total • Live Flight Legs increased 7% year-over-year to 21,025 in total • Net loss increased by $27.4 million year-over-year
  evidence_url: https://www.sec.gov/Archives/edgar/data/1819516/000181951622000031/0001819516-22-000031-index.htm
- Executive change
  Vinayak Hegde departed as President at Wheels Up Experience Inc..
  - Action: departed
  - Role: President
  source text: The Company is also announcing the departure of Vinayak Hegde, President of Wheels Up Partners LLC, an indirect subsidiary of the Company (“WUP”), effective as of November 9, 2022
  evidence_url: https://www.sec.gov/Archives/edgar/data/1819516/000181951622000031/0001819516-22-000031-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.