8-K/A
filed March 31, 2023, 7:59 PM ET
ticker UP
CIK 0001819516
other material
confidence high
sentiment negative
materiality 0.85
Wheels Up Experience Inc. (UP): auditor change — Wheels Up restates Q3/Q4 2022 results; records $62M goodwill impairment in Q3, $118M in Q4
Wheels Up Experience Inc.
- Non-cash goodwill impairment of $62M recognized in Q3 2022; net loss revised to $148.8M ($0.61/share).
- Q4 2022 goodwill impairment revised to $118M (from $132M); net loss revised to $224.9M ($0.91/share).
- Full-year 2022 net loss revised to $555.5M ($2.26/share); prior financials should no longer be relied upon.
- Material weakness identified in internal control over financial reporting related to goodwill impairment process.
- Updated unaudited financials filed as Exhibits 99.1 and 99.2; remediation plan to be described in upcoming 10-K.
Key facts
Extracted from this filing and checked against the source text.
Auditor Changes
SEC 8-K Item 4.01/4.02
confidence 0.9
Wheels Up Experience Inc. reported that prior financial statements should not be relied upon.
- Action
- non reliance
Exact text from the filing
On March 27, 2023, the Company, on the recommendation of the Audit Committee of the Company’s Board of Directors, concluded that the Prior Financial Statements should no longer be relied upon.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Wheels Up Experience Inc. reported Year ended December 31, 2022 results: net income -555.5 million, EPS -2.26.
- Period
- Year ended December 31, 2022
- Net income
- -555.5 million
- EPS
- -2.26
- Result
- reported results
Exact text from the filing
a revised Net loss of $224.9 million, or $0.91 per share, for the three months ended December 31, 2022, and $555.5 million, or $2.26 per share, for the year ended December 31, 2022
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Wheels Up Experience Inc. reported Three months ended December 31, 2022 results: net income -224.9 million, EPS -0.91.
- Period
- Three months ended December 31, 2022
- Net income
- -224.9 million
- EPS
- -0.91
- Result
- reported results
Exact text from the filing
a revised Net loss of $224.9 million, or $0.91 per share, for the three months ended December 31, 2022, and $555.5 million, or $2.26 per share, for the year ended December 31, 2022
View on SEC.gov
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