{"schema_version":"secwatch.filing_event.v1","accession":"0001819516-23-000020","form_type":"8-K/A","ticker":"UP","cik":"0001819516","company_name":"Wheels Up Experience Inc.","filed_at":"2023-03-31T23:59:59+00:00","discovered_at":"2026-05-14T18:03:46.760625+00:00","generated_at":"2026-06-17T08:15:50.999976+00:00","sec_items":["2.02","4.02","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Wheels Up restates Q3/Q4 2022 results; records $62M goodwill impairment in Q3, $118M in Q4","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001819516-23-000020","json":"https://secwatch.observer/filing/0001819516-23-000020.json","markdown":"https://secwatch.observer/filing/0001819516-23-000020.md","text":"https://secwatch.observer/filing/0001819516-23-000020.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1819516/000181951623000020/0001819516-23-000020-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1819516/000181951623000020/up-20221109.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-17T08:15:50.999976+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"53567058030827e1bc784b292257c1b559437d16","claim":"Wheels Up Experience Inc. reported that prior financial statements should not be relied upon.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 4.01/4.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1819516/000181951623000020/0001819516-23-000020-index.htm","confidence":0.9,"family_label":"Auditor Changes","details":[{"label":"Action","value":"non reliance"}],"fact_type":"auditor_change"},{"claim_id":"6391cce5c9bb1b69745d2a6b5ebd9e4b746187db","claim":"Wheels Up Experience Inc. reported Year ended December 31, 2022 results: net income -555.5 million, EPS -2.26.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1819516/000181951623000020/0001819516-23-000020-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"Year ended December 31, 2022"},{"label":"Net income","value":"-555.5 million"},{"label":"EPS","value":"-2.26"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"e7ebf2f835b094bd237047329dd9e1414aec9568","claim":"Wheels Up Experience Inc. reported Three months ended December 31, 2022 results: net income -224.9 million, EPS -0.91.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1819516/000181951623000020/0001819516-23-000020-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"Three months ended December 31, 2022"},{"label":"Net income","value":"-224.9 million"},{"label":"EPS","value":"-0.91"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}