---
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"
generated_at: "2026-06-17T08:15:50.999976+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Wheels Up restates Q3/Q4 2022 results; records $62M goodwill impairment in Q3, $118M in Q4

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 4.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001819516-23-000020
- JSON: https://secwatch.observer/filing/0001819516-23-000020.json
- Plain text: https://secwatch.observer/filing/0001819516-23-000020.txt

## Key facts
- Auditor Changes
  Wheels Up Experience Inc. reported that prior financial statements should not be relied upon.
  - Action: non reliance
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1819516/000181951623000020/0001819516-23-000020-index.htm
- Earnings Releases
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1819516/000181951623000020/0001819516-23-000020-index.htm
- Earnings Releases
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1819516/000181951623000020/0001819516-23-000020-index.htm

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