secwatch.observer — SEC 8-K summary
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Issuer:     Wheels Up Experience Inc. (UP)
CIK:        0001819516
Form:       8-K/A
Filed at:   2023-03-31T23:59:59+00:00
Accession:  0001819516-23-000020
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 4.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1819516/000181951623000020/0001819516-23-000020-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1819516/000181951623000020/up-20221109.htm
  HTML page:      https://secwatch.observer/filing/0001819516-23-000020

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