secwatch.observer — SEC 8-K summary
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Issuer:     Wheels Up Experience Inc. (UP)
CIK:        0001819516
Form:       8-K
Filed at:   2023-08-14T23:59:59+00:00
Accession:  0001819516-23-000047
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Wheels Up Q2 revenue down 21% to $335M; net loss $161M including $70M goodwill impairment; secures $15M Delta loan
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- Revenue $335M vs $425.5M YoY (-21%); Net loss $160.6M (up from $92.8M) includes $70M non-cash goodwill impairment.
- Adjusted EBITDA loss improved to $40.3M from $46.9M YoY; active members down 8% to 11,639; live flight legs down 16% to 18,137.
- Secured up to $15M secured promissory note from Delta at 10% interest, $10M received Aug 9, $5M Aug 11; maturity Feb 4, 2024.
- Grace period extended to Aug 15, 2023 for $270M equipment notes; additional covenants include $5M daily cash minimum and restrictions.
- Non-binding LOI to divest non-core aircraft management to Airshare; licensed Avianis to Portside; member programs shift to high-density regions.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1819516/000181951623000047/0001819516-23-000047-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1819516/000181951623000047/up-20230808.htm
  HTML page:      https://secwatch.observer/filing/0001819516-23-000047

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer