secwatch.observer — SEC 8-K summary
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Issuer:     Wheels Up Experience Inc. (UP)
CIK:        0001819516
Form:       8-K
Filed at:   2023-11-09T23:59:59+00:00
Accession:  0001819516-23-000055
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Wheels Up Q3 revenue down 24% to $320M; secures $450M Delta-led capital; names new CEO
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- Revenue $320M, down 24% YoY; net loss $145M includes $56M non-cash goodwill impairment.
- Adjusted EBITDA loss $19M, improved $27M YoY; best profit performance since 2021.
- Secured $450M new capital from Delta Air Lines, Certares, Knighthead, Cox; $50M term loan in discussion.
- George Mattson, longtime Delta board member, appointed CEO; new directors from majority owners.
- Active members down 15% to 10,775; Live Flight Legs down 21% to 16,581.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1819516/000181951623000055/0001819516-23-000055-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1819516/000181951623000055/up-20231109.htm
  HTML page:      https://secwatch.observer/filing/0001819516-23-000055

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