secwatch.observer — SEC 8-K summary
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Issuer:     Wheels Up Experience Inc. (UP)
CIK:        0001819516
Form:       8-K
Filed at:   2024-05-09T23:59:59+00:00
Accession:  0001819516-24-000026
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Wheels Up Q1 revenue down 44% to $197M; net loss improves slightly to $97M
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- Revenue $197M vs $352M YoY; decline driven by exiting aircraft management and sales businesses.
- Net loss of $97M, improved from $101M YoY; Adjusted EBITDA loss of $49M flat YoY.
- Active members 9,155 (-25% YoY); Live flight legs 11,754 (-24% YoY).
- Operational metrics: Completion Rate 98%, On-Time Performance 87% both exceeding goals.
- Appointed David Harvey as CCO; plans new flagship maintenance facility at Palm Beach International.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1819516/000181951624000026/0001819516-24-000026-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1819516/000181951624000026/up-20240509.htm
  HTML page:      https://secwatch.observer/filing/0001819516-24-000026

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