ClarificationOct 9, 2026, 05:31 PM
Wheels Up Corrects Errors in Adjusted EBITDA/EBITDAR Reconciliations
AI Summary
Wheels Up Experience Inc. has filed an amendment to its Form 8-K to correct inadvertent errors in the historical reconciliations of its non-GAAP financial measures, Adjusted EBITDA and Adjusted EBITDAR. These errors resulted in an understatement of these metrics for various quarterly periods from Q1 2024 through Q2 2026 and for the fiscal years 2024 and 2025. The company has provided revised reconciliations, which include adjustments to the treatment of 'Loss on extinguishment of debt' and the elimination of certain duplicated expenses. The filing does not amend the company's previously reported unaudited financial statements for the periods ended June 30, 2026 and 2025.
Key Highlights
- Wheels Up Experience Inc. filed an amendment to its 8-K to correct inadvertent errors in historical reconciliations of Adjusted EBITDA and Adjusted EBITDAR.
- The errors understated Adjusted EBITDA and Adjusted EBITDAR for periods from Q1 2024 through Q2 2026 and for fiscal years 2024-2025.
- Revisions include updating 'Loss on extinguishment of debt' to an addition and eliminating double-counting related to fleet modernization.
- The company is providing revised reconciliations in Exhibit 99.1.
- Adjusted EBITDA (updated definition) for Q1 2026 was $(30,554) thousand.
- Adjusted EBITDAR (updated definition) for Q1 2026 was $(20,792) thousand.
Price Impact
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