Company: UP
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001819516-25-000012
Chunk: 117

Company: Wheels Up Experience Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 7
Chunk 117
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)Consists of expenses incurred in connection with the execution of our fleet modernization strategy first announced in October 2024, which primarily includes expenses associated with transitioning Embraer Phenom 300 series aircraft to our operations, pilot training programs aligned to our fleet modernization strategy and amounts reserved during the fourth quarter of 2024 related to existing Parts and supplies inventory deemed in excess of future business needs after considering our fleet modernization strategy.

(3)Consists of expenses associated with establishing the Atlanta Member Operations Center and its operations, which primarily includes redundant operating expenses during the transition period, relocation expenses for employees and costs associated with onboarding new employees. The Atlanta Member Operations Center began operating on May 15, 2023, and related expenses concluded during the second quarter of 2024, approximately one year after operations began.

(4)Consists of expenses incurred to execute consolidation of our FAA operating certificates, which primarily includes pilot training and retention programs and consultancy fees associated with planning and implementing the consolidation process.

(5)Includes amounts reserved related to existing Parts and supplies inventory deemed in excess of future business needs after considering certain strategic business initiatives. 

59

Key Operating Metrics

In addition to financial measures, we regularly review certain key operating metrics to evaluate our business, determine the allocation of resources and make decisions regarding business strategies. We believe that these metrics can be useful for understanding the underlying trends in our business.

The following table summarizes our key operating metrics:

As of December  31, 20242023% ChangeActive Members5,369 9,947 (46)%

Three Months Ended December 31,20242023% ChangeActive Users7,28610,744(32)%On-Time Performance (D-60)80 %87 %n/mCompletion Rate98 %98 %n/mUtility41.131.033 %Live Flight Legs12,731 14,374 (11)%Private Jet Gross Bookings(1)$212,395 $243,278 (13)%Total Gross Bookings(1)$313,861 $286,646 9 %Private Jet Gross Bookings per Live Flight Leg$16,683 $16,925 (1)%

Year Ended December 31,20242023% ChangeLive Flight Legs50,116 64,481 (22)%Private Jet Gross Bookings(1)$810,133 $1,023,516 (21)%Total Gross Bookings(1)$1,043,826