Company: UP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819516-25-000044
Chunk: 118

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 118
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Disaggregation of RevenueThe following table disaggregates Revenue by service type and the timing of when these services are provided to the member or customer (in thousands): Three Months Ended June 30,Six Months Ended June 30,  2025202420252024Services transferred at a point in time:Flights, net of discounts and incentives$158,330 $163,684 $305,898 $314,613 Other22,827 16,162 42,611 44,946 Services transferred over time:Memberships7,474 16,046 16,663 32,900 Other1,006 393 1,995 927 Total Revenue$189,637 $196,285 $367,167 $393,386 Contract BalancesAccounts receivable, net consisted of the following (in thousands):June 30, 2025December 31, 2024Gross receivables from members and customers$43,757 $39,187 Undeposited funds3,345 790 Less: Allowance for credit losses(8,397)(7,661)Accounts receivable, net$38,705 $32,316 

9

Deferred revenue consisted of the following (in thousands):June 30, 2025December 31, 2024Flights - prepaid$711,466 $729,581 Memberships - annual dues12,745 17,638 Other2,888 2,393 Deferred revenue - total$727,099 $749,612 The non-current portion of Deferred revenue - total, which is presented within Other non-current liabilities on the condensed consolidated balance sheets, was nil and $0.2 million as of June 30, 2025 and December 31, 2024, respectively..Changes in Deferred revenue for the six months ended June 30, 2025 were as follows (in thousands):Deferred revenue as of December 31, 2024$749,612    Amounts deferred during the period344,654    Revenue recognized from amounts included in the deferred revenue beginning balance(277,642)   Revenue from current period sales(89,525)Deferred revenue as of June 30, 2025$727,099 Revenue expected to be recognized in future periods for performance obligations that are unsatisfied, or partially unsatisfied, as of June 30, 202