Company: UP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819516-25-000044
Chunk: 26

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 26
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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

  WHEELS UP EXPERIENCE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands, except share data)June 30, 2025December 31, 2024ASSETSCurrent assets:Cash and cash equivalents$107,000 $216,426 Accounts receivable, net38,705 32,316 Parts and supplies inventories12,162 12,177 Aircraft held for sale37,884 35,663 Prepaid expenses22,302 23,546 Other current assets15,618 11,941 Total current assets233,671 332,069 Property and equipment, net317,912 348,339 Operating lease right-of-use assets32,163 56,911 Goodwill224,419 217,045 Intangible assets, net87,367 96,904 Restricted cash34,242 30,042 Other non-current assets75,952 76,701 Total assets$1,005,726 $1,158,011 LIABILITIES AND EQUITYCurrent liabilities:Current maturities of long-term debt$31,542 $31,748 Accounts payable35,362 29,977 Accrued expenses96,101 89,484 Deferred revenue, current727,099 749,432 Other current liabilities12,076 16,643 Total current liabilities902,180 917,284 Long-term debt, net391,335 376,308 Operating lease liabilities, non-current50,774 50,810 Other non-current liabilities9,188 9,837 Total liabilities1,353,477 1,354,239 Commitments and contingencies (Note 12)Mezzanine equity:Executive performance award— 5,881 Total mezzanine equity— 5,881 Equity:Common Stock, $0.0001par value; 1,500,000,000 authorized; 699,803,945 and 698,342,097 issued and 698,993,636 and 697,902,646 shares outstanding as of June 30, 2025 and December 31, 2024, respectively70 70 

1

Additional paid-in capital1,948,418 1,921,581 Acc