Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 110

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 8
Chunk 110
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 The amendments in ASU 2024-03 aim to improve the decision usefulness of expense information on public business entities’ income statements through the disaggregation of relevant expense captions in the notes to the financial statements. ASU 2024-03 will be effective for the Company’s Annual Report on Form 10-K for the year ending December 31, 2027, with early adoption permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements. 

2.REVENUE RECOGNITION

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 March 31,  20252024Services transferred at a point in time:Flights, net of discounts and incentives$147,568 $150,929 Other19,784 28,784 Services transferred over time:Memberships9,189 16,854 Other989 534 Total Revenue$177,530 $197,101 

9

Contract BalancesAccounts receivable, net consisted of the following (in thousands):March 31, 2025December 31, 2024Gross receivables from members and customers$47,456 $38,049 Undeposited funds1,236 2,131 Less: Allowance for credit losses(6,895)(7,864)Accounts receivable, net$41,797 $32,316 Deferred revenue consisted of the following (in thousands):March 31, 2025December 31, 2024Flights - prepaid$741,070 $729,581 Memberships - annual dues14,464 17,638 Other2,777 2,393 Deferred revenue - total$758,311 $749,612 Deferred revenue, non-current is presented within Other non-current liabilities on the condensed consolidated balance sheets.Changes in Deferred revenue for the three months ended March 31, 2025 were as follows (in thousands):Deferred revenue as of December 31, 2024$749,612    Amounts deferred during the period183,859    Revenue recognized from amounts included in the deferred revenue beginning balance(156,987)   Revenue from current period sales(18,173)Deferred revenue as of March 31, 2025$758,311 Revenue expected to be recognized in future periods for performance