Company: UP
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001819516-25-000012
Chunk: 243

Company: Wheels Up Experience Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 243
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 on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical audit matter

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters. 

/s/ GRANT THORNTON LLP

We have served as the Company’s auditor since 2014.

New York, New York

March 11, 2025

80

WHEELS UP EXPERIENCE INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

December 31, 2024December 31, 2023ASSETSCurrent assets:Cash and cash equivalents$216,426 $263,909 Accounts receivable, net32,316 38,237 Other receivables1,182 11,528 Parts and supplies inventories, net12,177 20,400 Aircraft inventory— 1,862 Aircraft held for sale35,663 30,496 Prepaid expenses23,546 55,715 Other current assets10,759 11,887 Total current assets 332,069 434,034 Property and equipment, net 348,339 337,714 Operating lease right-of-use assets56,911 68,910 Goodwill217,045 218,208 Intangible assets, net96,904 117,766 Restricted cash30,042 28,916 Other non-current assets 76,701 110,512 Total assets $1,158,011 $1,316,060 LIABILITIES AND EQUITY Current liabilities:Current maturities of long-term debt$31,748 $23,998 Accounts payable 29,977 32,973 Accrued expenses 89,484 102,475 Deferred revenue, current749,432 723,246 Operating lease liabilities, current13,953 22,869 Intangible liabilities, current1,525 1,525 Other current liabilities1,165 416