Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 7

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 2
Chunk 7
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 expenses associated with the Company’s global integration efforts including charges for employee separation programs.

(2)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 the Embraer Phenom 300 series and Bombardier Challenger 300 series aircraft to our operations and pilot training programs aligned to our fleet modernization strategy.

(3)For the three months ended March 31, 2024, consists of expenses associated with establishing the Atlanta Member Operations Center and its operations primarily including 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.

(4)For the three months ended March 31, 2024, consists of expenses incurred to execute the consolidation of our FAA operating certificates primarily including pilot training and retention programs and consultancy fees associated with planning and implementing the consolidation process.

(5)Consists of amounts recovered on Parts and supplies inventory reserved during prior periods related to Parts and supplies inventory deemed in excess after revision of future business needs associated with strategic business initiatives, including fleet modernization.

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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:

Three Months Ended March 31,20252024% ChangeTotal Gross Bookings(1)$241,902 $224,674 8 %Private Jet Gross Bookings(1)$205,293 $191,763 7 %Live Flight Legs10,895 11,754 (7)%Private Jet Gross Bookings per Live Flight Leg$18,843 $16,315 15 %Utility38.130.923 %Active Users(2)6,166 10,218 (40)%Completion Rate97%98%n/mOn-Time Performance (D-60)85%90%n/m

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n/m    Not meaningful

(1)    Amount shown in thousands.

(2)    Active Users as of March 31, 2025 includes the impact of the Company’s decision to discontinue Pay-As-You-Go and Connect membership options in July 2024.

Total Gross Bookings and Private Jet Gross Bookings

We