Company: UP
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001819516-25-000012
Chunk: 191

Company: Wheels Up Experience Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 191
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 operations. Sublease income is presented in General and administrative expenses in the consolidated statements of operations. Sublease income was not material for any of the years ended December 31, 2024, 2023 and 2022. 

114

Supplemental cash flow information related to leases are as follows (in thousands):Year Ended December 31,202420232022Cash paid for amounts included in the measurement of operating lease liabilities:Operating cash flows paid for operating leases$29,594 $35,914 $38,934 Right-of-use assets obtained in exchange for operating lease obligations$16,885 $7,989 $50,385 Supplemental balance sheet information related to leases are as follows:December 31, 2024December 31, 2023Weighted-average remaining lease term (in years):Operating leases6.66.7Weighted-average discount rate: Operating leases10.1%9.2%Future maturities of lease liabilities, as of December 31, 2024, were as follows (in thousands):Year ending December 31,Operating Leases2025$19,559 202613,331 202711,230 202810,002 20299,645 Thereafter25,944 Total lease payments 89,711 Less: Imputed interest(24,948)Total lease obligations$64,763 

11.    STOCKHOLDERS’ EQUITY AND EQUITY-BASED COMPENSATION 

Stockholders’ EquityAuthorized SharesPursuant to the Amended and Restated Certificate of Incorporation, we are authorized to issue up to 1,525,000,000 shares, consisting of up to 1,500,000,000 shares of Common Stock and 25,000,000 shares of preferred stock. Holders of Common Stock are entitled to one vote per share; provided, that by agreement:  (i) certain parties to the Investor Rights Agreement that are not a “citizen of the United States” (as defined in 49 USC § 40102(a)(15)(C)) (collectively, the “Non-Citizen Investors”) may be afforded collective voting rights equal to 1% of all shares of Common Stock entitled to vote at a meeting of the Company’s stockholders; (ii) for so long as such Non-Citizen Investors collectively hold such shares of Common Stock, the shares of Common Stock held by CK