Company: UP
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001819516-25-000012
Chunk: 151

Company: Wheels Up Experience Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 151
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(1,594)(21,692)(6,727)Repayments of long-term debt(246,460)(59,523)— Net cash provided by financing activities78,662 300,954 244,786 Effect of exchange rate changes on cash(450)(3,867)(5,424)NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH(46,357)(327,328)(166,569)CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF PERIOD292,825 620,153 786,722 CASH, CASH EQUIVALENTS AND RESTRICTED CASH END OF PERIOD$246,468 $292,825 $620,153 CASH PAID DURING THE PERIOD FOR:Interest$23,562 $31,397 $— SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:Non-cash issuance of Common Stock in connection with debt issuance$— $310,322 $— 

The accompanying notes are an integral part of these consolidated financial statements.

86

WHEELS UP EXPERIENCE INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.ORGANIZATION AND OPERATIONS

Wheels Up Experience Inc. (together with its consolidated subsidiaries, “Wheels Up”, the “Company”, “our”, “we”, and “us”) is a leading provider of on-demand private aviation in the U.S. and one of the largest companies in the industry.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation and Basis of PresentationThe consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of Wheels Up Experience Inc. and its subsidiaries, after elimination of intercompany transactions and accounts. We consolidate Wheels Up MIP LLC (“MIP LLC”) and record the profits interests held in MIP LLC that Wheels Up does not own as non-controlling interests (see Note 13). Use of EstimatesPreparing the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during