Company: UP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819516-25-000044
Chunk: 119

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 119
---
5 were as follows (in thousands):Remainder of 2025$358,594 2026237,632 202765,436 202865,437 Total Deferred revenue$727,099  Costs to Obtain a ContractCapitalized costs related to sales commissions and referral fees were $1.8 million and $3.8 million for the three and six months ended June 30, 2025, respectively, and $1.9 million and $3.9 million for the three and six months ended June 30, 2024, respectively.

As of June 30, 2025 and December 31, 2024, capitalized sales commissions and referral fees of $3.9 million and $4.6 million, respectively, were included in Other current assets, and $0.2 million and $0.3 million, respectively, were included in Other non-current assets on the condensed consolidated balance sheets. Amortization expense related to capitalized sales commissions and referral fees included in sales and marketing expense in the condensed consolidated statements of operations was $2.4 million and $4.7 million for the three and six months ended June 30, 2025, respectively, and $2.1 million and $4.2 million for the three and six months ended June 30, 2024, respectively. 

10

3.PROPERTY AND EQUIPMENT

Property and equipment, net consisted of the following (in thousands):June 30, 2025December 31, 2024Aircraft$397,523 $443,193 Software development costs93,325 85,112 Leasehold improvements18,327 22,882 Computer equipment3,491 3,042 Building and improvements1,424 1,424 Furniture and fixtures2,251 3,322 Tooling667 3,246 Vehicles2,238 2,166      Total Property and equipment519,246 564,387 Less: Accumulated depreciation and amortization(201,334)(216,048)Total Property and equipment, net$317,912 $348,339 Depreciation and amortization expense, excluding amortization expense related to software development costs, was $4.6 million and $13.3 million for the three and six months ended June 30, 2025, respectively, and $4.5 million and $10.8 million for the three and six months ended June