Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 126

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 8
Chunk 126
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Supplemental cash flow information related to operating leases were as follows (in thousands):Three Months Ended March 31,20252024Cash paid for amounts included in the measurement of operating lease liabilities:Operating cash flows paid for operating leases$5,457 $7,685 Right-of-use assets obtained in exchange for operating lease obligations$10,614 $— Supplemental balance sheet information related to leases were as follows:March 31, 2025December 31, 2024Weighted-average remaining lease term (in years):Operating leases6.96.6Weighted-average discount rate:Operating leases10.5%10.1%Maturities of lease liabilities, as of March 31, 2025, were as follows (in thousands):Year ending December 31,Operating Leases2025 (remaining)$12,273 202613,417 202713,003 202811,419 202911,057 Thereafter27,609 Total lease payments 88,778 Less: Imputed interest(25,695)Total lease obligations$63,083 

9.STOCKHOLDERS’ EQUITY AND EQUITY-BASED COMPENSATION

Stockholders’ EquityPursuant to the Company’s Amended and Restated Certificate of Incorporation, filed with the Secretary of State of the State of Delaware on November 15, 2023, we are authorized to issue up to 1,525,000,000 shares, consisting of (i) 1,500,000,000 shares of Common Stock and (ii) 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 Wheels in excess of 23.9% of all shares of Common stock entitled to vote at a meeting of the Company’s stockholders will not have voting rights (subject to ratable adjustment if the