Company: UP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819516-25-000044
Chunk: 14

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 2
Chunk 14
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, 2024, primarily attributable to full amortization of historical capitalized software projects and a reduction in capitalized IT costs in recent periods. 

Interest Income

Interest income increased $0.6 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily driven by an increase in cash equivalents held in money market funds.

Interest Expense

Interest expense increased $5.4 million, or 33%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily attributable to paid-in-kind interest expense associated with the Term Loan (as defined below).

Other Expense, Net

Other expense, net was relatively consistent for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

43

Results of Operations for the Six Months Ended June 30, 2025 compared to the Six Months Ended June 30, 2024

The following table sets forth our results of operations for each of the six months ended June 30, 2025 and 2024 (in thousands):

Six Months Ended June 30,Change in20252024$%Revenue$367,167 $393,386 $(26,219)(7)%Costs and expenses:Cost of revenue (exclusive of items shown separately below)332,379 389,950 (57,571)(15)%Technology and development19,882 21,610 (1,728)(8)%Sales and marketing46,546 42,917 3,629 8 %General and administrative87,049 72,186 14,863 21 %Depreciation and amortization33,700 30,988 2,712 9 %(Gain) loss on sale of aircraft(8,754)(2,490)(6,264)n/m(Gain) loss on disposal of assets, net(3,269)1,827 (5,096)n/mTotal costs and expenses507,533 556,988 (49,455)(9)%Loss from operations(140,366)(163,602)23,236 14 %Other income (expense)Gain on divestiture— 3,403 (3,403)n/mLoss on extinguishment of debt(60)(2,511)2,451 n/mChange in fair value of warrant liability— (