Company: UP
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049230
Chunk: 76

Company: Wheels Up Experience Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 76
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 300/35018119Large Jets:   Gulfstream G-IVSP—22Super-Midsize Jets:   Cessna Citation X—2323Midsize Jets:   Cessna Citation Excel/XLS9312Light Jets:   Cessna Citation CJ3— 22   Hawker 400XP16420Total Jets463783Turboprops(1)35—35Total Aircraft8137118__________________(1)    Consists of Beechcraft and Textron King Air 350i aircraft.

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To achieve our fleet transition, we expect to engage in strategic acquisitions, dispositions and leases of aircraft as we continue the orderly divestiture of legacy private jet models and scale our premium jet fleets. In the first quarter of 2025, we sold our fleet of owned Cessna Citation X aircraft to an unrelated third-party buyer, entered into leases for a portion of the sold aircraft and amended existing Cessna Citation X leases with the same buyer. In the second quarter of 2025, we retired our legacy Cessna Citation CJ3 fleet from revenue service and expect to return our last leased aircraft of that model to the lessor by the end of 2025. In the third quarter of 2025, we sold seven of our owned Hawker 400 XP aircraft to an unrelated third-party buyer and entered into short-term leases for a portion of the aircraft sold. We believe that our cash and cash equivalents, including cash received from any sales of our owned aircraft, operating cash flows, available borrowings under the Revolving Equipment Notes Facility (as defined below), and the execution of strategic transactions in the future, such as potential acquisitions of private aviation operators, strategic leasing arrangements or additional debt or equity financings, will provide us the flexibility to opportunistically transform our controlled aircraft fleet to achieve our fleet modernization strategy.  

Recent Developments

Signature Membership Launch

In early September 2025, we launched the Wheels Up Signature Membership that provides our members access to our Bombardier Challenger 300 series and Embraer Phenom 300 series aircraft, in addition to our legacy aircraft fleet. This latest membership program is a direct result of the scale we have built and expect to continue building through execution of our fleet modernization strategy. Details about the Wheels Up Signature Membership are included under the caption “Wheels Up Membership” above.

Update on Efficiency, Productivity and Cost Reduction Initiatives

We are in the process of