Company: UP
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049230
Chunk: 16

Company: Wheels Up Experience Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 16
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4.9 million, or 18%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, attributable to a $4.8 million increase in equity-based compensation expense related to the Executive Performance Awards and RSUs (each as defined in Note 10).

Depreciation and Amortization

Depreciation and amortization expenses increased $1.4 million, or 12%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily attributable to aircraft purchases as we execute our fleet modernization strategy. 

Interest Income

Interest income decreased $0.3 million for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily driven by a decrease in cash equivalents held in money market funds and lower interest rates versus the prior year period.

Interest Expense

Interest expense increased $7.5 million, or 47%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily attributable to paid-in-kind interest expense associated with the Term Loan and Credit Support Premium (as each is defined below).

Other Expense, Net

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

45

Results of Operations for the Nine Months Ended September 30, 2025 compared to the Nine Months Ended September 30, 2024

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

Nine Months Ended September 30,Change in20252024$%Revenue$552,653 $587,289 $(34,636)(6)%Costs and expenses:Cost of revenue (exclusive of items shown separately below)505,257 556,809 (51,552)(9)%Technology and development30,052 31,204 (1,152)(4)%Sales and marketing68,630 62,946 5,684 9 %General and administrative119,031 99,244 19,787 20 %Depreciation and amortization47,626 43,472 4,154 10 %Gain on sale of aircraft(12,491)(2,680)(