Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 24

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 1
Chunk 24
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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

  WHEELS UP EXPERIENCE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands, except share data)March 31, 2025December 31, 2024ASSETSCurrent assets:Cash and cash equivalents$171,845 $216,426 Accounts receivable, net41,797 32,316 Parts and supplies inventories12,723 12,177 Aircraft held for sale24,767 35,663 Prepaid expenses32,011 23,546 Other current assets15,664 11,941 Total current assets298,807 332,069 Property and equipment, net333,422 348,339 Operating lease right-of-use assets35,153 56,911 Goodwill219,476 217,045 Intangible assets, net92,056 96,904 Restricted cash35,218 30,042 Other non-current assets76,850 76,701 Total assets$1,090,982 $1,158,011 LIABILITIES AND EQUITYCurrent liabilities:Current maturities of long-term debt$31,658 $31,748 Accounts payable37,872 29,977 Accrued expenses84,895 89,484 Deferred revenue, current758,231 749,432 Other current liabilities12,748 16,643 Total current liabilities925,404 917,284 Long-term debt, net382,765 376,308 Operating lease liabilities, non-current53,076 50,810 Other non-current liabilities9,620 9,837 Total liabilities1,370,865 1,354,239 Commitments and contingencies (Note 12)Mezzanine equity:Executive performance award8,223 5,881 Total mezzanine equity8,223 5,881 Equity:Common Stock, $0.0001par value; 1,500,000,000 authorized; 699,393,218 and 698,342,097 issued and 698,864,832 and 697,902,646 shares outstanding as of March 31, 2025 and December 31, 2024, respectively70 70 

1

Additional paid-in capital1,931,900 1,921