Company: UP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819516-25-000044
Chunk: 34

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 34
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 Form 10-K for the year ending December 31, 2027, with early adoption permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements. 

2.REVENUE RECOGNITION

Disaggregation of RevenueThe following table disaggregates Revenue by service type and the timing of when these services are provided to the member or customer (in thousands): Three Months Ended June 30,Six Months Ended June 30,  2025202420252024Services transferred at a point in time:Flights, net of discounts and incentives$158,330 $163,684 $305,898 $314,613 Other22,827 16,162 42,611 44,946 Services transferred over time:Memberships7,474 16,046 16,663 32,900 Other1,006 393 1,995 927 Total Revenue$189,637 $196,285 $367,167 $393,386 Contract BalancesAccounts receivable, net consisted of the following (in thousands):June 30, 2025December 31, 2024Gross receivables from members and customers$43,757 $39,187 Undeposited funds3,345 790 Less: Allowance for credit losses(8,397)(7,661)Accounts receivable, net$38,705 $32,316 

9

Deferred revenue consisted of the following (in thousands):June 30, 2025December 31, 2024Flights - prepaid$711,466 $729,581 Memberships - annual dues12,745 17,638 Other2,888 2,393 Deferred revenue - total$727,099 $749,612 The non-current portion of Deferred revenue - total, which is presented within Other non-current liabilities on the condensed consolidated balance sheets, was nil and $0.2 million as of June 30, 2025 and December 31, 2024, respectively..Changes in Deferred revenue for the six months ended June 30, 2025 were as follows (in thousands):Deferred revenue as of December 31, 2024$749,612    Amounts deferred during the period344,654    Revenue recognized from amounts included in the deferred revenue beginning balance(277,642)   Revenue from current period sales(89,525