Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 28

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 1
Chunk 28
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)2,113 Prepaid expenses(8,324)12,215 Other current assets(262)(4,371)Other non-current assets1,166 9,456 Accounts payable7,760 13,093 Accrued expenses(6,005)(12,211)Deferred revenue7,917 (25,145)Other assets and liabilities(451)151 Net cash used in operating activities(47,924)(73,794)Cash flows from investing activities:Purchases of property and equipment(14,704)(4,022)Capitalized software development costs(3,338)(3,540)Purchase of aircraft held for sale(3,800)(2,331)Proceeds from sale of aircraft held for sale, net33,005 25,988 Other4,950 3,508 Net cash provided by investing activities16,113 19,603 Cash flows from financing activities:Purchase of shares for treasury(109)(338)Proceeds from long-term debt9,876 — Repayments of long-term debt(18,451)(23,976)Payment of debt issuance costs(2)— Net cash used in financing activities(8,686)(24,314)Effect of exchange rate changes on cash, cash equivalents and restricted cash1,092 (1,030)Net decrease in cash, cash equivalents and restricted cash(39,405)(79,535)Cash, cash equivalents and restricted cash, beginning of period246,468 292,825 Cash, cash equivalents and restricted cash, end of period$207,063 $213,290 Supplemental disclosure of cash flow information:Cash paid for interest$5,410 $6,792 

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

WHEELS UP EXPERIENCE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

Wheels Up Experience Inc. (“Wheels Up”, or “we”, “us”, “our” or the “Company”) is a leading provider of on-demand private aviation in the United States (“U.S.”) and one of the largest companies in the industry.  Basis of Presentation and Principles of ConsolidationThe condensed consolidated financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial