Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 27

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 1
Chunk 27
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 except share data)

Common StockTreasury Stock(in thousands)SharesAmountAdditional paid-in capitalAccumulateddeficitAccumulatedother comprehensive lossSharesAmountNon-controlling interestsTotalBalance at December 31, 2023697,131,838 $70 $1,879,009 $(1,763,260)$(10,704)275,707 $(7,718)$— $97,397 Equity-based compensation— — 2,812 — — — — — 2,812 Shares withheld for employee taxes on vested equity awards— — — — — 92,764 (338)— (338)Issuance of Common Stock upon settlement of restricted stock units558,125 — — — — — — — — Net loss— — — (97,393)— — — — (97,393)Other comprehensive income (loss)— — — — (1,542)— — — (1,542)Balance at March 31, 2024697,689,963 $70 $1,881,821 $(1,860,653)$(12,246)368,471 $(8,056)$— $936 

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

6

WHEELS UP EXPERIENCE INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

Three Months Ended March 31,20252024Cash flows from operating activitiesNet loss$(99,313)$(97,393)Adjustments to reconcile net loss to net cash used in operating activities:Depreciation and amortization20,210 15,395 Equity-based compensation12,661 11,211 Payment in kind interest13,050 10,123 Amortization (accretion) of deferred financing costs and debt discount1,893 (1,880)Gain on sale of aircraft held for sale(4,975)(2,724)(Gain) loss on disposal of assets, net(3,229)1,963 Impairment of right-of-use assets20,218 — Other1,678 162 Changes in assets and liabilities:Accounts receivable(8,481)(5,952)Other receivables(3,437