Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 22

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 2
Chunk 22
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 activities consisted of our Net loss during the respective periods, net of non-cash items of $61.5 million and $34.3 million during the three months ended March 31, 2025 and 2024, respectively, and the balance from a decrease in net operating assets and liabilities. During the three months ended March 31, 2025, we sold $133.0 million of Membership Funds compared to $114.0 million during the three months ended March 31, 2024. Membership Funds are generally non-refundable cash deposits that are accounted for as Deferred revenue until the time at which they are used by members or customers in accordance with the terms applicable to such Membership Fund.

Cash Flow from Investing Activities

The cash inflow from investing activities during the three months ended March 31, 2025 was primarily attributable to $33.0 million in proceeds from sales of aircraft that were classified as held for sale. The inflows were partially offset by cash outflows of $18.0 million for capital expenditures and $3.3 million of capitalized software development costs. 

Cash Flow from Financing Activities

The cash outflow from financing activities was primarily attributable to the repayments of long-term debt of $18.5 million, partially offset by the issuance of a new Revolving Equipment Note for one aircraft in the aggregate principal amount of $9.9 million.

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Future Obligations and Commitments

As of March 31, 2025, our principal ongoing commitments consisted of contractual cash obligations to pay principal and interest payments under the Revolving Equipment Notes, principal and accrued interest under the Credit Agreement when due at maturity (including any amounts in respect of the Credit Support Premium), operating leases for certain controlled aircraft, leased facilities, including our corporate headquarters, other office space and operational facilities, such as hangars and maintenance facilities, trade payables and ordinary course arrangements involving our obligation to provide future services for which we have already received deferred revenue. For further information about the foregoing obligations and commitments, see the following Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 “Financial Statements” in this Quarterly Report:  Note 2, Revenue; Note 6, Long-Term Debt; and Note 8, Leases. In addition, the Board approved a $10.0 million stock repurchase program on April 30, 2025, under which management has the discretion to purchase shares of Common Stock from time to time.  Any open order or