Company: UP
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049230
Chunk: 126

Company: Wheels Up Experience Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 126
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169 $155,355 $461,067 $469,968 Other23,469 25,224 66,080 70,170 Services transferred over time:Memberships6,313 13,231 22,976 46,131 Other535 93 2,530 1,020 Total Revenue$185,486 $193,903 $552,653 $587,289 

9

Contract BalancesAccounts receivable, net consisted of the following (in thousands):September 30, 2025December 31, 2024Gross receivables from members and customers$39,122 $39,187 Undeposited funds2,067 790 Less: Allowance for credit losses(8,800)(7,661)Accounts receivable, net$32,389 $32,316 Deferred revenue consisted of the following (in thousands):September 30, 2025December 31, 2024Flights - prepaid$697,423 $729,581 Memberships - annual dues10,995 17,638 Other2,773 2,393 Deferred revenue - total$711,191 $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 September 30, 2025 and December 31, 2024, respectively.Changes in Deferred revenue for the nine months ended September 30, 2025 were as follows (in thousands):Deferred revenue as of December 31, 2024$749,612    Amounts deferred during the period514,232    Revenue recognized from amounts included in the deferred revenue beginning balance(371,602)   Revenue from current period sales(181,051)Deferred revenue as of September 30, 2025$711,191 Revenue expected to be recognized in future periods for performance obligations that are unsatisfied, or partially unsatisfied, as of September 30, 2025 were as follows (in thousands):Remainder of 2025$129,139 2026282,937 2027149,558 2028149,557 Total Deferred revenue$711,191  Costs to Obtain a ContractCapitalized costs related to sales commissions and referral fees were $1.7 million and $5.5 million for the