Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 114

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 8
Chunk 114
---
70,501 80,812 Cash and cash equivalents$171,845 $216,426 Interest income from cash equivalents of $1.1 million and $0.1 million was recorded in Interest income in the consolidated statements of operations for the three months ended March 31, 2025 and 2024, respectively.Restricted Cash

As of March 31, 2025 and December 31, 2024, Restricted cash included $6.6 million and $6.2 million, respectively, held by financial institutions to establish standby letters of credit required by the lessors of certain corporate office space that we leased as of such dates, and $5.0 million held by financial institutions to collateralize our credit card programs. The standby letters of credit expire on May 31, 2031, December 31, 2033 and June 30, 2034. The Restricted cash balances as of March 31, 2025 and December 31, 2024 also included $23.6 million and $18.8 million, respectively, related to funds held but unavailable for immediate use due to contractual restrictions. 

13

6.LONG-TERM DEBT

The following table presents the components of Long-term debt, net (in thousands, except weighted average interest rates): Maturity DateInterest Rate per Annum as of  March 31, 2025March 31, 2025December 31, 20242024 Revolving Equipment Notes2029SOFR + 1.75%$308,908 $317,484 Term Loan(1)202810.0%456,915 443,864 Total debt765,823 761,348 Less: Total unamortized debt discount and debt issuance costs351,401 353,292 Less: Current maturities of long-term debt31,658 31,748 Long-term debt, net$382,765 $376,308 (1)   As of March 31, 2025, includes $3.1 million outstanding in connection with the Credit Support Premium (as defined below), which will become due and payable in-full upon the earlier of repayment and extinguishment of the Revolving Equipment Note Facility (as defined below) and the termination of Delta’s obligation to provide credit support for the Revolving Equipment Notes Facility. The Credit Support Premium is deemed a Revolving Loan (as defined in the Credit Agreement (as defined