Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 31

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 1
Chunk 31
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in thousands): Three Months Ended March 31,  20252024Services transferred at a point in time:Flights, net of discounts and incentives$147,568 $150,929 Other19,784 28,784 Services transferred over time:Memberships9,189 16,854 Other989 534 Total Revenue$177,530 $197,101 

9

Contract BalancesAccounts receivable, net consisted of the following (in thousands):March 31, 2025December 31, 2024Gross receivables from members and customers$47,456 $38,049 Undeposited funds1,236 2,131 Less: Allowance for credit losses(6,895)(7,864)Accounts receivable, net$41,797 $32,316 Deferred revenue consisted of the following (in thousands):March 31, 2025December 31, 2024Flights - prepaid$741,070 $729,581 Memberships - annual dues14,464 17,638 Other2,777 2,393 Deferred revenue - total$758,311 $749,612 Deferred revenue, non-current is presented within Other non-current liabilities on the condensed consolidated balance sheets.Changes in Deferred revenue for the three months ended March 31, 2025 were as follows (in thousands):Deferred revenue as of December 31, 2024$749,612    Amounts deferred during the period183,859    Revenue recognized from amounts included in the deferred revenue beginning balance(156,987)   Revenue from current period sales(18,173)Deferred revenue as of March 31, 2025$758,311 Revenue expected to be recognized in future periods for performance obligations that are unsatisfied, or partially unsatisfied, as of March 31, 2025 were as follows (in thousands):Remainder of 2025$379,124 2026243,417 202767,876 202867,894 Total Deferred revenue$758,311  Costs to Obtain a ContractCapitalized costs related to sales commissions and referral fees were $2.0 million for each of the three months ended March 31, 2025 and 2024. 

As of March 31, 2025 and December 31, 2024, capitalized sales commissions and referral fees of $4.3 million and $