Company: UP
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049230
Chunk: 28

Company: Wheels Up Experience Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 28
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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

  WHEELS UP EXPERIENCE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands, except share data)September 30, 2025December 31, 2024ASSETSCurrent assets:Cash and cash equivalents$125,327 $216,426 Accounts receivable, net32,389 32,316 Parts and supplies inventories9,144 12,177 Aircraft held for sale41,227 35,663 Prepaid expenses25,163 23,546 Other current assets15,026 11,941 Total current assets248,276 332,069 Property and equipment, net305,416 348,339 Operating lease right-of-use assets27,999 56,911 Goodwill209,930 217,045 Intangible assets, net80,063 96,904 Restricted cash30,451 30,042 Other non-current assets70,868 76,701 Total assets$973,003 $1,158,011 LIABILITIES AND EQUITYCurrent liabilities:Current maturities of long-term debt$30,342 $31,748 Accounts payable30,858 29,977 Accrued expenses100,695 89,484 Deferred revenue, current711,191 749,432 Other current liabilities14,435 16,643 Total current liabilities887,521 917,284 Long-term debt, net393,571 376,308 Operating lease liabilities, non-current46,929 50,810 Other non-current liabilities19,527 9,837 Total liabilities1,347,548 1,354,239 Commitments and contingencies (Note 13)Mezzanine equity:Executive performance award— 5,881 Total mezzanine equity— 5,881 Equity:Common Stock, $0.0001par value; 1,500,000,000 authorized; 721,613,576 and 698,342,097 issued and 720,346,459 and 697,902,646 shares outstanding as of September 30, 2025 and December 31, 2024, respectively72 70 

1

Additional paid-in capital2,008,512 1,921,581 Accumulated