Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 77

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 1
Chunk 77
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 on divestiture— 3,403 (3,403)n/mLoss on extinguishment of debt(38)(1,706)1,668 n/mChange in fair value of warrant liability— (28)28 n/mInterest income1,148 56 1,092 n/mInterest expense(19,880)(14,555)(5,325)37 %Other income (expense), net301 (129)430 n/mTotal other income (expense)(18,469)(12,959)(5,510)43 %Loss before income taxes(99,235)(97,507)(1,728)(2)%Income tax benefit (expense)(78)114 (192)n/mNet loss(99,313)(97,393)(1,920)(2)%Less: Net loss attributable to non-controlling interests— — — — %Net loss attributable to Wheels Up Experience Inc.$(99,313)$(97,393)$(1,920)(2)%

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n/m        Not meaningful

43

Revenue

Revenue decreased for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, as follows (in thousands). 

Three Months Ended March 31,Change in20252024$%Membership$9,189 $16,854 $(7,665)(45)%Flight147,568 150,929 (3,361)(2)%Other20,773 29,318 (8,545)(29)%Total$177,530 $197,101 $(19,571)(10)%

The decrease in Membership revenue was primarily driven by a 56% decrease in members year-over-year. The decrease in members was primarily as a result of the regionalization of our member programs and focus on profitable flying, as well as streamlining our membership offering.

The decrease in Flight revenue was primarily driven by a 7% reduction in Live Flight Legs year-over-year, resulting in an $11.0 million reduction to Flight revenue, partially offset by a 5% increase in Flight Revenue per Live Flight Leg, resulting in a $7.7 million increase to Flight revenue primarily due to our focus on more profitable flying. 

The decrease in Other revenue was primarily attributable to the absence of $6.0 million recognized in the three months ended March 31, 2024 related to a government contract.

Cost of Revenue