Company: UP
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049230
Chunk: 55

Company: Wheels Up Experience Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 55
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, including the right-of-use asset and associated leasehold improvements and furniture. We estimated the fair value of the asset group using a discounted cash flow approach, which considered estimated future cash flows associated with the asset group. We recorded a one-time non-cash impairment charge of $20.2 million during the three months ended March 31, 2025 representing the full carrying value of the right of use asset for the vacated space. The impairment charge is presented in General and administrative expense in the condensed consolidated statements of operations for the nine months ended September 30, 2025.Supplemental cash flow information related to operating leases were as follows (in thousands):Nine Months Ended September 30,20252024Cash paid for amounts included in the measurement of operating lease liabilities:Operating cash flows paid for operating leases$13,656 $22,792 Right-of-use assets obtained in exchange for operating lease obligations$10,738 $4,187 

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Supplemental balance sheet information related to leases were as follows:September 30, 2025December 31, 2024Weighted-average remaining lease term (in years):Operating leases6.76.6Weighted-average discount rate:Operating leases10.5%10.1%As of September 30, 2025, maturities of lease liabilities were as follows (in thousands):Year ending December 31,Operating Leases2025 (remaining)$3,683 202612,631 202712,308 202810,760 202910,547 Thereafter26,313 Total lease payments 76,242 Less: Imputed interest(21,353)Total lease obligations$54,889 

10.STOCKHOLDERS’ EQUITY AND EQUITY-BASED COMPENSATION

Stockholders’ EquityPursuant to the Company’s Amended and Restated Certificate of Incorporation, filed with the Secretary of State of the State of Delaware on November 15, 2023, we are authorized to issue up to 1,525,000,000 shares, consisting of (i) 1,500,000,000 shares of Common Stock and (ii) 25,000,000 shares of preferred stock. Holders of Common Stock are entitled to one vote per share; provided, that by agreement:  (i) certain parties to the Investor Rights Agreement that are not a “citizen of the United States” (as defined in 49