Company: UP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819516-25-000044
Chunk: 175

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 175
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 changes on cash, cash equivalents and restricted cash$3,224 $(1,175)Net decrease in cash, cash equivalents and restricted cash$(105,226)$(117,434)

Cash Flow from Operating Activities

The cash outflow from operating activities consisted of our Net loss during the respective periods, net of non-cash items of $93.8 million and $79.5 million during the six months ended June 30, 2025 and 2024, respectively, and the balance from a general decrease in net operating assets and liabilities. During the six months ended June 30, 2025, we sold $260.0 million of Membership Funds, which was relatively consistent with the $258.6 million of Membership Funds sold during the six months ended June 30, 2024. Membership Funds are generally non-refundable cash deposits that are accounted for as Deferred revenue until the time at which they are used by members or customers in accordance with the terms applicable to such Membership Fund.

Cash Flow from Investing Activities

The cash inflow from investing activities during the six months ended June 30, 2025 was primarily attributable to $55.1 million in proceeds from sales of aircraft that were classified as held for sale. The inflows were partially offset by cash outflows of $36.4 million for capital expenditures, including $5.9 million of capitalized software development costs. 

Cash Flow from Financing Activities

The cash outflow from financing activities was primarily attributable to the prepayments of long-term debt of $36.9 million, partially offset by the issuance of new Revolving Equipment Notes for two aircraft in the aggregate principal amount of $19.6 million.

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Future Obligations and Commitments

As of June 30, 2025, our principal ongoing commitments consisted of contractual cash obligations to pay principal and interest payments under the Revolving Equipment Notes, principal and accrued interest under the Credit Agreement when due at maturity (including any amounts in respect of the Credit Support Premium), operating leases for certain controlled aircraft, leased facilities, including our corporate headquarters, other office space and operational facilities, such as hangars and maintenance facilities, trade payables and ordinary course arrangements involving our obligation to provide future services for which we have already received deferred revenue. For further information about the foregoing obligations and commitments, see the following Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 “Financial Statements” in this Quarterly Report:  Note 2, Revenue; Note 6,