Company: UP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819516-25-000044
Chunk: 122

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 122
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 of Cash and cash equivalents and Restricted cash from the condensed consolidated balance sheets to the condensed consolidated statements of cash flows is as follows (in thousands):June 30, 2025December 31, 2024Cash and cash equivalents$107,000 $216,426 Restricted cash34,242 30,042 Total$141,242 $246,468 Cash and Cash EquivalentsCash and cash equivalents consisted of the following (in thousands):June 30, 2025December 31, 2024Cash$86,005 $135,614 Money market funds20,995 80,812 Cash and cash equivalents$107,000 $216,426 Restricted CashAs of June 30, 2025 and December 31, 2024, Restricted cash primarily consisted of (i) $22.4 million and $18.8 million, respectively, related to funds held but unavailable for immediate use due to contractual restrictions, (ii) $6.6 million and $6.2 million, respectively, held by financial institutions to establish standby letters of credit required by the lessors of certain corporate office space that we leased as of such dates, and (iii) $5.0 million as of 

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each such date held by financial institutions to collateralize our credit card programs. The standby letters of credit expire on May 31, 2031, December 31, 2033 and June 30, 2034. 

6.LONG-TERM DEBT

The following table presents the components of Long-term debt, net (in thousands, except weighted average interest rates): Maturity DateInterest Rate per Annum as of  June 30, 2025June 30, 2025December 31, 2024Revolving Equipment Notes2029SOFR + 1.75%$300,136 $317,484 Term Loan(1)202810.0%470,357 443,864 Total debt770,493 761,348 Less: Total unamortized debt discount and debt issuance costs347,616 353,292 Less: Current maturities of long-term debt31,542 31,748 Long-term debt, net$391,335 $376,308 (1)   As of June 30, 2025, includes $5.1 million outstanding in connection with the Credit Support Premium (as