Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 76

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 1
Chunk 76
---
,529,950 redeemable private warrants (the “Private Warrants” and, together with the Public Warrants, the “Warrants”), in each case exercisable for 1/10th of one share of Common Stock at an exercise price of $115.00 per whole share of Common Stock.

Interest income

Interest income primarily consists of interest earned on cash equivalents in money market funds.

Interest expense

Interest expense primarily consists of the interest paid or payable and the amortization of debt discounts and deferred financing costs on our credit facilities, promissory notes and other debt obligations.

Income tax benefit (expense)

Income tax benefit (expense) consists of income taxes recorded using the asset and liability method. Under this method, deferred tax assets and liabilities are recorded based on the estimated future tax effects of differences between the financial reporting and tax bases of existing assets and liabilities. These differences are measured using the enacted tax rates that are expected to be in effect when these differences are anticipated to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management believes it is not more likely than not to be realized. 

42

Results of Operations for the Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024

The following table sets forth our results of operations for each of the three months ended March 31, 2025 and 2024 (in thousands):

Three Months Ended March 31,Change in20252024$%Revenue$177,530 $197,101 $(19,571)(10)%Costs and expenses:Cost of revenue (exclusive of items shown separately below)158,424 198,260 (39,836)(20)%Technology and development10,524 11,081 (557)(5)%Sales and marketing22,161 21,437 724 3 %General and administrative56,817 36,237 20,580 57 %Depreciation and amortization20,210 15,395 4,815 31 %Gain on sale of aircraft held for sale(6,551)(2,724)(3,827)n/m(Gain) loss on disposal of assets, net(3,289)1,963 (5,252)n/mTotal costs and expenses258,296 281,649 (23,353)(8)%Loss from operations(80,766)(84,548)3,782 4 %Other income (expense)Gain