Company: UP
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001819516-25-000012
Chunk: 247

Company: Wheels Up Experience Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 247
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 loss— — — (487,387)— — — — (487,387)Other comprehensive loss— — — — (651)— — — (651)Balance at December 31, 2023697,131,838 $70 $1,879,009 $(1,763,260)$(10,704)275,707 $(7,718)$— $97,397 Equity-based compensation— — 23,854 — — — — — 23,854 Reclassification of equity awards— — 18,718 — — — — — 18,718 Shares withheld for employee taxes on vested awards— — — — — 163,744 (485)— (485)Issuance of Common Stock upon settlement of restricted stock units1,210,259 — — — — — — — — Net loss— — — (339,635)— — — — (339,635)Other comprehensive loss— — — — (1,958)— — — (1,958)Balance at December 31, 2024698,342,097 $70 $1,921,581 $(2,102,895)$(12,662)439,451 $(8,203)$— $(202,109)

The accompanying notes are an integral part of these consolidated financial statements.

85

WHEELS UP EXPERIENCE INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Year Ended December 31, 202420232022Cash flows from operating activities:Net loss$(339,635)$(487,387)$(555,547)Adjustments to reconcile net loss to net cash used in operating activities:Depreciation and amortization56,546 58,533 65,936 Amortization of deferred financing costs and debt discount8,711 329 766 Payment in kind interest43,412 10,453 — Equity-based compensation 45,977 25,633 88,979 Change in fair value of warrant liability8 (739)(9,516)Provision for expected credit losses2,728 1,705 8,129 Reserve for excess and obsolete