Company: UP
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001819516-25-000012
Chunk: 165

Company: Wheels Up Experience Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 165
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 disaggregation of relevant expense captions in the notes to the financial statements. ASU 2024-03 will be effective for the Company’s Annual Report on Form 10-K for the year ending December 31, 2027, with early adoption permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements. Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). The amendments in ASU 2023-07 aim to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280, on an interim and annual basis. The Company adopted ASU 2023-07 during the year ended December 31, 2024. 

3.     REVENUE 

Disaggregation of RevenueThe following table disaggregates Revenue by service type and the timing of when these services are provided to the member or customer (in thousands): Year Ended December 31, 202420232022Services transferred at a point in time:Flights, net of discounts and incentives$633,865 $884,065 $1,073,094 Aircraft management9,537 159,150 232,248 Other89,867 102,352 166,732 Services transferred over time:Memberships57,614 82,857 90,132 Aircraft management170 16,679 9,784 Other1,051 8,214 7,770 Total$792,104 $1,253,317 $1,579,760 Performance ObligationsA performance obligation is a promise in a contract to transfer a distinct service to the customer and is the basis of revenue recognition. To determine the proper revenue recognition method for contracts, we used judgment to evaluate whether two or more contracts should be combined and accounted for as a portfolio and whether the combined or single contract should be accounted for as more than one performance obligation. Transaction PriceThe transaction prices for each of our primary revenue streams are as follows:

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•Flights — The fixed quoted amount including any flight credits.•Memberships