Wheels Up Experience Inc.
For the period ended Dec 31, 2025. Filed Mar 10, 2026.
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FY2025 · Filed Mar 10, 2026
UP$2.46-10.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net loss | $(294,217) | $(339,635) | $(487,387) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation and amortization | 61,171 | 56,546 | 58,533 |
| Amortization of deferred financing costs and debt discount | 17,522 | 8,711 | 329 |
| Payment in kind interest | 54,216 | 43,412 | 10,453 |
| Equity-based compensation | 45,430 | 45,977 | 25,633 |
| Impairment of lease related assets | 20,195 | — | — |
| Reserve for excess and obsolete inventory | 3,622 | 12,063 | 3,923 |
| Loss on extinguishment of debt | 119 | 17,714 | 4,401 |
| Gain on sale of aircraft held for sale | (55,217) | (4,622) | (16,939) |
| Impairment of goodwill | — | — | 126,200 |
| Other | (13,839) | (2,060) | 6,598 |
| Changes in assets and liabilities: | |||
| Accounts receivable | 2,528 | 2,794 | 30,062 |
| Other receivables | (309) | 4,349 | (3,164) |
| Parts and supplies inventories | (3,173) | 2,861 | 4,686 |
| Prepaid expenses | (618) | 30,117 | (17,315) |
| Other non-current assets | 5,774 | 33,803 | (32,289) |
| Accounts payable | (9,252) | (2,882) | (8,089) |
| Accrued expenses | 13,979 | (11,233) | (35,110) |
| Deferred revenue | (12,959) | 25,383 | (348,419) |
| Other assets and liabilities | (1,267) | (1,186) | 12,609 |
| Net cash used in operating activities | (166,295) | (77,888) | (665,285) |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (93,629) | (122,811) | (20,168) |
| Capitalized software development costs | (11,469) | (15,021) | (16,497) |
| Proceeds from sale of divested business | 20,689 | 7,894 | 13,200 |
| Purchases of aircraft held for sale | (11,760) | (2,408) | (4,240) |
| Proceeds from sale of aircraft held for sale, net | 271,587 | 85,560 | 68,308 |
| Other | 4,950 | 105 | 267 |
| Net cash (used in) provided by investing activities | 180,368 | (46,681) | 40,870 |
| Cash flows from financing activities: | |||
| Proceeds from sales of shares of Common Stock | 47,517 | — | — |
| Purchase of shares for treasury | (1,633) | (485) | (28) |
| Proceeds from long-term debt | 65,743 | 327,201 | 382,200 |
| Payment of debt issuance costs | (152) | (1,594) | (21,695) |
| Repayments of long-term debt | (209,988) | (246,460) | (59,523) |
| Net cash (used in) provided by financing activities | (98,513) | 78,662 | 300,954 |
| Effect of exchange rate changes on cash | 2,475 | (450) | (3,867) |
| Net decrease in cash, cash equivalents and restricted cash | (81,965) | (46,357) | (327,328) |
| Cash, cash equivalents and restricted cash, beginning of period | 246,468 | 292,825 | 620,153 |
| Cash, cash equivalents and restricted cash, end of period | $164,503 | $246,468 | $292,825 |
| CASH PAID DURING THE PERIOD FOR: | |||
| Interest | $19,596 | $23,562 | $31,397 |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
| Non-cash issuance of Common Stock in connection with debt issuance | $— | $— | $310,322 |
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