Wheels Up Experience Inc
For the period ended Dec 31, 2023. Filed Mar 7, 2024.
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FY2023 · Filed Mar 7, 2024
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, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| OPERATING ACTIVITIES: | |||
| Net loss | $(487,387) | $(555,547) | $(197,230) |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||
| Depreciation and amortization | 58,533 | 65,936 | 54,198 |
| Amortization of deferred financing costs and debt discount | 329 | 766 | 618 |
| Payment in kind interest | 10,453 | — | — |
| Equity-based compensation | 25,633 | 88,979 | 49,673 |
| Change in fair value of warrant liability | (739) | (9,516) | (17,951) |
| Provision for expected credit losses | 1,705 | 8,129 | 3,264 |
| Loss on divestiture | 2,991 | — | — |
| Loss on extinguishment of debt | 4,401 | — | 2,379 |
| Gain on sale of aircraft held for sale | (16,939) | (4,375) | — |
| Impairment of goodwill | 126,200 | 180,000 | — |
| Other | 5,825 | 1,575 | — |
| Changes in operating assets and liabilities, net of effects from acquisitions: | |||
| Accounts receivable | 30,062 | (23,946) | (21,923) |
| Other receivables | (3,164) | 2,537 | 144 |
| Parts and supplies inventories | 4,686 | (21,693) | (3,418) |
| Aircraft inventory | 11,010 | (29,470) | — |
| Prepaid expenses | (17,315) | (3,058) | (11,360) |
| Other non-current assets | (32,289) | (41,555) | (34,218) |
| Operating lease liabilities, net | (552) | (490) | (1,949) |
| Accounts payable | (8,089) | (9,702) | 13,116 |
| Accrued expenses | (35,110) | 19,143 | 14,616 |
| Deferred revenue | (348,419) | 103,313 | 278,827 |
| Other current assets and liabilities | 2,890 | (1,715) | (2,296) |
| Net cash (used in) provided by operating activities | (665,285) | (230,689) | 126,490 |
| INVESTING ACTIVITIES: | |||
| Purchases of property and equipment | (20,168) | (83,559) | (15,234) |
| Acquisition of businesses, net of cash acquired | — | (75,093) | 7,844 |
| Proceeds from sale of divested business | 13,200 | — | — |
| Purchases of aircraft held for sale | (4,240) | (40,105) | (31,669) |
| Proceeds from sale of aircraft held for sale, net | 68,308 | 51,208 | 13,568 |
| Other | 267 | — | — |
| Capitalized software development costs | (16,497) | (27,693) | (13,179) |
| Net cash provided by (used in) investing activities | 40,870 | (175,242) | (38,670) |
| FINANCING ACTIVITIES: | |||
| Proceeds from stock option exercises | — | — | 2,107 |
| Purchase of shares for treasury | (28) | (7,687) | — |
| Purchase of fractional shares | (3) | — | — |
| Proceeds from Business Combination and PIPE Investment | — | — | 656,304 |
| Transaction costs in connection with the Business Combination and PIPE Investment | — | — | (70,406) |
| Proceeds from notes payable | 70,000 | — | — |
| Repayment of notes payable | (70,000) | — | — |
| Proceeds from long-term debt | 382,200 | 259,200 | — |
| Payment of debt issuance costs | (21,692) | (6,727) | — |
| Repayments of long-term debt | (59,523) | — | (214,081) |
| Loans to employees | — | — | 102 |
| Net cash provided by financing activities | 300,954 | 244,786 | 374,026 |
| Effect of exchange rate changes on cash | (3,867) | (5,424) | — |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (327,328) | (166,569) | 461,846 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF PERIOD | 620,153 | 786,722 | 324,876 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH END OF PERIOD | $292,825 | $620,153 | $786,722 |
| CASH PAID DURING THE PERIOD FOR: | |||
| Interest | $31,397 | $— | $11,661 |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
| Non-cash consideration issued for business acquisition of Mountain Aviation, LLC | $— | $— | $30,172 |
| Assumption of warrant liability in Business Combination | $— | $— | $28,219 |
| Non-cash issuance of Common Stock in connection with debt issuance | $310,322 | $— | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.