Wheels Up Experience Inc
For the period ended Dec 31, 2024. Filed Mar 11, 2025.
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FY2024 · Filed Mar 11, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash 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 amortization | 56,546 | 58,533 | 65,936 |
| Amortization of deferred financing costs and debt discount | 8,711 | 329 | 766 |
| Payment in kind interest | 43,412 | 10,453 | — |
| Equity-based compensation | 45,977 | 25,633 | 88,979 |
| Change in fair value of warrant liability | 8 | (739) | (9,516) |
| Provision for expected credit losses | 2,728 | 1,705 | 8,129 |
| Reserve for excess and obsolete inventory | 12,063 | 3,923 | — |
| Loss on extinguishment of debt | 17,714 | 4,401 | — |
| Gain on sale of aircraft held for sale | (4,622) | (16,939) | (4,375) |
| Impairment of goodwill | — | 126,200 | 180,000 |
| Other | (4,796) | 4,893 | 1,575 |
| Changes in assets and liabilities: | |||
| Accounts receivable | 2,794 | 30,062 | (23,946) |
| Other receivables | 4,349 | (3,164) | 2,537 |
| Parts and supplies inventories | 2,861 | 4,686 | (21,693) |
| Aircraft inventory | 1,673 | 11,010 | (29,470) |
| Prepaid expenses | 30,117 | (17,315) | (3,058) |
| Other non-current assets | 33,803 | (32,289) | (41,555) |
| Operating lease liabilities, net | (1,322) | (552) | (490) |
| Accounts payable | (2,882) | (8,089) | (9,702) |
| Accrued expenses | (11,233) | (35,110) | 19,143 |
| Deferred revenue | 25,383 | (348,419) | 103,313 |
| Other assets and liabilities | (1,537) | 2,890 | (1,715) |
| Net cash used in operating activities | (77,888) | (665,285) | (230,689) |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (122,811) | (20,168) | (83,559) |
| Acquisition of businesses, net of cash acquired | — | — | (75,093) |
| Proceeds from sale of divested business | 7,894 | 13,200 | — |
| Purchases of aircraft held for sale | (2,408) | (4,240) | (40,105) |
| Proceeds from sale of aircraft held for sale, net | 85,560 | 68,308 | 51,208 |
| Other | 105 | 267 | — |
| Capitalized software development costs | (15,021) | (16,497) | (27,693) |
| Net cash (used in) provided by investing activities | (46,681) | 40,870 | (175,242) |
| Cash flows from financing activities: | |||
| Purchase of shares for treasury | (485) | (28) | (7,687) |
| Purchase of fractional shares | — | (3) | — |
| Proceeds from notes payable | — | 70,000 | — |
| Repayment of notes payable | — | (70,000) | — |
| Proceeds from long-term debt | 327,201 | 382,200 | 259,200 |
| Payment of debt issuance costs | (1,594) | (21,692) | (6,727) |
| Repayments of long-term debt | (246,460) | (59,523) | — |
| Net cash provided by financing activities | 78,662 | 300,954 | 244,786 |
| Effect of exchange rate changes on cash | (450) | (3,867) | (5,424) |
| NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (46,357) | (327,328) | (166,569) |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF PERIOD | 292,825 | 620,153 | 786,722 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH END OF PERIOD | $246,468 | $292,825 | $620,153 |
| CASH PAID DURING THE PERIOD FOR: | |||
| Interest | $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 | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.