XML 18 R4.htm IDEA: XBRL DOCUMENT v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Revenue $ 196,285,000 $ 335,062,000 $ 393,386,000 $ 686,874,000
Costs and expenses:        
Cost of revenue (exclusive of items shown separately below) 191,690,000 327,903,000 389,950,000 681,694,000
Technology and development 10,529,000 14,430,000 21,610,000 30,303,000
Sales and marketing 21,480,000 23,149,000 42,917,000 48,952,000
General and administrative 35,949,000 40,065,000 72,186,000 79,481,000
Depreciation and amortization 15,593,000 15,123,000 30,988,000 29,568,000
(Gain) loss on sale of aircraft held for sale 234,000 (2,621,000) (2,490,000) (3,487,000)
Impairment of goodwill 0 70,000,000 0 70,000,000
Total costs and expenses 275,475,000 488,049,000 555,161,000 936,511,000
Loss from operations (79,190,000) (152,987,000) (161,775,000) (249,637,000)
Other income (expense)        
Gain (loss) on disposal of assets, net 136,000 (1,538,000) 1,576,000 (1,538,000)
Loss on extinguishment of debt (805,000) (870,000) (2,511,000) (870,000)
Change in fair value of warrant liability (70,000) 621,000 (98,000) 746,000
Interest income 285,000 1,865,000 341,000 5,686,000
Interest expense (16,667,000) (7,658,000) (31,222,000) (15,777,000)
Other income (expense), net (221,000) (42,000) (350,000) 103,000
Total other income (expense) (17,342,000) (7,622,000) (32,264,000) (11,650,000)
Loss before income taxes (96,532,000) (160,609,000) (194,039,000) (261,287,000)
Income tax benefit (expense) (441,000) 16,000.0 (327,000) (172,000)
Net loss (96,973,000) (160,593,000) (194,366,000) (261,459,000)
Less: Net loss attributable to non-controlling interests 0 0 0 0
Net loss attributable to Wheels Up Experience Inc. $ (96,973,000) $ (160,593,000) $ (194,366,000) $ (261,459,000)
Net loss per share of Common Stock (Note 18)        
Basic (in dollars per share) $ (0.14) $ (6.28) $ (0.28) $ (10.27)
Diluted (in dollars per share) $ (0.14) $ (6.28) $ (0.28) $ (10.27)
Weighted-average shares of Common Stock outstanding:        
Basic (in shares) 697,458,966 25,570,200 697,403,388 25,446,199
Diluted (in shares) 697,458,966 25,570,200 697,403,388 25,446,199