Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 426,984 $ 784,574
Accounts receivable, net 114,024 79,403
Other receivables 12,111 8,061
Parts and supplies inventories, net 12,355 9,410
Aircraft inventory 30,464 0
Aircraft held for sale 37,375 18,101
Prepaid expenses 40,481 21,789
Other current assets 18,144 11,736
Total current assets 691,938 933,074
Property and equipment, net 389,395 317,836
Operating lease right-of-use assets 113,291 108,582
Goodwill 528,327 437,398
Intangible assets, net 154,666 146,959
Restricted cash 27,432 2,148
Other non-current assets 63,998 35,067
Total assets 1,969,047 1,981,064
Current liabilities:    
Accounts payable 61,957 43,672
Accrued expenses 124,073 107,153
Deferred revenue, current 1,039,279 933,527
Operating lease liabilities, current 28,378 31,617
Intangible liabilities, current 2,000 2,000
Other current liabilities 16,678 17,068
Total current liabilities 1,272,365 1,135,037
Deferred revenue, non-current 1,793 1,957
Operating lease liabilities, non-current 90,801 83,461
Warrant liability 4,508 10,268
Intangible liabilities, non-current 13,083 14,083
Other non-current liabilities 3,741 30
Total liabilities 1,386,291 1,244,836
Commitments and contingencies (Note 11)
Equity:    
Class A common stock, $0.0001 par value; 2,500,000,000 authorized; 246,187,546 shares issued and 244,274,300 shares outstanding as of June 30, 2022; and 245,834,569 shares issued and outstanding as of December 31, 2021 25 25
Additional paid-in capital 1,499,864 1,450,839
Accumulated deficit (902,126) (720,713)
Accumulated other comprehensive loss (8,318) 0
Treasury stock, at cost, 1,913,246 and 0 shares, respectively (6,689) 0
Total Wheels Up Experience Inc. stockholders’ equity 582,756 730,151
Non-controlling interests 0 6,077
Total equity 582,756 736,228
Total liabilities and equity $ 1,969,047 $ 1,981,064