Company: UP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819516-25-000044
Chunk: 36

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 36
---
.6 million and $13.3 million for the three and six months ended June 30, 2025, respectively, and $4.5 million and $10.8 million for the three and six months ended June 30, 2024, respectively.

Amortization expense related to software development costs was $4.2 million and $11.0 million for the three and six months ended June 30, 2025, respectively, and $6.3 million and $10.6 million for the three and six months ended June 30, 2024, respectively. 

4.GOODWILL AND INTANGIBLE ASSETS

Goodwill The following table presents Goodwill carrying values and the change in balance, by reporting unit, during the six months ended June 30, 2025 (in thousands):WUP LegacyAir PartnerTotalBalance as of December 31, 2024(1)$136,098 $80,947 $217,045 Foreign currency translation adjustment— 7,374 7,374 Balance as of June 30, 2025$136,098 $88,321 $224,419 (1)    Net of accumulated impairment losses of $306.2 million. 

11

Intangible AssetsThe gross carrying value, accumulated amortization and net carrying value of Intangible assets consisted of the following (in thousands):June 30, 2025Gross Carrying ValueAccumulated AmortizationNet Carrying ValueStatus$80,000 $40,452 $39,548 Customer relationships89,121 50,943 38,178 Trade name10,709 5,671 5,038 Developed technology20,056 16,215 3,841 Leasehold interest – favorable600 135 465 Foreign currency translation adjustment779 482 297 Total$201,265 $113,898 $87,367 December 31, 2024Gross Carrying Value Accumulated AmortizationNet Carrying ValueStatus$80,000 $37,410 $42,590 Customer relationships89,121 45,700 43,421 Trade name10,709 5,196 5,513 Developed technology20,056 14,767 5,289 Leasehold interest – favorable600 124 476 Foreign currency translation adjustment(808)(423)(385)