Company: UP
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001819516-25-000012
Chunk: 176

Company: Wheels Up Experience Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 176
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 we elected to perform a quantitative impairment assessment of the Air Partner reporting unit as of September 20, 2023, using a combination of the discounted cash flow and guideline public company methods, which did not result in impairment to goodwill. Based on the valuation, the fair value of the Air Partner reporting unit exceeded its carrying value by more than 20%. We completed our annual goodwill impairment tests over our reporting units as of September 1, 2024, and determined that there was no impairment as of that date.Intangible AssetsThe gross carrying value, accumulated amortization and net carrying value of intangible assets consisted of the following (in thousands):December 31, 2024Gross Carrying ValueAccumulated 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)Total$199,678 $102,774 $96,904 

104

December 31, 2023Gross Carrying Value Accumulated AmortizationNet Carrying ValueStatus$80,000 $31,325 $48,675 Customer relationships89,121 34,920 54,201 Trade name11,939 5,402 6,537 Developed technology20,556 12,329 8,227 Leasehold interest – favorable600 102 498 Foreign currency translation adjustment(589)(217)(372)Total$201,627 $83,861 $117,766 Amortization expense of intangible assets was $20.8 million, $23.3 million and $24.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.Intangible Liabilities Associated with our acquisition of Delta Private Jets on January 17, 2020, we recognized intangible liabilities for the fair value of complimentary Connect Memberships provided to existing Delta SkyMiles® 360 customers as of the acquisition date. The gross carrying value, accumulated amortization and net carrying value of intangible liabilities consisted of the following (in thousands):December 31, 2024Gross Carrying ValueAccumulated Amort