Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 32

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 1
Chunk 32
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4.6 million, respectively, were included in Other current assets, and $0.3 million and $0.3 million, respectively, were included in Other non-current assets on the condensed consolidated balance sheets. Amortization expense related to capitalized sales commissions and referral fees included in sales and marketing expense in the condensed consolidated statements of operations was $2.3 million for the three months ended March 31, 2025, and $2.1 million for the three months ended March 31, 2024. 

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3.PROPERTY AND EQUIPMENT

Property and equipment, net consisted of the following (in thousands):March 31, 2025December 31, 2024Aircraft$427,621 $443,193 Software development costs90,192 85,112 Leasehold improvements16,491 22,882 Computer equipment3,387 3,042 Building and improvements1,424 1,424 Furniture and fixtures2,168 3,322 Tooling403 3,246 Vehicles2,192 2,166      Total Property and equipment543,878 564,387 Less: Accumulated depreciation and amortization(210,457)(216,048)Total Property and equipment, net$333,422 $348,339 Depreciation and amortization expense, excluding amortization expense related to software development costs, was $8.7 million for the three months ended March 31, 2025, and $6.2 million for the three months ended March 31, 2024.

Amortization expense related to software development costs, was $6.8 million for the three months ended March 31, 2025, and $4.3 million for the three months ended March 31, 2024. 

4.GOODWILL AND INTANGIBLE ASSETS

Goodwill The following table presents Goodwill carrying values and the change in balance, by reporting unit, during the three months ended March 31, 2025 (in thousands):WUP LegacyAir PartnerTotalBalance as of December 31, 2024(1)$136,098 $80,947 $217,045 Foreign currency translation adjustment— 2,431 2,431 Balance as of March 31, 2025$136,098 $83,378 $219,476 (1)    Net of accumulated impairment losses of