Company: UP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819516-25-000044
Chunk: 37

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 37
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Total$199,678 $102,774 $96,904 Amortization expense of intangible assets was $5.1 million and $10.2 million for the three and six months ended June 30, 2025, respectively, and $5.2 million and $10.4 million for the three and six months ended June 30, 2024, 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 Wheels Up Connect Memberships provided to existing Delta Air Lines, Inc. (“Delta”) SkyMiles 360® customers as of the acquisition date, as required under the Commercial Cooperation Agreement, dated as of January 17, 2020, by and among Wheels Up Partners Holdings LLC (“WUP”), Wheels Up Partners LLC (“WUP LLC”) and Delta (as amended, the “Original CCA”), which was subsequently replaced by the Amended and Restated Commercial Cooperation Agreement, dated as of June 15, 2024, by and among WUP, WUP LLC and Delta (the “Amended CCA”). The gross carrying value, accumulated amortization and net carrying value of Intangible liabilities consisted of the following (in thousands):June 30, 2025Gross Carrying ValueAccumulated AmortizationNet Carrying ValueIntangible liabilities$20,000 $10,086 $9,914 

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December 31, 2024Gross Carrying ValueAccumulated AmortizationNet Carrying ValueIntangible liabilities$20,000 $9,323 $10,677 The current and long-term portions of Intangible liabilities are presented within Other current liabilities and Other non-current liabilities, respectively, on the condensed consolidated balance sheets. Amortization of Intangible liabilities, which reduces amortization expense, was $0.4 million and $0.8 million for each of the three and six months ended June 30, 2025 and 2024, respectively. Future amortization expense of Intangible assets and Intangible liabilities held as of June 30, 2025, were as follows (in thousands):Intangible AssetsIntangible LiabilitiesRemainder of 2025$10,290 $763 202619,703 1,525 202714,938 1,525 202814,275 1,525 202913