Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 111

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 8
Chunk 111
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 obligations that are unsatisfied, or partially unsatisfied, as of March 31, 2025 were as follows (in thousands):Remainder of 2025$379,124 2026243,417 202767,876 202867,894 Total Deferred revenue$758,311  Costs to Obtain a ContractCapitalized costs related to sales commissions and referral fees were $2.0 million for each of the three months ended March 31, 2025 and 2024. 

As of March 31, 2025 and December 31, 2024, capitalized sales commissions and referral fees of $4.3 million and $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. 

10

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,