Company: UP
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001819516-25-000012
Chunk: 177

Company: Wheels Up Experience Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 177
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izationNet Carrying ValueIntangible liabilities$20,000 $9,323 $10,677 December 31, 2023Gross Carrying ValueAccumulated AmortizationNet Carrying ValueIntangible liabilities$20,000 $7,798 $12,202 Amortization of intangible liabilities, which reduces amortization expense was $1.5 million, $1.9 million and $2.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.Future amortization expense of intangible assets and intangible liabilities held as of December 31, 2024 are as follows (in thousands):Year ending December 31, Intangible AssetsIntangible Liabilities2025$20,282 $1,525 202619,418 1,525 202714,880 1,525 202814,232 1,525 202913,488 1,525 Thereafter14,604 3,052 Total$96,904 $10,677 

105

7.    CASH, CASH EQUIVALENTS AND RESTRICTED CASH

A reconciliation of Cash and cash equivalents and Restricted cash from the consolidated balance sheets to the consolidated statements of cash flows is shown below (in thousands):December 31, 2024December 31, 2023Cash and cash equivalents$216,426 $263,909 Restricted cash30,042 28,916 Total$246,468 $292,825 Cash EquivalentsCash and cash equivalents consisted of the following (in thousands):December 31, 2024December 31, 2023Cash$135,614 $263,815 Money market funds80,812 94 Total$216,426 $263,909 Interest income from cash equivalents of $2.2 million, $6.1 million and $3.7 million was recorded in Interest income in the consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022, respectively.Restricted Cash

As of December 31, 2024 and December 31, 2023, Restricted cash primarily consisted of $18.8 million and $17.9 million, respectively, related to funds held but unavailable for immediate use due to contractual restrictions, and $6.2 million and $6.2 million,