Company: UP
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049230
Chunk: 129

Company: Wheels Up Experience Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 129
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 (in thousands):September 30, 2025Gross Carrying ValueAccumulated AmortizationNet Carrying ValueStatus$80,000 $41,973 $38,027 Customer relationships86,534 52,528 34,006 Trade name10,000 5,247 4,753 Developed technology19,045 16,324 2,721 Leasehold interest – favorable600 141 459 Foreign currency translation adjustment330 233 97 Total$196,509 $116,446 $80,063 December 31, 2024Gross Carrying Value Accumulated 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 Amortization expense for intangible assets was $5.1 million and $15.3 million for the three and nine months ended September 30, 2025, respectively, and $5.2 million and $15.6 million for the three and nine months ended September 30, 2024, respectively.

12

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 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):September 30, 2025Gross Carrying ValueAccumulated AmortizationNet Carrying