Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 113

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 8
Chunk 113
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, as required under the Commercial Cooperation Agreement, dated as of January 17, 2020, by and among Wheels Up Partners Holdings LLC (“WUP”), 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):March 31, 2025Gross Carrying ValueAccumulated AmortizationNet Carrying ValueIntangible liabilities$20,000 $9,705 $10,295 December 31, 2024Gross Carrying ValueAccumulated AmortizationNet Carrying ValueIntangible liabilities$20,000 $9,323 $10,677 

12

Amortization of Intangible liabilities, which reduces amortization expense, was $0.4 million for each of the three months ended March 31, 2025 and 2024.The current portion of Intangible liabilities is presented within Other current liabilities on the condensed consolidated balance sheets. Future amortization expense of Intangible assets and Intangible liabilities held as of March 31, 2025, were as follows (in thousands):Intangible AssetsIntangible LiabilitiesRemainder of 2025$15,284 $1,144 202619,512 1,525 202714,899 1,525 202814,246 1,525 202913,502 1,525 Thereafter14,613 3,051 Total$92,056 $10,295 

5.CASH EQUIVALENTS AND RESTRICTED CASH

A reconciliation of Cash and cash equivalents and Restricted cash from the condensed consolidated balance sheets to the condensed consolidated statements of cash flows is as follows (in thousands):March 31, 2025December 31, 2024Cash and cash equivalents$171,845 $216,426 Restricted cash35,218 30,042 Total$207,063 $246,468 Cash and Cash EquivalentsCash and cash equivalents consisted of the following (in thousands):March 31, 2025December 31, 2024Cash$101,344 $135,614 Money market funds