Company: UP
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049230
Chunk: 42

Company: Wheels Up Experience Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 42
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 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 ValueIntangible liabilities$20,000 $10,467 $9,533 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 $1.1 million for each of the three and nine months ended September 30, 2025 and 2024, respectively.Future amortization expense of Intangible assets and Intangible liabilities held as of September 30, 2025, were as follows (in thousands):Intangible AssetsIntangible LiabilitiesRemainder of 2025$4,960 $381 202619,158 1,525 202714,443 1,525 202813,963 1,525 202913,219 1,525 Thereafter14,320 3,052 Total$80,063 $9,533 

6.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):September 30, 2025December 31, 2024Cash and cash equivalents$125,327 $216,426 Restricted cash30,451 30,042 Total$155,778 $246,468 

13

Cash and Cash EquivalentsCash and cash equivalents consisted of the following (in thousands):September 30, 2025December 31, 2024Cash$75,132 $135,614 Money market funds50,195 80,812 Cash and cash equivalents$125,327 $216,426 Restricted Cash

As of September 30, 2025 and December 31, 2024, Restricted cash primarily consisted of (i) $18.7 million and $18.8 million,