Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 34

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 1
Chunk 34
---
Net 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 funds70,501 80,812 Cash and cash equivalents$171,845 $216,426 Interest income from cash equivalents of $1.1 million and $0.1 million was recorded in Interest income in the consolidated statements of operations for the three months ended March 31, 2025 and 2024, respectively.Restricted Cash

As of March 31, 2025 and December 31, 2024, Restricted cash included $6.6 million and $6.2 million, respectively, held by financial institutions to establish standby letters of credit required by the lessors of certain corporate office space that we leased as of