Company: UP
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001819516-25-000012
Chunk: 266

Company: Wheels Up Experience Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 266
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.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.  As of December 31, 2024 and 2023, capitalized sales commissions and referral fees of $4.6 million and $4.8 million, respectively, were included in Other current assets, and $0.3 million and $0.4 million, respectively, were included in Other non-current assets on the consolidated balance sheets. 

Amounts capitalized for certain costs incurred to obtain a contract are periodically reviewed for impairment and amortized on a straight-line basis concurrently over the same period of benefit in which the associated contract revenue is recognized. Amortization expense related to capitalized sales commissions and referral fees included in Sales and marketing expense in the consolidated statements of operations was $8.8 million, $9.5 million and $16.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. 

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4.     PROPERTY AND EQUIPMENT

Property and equipment, net consisted of the following (in thousands):December 31, 2024December 31, 2023Aircraft$443,193 $475,058 Software development costs85,112 81,075 Leasehold improvements22,882 22,899 Computer equipment3,042 3,515 Building and improvements1,424 1,424 Furniture and fixtures3,322 4,618 Tooling3,246 3,898 Vehicles2,166 2,166      Total Property and equipment564,387 594,653 Less: Accumulated depreciation and amortization(216,048)(256,939)Total Property and equipment, net$348,339 $337,714 Depreciation and amortization expense, excluding amortization expense related to software development costs, was $18.8 million, $22.0 million and $28.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.Amortization expense related to software development costs, included as part of Depreciation and amortization expense of property and equipment, was $18.5 million, $15.1 million and $14.6 million for the years ended December 31, 2024, 2023 and 2022 respectively.

5.    ACQUISITIONS AND DIVESTITURES