Company: UP
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049230
Chunk: 127

Company: Wheels Up Experience Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 127
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 three and nine months ended September 30, 2025, respectively, and $2.3 million and $6.2 million for the three and nine months ended September 30, 2024, respectively.As of September 30, 2025 and December 31, 2024, capitalized sales commissions and referral fees of $3.8 million and $4.6 million, respectively, were included in Other current assets, and $0.2 million and $0.3 million, respectively, were included in Other non-current assets on the condensed consolidated balance sheets. Amortization expense related to capitalized sales commissions and referral fees included in sales and marketing expense in the 

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condensed consolidated statements of operations was $2.2 million and $6.9 million for the three and nine months ended September 30, 2025, respectively, and $2.3 million and $6.4 million for the three and nine months ended September 30, 2024, respectively. 

3.PROPERTY AND EQUIPMENT

Property and equipment, net consisted of the following (in thousands):September 30, 2025December 31, 2024Aircraft$378,659 $443,193 Software development costs95,398 85,112 Leasehold improvements17,113 22,882 Computer equipment2,342 3,042 Building and improvements1,424 1,424 Furniture and fixtures1,403 3,322 Tooling504 3,246 Vehicles2,205 2,166      Total Property and equipment499,048 564,387 Less: Accumulated depreciation and amortization(193,632)(216,048)Total Property and equipment, net$305,416 $348,339 Depreciation and amortization expense, excluding amortization expense related to software development costs, was $5.0 million and $18.3 million for the three and nine months ended September 30, 2025, respectively, and $3.7 million and $14.5 million for the three and nine months ended September 30, 2024, respectively.

Amortization expense related to software development costs was $4.2 million and $15.2 million for the three and nine months ended September 30, 2025, respectively, and $4.0 million and $14.6 million for the three and nine months ended September 30, 202