Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 33

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 1
Chunk 33
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 $306.2 million. 

11

Intangible AssetsThe gross carrying value, accumulated amortization and net carrying value of Intangible assets consisted of the following (in thousands):March 31, 2025Gross Carrying ValueAccumulated AmortizationNet Carrying ValueStatus$80,000 $38,931 $41,069 Customer relationships89,121 48,323 40,798 Trade name10,709 5,434 5,275 Developed technology20,056 15,491 4,565 Leasehold interest – favorable600 130 470 Foreign currency translation adjustment(284)(163)(121)Total$200,202 $108,146 $92,056 December 31, 2024Gross Carrying Value Accumulated AmortizationNet Carrying ValueStatus$80,000 $37,410 $42,590 Customer relationships89,121 45,700 43,421 Trade name10,709 5,196 5,513 Developed technology20,056 14,767 5,289 Leasehold interest – favorable600 124 476 Foreign currency translation adjustment(808)(423)(385)Total$199,678 $102,774 $96,904 Amortization expense of intangible assets was $5.1 million and $5.2 million for the three months ended  March 31, 2025 and 2024, respectively.Intangible Liabilities Associated with our acquisition of Delta Private Jets on January 17, 2020, we recognized intangible liabilities for the fair value of complimentary Wheels Up Connect Memberships provided to existing Delta Air Lines, Inc. (“Delta”) SkyMiles 360® customers as of the acquisition date, 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 Amortization