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ACQUISITIONS (Tables) | 3 Months Ended
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Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Preliminary Purchase Price Allocation | As of the date of acquisition, the total purchase price allocated to the Alante Air assets acquired and liabilities assumed according to their estimated fair values were as follows (in thousands):
Current assets | $ | 4,452 |
Goodwill | 13,069 |
Other assets | 22,048 |
Total assets acquired | 39,569 |
Total liabilities assumed | (24,101) |
Net assets acquired | $ | 15,468 |
As of the date of acquisition, the total purchase price allocated to the Air Partner assets acquired and liabilities assumed according to their estimated fair values were as follows (in thousands):
Current assets | $ | 49,617 |
Property and equipment, net | 2,012 |
Operating lease right-of-use assets | 2,780 |
Goodwill | 83,910 |
Intangible assets | 20,921 |
Restricted cash | 27,507 |
Other assets | 1,686 |
Total assets acquired | 188,433 |
Total liabilities assumed | (80,239) |
Net assets acquired | $ | 108,194 |
Schedule of Acquired Intangible Assets | The amounts allocated to acquired intangible assets and their associated weighted-average amortization periods, which were determined based on the period the assets are expected to contribute directly or indirectly to our cash flows, consist of the following:
| Amount (In thousands) |  | Weighted-Average Amortization Period (Years)
Customer relationships | $ | 16,521 |  |  | 5.7
Backlog | 1,458 |  |  | 1.5
Trade name | 1,931 |  |  | 1.9
Developed technology | 1,011 |  |  | 5.8
Total acquired intangible assets | $ | 20,921 |  |  | 5.1
Schedule of Unaudited Pro Forma Summary of Operations | The accompanying unaudited pro forma summary represents the consolidated results of operations as if the 2022 acquisitions of Alante Air and Air Partner had been completed as of January 1, 2022. The unaudited pro forma financial results for 2022 reflect the results for the three months ended March 31, 2022, as well as the effects of pro forma adjustments for the transactions in 2022. The unaudited pro forma financial information includes the accounting effects of the acquisitions, including adjustments to the amortization of intangible assets and professional fees associated with the transactions. The pro forma results were based on estimates and assumptions, which we believe are reasonable but remain subject to adjustment. The unaudited pro forma summary does not necessarily reflect the actual results that would have been achieved had the companies been combined during the periods presented, nor is it necessarily indicative of future consolidated results (in thousands, except per share data).
|  |  | Three Months Ended March 31, |  |
|  |  | 2022 |  |  |  |
Net revenue |  |  | $ | 363,454 |  |  |  |  |
Net loss |  |  | $ | (87,689) |  |  |  |  |
Net loss attributable to Wheels Up Experience Inc. |  |  | $ | (87,313) |  |  |  |  |
Net loss per share |  |  | $ | (0.36) |  |  |  |  |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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