GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table presents goodwill carrying value and the change in balance, by reporting unit, during the three months ended March 31, 2023 (in thousands):


	WUP Legacy		Air Partner		Total
Balance as of December 31, 2022(1)	$	270,467	$	77,651	$	348,118
Acquisitions(2)	—		350		350
Foreign currency translation adjustment	—		1,765		1,765
Balance as of March 31, 2023	$	270,467	$	79,766	$	350,233

(1) Net of accumulated impairment losses of $180 million, all of which was recognized on the goodwill attributable to the WUP Legacy reporting unit during the year ended December 31, 2022.

(2) Reflects the current period impact of measurement period adjustments (See Note 4).

Intangible Assets

The gross carrying value, accumulated amortization and net carrying value of intangible assets consisted of the following (in thousands):


	March 31, 2023
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Status	$	80,000	$	25,645	$	54,355
Customer relationships	91,121		27,349		63,772
Non-competition agreement	210		210		—
Trade name	16,161		8,636		7,525
Developed technology	20,556		10,082		10,474
Leasehold interest - favorable	600		85		515
Backlog	1,458		1,024		434
Foreign currency translation adjustment	(1,219)		(333)		(886)
Total	$	208,887	$	72,698	$	136,189


	December 31, 2022
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Status	$	80,000	$	23,644	$	56,356
Customer relationships	91,121		24,613		66,508
Non-competition agreement	210		210		—
Trade name	16,161		8,294		7,867
Developed technology	20,556		9,332		11,224
Leasehold interest - favorable	600		80		520
Backlog	1,458		880		578
Foreign currency translation adjustment	(1,662)		(374)		(1,288)
Total	$	208,444	$	66,679	$	141,765

Amortization expense of intangible assets was $5.9 million for the three months ended March 31, 2023, and $5.2 million for the three months ended March 31, 2022.

Intangible Liabilities

The gross carrying value, accumulated amortization and net carrying value of intangible liabilities consisted of the following (in thousands):


	March 31, 2023
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible liabilities	$	20,000	$	6,417	$	13,583


	December 31, 2022
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible liabilities	$	20,000	$	5,917	$	14,083

Amortization of intangible liabilities, which reduces amortization expense, was $0.5 million for each of the three months ended March 31, 2023, and 2022, respectively.

Future amortization expense of intangible assets and intangible liabilities held as of March 31, 2023, were as follows (in thousands):


	Intangible Assets		Intangible Liabilities
Remainder of 2023	$	17,757	$	1,500
2024	22,969		2,000
2025	22,555		2,000
2026	21,694		2,000
2027	17,193		2,000
2028 and Thereafter	34,021		4,083
Total	$	136,189	$	13,583