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GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill | The following table presents Goodwill carrying values and the change in balance, by reporting unit, during the six months ended June 30, 2024 (in thousands):
| WUP Legacy(1) |  | Air Partner |  | Total
Balance as of December 31, 2023(2) | $ | 136,098 |  |  | $ | 82,110 |  |  | $ | 218,208 |
Foreign currency translation adjustment | — |  |  | (552) |  |  | (552) |
Balance as of June 30, 2024 | $ | 136,098 |  |  | $ | 81,558 |  |  | $ | 217,656 |
(1) As of June 30, 2024, the legacy Wheels Up reporting unit (“WUP Legacy”) had negative net assets (stockholders’ equity). (2) Net of accumulated impairment losses of $306.2 million, all of which was recognized on the goodwill attributable to WUP Legacy.
Schedule of Intangible Assets | The gross carrying value, accumulated amortization and net carrying value of Intangible assets consisted of the following (in thousands):
| June 30, 2024
| Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Status | $ | 80,000 |  |  | $ | 34,367 |  |  | $ | 45,633 |
Customer relationships | 89,121 |  |  | 40,310 |  |  | 48,811 |
Trade name | 11,939 |  |  | 5,951 |  |  | 5,988 |
Developed technology | 20,556 |  |  | 13,819 |  |  | 6,737 |
Leasehold interest - favorable | 600 |  |  | 113 |  |  | 487 |
Foreign currency translation adjustment | (677) |  |  | (290) |  |  | (387) |
Total | $ | 201,539 |  |  | $ | 94,270 |  |  | $ | 107,269 |
| December 31, 2023
| Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Status | $ | 80,000 |  |  | $ | 31,325 |  |  | $ | 48,675 |
Customer relationships | 89,121 |  |  | 34,920 |  |  | 54,201 |
Trade name | 11,939 |  |  | 5,402 |  |  | 6,537 |
Developed technology | 20,556 |  |  | 12,329 |  |  | 8,227 |
Leasehold interest - favorable | 600 |  |  | 102 |  |  | 498 |
Foreign currency translation adjustment | (589) |  |  | (217) |  |  | (372) |
Total | $ | 201,627 |  |  | $ | 83,861 |  |  | $ | 117,766 |
Schedule of Intangible Liabilities | The gross carrying value, accumulated amortization and net carrying value of Intangible liabilities consisted of the following (in thousands):
| June 30, 2024
| Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Intangible liabilities | $ | 20,000 |  |  | $ | 8,561 |  |  | $ | 11,439 |
| December 31, 2023
| Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Intangible liabilities | $ | 20,000 |  |  | $ | 7,798 |  |  | $ | 12,202 |
Schedule of Future Amortization Expense of Intangible Assets and Intangible Liabilities | Future amortization expense of Intangible assets and Intangible liabilities held as of June 30, 2024, were as follows (in thousands):
| Intangible Assets |  | Intangible Liabilities
Remainder of 2024 | $ | 10,302 |  |  | $ | 763 |
2025 | 20,307 |  |  | 1,525 |
2026 | 19,441 |  |  | 1,525 |
2027 | 14,885 |  |  | 1,525 |
2028 | 14,235 |  |  | 1,525 |
2029 and Thereafter | 28,099 |  |  | 4,576 |
Total | $ | 107,269 |  |  | $ | 11,439 |

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