Aspirational Consumer Lifestyle Corp. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The change in the carrying value of goodwill for the nine months ended September 30, 2022, was as follows (in thousands):


Balance as of December 31, 2021	$	437,398
Acquisition of Alante Air	13,069
Acquisition of Air Partner	83,399
Foreign currency translation adjustments	(12,019)
Balance as of September 30, 2022	$	521,847

Intangible Assets

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


	September 30, 2022
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Status	$	80,000	$	21,644	$	58,356
Customer relationships	88,608		21,640		66,968
Non-competition agreement	210		210		—
Trade name	15,867		7,406		8,461
Developed technology	20,402		8,570		11,832
Leasehold interest - favorable	600		74		526
Backlog	1,235		497		738
Total	$	206,922	$	60,041	$	146,881


	December 31, 2021
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Status	$	80,000	$	15,644	$	64,356
Customer relationships	74,600		14,443		60,157
Non-competition agreement	210		209		1
Trade name	14,230		5,493		8,737
Developed technology	19,545		6,380		13,165
Leasehold interest - favorable	600		57		543
Total	$	189,185	$	42,226	$	146,959

Amortization expense of intangible assets was $6.4 million and $18.1 million for the three and nine months ended September 30, 2022, respectively, and $5.4 million and $16.0 million for the three and nine months ended September 30, 2021, respectively.

Intangible Liabilities

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


	September 30, 2022
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible liabilities	$	20,000	$	5,417	$	14,583


	December 31, 2021
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible liabilities	$	20,000	$	3,917	$	16,083

Amortization of intangible liabilities, which reduces amortization expense was $0.5 million and $1.5 million for the three and nine months ended September 30, 2022, respectively, and $0.5 million and $1.5 million for the three and nine months ended September 30, 2021, respectively.

Future amortization expense of intangible assets and intangible liabilities held as of September 30, 2022, are as follows (in thousands):


Year ending December 31,	Intangible Assets		Intangible Liabilities
2022 (excluding the nine months ended September 30, 2022)	$	6,295	$	500
2023	23,296		2,000
2024	22,643		2,000
2025	22,230		2,000
2026	21,386		2,000
Thereafter	51,031		6,083
Total	$	146,881	$	14,583