Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS (Tables)

v3.22.2.2
ACQUISITIONS (Tables)
 9 Months Ended
Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Preliminary Purchase Price Allocation As of the date of acquisition, the total preliminary 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 preliminary 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 $ 51,723 
Property and equipment, net 2,012 
Operating lease right-of-use assets 2,960 
Goodwill 83,399 
Intangible assets 20,919 
Restricted cash 27,507 
Other assets 1,536 
Total assets acquired 190,056 
Total liabilities assumed (81,865)
Net assets acquired $ 108,191 
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 1,457  1.5
Trade name 1,930  1.9
Developed technology 1,011  5.8
Total acquired intangible assets $ 20,919  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 2021 acquisition of Mountain Aviation, LLC had been completed as of January 1, 2021 and the 2022 acquisitions of Alante Air and Air Partner had been completed as of January 1, 2021. The unaudited pro forma financial results for 2022 reflect the results for the three and nine months ended September 30, 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 September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Net revenue $ 420,356  $ 344,291  $ 1,209,321  $ 949,405 
Net loss $ (87,507) $ (54,046) $ (266,628) $ (115,279)
Net loss attributable to Wheels Up Experience Inc. $ (87,507) $ (53,289) $ (266,628) $ (109,400)
Net loss per share $ (0.36) $ (0.25) $ (1.10) $ (0.60)