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STOCKHOLDER’S EQUITY AND EQUITY-BASED COMPENSATION (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Profits Interests Activity | The following table summarizes the WUP profits interests activity under the WUP management incentive plan as of March 31, 2023:
| Number of WUP Profits Interests |  | Weighted-Average Grant Date Fair Value
| (in thousands) |  |
Outstanding WUP profits interests as of January 1, 2023 | 28,813 |  |  | $ | 0.42 |
Granted | — |  |  | — |
Exchanged | — |  |  | — |
Expired/forfeited | — |  |  | — |
Outstanding WUP profits interests as of March 31, 2023 | 28,813 |  |  | $ | 0.42 |
Schedule of Nonvested Profit Interests Activity | The following table summarizes the status of non-vested WUP profits interests as of March 31, 2023:
| Number of WUP Profits Interests |  | Weighted-Average Grant Date Fair Value
| (in thousands) |  |
Non-vested WUP profits interests as of January 1, 2023 | 1,697 |  |  | $ | 0.42 |
Granted | — |  |  | — |
Vested | (1,430) |  |  | 0.45 |
Forfeited | — |  |  | — |
Non-vested WUP profits interests as of March 31, 2023 | 267 |  |  | $ | 0.24 |
Schedule of Stock Option Activity | The following table summarizes the activity under the WUP Option Plan as of March 31, 2023:
| Number of WUP Stock Options |  | Weighted- Average Exercise Price |  | Weighted-Average Grant Date Fair Value
| (in thousands) |  |  |  |
Outstanding WUP stock options as of January 1, 2023 | 12,984 |  |  | $ | 7.51 |  |  | $ | 1.20 |
Granted | — |  |  | — |  |  | — |
Exercised | — |  |  | — |  |  | — |
Forfeited | (86) |  |  | 7.27 |  |  | 0.73 |
Expired | — |  |  | — |  |  | — |
Outstanding WUP stock options as of March 31, 2023 | 12,898 |  |  | $ | 7.51 |  |  | $ | 1.20 |
Exercisable WUP stock options as of March 31, 2023 | 11,974 |  |  | $ | 7.46 |  |  | $ | 1.13 |
The following table summarizes the activity under the 2021 LTIP related to Wheels Up stock options as of March 31, 2023:
| Number of Wheels Up Stock Options |  | Weighted- Average Exercise Price |  | Weighted-Average Grant Date Fair Value
| (in thousands) |  |  |  |
Outstanding Wheels Up stock options as of January 1, 2023 | 768 |  |  | $ | 10.00 |  |  | $ | 4.75 |
Granted | — |  |  | — |  |  | — |
Exercised | — |  |  | — |  |  | — |
Forfeited | — |  |  | — |  |  | — |
Expired | — |  |  | — |  |  | — |
Outstanding Wheels Up stock options as of March 31, 2023 | 768 |  |  | $ | 10.00 |  |  | $ | 4.75 |
Exercisable Wheels Up stock options as of March 31, 2023 | 768 |  |  | $ | 10.00 |  |  | $ | 4.75 |
Schedule of Nonvested Share Activity | The following table summarizes the status of non-vested WUP stock options as of March 31, 2023:
| Number of WUP Stock Options |  | Weighted-Average Grant Date Fair Value
| (in thousands) |  |
Non-vested WUP stock options as of January 1, 2023 | 1,044 |  |  | $ | 2.00 |
Granted | — |  |  | — |
Vested | (115) |  |  | 1.13 |
Expired | — |  |  | — |
Forfeited | (6) |  |  | 1.60 |
Non-vested WUP stock options as of March 31, 2023 | 923 |  |  | $ | 2.11 |
All Wheels Up stock options vested in prior periods.
Schedule of LTIP RSUs | The following table summarizes the activity under the 2021 LTIP related to RSU s as of March 31, 2023:
| Number of RSUs(1) |  | Weighted-Average Grant Date Fair Value
| (in thousands) |  |
Non-vested RSUs as of January 1, 2023 | 16,162 |  |  | $ | 3.46 |
Granted(2) | 15,136 |  |  | 0.63 |
Vested | (2,142) |  |  | 3.92 |
Forfeited | (1,334) |  |  | 3.75 |
Non-vested RSUs as of March 31, 2023 | 27,822 |  |  | $ | 1.87 |
(1) RSU awards granted under the 2022 Inducement Grant Plan contain generally the same terms as other RSU awards granted under the 2021 LTIP during the fiscal year ended December 31, 2022. The number of RSUs and weighted-average grant date fair value include 2,051,282 RSUs granted under the 2022 Inducement Grant Plan in July 2022, of which 683,760 RSUs had vested as of January 1, 2023 and the remaining 1,367,522 RSUs are scheduled to vest in equal installments on December 30, 2023 and December 30, 2024, subject to continued service through each such vesting date. (2) RSU awards granted during the three months ended of March 31, 2023 are liability classified because such awards are contingent on receipt of approval by the Company’s stockholders of the Amended and Restated Wheels Up Experience Inc. 2021 Long-Term Incentive Plan (the "Amended and Restated 2021 LTIP”) at the Company’s 2023 annual meeting of stockholders (the “2023 Annual Meeting”). If the Company’s stockholders do not approve the Amended and Restated 2021 LTIP at the 2023 Annual Meeting, the Compensation Committee of the Board will settle such awards in cash upon vesting based on the fair market value per share of Class A common stock on the applicable vesting date.
Schedule of Performance Stock Units | The following table summarizes the activity under the 2021 LTIP related to PSUs as of March 31, 2023:
| Number of PSUs |  | Weighted-Average Grant Date Fair Value
| (in thousands) |  |
Non-vested PSUs as of January 1, 2023 | 957 |  |  | $ | 2.17 |
Granted(1) | 1,262 |  |  | 0.63 |
Vested | (133) |  |  | 2.50 |
Forfeited | — |  |  | — |
Non-vested PSUs as of March 31, 2023(2) | 2,086 |  |  | $ | 1.22 |
(1) PSU awards granted during the three months ended March 31, 2023 are liability classified because such awards are contingent on receipt of approval by the Company’s stockholders of the Amended and Restated 2021 LTIP at the 2023 Annual Meeting. If the Company’s stockholders do not approve the Amended and Restated 2021 LTIP at the 2023 Annual Meeting, the Compensation Committee of the Board will settle such awards in cash upon vesting based on the fair market value per share of Class A common stock on the applicable vesting date. (2) Non-vested PSUs reflected in the table above include approximately 0.6 million of the PSUs reflected in this table may settle into shares of our Class A common stock equal to 0-120% of the PSUs and 1.3 million PSUs that may settle into shares of Class A common stock equal to 0-200% of the PSUs, in each case based on the level of performance.
Schedule of Equity-based Compensation Expense | The following table summarizes equity-based compensation expense recognized by condensed consolidated statement of operations line item (in thousands):
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Cost of revenue | $ | 1,179 |  |  | $ | 4,432 |  |  |  |  |
Technology and development | 484 |  |  | 641 |  |  |  |  |
Sales and marketing | 700 |  |  | 2,701 |  |  |  |  |
General and administrative | 9,175 |  |  | 14,780 |  |  |  |  |
Total equity-based compensation expense | $ | 11,538 |  |  | $ | 22,554 |  |  |  |  |

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