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STOCKHOLDER’S EQUITY AND EQUITY-BASED COMPENSATION (Tables) | 6 Months Ended
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Jun. 30, 2024
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 June 30, 2024:
| Number of WUP Profits Interests |  | Weighted-Average Grant Date Fair Value
| (in thousands) |  |
Outstanding WUP profits interests as of January 1, 2024 | 2,881 |  |  | $ | 4.16 |
Granted | — |  |  | — |
Exchanged | — |  |  | — |
Expired/forfeited | — |  |  | — |
Outstanding WUP profits interests as of June 30, 2024 | 2,881 |  |  | $ | 4.16 |
Schedule of Stock Option Activity | The following table summarizes the activity under the WUP Option Plan as of June 30, 2024:
| 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, 2024 | 1,129 |  |  | $ | 75.45 |  |  | $ | 12.64 |
Granted | — |  |  | — |  |  | — |
Exercised | — |  |  | — |  |  | — |
Forfeited | (124) |  |  | 74.58 |  |  | 9.92 |
Expired | — |  |  | — |  |  | — |
Outstanding WUP stock options as of June 30, 2024 | 1,005 |  |  | $ | 75.56 |  |  | $ | 12.97 |
Exercisable WUP stock options as of June 30, 2024 | 1,005 |  |  | $ | 75.56 |  |  | $ | 12.97 |
The following table summarizes the activity under the Amended and Restated 2021 LTIP related to Wheels Up stock options as of June 30, 2024:
| 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, 2024 | 77 |  |  | $ | 100.00 |  |  | $ | 47.52 |
Granted | — |  |  | — |  |  | — |
Exercised | — |  |  | — |  |  | — |
Forfeited | — |  |  | — |  |  | — |
Expired | — |  |  | — |  |  | — |
Outstanding Wheels Up stock options as of June 30, 2024 | 77 |  |  | $ | 100.00 |  |  | $ | 47.52 |
Exercisable Wheels Up stock options as of June 30, 2024 | 77 |  |  | $ | 100.00 |  |  | $ | 47.52 |
Schedule of LTIP RSUs | The following table summarizes the activity under the Amended and Restated 2021 LTIP related to RSUs as of June 30, 2024:
| Number of RSUs(1) |  | Weighted-Average Grant Date Fair Value
| (in thousands) |  |
Non-vested RSUs as of January 1, 2024 | 1,848 |  |  | $ | 9.35 |
Granted | 4,408 |  |  | 2.99 |
Vested | (893) |  |  | 5.78 |
Forfeited | (455) |  |  | 6.07 |
Non-vested RSUs as of June 30, 2024 | 4,908 |  |  | $ | 4.59 |
(1) The number of RSUs and weighted-average grant date fair value include 205,128 RSUs granted under the 2022 Inducement Grant Plan in July 2022, of which 136,752 RSUs vested as of January 1, 2024 and the remaining 68,376 RSUs are scheduled to vest on December 30, 2024, subject to the grantee’s continued service through such vesting date.
Schedule of Performance Stock Units | The following table summarizes the activity under the Amended and Restated 2021 LTIP related to PSUs as of June 30, 2024:
| Number of PSUs |  | Weighted-Average Grant Date Fair Value
| (in thousands) |  |
Non-vested PSUs as of January 1, 2024 | 18 |  |  | $ | 2.89 |
Granted | 482 |  |  | 3.07 |
Vested | — |  |  | — |
Forfeited | (34) |  |  | 3.07 |
Non-vested PSUs as of June 30, 2024 | 466 |  |  | $ | 3.06 |
Schedule of Valuation Assumptions | The following table summarizes the significant assumptions used to estimate the fair value on the date of grant:
| 2024(1) |  | 2023(2)
Expected term (in years) | 4.7 | - | 4.9 |  | 5.2
Volatility | 65% | - | 70% |  | 60 | %
Risk-free rate | 4.1% | - | 4.4% |  | 4.3 | %
Expected dividend rate | 0% | - | 0% |  | 0 | %
(1) Assumptions used in the Monte Carlo simulation related to the CFO Performance Award, which was granted on March 3, 2024, and the CCO Performance Award, which was granted on May 20, 2024. (2) Assumptions used in the Monte Carlo simulation related to the CEO Performance Award, which was granted on November 30, 2023.
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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost of revenue | $ | 816 |  |  | $ | 1,092 |  |  | $ | 1,562 |  |  | $ | 2,271 |
Technology and development | 353 |  |  | 673 |  |  | 636 |  |  | 1,157 |
Sales and marketing | 132 |  |  | 641 |  |  | 267 |  |  | 1,341 |
General and administrative | 12,967 |  |  | 4,198 |  |  | 23,014 |  |  | 13,373 |
Total equity-based compensation expense | $ | 14,268 |  |  | $ | 6,604 |  |  | $ | 25,479 |  |  | $ | 18,142 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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