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STOCKHOLDER’S EQUITY AND EQUITY-BASED COMPENSATION (Tables)

6 Months Ended

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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Share-based Payment Arrangement, Profits Interests, Activity

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the changes in outstanding nonvested performance-based units.

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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.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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