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STOCKHOLDERS’ EQUITY AND EQUITY-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Profits Interest Activity
The following table summarizes the profits interests activity under the WUP management incentive plan as of December 31, 2022:
 Number of WUP
Profits Interests		Weighted-Average Grant
Date Fair Value
 (In thousands)
Outstanding WUP profits interests as of January 1, 2022
28,819 $0.42 
Granted — — 
Exchanged— — 
Expired/forfeited (6)0.24 
Outstanding WUP profits interests as of December 31, 2022
28,813 $0.42 
Schedule of Nonvested Profit Interests
The following table summarizes the status of non-vested WUP profits interests as of December 31, 2022:
 Number of WUP
Profits Interests		Weighted-Average Grant
Date Fair Value
 (In thousands)
Non-vested WUP profits interests as of January 1, 2022
4,732 $0.35 
Granted— — 
Vested (3,029)0.31 
Forfeited(6)0.24 
Non-vested WUP profits interests as of December 31, 2022
1,697 $0.42 
Schedule of Restricted Interests Activity
The following table summarizes the restricted interests activity under the WUP management incentive plan as of December 31, 2022:
Number of WUP
Restricted Interests		Weighted-Average Grant
Date Fair Value
(In thousands)
Non-vested and outstanding WUP restricted interests as of January 1, 2022
4,662 $3.98 
Granted— — 
Vested(4,662)3.98 
Expired/forfeited— — 
Non-vested and outstanding WUP restricted interests as of December 31, 2022
— $— 
Schedule of Performance Stock Units
The following table summarizes the activity under the 2021 LTIP related to PSUs as of December 31, 2022:
Number of PSUsWeighted-Average Grant
Date Fair Value
(in thousands)
Non-vested PSUs as of January 1, 2022
— $— 
Granted(1)
1,149 2.13 
Vested— — 
Forfeited(192)1.95 
Non-vested PSUs as of December 31, 2022(2)
957 $2.17 
(1) Includes 379,999 PSUs granted to our CEO. See “—2022 CEO Awards” for additional details regarding this grant.
(2) Approximately 577,000 of the PSUs reflected in this table may settle into shares of our Class A common stock equal to 80-120% of the PSUs based on the level of performance.
Schedule of Stock Option Activity
The following table summarizes the activity under the WUP option plan as of December 31, 2022:
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, 2022
15,713 $7.52 $1.19 
Granted— — — 
Exercised— — — 
Forfeited(2,729)7.57 1.12 
Expired— — — 
Outstanding WUP stock options as of December 31, 2022
12,984 $7.51 $1.20 
Exercisable WUP stock options as of December 31, 2022
11,940 $7.46 $1.13 
The following table summarizes the activity under the 2021 LTIP related to Wheels Up stock options as of December 31, 2022:
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, 2022
921 $10.00 $4.75 
Granted— — — 
Exercised— — — 
Forfeited(153)10.00 4.75 
Expired— — — 
Outstanding Wheels Up stock options as of December 31, 2022
768 $10.00 $4.75 
Exercisable Wheels Up stock options as of December 31, 2022
768 $— $— 
Schedule of Nonvested Share Activity
The following table summarizes the status of non-vested WUP stock options as of December 31, 2022:
 Number of WUP Stock
Options 		Weighted-Average Grant
Date Fair Value
 (In thousands)
Non-vested WUP stock options as of January 1, 2022
3,971 $1.63 
Granted — — 
Vested (2,667)1.48 
Expired— — 
Forfeited(260)1.64 
Non-vested WUP stock options as of December 31, 2022
1,044 $2.00 
The following table summarizes the status of non-vested Wheels Up stock options as of December 31, 2022:
 Number of
Wheels Up
Stock Options		Weighted-Average Grant
Date Fair Value
 (In thousands)
Non-vested Wheels Up stock options as of January 1, 2022
767 $4.75 
Granted — — 
Vested (614)4.75 
Expired— — 
Forfeited(153)4.75 
Non-vested Wheels Up stock options as of December 31, 2022
— $— 
Schedule of LTIP RSUs The following tables summarize the activity under the 2021 LTIP related to RSUs as of December 31, 2022:
Number of RSUsWeighted-Average Grant
Date Fair Value
(In thousands)
Non-vested and outstanding RSUs as of January 1, 2022
8,411 $7.32 
Granted(1)
18,538 2.96 
Vested(6,107)5.78 
Forfeited(4,682)5.22 
Non-vested and outstanding RSUs as of December 31, 2022
16,162 $3.46 
1) Includes 1,600,000 RSUs granted to our CEO. See “—2022 CEO Awards” for additional details regarding this grant.
Schedule of Valuation Assumptions
The following table summarizes the significant assumptions used in the Black Scholes option-pricing model to estimate the fair value on the date of grant:
 
2022
20212020
Expected term (in years)3.777
Expected volatility 43 %
46%
44%- 47%
Weighted-average volatility43 %46 %46 %
Risk-free rate 3.0 %
1.2%
0.4% - 0.7%
Expected dividend rate0 %0 %0 %
Schedule of Equity-based Compensation Expense
The following table summarizes equity-based compensation expense recognized by consolidated statement of operations line item (in thousands):
Year Ended December 31,
202220212020
Cost of revenue$14,456 $4,541 $293 
Technology and development3,180 1,340 445 
Sales and marketing11,009 5,185 1,055 
General and administrative60,334 38,607 1,549 
Total equity-based compensation expense$88,979 $49,673 $3,342