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Equity-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Equity-based Award Activities
A summary of the RSU activity was as follows during the period indicated:

Activity TypeRestricted Stock Units
(in thousands)
Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2021$— 
Granted7,9985.49 
Vested(1)
(1,425)6.68 
Forfeited(1)
(1,192)6.41 
Outstanding as of December 31, 20225,3814.96 

(1) In connection with his departure as Chief Executive Officer, Matt Roberts received accelerated vesting of 280,200 of his RSUs. The remaining 217,933 of his unvested RSUs were forfeited.
A summary of the PSU activity was as follows during the period indicated:

Performance Stock Units
(in thousands)
Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2021$— 
Granted3,5962.72 
Vested(1)
(405)2.33 
Forfeited(1)
(1,078)2.53 
Outstanding as of December 31, 20222,1132.90 

(1) In connection with his departure as Chief Executive Officer, Matt Roberts received accelerated vesting of 404,732 of his PSUs. The remaining 840,598 of his unvested PSUs were forfeited.
A summary of the SARs activity was as follows during the period indicated:

Stock Appreciation Rights
(in thousands)
Weighted Average Exercise Price
Outstanding as of January 1, 2021$— 
Effect of Reverse Recapitalization5,0282.95 
Forfeited(14)3.56 
Outstanding as of December 31, 20215,0142.95 
Exercised(2,758)2.68 
Forfeited(515)4.06 
Outstanding as of December 31, 20221,7413.06 
A summary of the stock options activity was as follows during the period indicated:

Activity TypeStock Options
(in thousands)
Weighted Average Exercise Price
Outstanding as of January 1, 2021— $— 
Effect of Reverse Recapitalization5,553 0.93 
Forfeited(92)1.64 
Outstanding as of December 31, 20215,461 0.91 
Exercised(472)0.45 
Forfeited(292)1.60 
Outstanding as of December 31, 20224,697 0.92 
Summary of Employee Equity Units
A summary of the Vacasa Employee Holdings LLC employee equity units is as follows:

Employee Equity Units
(in thousands)
Weighted-Average Grant Date Fair Value
Balance as of December 31, 20206,074$0.93 
Granted2,9316.41 
Vested in connection with Reverse Recapitalization(3,693)0.76 
Unvested balance as of Reverse Recapitalization5,3124.10 
Vested after Reverse Recapitalization(358)0.69 
Forfeited or cancelled— 
Unvested outstanding as of December 31, 20214,954$4.34 
Vested(2,280)4.05 
Forfeited(654)1.48 
Unvested outstanding as of December 31, 20222,0205.60 
Schedule of Equity Based Compensation Expense
The Company recorded equity-based compensation expense for the periods presented in the consolidated statements of operations as follows (in thousands):

Year Ended December 31,
202220212020
Cost of revenue$1,025 $113 $— 
Operations and support5,931 2,574 252 
Technology and development5,733 3,032 641 
Sales and marketing5,554 8,270 372 
General and administrative15,927 12,989 2,084 
Total equity-based compensation expense$34,170 $26,978 $3,349