Quarterly report pursuant to Section 13 or 15(d)

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

v3.22.2.2
STOCKHOLDER’S EQUITY AND EQUITY-BASED COMPENSATION (Tables)
9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Profits Interests Activity
The following table summarizes the profits interests activity under the WUP management incentive plan as of September 30, 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 September 30, 2022 28,813  $ 0.42 
Schedule of Nonvested Profit Interests Activity
The following table summarizes the status of non-vested WUP profits interests as of September 30, 2022:
  Number of WUP
Profits Interests
Weighted-Average Grant
Date Fair Value
  (in thousands)
Non-vested WUP profits interests as of January 1, 2022 4,733  $ 0.35 
Granted —  — 
Vested (3,029) 0.31 
Forfeited (6) 0.24 
Non-vested WUP profits interests as of September 30, 2022 1,698  $ 0.42 
Schedule of Restricted Interests Activity
The following table summarizes the restricted interests activity under the WUP management incentive plan as of September 30, 2022:
Number of WUP Restricted Interests Weighted-Average Grant Date Fair Value
(in thousands)
Non-vested WUP restricted interests as of January 1, 2022 4,662  $ 3.98 
Granted —  — 
Vested (4,662) 3.98 
Forfeited —  — 
Non-vested WUP restricted interests as of September 30, 2022 —  $ — 
Schedule of Stock Option Activity
The following table summarizes the activity under the WUP stock option plan as of September 30, 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 (2,483) 7.61  1.16 
Expired —  —  — 
Outstanding WUP stock options as of September 30, 2022 13,230  $ 7.50  $ 1.19 
Exercisable WUP stock options as of September 30, 2022 12,139  $ 7.45  $ 1.12 
The following table summarizes the activity under the 2021 LTIP related to Wheels Up stock options as of September 30, 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 —  —  — 
Expired —  —  — 
Outstanding Wheels Up stock options as of September 30, 2022 921  $ 10.00  $ 4.75 
Exercisable Wheels Up stock options as of September 30, 2022 384  $ 10.00  $ 4.75 
Schedule of Nonvested Share Activity
The following table summarizes the status of non-vested WUP stock options as of September 30, 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 (2,632) 1.48 
Expired —  — 
Forfeited (248) 1.64 
Non-vested WUP stock options as of September 30, 2022 1,091  $ 1.98 
The following table summarizes the status of non-vested Wheels Up stock options as of September 30, 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 768  $ 4.75 
Granted —  — 
Vested (230) 4.75 
Expired —  — 
Forfeited —  — 
Non-vested Wheels Up stock options as of September 30, 2022 538  $ 4.75 
Schedule of LTIP RSUs
The following table summarizes the activity under the 2021 LTIP related to RSUs as of September 30, 2022:
Number of RSUs Weighted-Average Grant
Date Fair Value
(in thousands)
Non-vested RSUs as of January 1, 2022 8,411  $ 7.32 
Granted(1)
17,880  3.01 
Vested (2,257) 6.66 
Forfeited (2,627) 6.13 
Non-vested RSUs as of September 30, 2022 21,407  $ 3.96 
(1) Includes 1,600 RSUs granted to our Chief Executive Officer (“CEO”). See “—2022 CEO Awards” for additional details regarding this grant.
Schedule of Performance Stock Units
The following table summarizes the activity under the 2021 LTIP related to PSUs as of September 30, 2022:
Number of PSUs Weighted-Average Grant
Date Fair Value
(in thousands)
Non-vested PSUs as of January 1, 2022 —  $ — 
Granted(1)
1,149  2.13 
Vested —  — 
Forfeited —  — 
Non-vested PSUs as of September 30, 2022(2)
1,149  $ 2.13 
(1) Includes 380 PSUs granted to our CEO. See “—2022 CEO Awards” for additional details regarding this grant.
(2) Approximately 769 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 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 September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Cost of revenue $ 3,581  $ 679  $ 11,320  $ 779 
Technology and development 751  619  2,047  806 
Sales and marketing 2,756  2,449  8,314  2,901 
General and administrative 15,416  24,159  44,158  26,182 
Total equity-based compensation expense $ 22,504  $ 27,906  $ 65,839  $ 30,668