Equity-based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Share-based Payment Arrangement, Option, Activity |
A summary of the Company's time-based stock option activity under the 2021 Plan was as follows:
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Number of Options |
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Weighted Average Exercise Price |
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Weighted Average Remaining Contractual Term |
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Aggregate Intrinsic Value |
Balance as of December 31, 2020 |
— |
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$ |
— |
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— |
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$ |
— |
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Granted |
273,026 |
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9.50 |
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Exercised |
— |
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— |
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Forfeited/Repurchased |
— |
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— |
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Balance as of December 31, 2021 |
273,026 |
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9.50 |
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9.73 |
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— |
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Granted |
234,453 |
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3.97 |
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Exercised |
— |
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— |
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Forfeited/Repurchased |
— |
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— |
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Balance as of December 31, 2022 |
507,479 |
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6.95 |
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9.04 |
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— |
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Vested as of December 31, 2022 |
90,666 |
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9.50 |
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8.73 |
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— |
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The assumptions that the Company used to determine the grant date fair value of stock options granted under the 2021 Plan during the years ended December 31, 2022 and 2021 were as follows, presented on a weighted-average basis:
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Year Ended December 31, |
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2022 |
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2021 |
Risk free interest rate |
2.96 |
% |
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1.00 |
% |
Expected volatility |
65.34 |
% |
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51.32 |
% |
Expected dividend yield |
— |
% |
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— |
% |
Expected term |
5.85 years |
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6.08 years |
While there were no time-based incentive units granted under the 2018 Plan during the year ended December 31, 2022, the assumptions that the Company used to determine the grant date fair value of time-based incentive units granted under the 2018 Plan for the years ended December 31, 2021 and 2020 were as follows, presented on a weighted-average basis:
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Year Ended December 31, |
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2021 |
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2020 |
Risk free interest rate |
0.16 |
% |
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0.24 |
% |
Expected volatility |
50 |
% |
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50 |
% |
Expected dividend yield |
0 |
% |
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0 |
% |
Expected term |
2.87 years |
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3.14 years |
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| Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity |
A summary of the Company's RSU activity under the 2021 Plan was as follows:
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Number of Shares |
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Weighted Average
Grant Date
Fair Value
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Balance as of December 31, 2020 |
— |
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$ |
— |
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Granted |
915,480 |
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10.04 |
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Vested |
— |
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— |
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Forfeited/Repurchased |
— |
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— |
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Balance as of December 31, 2021 |
915,480 |
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10.04 |
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Granted |
3,911,604 |
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1.78 |
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Vested |
(262,943) |
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|
9.85 |
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Forfeited/Repurchased |
(153,832) |
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9.70 |
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Balance as of December 31, 2022 |
4,410,309 |
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$ |
2.73 |
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The following table summarizes performance-based incentive unit activity under the 2018 Plan:
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Number of Units |
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Weighted Average Grant Date Fair value |
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Weighted Average Participation Threshold |
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Aggregate Intrinsic Value |
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Balance as of December 31, 2019 |
2,322,372 |
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$ |
0.33 |
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$ |
1.02 |
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$ |
1,534 |
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Granted |
3,394,379 |
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|
1.09 |
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1.24 |
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Forfeited |
(1,254,987) |
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0.30 |
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|
1.01 |
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Balance as of December 31, 2020 |
4,461,764 |
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0.91 |
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1.19 |
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17,137 |
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Granted |
932,124 |
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1.01 |
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6.09 |
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Vested |
(5,393,888) |
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0.93 |
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2.04 |
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Forfeited |
— |
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— |
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— |
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Balance as of December 31, 2021 |
— |
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— |
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— |
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Vested as of December 31, 2021 |
5,393,888 |
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| Schedule of Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option |
The following table summarizes time-based incentive unit activity under the 2018 Plan:
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Number of Units |
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Weighted Average
Grant Date
Fair value
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Weighted Average Participation Threshold |
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Aggregate Intrinsic Value |
Balance as of December 31, 2019 |
3,403,967 |
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$ |
0.48 |
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$ |
1.02 |
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$ |
2,218 |
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Granted |
5,507,644 |
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|
1.37 |
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1.27 |
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Vested |
(1,200,934) |
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|
0.47 |
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|
1.02 |
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| Forfeited/Repurchased |
(1,463,051) |
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0.45 |
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1.02 |
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Balance as of December 31, 2020 |
6,247,626 |
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1.27 |
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1.24 |
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23,688 |
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Granted |
2,079,417 |
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0.90 |
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6.36 |
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Vested |
(2,351,230) |
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1.21 |
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1.22 |
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Forfeited/Repurchased |
— |
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— |
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— |
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Balance as of December 31, 2021 |
5,975,813 |
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|
1.16 |
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3.04 |
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14,162 |
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Granted |
— |
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— |
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— |
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Vested |
(2,511,311) |
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1.15 |
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3.02 |
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Forfeited/Repurchased |
(100,646) |
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0.46 |
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1.83 |
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Balance as of December 31, 2022 |
3,363,856 |
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|
1.43 |
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|
1.55 |
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— |
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Vested as of December 31, 2022 |
5,873,581 |
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| Schedule of Company’s Equity-based Compensation Expense |
The following table summarizes the Company’s equity-based compensation expense by award type for all Plans:
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Year Ended December 31, |
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2022 |
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2021 |
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2020 |
| Stock options |
$ |
495 |
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$ |
95 |
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$ |
— |
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| RSUs |
2,943 |
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|
655 |
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— |
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| ESPP purchase rights |
188 |
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— |
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— |
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| Time-based incentive units |
3,104 |
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|
2,390 |
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|
1,380 |
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| Performance-based incentive units |
— |
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|
4,903 |
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— |
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| Total |
$ |
6,730 |
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$ |
8,043 |
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$ |
1,380 |
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