Quarterly report pursuant to Section 13 or 15(d)

Equity-based Compensation (Tables)

v3.22.2
Equity-based Compensation (Tables)
 6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Option, Activity
A summary of the Company's time-based stock option activity under the 2021 Plan was as follows:
Number of Options
Weighted Average Exercise Price
Aggregate Intrinsic Value
Balance as of December 31, 2021
 273,026  $ 9.50  $ — 
Granted
 107,564  3.79 
Vested
 —  — 
Forfeited/Repurchased
 —  — 
Balance as of June 30, 2022
 380,590  $ 7.89  $ — 
Vested as of June 30, 2022
 — 
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 three months ended June 30, 2022 were as follows, presented on a weighted-average basis:
Risk free interest rate
 2.96  %
Expected volatility
 65.34  %
Expected dividend yield
 —  %
Expected term
 5.85 years
While there were no time-based incentive units granted under the 2018 Plan during the three and six months ended June 30, 2022, the assumptions that the Company used to determine the grant date fair value of time-based incentive units during the three and six months ended June 30, 2021 were as follows, presented on a weighted-average basis:
Three Months Ended June 30, 2021 Six Months Ended June 30, 2021
Risk free interest rate
 0.09  % 0.10  %
Expected volatility
 45.00  % 45.00  %
Expected dividend yield
 —  % —  %
Expected term
 1.39 years 1.41 years
Share-based Payment Arrangement, Restricted Stock Unit, Activity
A summary of the Company's RSU activity under the 2021 Plan was as follows:
Number of Shares
Weighted Average
Grant Date
Fair Value
Balance as of December 31, 2021
 915,480  $ 10.04 
Granted
 405,412  4.41 
Vested
 (30,622) 9.19 
Forfeited/Repurchased
 (87,633) 9.99 
Balance as of June 30, 2022
 1,202,637  $ 8.20 
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option
The following table summarizes time-based incentive unit activity under the 2018 Plan:
Number of Units
Weighted Average
Grant Date
Fair value
Weighted Average Participation Threshold
Aggregate Intrinsic Value
Balance as of December 31, 2021
 5,975,813  $ 1.16  $ 3.04  $ 14,162 
Granted
 —  —  — 
Vested
 (1,438,825) 1.22  3.43 
Forfeited/Repurchased
 (100,646) 0.46  1.83 

Balance as of June 30, 2022
 4,436,342  $ 1.28  $ 2.94  $ 5,565 
Vested as of June 30, 2022
 4,801,094 
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions
The initial six-month offering period for the ESPP began on June 1, 2022 and will end on November 30, 2022. The assumptions that the Company used to determine the grant date fair value of the ESPP purchase rights during the three months ended June 30, 2022 were as follows, presented on a weighted-average basis:
Risk free interest rate
 1.63  %
Expected volatility
 84.63  %
Expected dividend yield
 —  %
Expected term
 0.50 years
Summarizes The Company’s Equity-based Compensation Expense
The following table summarizes the Company’s equity-based compensation expense by award type for all Plans:
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Stock options $ 91  $ —  $ 213  $ — 
RSUs 540  —  1,183  — 
Time-based incentive units 863  609  1,466  1,132 
Total $ 1,494  $ 609  $ 2,862  $ 1,132