Quarterly report pursuant to Section 13 or 15(d)

Equity-based Compensation (Tables)

v3.21.2
Equity-based Compensation (Tables)
 9 Months Ended
Sep. 30, 2021
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, 2020
 —  $ —  $ — 
Granted
 273,026  9.50 
Vested
 —  — 
Forfeited/Repurchased
 —  — 
Balance as of September 30, 2021
 273,026  9.50  — 
Vested as of September 30, 2021
 —  $ —  $ — 
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 September 30, 2021 were as follows, presented on a weighted-average basis:
Risk free interest rate
 1.00  %
Expected volatility
 51.32  %
Expected dividend yield
 —  %
Expected term
 6.08 years
While there were no time-based incentive units granted under the 2018 plan during the three months ended September 30, 2021, the assumptions that the Company used to determine the grant date fair value of time-based incentive units during the periods presented below were as follows, presented on a weighted-average basis:
Three Months Ended September 30, 2020 Nine Months Ended September 30,
2021 2020
Risk free interest rate
 0.16  % 0.10  % 0.25  %
Expected volatility
 50  % 45  % 50  %
Expected dividend yield
 0  % 0  % 0  %
Expected term
 2.87 years 1.42 years 3.18 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, 2020
 —  $ 0.00 
Granted
 894,902  9.99 
Vested
 —  0.00 
Forfeited/Repurchased
 —  0.00 
Balance as of September 30, 2021
 894,902  $ 9.99 
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, 2020
 6,247,626  $ 1.27  $ 1.24  $ 23,688 
Granted
 2,079,367  0.90  6.36 
Vested
 (1,785,573) 1.13  1.18 
Balance as of September 30, 2021
 6,541,420  $ 1.19  $ 2.89  $ 19,818 
Vested as of September 30, 2021
 2,791,791 
The following table summarizes performance-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, 2020
 4,461,764  $ 0.91  $ 1.19  $ 17,137 
Granted
 932,124  1.01  6.09 
Vested
 (5,393,888) 0.93  2.04 
Balance as of September 30, 2021
 —  $ —  $ 0.00  $ — 
Vested as of September 30, 2021
 5,393,888 
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 September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Stock options $ 8  $ —  $ 8  $ — 
RSUs 52  —  52  — 
Time-based incentive units 619  415  1,751  834 
Performance-based incentive units 4,903  —  4,903  — 
Total $ 5,582  $ 415  $ 6,714  $ 834