Quarterly report pursuant to Section 13 or 15(d)

Equity-based Compensation (Tables)

v3.22.2.2
Equity-based Compensation (Tables)
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
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:
Number of Options
Weighted Average Exercise Price
Weighted Average Remaining Contractual Term
Aggregate Intrinsic Value
Balance as of December 31, 2021
 273,026  $ 9.50  9.73 $ — 
Granted
 234,453  3.97 
Exercised
 —  — 
Forfeited/Repurchased
 —  — 
Balance as of September 30, 2022
 507,479  $ 6.95  9.29 $ — 
Vested as of September 30, 2022
 73,603  8.98
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
While there were no stock options granted under the 2021 Plan during the three months ended September 30, 2022, the assumptions that the Company used to determine the grant date fair value of stock options granted under the 2021 Plan during the three and nine months ended September 30, 2021 and the nine months ended September 30, 2022 were as follows, presented on a weighted-average basis:
Three Months Ended September 30, Nine Months Ended September 30,
2021 2022 2021
Risk free interest rate
 1.00  % 2.96  % 1.00  %
Expected volatility
 51.32  % 65.34  % 51.32  %
Expected dividend yield
 —  % —  % —  %
Expected term
 6.08 years 5.85 years 6.08 years
While there were no time-based incentive units granted under the 2018 Plan during the three and nine months ended September 30, 2022 or 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 nine months ended September 30, 2021 were as follows, presented on a weighted-average basis:
Nine Months Ended September 30, 2021
Risk free interest rate
 0.10  %
Expected volatility
 45.00  %
Expected dividend yield
 —  %
Expected term
 1.41 years
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:
Number of Shares
Weighted Average
Grant Date
Fair Value
Balance as of December 31, 2021
 915,480  $ 10.04 
Granted
 566,730  4.30 
Vested
 (207,511) 9.87 
Forfeited/Repurchased
 (153,832) 9.70 
Balance as of September 30, 2022
 1,120,867  $ 7.22 
Schedule of 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
 (1,975,068) 1.22  3.17 
Forfeited/Repurchased
 (100,646) 0.46  1.83 

Balance as of September 30, 2022
 3,900,099  $ 1.29  $ 3.00  $ — 
Vested as of September 30, 2022
 5,337,338 
Schedule of 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,
2022 2021 2022 2021
Stock options $ 146  $ 8  $ 359  $ 8 
RSUs 682  52  1,865  52 
ESPP purchase rights 110  —  110  — 
Time-based incentive units 648  619  2,114  1,751 
Performance-based incentive units —  4,903  —  4,903 
Total $ 1,586  $ 5,582  $ 4,448  $ 6,714