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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of Recognition of Share-Based Compensation related to Employees | Share-based compensation expense is recognized in cost of services, product and technology expense, and selling, general, and administrative expense, in the accompanying condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands):
|  | Three-Month Period |  |  | Nine-Month Period |
|  | Successor |  |  |  | Predecessor |
|  | Three Months Ended September 30, 2021 |  |  | Three Months Ended September 30, 2020 |  |  | Nine Months Ended September 30, 2021 |  |  | Period from February 1, 2020 through September 30, 2020 |  |  |  | Period from January 1, 2020 through January 31, 2020 |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of services |  | $ | 3 |  |  | $ | 28 |  |  | $ | 76 |  |  | $ | 69 |  |  |  | $ | 156 |
Product and technology expense |  |  | 55 |  |  |  | 50 |  |  |  | 176 |  |  |  | 127 |  |  |  |  | — |
Selling, general, and administrative expense |  |  | 1,285 |  |  |  | 452 |  |  |  | 4,317 |  |  |  | 1,135 |  |  |  |  | 3,820 |
Total share-based compensation expense |  | $ | 1,343 |  |  | $ | 530 |  |  | $ | 4,569 |  |  | $ | 1,331 |  |  |  | $ | 3,976 |
Summary of Assumptions Applied to Establish Fair Value of Options Granted Using Black-Scholes Option Pricing Model | Prior to the IPO, the fair value for awards granted during the period from February 1, 2020 through September 30, 2020 (Successor) was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighed average assumptions:
|  | 2020 Class B |  |  | 2020 Class C |
Expected stock price volatility |  |  | 30.57 | % |  |  | 30.08 | %
Risk-free interest rate |  |  | 1.36 | % |  |  | 1.47 | %
Expected term (in years) |  |  | 6.25 |  |  |  | 6.25 |
Estimated fair-value of the underlying unit |  | $ | 10.00 |  |  | $ | 10.00 |
Summary of the Profits Interest Activity | A summary of the profits interest unit activity under the Successor Plan for the period from January 1, 2021 to September 30, 2021 (Successor) is as follows:
|  |  | Class C Units |
December 31, 2020 | Grants outstanding |  |  | 3,858,048 |
| Exchanged for common stock in the Company |  |  | (411,720 | )
| Exchanged for restricted stock in the Company |  |  | (3,446,328 | )
September 30, 2021 | Grants outstanding |  |  | — |
Summary of Option Unit Activity | A summary of the option unit activity under the Successor Plan for the period from January 1, 2021 to September 30, 2021 (Successor) is as follows:
|  |  | Options |  |  | Weighted Average Exercise Price |
December 31, 2020 | Grants outstanding |  |  | 2,733,734 |  |  | $ | 10.06 |
| Exercised |  |  | (24,112 | ) |  | $ | 10.00 |
| Forfeited |  |  | (107,168 | ) |  | $ | 10.00 |
| Exchanged for options in the Company |  |  | (2,602,454 | ) |  | $ | 10.07 |
September 30, 2021 | Grants outstanding |  |  | — |  |  |  |
|  |  | Options |  |  | Weighted Average Exercise Price |
December 31, 2020 | Grants outstanding |  |  | — |  |  | $ | — |
| Grants issued in exchange for options in the Company’s Parent |  |  | 3,938,491 |  |  | $ | 6.65 |
| Grants exercised |  |  | (28,262 | ) |  | $ | 6.61 |
| Grants cancelled/forfeited |  |  | (283,816 | ) |  | $ | 6.61 |
September 30, 2021 | Grants outstanding |  |  | 3,626,413 |  |  | $ | 6.63 |
September 30, 2021 | Grants vested |  |  | 349,018 |  |  | $ | 6.61 |
September 30, 2021 | Grants unvested |  |  | 3,277,395 |  |  | $ | 6.63 |
2021 Equity Plan [Member] |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of Assumptions Applied to Establish Fair Value of Options Granted Using Black-Scholes Option Pricing Model | The fair value for options granted under the 2021 Equity Plan during the period from June 21, 2021 to September 30, 2021 (Successor) was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighed average assumptions:
|  | Options |
Expected stock price volatility |  |  | 38.60 | %
Risk-free interest rate |  |  | 1.02 | %
Expected term (in years) |  |  | 5.84 |
Estimated fair-value of the underlying unit |  | $ | 15.00 |
Summary of Option Unit Activity | A summary of the option activity under the 2021 Equity Plan for the period from June 21, 2021 (the effective date of the 2021 Equity Plan) to September 30, 2021 (Successor) is as follows:
|  |  | Options |  |  | Weighted Average Exercise Price |
June 21, 2021 | Grants outstanding |  |  | — |  |  | $ | — |
| Grants issued |  |  | 3,222,790 |  |  | $ | 15.00 |
September 30, 2021 | Grants outstanding |  |  | 3,222,790 |  |  | $ | 15.00 |
September 30, 2021 | Grants vested |  |  | 343,926 |  |  | $ | 15.00 |
September 30, 2021 | Grants unvested |  |  | 2,878,864 |  |  | $ | 15.00 |
Summary of the RSU activity | A summary of the RSU activity under the 2021 Equity Plan for the period from June 21, 2021 to September 30, 2021 (Successor) is as follows:
|  |  | Shares |
June 21, 2021 | Nonvested RSUs |  |  | — |
| Granted |  |  | 45,000 |
| Vested |  |  | — |
September 30, 2021 | Nonvested RSUs |  |  | 45,000 |
2021 Equity Plan [Member] | Restricted Stock [Member] |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of the RSU activity | The following table summarizes the restricted stock issued by the Company. These include grants of unvested Successor profits interests grants that were converted into restricted stock as described above, as well as restricted stock issued to new recipients. The restricted stock granted as a result of the conversion of Successor profits interests retain the vesting attributes (including original service period vesting start date) of the original award. A summary of the restricted stock activity under the 2021 Equity Plan for the period from June 21, 2021 to September 30, 2021 (Successor) is as follows:
|  |  | Shares |
June 21, 2021 | Nonvested restricted stock |  |  | — |
| Grants issued in exchange for unvested profits interests in the Company’s Parent |  |  | 2,918,084 |
| Vested |  |  | — |
September 30, 2021 | Nonvested restricted stock |  |  | 2,918,084 |

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