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Share-Based Compensation (Tables)

9 Months Ended

11 Months Ended

Sep. 30, 2021

Dec. 31, 2020

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

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

Summary of the RSA 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

Predecessor Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Option Unit Activity

A summary of the option unit activity under the Predecessor Plan for the year ended December 31, 2019 (Predecessor) and for the period from January 1, 2020 to January 31, 2020 (Predecessor) is as follows:

				Class B								Class C
				Units				Weighted Average Exercise Price				Units				Weighted Average Exercise Price
December 31, 2018		Grants outstanding			331,666			$	1.45				3,792,205			$	2.00
		Forfeited			—			$	—				(3,437	)		$	2.00
December 31, 2019		Grants outstanding			331,666			$	1.45				3,788,768			$	2.00
		Forfeited			—			$	—				(72,500	)		$	2.00
January 31, 2020		Grants outstanding			331,666			$	1.45				3,716,268			$	2.00
January 31, 2020		Grants vested			271,666			$	1.45				3,206,998			$	2.00
January 31, 2020		Grants unvested			60,000			$	1.45				509,270			$	2.00

Successor 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

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

The fair value for awards granted during the period from February 1, 2020 to December 31, 2020 (Successor), was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

		2020 Class B				2020 Class C
Expected volatility			30.9	%			30.08	%
Risk-free interest rate			1.28	%			1.47	%
Expected term (in years)			6.25				6.25
Estimated fair-value of the underlying unit		$	10.06			$	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			—

A summary of the profits interest unit activity under the Successor Plan for the period from February 1, 2020 to December 31, 2020 (Successor) is as follows:

				Class C
				Units
February 1, 2020		Grants outstanding			—
		Issued			4,501,056
		Forfeited			(643,008	)
December 31, 2020		Grants outstanding			3,858,048
December 31, 2020		Grants vested			—
December 31, 2020		Grants unvested			3,858,048

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

A summary of the option unit activity under the Successor Plan for the period from February 1, 2020 to December 31, 2020 (Successor) is as follows:

				Class B
				Units				Weighted Average Exercise Price
February 1, 2020		Grants outstanding			—			$	—
		Issued			2,867,694			$	10.06
		Forfeited			(133,960	)		$	10.00
December 31, 2020		Grants outstanding			2,733,734			$	10.06
December 31, 2020		Grants vested			—			$	—
December 31, 2020		Grants unvested			2,733,734			$	10.06

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