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Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 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 consolidated statements of operations and comprehensive income (loss) as follows (in thousands):

		Successor									Predecessor
		Year Ended December 31, 2021				Period from February 1, 2020 through December 31, 2020					Period from January 1, 2020 through January 31, 2020				Year Ended December 31, 2019
Share-based compensation expense
Cost of services		$	163			$	100				$	156			$	171
Product and technology expense			459				179					—				92
Selling, general, and administrative expense			8,908				1,597					3,820				953
Total share-based compensation expense		$	9,530			$	1,876				$	3,976			$	1,216

Summary of outstanding stock option grants issued

Additionally, the vesting, vesting conditions, and equity classification of the awards remained unchanged as a result of the conversion.

				Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
December 31, 2020		Grants outstanding			—			$	—
		Grants issued in exchange for options in the Company’s Parent			3,938,491			$	6.65
		Grants exercised			(58,552	)		$	6.61
		Grants cancelled/forfeited			(360,376	)		$	6.61
December 31, 2021		Grants outstanding			3,519,563			$	6.66			8.2 years		$43.6 million
December 31, 2021		Grants vested			681,227			$	6.66			8.2 years		$8.4 million
December 31, 2021		Grants unvested			2,838,336			$	6.66

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 year ended December 31, 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			38.67	%
Risk-free interest rate			1.06	%
Expected term (in years)			5.91
Estimated fair-value of the underlying unit		$	15.33

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 December 31, 2021 (Successor) is as follows:

				Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
June 21, 2021		Grants outstanding			—			$	—
		Grants issued			3,714,540			$	15.33
December 31, 2021		Grants outstanding			3,714,540			$	15.33			9.5 Years		$13.8 million
December 31, 2021		Grants vested			644,556			$	15.00			9.5 Years		$2.6 million
December 31, 2021		Grants unvested			3,069,984			$	15.40

Summary of the RSU activity

A summary of the RSU activity under the 2021 Equity Plan for the period from June 21, 2021 (the effective date of the 2021 Equity Plan) to December 31, 2021 (Successor) is as follows:

				Shares				Weighted Average Grant Date Fair Value
June 21, 2021		Nonvested RSUs			—			$	—
		Granted			340,875			$	17.19
		Vested			—			$	—
December 31, 2021		Nonvested RSUs			340,875			$	17.19

2021 Equity Plan [Member] | Restricted Stock

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 (the effective date of the 2021 Equity Plan) to December 31, 2021 (Successor) is as follows:

				Shares				Weighted Average Grant Date Fair Value
June 21, 2021		Nonvested restricted stock			—			$	—
		Grants issued in exchange for unvested profits interests in the Company’s Parent			2,918,084			$	3.85
		Vested			(304,725	)		$	3.85
December 31, 2021		Nonvested restricted stock			2,613,359			$	3.85

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 December 31, 2020 (Successor) was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighed average assumptions:

		Period from February 1, 2020 through December 31, 2020
		Class B				Class C
Expected stock price volatility			30.90	%			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 February 1, 2020 through December 31, 2020 (Successor) and the year ended December 31, 2021 (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
		Exchanged for common stock in the Company			(411,720	)
		Exchanged for restricted stock in the Company			(3,446,328	)
December 31, 2021		Grants outstanding			—

Summary of Option Unit Activity

A summary of the option unit activity under the Successor Plan for the period from February 1, 2020 through December 31, 2020 (Successor) and the year ended December 31, 2021 (Successor) is as follows:

				Options				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
		Exercised			(24,112	)		$	10.00
		Forfeited			(107,168	)		$	10.00
		Exchanged for options in the Company			(2,602,454	)		$	10.07
December 31, 2021		Grants outstanding			—			$	—

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
				Options				Weighted Average Exercise Price				Options				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

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