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Share-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022 |  |  | Year Ended December 31, 2021 |  |  | Period from February 1, 2020 through December 31, 2020 |  |  |  | Period from January 1, 2020 through January 31, 2020 |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of services |  | $ | 1,103 |  |  | $ | 163 |  |  | $ | 100 |  |  |  | $ | 156 |
Product and technology expense |  |  | 1,351 |  |  |  | 459 |  |  |  | 179 |  |  |  |  | — |
Selling, general, and administrative expense |  |  | 5,402 |  |  |  | 8,908 |  |  |  | 1,597 |  |  |  |  | 3,820 |
Total share-based compensation expense |  | $ | 7,856 |  |  | $ | 9,530 |  |  | $ | 1,876 |  |  |  | $ | 3,976 |
Summary of outstanding stock option grants issued |
|  |  |  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
December 31, 2021 |  | Grants outstanding |  |  | 3,519,563 |  |  | $ | 6.66 |  |  |  |  |
|  | Grants exercised |  |  | (372,254 | ) |  | $ | 6.68 |  |  |  |  |
|  | Grants cancelled/forfeited |  |  | (303,967 | ) |  | $ | 6.61 |  |  |  |  |
December 31, 2022 |  | Grants outstanding |  |  | 2,843,342 |  |  | $ | 6.66 |  |  | 7.2 Years |  | $18.0 million
December 31, 2022 |  | Grants vested |  |  | 648,926 |  |  | $ | 6.65 |  |  | 7.0 Years |  | $4.1 million
December 31, 2022 |  | Grants unvested |  |  | 2,194,416 |  |  | $ | 6.67 |  |  |  |  |
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 stock options granted for the year ended December 31, 2022 and 2021 (Successor) was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighed average assumptions:
|  | Successor |  |  | Successor |
|  | December 31, 2022 |  |  | December 31, 2021 |
Expected stock price volatility |  |  | 34.66 | % |  |  | 38.67 | %
Risk-free interest rate |  |  | 2.77 | % |  |  | 1.06 | %
Expected term (in years) |  |  | 6.23 |  |  |  | 5.91 |
Fair-value of the underlying unit |  | $ | 14.68 |  |  | $ | 15.33 |
Summary of Option Unit Activity | A summary of the option activity for the year ended December 31, 2022 (Successor) is as follows:
|  |  |  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value |
December 31, 2021 |  | Grants outstanding |  |  | 3,714,540 |  |  | $ | 15.33 |  |  |  |  |  |
|  | Grants issued |  |  | 608,122 |  |  | $ | 14.68 |  |  |  |  |  |
|  | Grants cancelled/forfeited |  |  | (11,000 | ) |  | $ | 17.52 |  |  |  |  |  |
December 31, 2022 |  | Grants outstanding |  |  | 4,311,662 |  |  | $ | 15.24 |  |  | 8.7 Years |  | $ | — |
December 31, 2022 |  | Grants vested |  |  | 1,054,302 |  |  | $ | 15.20 |  |  | 8.5 Years |  | $ | — |
December 31, 2022 |  | Grants unvested |  |  | 3,257,360 |  |  | $ | 15.25 |  |  |  |  |  |
Summary of the RSU activity | A summary of the RSU activity for the year ended December 31, 2022 (Successor) is as follows:
|  |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
December 31, 2021 |  | Nonvested RSUs |  |  | 340,875 |  |  | $ | 17.19 |
|  | Granted |  |  | 203,032 |  |  | $ | 14.36 |
|  | Vested |  |  | (67,175 | ) |  | $ | 16.96 |
|  | Forfeited |  |  | (4,400 | ) |  | $ | 17.52 |
December 31, 2022 |  | Nonvested RSUs |  |  | 472,332 |  |  | $ | 16.00 |
2021 Equity Plan [Member] | Restricted Stock |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of Restricted Stock Activity | A summary of the restricted stock activity for the year ended December 31, 2022 (Successor) is as follows:
|  |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
December 31, 2021 |  | Nonvested restricted stock |  |  | 2,613,359 |  |  | $ | 3.85 |
|  | Granted |  |  | — |  |  | $ | — |
|  | Vested |  |  | (332,059 | ) |  | $ | 3.85 |
December 31, 2022 |  | Nonvested restricted stock |  |  | 2,281,300 |  |  | $ | 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 | he 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 for 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 |  |  | — |  |  | $ | — |
In connection with the Company’s IPO, the Company’s parent was dissolved. Awards issued by the Company’s parent were converted in accordance with non-discretionary anti-dilution provisions of the Successor grants as follows:
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 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, 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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