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Share-based Compensation (Tables)

12 Months Ended

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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