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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2023
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 as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  |  |
Cost of services |  | $ | 330 |  |  | $ | 292 |  |  | $ | 918 |  |  | $ | 842 |
Product and technology expense |  |  | 640 |  |  |  | 402 |  |  |  | 1,665 |  |  |  | 918 |
Selling, general, and administrative expense |  |  | 3,820 |  |  |  | 1,328 |  |  |  | 7,866 |  |  |  | 4,064 |
Total share-based compensation expense |  | $ | 4,790 |  |  | $ | 2,022 |  |  | $ | 10,449 |  |  | $ | 5,824 |
Prior to the IPO, all share-based awards were issued by Fastball Holdco, L.P., the Company’s previous parent company, under individual grant agreements and the partnership agreement of such parent company (collectively the “2020 Equity Plan”). In connection with the IPO, the Company adopted the 2021 Omnibus Incentive Plan (as amended by the First Amendment, dated as of May 10, 2023, the “2021 Equity Plan”).
Summary of outstanding stock option grants issued | A summary of the stock option activity for the nine months ended September 30, 2023 is as follows:
|  |  |  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
December 31, 2022 |  | Grants outstanding |  |  | 2,843,342 |  |  | $ | 6.66 |  |  |  |  |
|  | Grants exercised |  |  | (357,772 | ) |  | $ | 6.13 |  |  |  |  |
|  | Grants cancelled/forfeited |  |  | (533,715 | ) |  | $ | 6.68 |  |  |  |  |
September 30, 2023 |  | Grants outstanding |  |  | 1,951,855 |  |  | $ | 5.15 |  |  | 6.4 Years |  | $16.9 million
September 30, 2023 |  | Grants vested |  |  | 539,767 |  |  | $ | 5.12 |  |  | 6.2 Years |  | $4.7 million
September 30, 2023 |  | Grants unvested |  |  | 1,412,088 |  |  | $ | 5.16 |  |  |  |  |
Summary of Assumptions Applied to Establish Fair Value of Options Granted Using Black-Scholes Option Pricing Model | The fair value of the modified stock options was estimated on the date of modification using the Black-Scholes option-pricing model with the following weighted average assumptions:
|  | Options |
Expected stock price volatility |  |  | 37.43 | %
Risk-free interest rate |  |  | 3.40 | %
Expected term (in years) |  |  | 4.67 |
Fair-value of the underlying unit |  | $ | 12.61 |
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 nine months ended September 30, 2023 was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:
|  | Options |
Expected stock price volatility |  |  | 35.48 | %
Risk-free interest rate |  |  | 3.64 | %
Expected term (in years) |  |  | 6.25 |
Fair-value of the underlying unit |  | $ | 11.96 |
Summary of Option Unit Activity | A summary of the stock option activity for the nine months ended September 30, 2023 is as follows:
|  |  |  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
December 31, 2022 |  | Grants outstanding |  |  | 4,311,662 |  |  | $ | 15.24 |  |  |  |  |
|  | Grants issued |  |  | 384,994 |  |  | $ | 11.96 |  |  |  |  |
|  | Grants cancelled/forfeited |  |  | (87,038 | ) |  | $ | 15.54 |  |  |  |  |
September 30, 2023 |  | Grants outstanding |  |  | 4,609,618 |  |  | $ | 13.57 |  |  | 8.0 Years |  | $2.1 million
September 30, 2023 |  | Grants vested |  |  | 1,548,685 |  |  | $ | 13.64 |  |  | 7.9 Years |  | $0.5 million
September 30, 2023 |  | Grants unvested |  |  | 3,060,933 |  |  | $ | 13.53 |  |  |  |  |
Summary of the RSU activity | A summary of the restricted stock units (“RSU”) activity for the nine months ended September 30, 2023 is as follows:
|  |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
December 31, 2022 |  | Nonvested RSUs |  |  | 472,332 |  |  | $ | 16.00 |
|  | Granted |  |  | 152,346 |  |  | $ | 13.31 |
|  | Vested |  |  | (113,441 | ) |  | $ | 14.76 |
|  | Forfeited |  |  | (27,208 | ) |  | $ | 16.00 |
September 30, 2023 |  | Nonvested RSUs |  |  | 484,029 |  |  | $ | 15.45 |
2021 Equity Plan [Member] | Restricted Stock [Member] |
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 nine months ended September 30, 2023 is as follows:
|  |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
December 31, 2022 |  | Nonvested restricted stock |  |  | 2,281,300 |  |  | $ | 3.85 |
|  | Vested |  |  | (326,670 | ) |  | $ | 3.85 |
September 30, 2023 |  | Nonvested restricted stock |  |  | 1,954,630 |  |  | $ | 8.50 |

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