XML 42 R32.htm IDEA: XBRL DOCUMENT v3.23.3
Share-Based Compensation (Tables)
 9 Months Ended
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