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COMPENSATION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock Options, Valuation Assumptions | The Black-Scholes option pricing model was used with the following weighted-average assumptions for options granted. There were no options granted prior to 2022.
| For the year ended December 31,
| 2023 |  | 2022 |  |
Average risk-free interest rate | 4.19% |  | 3.69% |  |
Expected dividend yield | N/A |  | N/A |  |
Expected volatility | 62% |  | 70% |  |
Expected life | 5.74 years |  | 5.61 years |  |
Fair value per share | $1.25 |  | $1.10 |  |
Employee Stock Purchase Plan, Valuation Assumptions | The Black-Scholes option pricing model was used with the following weighted-average assumptions for ESPP subscriptions.
| For the year ended December 31,
| 2023 |  | 2022 |  |
Average risk-free interest rate | 4.61% |  | 3.77% |  |
Expected dividend yield | N/A |  | N/A |  |
Expected volatility | 64% |  | 70% |  |
Expected life | 0.50 years |  | 0.50 years |  |
Fair value per share | $1.75 |  | $1.60 |  |
Summary of RSU Activity | The fair value of market-based restricted stock units was determined using a Monte Carlo simulation model, which uses multiple input variables to determine the probability of satisfying the market condition requirements. The following weighted-average assumptions were used to determine the fair value of market-based restricted stock units. There were no market-based restricted stock units granted prior to 2022.
| For the year ended December 31,
| 2023 |  | 2022 |  |
Average risk-free interest rate | 4.37% |  | 3.20% |  |
Expected volatility | 62% |  | 70% |  |
Restricted stock unit activity during the year ended December 31, 2023 under the 2022 Plan and 2021 Plan was as follows:
|  | Shares |  | Weighted Average Grant Date Fair Value
Unvested as of December 31, 2022 |  | 25,103,600 |  |  | $ | 3.43 |
Granted |  | 6,371,638 |  |  | 2.21 |
Vested |  | (4,738,693) |  |  | 3.63 |
Forfeited/Cancelled |  | (5,297,726) |  |  | 3.63 |
Unvested as of December 31, 2023 |  | 21,438,819 |  |  | 2.97 |
Restricted stock unit activity during the year ended December 31, 2023 for Holdco Units was as follows:
|  | Shares |  | Weighted Average Grant Date Fair Value
Unvested as of December 31, 2022 |  | 5,744,200 |  |  | $ | 0.50 |
Vested |  | (2,978,054) |  |  | 0.50 |
Forfeited/Cancelled |  | (564,274) |  |  | 0.50 |
Unvested as of December 31, 2023 |  | 2,201,872 |  |  | 0.50 |
Schedule of Stock Option Activity | Stock option activity during the year ended December 31, 2023 under the 2022 Plan and 2021 Plan was as follows:
| Shares |  | Weighted Average Exercise Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Outstanding as of December 31, 2022 | 7,000,000 |  |  | $ | 1.73 |  |  | 5.6 years |  | $ | 480 |
Granted | 350,000 |  |  | $ | 2.09 |  |  |  |  |
Forfeited/Cancelled | (2,000,000) |  |  | $ | 1.57 |  |  |  |  |
Outstanding as of December 31, 2023 | 5,350,000 |  |  | $ | 1.82 |  |  | 4.9 years |  | 9,102 |
Exercisable as of December 31, 2023 | 4,250,000 |  |  | 1.64 |  |  | 4.2 years |  | 8,000 |
Vested and Expected to Vest as of December 31, 2023 | 1,100,000 |  |  | $ | 2.52 |  |  | 7.6 years |  | 1,102 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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