XML 41 R25.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Share-Based Compensation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | Share-based compensation expense recorded for each type of award is as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (in thousands)
Time-based restricted stock units |  | $ | 8,010 |  |  | $ | 5,458 |  |  | $ | 1,934 |
Performance-based restricted stock units |  | 965 |  |  | (727) |  |  | 1,122 |
Stock options |  | 517 |  |  | 718 |  |  | 759 |
Total share-based compensation expense |  | $ | 9,492 |  |  | $ | 5,449 |  |  | $ | 3,815 |
During the years ended December 31, 2023, 2022 and 2021, share-based compensation expense was allocated to cost of services, general and administrative, selling and marketing, and research and development, generally based on the functional responsibilities of the awarded unitholders in the accompanying Consolidated Statements of Operations as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (in thousands)
General and administrative |  | $ | 7,565 |  |  | $ | 4,028 |  |  | $ | 3,102 |
Selling and marketing |  | 858 |  |  | 687 |  |  | 366 |
Research and development |  | 385 |  |  | 395 |  |  | 217 |
Cost of services |  | 684 |  |  | 339 |  |  | 130 |
Total |  | $ | 9,492 |  |  | $ | 5,449 |  |  | $ | 3,815 |
The following table reflects future compensation expense to be recorded for share-based compensation awards that were outstanding as of December 31, 2023:
|  | Unrecognized Expense |  | Weighted Average Amortization Period (Years)
|  | (in thousands) |  |
Time-based restricted stock units |  | $ | 19,943 |  |  | 2.67
Performance-based restricted stock units |  | 3,645 |  |  | 2.00
Stock options |  | 526 |  |  | 1.00
Total unrecognized stock-based compensation expense |  | $ | 24,114 |  |  | 2.54
Share-based Payment Arrangement, Activity | The following table summarizes the RSU activity for the year end December 31, 2023:
|  | Time-Based Restricted Stock Units
|  | Number of Awards |  | Weighted Average Fair Value at Grant Date
Outstanding as of December 31, 2022 |  | 2,023,383 |  |  | $ | 11.52 |
Granted |  | 1,615,305 |  |  | 6.85 |
Vested |  | (588,586) |  |  | 13.26 |
Forfeited |  | (229,568) |  |  | 8.04
Outstanding as of December 31, 2023 |  | 2,820,534 |  |  | $ | 8.77 |
The following table summarizes the PSU activity for the year ended December 31, 2023:
|  | Performance-Based Restricted Stock Units
|  | Number of Awards |  | Weighted Average Fair Value at Grant Date
Unvested as of December 31, 2022 |  | 159,965 |  |  | $ | 23.35 |
Granted |  | 281,425 |  |  | 14.80 |
Outstanding as of December 31, 2023 |  | 441,390 |  |  | $ | 17.90 |
Stock Options The Company’s outstanding stock options vest, subject to the continued employment of the grantees, in equal annual installments over four years following the grant date. The contractual term for the exercisability of the stock options is ten years from the grant date. The following table summarizes the stock option activity for the year ended December 31, 2023:
|  | Stock Options
|  | Number of Awards |  | Weighted Average Exercise Price |  | Weighted Average Contractual Term (Years)
Outstanding as of December 31, 2022 |  | 172,461 |  |  | $ | 33.56 |  |  | 7.44
Expired |  | (20,244) |  |  | 33.56 |  |  |
Forfeited |  | (12,168) |  |  | 33.56 |  |  |
Outstanding as of December 31, 2023 |  | 140,049 |  |  | $ | 33.56 |  |  | 6.81
Vested and expected to vest at December 31, 2023 |  | 140,049 |  |  | $ | 33.56 |  |  | 6.81
Exercisable at December 31, 2023 |  | 106,012 |  |  | $ | 33.56 |  |  | 6.75
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The Company estimated the fair value of each stock option on the date of grant using a Black–Scholes option-pricing model, applying the following assumptions:
Grant date |  | December 30, 2020
Weighted average grant date fair value |  | $15.51
Risk-free interest rate (a) |  | 0.55%
Expected term (years) (b) |  | 6.25
Expected volatility rate (c) |  | 50.00%
Expected dividend yield (d) |  | —%
a)The risk-free interest rate was interpolated from the five-year and seven-year Constant Maturity Treasury rate published by the U.S. Treasury as of the date of the grant. b)The expected life was estimated using the Simplified Method, which utilizes the midpoint between the vesting date and the end of the contractual term. c)The expected volatility rate was based on the average of implied and observed historical volatility of comparable companies. d)At the grant date, no dividends were expected to be paid over the contractual term of the stock options granted, based on the Company's dividend policy, resulting in the use of a zero dividend rate.
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The Company used the following assumptions to estimate the fair value of PSUs granted during the periods indicated:
| Year ended December 31, 2023
Risk-free interest rate | 5 | %
Volatility | 63 | %

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + 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)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (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
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration