XML 49 R41.htm IDEA: XBRL DOCUMENT v3.22.1
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule non-cash stock-based compensation awards
Total compensation cost for the Company’s
non-cash
stock-based compensation awards recognized in the years ended December 31, 2021, 2020, and 2019 consisted of:
 
    
Year ended December 31,
 
Financial Statement Location
  
2021
    
2020
    
2019
 
Sales and marketing expenses
   $ 3,378      $ —        $ —    
General and administrative expenses
     51,039        1,730        1,747  
Fixed assets, net (capitalized internal use software)
     543        —          —    
  
 
 
    
 
 
    
 
 
 
Total
non-cash
stock-based compensation costs
   $ 54,960      $ 1,730      $ 1,747  
  
 
 
    
 
 
    
 
 
 
Schedule of SARs (formerly UARs)
in thousands, except UARs and SARs, which are in ones, or where
otherwise indicated
 
SARs
   
Weighted-
Average
Exercise
Price Per
Share
   
Weighted-
Average
Remaining
Contractual
Terms in
Years
   
Aggregate
Intrinsic
Value
 
Outstanding UARs at December 31, 2020
    13,428,010     $ 1.35      
UARs granted prior to the Reverse Recapitalization
    474,200       4.24      
UARs exercised prior to the Reverse Recapitalization
    —         —        
UARs forfeited prior to the Reverse Recapitalization
    (656,770     1.50      
UARs expired prior to the Reverse Recapitalization
    —         —        
Conversion to SARs
    (5,383,455     —        
SARs granted after the Reverse Recapitalization
    —         —        
SARs exercised after the Reverse Recapitalization
    —         —        
SARs forfeited after the Reverse Recapitalization
    —         —        
SARs expired after the Reverse Recapitalization
    (385,808     3.27      
 
 
 
   
 
 
   
 
 
   
 
 
 
Outstanding SARs at December 31, 2021
    7,476,177       2.19       7.49     $ 17,703  
 
 
 
   
 
 
   
 
 
   
 
 
 
SARs vested and expected to vest as of December 31, 2021
    7,476,177       2.19       7.49       17,703  
 
 
 
   
 
 
   
 
 
   
 
 
 
SARs exercisable at December 31, 2021
    3,650,736       1.97       6.92       9,263  
 
 
 
   
 
 
   
 
 
   
 
 
 
Weighted-average assumptions and fair values
The fair value of each SAR that was modified was estimated on the modification date using the Black-Scholes Model. The Company used the simplified method for estimating a SAR term as it did not have sufficient historical exercise experience upon which to estimate an expected term. The expected term is estimated based on the award’s vesting period and contractual term. Expected volatilities are based on historical volatility trends of peer companies as of the modification date. The risk-free rate is the interpolated U.S. Treasury rate for a term equal to the expected term. The dividend yield was set at zero as the underlying security as the Company does not intend to pay a dividend in the foreseeable future. The weighted-average assumptions and fair values for SARs modified are summarized in the table below.
 
    
2021
 
Expected term (in years)
     4.28  
Expected stock price volatility
     57.8
Risk-free interest rate
     0.7
Expected dividends
     —  
Fair Value (per SAR)
   $ 8.84  
The weighted-average assumptions and fair values for PIUs granted are summarized in the table below.
 
    
2020
   
2019
 
Expected term (in years)
     7.00       7.05  
Expected stock price volatility
     50.0     50.0
Risk-free interest rate
     0.5     2.4
Expected dividends
     —       —  
Fair Value (per PIU)
   $ 0.83     $ 0.59  
The assumptions used to value the Founder’s Award granted during the year ended December 31, 2021 are summarized in the table below.
 
    
2021
 
Expected term (in years)
     7.00  
Stock price
   $ 11.20  
Expected stock price volatility
     36.0
Risk-free interest rate
     1.1
Fair Value (per award)
   $ 5.06  
Schedule of restricted stock activity
PIUs and RSAs are in ones and where otherwise indicated
 
RSAs
   
Weighted-
Average Grant
Date Fair
Value Per
Share
 
Nonvested PIUs at December 31, 2020
    10,513,291     $ 0.57  
PIUs granted prior to the Reverse Recapitalization
    —         —    
PIUs vested prior to the Reverse Recapitalization
    (3,079,371     0.49  
PIUs forfeited prior to the Reverse Recapitalization
    —         —    
Conversion to RSAs
    (4,377,597     —    
RSAs granted after the Reverse Recapitalization
    —         —    
RSAs vested after the Reverse Recapitalization
    (16,645     1.97  
RSAs forfeited after the Reverse Recapitalization
    (230,700     1.10  
 
 
 
   
Nonvested RSAs at December 31, 2021
    2,808,978       1.01  
 
 
 
   
Share-based payment arrangement, option, activity
Stock Options are in ones and where otherwise indicated
 
Stock
Options
   
Weighted-
Average
Exercise
Price Per
Share
   
Weighted-
Average
Remaining
Contractual
Terms in
Years
   
Aggregate
Intrinsic
Value
 
Outstanding at December 31, 2020
    —       $ —        
Granted after the Reverse Recapitalization
    3,799,100       11.20      
Exercised after the Reverse Recapitalization
    —         —        
Forfeited after the Reverse Recapitalization
    (452,000     11.20      
Expired after the Reverse Recapitalization
    —         11.20      
 
 
 
   
 
 
   
 
 
   
 
 
 
Outstanding at December 31, 2021
    3,347,100       11.20       9.72     $ —    
 
 
 
   
 
 
   
 
 
   
 
 
 
Vested and expected to vest as of December 31, 2021
    3,347,100       11.20       9.72       —    
 
 
 
   
 
 
   
 
 
   
 
 
 
Exercisable at December 31, 2021
    —         —         —         —    
 
 
 
   
 
 
   
 
 
   
 
 
 
Schedule of share-based payment award, stock options, valuation assumptions The weighted-average assumptions and fair values for stock options granted are summarized in the table below.
Share-based Payment Arrangement, Restricted Stock Unit, Activity
RSUs in ones and where otherwise indicated
  
RSUs
    
Weighted-
Average Grant
Date Fair
Value Per
Share
 
Nonvested at December 31, 2020
     —        $ —    
Granted after the Reverse Recapitalization
     8,905,388        5.71  
Vested after the Reverse Recapitalization
     (37,500      5.70  
Forfeited after the Reverse Recapitalization
     (8,681      5.70  
  
 
 
    
Nonvested at December 31, 2021
     8,859,207        5.71  
  
 
 
    
RSUs - Founder’s Award in ones and where otherwise indicated
  
RSUs -
Founder’s
Award
    
Weighted-
Average
Grant
Date Fair
Value Per
Share
 
Nonvested at December 31, 2020
     —        $ —    
Granted after the Reverse Recapitalization
     9,258,298        5.06  
Vested after the Reverse Recapitalization
     —          —    
Forfeited after the Reverse Recapitalization
     —          —    
  
 
 
    
Nonvested at December 31, 2021
     9,258,298        5.06  
  
 
 
    
Share based payment arrangement, outstanding award, activity, excluding option
Employee Warrants are in ones and where otherwise
indicated
 
Employee
Warrants
   
Weighted-
Average
Exercise
Price Per
Share
   
Weighted-
Average
Remaining
Contractual
Terms in
Years
   
Aggregate
Intrinsic
Value
 
Outstanding at December 31, 2020
    —       $ —        
Granted in connection with the Reverse Recapitalization
    188,958       11.50      
Exercised after the Reverse Recapitalization
    —         —        
Forfeited after the Reverse Recapitalization
    —         —        
Expired after the Reverse Recapitalization
    —         —        
 
 
 
   
 
 
   
 
 
   
 
 
 
Outstanding at December 31, 2021
    188,958       11.50       4.72     $ —    
 
 
 
   
 
 
   
 
 
   
 
 
 
Employee earnouts in ones and where otherwise indicated
  
Employee
Earnouts
 
  
Weighted-
Average
Grant
Date Fair
Value Per
Share
 
Nonvested at December 31, 2020
     —        $ —    
Granted in connection with the Reverse Recapitalization
     309,179        8.94  
Vested after the Reverse Recapitalization
     —          —    
Forfeited after the Reverse Recapitalization
     —          —    
    
 
 
    
 
 
 
Nonvested at December 31, 2021
     309,179        8.94