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Stockholders' Equity and Members Units Including Redeemable Convertible Class P Units (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Stock by Class

At September 22, 2021, the following summarizes the Company’s units authorized, issued

and outstanding:

			Units authorized						Units issued and outstanding
Class F Units			50,954,445						50,232,863
Class P Units			33,162,444						32,435,595
Class M Units			7,791,744						3,904,237

The following summarizes the capitalization and voting rights of the Company’s classes of equity as of December 31, 2021:

			Authorized						Issued & Outstanding						Votes per share						Economic Rights
Preferred stock			10,000,000						None
Common stock:
Class A			1,200,000,000						9,614,523						1						Yes
Class B			150,000,000						35,658,013						1						No
Class C			150,000,000						49,505,250						10						No
Class D			150,000,000						None						10						Yes
Common stock reserved for issuances:
Conversion of LLC Units									85,163,263
Unvested LLC Units									1,901,977
Unvested RSUs									1,377,728
Stock options									1,449,181
Common LLC Units									85,163,263						No						Yes

Schedule of Stockholders' Equity Note, Warrants or Rights

Warrants for Class P Units consisted of the following as of September 22, 2021:

Number of units under warrants			Issue date						Expiration date						Exercise price						Fair value per warrant on issue date
497,292			9/30/2019						9/30/2029						$3.52						$0.17
37,297			12/17/2020						12/17/2030						$6.70						$0.01
534,589

Schedule of Class of Warrant or Right, Valuation Assumptions

The quantitative information about certain significant Level 3 unobservable inputs for the three valuation methods and for Black-Scholes are summarized as follows:

			Periods ended
			September 22,						December 31,
			2021						2020						2019
Guideline company and transaction analysis:
Control premium			20.00%						20.00%						20.00%
Discounted cash flow analysis:
Discount rate			22.00%						22.00% to 25.00%						25.00%
Option pricing model inputs for warrants and Class M Units:
Volatility			40.00%						45.00%						35.00%
Time to Liquidity in years			0.8 to 1.0						1.2 to 1.5						2.4
Risk free rate			0.07%						0.10%						1.60%
Discount for lack of marketability			7.50% to 10.00%						12.00% to 15.00%						18.00%

Class of Warrant Or Right Fair Value Amounts

The fair value amounts using Level 3 inputs from January 1, 2019 through September 22, 2021 were as follows (in thousands):

			Class P Unit redemption value						Class P Unit warrant liability
Balance, January 1, 2019			$	62,579					$	—
Increase/decrease			18,250						83
Balance, December 31, 2019			80,829						83
Special distributions to members			(10,000)						—
Net income allocable to Class P Units			3,997						—
Increase/decrease			(8,499)						1
Balance, December 31, 2020			66,327						84
Tax distributions to members			(9,755)						—
Net income allocable to Class P Units prior to the Reorganization Transaction and IPO			5,466						—
Increase/decrease			327,189						6,331
Reorganization Transactions			(389,227)						(6,415)
Balance, September 22, 2021			$	—					$	—

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Class of Warrant Or Right Fair Value Amounts

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Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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