Annual report pursuant to Section 13 and 15(d)

Equity-Based Compensation (Tables)

v3.22.1
Equity-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Fair Value Assumptions
The assumptions used in determining the fair value of the in-substance ISOs represented by the Predecessor Promissory Notes for the Predecessor 2020 Period were as follows:
Predecessor
Period from January 1, 2020 to June 21, 2020
Range of expected time to exit (years) 3 to 5
Range of volatilities 55.00% to 63.09%
Range of Predecessor Promissory Notes interest rates 1.85% to 1.91%
Range of risk-free interest rates 1.33% to 1.62%
The fair value of each option granted under the Predecessor 2011 Equity Incentive Plan and the Successor Plan was estimated on the grant date under the Black-Scholes OPM using the following assumptions:
Successor Predecessor
Expected option term (years) 6
3-5
Expected volatility 32.80  %
55.00%-63.09%
Risk-free rate of return
0.93%-1.15%
1.33%-2.51%
Expected annual dividend yield —  % —  %
Summary of Option Activity
A summary of the activity of the Predecessor Promissory Notes is as follows:
In-substance ISO’s represented by the Predecessor Promissory Notes Weighted-average exercise price
Predecessor Outstanding as of December 31, 2019 1,028,784  $ 0.99 
Settled or cancelled (1,028,784) 0.99 
Outstanding as of December 31, 2020 $ —  $ — 
A summary of option activity under the Predecessor 2011 Equity Incentive Plan and the Successor Plan as of December 31, 2021 and December 31, 2020, and changes during the years then ended is presented as follows:
Options Shares Weighted-Average Grant Date Fair Value per Share Weighted-Average Exercise Price per Share Weighted-Average Remaining Contractual Term (Years)
Predecessor Outstanding at December 31, 2019 133,661  $ 0.66  $ 1.47 
Forfeited (2,900) 0.77  1.80 
Settled or cancelled (130,761) 0.66  1.46 
Successor Outstanding at December 31, 2020 —  —  — 
Granted 1,546,400  3.32  10.00 
Exercised —  —  — 
Forfeited —  —  — 
Successor Outstanding at December 31, 2021 1,546,400  $ 3.32  $ 10.00  9.67
Schedule of Nonvested Restricted Stock Units Activity
A summary of the status of the Company’s restricted stock as of December 31, 2021, and changes during the Successor 2021 Period, is presented as follows:
Restricted Shares Weighted-Average Grant Date Fair Value per Share Weighted-Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value
Unvested at December 31, 2020
 —  $ — 
Granted 1,734,600  11.67 
Vested —  — 
Forfeited (16,650) 12.72 
Unvested at December 31, 2021
 1,717,950  $ 11.66  1.8 $ 11,596 
Summary of Stock Compensation Expense
The table below presents the equity-based compensation expense recorded during the following periods:
Successor Predecessor
Year Ended December 31, 2021 Period from February 10, 2020 to December 31, 2020 Period from January 1, 2020 to June 21, 2020
Cost of Sales
Incentive Units $ 1,635  $ —  $ — 
Stock Options 15  —  — 
Restricted Stock Units 466  —  — 
Total cost of sales $ 2,116  $ —  $ — 
Selling, general and administrative
Promissory Notes $ —  $ —  $ 988 
Incentive Units 23,260  —  — 
Stock Options 542  102  7 
Restricted Stock units 1,194  —  — 
Total selling, general and administrative $ 24,996  $ 102  $ 995 
Total equity-based compensation expense $ 27,112  $ 102  $ 995