Equity-Based Compensation (Tables)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2022 |
Dec. 31, 2021 |
| Share-based Payment Arrangement [Abstract] |
|
|
| Schedule of Fair Value Assumptions |
The fair value of options granted under the Plan was estimated on the grant date under the Black-Scholes OPM using the following assumptions:
|
|
|
|
|
|
|
|
| Expected option term (years) |
6 |
| Expected volatility |
32.80 |
% |
| Risk-free rate of return |
0.93%-1.15% |
| Expected annual dividend yield |
— |
% |
|
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 units as of March 31, 2022, and changes during the three months ended March 31, 2022, 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, 2021 |
1,717,950 |
|
|
$ |
11.66 |
|
|
1.8 |
|
$ |
11,596 |
|
| Granted |
— |
|
|
— |
|
|
|
|
|
| Vested |
— |
|
|
— |
|
|
|
|
|
| Forfeited |
(41,850) |
|
|
12.72 |
|
|
|
|
|
Unvested at March 31, 2022 |
1,676,100 |
|
|
$ |
11.63 |
|
|
1.6 |
|
$ |
14,213 |
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
March 31, 2022 |
|
March 31, 2021 |
|
|
|
| Cost of Sales |
|
|
|
|
|
|
| Incentive Units |
$ |
181 |
|
|
$ |
— |
|
|
|
|
| Stock Options |
12 |
|
|
— |
|
|
|
|
| Restricted Stock Units |
627 |
|
|
— |
|
|
|
|
| Total cost of sales |
$ |
820 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
| Selling, general and administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Incentive Units |
2,171 |
|
|
— |
|
|
|
|
| Stock Options |
409 |
|
|
— |
|
|
|
|
| Restricted Stock units |
1,011 |
|
|
— |
|
|
|
|
| Total selling, general and administrative expenses |
$ |
3,591 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
| Total equity-based compensation expense |
$ |
4,411 |
|
|
$ |
— |
|
|
|
|
|
The table below presents the equity-based compensation expense recorded during the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Year Ended |
|
Period from |
|
|
Period from |
|
December 31, 2021 |
|
December 31, 2020 |
|
|
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 |
|
|