Equity-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Share-Based Payment Arrangement [Abstract] |
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| 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:
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2022 Grants |
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2021 Grants |
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| Expected option term (years) |
6 |
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6 |
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| Expected volatility |
59.50%-72.20% |
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32.80 |
% |
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| Risk-free rate of return |
2.90%-3.95% |
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0.93%-1.15% |
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| Expected annual dividend yield |
— |
% |
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— |
% |
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| Summary of Option Activity |
A summary of stock options activity under the Plan as of December 31, 2022 and December 31, 2021, and changes during the years then ended is presented as follows:
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Shares |
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Weighted-Average Grant Date Fair Value per Share |
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Weighted-Average Exercise Price per Share |
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Weighted-Average Remaining Contractual Term (Years) |
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| Outstanding at December 31, 2020 |
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— |
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— |
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— |
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| Granted |
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1,546,400 |
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3.32 |
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10.00 |
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| Exercised |
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— |
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— |
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— |
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| Forfeited |
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— |
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— |
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— |
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| Outstanding at December 31, 2021 |
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1,546,400 |
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$ |
3.32 |
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$ |
10.00 |
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9.67 |
| Granted |
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995,118 |
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1.78 |
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3.09 |
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| Expired |
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(33,834) |
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3.31 |
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10.00 |
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| Forfeited |
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(354,093) |
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2.76 |
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7.48 |
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Outstanding at December 31, 2022 |
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2,153,591 |
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$ |
2.70 |
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$ |
7.22 |
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8.60 |
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| Schedule of Nonvested Restricted Stock Units Activity |
A summary of the status of the Company’s restricted stock units as of December 31, 2022 and December 31, 2021, and changes during the years then ended is presented as follows:
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Restricted Shares |
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Weighted-Average Grant Date Fair Value per Share |
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Weighted-Average Remaining Contractual Term (in Years) |
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Aggregate Intrinsic Value |
| Unvested at December 31, 2020 |
— |
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$ |
— |
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| Granted |
1,734,600 |
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11.67 |
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| Vested |
— |
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— |
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| Forfeited |
(16,650) |
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12.72 |
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| Unvested at December 31, 2021 |
1,717,950 |
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$ |
11.66 |
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1.8 |
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$ |
11,596 |
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| Granted |
1,710,596 |
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3.27 |
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| Vested |
(694,153) |
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9.91 |
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| Forfeited |
(451,615) |
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8.81 |
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Unvested at December 31, 2022 |
2,282,778 |
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$ |
6.30 |
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1.3 |
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$ |
4,520 |
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| Summary of Stock Compensation Expense |
The table below presents the equity-based compensation expense recorded during the following periods:
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Year Ended |
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December 31, 2022 |
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December 31, 2021 |
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| Cost of Sales |
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| Incentive Units |
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$ |
181 |
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$ |
1,635 |
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| Stock Options |
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63 |
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15 |
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| Restricted Stock Units |
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2,386 |
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466 |
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| Total cost of sales |
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$ |
2,630 |
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$ |
2,116 |
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| Selling, general and administrative expenses |
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| Incentive Units |
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2,171 |
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23,260 |
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| Stock Options |
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1,578 |
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542 |
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| Restricted Stock Units |
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4,407 |
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1,194 |
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| Total selling, general and administrative expenses |
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$ |
8,156 |
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$ |
24,996 |
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| Total equity-based compensation expense |
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$ |
10,786 |
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$ |
27,112 |
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