Equity-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 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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Modified Awards |
| Expected option term (years) |
6 |
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6 |
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1.5 |
| Expected volatility |
59.50 |
% |
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32.80 |
% |
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45.90 |
% |
| Risk-free rate of return |
2.90% |
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0.93%-1.15% |
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2.41 |
% |
| Expected annual dividend yield |
— |
% |
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— |
% |
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— |
% |
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| Summary of Option Activity |
A summary of stock options activity under the Plan as of September 30, 2022 and changes during the nine months ended September 30, 2022 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, 2021 |
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1,546,400 |
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$ |
3.32 |
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$ |
10.00 |
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| Granted |
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959,618 |
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1.80 |
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3.13 |
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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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(105,300) |
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3.32 |
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10.03 |
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Outstanding at September 30, 2022 |
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2,400,718 |
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$ |
2.71 |
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$ |
7.25 |
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9.25 |
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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 September 30, 2022, and changes during the nine months ended September 30, 2022, 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 |
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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 |
1,694,846 |
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3.29 |
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| Vested |
(124,401) |
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4.12 |
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| Forfeited |
(224,400) |
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10.88 |
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Unvested at September 30, 2022 |
3,063,995 |
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$ |
7.34 |
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1.3 |
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$ |
7,292 |
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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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Three Months Ended |
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Nine Months Ended |
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September 30, 2022 |
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September 30, 2021 |
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September 30, 2022 |
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September 30, 2021 |
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| Cost of Sales |
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| Incentive Units |
$ |
— |
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$ |
1,454 |
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$ |
181 |
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$ |
1,454 |
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| Stock Options |
17 |
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— |
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42 |
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— |
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| Restricted Stock Units |
594 |
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— |
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1,760 |
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— |
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| Total cost of sales |
$ |
611 |
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$ |
1,454 |
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$ |
1,983 |
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$ |
1,454 |
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| Selling, general and administrative expenses |
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| Incentive Units |
— |
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21,089 |
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2,171 |
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21,089 |
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| Stock Options |
511 |
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167 |
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1,199 |
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167 |
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| Restricted Stock Units |
1,396 |
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209 |
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3,319 |
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209 |
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| Total selling, general and administrative expenses |
$ |
1,907 |
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$ |
21,465 |
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$ |
6,689 |
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$ |
21,465 |
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| Total equity-based compensation expense |
$ |
2,518 |
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$ |
22,919 |
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$ |
8,672 |
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$ |
22,919 |
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