Employee Benefit Plans (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]    
Share-Based Payment Arrangement, Activity
The maximum number of shares of the Corporation’s common stock reserved for issuance over the term of the Plan, shares outstanding, and shares remaining under the Plan, after giving effect to the Exchange Ratio, as of March 31, 2021 and December 31, 2020 were as follows:
 
March 31, 2021
  
Shares Authorized
Under Plan
   
Shares Outstanding
Under Plan
   
Shares Remaining
Under Plan
 
2014 Plan
   54,402,264    46,231,470    N/A 
2020 Plan
   30,641,401    1,924,526    28,716,875 
2020 Management Incentive Plan
   33,426,983    33,426,983    —   
December 31, 2020
  
Shares Authorized
Under Plan
   
Shares Outstanding
Under Plan
   
Shares Remaining
Under Plan
 
2014 Plan
   54,402,264    36,557,759    17,844,505 
Effective as of the closing of the Business Combination, the 2014 Plan terminated at which time the outstanding awards previously granted thereunder were assumed by the Corporation, and no new awards are available for grant under the 2014 Plan.
  
Summary of Stock-Based Compensation Cost
Compensation cost presented in salaries and benefits in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss were as follows:
Three Months Ended March 31,
  
2021
   
2020
 
   
(in thousands)
 
Stock options
  $3,694   $1,977 
RSUs
   14,052    —   
PRSUs
   24,967    —   
  
 
 
   
 
 
 
Total compensation cost recognized for stock-based compensation plans
  $42,713   $1,977 
  
 
 
   
 
 
 
  
Schedule of Assumptions to Estimate Fair Value of Stock Options on Weighted Average Basis
The assumptions that the Corporation used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted for the three months ended March 31, 2021 and 2020, respectively, were as follows:
 
Three Months Ended March 31, 2021
  
2021
  
2020
 
Weighted-average risk-free interest rate
   1.06%   1.47% 
Expected term (in years)
   6.06   6.30 
Expected volatility
   37.74%   29.63% 
Expected dividend yield
   —%   —% 
The assumptions that the Corporation used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted for the years ended December 31, 2020 and 2019, respectively, were as follows:
 
Year ended December 31,
  
2020
  
2019
 
Weighted-average risk-free interest rate
   0.84%   1.95% 
Expected term (in years)
   4.68   6.29 
Expected volatility
   34.66%   28.37% 
Expected dividend yield
   0.00%   0.00% 
Summary of Stock Option Activity
A summary of option activity under the 2020 Plan during the three months ended March 31, 2021 is as follows:
 
   
Number of
options
   
Weighted-
average exercise
price
 
Outstanding, January 1, 2021
   —     $—   
Granted during 2021
   1,937,968    8.88 
Exercised
   —      —   
Forfeited
   (13,442)    8.88 
  
 
 
   
 
 
 
Outstanding, March 31, 2021
   1,924,526   $8.87 
  
 
 
   
 
 
 
A summary of option activity under the 2014 Plan during the three months ended March 31, 2021 is as follows:
 
   
Number of
options
   
Weighted-
average exercise
price
 
Outstanding, January 1, 2021
   36,513,193   $2.26 
Granted during 2021
   —      —   
Exercised
   (761,480)    1.63 
Forfeited
   (267,115)    2.43 
  
 
 
   
 
 
 
Outstanding, March 31, 2021
   35,484,598   $2.27 
  
 
 
   
 
 
 
A summary of option activity under the Plan, after reverse capitalization, during the years ended December 31, 2020 and 2019, respectively, is as follows:
 
   
Number of options
(1)
   
Weighted-average

exercise price
(1)
 
Outstanding, January 1, 2019
   27,046,177   $1.31 
Granted during 2019
   8,828,538    1.99 
Exercised
   (916,527)    0.74 
Forfeited
   (6,768,713)    1.57 
  
 
 
   
 
 
 
Outstanding, December 31, 2019
   28,189,475    1.48 
  
 
 
   
 
 
 
Granted during 2020
   14,386,426    3.59 
Exercised
   (1,297,977)    1.53 
Forfeited
   (4,720,165)    1.88 
  
 
 
   
 
 
 
Outstanding, December 31, 2020
   36,557,759   $2.25 
  
 
 
   
 
 
 
Summary of Total RSU activity
A summary of total RSU activity for the three months ended March 31, 2021 is presented below:
 
Three Months Ended March 31, 2021
    
Granted
   16,844,216 
Exercised
   (95,834) 
  
 
 
 
Outstanding, March 31, 2021
   16,748,382 
  
 
 
 
  
Summary of Weighted Average Grant Date Fair Value of Performance Restricted Stock Units
The weighted-average grant date fair value of Market PRSUs granted during the three months ended March 31, 2021 was $9.59 per underlying share. There were no Market PRSUs granted prior to 2021. The grant date fair value of Market PRSUs was determined using a Monte Carlo simulation model that incorporated multiple valuation assumptions, including the probability of achieving the specified market condition and the following assumptions:
 
Three Months Ended March 31, 2021
    
Expected volatility
 
(1)
   40.70% 
Risk-free interest rate
 
(2)
   0.50% 
Dividend yield
 
(3)
   0.00% 
 
(1)
  
  
Expected volatility is based on a blend of peer group company historical data adjusted for the Corporation’s leverage.
(2)
  
Risk-free interest rate based on U.S. Treasury yields with a term equal to the remaining Performance Period as of the grant date.
(3)
  
Dividend yield was assumed to be zero as the Corporation does not anticipate paying dividends.
  
Summary of Total Performance Restricted Stock Units
A summary of total PRSU activity for the three months ended March 31, 2021 is presented below:
 
Three Months Ended March 31, 2021
    
Granted
   27,460,364 
  
 
 
 
Non-vested
at March 31, 2021
   27,460,364 
  
 
 
 
  
Summary of Warrant Activity
A summary of activity relating to the warrants of the service providers during the three months ended March 31, 2021 and 2020, respectively, is as follows:
 
   
Number of
warrants
   
Weighted-
average exercise
price
 
Outstanding, December 31, 2019
   261,681   $3.00 
Granted during 2020
   —      —   
Exercised
   —      —   
Forfeited
   —      —   
  
 
 
   
 
 
 
Outstanding, March 31, 2020
   261,681   $3.00 
  
 
 
   
 
 
 
Outstanding, December 31, 2020
   261,681   $3.00 
Granted during 2021
   —      —   
Exercised
   (261,681)    3.00 
Forfeited
   —      —   
  
 
 
   
 
 
 
Outstanding, March 31, 2021
   —     $—   
  
 
 
   
 
 
 
A summary of warrant activity during the years ended December 31, 2020 and 2019, respectively, is as follows:
 
   
Number of warrants
   
Weighted-average

exercise price
 
Outstanding, January 1, 2019
   261,681   $3.00 
Granted during 2019
   —     
Exercised
   —     
Forfeited
   —     
  
 
 
   
 
 
 
Outstanding, December 31, 2019
   261,681    3.00 
  
 
 
   
 
 
 
Granted during 2020
   —     
Exercised
   —     
Forfeited
   —     
  
 
 
   
 
 
 
Outstanding, December 31, 2020
   261,681   $3.00