STOCK-BASED COMPENSATION (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Share-based Payment Arrangement [Abstract] |
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| Schedule non-cash stock-based compensation awards |
Total compensation cost for the Company’s non-cash stock-based compensation awards recognized in the years ended December 31, 2021, 2020, and 2019 consisted of:
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Financial Statement Location |
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Sales and marketing expenses |
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$ |
3,378 |
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$ |
— |
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$ |
— |
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General and administrative expenses |
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51,039 |
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1,730 |
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1,747 |
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Fixed assets, net (capitalized internal use software) |
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543 |
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— |
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— |
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Total non-cash stock-based compensation costs |
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$ |
54,960 |
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$ |
1,730 |
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$ |
1,747 |
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| Schedule of SARs (formerly UARs) |
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in thousands, except UARs and SARs, which are in ones, or where
otherwise indicated |
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Weighted-
Average
Exercise
Price Per
Share |
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Weighted-
Average
Remaining
Contractual
Terms in
Years |
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Outstanding UARs at December 31, 2020 |
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13,428,010 |
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$ |
1.35 |
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UARs granted prior to the Reverse Recapitalization |
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474,200 |
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4.24 |
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UARs exercised prior to the Reverse Recapitalization |
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— |
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— |
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UARs forfeited prior to the Reverse Recapitalization |
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(656,770 |
) |
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1.50 |
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UARs expired prior to the Reverse Recapitalization |
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— |
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— |
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(5,383,455 |
) |
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— |
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SARs granted after the Reverse Recapitalization |
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— |
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— |
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SARs exercised after the Reverse Recapitalization |
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— |
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— |
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SARs forfeited after the Reverse Recapitalization |
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— |
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— |
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SARs expired after the Reverse Recapitalization |
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(385,808 |
) |
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3.27 |
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Outstanding SARs at December 31, 2021 |
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7,476,177 |
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2.19 |
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7.49 |
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$ |
17,703 |
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SARs vested and expected to vest as of December 31, 2021 |
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7,476,177 |
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2.19 |
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7.49 |
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17,703 |
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SARs exercisable at December 31, 2021 |
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3,650,736 |
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1.97 |
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6.92 |
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9,263 |
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| Weighted-average assumptions and fair values |
The fair value of each SAR that was modified was estimated on the modification date using the Black-Scholes Model. The Company used the simplified method for estimating a SAR term as it did not have sufficient historical exercise experience upon which to estimate an expected term. The expected term is estimated based on the award’s vesting period and contractual term. Expected volatilities are based on historical volatility trends of peer companies as of the modification date. The risk-free rate is the interpolated U.S. Treasury rate for a term equal to the expected term. The dividend yield was set at zero as the underlying security as the Company does not intend to pay a dividend in the foreseeable future. The weighted-average assumptions and fair values for SARs modified are summarized in the table below.
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4.28 |
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Expected stock price volatility |
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57.8 |
% |
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0.7 |
% |
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— |
% |
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$ |
8.84 |
| The weighted-average assumptions and fair values for PIUs granted are summarized in the table below.
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7.00 |
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7.05 |
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Expected stock price volatility |
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50.0 |
% |
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50.0 |
% |
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0.5 |
% |
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2.4 |
% |
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— |
% |
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— |
% |
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$ |
0.83 |
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$ |
0.59 |
| The assumptions used to value the Founder’s Award granted during the year ended December 31, 2021 are summarized in the table below.
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7.00 |
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$ |
11.20 |
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Expected stock price volatility |
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36.0 |
% |
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1.1 |
% |
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$ |
5.06 |
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| Schedule of restricted stock activity |
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PIUs and RSAs are in ones and where otherwise indicated |
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Weighted-
Average Grant
Date Fair
Value Per
Share |
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Nonvested PIUs at December 31, 2020 |
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10,513,291 |
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$ |
0.57 |
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PIUs granted prior to the Reverse Recapitalization |
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— |
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— |
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PIUs vested prior to the Reverse Recapitalization |
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(3,079,371 |
) |
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0.49 |
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PIUs forfeited prior to the Reverse Recapitalization |
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— |
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— |
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(4,377,597 |
) |
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— |
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RSAs granted after the Reverse Recapitalization |
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— |
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— |
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RSAs vested after the Reverse Recapitalization |
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(16,645 |
) |
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1.97 |
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RSAs forfeited after the Reverse Recapitalization |
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(230,700 |
) |
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1.10 |
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Nonvested RSAs at December 31, 2021 |
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2,808,978 |
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1.01 |
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| Share-based payment arrangement, option, activity |
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Stock Options are in ones and where otherwise indicated |
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Weighted-
Average
Exercise
Price Per
Share |
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Weighted-
Average
Remaining
Contractual
Terms in
Years |
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Outstanding at December 31, 2020 |
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— |
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$ |
— |
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Granted after the Reverse Recapitalization |
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3,799,100 |
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11.20 |
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Exercised after the Reverse Recapitalization |
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— |
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— |
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Forfeited after the Reverse Recapitalization |
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(452,000 |
) |
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11.20 |
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Expired after the Reverse Recapitalization |
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— |
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11.20 |
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Outstanding at December 31, 2021 |
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3,347,100 |
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11.20 |
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9.72 |
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$ |
— |
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Vested and expected to vest as of December 31, 2021 |
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3,347,100 |
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11.20 |
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9.72 |
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— |
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Exercisable at December 31, 2021 |
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— |
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— |
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— |
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— |
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| Schedule of share-based payment award, stock options, valuation assumptions |
The weighted-average assumptions and fair values for stock options granted are summarized in the table below.
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| Share-based Payment Arrangement, Restricted Stock Unit, Activity |
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RSUs in ones and where otherwise indicated |
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Weighted-
Average Grant
Date Fair
Value Per
Share |
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Nonvested at December 31, 2020 |
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— |
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$ |
— |
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Granted after the Reverse Recapitalization |
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8,905,388 |
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5.71 |
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Vested after the Reverse Recapitalization |
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(37,500 |
) |
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5.70 |
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Forfeited after the Reverse Recapitalization |
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(8,681 |
) |
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5.70 |
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Nonvested at December 31, 2021 |
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8,859,207 |
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5.71 |
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RSUs - Founder’s Award in ones and where otherwise indicated |
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Weighted-
Average
Grant
Date Fair
Value Per
Share |
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Nonvested at December 31, 2020 |
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— |
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$ |
— |
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Granted after the Reverse Recapitalization |
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9,258,298 |
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5.06 |
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Vested after the Reverse Recapitalization |
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— |
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— |
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Forfeited after the Reverse Recapitalization |
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— |
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— |
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Nonvested at December 31, 2021 |
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9,258,298 |
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5.06 |
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| Share based payment arrangement, outstanding award, activity, excluding option |
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Employee Warrants are in ones and where otherwise
indicated |
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Weighted-
Average
Exercise
Price Per
Share |
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Weighted-
Average
Remaining
Contractual
Terms in
Years |
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Outstanding at December 31, 2020 |
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— |
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$ |
— |
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Granted in connection with the Reverse Recapitalization |
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188,958 |
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11.50 |
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Exercised after the Reverse Recapitalization |
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— |
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— |
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Forfeited after the Reverse Recapitalization |
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— |
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— |
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Expired after the Reverse Recapitalization |
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— |
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— |
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Outstanding at December 31, 2021 |
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188,958 |
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11.50 |
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4.72 |
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$ |
— |
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Employee earnouts in ones and where otherwise indicated |
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Weighted-
Average
Grant
Date Fair
Value Per
Share |
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Nonvested at December 31, 2020 |
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— |
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$ |
— |
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Granted in connection with the Reverse Recapitalization |
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309,179 |
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8.94 |
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Vested after the Reverse Recapitalization |
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— |
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— |
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Forfeited after the Reverse Recapitalization |
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— |
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— |
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Nonvested at December 31, 2021 |
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309,179 |
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8.94 |
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