Stock-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule of Estimated Grant-Date Fair Value of Stock-Based Awards Using Black-Scholes Option Pricing Model Assumptions |
The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant date fair value of stock purchase rights granted under the 2021 ESPP Plan during the period presented as follows:
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|
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|
|
|
Year Ended December 31, |
|
|
2024 |
|
2023 |
Expected volatility |
|
38.34% - 55.99% |
|
36.30% - 55.99% |
Risk-free interest rate |
|
4.44% - 5.41% |
|
4.53% - 5.38% |
Expected term (in years) |
|
0.49 - 0.50 |
|
0.49 - 0.50 |
Expected dividend yield |
|
None |
|
None |
Time Vesting Options
The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant date fair value of Time Vesting Options granted under the 2014 Plan and 2021 Plan during the periods presented as follows:
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|
|
|
|
Year Ended December 31, |
|
|
2024 |
|
2023 |
|
2022 |
Expected volatility |
|
45.98% - 46.18% |
|
43.74% - 46.58% |
|
35.63% - 36.95% |
Risk-free interest rate |
|
4.08% - 4.52% |
|
3.68% - 4.21% |
|
2.96% - 3.65% |
Expected term (in years) |
|
6.0 |
|
6.0 - 6.26 |
|
6.0 - 6.26 |
Expected dividend yield |
|
None |
|
None |
|
None |
|
| Summary of Stock Option Activity |
A summary of the Company’s stock option activity during the most recent period presented is as follows:
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Time Vesting Options |
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|
Performance Vesting Options |
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|
Total Number of Stock Options |
|
|
Weighted-Average Exercise Price |
|
Outstanding as of December 31, 2023 |
|
|
11,744,894 |
|
|
|
7,705,114 |
|
|
|
19,450,008 |
|
|
$ |
3.21 |
|
Granted |
|
|
1,652,611 |
|
|
|
— |
|
|
|
1,652,611 |
|
|
$ |
7.05 |
|
Exercised |
|
|
(3,864,216 |
) |
|
|
(5,807,647 |
) |
|
|
(9,671,863 |
) |
|
$ |
0.79 |
|
Forfeited |
|
|
(395,295 |
) |
|
|
— |
|
|
|
(395,295 |
) |
|
$ |
9.36 |
|
Outstanding as of December 31, 2024 |
|
|
9,137,994 |
|
|
|
1,897,467 |
|
|
|
11,035,461 |
|
|
$ |
5.70 |
|
Options vested or expected to vest as of
December 31, 2024 |
|
|
8,772,035 |
|
|
|
1,897,467 |
|
|
|
10,669,502 |
|
|
$ |
8.75 |
|
Options exercisable as of December 31, 2024 |
|
|
5,593,039 |
|
|
|
1,897,467 |
|
|
|
7,490,506 |
|
|
$ |
4.21 |
|
|
| Schedule of Weighted Average Grant Date Fair Value of Stock Options |
The number and weighted-average grant date fair value of stock options during the most recent period presented is as follows:
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|
|
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|
|
|
|
|
|
Number of Stock Options |
|
|
Weighted-Average
Grant Date Fair Value |
|
|
|
Time Vesting Options |
|
|
Performance Vesting Options |
|
|
Time Vesting Options |
|
|
Performance Vesting Options |
|
Non-vested as of December 31, 2023 |
|
|
3,629,454 |
|
|
|
— |
|
|
$ |
4.39 |
|
|
|
— |
|
Granted |
|
|
1,652,611 |
|
|
|
— |
|
|
$ |
3.13 |
|
|
|
— |
|
Vested |
|
|
(1,419,644 |
) |
|
|
— |
|
|
$ |
3.93 |
|
|
|
— |
|
Forfeited |
|
|
(317,465 |
) |
|
|
— |
|
|
$ |
4.19 |
|
|
|
— |
|
Non-vested as of December 31, 2024 |
|
|
3,544,956 |
|
|
|
— |
|
|
$ |
4.05 |
|
|
|
— |
|
|
| Summary of Restricted Stock Activity |
The following table summarizes our RSU activity during the periods presented as follows:
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|
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|
|
|
Restricted Stock Units |
|
|
Weighted-Average Grant Date Fair Value |
|
Unvested as of December 31, 2023 |
|
|
3,718,505 |
|
|
$ |
9.98 |
|
Granted |
|
|
3,118,429 |
|
|
|
7.06 |
|
Vested |
|
|
(1,390,754 |
) |
|
|
10.59 |
|
Forfeited |
|
|
(633,699 |
) |
|
|
8.56 |
|
Unvested as of December 31, 2024 |
|
|
4,812,481 |
|
|
$ |
8.10 |
|
|
| Summary of Stock-Based Compensation Expense |
Total stock-based compensation expense, by caption, recorded in the consolidated statements of operations for the periods presented is as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
Cost of labor and chemicals |
|
$ |
10,403 |
|
|
$ |
8,879 |
|
|
$ |
8,349 |
|
General and administrative |
|
|
15,160 |
|
|
|
15,122 |
|
|
|
13,956 |
|
Total stock-based compensation expense |
|
$ |
25,563 |
|
|
$ |
24,001 |
|
|
$ |
22,305 |
|
Income tax benefit for stock-based compensation expense |
|
$ |
(4,524 |
) |
|
$ |
(4,380 |
) |
|
$ |
(3,932 |
) |
Total stock-based compensation expense, by award type, recorded in the consolidated statements of operations for the periods presented is as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
Time Vesting Options |
|
$ |
6,156 |
|
|
$ |
6,812 |
|
|
$ |
6,922 |
|
RSUs |
|
|
18,596 |
|
|
|
16,230 |
|
|
|
13,984 |
|
2021 ESPP |
|
|
811 |
|
|
|
959 |
|
|
|
1,399 |
|
Total stock-based compensation expense |
|
$ |
25,563 |
|
|
$ |
24,001 |
|
|
$ |
22,305 |
|
|