Stock-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| 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:
|
|
|
|
|
Year Ended December 31, |
|
|
2021 |
Expected volatility |
|
34.33% - 38.64% |
Risk-free interest rate |
|
0.05% - 0.07% |
Expected term (in years) |
|
0.35 - 0.49 |
Expected dividend yield |
|
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:
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2021 |
|
2020 |
|
2019 |
Expected volatility |
|
34.13% - 44.89% |
|
26.62% - 30.84% |
|
51.00% |
Risk-free interest rate |
|
0.63% - 1.34% |
|
0.43% - 1.00% |
|
2.01% |
Expected term (in years) |
|
5.2 - 6.5 |
|
6.5 |
|
6.5 |
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 |
|
|
Performance Vesting Options |
|
|
Total Number of Stock Options |
|
|
Weighted-Average Exercise Price |
|
Outstanding as of December 31, 2020 |
|
|
19,958,043 |
|
|
|
13,341,504 |
|
|
|
33,299,547 |
|
|
$ |
0.78 |
|
Granted |
|
|
3,209,630 |
|
|
|
747,936 |
|
|
|
3,957,566 |
|
|
$ |
10.24 |
|
Exercised |
|
|
(4,593,349 |
) |
|
|
(1,812,693 |
) |
|
|
(6,406,042 |
) |
|
$ |
0.70 |
|
Forfeited |
|
|
(60,968 |
) |
|
|
(37,152 |
) |
|
|
(98,120 |
) |
|
$ |
3.01 |
|
Outstanding as of December 31, 2021 |
|
|
18,513,356 |
|
|
|
12,239,595 |
|
|
|
30,752,951 |
|
|
$ |
2.01 |
|
Options vested or expected to vest as of
December 31, 2021 |
|
|
17,836,369 |
|
|
|
12,239,595 |
|
|
|
30,075,964 |
|
|
$ |
0.94 |
|
Options exercisable as of December 31, 2021 |
|
|
13,246,864 |
|
|
|
12,239,595 |
|
|
|
25,486,459 |
|
|
$ |
0.84 |
|
|
| 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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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2020 |
|
|
3,450,607 |
|
|
|
13,341,504 |
|
|
$ |
0.96 |
|
|
$ |
0.59 |
|
Non-vested as of December 31, 2021 |
|
|
5,266,469 |
|
|
|
— |
|
|
$ |
3.45 |
|
|
|
— |
|
Granted during the period |
|
|
3,209,630 |
|
|
|
747,936 |
|
|
$ |
5.12 |
|
|
$ |
2.26 |
|
Vested during the period |
|
|
1,337,992 |
|
|
|
14,052,288 |
|
|
$ |
0.86 |
|
|
$ |
14.37 |
|
Forfeited/canceled during the period |
|
|
60,968 |
|
|
|
37,152 |
|
|
$ |
1.24 |
|
|
$ |
1.27 |
|
|
| Summary of Restricted Stock Activity |
The following table summarizes the Company’s RSU activity during the periods presented as follows:
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|
|
|
|
|
|
|
|
|
Restricted Stock Units |
|
|
Weighted-Average Grant Date Fair Value |
|
Unvested as of December 31, 2020 |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
1,755,045 |
|
|
|
15.14 |
|
Vested |
|
|
(7,680 |
) |
|
|
15.00 |
|
Forfeited |
|
|
(64,288 |
) |
|
|
15.03 |
|
Unvested as of December 31, 2021 |
|
|
1,683,077 |
|
|
$ |
15.14 |
|
|
| Summary of Stock-Based Compensation Expense |
Total stock-based compensation expense, by caption, recorded in the consolidated statements of operations and comprehensive income (loss) for the periods presented is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
Cost of labor and chemicals |
|
$ |
36,500 |
|
|
$ |
— |
|
|
$ |
— |
|
General and administrative |
|
|
180,079 |
|
|
|
1,493 |
|
|
|
2,365 |
|
Total stock-based compensation expense |
|
$ |
216,579 |
|
|
$ |
1,493 |
|
|
$ |
2,365 |
|
Income tax (benefit) provision for stock-based compensation expense |
|
$ |
(50,932 |
) |
|
$ |
(372 |
) |
|
$ |
(528 |
) |
Total stock-based compensation expense, by award type, recorded in the consolidated statements of operations and comprehensive income (loss) for the periods presented is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
Time Vesting Options |
|
$ |
5,662 |
|
|
$ |
1,493 |
|
|
$ |
2,365 |
|
Performance Vesting Options |
|
|
201,985 |
|
|
|
— |
|
|
|
— |
|
RSUs |
|
|
6,585 |
|
|
|
— |
|
|
|
— |
|
2021 ESPP |
|
|
2,347 |
|
|
|
— |
|
|
|
— |
|
Total stock-based compensation expense |
|
$ |
216,579 |
|
|
$ |
1,493 |
|
|
$ |
2,365 |
|
|
| Time Vesting Options [Member] |
|
| 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 Time Vesting Options granted under the 2014 Plan and 2021 Plan during the periods presented as follows:
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2021 |
|
2020 |
|
2019 |
Expected volatility |
|
34.13% - 44.89% |
|
26.62% - 30.84% |
|
51.00% |
Risk-free interest rate |
|
0.63% - 1.34% |
|
0.43% - 1.00% |
|
2.01% |
Expected term (in years) |
|
5.2 - 6.5 |
|
6.5 |
|
6.5 |
Expected dividend yield |
|
None |
|
None |
|
None |
|