Stock-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| 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, |
|
|
2022 |
|
2021 |
Expected volatility |
|
34.33% - 53.90% |
|
34.33% - 38.64% |
Risk-free interest rate |
|
0.07% - 4.53% |
|
0.05% - 0.07% |
Expected term (in years) |
|
0.49 - 0.50 |
|
0.35 - 0.49 |
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, |
|
|
2022 |
|
2021 |
|
2020 |
Expected volatility |
|
35.63% - 36.95% |
|
34.13% - 44.89% |
|
26.62% - 30.84% |
Risk-free interest rate |
|
2.96% - 3.65% |
|
0.63% - 1.34% |
|
0.43% - 1.00% |
Expected term (in years) |
|
6.0 - 6.26 |
|
5.2 - 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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|
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|
|
|
|
|
|
|
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|
|
|
|
Time Vesting Options |
|
|
Performance Vesting Options |
|
|
Total Number of Stock Options |
|
|
Weighted-Average Exercise Price |
|
Outstanding as of December 31, 2021 |
|
|
18,513,356 |
|
|
|
12,239,595 |
|
|
|
30,752,951 |
|
|
$ |
2.01 |
|
Granted |
|
|
445,675 |
|
|
|
— |
|
|
|
445,675 |
|
|
$ |
12.16 |
|
Exercised |
|
|
(2,891,074 |
) |
|
|
(2,357,317 |
) |
|
|
(5,248,391 |
) |
|
$ |
0.90 |
|
Forfeited |
|
|
(416,335 |
) |
|
|
— |
|
|
|
(416,335 |
) |
|
$ |
8.74 |
|
Outstanding as of December 31, 2022 |
|
|
15,651,622 |
|
|
|
9,882,278 |
|
|
|
25,533,900 |
|
|
$ |
2.31 |
|
Options vested or expected to vest as of
December 31, 2022 |
|
|
15,287,046 |
|
|
|
9,882,278 |
|
|
|
25,169,324 |
|
|
$ |
5.82 |
|
Options exercisable as of December 31, 2022 |
|
|
11,946,702 |
|
|
|
9,882,278 |
|
|
|
21,828,980 |
|
|
$ |
1.19 |
|
|
| 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, 2021 |
|
|
5,266,469 |
|
|
|
— |
|
|
$ |
3.45 |
|
|
|
— |
|
Non-vested as of December 31, 2022 |
|
|
3,704,919 |
|
|
|
— |
|
|
$ |
3.90 |
|
|
|
— |
|
Granted during the period |
|
|
445,675 |
|
|
|
— |
|
|
$ |
4.85 |
|
|
|
— |
|
Vested during the period |
|
|
1,590,890 |
|
|
|
— |
|
|
$ |
2.71 |
|
|
|
— |
|
Forfeited/canceled during the period |
|
|
416,335 |
|
|
|
— |
|
|
$ |
3.84 |
|
|
|
— |
|
|
| 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, 2021 |
|
|
1,683,077 |
|
|
$ |
15.14 |
|
Granted |
|
|
1,220,555 |
|
|
|
12.12 |
|
Vested |
|
|
(517,422 |
) |
|
|
15.22 |
|
Forfeited |
|
|
(310,351 |
) |
|
|
13.80 |
|
Unvested as of December 31, 2022 |
|
|
2,075,859 |
|
|
$ |
13.55 |
|
|
| 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:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Cost of labor and chemicals |
|
$ |
8,349 |
|
|
$ |
36,500 |
|
|
$ |
— |
|
General and administrative |
|
|
13,956 |
|
|
|
180,079 |
|
|
|
1,493 |
|
Total stock-based compensation expense |
|
$ |
22,305 |
|
|
$ |
216,579 |
|
|
$ |
1,493 |
|
Income tax benefit for stock-based compensation expense |
|
$ |
(3,932 |
) |
|
$ |
(50,932 |
) |
|
$ |
(372 |
) |
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, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Time Vesting Options |
|
$ |
6,922 |
|
|
$ |
5,662 |
|
|
$ |
1,493 |
|
Performance Vesting Options |
|
|
— |
|
|
|
201,985 |
|
|
|
— |
|
RSUs |
|
|
13,984 |
|
|
|
6,585 |
|
|
|
— |
|
2021 ESPP |
|
|
1,399 |
|
|
|
2,347 |
|
|
|
— |
|
Total stock-based compensation expense |
|
$ |
22,305 |
|
|
$ |
216,579 |
|
|
$ |
1,493 |
|
|