Stock-Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| 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 during the periods presented:
|
|
|
|
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
Expected volatility |
36.30% - 53.9% |
|
34.33% - 52.72% |
Risk-free interest rate |
4.53% - 5.26% |
|
0.07% - 1.54% |
Expected term (in years) |
0.49 - 0.50 |
|
0.49 - 0.50 |
Expected dividend yield |
None |
|
None |
|
| Summary of Stock Option Activity |
A summary of our stock option activity during the 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 |
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|
Weighted-Average Exercise Price |
|
Outstanding as of December 31, 2022 |
|
15,651,622 |
|
|
|
9,882,278 |
|
|
|
25,533,900 |
|
|
$ |
2.31 |
|
Granted |
|
1,704,740 |
|
|
|
- |
|
|
|
1,704,740 |
|
|
$ |
8.90 |
|
Exercised |
|
(4,585,715 |
) |
|
|
(1,729,694 |
) |
|
|
(6,315,409 |
) |
|
$ |
0.72 |
|
Forfeited |
|
(228,332 |
) |
|
|
(7,682 |
) |
|
|
(236,014 |
) |
|
$ |
11.34 |
|
Outstanding as of September 30, 2023 |
|
12,542,315 |
|
|
|
8,144,902 |
|
|
|
20,687,217 |
|
|
$ |
3.23 |
|
Options vested or expected to vest as of September 30, 2023 |
|
11,568,556 |
|
|
|
8,144,902 |
|
|
|
19,713,458 |
|
|
$ |
7.26 |
|
Options exercisable as of September 30, 2023 |
|
8,590,062 |
|
|
|
8,144,902 |
|
|
|
16,734,964 |
|
|
$ |
1.80 |
|
|
| 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 period presented are 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, 2022 |
|
3,704,919 |
|
|
- |
|
|
$ |
3.90 |
|
|
$ |
- |
|
Non-vested as of September 30, 2023 |
|
3,952,253 |
|
|
|
- |
|
|
$ |
4.26 |
|
|
$ |
- |
|
Granted during the period |
|
1,704,740 |
|
|
|
- |
|
|
$ |
4.36 |
|
|
$ |
- |
|
Vested during the period |
|
1,266,754 |
|
|
|
- |
|
|
$ |
3.24 |
|
|
$ |
- |
|
Forfeited/canceled during the period |
|
190,652 |
|
|
|
- |
|
|
$ |
5.18 |
|
|
$ |
- |
|
|
| Summary of Restricted Stock Activity |
The following table summarizes our RSU activity since December 31, 2022:
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Restricted Stock Units |
|
|
Weighted-Average Grant Date Fair Value |
|
Unvested as of December 31, 2022 |
|
2,075,859 |
|
|
$ |
13.55 |
|
Granted |
|
2,488,793 |
|
|
$ |
8.40 |
|
Vested |
|
(638,365 |
) |
|
$ |
13.58 |
|
Forfeited |
|
(276,525 |
) |
|
$ |
11.55 |
|
Unvested as of September 30, 2023 |
|
3,649,762 |
|
|
$ |
10.18 |
|
|
| Summary of Stock-Based Compensation Expense |
Total stock-based compensation expense, by caption, recorded in the unaudited condensed consolidated statements of operations and comprehensive income for the periods presented is as follows:
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|
|
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|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Cost of labor and chemicals |
$ |
2,330 |
|
|
$ |
2,268 |
|
|
$ |
6,474 |
|
|
$ |
6,168 |
|
General and administrative |
|
3,959 |
|
|
|
3,193 |
|
|
|
11,169 |
|
|
|
10,791 |
|
Total stock-based compensation expense |
$ |
6,289 |
|
|
$ |
5,461 |
|
|
$ |
17,643 |
|
|
$ |
16,959 |
|
Total stock-based compensation expense, by award type, recorded in the unaudited condensed consolidated statements of operations and comprehensive income for the periods presented is as follows:
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|
|
|
|
|
|
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|
|
|
|
|
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|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Time Vesting Options |
$ |
1,749 |
|
|
$ |
1,521 |
|
|
$ |
5,119 |
|
|
$ |
5,388 |
|
RSUs |
|
4,344 |
|
|
|
3,587 |
|
|
|
11,784 |
|
|
|
10,505 |
|
2021 ESPP |
|
196 |
|
|
|
353 |
|
|
|
740 |
|
|
|
1,066 |
|
Total stock-based compensation expense |
$ |
6,289 |
|
|
$ |
5,461 |
|
|
$ |
17,643 |
|
|
$ |
16,959 |
|
|
| 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:
|
|
|
|
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
Expected volatility |
43.74% - 44.68% |
|
35.63% - 35.87% |
Risk-free interest rate |
3.68% - 4.21% |
|
2.96% - 3.34% |
Expected term (in years) |
6.0 - 6.26 |
|
6.0 |
Expected dividend yield |
None |
|
None |
|