Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 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 during the periods presented:
|
|
|
|
|
Six Months Ended June 30, |
|
2024 |
|
2023 |
Expected volatility |
49.59% - 50.14% |
|
36.30% - 53.9% |
Risk-free interest rate |
5.38% - 5.41% |
|
4.53% - 5.26% |
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, 2023 |
|
11,744,894 |
|
|
|
7,705,114 |
|
|
|
19,450,008 |
|
|
$ |
3.21 |
|
Granted |
|
1,621,444 |
|
|
|
- |
|
|
|
1,621,444 |
|
|
$ |
7.03 |
|
Exercised |
|
(2,936,519 |
) |
|
|
(4,779,311 |
) |
|
|
(7,715,830 |
) |
|
$ |
0.63 |
|
Forfeited |
|
(150,504 |
) |
|
|
- |
|
|
|
(150,504 |
) |
|
$ |
8.97 |
|
Outstanding as of June 30, 2024 |
|
10,279,315 |
|
|
|
2,925,803 |
|
|
|
13,205,118 |
|
|
$ |
5.13 |
|
Options vested or expected to vest as of June 30, 2024 |
|
9,641,439 |
|
|
|
2,925,803 |
|
|
|
12,567,242 |
|
|
$ |
9.91 |
|
Options exercisable as of June 30, 2024 |
|
6,299,481 |
|
|
|
2,925,803 |
|
|
|
9,225,284 |
|
|
$ |
3.67 |
|
|
| 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, 2023 |
|
3,629,454 |
|
|
- |
|
$ |
4.39 |
|
|
- |
Non-vested as of June 30, 2024 |
|
3,979,836 |
|
|
- |
|
$ |
3.84 |
|
|
- |
Granted during the period |
|
1,621,444 |
|
|
- |
|
$ |
3.05 |
|
|
- |
Vested during the period |
|
1,153,272 |
|
|
- |
|
$ |
4.51 |
|
|
- |
Forfeited/canceled during the period |
|
117,790 |
|
|
- |
|
$ |
3.97 |
|
|
- |
|
| Summary of Restricted Stock Activity |
our RSU activity during the period presented is as follows:
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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 |
|
2,996,219 |
|
|
$ |
7.03 |
|
Vested |
|
(1,253,515 |
) |
|
$ |
10.62 |
|
Forfeited |
|
(325,976 |
) |
|
$ |
9.07 |
|
Unvested as of June 30, 2024 |
|
5,135,233 |
|
|
$ |
8.16 |
|
|
| Summary of Stock-Based Compensation Expense |
Total stock-based compensation expense, by caption, recorded in the condensed consolidated statements of operations for the periods presented is as follows:
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|
Three Months Ended June 30, |
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|
Six Months Ended June 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Cost of labor and chemicals |
$ |
2,465 |
|
|
$ |
2,093 |
|
|
$ |
4,938 |
|
|
$ |
4,143 |
|
General and administrative |
|
3,441 |
|
|
|
3,900 |
|
|
|
7,214 |
|
|
|
7,211 |
|
Total stock-based compensation expense |
$ |
5,906 |
|
|
$ |
5,993 |
|
|
$ |
12,152 |
|
|
$ |
11,354 |
|
Total stock-based compensation expense, by award type, recorded in the condensed consolidated statements of operations for the periods presented is as follows:
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|
|
|
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|
Three Months Ended June 30, |
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|
Six Months Ended June 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Time Vesting Options |
$ |
1,382 |
|
|
$ |
1,774 |
|
|
$ |
2,959 |
|
|
$ |
3,370 |
|
RSUs |
|
4,348 |
|
|
|
3,961 |
|
|
|
8,755 |
|
|
|
7,440 |
|
2021 ESPP |
|
176 |
|
|
|
258 |
|
|
|
438 |
|
|
|
544 |
|
Total stock-based compensation expense |
$ |
5,906 |
|
|
$ |
5,993 |
|
|
$ |
12,152 |
|
|
$ |
11,354 |
|
|
| 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 2021 Plan during the periods presented:
|
|
|
|
|
Six Months Ended June 30, |
|
2024 |
|
2023 |
Expected volatility |
45.98% |
|
43.74% - 44.68% |
Risk-free interest rate |
4.52% |
|
3.68% - 4.21% |
Expected term (in years) |
6.0 |
|
6.0 - 6.26 |
Expected dividend yield |
None |
|
None |
|