Stock-Based Compensation (Tables)
|
9 Months Ended |
Sep. 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:
|
|
|
|
|
Nine Months Ended September 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 |
|
(3,488,524 |
) |
|
|
(5,071,258 |
) |
|
|
(8,559,782 |
) |
|
$ |
0.68 |
|
Forfeited |
|
(173,284 |
) |
|
|
- |
|
|
|
(173,284 |
) |
|
$ |
9.23 |
|
Outstanding as of September 30, 2024 |
|
9,704,530 |
|
|
|
2,633,856 |
|
|
|
12,338,386 |
|
|
$ |
5.39 |
|
Options vested or expected to vest as of September 30, 2024 |
|
9,014,595 |
|
|
|
2,633,856 |
|
|
|
11,648,451 |
|
|
$ |
9.68 |
|
Options exercisable as of September 30, 2024 |
|
5,767,352 |
|
|
|
2,633,856 |
|
|
|
8,401,208 |
|
|
$ |
3.90 |
|
|
| 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 September 30, 2024 |
|
3,937,178 |
|
|
- |
|
$ |
3.87 |
|
|
- |
Granted during the period |
|
1,621,444 |
|
|
- |
|
$ |
3.05 |
|
|
- |
Vested during the period |
|
1,187,832 |
|
|
- |
|
$ |
4.40 |
|
|
- |
Forfeited/canceled during the period |
|
125,888 |
|
|
- |
|
$ |
4.07 |
|
|
- |
|
| Summary of Restricted Stock Activity |
A summary of 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 |
|
(427,367 |
) |
|
$ |
8.75 |
|
Unvested as of September 30, 2024 |
|
5,033,842 |
|
|
$ |
8.16 |
|
|
| 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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|
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|
Three Months Ended September 30, |
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|
Nine Months Ended September 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Cost of labor and chemicals |
$ |
2,719 |
|
|
$ |
2,330 |
|
|
$ |
7,657 |
|
|
$ |
6,474 |
|
General and administrative |
|
3,972 |
|
|
|
3,959 |
|
|
|
11,186 |
|
|
|
11,169 |
|
Total stock-based compensation expense |
$ |
6,691 |
|
|
$ |
6,289 |
|
|
$ |
18,843 |
|
|
$ |
17,643 |
|
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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|
|
|
|
|
|
|
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|
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|
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|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Time Vesting Options |
$ |
1,607 |
|
|
$ |
1,749 |
|
|
$ |
4,566 |
|
|
$ |
5,119 |
|
RSUs |
|
4,897 |
|
|
|
4,344 |
|
|
|
13,652 |
|
|
|
11,784 |
|
2021 ESPP |
|
187 |
|
|
|
196 |
|
|
|
625 |
|
|
|
740 |
|
Total stock-based compensation expense |
$ |
6,691 |
|
|
$ |
6,289 |
|
|
$ |
18,843 |
|
|
$ |
17,643 |
|
|
| 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:
|
|
|
|
|
Nine Months Ended September 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 |
|