Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary Of Stock-Based Compensation Expense

Stock-based compensation expense is recognized in cost of revenues, corporate, technology and production systems, and selling, general, and administrative expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2021		2020		2021
Stock-based compensation expense
Cost of revenues	$	—	$	937	$	—	$	958
Corporate technology and production systems		—		1,449		—		1,487
Selling, general and administrative		570		23,196		1,756		24,791
Total stock-based compensation expense	$	570	$	25,582	$	1,756	$	27,236

Summary of Weighted-Average Assumptions used to Determine Compensation Costs and Grant-Date Fair Values

The following tables represent the weighted-average assumptions used to determine compensation costs and grant-date fair values for SVOs and PSOs granted during the nine months ended September 30, 2020 and 2021:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2021			2020			2021
Expected volatility		20.83	%		25.90	%		20.38	%		25.90	%
Risk-free interest rate		1.06	%		0.60	%		1.14	%		0.60	%
Dividend rate		0.00	%		0.00	%		0.00	%		0.00	%
Expected term, in years		5.00			5.00			5.00			5.00

The fair value for IPO Bonus Options granted under the 2021 Equity Plan was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

Expected volatility	44.53	%
Risk-free interest rate	1.04	%
Dividend rate	0.00	%
Expected term, in years	6.38

Summary of SVO and PSO Activity under the 2015 Plan

The table below provides a summary of SVO and PSO activity under the 2015 Plan for the periods presented (in thousands, except shares and per share amounts):

	Outstanding SVOs									Outstanding PSOs
	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)		Aggregate Intrinsic Value		Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)		Aggregate Intrinsic Value
Balances as of December 31, 2019		5,374,486		$	9.97		7.83	$	4,700		3,036,930		$	10.38		9.02	$	1,351
Granted		723,615			10.73						143,760			—
Forfeited / Cancelled		(303,650	)		9.99						(59,900	)		—
Exercised		(143,760	)		8.35				356		—			—
Balances as of September 30, 2020		5,650,691		$	10.10		7.55	$	845		3,120,790		$	10.39		8.30	$	—
Balances as of December 31, 2020		6,289,248		$	9.60		7.58	$	843		3,120,790		$	10.05		8.05	$	—
Granted		316,272			9.68						—			—
Forfeited / Cancelled		(148,552	)		9.63						(23,960	)		9.68
Exercised		(5,990	)		9.39				141		—			—
Balances as of September 30, 2021		6,450,978		$	9.58		6.97	$	105,668		3,096,830		$	10.05		7.31	$	31,122

Summary of Exercisable Service-based Vesting Stock Options And Performance-Based Stock Options

The following table summarizes exercisable SVOs (in thousands, except shares and per share amounts):

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)		Aggregate Intrinsic Value
Exercisable as of September 30, 2020		1,007,113	$	8.89		5.08	$	811
Exercisable as of September 30, 2021		6,450,978		9.58		6.97		105,668

The following table summarizes exercisable PSOs (in thousands, except shares and per share amounts):

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)		Aggregate Intrinsic Value
Exercisable as of September 30, 2020		—	$	—		—	$	—
Exercisable as of September 30, 2021		3,096,830		10.05		7.31		31,122