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Stockholders’ Equity (Tables)
6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Schedule of Stock Option, Activity
The following table summarizes stock option activity under the PH Parent Option Plan and the Plan:
Number of SharesWeighted-
Average
 Exercise Price
Weighted-
Average
Remaining
Contractual
Life
Aggregate Intrinsic
Value
(in thousands)
Balance at December 31, 202213,176,721 $7.86 9.02$197,695 
Granted— — 
Exercised(1,969,629)2.73 
Forfeited(196,040)22.78 
Balance at June 30, 202311,011,052 $8.51 8.32$194,324 
Exercisable June 30, 20238,683,336 $4.65 8.47$186,453 
Schedule of Restricted Stock Unit, Activity
The following table summarizes the RSU activity under the Plan:
Number of SharesGrant Date Fair Value
Unvested and outstanding at December 31, 20222,404,664 $23.81 
Granted1,023,121 27.75 
Vested(407,903)23.85 
Forfeited(133,112)23.86 
Unvested and outstanding at June 30, 20232,886,770 $25.20 
PSU Activity
The following table summarizes the PSU activity under the Plan:
Number of SharesGrant Date Fair Value
Unvested and outstanding at December 31, 2022— $— 
Granted1
525,091 28.15 
Vested— — 
Forfeited— — 
Unvested and outstanding at June 30, 2023525,091 $28.15 
(1) During the six months ended June 30, 2023, Privia awarded RSUs in the form of PSUs to certain executive officers, market leaders and employees which vest after three years, subject to continued employment of the recipients and the achievement of certain performance metric targets. The Company has identified certain performance metrics associated with these awards and certain targets will be fully established at a future date. The Company has determined that the service inception date precedes the grant date for these awards as (a) the awards were authorized prior to establishing an accounting grant date, (b) the recipients began providing services prior to the grant date, and (c) there are performance conditions that, if not met by the accounting grant date, will result in the forfeiture of the awards. As the service inception date precedes the accounting grant date, the Company recognizes stock-based compensation expense over the requisite service period based on the fair value at each reporting date.
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
Stock-based compensation expense was classified in the condensed consolidated statements of operations as follows:
For the Three Months Ended June 30,For the Six Months Ended June 30,
(Dollars in Thousands)2023202220232022
Cost of platform$3,186 $3,664 $5,293 $8,287 
Sales and marketing696 741 1,097 1,529 
General and administrative5,365 14,065 8,238 33,535 
Total stock-based compensation$9,247 $18,470 $14,628 $43,351