Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of stock option activity

The following table summarizes the Company’s stock option activity for the year ended December 31, 2021:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding - January 1, 2021		—		$	—
Granted		10,408,270			14.75
Forfeited		(3,623,250	)		13.13
Outstanding - December 31, 2021		6,785,020		$	15.64		9.45	$	59,482
Options vested and expected to vest - December 31, 2021		6,785,020		$	15.64		9.45	$	59,482

Summary of valuation assumptions

The fair value of PSU awards is recognized on a straight-line basis over their measurement period as compensation expense, and is not subject to reversal even if the market condition is not achieved. The fair value of PSUs was determined using a Monte Carlo simulation with the following assumptions:

Input	2021 Grants
Risk-free interest rate	0.50% - 0.65%
Expected volatility of the Company’s Class A Common Stock	55.0%

Schedule of unvested share activity

The following table summarizes the Company’s unvested equity award activity for the year ended December 31, 2021:

				Weighted Average Grant Date Fair Value
	RSUs			PSUs			RSUs		PSUs
Outstanding - January 1, 2021		—			—		$	—	$	—
Granted		439,488			1,350,000			25.91		9.92
Vested		(30,963	)		—			26.16		—
Forfeited		(27,750	)		(375,000	)		26.16		6.10
Outstanding - December 31, 2021		380,775			975,000			25.88		11.39

Summary of share based compensation

Compensation expense attributable to net stock-based compensation was $12.4 million, $0.4 million and $0.1 million for the years ended December 31, 2021, 2020 and 2019, respectively and recorded in the Consolidated Statements of Comprehensive Loss as follows:

	Year Ended December 31,
(in thousands)	2021		2020		2019
Cost of sales		405		67		37
Selling and marketing		3,547		58		—
Research and development		195		—		53
General and administrative		8,271		238		13
Stock-based compensation expense	$	12,418	$	363	$	103