Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Share-Based Payment Arrangement [Abstract] |
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| Share-Based Payment Arrangement, Expensed and Capitalized, Amount |
Total stock-based compensation expense recognized in the consolidated statements of operations was as follows:
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December 31, |
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2022 |
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2021 |
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2020 |
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(in thousands) |
| Selling, general and administrative |
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$ |
10,739 |
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$ |
4,528 |
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$ |
3,218 |
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Cost of services (exclusive of depreciation and amortization) |
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735 |
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— |
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— |
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| Total stock-based compensation expense |
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$ |
11,474 |
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$ |
4,528 |
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$ |
3,218 |
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The following inputs and assumptions were used to value the stock options under the Equity Plan as of the grant dates for the years indicated:
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Year Ended December 31, |
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2021 |
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2020 |
| Dividend yield |
NA |
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NA |
| Expected term |
5 Years |
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5 Years |
| Risk-free interest rate |
0.5 |
% |
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2.1 |
% |
| Expected volatility |
43.3 |
% |
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42.5 |
% |
The following inputs and assumptions were used to value the stock options under the Omnibus Plan as of the grant dates for the years indicated:
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Year Ended December 31, |
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2022 |
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2021 |
| Dividend yield |
— |
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— |
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| Expected term |
5.5 - 6.11 Years |
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6.11 Years |
| Risk-free interest rate |
1.74% - 4.35% |
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1.30 |
% |
| Expected volatility |
28.67% - 30.83% |
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28.79 |
% |
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| Share-based Payment Arrangement, Option, Activity |
The following is a summary of stock option activity under the Equity Plan:
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Number of Options |
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Weighted Average Exercise
Price |
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Weighted- Average Remaining Contractual Term
(in years) |
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Aggregate Intrinsic Value |
| Stock options |
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| Options outstanding at December 31, 2021 |
3,760,319 |
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$ |
16.32 |
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| Options granted |
— |
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— |
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| Options exercised |
(50,291) |
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15.97 |
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| Options cancelled/forfeited |
(81,510) |
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16.10 |
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| Options outstanding at December 31, 2022 |
3,628,518 |
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$ |
16.33 |
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6.01 |
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$ |
— |
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| Options vested and exercisable at December 31, 2022 |
2,180,758 |
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$ |
16.24 |
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5.87 |
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$ |
— |
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Options vested and expected to vest
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3,628,518 |
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$ |
16.33 |
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6.01 |
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$ |
— |
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Number of Options |
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Weighted Average Exercise
Price |
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Weighted- Average Remaining Contractual Term
(in years) |
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Aggregate Intrinsic Value |
| Stock options |
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| Options outstanding at December 31, 2021 |
1,889,313 |
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$ |
19.00 |
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| Options granted |
1,197,596 |
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15.40 |
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| Options exercised |
— |
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— |
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| Options cancelled/forfeited |
(45,836) |
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19.00 |
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| Options outstanding at December 31, 2022 |
3,041,073 |
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$ |
17.58 |
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9.15 |
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$ |
129,187 |
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| Options vested and exercisable at December 31, 2022 |
461,236 |
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$ |
19.00 |
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8.81 |
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$ |
— |
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Options vested and expected to vest
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3,041,073 |
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$ |
17.58 |
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9.15 |
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$ |
129,187 |
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| Schedule of Unvested Restricted Stock Units Roll Forward |
A summary of RSU activity under the Omnibus Incentive Plan is as follows:
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Number of Shares |
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Weighted Average Grant Date Fair Value |
| Unvested as of December 31, 2021 |
710,735 |
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$ |
18.97 |
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| Granted |
1,974,670 |
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12.03 |
| Vested |
(192,978) |
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18.83 |
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| Cancelled/forfeited |
(78,896) |
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16.13 |
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| Unvested as of December 31, 2022 |
2,413,531 |
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$ |
13.40 |
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