Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Share-Based Compensation Expense |
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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2023 |
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2022 |
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2021 |
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(in thousands) |
| Selling, general and administrative |
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$ |
17,439 |
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$ |
10,739 |
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$ |
4,528 |
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| Cost of services (exclusive of depreciation and amortization) |
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1,299 |
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735 |
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— |
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| Total stock-based compensation expense |
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$ |
18,738 |
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$ |
11,474 |
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$ |
4,528 |
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| Schedule of Inputs and Assumptions used to value the Stock Options under the Plan |
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 |
| Dividend yield |
NA |
| Expected term |
5 Years |
| Risk-free interest rate |
0.5 |
% |
| Expected volatility |
43.3 |
% |
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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2023 |
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2022 |
| Dividend yield |
— |
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— |
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| Expected term |
6.11 Years |
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5.5 - 6.11 Years |
| Risk-free interest rate |
3.66% |
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1.74% - 4.35% |
| Expected volatility |
31.03% |
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28.67% - 30.83% |
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| Schedule of Stock Option Activity under the Equity Plan |
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, 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 granted |
— |
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— |
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| Options exercised |
— |
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— |
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| Options cancelled/forfeited |
(732,500) |
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16.89 |
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| Options outstanding at December 31, 2023 |
2,896,018 |
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$ |
16.19 |
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4.86 |
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$ |
— |
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| Options vested and exercisable at December 31, 2023 |
2,350,055 |
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$ |
16.15 |
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4.82 |
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$ |
— |
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Options vested and expected to vest
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2,896,018 |
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$ |
16.19 |
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4.86 |
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$ |
— |
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A summary of the Company’s stock option activity under the Omnibus Incentive Plan is as follows:
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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, 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 granted |
48,276 |
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10.47 |
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| Options exercised |
(4,315) |
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10.47 |
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| Options cancelled/forfeited |
(1,488,254) |
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16.55 |
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| Options outstanding at December 31, 2023 |
1,596,780 |
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$ |
18.34 |
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7.93 |
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$ |
— |
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| Options vested and exercisable at December 31, 2023 |
764,844 |
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$ |
18.59 |
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7.89 |
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$ |
— |
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Options vested and expected to vest
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1,596,780 |
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$ |
18.34 |
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7.93 |
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$ |
— |
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| Schedule of Restricted Stock Units |
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, 2022 |
$ |
2,413,531 |
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$ |
13.40 |
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| Granted |
3,397,633 |
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9.11 |
| Vested |
(564,696) |
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12.17 |
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| Cancelled/forfeited |
(1,491,991) |
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13.50 |
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Unvested as of December 31, 2023 |
$ |
3,754,477 |
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$ |
9.67 |
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