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Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of changes in warrant liability
A reconciliation of the changes in the warrant liability during the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands):
Estimated fair value of warrant liability at December 31, 2020$113,905 
Change in estimated fair value of the warrant liability(53,181)
Reclassification of warrant liability to equity for exercised warrants(2,960)
Estimated fair value of warrant liability at December 31, 202157,764 
Change in estimated fair value of the warrant liability(17,158)
Reclassification of warrant liability to equity for exercised warrants(2,103)
Estimated fair value of warrant liability at December 31, 202238,503 
Change in estimated fair value of the warrant liability(34,482)
Estimated fair value of warrant liability at December 31, 2023$4,021 
Reconciliation of contingent consideration liabilities A reconciliation of the Company’s contingent consideration liabilities related to acquisitions for the years ended December 31, 2023 and 2022 is as follows (in thousands):
Year Ended December 31 2023Beginning BalanceAdditionsPaymentsChange in Fair ValueOther activityEnding Balance
Contingent consideration - Level 3 liabilities$7,500 $— $(1,000)$350 $— $6,850 
Year Ended December 31 2022Beginning BalanceAdditionsPaymentsChange in Fair ValueOther activityEnding Balance
Contingent consideration - Level 3 liabilities$20,300 $— $(15,015)$2,215 $— $7,500 
A reconciliation of the changes in the contingent consideration common shares liability related to the Contingent Consideration Common Shares during the year ended December 31, 2021 was as follows (in thousands):
Estimated fair value of contingent consideration common shares liability at December 31, 2020$70,477 
Change in estimated fair value of the contingent consideration common shares liability(29,389)
Reclassification of contingent consideration common shares liability to equity(41,088)
Estimated fair value of contingent consideration common shares liability at December 31, 2021$— 
Schedule of assumptions used to determine the grant date fair value The assumptions used to determine the grant-date fair value of the stock options granted during the year ended December 31, 2021 were as follows:
Year Ended December 31,
2021
Expected volatility 44.5 %
Risk-free interest rate 0.2 %
Expected term4.0 years
Dividend yieldN/A
Schedule of outstanding stock option activity
The following table provides the activity regarding the Company’s outstanding stock options during the years ended December 31, 2023, 2022 and 2021 that were granted in connection with the 2019 Plan (in thousands, except per share data):
Number of
Options
Weighted-Average
Grant Date
Fair Value
per Share
Weighted-Average
Exercise Price
per Share
Weighted-Average
Remaining
Contractual Term
Outstanding, December 31, 20203,464$2.18 $11.56 
Granted703$9.81 $48.72 
Exercised(1,034)$2.19 $11.57 
Forfeited(914)$2.27 $11.66 
Outstanding, December 31, 20212,219$3.75 $19.36 
Activity - none
Outstanding, December 31, 20222,219$3.75 $19.36 
Activity - none
Outstanding, December 31, 20232,219$3.75 $19.36 5.1 Years
The following table provides the activity for all outstanding stock options during the years ended December 31, 2023, 2022 and 2021 (in thousands, except per share data):
Number of
Options
Weighted-Average
Exercise Price
per Share
Weighted-Average
Remaining
Contractual Term
Outstanding, December 31, 20203,464$11.56 
Granted703$48.72 
Issued in connection with the AeroCare acquisition3,960$6.24 
Exercised(1,447)$10.16 
Forfeited(914)$11.66 
Outstanding, December 31, 20215,766$11.26 
Exercised(804)$5.69 
Outstanding, December 31, 20224,962$12.19 
Exercised(1,553)$6.24 
Outstanding, December 31, 20233,409$14.90 4.9 Years
Schedules of exercisable and unexercisable stock option activity
The following table provides the activity for exercisable stock options during the years ended December 31, 2023, 2022, and 2021 (in thousands, except per share data):
Number of
Options
Weighted-Average
Exercise Price
per Share
Weighted-Average
Remaining
Contractual Term
Exercisable, December 31, 20201,155$11.56 
Issued in connection with the AeroCare acquisition3,960$6.24 
Vested907$11.50 
Exercised(1,447)$10.16 
Exercisable, December 31, 20214,575$7.39 
Vested878$18.12 
Exercised(804)$5.69 
Exercisable, December 31, 20224,649$9.73 
Vested234$48.72 
Exercised(1,553)$6.24 
Exercisable, December 31, 20233,330$14.10 4.9 Years
The following table provides the activity for unexercisable stock options during the years ended December 31, 2023, 2022 and 2021 (in thousands, except per share data):
Number of
Options
Weighted-Average
Exercise Price
per Share
Weighted-Average
Remaining
Contractual Term
Unexercisable, December 31, 20202,309$11.56 
Granted703$48.72 
Vested(907)$11.50 
Forfeited(914)$11.66 
Unexercisable, December 31, 20211,191$26.15 
Vested(878)$18.12 
Unexercisable, December 31, 2022313$48.72 
Vested(234)$48.72 
Unexercisable, December 31, 202379$48.72 2.1 Years
Schedule of restricted stock activity
Activity related to the Company’s non-vested restricted stock grants for the years ended December 31, 2023, 2022 and 2021 is presented below (in thousands, except per share data):
Number of Shares of
Restricted Stock
Weighted-Average Grant Date
Fair Value per Share
Non-vested balance, December 31, 20202,248$15.60 
Granted1,354$28.92 
Vested(556)$14.03 
Forfeited(851)$17.64 
Non-vested balance, December 31, 20212,195$19.58 
Granted962$21.26 
Vested(700)$19.99 
Forfeited(196)$20.60 
Non-vested balance, December 31, 20222,261$23.90 
Granted1,311$13.85 
Vested(1,063)$19.59 
Forfeited(441)$25.95 
Non-vested balance, December 31, 20232,068$19.16 
Equity-based compensation expense
The table below presents the equity-based compensation expense recognized during the years ended December 31, 2023, 2022 and 2021, as well the classification of amounts in the consolidated statements of operations (in thousands):
Year Ended December 31,
202320222021
General and administrative expense$19,586 $15,760 $18,021 
Cost of net revenue$2,882 $6,637 $7,302 
Total$22,468 $22,397 $25,323