Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Activity

The maximum number of shares of the Corporation's common stock reserved for issuance over the term of the Plan, shares outstanding, and shares remaining under the Plan, after giving effect to the Exchange Ratio, as of March 31, 2021 and December 31, 2020 were as follows:

March 31, 2021	Shares Authorized Under Plan		Shares Outstanding Under Plan		Shares Remaining Under Plan
2014 Plan		54,402,264		46,231,470	N/A
2020 Plan		30,641,401		1,924,526		28,716,875
2020 Management Incentive Plan		33,426,983		33,426,983		—
December 31, 2020	Shares Authorized Under Plan		Shares Outstanding Under Plan		Shares Remaining Under Plan
2014 Plan		54,402,264		36,557,759		17,844,505

Effective as of the closing of the Business Combination, the 2014 Plan terminated at which time the outstanding awards previously granted thereunder were assumed by the Corporation, and no new awards are available for grant under the 2014 Plan.

Summary of Stock-Based Compensation Cost

Compensation cost presented in salaries and benefits in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss were as follows:

Three Months Ended March 31,	2021		2020
	(in thousands)
Stock options	$	3,694	$	1,977
RSUs		14,052		—
PRSUs		24,967		—
Total compensation cost recognized for stock-based compensation plans	$	42,713	$	1,977

As of March 31, 2021, there was approximately $511.5 million of unrecognized stock-based compensation expense related to unvested stock options, RSUs, and PRSUs, estimated to be recognized over a period of 4.78 years. As of December 31, 2020, there was approximately $14.9 million of unrecognized stock-based compensation expense related to unvested stock options.

Schedule of Assumptions to Estimate Fair Value of Stock Options on Weighted Average Basis

The assumptions that the Corporation used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted for the three months ended March 31, 2021 and 2020, respectively, were as follows:

Three Months Ended March 31, 2021	2021			2020
Weighted-average risk-free interest rate		1.06	%		1.47	%
Expected term (in years)		6.06			6.30
Expected volatility		37.74	%		29.63	%
Expected dividend yield		—	%		—	%

Summary of Stock Option Activity

A summary of option activity under the 2020 Plan during the three months ended March 31, 2021 is as follows:

	Number of options			Weighted-average exercise price
Outstanding, January 1, 2021		—		$	-
Granted during 2021		1,937,968			8.88
Exercised		—			—
Forfeited		(13,442	)		8.88
Outstanding, March 31, 2021		1,924,526		$	8.87

A summary of option activity under the 2014 Plan during the three months ended March 31, 2021 is as follows:

	Number of options			Weighted-average exercise price
Outstanding, January 1, 2021		36,513,193		$	2.26
Granted during 2021		—			—
Exercised		(761,480	)		1.63
Forfeited		(267,115	)		2.43
Outstanding, March 31, 2021		35,484,598		$	2.27

Summary of Total RSU activity

A summary of total RSU activity for the three months ended March 31, 2021 is presented below:

Three Months Ended March 31, 2021
Granted	16,844,216
Exercised	(95,834	)
Outstanding, March 31, 2021	16,748,382

Summary of Weighted Average Grant Date Fair Value of Performance Restricted Stock Units

The weighted-average grant date fair value of Market PRSUs granted during the three months ended March 31, 2021 was $9.59 per underlying share. There were no Market PRSUs granted prior to 2021. The grant date fair value of Market PRSUs was determined using a Monte Carlo simulation model that incorporated multiple valuation assumptions, including the probability of achieving the specified market condition and the following assumptions:

Three Months Ended March 31, 2021
Expected volatility (1)	40.70	%
Risk-free interest rate (2)	0.50	%
Dividend yield (3)	0.00	%

(1) Expected volatility is based on a blend of peer group company historical data adjusted for the Corporation's leverage.

(2) Risk-free interest rate based on U.S. Treasury yields with a term equal to the remaining Performance Period as of the grant date.

(3) Dividend yield was assumed to be zero as the Corporation does not anticipate paying dividends.

Summary of Total Performance Restricted Stock Units

A summary of total PRSU activity for the three months ended March 31, 2021 is presented below:

Three Months Ended March 31, 2021
Granted	27,460,364
Non-vested at March 31, 2021	27,460,364

Summary of Warrant Activity

A summary of activity relating to the warrants of the service providers during the three months ended March 31, 2021 and 2020, respectively, is as follows:

	Number of warrants			Weighted-average exercise price
Outstanding, December 31, 2019		261,681		$	3.00
Granted during 2020		—			—
Exercised		—			—
Forfeited		—			—
Outstanding, March 31, 2020		261,681		$	3.00
Outstanding, December 31, 2020		261,681		$	3.00
Granted during 2021		—			—
Exercised		(261,681	)		3.00
Forfeited		—			—
Outstanding, March 31, 2021		—		$	—