XML 64 R48.htm IDEA: XBRL DOCUMENT v3.24.0.1
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Payment Arrangement, Activity
The maximum number of shares of the Company's common stock reserved for issuance over the term of the Plans, shares outstanding under the Plans, and shares remaining under the Plans at December 31, 2023 were as follows:
December 31, 2023Shares Authorized Under PlansShares Outstanding Under PlansShares Remaining Under Plans
2014 Plan54,402,264 24,041,781 N/A
2020 Plan58,521,709 47,481,258 — 
2020 MIP33,426,983 26,741,587 — 
Inducement Plan11,000,000 5,043,120 2,131,783 
Schedule of Stock-Based Compensation Cost
Compensation cost presented within Salaries and benefits within the accompanying audited Consolidated Statements of Operations and Comprehensive Loss were as follows:
Years ended December 31,
202320222021
(in thousands)
Stock options$3,335 $3,445 $7,998 
RSUs83,790 75,312 65,514 
PRSUs53,611 85,270 89,930 
ESPP195 278 281 
Total compensation cost recognized for stock-based compensation plans$140,931 $164,305 $163,723 
Schedule of Assumptions to Estimate Fair Value of Stock Options on Weighted Average Basis The assumptions that the Company used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted for the year ended December 31, 2021 were as follows:
Year ended December 31,
2021
Weighted-average risk-free interest rate1.06 %
Expected term (in years)6.06
Expected volatility37.74 %
Expected dividend yield— 
Schedule of Stock Option Activity
A summary of option activity under the 2020 Plan during the years ended December 31, 2023, was as follows:
Number of stock optionsWeighted-average exercise price
Outstanding, January 1, 2023
1,364,822 $8.88 
Granted
— — 
Exercised— — 
Forfeited(411,922)8.88 
Outstanding, December 31, 2023
952,900 $8.88 
A summary of stock option activity under the 2014 Plan during the years ended December 31, 2023, was as follows:
Number of stock optionsWeighted-average exercise price
Outstanding, January 1, 2023
25,631,686 $2.35 
Granted
— — 
Exercised(79,189)0.95 
Forfeited(1,510,744)2.43 
Outstanding, December 31, 2023
24,041,753 $1.45 
Schedule of Total RSU Activity
A summary of total RSU activity for the year ended December 31, 2023 is presented below:
Number of RSUsWeighted-average grant date fair value per share
Outstanding, January 1, 2023
49,617,199 $6.48 
Granted during 2023
28,977,160 1.00 
Released(15,054,999)5.87 
Forfeited(6,610,955)2.76 
Outstanding, December 31, 2023
56,928,405 $4.28 
Schedule of Weighted Average Grant Date Fair Value of Performance Restricted Stock Units
The assumptions that the Company used in the Monte Carlo model to determine the grant date fair value of Market PRSUs granted for the year ended December 31, 2021, were as follows:
Year ended December 31, 2021
Expected volatility (1)
40.7 %
Risk-free interest rate (2)
0.5 
Dividend yield (3)
— 
(1) Expected volatility is based on a blend of peer group company historical data adjusted for the Company's leverage.
(2) Risk-free interest rate based on U.S. Treasury yields with a term equal to the remaining Performance Period at the grant date.
(3) Dividend yield was assumed to be zero as the Company does not anticipate paying dividends.
Schedule of Total Performance Restricted Stock Units
A summary of PRSU activity for the year ended December 31, 2023 is presented below:
Number of PRSUsWeighted-average grant date fair value per share
Non-vested, January 1, 2023
29,945,235 $8.92 
Granted during 2023
3,200,913 0.95 
Vested(958,951)1.23 
Forfeited(55,665)5.48 
Non-vested at December 31, 2023
32,131,532 $8.36 
Schedule of Assumptions Used in ESPP Fair Value Determination
The assumptions that the Company used in the Black-Scholes option-pricing model to determine the fair value of the purchase rights under the ESPP for the years ended December 31, 2023, 2022, and 2021 are as follows:

Years ended
2023
2022
2021
Weighted-average risk-free interest rate5.4 %467.0 %0.1 %
Expected term (in years)0.500.490.42
Expected volatility82.3 %78.4 %147.4 %