Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Fair Value Assumptions

The assumptions used in determining the fair value of the in-substance ISOs represented by the Predecessor Promissory Notes for the Predecessor 2020 Period were as follows:

	Predecessor
	Period from January 1, 2020 to June 21, 2020
Range of expected time to exit (years)	3		to	5
Range of volatilities	55.00	%	to	63.09	%
Range of Predecessor Promissory Notes interest rates	1.85	%	to	1.91	%
Range of risk-free interest rates	1.33	%	to	1.62	%

The fair value of each option granted under the Predecessor 2011 Equity Incentive Plan and the Successor Plan was estimated on the grant date under the Black-Scholes OPM using the following assumptions:

	Successor		Predecessor
Expected option term (years)	6		3-5
Expected volatility	32.80	%	55.00%-63.09%
Risk-free rate of return	0.93%-1.15%		1.33%-2.51%
Expected annual dividend yield	—	%	—	%

The fair value of options granted under the Plan was estimated on the grant date under the Black-Scholes OPM using the following assumptions:

Expected option term (years)	6
Expected volatility	32.80	%
Risk-free rate of return	0.93%-1.15%
Expected annual dividend yield	—	%

Summary of Option Activity

A summary of the activity of the Predecessor Promissory Notes is as follows:

	In-substance ISO’s represented by the Predecessor Promissory Notes		Weighted-average exercise price
Predecessor Outstanding as of December 31, 2019	1,028,784		$	0.99
Settled or cancelled	(1,028,784)		0.99
Outstanding as of December 31, 2020	$	—	$	—

A summary of option activity under the Predecessor 2011 Equity Incentive Plan and the Successor Plan as of December 31, 2021 and December 31, 2020, and changes during the years then ended is presented as follows:

Options	Shares	Weighted-Average Grant Date Fair Value per Share		Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term (Years)
Predecessor Outstanding at December 31, 2019	133,661	$	0.66	$	1.47
Forfeited	(2,900)	0.77		1.80
Settled or cancelled	(130,761)	0.66		1.46
Successor Outstanding at December 31, 2020	—	—		—
Granted	1,546,400	3.32		10.00
Exercised	—	—		—
Forfeited	—	—		—
Successor Outstanding at December 31, 2021	1,546,400	$	3.32	$	10.00	9.67

Schedule of Nonvested Restricted Stock Units Activity

A summary of the status of the Company’s restricted stock as of December 31, 2021, and changes during the Successor 2021 Period, is presented as follows:

	Restricted Shares	Weighted-Average Grant Date Fair Value per Share		Weighted-Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Unvested at December 31, 2020	—	$	—
Granted	1,734,600	11.67
Vested	—	—
Forfeited	(16,650)	12.72
Unvested at December 31, 2021	1,717,950	$	11.66	1.8	$	11,596

A summary of the status of the Company’s restricted stock units as of March 31, 2022, and changes during the three months ended March 31, 2022, is presented as follows:

	Restricted Shares	Weighted-Average Grant Date Fair Value per Share		Weighted-Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Unvested at December 31, 2021	1,717,950	$	11.66	1.8	$	11,596
Granted	—	—
Vested	—	—
Forfeited	(41,850)	12.72
Unvested at March 31, 2022	1,676,100	$	11.63	1.6	$	14,213

Summary of Stock Compensation Expense

The table below presents the equity-based compensation expense recorded during the following periods:

	Successor				Predecessor
	Year Ended		Period from		Period from
	December 31, 2021		December 31, 2020		January 1, 2020 to June 21, 2020
Cost of Sales
Incentive Units	$	1,635	$	—	$	—
Stock Options	15		—		—
Restricted Stock Units	466		—		—
Total cost of sales	$	2,116	$	—	$	—
Selling, general and administrative
Promissory Notes	$	—	$	—	$	988
Incentive Units	23,260		—		—
Stock Options	542		102		7
Restricted Stock units	1,194		—		—
Total selling, general and administrative	$	24,996	$	102	$	995
Total equity-based compensation expense	$	27,112	$	102	$	995

The tax benefit of equity-based compensation was $0.2 million and $1 thousand related to the Pr

The table below presents the equity-based compensation expense recorded during the following periods:

	Three Months Ended
	March 31, 2022		March 31, 2021
Cost of Sales
Incentive Units	$	181	$	—
Stock Options	12		—
Restricted Stock Units	627		—
Total cost of sales	$	820	$	—
Selling, general and administrative expenses
Incentive Units	2,171		—
Stock Options	409		—
Restricted Stock units	1,011		—
Total selling, general and administrative expenses	$	3,591	$	—
Total equity-based compensation expense	$	4,411	$	—