Share-Based and Unit-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of RSU Activity

The following table summarizes RSU and PSU activity under the 2021 Incentive Plan for the years ended December 31, 2023 and December 31, 2022 (in thousands, except per unit data):

RSUs and PSUs	Number of Shares	Weighted Average Remaining Contractual Term (years)	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Outstanding as of December 31, 2021	2,142	1.51	$	9.18
Granted	15,369		$	3.94	$	60,583
Forfeited	(1,885)		$	4.99
Vested	(1,844)		$	8.20
Outstanding as of December 31, 2022	13,782	2.05	$	4.05
Granted	8,457		$	1.49	$	12,596
Forfeited	(3,803)		$	2.83
Vested	(5,397)		$	3.82
Outstanding as of December 31, 2023	13,039	1.38	$	2.79

Summary of PSU Activity

The following table summarizes RSU and PSU activity under the 2021 Incentive Plan for the years ended December 31, 2023 and December 31, 2022 (in thousands, except per unit data):

RSUs and PSUs	Number of Shares	Weighted Average Remaining Contractual Term (years)	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Outstanding as of December 31, 2021	2,142	1.51	$	9.18
Granted	15,369		$	3.94	$	60,583
Forfeited	(1,885)		$	4.99
Vested	(1,844)		$	8.20
Outstanding as of December 31, 2022	13,782	2.05	$	4.05
Granted	8,457		$	1.49	$	12,596
Forfeited	(3,803)		$	2.83
Vested	(5,397)		$	3.82
Outstanding as of December 31, 2023	13,039	1.38	$	2.79

Summary of Unit-Based Compensation Expense

Unit-based compensation expense for the years ended December 31, 2023 and December 31, 2022, was as follows (in thousands):

Type of unit	Year Ended December 31, 2023		Year Ended December 31, 2022
Common incentive unit	$	1,345	$	3,663
Participation unit	(49)		(3,291)
Total	$	1,296	$	372

Summary of Incentive Unit Activity

The following table summarizes incentive unit activity under the Opco Plan for the years ended December 31, 2023 and December 31, 2022 (in thousands, except per unit data):

Incentive Units	Number of Incentive Units	Weighted Average Remaining Contractual Term (years)	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Outstanding as of December 31, 2021	16,339	1.79	$	6.30	$	133,240
Granted	—
Forfeited	(313)
Exchanged	(7,732)
Outstanding as of December 31, 2022	8,294	0.79	$	6.30	$	67,635
Granted	—
Forfeited	(5)
Exchanged	(568)
Outstanding as of December 31, 2023	7,721	0	$	6.67	$	51,467

Summary of Valuation Assumptions

The inputs used in the models to estimate the fair value of the common incentive units and participation units granted in 2021 are summarized as follows:

Dividend yield	—%
Risk-free interest rate	0.06% - 0.36%
Expected volatility	51.00% - 53.00%
Expected term (years)	0.50 - 2.00
Discount for lack of marketability	0.082