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Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Equity-Based Compensation

Schedule of Valuation Assumptions


		YEAR ENDED DECEMBER 31,
		2020		2019
Pricing model		Monte Carlo		Monte Carlo
Expected dividend yield		0.0	%	0.0	%
Risk-free interest rate⁽¹⁾		0.3	%	1.6	%
Expected stock price volatility⁽²⁾		59	%	55	%
Expected exercise term (in years)⁽³⁾		2.3		2.0

(1)	Based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected exercise term of our incentive units

(2)	In projecting expected stock price volatility, we consider the historical volatility of the stock prices of comparable public companies.

(3)	The Company estimates the expected life of incentive units based upon the timing of a potential liquidity event.

Schedule of units activity

A summary of the Class B Units activity for the period is presented below (dollar amounts are not in thousands):


				WEIGHTED AVERAGE
				Weighted-Average
				Grant-Date			Weighted-Average
				Fair Value			Exercise Price
		UNITS		Per Unit			Per Unit
Outstanding, as of December 31, 2019		5,436,299		$	3.53		11.43
Granted		1,357,408			7.39		26.96
Exercised		(87,930)			3.55		10.2
Forfeited		(377,626)			3.63		10.3
Exchanged		(6,328,151)			4.37		—
Outstanding, December 31, 2020		—		$	—		—

Summary of the restricted stock


						WEIGHTED-AVERAGE
						GRANT-DATE
			SHARES			FAIR VALUE
Non-vested restricted stock as of December 31, 2020			5,941,693		$	23.00
Granted			87,127			31.70
Vested			(1,957,054)			23.02
Forfeited			(161,044)			23.00
Non-vested restricted stock as of December 31, 2021			3,910,722		$	23.18

Summary of the Company's RSU activity


					WEIGHTED-
					AVERAGE
					GRANT DATE
			UNITS		FAIR VALUE
Non-vested RSUs as of December 31, 2020			30,052		$	23.00
Granted			1,347,265			29.19
Vested			(24,728)			23.00
Forfeited			(63,865)			26.80
Non-vested RSUs as of December 31, 2021			1,288,724		$	29.28

Schedule of nonvested Performance-based Units activity


					WEIGHTED-
					AVERAGE
					GRANT DATE
			UNITS		FAIR VALUE
Non-vested PSUs as of December 31, 2020			—		$	—
Granted			418,480			27.36
Vested			—			—
Forfeited			(11,905)			27.45
Non-vested PSUs as of December 31, 2021			406,575		$	27.35

Schedule of compensation expense


		YEAR ENDED DECEMBER 31,
		2021			2020			2019
Cost of revenues		$	5,193		$	8,805		$	156
Sales and marketing			2,204			7,390			110
Research and development			2,872			7,133			121
General and administrative expenses			19,214			41,179			1,304
Total		$	29,483		$	64,507		$	1,691