Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Black-Scholes Option Pricing Model

The assumptions used for the Black-Scholes option pricing model to determine the fair value of Base Options granted are as follows:

	December 31,
	2023		2022		2021
Risk-free interest rate	3.43% -4.37%		1.94% - 4.18%		0.75% - 1.58%
Expected dividends	$	—	$	—	$	—
Expected volatility	55.42% -65.04%		48.66% - 64.29%		58.95% - 63.33%
Expected term (in years)	6.25		6.25		6.25

Summary of Option Activity

The Company’s outstanding Base Options consisted of the following (shares in thousands):

	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Stock options outstanding as of January 1, 2023	10,638	$	7.15
Granted	419	26.31
Exercised	(1,454)	3.82
Forfeited	(173)	22.52
Stock options outstanding as of December 31, 2023	9,430	$	8.23	5.8	$	65,440
Expected to vest as of December 31, 2023	2,761	$	15.28	7.4	$	9,534
Exercisable as of December 31, 2023	6,669	$	5.32	5.8	$	55,906

The Company’s outstanding Upside Options consisted of the following (shares in thousands):

	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Stock options outstanding as of January 1, 2023	9,167	$	7.16
Exercised	(1,332)	6.17
Forfeited	(9)	20.56
Stock options outstanding as of December 31, 2023	7,826	$	7.31	4.8	$	45,048
Expected to vest as of December 31, 2023	1,370	$	11.51	6.5	$	3,122
Exercisable as of December 31, 2023	6,456	$	6.42	4.8	$	41,926

Summary of Restricted Stock and Performance Shares

The following table summarizes employee restricted stock award activity, including performance stock units, for the year ended December 31, 2023 (units in thousands):

	Restricted Stock Units	Weighted-Average Grant-Date Fair Value
Unvested as of January 1, 2023	1,822	$	22.35
Granted	1,733	26.36
Vested	(357)	23.59
Forfeited	(216)	24.30
Unvested as of December 31, 2023	2,982	24.39

The following table summarizes Physician Partners Equity Awards activity, including performance stock units, for the year ended December 31, 2023 (units in thousands):

	Restricted Stock Units	Weighted-Average Grant-Date Fair Value
Unvested as of January 1, 2023	5,460	$	25.95
Granted	2,421	16.99
Vested	(744)	22.18
Unvested as of December 31, 2023	7,137	20.39