Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Equity-Based Compensation Expense

We recognized equity-based compensation expense as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(amounts in thousands)	2021		2020		2021		2020
Cash settlement of SARs	$	—	$	—	$	11,399	$	—
Modification charge from performance-based Incentive Units and SARs		—		—		921		—
Other		30,887		350		50,354		676
Total equity-based compensation expense	$	30,887	$	350	$	62,674	$	676

Schedule of Equity-Based Compensation Expense of Operation

Total equity-based compensation expense was presented on the condensed statement of operations as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(amounts in thousands)	2021		2020		2021		2020
Selling, general and administrative expenses	$	28,430	$	350	$	53,651	$	676
Medical expenses		2,457		—		9,023		—
Total equity-based compensation expense	$	30,887	$	350	$	62,674	$	676

Stock Options

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Stock Option Activity Transactions

The following is a summary of the stock option transactions as of and for the three and six months ended June 30, 2021:

	Stock Options Outstanding
(amounts in thousands, except shares and per share amount)	Shares Subject to Options Outstanding			Weighted- Average Exercise Price per Option		Weighted- Average Remaining Contractual Terms (in years)		Aggregate Intrinsic Value
Balances as of December 31, 2020		—		$	—
Options granted		11,123,391			18.00
Options exercised		—			—
Options forfeited / expired		—			—
Balances as of March 31, 2021		11,123,391		$	18.00
Options granted		14,560			26.06
Options exercised		—			—
Options forfeited / expired		(20,227	)		18.00
Balances as of June 30, 2021		11,117,724		$	18.01		9.67	$	59,624
Vested		—		$	—		—	$	—
Exercisable as of June 30, 2021		—		$	—		—	$	—

Schedule of Weighted-Average Assumptions Used to Determine the Fair value of Stock Options Granted

The weighted-average assumptions used to determine the fair value of stock options granted during the periods presented were as follows:

	Six Months Ended June 30,
	2021		2020
Expected term (in years)(1)		6.25	N/A
Expected volatility(2)	41.5% - 41.7%		N/A
Risk-free interest rate(3)	1.1%		N/A
Dividend yield(4)	0%		N/A

(1)An estimated expected life of 6.25 years before exercise was used based on the midpoint of the vesting date and the full contractual term (known as the simplified method). We do not have sufficient history of exercise for similar awards.

(2)The expected volatility for new options granted post-IPO was estimated based on the historical daily price changes of our peer companies’ common stock over the most recent period equal to the expected term of the option, adjusted for debt-equity leverage.

(3)The risk-free interest rate for period equal to the expected term of the option was based on the rate of treasury securities with the same term as the option as of the grant date.

(4)An expected dividend yield of 0% was used because we have not historically paid dividends.

Restricted Stock Awards

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Restricted Stock Transactions

The following is a summary of RSA transactions as of and for the three and six months ended June 30, 2021:

	Restricted Shares			Weighted-Average Grant Date Fair Value
Unvested and outstanding as of December 31, 2020		—		$	—
Converted		10,348,789			7.85
Granted		214,669			18.00
Vested		—			—
Unvested and outstanding as of March 31, 2021		10,563,458		$	8.05
Converted		—			—
Granted		—			—
Vested		(192,578	)		0.38
Unvested and outstanding as of June 30, 2021		10,370,880		$	8.20

Restricted Stock Units

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Restricted Stock Transactions

The following is a summary of RSU transactions as of and for the three and six months ended June 30, 2021:

	Restricted Stock Units			Weighted-Average Grant Date Fair Value
Unvested and outstanding as of December 31, 2020		—		$	—
Granted		1,517,000			18.00
Vested		—			—
Unvested and outstanding as of March 31, 2021		1,517,000		$	18.00
Granted		148,892			24.08
Vested		—			—
Cancelled/forfeited		(28,442	)		18.27
Unvested and outstanding as of June 30, 2021		1,637,450		$	18.55

Stock Appreciation Rights (SARs)

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Stock Appreciation Rights Transactions

The following table is a summary of SARs transactions as of and for the three and six months ended June 30, 2021:

	SARs
Balance as of December 31, 2020		179,925
Granted		—
Canceled		(11,800	)
Cash settlement or converted into common stock		(168,125	)
Unvested and outstanding as of March 31, 2021		—
Granted		—
Canceled		—
Cash settlement or converted into common stock		—
Unvested and outstanding as of June 30, 2021		—

Series B and C

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Equity Based Awards Converted to RSA and Common Stock

The following table summarizes the equity-based awards activity as if the Series B and C Incentive Units were converted to RSA and common stock at the earliest period presented:

	Equivalent Shares of RSA and Common Stock
Balance as of December 31, 2020		23,882,595
Granted		—
Canceled		—
Redeemed		(231,313	)
Converted into common stock		(13,602,982	)
Converted into unvested RSAs		(10,048,300	)
Balance as of March 31, 2021		—
Granted		—
Canceled		—
Redeemed		—
Converted into common stock		—
Converted into unvested RSAs		—
Balance as of June 30, 2021		—

	Equivalent Shares of RSA and Common Stock
Balance as of December 31, 2019		22,185,514
Granted		—
Canceled		(324,330	)
Redeemed		—
Balance as of March 31, 2020		21,861,184
Granted		192,023
Canceled		—
Redeemed		—
Balance as of June 30, 2020		22,053,207

Summary of Unvested Equity Based Awards Converted to RSA and Common Stock

The following table summarizes unvested equity-based awards activity as if the Series B and C Incentive Units were converted to restricted common stock at the earliest period presented:

	Equivalent Shares of Restricted Common Stock
Balance as of December 31, 2020		11,805,828
Granted		—
Vested		(1,757,528	)
Converted into unvested RSAs		(10,048,300	)
Balance as of March 31, 2021		—
Granted		—
Vested		—
Converted into unvested RSAs		—
Balance as of June 30, 2021		—

	Equivalent Shares of Restricted Common Stock
Balance as of December 31, 2019		12,856,273
Granted		—
Vested		(1,988,819	)
Balance as of March 31, 2020		10,867,454
Granted		192,023
Vested		(175,087	)
Balance as of June 30, 2020		10,884,390