Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022:

	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, 2021		10,938,521		$	18.02	$	9.17	$	—
Options granted		1,269,156			8.95
Options exercised		—			—
Options forfeited / expired		(282,595	)		18.02
Balances as of March 31, 2022		11,925,082			17.05		9.03		2,896
Vested and Exercisable as of March 31, 2022		(2,633,227	)		18.00		8.92		—

Schedule of Equity-Based Compensation Expense

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

	Three Months Ended March 31,
(amounts in thousands)	2022		2021
Selling, general and administrative expenses	$	24,926	$	25,221
Medical expenses		3,121		6,566
Total equity-based compensation expense	$	28,047	$	31,787

Stock Options

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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:

	Three Months Ended March 31,
	2022			2021
Expected term (in years)(1)		6.25		6.25
Expected volatility(2)	39.5% - 44.5%				41.7	%
Risk-free interest rate(3)	1.4% - 1.8%				1.1	%
Dividend yield(4)		0.0	%		0.0	%

(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 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 for the three months ended March 31, 2022:

	Restricted Shares			Weighted-Average Grant Date Fair Value
Unvested and outstanding as of December 31, 2021		8,613,780		$	10.32
Vested		(2,148,391	)		15.80
Forfeited		(163,064	)		3.69
Unvested and outstanding as of March 31, 2022		6,302,325			8.63

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 for the three months ended March 31, 2022:

	Restricted Stock Units			Weighted-Average Grant Date Fair Value
Unvested and outstanding as of December 31, 2021		1,662,282		$	18.54
Granted		3,064,412			9.15
Vested(1)		(406,176	)		18.54
Cancelled/forfeited		(36,288	)		18.01
Unvested and outstanding as of March 31, 2022		4,284,230			11.83

(1) Includes 22,668 shares that vested, but the issuance and delivery of the shares was deferred