Equity-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Activity for RSUs |
A summary of the total activity for RSUs during the years ended December 31, 2024 and 2023 is as follows (in thousands, except per RSU data):
|
|
|
|
|
|
|
|
|
|
|
RSUs |
|
|
Weighted Average Grant Date Fair Value Per RSU |
|
Unvested at December 31, 2022 |
|
|
2,551 |
|
|
$ |
10.99 |
|
Granted |
|
|
2,775 |
|
|
|
7.22 |
|
Forfeited |
|
|
(232 |
) |
|
|
8.81 |
|
Vested |
|
|
(1,228 |
) |
|
|
10.62 |
|
Unvested at December 31, 2023 |
|
|
3,866 |
|
|
|
8.35 |
|
Granted |
|
|
11,376 |
|
|
|
5.29 |
|
Forfeited |
|
|
(605 |
) |
|
|
7.41 |
|
Vested |
|
|
(2,860 |
) |
|
|
7.93 |
|
Unvested at December 31, 2024 |
|
|
11,777 |
|
|
$ |
5.61 |
|
|
| Summary of Activity for Stock Option |
A summary of the total activity for stock options during the years ended December 31, 2023 and 2024 is as follows (in thousands, except price per option data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Options |
|
|
Weighted Average Exercise Price Per Stock Option |
|
|
Weighted Average Remaining Contractual Life (Years) |
|
|
Aggregate Intrinsic Value |
|
Outstanding at December 31, 2022 |
|
|
6,125 |
|
|
$ |
12.09 |
|
|
|
9.0 |
|
|
$ |
— |
|
Granted to employees |
|
|
3,601 |
|
|
|
7.17 |
|
|
|
|
|
|
|
Granted to consultants: |
|
|
|
|
|
|
|
|
|
|
|
|
Tranche #1 |
|
|
200 |
|
|
|
7.98 |
|
|
|
|
|
|
|
Tranche #2 |
|
|
300 |
|
|
|
17.00 |
|
|
|
|
|
|
|
Tranche #3 |
|
|
400 |
|
|
|
23.00 |
|
|
|
|
|
|
|
Expired |
|
|
(29 |
) |
|
|
13.35 |
|
|
|
|
|
|
|
Cancelled |
|
|
(1,790 |
) |
|
|
13.93 |
|
|
|
|
|
|
|
Outstanding at December 31, 2023 |
|
|
8,807 |
|
|
|
8.02 |
|
|
|
8.7 |
|
|
|
— |
|
Forfeited |
|
|
(557 |
) |
|
|
7.01 |
|
|
|
|
|
|
|
Expired |
|
|
(148 |
) |
|
|
6.90 |
|
|
|
|
|
|
|
Outstanding at December 31, 2024 |
|
|
8,102 |
|
|
|
8.11 |
|
|
|
7.7 |
|
|
|
— |
|
Vested and exercisable at December 31, 2024 |
|
|
5,661 |
|
|
$ |
7.47 |
|
|
|
|
|
|
|
|
| Fair Value Assumptions for Stock Option at the Date of Grant |
The following assumptions were used to calculate the fair value of the 2022 Stock Options, the 2023 Stock Options, and the Stock Option Cancellation and Repricing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 7, 2023 |
|
|
June 14, 2023 |
|
|
March 10, 2023 |
|
|
November 11, 2022 |
|
|
March 11, 2022 |
|
Expected term (years) |
|
7.9 - 8.9 |
|
|
|
7.0 |
|
|
|
5.9 |
|
|
|
5.9 |
|
|
|
5.9 |
|
Expected volatility |
|
47.0% - 48.0% |
|
|
|
42.0 |
% |
|
|
42.0 |
% |
|
|
40.0 |
% |
|
|
37.5 |
% |
Risk-free rate |
|
|
4.2 |
% |
|
|
4.0 |
% |
|
|
3.9 |
% |
|
|
3.9 |
% |
|
|
2.0 |
% |
Expected dividend yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
No stock options were granted during the year ended December 31, 2024.
|
| Hoya Topco, LLC |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Activity for Unit Awards |
the Hoya Topco incentive units, Class D Units, and Class E Units during the years ended December 31, 2024, 2023, and 2022 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incentive Units |
|
|
Class D Units |
|
|
Class E Units |
|
|
|
Units |
|
|
Weighted Average Grant Date Fair Value Per Unit |
|
|
Units |
|
|
Weighted Average Grant Date Fair Value Per Unit |
|
|
Units |
|
|
Weighted Average Grant Date Fair Value Per Unit |
|
Outstanding at December 31, 2022 |
|
|
836,000 |
|
|
$ |
2.32 |
|
|
|
1,952,330 |
|
|
$ |
4.60 |
|
|
|
500,765 |
|
|
$ |
25.46 |
|
Repurchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Cancelled |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Outstanding at December 31, 2023 |
|
|
836,000 |
|
|
|
2.32 |
|
|
|
1,952,330 |
|
|
|
4.60 |
|
|
|
500,765 |
|
|
|
25.46 |
|
Repurchased |
|
|
(820,600 |
) |
|
|
2.32 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Cancelled |
|
|
— |
|
|
|
— |
|
|
|
(1,904,250 |
) |
|
|
4.31 |
|
|
|
(500,765 |
) |
|
|
25.46 |
|
Forfeited |
|
|
(15,400 |
) |
|
|
2.32 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Outstanding at December 31, 2024 |
|
|
— |
|
|
$ |
— |
|
|
|
48,080 |
|
|
$ |
16.09 |
|
|
|
— |
|
|
$ |
— |
|
As of December 31, 2024, the remaining outstanding Class D units are fully vested and held by former employees such that any future activity would not impact our financial results.
|