Equity-based compensation (Tables)
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9 Months Ended |
Sep. 30, 2021 |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Summary of Recognized and Unrecognized Equity Based Compensation Expenses |
As of September 30, 2021, the unrecognized equity-based compensation costs related to each equity-based compensation award described above and the related weighted-average remaining service period is the following:
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|
Amount |
|
|
Weighted Average Remaining Service Period (years) |
|
Restricted Stock |
|
$ |
21,617 |
|
|
|
2.9 |
|
RSUs |
|
|
89,875 |
|
|
|
7.2 |
|
Stock Option- Reload Options |
|
|
7,538 |
|
|
|
4.4 |
|
Stock Option- Staking Options |
|
|
505 |
|
|
|
9.8 |
|
Restricted Common Units |
|
|
22,607 |
|
|
|
2.3 |
|
Restricted LLC Units |
|
|
37,236 |
|
|
|
9.3 |
|
Reload Class C Incentive Units |
|
|
9,952 |
|
|
|
3.5 |
|
Staking Class C Incentive Units |
|
|
24,246 |
|
|
|
8.4 |
|
Total unrecognized equity-based compensation expense |
|
$ |
213,576 |
|
|
|
|
A similar view has not been presented for the nine months ended September 30, 2021 as all equity based-compensation expense related to legacy RSG LLC equity would be included in the first line of the table.
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Recognized Expense |
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Unrecognized Expense |
|
Prior to the Organizational Transactions and IPO |
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|
|
|
|
|
RSG LLC equity-based compensation expense |
|
$ |
862 |
|
|
$ |
— |
|
Pre-IPO awards |
|
|
|
|
|
|
Restricted Stock |
|
|
1,600 |
|
|
|
10,781 |
|
Restricted Common Units |
|
|
909 |
|
|
|
6,045 |
|
Impact of Replacement Awards |
|
|
|
|
|
|
Modification of vested Restricted Stock and Restricted Common Units |
|
|
31,142 |
|
|
|
— |
|
Incremental Restricted Stock and Reload Options |
|
|
4,745 |
|
|
|
18,374 |
|
Incremental Restricted Common Units and Reload Class C Incentive Units |
|
|
6,369 |
|
|
|
26,515 |
|
IPO awards |
|
|
|
|
|
|
RSUs and Staking Options |
|
|
9,722 |
|
|
|
90,379 |
|
RLUs and Staking Class C Incentive Units |
|
|
2,621 |
|
|
|
61,482 |
|
Total equity-based compensation expense |
|
$ |
57,970 |
|
|
$ |
213,576 |
|
|
| Restricted Stock [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
Restricted Stock activity for the period was as follows:
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|
|
|
|
|
|
|
|
Nine months ended September 30, 2021 |
|
|
|
Restricted Stock |
|
|
Weighted Average Grant Date Fair Value |
|
Unvested at beginning of period |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
4,521,997 |
|
|
|
21.15 |
|
Vested |
|
|
512,740 |
|
|
|
21.15 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
4,009,257 |
|
|
$ |
21.15 |
|
|
| Restricted Stock Units (RSUs) [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
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|
Nine months ended September 30, 2021 |
|
|
|
Restricted Stock Units |
|
|
Weighted Average Grant Date Fair Value |
|
Unvested at beginning of period |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
4,339,738 |
|
|
|
22.95 |
|
Vested |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
4,339,738 |
|
|
$ |
22.95 |
|
|
| Reload Options [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Summary of Stock Options |
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|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2021 |
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|
Options |
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|
Weighted Average Exercise Price |
|
Outstanding at beginning of period |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
4,592,319 |
|
|
|
23.50 |
|
Exercised |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
4,592,319 |
|
|
$ |
23.50 |
|
|
| Schedule of Valuation Assumptions |
The fair value of Reload Options granted at the time of the IPO was determined using the Black-Scholes option pricing model with the following assumption ranges:
|
|
|
September 30, 2021 |
Volatility |
25.0% |
Time to maturity (years) |
6.5-7.0 |
Risk-free rate |
0.94-1.02% |
Fair value per unit |
$6.42-$6.72 |
Dividend yield |
0.0% |
|
| Staking Options [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Summary of Stock Options |
|
|
|
|
|
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|
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|
Nine months ended September 30, 2021 |
|
|
|
Options |
|
|
Weighted Average Exercise Price |
|
Outstanding at beginning of period |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
66,667 |
|
|
|
23.50 |
|
Exercised |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
66,667 |
|
|
$ |
23.50 |
|
|
| Schedule of Valuation Assumptions |
The fair value of Staking Options granted at the time of the IPO was determined using the Black-Scholes option pricing model with the following assumption ranges:
|
|
|
September 30, 2021 |
Volatility |
25.0% |
Time to maturity (years) |
9.1 |
Risk-free rate |
1.19% |
Fair value per unit |
$7.82 |
Dividend yield |
0.0% |
|
| Restricted Common Units [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
Restricted Common Unit activity for the period was as follows:
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|
Nine months ended September 30, 2021 |
|
|
|
Common Units |
|
|
Weighted Average Grant Date Fair Value |
|
Unvested at beginning of period |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
6,631,926 |
|
|
|
23.84 |
|
Vested |
|
|
403,552 |
|
|
|
23.84 |
|
Forfeited |
|
|
— |
|
|
|
|
Unvested at end of period |
|
|
6,228,374 |
|
|
$ |
23.84 |
|
|
| Restricted LLC Units [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2021 |
|
|
|
Restricted LLC Units |
|
|
Weighted Average Grant Date Fair Value |
|
Unvested at beginning of period |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
1,543,277 |
|
|
|
25.05 |
|
Vested |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
1,543,277 |
|
|
$ |
25.05 |
|
|
| Class C Incentive Units [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Summary of Stock Options |
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2021 |
|
|
|
Class C Incentive Units |
|
|
Weighted Average Participation Threshold |
|
Unvested at beginning of period |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
3,911,490 |
|
|
|
23.50 |
|
Vested |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
3,911,490 |
|
|
$ |
23.50 |
|
|
| Staking Class C Incentive Units [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Summary of Stock Options |
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2021 |
|
|
|
Class C Incentive Units |
|
|
Weighted Average Participation Threshold |
|
Unvested at beginning of period |
|
|
|
|
$ |
— |
|
Granted |
|
|
2,116,667 |
|
|
|
23.50 |
|
Vested |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
2,116,667 |
|
|
$ |
23.50 |
|
|
| Stock Option [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of aggregate intrinsic value and weighted average remaining contractual term |
The aggregate intrinsic value and weighted average remaining contractual terms of Stock Options outstanding and Stock Options exercisable were as follows as of September 30, 2021:
|
|
|
|
|
|
|
September 30, 2021 |
|
Aggregate intrinsic value |
|
|
|
Stock Option- Reload Options outstanding |
|
$ |
47,622 |
|
Stock Option- Reload Options exercisable |
|
|
— |
|
Stock Option- Staking Options outstanding |
|
$ |
691 |
|
Stock Option- Staking Options exercisable |
|
|
— |
|
Weighted-average remaining contractual term (in years) |
|
|
|
Stock Option- Reload Options outstanding |
|
|
9.8 |
|
Stock Option- Reload Options exercisable |
|
|
— |
|
Stock Option- Staking Options outstanding |
|
|
10.8 |
|
Stock Option- Staking Options exercisable |
|
|
— |
|
|