Equity-based compensation (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Summary of Recognized and Unrecognized Equity Based Compensation Expenses |
As of December 31, 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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|
|
|
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|
Amount |
|
|
Weighted Average Remaining Service Period (years) |
|
Restricted Stock |
|
$ |
18,676 |
|
|
|
2.7 |
|
RSUs |
|
|
81,319 |
|
|
|
6.9 |
|
Stock Option- Reload Options |
|
|
6,901 |
|
|
|
4.1 |
|
Stock Option- Staking Options |
|
|
483 |
|
|
|
9.6 |
|
Restricted Common Units |
|
|
18,663 |
|
|
|
2.0 |
|
Restricted LLC Units |
|
|
35,413 |
|
|
|
9.0 |
|
Reload Class C Incentive Units |
|
|
9,146 |
|
|
|
3.3 |
|
Staking Class C Incentive Units |
|
|
22,694 |
|
|
|
8.1 |
|
Total unrecognized equity-based compensation expense |
|
$ |
193,295 |
|
|
|
|
The table also presents the unrecognized equity-based compensation expense as of December 31, 2021 in the same view.
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Recognized Expense |
|
|
Unrecognized Expense |
|
Prior to the Organizational Transactions and IPO |
|
|
|
|
|
|
RSG LLC equity-based compensation expense |
|
$ |
8,457 |
|
|
$ |
- |
|
Pre-IPO awards |
|
|
|
|
|
|
Restricted Stock |
|
|
3,323 |
|
|
|
9,477 |
|
Restricted Common Units |
|
|
1,859 |
|
|
|
5,988 |
|
Impact of Replacement Awards |
|
|
|
|
|
|
Modification of vested Restricted Stock and Restricted Common Units |
|
|
31,142 |
|
|
|
- |
|
Incremental Restricted Stock and Reload Options |
|
|
6,779 |
|
|
|
16,101 |
|
Incremental Restricted Common Units and Reload Class C Incentive Units |
|
|
10,170 |
|
|
|
21,821 |
|
IPO awards |
|
|
|
|
|
|
RSUs and Staking Options |
|
|
18,234 |
|
|
|
81,802 |
|
RLUs and Staking Class C Incentive Units |
|
|
5,997 |
|
|
|
58,106 |
|
Director Stock Grants |
|
|
|
|
|
|
Director Stock Grants |
|
|
495 |
|
|
N/A |
|
Total equity-based compensation expense |
|
$ |
86,456 |
|
|
$ |
193,295 |
|
|
| 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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|
|
|
|
|
|
|
|
|
Year Ended December 31, 2021 |
|
|
|
Restricted Stock |
|
|
Weighted Average Grant Date Fair Value |
|
Unvested at beginning of period |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
4,521,997 |
|
|
|
21.15 |
|
Vested |
|
|
1,299,363 |
|
|
|
21.15 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
3,222,634 |
|
|
$ |
21.15 |
|
|
| Restricted Stock Units (RSUs) [Member] |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2021 |
|
|
|
Restricted Stock Units |
|
|
Weighted Average Grant Date Fair Value |
|
Unvested at beginning of period |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
4,339,738 |
|
|
|
22.95 |
|
Vested |
|
|
9,634 |
|
|
|
23.34 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
4,330,104 |
|
|
$ |
22.95 |
|
|
| Reload Options [Member] |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Summary of Stock Options |
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2021 |
|
|
|
Options |
|
|
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 was determined using the Black-Scholes option pricing model with the following assumption ranges:
|
|
|
|
|
Assumptions |
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 |
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 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 was determined using the Black-Scholes option pricing model with the following assumptions:
|
|
|
|
|
Assumptions |
Volatility |
|
25.0% |
Time to maturity (years) |
|
9.1 |
Risk-free rate |
|
1.19% |
Fair value per unit |
|
$7.82 |
Dividend yield |
|
0.0% |
|
| Stock Option [Member] |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Schedule of aggregate intrinsic value and weighted average remaining contractual term |
The aggregate intrinsic value and weighted average remaining contractual terms of Stock Options outstanding and Stock Options exercisable were as follows as of December 31, 2021:
|
|
|
|
|
|
|
December 31,
2021 |
|
Aggregate intrinsic value ($ in thousands) |
|
|
|
Stock Option- Reload Options outstanding |
|
$ |
77,381 |
|
Stock Option- Reload Options exercisable |
|
|
— |
|
Stock Option- Staking Options outstanding |
|
$ |
1,123 |
|
Stock Option- Staking Options exercisable |
|
|
— |
|
Weighted-average remaining contractual term (in years) |
|
|
|
Stock Option- Reload Options outstanding |
|
|
9.6 |
|
Stock Option- Reload Options exercisable |
|
|
— |
|
Stock Option- Staking Options outstanding |
|
|
10.6 |
|
Stock Option- Staking Options exercisable |
|
|
— |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2021 |
|
|
|
Common Units |
|
|
Weighted Average Grant Date Fair Value |
|
Unvested at beginning of period |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
6,631,926 |
|
|
|
23.84 |
|
Vested |
|
|
888,406 |
|
|
|
23.84 |
|
Forfeited |
|
|
— |
|
|
|
|
Unvested at end of period |
|
|
5,743,520 |
|
|
$ |
23.84 |
|
|
| Restricted LLC Units [Member] |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 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 |
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 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 |
|
|
| Class C Incentive Unit Staking Options [Member] |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Summary of Stock Options |
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 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 |
|
|