Equity-based compensation (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Recognized and Unrecognized Equity Based Compensation Expenses |
As of September 30, 2022, the unrecognized equity-based compensation costs related to each equity-based compensation award described above and the related weighted-average remaining expense period is as follows:
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|
Amount |
|
|
Weighted Average Remaining Expense Period (years) |
|
Restricted Stock |
|
$ |
10,526 |
|
|
|
1.4 |
|
IPO RSUs |
|
|
61,308 |
|
|
|
4.6 |
|
Incentive RSUs |
|
|
24,627 |
|
|
|
2.8 |
|
Reload Options |
|
|
5,218 |
|
|
|
2.1 |
|
Staking Options |
|
|
420 |
|
|
|
6.3 |
|
Incentive Options |
|
|
1,712 |
|
|
|
3.5 |
|
Restricted Common Units |
|
|
9,112 |
|
|
|
0.9 |
|
IPO RLUs |
|
|
30,075 |
|
|
|
6.0 |
|
Incentive RLUs |
|
|
3,609 |
|
|
|
1.8 |
|
Reload Class C Incentive Units |
|
|
6,743 |
|
|
|
2.6 |
|
Staking Class C Incentive Units |
|
|
18,351 |
|
|
|
5.4 |
|
Class C Incentive Units |
|
|
5,116 |
|
|
|
5.3 |
|
Total unrecognized equity-based compensation expense |
|
$ |
176,817 |
|
|
|
|
The following table includes the equity-based compensation expense the Company realized in the three and nine months ended September 30, 2022 by expense type from the view of expense related to pre- and post-IPO awards. The table also presents the unrecognized equity-based compensation expense as of September 30, 2022 in the same view.
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Recognized |
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Unrecognized |
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Three Months Ended |
|
|
Nine Months Ended |
|
|
As of |
|
|
|
September 30, 2022 |
|
|
September 30, 2022 |
|
|
September 30, 2022 |
|
IPO awards |
|
|
|
|
|
|
|
|
|
IPO RSUs and Staking Options |
|
$ |
5,262 |
|
|
$ |
18,269 |
|
|
$ |
61,728 |
|
IPO RLUs and Staking Class C Incentive Units |
|
|
2,998 |
|
|
|
9,680 |
|
|
|
48,426 |
|
Incremental Restricted Stock and Reload Options |
|
|
1,725 |
|
|
|
5,651 |
|
|
|
10,481 |
|
Incremental Restricted Common Units and Reload Class C Incentive Units |
|
|
2,541 |
|
|
|
9,475 |
|
|
|
13,121 |
|
Pre-IPO incentive awards |
|
|
|
|
|
|
|
|
|
Restricted Stock |
|
|
1,187 |
|
|
|
3,989 |
|
|
|
5,263 |
|
Restricted Common Units |
|
|
742 |
|
|
|
2,480 |
|
|
|
2,734 |
|
Post-IPO incentive awards |
|
|
|
|
|
|
|
|
|
Incentive RSUs |
|
|
2,293 |
|
|
|
4,843 |
|
|
|
24,627 |
|
Incentive RLUs |
|
|
684 |
|
|
|
1,464 |
|
|
|
3,609 |
|
Incentive Options |
|
|
126 |
|
|
|
278 |
|
|
|
1,712 |
|
Class C Incentive Units |
|
|
278 |
|
|
|
595 |
|
|
|
5,116 |
|
Other expense |
|
|
|
|
|
|
|
|
|
Director Stock Grants |
|
|
220 |
|
|
|
1,780 |
|
|
N/A |
|
Profit Sharing Contribution |
|
|
— |
|
|
|
2,580 |
|
|
N/A |
|
Total equity-based compensation expense |
|
$ |
18,056 |
|
|
$ |
61,084 |
|
|
$ |
176,817 |
|
The Company recognized equity-based compensation expense of $18.1 million and $58.0 million for the three months ended September 30, 2022 and 2021, respectively. The Company recognized equity-based compensation expense of $61.1 million and $65.6 million for the nine months ended September 30, 2022 and 2021, respectively.
|
| Restricted Stock [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
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|
|
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|
Nine Months Ended September 30, 2022 |
|
|
|
Restricted Stock |
|
|
Weighted Average Grant Date Fair Value |
|
Unvested at beginning of period |
|
|
3,222,634 |
|
|
$ |
21.15 |
|
Granted |
|
|
— |
|
|
|
— |
|
Vested |
|
|
1,122,032 |
|
|
|
21.15 |
|
Forfeited |
|
|
25,075 |
|
|
|
21.15 |
|
Unvested at end of period |
|
|
2,075,527 |
|
|
$ |
21.15 |
|
|
| Reload Options [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Stock Options |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2022 |
|
|
|
Options |
|
|
Weighted Average Exercise Price |
|
Outstanding at beginning of period |
|
|
4,592,319 |
|
|
$ |
23.50 |
|
Granted |
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
36,032 |
|
|
|
23.50 |
|
Unvested at end of period |
|
|
4,556,287 |
|
|
$ |
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:
|
|
|
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 |
|
|
|
|
|
|
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|
|
|
|
Nine Months Ended September 30, 2022 |
|
|
|
Options |
|
|
Weighted Average Exercise Price |
|
Outstanding at beginning of period |
|
|
66,667 |
|
|
$ |
23.50 |
|
Granted |
|
|
— |
|
|
|
— |
|
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 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% |
|
| IPO RSUs [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2022 |
|
|
|
Restricted Stock Units |
|
|
Weighted Average Grant Date Fair Value |
|
Unvested at beginning of period |
|
|
4,330,104 |
|
|
$ |
22.95 |
|
Granted |
|
|
— |
|
|
|
— |
|
Vested |
|
|
447,302 |
|
|
|
22.42 |
|
Forfeited |
|
|
72,771 |
|
|
|
22.51 |
|
Unvested at end of period |
|
|
3,810,031 |
|
|
$ |
23.00 |
|
|
| Incentive RSUs[Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2022 |
|
|
|
Restricted Stock Units |
|
|
Weighted Average Grant Date Fair Value |
|
Unvested at beginning of period |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
864,197 |
|
|
|
35.02 |
|
Vested |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
23,261 |
|
|
|
34.39 |
|
Unvested at end of period |
|
|
840,936 |
|
|
$ |
35.04 |
|
|
| Incentive 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, 2022 |
|
|
|
Options |
|
|
Weighted Average Exercise Price |
|
Outstanding at beginning of period |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
175,222 |
|
|
|
34.39 |
|
Exercised |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
4,830 |
|
|
|
34.39 |
|
Unvested at end of period |
|
|
170,392 |
|
|
$ |
34.39 |
|
|
| Schedule of Valuation Assumptions |
The fair value of Incentive Options granted during the nine months ended September 30, 2022 was determined using the Black-Scholes option pricing model with the following assumptions:
|
|
|
Assumptions |
Volatility |
27.5% |
Time to maturity (years) |
7.0 |
Risk-free rate |
2.16% |
Fair value per unit |
$11.68 |
Dividend yield |
0.0% |
|
| Restricted Common Units [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2022 |
|
|
|
Common Units |
|
|
Weighted Average Grant Date Fair Value |
|
Unvested at beginning of period |
|
|
5,743,520 |
|
|
$ |
23.84 |
|
Granted |
|
|
— |
|
|
|
— |
|
Vested |
|
|
2,346,798 |
|
|
|
23.84 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
3,396,722 |
|
|
$ |
23.84 |
|
|
| Incentive RLUs [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2022 |
|
|
|
Restricted LLC Units |
|
|
Weighted Average Grant Date Fair Value |
|
Unvested at beginning of period |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
145,527 |
|
|
|
34.86 |
|
Vested |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
145,527 |
|
|
$ |
34.86 |
|
|
| 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, 2022 |
|
|
|
Restricted LLC Units |
|
|
Weighted Average Grant Date Fair Value |
|
Unvested at beginning of period |
|
|
1,543,277 |
|
|
$ |
25.05 |
|
Granted |
|
|
— |
|
|
|
— |
|
Vested |
|
|
27,419 |
|
|
|
24.41 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
1,515,858 |
|
|
$ |
25.06 |
|
|
| Reload 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, 2022 |
|
|
|
Class C Incentive Units |
|
|
Weighted Average Participation Threshold |
|
Unvested at beginning of period |
|
|
3,911,490 |
|
|
$ |
23.50 |
|
Granted |
|
|
— |
|
|
|
— |
|
Vested |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
3,911,490 |
|
|
$ |
23.50 |
|
|
| 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, 2022 |
|
|
|
Class C Incentive Units |
|
|
Weighted Average Participation Threshold |
|
Unvested at beginning of period |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
300,000 |
|
|
|
34.39 |
|
Vested |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
300,000 |
|
|
$ |
34.39 |
|
|
| 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, 2022 |
|
|
|
Class C Incentive Units |
|
|
Weighted Average Participation Threshold |
|
Unvested at beginning of period |
|
|
2,116,667 |
|
|
$ |
23.50 |
|
Granted |
|
|
— |
|
|
|
— |
|
Vested |
|
|
119,999 |
|
|
|
23.50 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
1,996,668 |
|
|
$ |
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, 2022:
|
|
|
|
|
|
|
September 30, 2022 |
|
Aggregate intrinsic value ($ in thousands) |
|
|
|
Reload Options outstanding |
|
$ |
78,004 |
|
Reload Options exercisable |
|
|
— |
|
Staking Options outstanding |
|
$ |
1,141 |
|
Staking Options exercisable |
|
|
— |
|
Incentive Options outstanding |
|
$ |
1,062 |
|
Incentive Options exercisable |
|
|
— |
|
Weighted-average remaining contractual term (in years) |
|
|
|
Reload Options outstanding |
|
|
8.8 |
|
Reload Options exercisable |
|
|
— |
|
Staking Options outstanding |
|
|
9.8 |
|
Staking Options exercisable |
|
|
— |
|
Incentive Options outstanding |
|
|
9.5 |
|
Incentive Options exercisable |
|
|
— |
|
|