Equity-based compensation (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Year Ended December 31, 2023 |
|
|
|
Restricted Stock |
|
|
Weighted Average Grant Date
Fair Value |
|
|
Restricted
Common Units |
|
|
Weighted Average Grant Date
Fair Value |
|
Unvested at beginning of period |
|
|
1,984,939 |
|
|
$ |
21.15 |
|
|
|
3,238,597 |
|
|
$ |
23.84 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Vested |
|
|
(1,027,952 |
) |
|
|
21.15 |
|
|
|
(2,116,033 |
) |
|
|
23.84 |
|
Forfeited |
|
|
(18,077 |
) |
|
|
21.15 |
|
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
938,910 |
|
|
$ |
21.15 |
|
|
|
1,122,564 |
|
|
$ |
23.84 |
|
|
| Summary of Recognized and Unrecognized Equity Based Compensation Expenses |
As of December 31, 2023, the unrecognized equity-based compensation expense related to each type of equity-based compensation award described above and the related weighted-average remaining expense period were as follows:
|
|
|
|
|
|
|
|
|
|
Amount |
|
Weighted Average
Remaining Expense
Period (years) |
|
Restricted Stock |
|
$ |
3,614 |
|
|
0.8 |
|
IPO RSUs |
|
|
39,972 |
|
|
3.9 |
|
Incentive RSUs |
|
|
44,992 |
|
|
2.6 |
|
Reload Options |
|
|
2,564 |
|
|
1.3 |
|
Staking Options |
|
|
314 |
|
|
5.5 |
|
Incentive Options |
|
|
1,039 |
|
|
2.1 |
|
Restricted Common Units |
|
|
2,269 |
|
|
0.4 |
|
IPO RLUs |
|
|
21,554 |
|
|
5.1 |
|
Incentive RLUs |
|
|
13,947 |
|
|
2.2 |
|
Reload Class C Incentive Units |
|
|
2,688 |
|
|
1.3 |
|
Staking Class C Incentive Units |
|
|
12,665 |
|
|
4.6 |
|
Class C Incentive Units |
|
|
7,433 |
|
|
4.3 |
|
Total unrecognized equity-based compensation expense |
|
$ |
153,051 |
|
|
|
The following table includes the equity-based compensation the Company recognized by award type from the view of expense related to pre-IPO and post-IPO awards. The table also presents the unrecognized equity-based compensation expense as of December 31, 2023 in the same view.
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|
Recognized |
|
Unrecognized |
|
|
|
Year Ended December 31, |
|
As of |
|
|
|
2023 |
|
2022 |
|
2021 |
|
December 31, 2023 |
|
Prior to the Organizational Transactions and IPO |
|
|
|
|
|
|
|
|
|
LLC equity-based compensation expense |
|
$ |
— |
|
$ |
— |
|
$ |
8,457 |
|
$ |
— |
|
IPO awards |
|
|
|
|
|
|
|
|
|
Modification of vested Restricted Stock and Restricted Common Units |
|
|
— |
|
|
— |
|
|
31,142 |
|
|
— |
|
IPO RSUs and Staking Options |
|
|
15,760 |
|
|
22,700 |
|
|
18,234 |
|
|
40,286 |
|
IPO RLUs and Staking Class C Incentive Units |
|
|
11,424 |
|
|
12,561 |
|
|
5,997 |
|
|
34,219 |
|
Incremental Restricted Stock and Reload Options |
|
|
4,332 |
|
|
7,126 |
|
|
6,779 |
|
|
4,371 |
|
Incremental Restricted Common Units and Reload Class C Incentive Units |
|
|
7,119 |
|
|
11,705 |
|
|
10,170 |
|
|
4,276 |
|
Pre-IPO incentive awards |
|
|
|
|
|
|
|
|
|
Restricted Stock |
|
|
2,387 |
|
|
4,860 |
|
|
3,323 |
|
|
1,807 |
|
Restricted Common Units |
|
|
1,454 |
|
|
3,079 |
|
|
1,859 |
|
|
681 |
|
Post-IPO incentive awards |
|
|
|
|
|
|
|
|
|
Incentive RSUs |
|
|
19,245 |
|
|
7,417 |
|
|
— |
|
|
44,992 |
|
Incentive RLUs |
|
|
4,567 |
|
|
2,148 |
|
|
— |
|
|
13,947 |
|
Incentive Options |
|
|
466 |
|
|
431 |
|
|
— |
|
|
1,039 |
|
Class C Incentive Units |
|
|
1,906 |
|
|
873 |
|
|
— |
|
|
7,433 |
|
Other expense |
|
|
|
|
|
|
|
|
|
Director Stock Grants |
|
|
1,083 |
|
|
2,000 |
|
|
495 |
|
|
— |
|
Profit sharing contribution |
|
|
— |
|
|
2,580 |
|
|
— |
|
|
— |
|
Total equity-based compensation expense |
|
$ |
69,743 |
|
$ |
77,480 |
|
$ |
86,456 |
|
$ |
153,051 |
|
|
| Reload Options [Member] |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Schedule of Valuation Assumptions of Reload, Staking and Incentive Options |
The fair values of Reload Options and Staking Options granted at the time of the IPO and Incentive Options granted during 2022 were determined using the Black-Scholes option pricing model with the following assumptions:
|
|
|
|
|
Reload Options |
Staking Options |
Incentive Options |
Volatility |
25.0% |
25.0% |
27.5% |
Time to maturity (years) |
6.5-7.0 |
9.1 |
7.0 |
Risk-free rate |
0.9%-1.0% |
1.2% |
2.2% |
Fair value per unit |
$6.42-$6.72 |
$7.82 |
$11.68 |
Dividend yield |
0.0% |
0.0% |
0.0% |
|
| Restricted LLC Units [Member] |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2023 |
|
|
|
IPO RLUs |
|
|
Incentive RLUs |
|
|
|
Restricted
LLC Units |
|
|
Weighted Average Grant Date
Fair Value |
|
|
Restricted
LLC Units |
|
|
Weighted Average Grant Date
Fair Value |
|
Unvested at beginning of period |
|
|
1,515,858 |
|
|
$ |
25.06 |
|
|
|
145,527 |
|
|
$ |
34.86 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
379,148 |
|
|
|
41.14 |
|
Vested |
|
|
(67,731 |
) |
|
|
24.41 |
|
|
|
(42,045 |
) |
|
|
34.86 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
(301 |
) |
|
|
34.85 |
|
Unvested at end of period |
|
|
1,448,127 |
|
|
$ |
25.09 |
|
|
|
482,329 |
|
|
$ |
39.80 |
|
|
| Class C Incentive Units [Member] |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Summary of Stock Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2023 |
|
|
|
Reload Class C Incentive Units1 |
|
|
Staking Class C Incentive Units1 |
|
|
Class C
Incentive Units |
|
|
Class C Incentive Units Weighted Average Participation Threshold |
|
Unvested at beginning of period |
|
|
3,911,490 |
|
|
|
1,996,668 |
|
|
|
300,000 |
|
|
$ |
34.39 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
195,822 |
|
|
|
40.90 |
|
Vested |
|
|
— |
|
|
|
(119,999 |
) |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unvested at end of period |
|
|
3,911,490 |
|
|
|
1,876,669 |
|
|
|
495,822 |
|
|
$ |
36.96 |
|
|
| Restricted Stock Unit [Member] |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
Upon vesting, RSUs automatically convert on a one-for-one basis into Class A common stock.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2023 |
|
|
|
IPO RSUs |
|
|
Incentive RSUs |
|
|
|
Restricted
Stock Units |
|
|
Weighted Average Grant Date
Fair Value |
|
|
Restricted
Stock Units |
|
|
Weighted Average Grant Date
Fair Value |
|
Unvested at beginning of period |
|
|
3,771,624 |
|
|
$ |
23.00 |
|
|
|
984,439 |
|
|
$ |
34.64 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
921,288 |
|
|
|
41.37 |
|
Vested |
|
|
(372,466 |
) |
|
|
22.43 |
|
|
|
(70,055 |
) |
|
|
35.05 |
|
Forfeited |
|
|
(39,380 |
) |
|
|
22.53 |
|
|
|
(15,756 |
) |
|
|
34.89 |
|
Unvested at end of period |
|
|
3,359,778 |
|
|
$ |
23.07 |
|
|
|
1,819,916 |
|
|
$ |
38.02 |
|
|
| Employee Stock Option |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Summary of Stock Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2023 |
|
|
|
Reload Options1 |
|
|
Staking Options1 |
|
|
Incentive Options |
|
|
Incentive Options
Weighted Average
Exercise Price |
|
Outstanding at beginning of period |
|
|
4,554,749 |
|
|
|
66,667 |
|
|
|
170,392 |
|
|
$ |
34.39 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
(81,361 |
) |
|
|
— |
|
|
|
(4,708 |
) |
|
|
34.39 |
|
Outstanding at end of period |
|
|
4,473,388 |
|
|
|
66,667 |
|
|
|
165,684 |
|
|
$ |
34.39 |
|
|
| Schedule of aggregate intrinsic values and weighted average remaining contractual term |
The aggregate intrinsic values and weighted average remaining contractual terms of Stock Options outstanding as of December 31, 2023 were as follows:
|
|
|
|
Aggregate intrinsic value ($ in thousands): |
|
|
Reload Options outstanding |
$ |
87,321 |
|
Staking Options outstanding |
|
1,301 |
|
Incentive Options outstanding |
|
1,430 |
|
Weighted-average remaining contractual term (in years): |
|
|
Reload Options outstanding |
|
7.4 |
|
Staking Options outstanding |
|
8.6 |
|
Incentive Options outstanding |
|
8.2 |
|
|