Stock-based compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Valuation Thresholds and Stock Units Vested

The RSUs were to vest based on the Company attaining certain valuation thresholds upon a vesting event, defined as: (i) a deemed liquidation event or change in control; (ii) the closing of a financing transaction including the sale, issuance or redemption of the Company’s (or one of its subsidiaries) equity securities, and any initial public offering; or (iii) at any time that the Company’s common stock is publicly traded, with the Company’s equity value exceeding the following thresholds:


Company Equity Value Threshold						Potential Restricted Stock Units Vested
$1.0 billion						912,882
$1.5 billion						912,882
$2.0 billion						912,884

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The weighted-average fair value and the assumptions used to measure fair value were for SOs granted during the nine months ended September 30, 2022 as follows:


Weighted-average fair value (1)	$	1.51
Expected volatility (2)	26.70		%
Risk-free interest rate (3)	2.20% - 3.51%
Expected dividend yield (4)	—
Expected term in years	5.05 - 6.25


(1)			The weighted-average fair value based on stock options granted during the period.
(2)			Selected volatility is relevered equity volatility based on median asset volatility.
(3)			The risk-free interest rate was estimated based on the yield on U.S. Treasury scrips.
(4)			The expected dividend yield represents a constant dividend yield applied for the duration of the expected term of the award.

Schedule of Share-based Payment Arrangement, Option, Activity

A summary of option activity under the employee share option plan as of September 30, 2022, and changes during the period then ended is presented below:


	Shares (in thousands)	Weighted - Average Exercise Price		Weighted - Average Remaining Contractual Term	Aggregate Intrinsic Value (in thousands)




Outstanding as of January 1, 2022	252	$	15.92		$	—


Granted	441	12.47
Exercised	—
Forfeited or expired	(29)	15.94
Outstanding as of June 30, 2022	664	$	13.40	8.62	$	—
Granted	1,813	$	2.52
Exercised	—	—
Forfeited or expired	(107)	5.41
Outstanding as of September 30, 2022	2,370	$	5.72		$	—
Vested and exercisable	822	$	4.29		$	574
Expected to vest	1548	$	6.48	9.53	$	1,043

Schedule of Nonvested Restricted Stock Units Activity

A summary of RSU’s activity is as follows:


	Shares (in thousands)	Weighted - Average Grant Date Fair Value Per Share
Outstanding as of January 1, 2022	997	$	15.74
Granted	901	8.92
Vested	(128)	5.93
Forfeited	—	—
Outstanding as of June 30, 2022	1,770	$	12.54
Granted	1,592	2.18
Vested	(222)	13.20
Forfeited	(12)	$	9.10
Outstanding as of September 30, 2022	3,128	$	7.23

Schedule of Nonvested Restricted Stock Shares Activity

A summary of RSAs activity is as follows:


	Shares (in thousands)	Weighted - Average Grant Date Fair Value Per Share
Outstanding as of January 1, 2022	117	$	14.60
Granted	342
Vested	(112)	15.09
Forfeited	(5)	15.15
Outstanding as of June 30, 2022	342	$	4.68
Granted	—	—
Vested	—	—
Forfeited	—	—
Outstanding as of September 30, 2022	342	$	4.68