Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2025 |
|---|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
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| Schedule of Estimated Grant-Date Fair Value of Stock-Based Awards Using Black-Scholes Option Pricing Model Assumptions |
The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant date fair value of stock purchase rights granted under the 2021 ESPP during the periods presented:
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Six Months Ended June 30, |
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|
2025 |
|
2024 |
Expected volatility |
|
39.42 % - 42.14% |
|
49.59% - 50.14% |
Risk-free interest rate |
|
4.30% - 4.44% |
|
5.38% - 5.41% |
Expected term (in years) |
|
0.49 - 0.50 |
|
0.49 - 0.50 |
Expected dividend yield |
|
None |
|
None |
Time Vesting Options The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant date fair value of Time Vesting Options granted under the 2021 Plan during the periods presented:
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Six Months Ended June 30, |
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|
2025 |
|
2024 |
Expected volatility |
|
46.74% |
|
45.98% |
Risk-free interest rate |
|
4.07% |
|
4.52% |
Expected term (in years) |
|
6.0 |
|
6.0 |
Expected dividend yield |
|
None |
|
None |
|
| Summary of Stock Option Activity |
A summary of our stock option activity during the period presented is as follows:
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Time Vesting Options |
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|
Performance Vesting Options |
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Total Number of Stock Options |
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|
Weighted-Average Exercise Price |
|
Outstanding as of December 31, 2024 |
|
|
9,137,994 |
|
|
|
1,897,467 |
|
|
|
11,035,461 |
|
|
$ |
5.70 |
|
Granted |
|
|
1,583,512 |
|
|
|
— |
|
|
|
1,583,512 |
|
|
$ |
7.08 |
|
Exercised |
|
|
(986,093 |
) |
|
|
(553,300 |
) |
|
|
(1,539,393 |
) |
|
$ |
1.38 |
|
Forfeited |
|
|
(193,073 |
) |
|
|
— |
|
|
|
(193,073 |
) |
|
$ |
9.39 |
|
Outstanding as of June 30, 2025 |
|
|
9,542,340 |
|
|
|
1,344,167 |
|
|
|
10,886,507 |
|
|
$ |
6.44 |
|
Options vested or expected to vest as of June 30, 2025 |
|
|
9,010,111 |
|
|
|
1,344,167 |
|
|
|
10,354,278 |
|
|
$ |
9.16 |
|
Options exercisable as of June 30, 2025 |
|
|
5,950,001 |
|
|
|
1,344,167 |
|
|
|
7,294,168 |
|
|
$ |
5.69 |
|
|
| Schedule of Weighted Average Grant Date Fair Value of Stock Options |
The number and weighted-average grant date fair value of stock options during the period presented are as follows:
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|
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|
|
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|
|
|
Number of Stock Options |
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|
Weighted-Average
Grant Date Fair Value |
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|
|
Time Vesting Options |
|
|
Performance Vesting Options |
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|
Time Vesting Options |
|
|
Performance Vesting Options |
|
Unvested as of December 31, 2024 |
|
|
3,544,956 |
|
|
|
— |
|
|
$ |
4.05 |
|
|
|
— |
|
Granted |
|
|
1,583,512 |
|
|
|
— |
|
|
$ |
3.56 |
|
|
|
— |
|
Vested |
|
|
(1,450,382 |
) |
|
|
— |
|
|
$ |
4.12 |
|
|
|
— |
|
Forfeited |
|
|
(85,746 |
) |
|
|
— |
|
|
$ |
4.24 |
|
|
|
— |
|
Unvested as of June 30, 2025 |
|
|
3,592,340 |
|
|
|
— |
|
|
$ |
3.79 |
|
|
|
— |
|
|
| Summary of Restricted Stock Activity |
A summary of our RSU activity during the period presented is as follows:
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Restricted Stock Units |
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|
Weighted-Average Grant Date Fair Value |
|
Unvested as of December 31, 2024 |
|
|
4,812,481 |
|
|
$ |
8.10 |
|
Granted |
|
|
3,037,300 |
|
|
|
7.08 |
|
Vested |
|
|
(1,835,398 |
) |
|
|
8.56 |
|
Forfeited |
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|
(320,535 |
) |
|
|
7.55 |
|
Unvested as of June 30, 2025 |
|
|
5,693,848 |
|
|
$ |
7.44 |
|
|
| Summary of Stock-Based Compensation Expense |
Total stock-based compensation expense, by caption, recorded in the consolidated statements of operations and comprehensive income for the periods presented is as follows:
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Three Months Ended June 30, |
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|
Six Months Ended June 30, |
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|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Cost of labor and chemicals |
|
$ |
2,794 |
|
|
$ |
2,465 |
|
|
$ |
5,576 |
|
|
$ |
4,938 |
|
General and administrative |
|
|
3,683 |
|
|
|
3,441 |
|
|
|
7,744 |
|
|
|
7,214 |
|
Total stock-based compensation expense |
|
$ |
6,477 |
|
|
$ |
5,906 |
|
|
$ |
13,320 |
|
|
$ |
12,152 |
|
Total stock-based compensation expense, by award type, recorded in the consolidated statements of operations and comprehensive income for the periods presented is as follows:
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|
Three Months Ended June 30, |
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|
Six Months Ended June 30, |
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|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Time Vesting Options |
|
$ |
1,511 |
|
|
$ |
1,382 |
|
|
$ |
3,374 |
|
|
$ |
2,959 |
|
RSUs |
|
|
4,774 |
|
|
|
4,348 |
|
|
|
9,562 |
|
|
|
8,755 |
|
2021 ESPP |
|
|
192 |
|
|
|
176 |
|
|
|
384 |
|
|
|
438 |
|
Total stock-based compensation expense |
|
$ |
6,477 |
|
|
$ |
5,906 |
|
|
$ |
13,320 |
|
|
$ |
12,152 |
|
|