v3.26.1
Equity-Based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation Equity-Based Compensation
Equity Awards
Stock Options
Our outstanding stock options generally vest 25% annually over four years and generally expire 10 years from the date of the grant. The 2021 Equity Incentive Plan (“Plan”) provides that stock option grants will be made with an exercise price at no less than the estimated fair value of common stock at the date of the grant.
The following is a summary of the stock option transactions as of and for the three and six months ended June 30, 2026:
 Stock Options Outstanding
(amounts in thousands, except shares and per share amount)
Shares Subject to Options Outstanding
Weighted- Average Exercise Price per OptionWeighted- Average Remaining Contractual Terms (in years)Aggregate Intrinsic Value
Balances as of December 31, 20257,408,212$17.05 5.28$20,001 
Options granted——  
Options exercised(137,087)15.85  
Options forfeited / expired(216,537)18.00  
Balances as of March 31, 20267,054,58817.05 5.036,477 
Options granted——  
Options exercised(231,672)16.96  
Options forfeited / expired(3,400)18.00  
Balances as of June 30, 20266,819,51617.05 4.7846,106 
Vested and Exercisable as of June 30, 20266,810,562$17.09 4.78$46,002 
Aggregate intrinsic value represents the difference between the exercise price of the option and the closing price of our common stock. The aggregate intrinsic value of options exercised for the three and six months ended June 30, 2026 was $1,588 and $2,679, respectively. No options were granted during the three and six months ended June 30, 2026.
Restricted Stock Units
Our outstanding Restricted Stock Units ("RSU") generally vest 33% annually over three years or 25% annually over four years.
The following is a summary of RSU transactions as of and for the three and six months ended June 30, 2026:
 
Restricted Stock Units
Weighted-Average Grant Date Fair Value
Unvested and outstanding as of December 31, 20259,356,689$10.49 
Granted2,613,70717.21
Vested(2,699,553)8.91
Forfeited(286,686)11.97
Balances as of March 31, 20268,984,157$12.87 
Granted284,32415.02
Vested(275,453)13.40
Cancelled/forfeited(111,702)12.31
Unvested and outstanding as of June 30, 20268,881,326$12.93 
Performance-based Restricted Stock Units ("PSUs")
Generally, for our outstanding PSUs, each grantee is eligible to vest in a number of PSUs ranging from 0% to 200% of the target number of PSUs granted, based on the aggregated achievement by the Company of certain performance metrics during the applicable performance period. The achievement of PSUs relative to the approved target is based on the following performance metrics and relative weighting: Revenue (50% weighting) and Adjusted EBITDA (50% weighting). 100% of the total number of earned PSUs will become vested upon certification of achievement of the performance metrics by the Compensation Committee on or about March 1st following the end of the applicable performance period, subject to continued service to the Company through such date.
Market-based PSUs
On February 24, 2026 (the “Grant Date”), the Board of Directors of the Company approved the grant of certain PSUs to John Kao, the Company’s Chief Executive Officer (the “PSU Award”), under the Company’s 2021 Equity Incentive Plan.
Tranches of the PSU Award will be earned and vest only upon both (i) the achievement of pre-determined price per share goals (described below) over the period commencing on the Grant Date and ending on the fifth anniversary of the Grant Date (the “Measurement Period”); and (ii) Mr. Kao’s continued employment or service as the Company’s Chief Executive Officer through the third anniversary of the Grant Date, unless otherwise agreed to (the “Service Requirement”).
The PSUs will become earned (“Earned PSUs”) in three tranches based on the achievement of the following volume-weighted average price per share goals during the Measurement Period (the “Stock Price Hurdles”):
Price Per Share GoalsNumber of Earned PSUs
First Stock Price Hurdle$33.75333,333
Second Stock Price Hurdle$44.00333,333
Third Stock Price Hurdle$55.25333,334
A Stock Price Hurdle is achieved if the volume-weighted average price per share over any 30-consecutive-trading-day period during the Measurement Period equals or exceeds the applicable price. Any tranche of PSUs that Mr. Kao has earned will become vested upon the later of (i) the date on which the applicable Stock Price Hurdle has been achieved or
(ii) the date on which the Service Requirement has been met, subject to his continued service though such later date. PSUs for which the relevant Stock Price Hurdle has not been achieved by the end of the Measurement Period will be forfeited.
The following is a summary of PSU transactions for the three and six months ended June 30, 2026:
 Performance-based restricted stock unitsWeighted-Average Grant Date Fair Value
Unvested and outstanding as of December 31, 20251,685,407$9.35 
Granted1,792,52515.62 
Vested—— 
Forfeited—— 
Unvested and outstanding as of March 31, 20263,477,932$12.58 
Granted210,52614.25 
Vested—— 
Cancelled/forfeited—— 
Unvested and outstanding as of June 30, 20263,688,458$12.68 
Equity-Based Compensation Expense
Total equity-based compensation expense was presented on the statement of operations as follows:
 Three Months Ended June 30,Six Months Ended June 30,
(amounts in thousands)2026202520262025
Selling, general and administrative expenses$16,281 $13,959 $28,889 $29,994 
Medical expenses1,893 1,594 3,304 2,746 
Total equity-based compensation expense$18,174 $15,553 $32,193 $32,740 
As of June 30, 2026, there was $95,579 in unrecognized compensation expense related to all non-vested awards (Options, RSUs and PSUs) that will be recognized over the weighted-average period of 1.89 years.