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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | RSUs with market-based conditions generally vest over a three year period and the fair value was determined using a Monte Carlo simulation using the following range of assumptions:
| December 31, 2023 |  | December 31, 2022
Volatility rate | 69.78 | % |  | 70.93% to 71.00%
Risk-free interest rate | 3.85 | % |  | 4.32% to 4.39%
Average expected life (in years) | 2.8 |  | 2.3 to 3.0
Dividend yield | None |  | None
Stock price at grant date | $ | 3.28 |  | $ | 3.95
The estimated grant date fair value of stock options was determined using a Black-Scholes valuation model using the following weighted-average assumptions:
| December 31, 2023 |  | December 31, 2022
Volatility rate | 70.00 | % |  | 58.98 | %
Risk-free interest rate | 3.80 | % |  | 3.68 | %
Average expected life (in years) | 6.0 |  | 5.6
Dividend yield | None |  | None
Stock price at grant date | $ | 3.28 |  | $ | 4.07
Exercise price | $ | 3.28 |  | $ | 4.07
Schedule of Stock Options Roll Forward | RSU activity for the years ended December 31, 2023 and 2022 was as follows:
| Number of Units |  | Weighted average grant price
Unvested balance at December 31, 2021 | 3,076,158 |  |  | $ | 16.08 |
Granted | 5,542,010 |  |  | 4.17 |
Vested(1) | (1,020,874) |  |  | 14.67 |
Forfeited | (104,681) |  |  | 14.36 |
Unvested balance at December 31, 2022 | 7,492,613 |  |  | $ | 7.48 |
Granted | 4,030,535 |  |  | 4.12 |
Vested(1) | (2,221,870) |  |  | 8.71 |
Forfeited | (83,136) |  |  | 9.52 |
Unvested balance at December 31, 2023 | 9,218,142 |  |  | $ | 5.70 |
_____________________________ (1)Include 467,712 and 253,787 of RSUs that vested during the years ended December 31, 2023 and 2022, respectively, for which the resulting shares of Class A Common Stock have not yet been issued. There were 1,104,629 and 636,917 RSUs that vested for which the resulting shares of Class A Common Stock were not issued as of December 31, 2023 and 2022, respectively. Stock option activity for the years ended December 31, 2023 and 2022 was as follows:
| Number of Units |  | Weighted average exercise price
Outstanding balance at December 31, 2021 | 96,827 |  |  | $ | 15.40 |
Granted | 790,339 |  |  | 4.07 |
Exercised | — |  |  | — |
Forfeited | — |  |  | — |
Outstanding balance at December 31, 2022 | 887,166 |  |  | 5.31 |
Granted | 1,084,445 |  |  | 3.28 |
Exercised | — |  |  | — |
Forfeited | — |  |  | — |
Outstanding balance at December 31, 2023 | 1,971,611 |  |  | $ | 4.19 |
Exercisable balance at December 31, 2023 | 328,002 |  |  | $ | 6.30 |
Schedule of Unvested Restricted Stock Units Roll Forward | RSU activity for the years ended December 31, 2023 and 2022 was as follows:
| Number of Units |  | Weighted average grant price
Unvested balance at December 31, 2021 | 3,076,158 |  |  | $ | 16.08 |
Granted | 5,542,010 |  |  | 4.17 |
Vested(1) | (1,020,874) |  |  | 14.67 |
Forfeited | (104,681) |  |  | 14.36 |
Unvested balance at December 31, 2022 | 7,492,613 |  |  | $ | 7.48 |
Granted | 4,030,535 |  |  | 4.12 |
Vested(1) | (2,221,870) |  |  | 8.71 |
Forfeited | (83,136) |  |  | 9.52 |
Unvested balance at December 31, 2023 | 9,218,142 |  |  | $ | 5.70 |
_____________________________ (1)Include 467,712 and 253,787 of RSUs that vested during the years ended December 31, 2023 and 2022, respectively, for which the resulting shares of Class A Common Stock have not yet been issued. There were 1,104,629 and 636,917 RSUs that vested for which the resulting shares of Class A Common Stock were not issued as of December 31, 2023 and 2022, respectively. Stock option activity for the years ended December 31, 2023 and 2022 was as follows:
| Number of Units |  | Weighted average exercise price
Outstanding balance at December 31, 2021 | 96,827 |  |  | $ | 15.40 |
Granted | 790,339 |  |  | 4.07 |
Exercised | — |  |  | — |
Forfeited | — |  |  | — |
Outstanding balance at December 31, 2022 | 887,166 |  |  | 5.31 |
Granted | 1,084,445 |  |  | 3.28 |
Exercised | — |  |  | — |
Forfeited | — |  |  | — |
Outstanding balance at December 31, 2023 | 1,971,611 |  |  | $ | 4.19 |
Exercisable balance at December 31, 2023 | 328,002 |  |  | $ | 6.30 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | Share-based compensation expense for the years ended December 31, 2023, 2022 and 2021 was as follows:
| Years Ended December 31,
($ in thousands) | 2023 |  | 2022 |  | 2021
Costs of revenue | $ | 1,064 |  |  | $ | 987 |  |  | $ | 1,808 |
Advertising and promotions | 2,225 |  |  | 2,048 |  |  | 3,605 |
General and administrative | 26,731 |  |  | 15,656 |  |  | 19,499 |
Total share-based compensation expense | $ | 30,020 |  |  | $ | 18,691 |  |  | $ | 24,912 |

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