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Share-Based Compensation (Tables)

12 Months Ended

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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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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