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Employee Compensation | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Employee Compensation | NOTE 10 – EMPLOYEE COMPENSATION ICUs There were no ICUs granted during the six months ended June 30, 2024. The following table summarizes ICUs outstanding and vested (in thousands, except per share data):
|  | ICUs |  |  | Weighted- Average Threshold Price |  |  | Weighted- Average Remaining Contractual Term (Years) |  |  | Weighted- Average Grant Date Fair Value |
Outstanding as of June 30, 2024 |  |  | 8,633 |  |  | $ | 4.73 |  |  |  | 5.37 |  |  | $ | 3.59 |
Vested as of June 30, 2024 |  |  | 8,360 |  |  | $ | 4.69 |  |  |  | 5.34 |  |  | $ | 3.42 |
The total fair value of ICUs vested during the six months ended June 30, 2024 was $2.2 million. The aggregate intrinsic value of ICUs outstanding as of June 30, 2024 was $100.7 million. As of June 30, 2024, unrecognized equity-based compensation cost related to outstanding unvested ICUs that are expected to vest was $2.4 million, which is expected to be recognized over a weighted-average period of 0.6 years. Common Unit Options The following table summarizes common unit option activity for the six months ended June 30, 2024 (in thousands, except per share data):
|  | Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (Years) |
Outstanding as of December 31, 2023 |  |  | 28,761 |  |  | $ | 8.65 |  |  |  | 7.69 |
Granted |  |  | 9,097 |  |  |  | 14.78 |  |  |  |
Forfeited |  |  | (443 | ) |  |  | 9.64 |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |
Outstanding as of June 30, 2024 |  |  | 37,415 |  |  | $ | 10.33 |  |  |  | 7.98 |
Vested and exercisable as of June 30, 2024 |  |  | 17,175 |  |  | $ | 7.83 |  |  |  | 6.86 |
The weighted-average grant date fair value of common unit options granted was $9.77 for the six months ended June 30, 2024. During the six months ended June 30, 2023, the Company recognized equity-based compensation expense of $2.4 million related to modifications to the terms of common unit options held by certain terminated employees whereby the Company waived its repurchase right. Otherwise, no compensation expense for the common unit options was recognized during the three and six months ended June 30, 2024 and 2023, as a distribution related to these awards was not deemed probable. DataSense Common Unit Awards As part of the acquisition of DataSense on May 1, 2024, as described in Note 3, the founders of DataSense were awarded 1,023,720 common units at an aggregate fair value of $17.3 million, or $16.86 per common unit. Of the units awarded, 14,418 were immediately vested and were included as part of the total purchase consideration. The remaining 1,009,302 common units are subject to performance-based vesting conditions measured on an annual basis over four years and a service-based condition tied to the continued employment of the founders, and the related equity-based compensation expense is amortized using the accelerated attribution method. The Company accounts for these common units based on their estimated grant date fair value. The fair value of the common units was established by the Company’s board of managers, after considering third-party valuations and input from management. The valuations of the common units were determined in accordance with the guidelines outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation. In valuing the common units, the fair value of our business, or enterprise value, was determined using various methods under the market approach, including guideline public company and similar transaction methods. During the three and six months ended June 30, 2024, the Company recognized equity-based compensation expense of $1.6 million related to the common units issued to the founders of DataSense. As of June 30, 2024, unrecognized equity-based compensation cost related to these awards that are expected to vest was $15.4 million, which is expected to be recognized over a weighted-average period of 3.8 years. Refer to Note 3, Business Combinations, for further details on the acquisition. Classification of Equity-Based Compensation Expense Equity-based compensation expense was classified as follows in the accompanying unaudited condensed consolidated statements of operations (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cost of professional services and other |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15 |
Sales and marketing |  |  | 918 |  |  |  | 1,894 |  |  |  | 1,274 |  |  |  | 3,123 |
Research and development |  |  | 1,149 |  |  |  | 105 |  |  |  | 1,254 |  |  |  | 309 |
General and administrative |  |  | 652 |  |  |  | 933 |  |  |  | 1,304 |  |  |  | 2,213 |
Total equity-based compensation |  | $ | 2,719 |  |  | $ | 2,932 |  |  | $ | 3,832 |  |  | $ | 5,660 |

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