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.

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.

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.

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