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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Recognition of Share-Based Compensation related to Employees

Share-based compensation expense is recognized in cost of services, product and technology expense, and selling, general, and administrative expense, in the accompanying condensed consolidated statements of operations and comprehensive income as follows (in thousands):

		Three Months Ended March 31,
		2023				2022
Share-based compensation expense
Cost of services		$	275			$	274
Product and technology expense			457				204
Selling, general, and administrative expense			1,326				1,381
Total share-based compensation expense		$	2,058			$	1,859

Summary of outstanding stock option grants issued

A summary of the option and profits interests activity for the three months ended March 31, 2023 is as follows

				Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
December 31, 2022		Grants outstanding			2,843,342			$	6.66
		Grants exercised			(85,760	)		$	6.68
		Grants cancelled/forfeited			(250,856	)		$	6.69
March 31, 2023		Grants outstanding			2,506,726			$	6.66			6.8 Years		$18.3 million
March 31, 2023		Grants vested			806,379			$	6.64			6.6 Years		$5.9 million
March 31, 2023		Grants unvested			1,700,347			$	6.67

2021 Equity Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Assumptions Applied to Establish Fair Value of Options Granted Using Black-Scholes Option Pricing Model

The fair value for stock options granted for the three months ended March 31, 2023 was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

		Options
Expected stock price volatility			35.48	%
Risk-free interest rate			4.22	%
Expected term (in years)			6.25
Fair-value of the underlying unit		$	13.70

Summary of Option Unit Activity

A summary of the option activity for the three months ended March 31, 2023 is as follows:

				Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
December 31, 2022		Grants outstanding			4,311,662			$	15.24
		Grants issued			71,099			$	13.70
March 31, 2023		Grants outstanding			4,382,761			$	15.21			8.4 Years		$0.0 million
March 31, 2023		Grants vested			1,392,123			$	15.16			8.3 Years			—
March 31, 2023		Grants unvested			2,990,638			$	15.23

Summary of the RSU activity

A summary of the restricted stock units (“RSU”) activity for the three months ended March 31, 2023 is as follows:

				Shares				Weighted Average Grant Date Fair Value
December 31, 2022		Nonvested RSUs			472,332			$	16.00
		Granted			21,202			$	13.70
		Vested			(5,077	)		$	16.33
March 31, 2023		Nonvested RSUs			488,457			$	15.90

2021 Equity Plan [Member] | Restricted Stock [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Restricted Stock Activity

A summary of the restricted stock activity for the three months ended March 31, 2023 is as follows:

				Shares				Weighted Average Grant Date Fair Value
December 31, 2022		Nonvested restricted stock			2,281,300			$	3.85
		Vested			(326,670	)		$	3.85
March 31, 2023		Nonvested restricted stock			1,954,630			$	3.85

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