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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

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 (loss) income as follows (in thousands):

		Three Months Ended March 31,
		2024				2023
Share-based compensation expense
Cost of services		$	357			$	275
Product and technology expense			654				457
Selling, general, and administrative expense			3,740				1,326
Total share-based compensation expense		$	4,751			$	2,058

Summary of Outstanding Stock Pption Grants Issued

A summary of the stock option activity for the three months ended March 31, 2024 is as follows:

				Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
December 31, 2023		Grants outstanding			1,915,252			$	5.15
		Grants exercised			(48,911	)		$	5.48
		Grants cancelled/forfeited			(16,978	)		$	5.11
March 31, 2024		Grants outstanding			1,849,363			$	5.15			5.9 Years		$20.5 million
March 31, 2024		Grants vested			823,589			$	5.12			5.9 Years		$9.1 million
March 31, 2024		Grants unvested			1,025,774			$	5.18

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, 2024 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			34.98	%
Risk-free interest rate			4.22	%
Expected term (in years)			6.25
Fair-value of the underlying unit		$	15.81

Summary of Option Unit Activity

A summary of the stock option activity for the three months ended March 31, 2024 is as follows:

				Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
December 31, 2023		Grants outstanding			4,686,659			$	13.61
		Grants issued			146,401			$	15.81
		Grants cancelled/forfeited			(6,600	)		$	16.02
March 31, 2024		Grants outstanding			4,826,460			$	13.67			7.6 Years		$12.3 million
March 31, 2024		Grants vested			2,207,644			$	13.68			7.3 Years		$5.6 million
March 31, 2024		Grants unvested			2,618,816			$	13.66

Summary of the RSU activity

A summary of the restricted stock units (“RSU”) activity for the three months ended March 31, 2024 is as follows:

				Shares				Weighted Average Grant Date Fair Value
December 31, 2023		Nonvested RSUs			507,143			$	15.10
		Granted			167,472			$	15.83
		Vested			(9,443	)		$	14.91
		Forfeited			(3,777	)		$	17.31
March 31, 2024		Nonvested RSUs			661,395			$	15.27

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, 2024 is as follows:

				Shares				Weighted Average Grant Date Fair Value
December 31, 2023		Nonvested restricted stock			1,954,630			$	8.50
		Vested			(586,927	)		$	7.73
March 31, 2024		Nonvested restricted stock			1,367,703			$	9.16

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