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Share-based Compensation (Tables)

12 Months Ended

Dec. 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 consolidated statements of operations and comprehensive (loss) income as follows (in thousands):

		Year Ended December 31,
		2024				2023				2022
Share-based compensation expense
Cost of services		$	1,643			$	1,279			$	1,103
Product and technology expense			3,343				2,246				1,351
Selling, general, and administrative expense			26,776				11,740				5,402
Total share-based compensation expense		$	31,762			$	15,265			$	7,856

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

The fair value of the modified restricted stock units and restricted stock was estimated using the closing stock price on the date of modification. The fair value of the modified stock options was estimated on the date of modification using the Black-Scholes option-pricing model with the following weighted average assumptions:

		Options
Expected stock price volatility			37.43	%
Risk-free interest rate			3.40	%
Expected term (in years)			4.67
Fair-value of the underlying unit		$	12.61

Summary of outstanding stock option grants issued

				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			(255,716	)		$	5.22
		Grants cancelled/forfeited			(56,570	)		$	5.28
December 31, 2024		Grants outstanding			1,602,966			$	5.15			5.0 Years		$21.8 million
December 31, 2024		Grants vested			657,192			$	5.14			5.1 Years		$8.9 million
December 31, 2024		Grants unvested			945,774			$	5.15

A summary of changes in outstanding options and the related weighted-average exercise price per share for the years ended December 31, 2023 and 2022 is as follows:

		December 31,
		2023								2022
		Options				Weighted Average Exercise Price				Options				Weighted Average Exercise Price
Grants outstanding at the beginning of the year			2,843,342			$	6.66				3,519,563			$	6.66
Grants exercised			(394,375	)		$	6.06				(372,254	)		$	6.68
Grants cancelled/forfeited			(533,715	)		$	6.68				(303,967	)		$	6.61
Grants outstanding at the end of the year			1,915,252			$	5.15				2,843,342			$	6.66
Grants vested			518,455			$	5.13				648,926			$	6.65
Grants unvested			1,396,797			$	5.16				2,194,416			$	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 years ended December 31, 2024, 2023, and 2022 was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighed average assumptions:

		Year Ended December 31,
		2024				2023				2022
Expected stock price volatility			35.43	%			32.99	%			34.66	%
Risk-free interest rate			4.18	%			4.00	%			2.77	%
Expected term (in years)			6.25				6.78				6.23
Fair-value of the underlying unit		$	17.74			$	12.56			$	14.68

Summary of Option Unit Activity

A summary of the option activity for the year ended December 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			819,703			$	17.74
		Grants exercised			(866,864	)		$	13.50
		Grants cancelled/forfeited			(121,601	)		$	14.56
December 31, 2024		Grants outstanding			4,517,897			$	14.38			7.4 Years		$19.8 million
December 31, 2024		Grants vested			1,827,922			$	13.76			6.8 Years		$9.1 million
December 31, 2024		Grants unvested			2,689,975			$	14.80

A summary of changes in outstanding options and the related weighted-average exercise price per share for the years ended December 31, 2023 and 2022 is as follows:

		December 31,
		2023								2022
		Options				Weighted Average Exercise Price				Options				Weighted Average Exercise Price
Grants outstanding at the beginning of the year			4,311,662			$	15.24				3,714,540			$	15.33
Grants issued			579,745			$	12.56				608,122			$	14.68
Grants exercised			(22,402	)		$	12.55				—			$	—
Grants cancelled/forfeited			(182,346	)		$	13.81				(11,000	)		$	17.52
Grants outstanding at the end of the year			4,686,659			$	13.61				4,311,662			$	15.24
Grants vested			1,600,529			$	13.76				1,054,302			$	15.20
Grants unvested			3,086,130			$	13.53				3,257,360			$	15.25

Summary of the RSU activity

A summary of the RSU activity for the years ended December 31, 2024, 2023, and 2022 is as follows:

				Shares				Weighted Average Grant Date Fair Value
December 31, 2021		Nonvested RSUs			340,875			$	17.19
		Granted			203,032			$	14.36
		Vested			(67,175	)		$	16.96
		Forfeited			(4,400	)		$	17.52
December 31, 2022		Nonvested RSUs			472,332			$	16.00
		Granted			235,903			$	13.46
		Vested			(150,724	)		$	15.42
		Forfeited			(50,368	)		$	14.90
December 31, 2023		Nonvested RSUs			507,143			$	15.10
		Granted			526,980			$	17.28
		Vested			(192,361	)		$	14.87
		Forfeited			(66,111	)		$	15.98
December 31, 2024		Nonvested RSUs			775,651			$	16.61

2021 Equity Plan [Member] | Restricted Stock

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 years ended December 31, 2024, 2023, and 2022 is as follows:

				Shares				Weighted Average Grant Date Fair Value
December 31, 2021		Nonvested restricted stock			2,613,359			$	3.85
		Vested			(332,059	)		$	3.85
December 31, 2022		Nonvested restricted stock			2,281,300			$	3.85
		Vested			(326,670	)		$	3.85
December 31, 2023		Nonvested restricted stock			1,954,630			$	8.50
		Vested			(776,887	)		$	9.69
December 31, 2024		Nonvested restricted stock			1,177,743			$	10.01

Sterling acquisition awards [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of the RSU activity

A summary of the RSU activity for the year ended December 31, 2024 is as follows:

				Shares				Weighted Average Grant Date Fair Value
December 31, 2023		Nonvested RSUs			—			$	—
		Exchanged for RSUs in the Company			92,380			$	18.70
		Vested			(2,674	)		$	18.70
		Forfeited			(33	)		$	18.70
December 31, 2024		Nonvested RSUs			89,673			$	18.70

Summary of Restricted Stock Activity

A summary of the restricted stock activity for the year ended December 31, 2024 is as follows:

				Shares				Weighted Average Grant Date Fair Value
December 31, 2023		Nonvested restricted stock			—			$	—
		Exchanged for restricted stock in the Company			929,475			$	18.70
		Vested			(236,734	)		$	18.70
		Forfeited			(27	)		$	18.70
December 31, 2024		Nonvested restricted stock			692,714			$	18.70

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