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v3.25.1

Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2025
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 as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Share-based compensation expense |  |  |  |  |  |
Cost of services |  | $ | 532 |  |  | $ | 357 |
Product and technology expense |  |  | 803 |  |  |  | 654 |
Selling, general, and administrative expense |  |  | 6,632 |  |  |  | 3,740 |
Total share-based compensation expense |  | $ | 7,967 |  |  | $ | 4,751 |
Summary of Outstanding Stock Option Grants Issued | A summary of the stock option activity for the three months ended March 31, 2025 is as follows:
|  |  |  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
December 31, 2024 |  | Grants outstanding |  |  | 1,602,966 |  |  | $ | 5.15 |  |  |  |  |
|  | Grants exercised |  |  | (145,483 | ) |  | $ | 5.11 |  |  |  |  |
|  | Grants cancelled/forfeited |  |  | (29,074 | ) |  | $ | 5.19 |  |  |  |  |
March 31, 2025 |  | Grants outstanding |  |  | 1,428,409 |  |  | $ | 5.15 |  |  | 4.8 Years |  | $12.8 million
March 31, 2025 |  | Grants vested |  |  | 1,009,021 |  |  | $ | 5.13 |  |  | 4.7 Years |  | $9.0 million
March 31, 2025 |  | Grants unvested |  |  | 419,388 |  |  | $ | 5.20 |  |  |  |  |
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, 2025 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 |  |  | 35.47 | %
Risk-free interest rate |  |  | 4.02 | %
Expected term (in years) |  |  | 6.25 |
Fair-value of the underlying unit |  | $ | 14.23 |
Summary of Option Unit Activity | A summary of the stock option activity for the three months ended March 31, 2025 is as follows:
|  |  |  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
December 31, 2024 |  | Grants outstanding |  |  | 4,517,897 |  |  | $ | 14.38 |  |  |  |  |
|  | Grants issued |  |  | 553,266 |  |  | $ | 14.23 |  |  |  |  |
|  | Grants exercised |  |  | (6,487 | ) |  | $ | 13.93 |  |  |  |  |
|  | Grants cancelled/forfeited |  |  | (18,824 | ) |  | $ | 13.64 |  |  |  |  |
March 31, 2025 |  | Grants outstanding |  |  | 5,045,852 |  |  | $ | 14.37 |  |  | 7.4 Years |  | $2.5 million
March 31, 2025 |  | Grants vested |  |  | 2,602,560 |  |  | $ | 13.71 |  |  | 6.5 Years |  | $1.6 million
March 31, 2025 |  | Grants unvested |  |  | 2,443,292 |  |  | $ | 15.06 |  |  |  |  |
Summary of the RSU activity | A summary of the RSU activity for the three months ended March 31, 2025 is as follows:
|  |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
December 31, 2024 |  | Nonvested RSUs |  |  | 775,651 |  |  | $ | 16.61 |
|  | Granted |  |  | 272,382 |  |  | $ | 14.23 |
|  | Vested |  |  | (46,900 | ) |  | $ | 15.68 |
|  | Forfeited |  |  | (9,940 | ) |  | $ | 14.72 |
March 31, 2025 |  | Nonvested RSUs |  |  | 991,193 |  |  | $ | 16.02 |
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, 2025 is as follows:
|  |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
December 31, 2024 |  | Nonvested restricted stock |  |  | 1,177,743 |  |  | $ | 10.01 |
|  | Vested |  |  | (729,520 | ) |  | $ | 11.42 |
March 31, 2025 |  | Nonvested restricted stock |  |  | 448,223 |  |  | $ | 11.74 |
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 three months ended March 31, 2025 is as follows:
|  |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
December 31, 2024 |  | Nonvested RSUs |  |  | 89,673 |  |  | $ | 18.70 |
|  | Vested |  |  | (69,431 | ) |  | $ | 18.70 |
|  | Forfeited |  |  | (1,789 | ) |  | $ | 18.70 |
March 31, 2025 |  | Nonvested RSUs |  |  | 18,453 |  |  | $ | 18.70 |
Sterling Acquisition Awards [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, 2025 is as follows:
|  |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
December 31, 2024 |  | Nonvested restricted stock |  |  | 692,714 |  |  | $ | 18.70 |
|  | Vested |  |  | (271,992 | ) |  | $ | 18.70 |
|  | Forfeited |  |  | (24,594 | ) |  | $ | 18.70 |
March 31, 2025 |  | Nonvested restricted stock |  |  | 396,128 |  |  | $ | 18.70 |

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