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Equity-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Restricted Stock
A summary of the restricted stock activities as of and for the year ended December 31, 2024 is shown below:
SHARESWEIGHTED-AVERAGE
GRANT-DATE
FAIR VALUE
Non-vested restricted stock as of December 31, 2023538,661$23.18 
Granted*16,842 17.35 
Vested*(376,052)23.03 
Forfeited(5,123)23.00 
Cancelled*(16,842)23.00
Non-vested restricted stock as of December 31, 2024157,486$22.94 
__________________________________
•The number of the restricted stock vested includes 3,959 shares that were withheld on behalf of employees to satisfy the statutory tax withholding requirements.
•During the year ended December 31, 2024, the Company modified certain awards for recipients, resulting in 16,842 shares assumed to be granted, vested, and cancelled for accounting purposes.
Summary of the Company's RSU Activity
A summary of the Company’s RSU activity is as follow:
UNITSWEIGHTED-
AVERAGE
GRANT DATE
FAIR VALUE
Non-vested RSUs as of December 31, 20232,588,403$23.77 
Granted*2,322,89017.62 
Vested**(1,278,002)24.04 
Forfeited(386,604)20.36 
Cancelled*(42,098)$24.21 
Non-vested RSUs as of December 31, 20243,204,589$19.61 
* The majority of shares granted during 2024 were issued under the 2020 Incentive Plan. During the year ended December 31, 2024, the Company modified awards for recipients, resulting in 42,098 shares assumed to be granted, vested, and cancelled for accounting purposes.
** The number of the RSUs vested included 462,339 shares that were withheld on behalf of employees to satisfy the statutory tax withholding requirements.
Summary of PSU Activity
A summary of the Company's PSU activity as of and for the year ended December 31, 2024 is as follows:
UNITSWEIGHTED-
AVERAGE
GRANT DATE
FAIR VALUE
Non-vested PSUs as of December 31, 2023849,467$24.84 
Granted*338,44518.98 
Vested**(106,354)22.91 
Forfeited(42,131)21.23 
Cancelled*(394,050)$27.09 
Non-vested PSUs as of December 31, 2024645,377$20.95 
* During 2024, the Company modified an award for a recipient, resulting in 6,651 shares assumed to be granted and cancelled for accounting purpose.
** The number of the PSUs vested included 46,785 shares that were withheld on behalf of employees to satisfy the statutory tax withholding requirements.
Summary of Grant Date Fair Values
The grant date fair values for PSU 2023 and 2024 were determined based on Monte Carlo price model and the valuation assumptions noted in the following table.
Year Ended December 31,
20242023
Expected dividend yield——
Volatility
52.2% - 54.7%
61.4% - 61.9%
Expected term (years)
1.78 - 2.78
2.54 - 2.74
Risk-free interest rate
4.36%- 4.64%
3.89%- 4.29%
Schedule of Compensation Expense
The following table summarizes the components of total equity-based compensation expense included in the consolidated statements of operations and comprehensive income (loss) for each period presented:
YEAR ENDED DECEMBER 31,
202420232022
(In thousands)
Cost of revenues$13,323 $11,545 $7,494 
Sales and marketing3,481 1,763 2,091 
Research and development5,233 6,316 5,829 
General and administrative expenses12,737 8,676 14,931 
Total$34,774 $28,300 $30,345