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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Costs | The following table shows the stock-based compensation cost by award type for the periods indicated:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
(in thousands) |  |  |  |  |  |  |
Equity classified awards |  |  |  |  |  |  |
Restricted stock units | $ | 10,788 |  |  | $ | 9,798 |  |  |  |  |
Stock options | — |  |  | 437 |  |  |  |  |
Class B common stock | 263 |  |  | 1,238 |  |  |  |  |
Liability-classified awards | 2 |  |  | 7 |  |  |  |  |
Total stock-based compensation | $ | 11,053 |  |  | $ | 11,480 |  |  |  |  |
The following table sets forth the total stock-based compensation cost included in the Company’s condensed consolidated statements of operations and comprehensive income or capitalized to assets for the periods indicated:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
(in thousands) |  |  |  |  |  |  |
Cost of revenue |  |  |  |  |  |  |
Platform | $ | 267 |  |  | $ | 237 |  |  |  |  |
Products | 6 |  |  | 186 |  |  |  |  |
Total cost of revenue | 273 |  |  | 423 |  |  |  |  |
Research and development | 3,437 |  |  | 3,713 |  |  |  |  |
Sales and marketing | 3,114 |  |  | 2,936 |  |  |  |  |
General and administrative | 3,626 |  |  | 3,685 |  |  |  |  |
Total stock-based compensation expense | $ | 10,450 |  |  | $ | 10,757 |  |  |  |  |
Capitalized for software development costs | 423 |  |  | 330 |  |  |  |  |
Capitalized to inventories | 180 |  |  | 393 |  |  |  |  |
Total stock-based compensation | $ | 11,053 |  |  | $ | 11,480 |  |  |  |  |
Schedule of Restricted Stock Unit Activity | A summary of the Company’s service-based RSU activity under the 2021 Equity Incentive Plan is as follows:
| Number of RSUs |  | Weighted- Average Grant Date Fair Value (per share)
Outstanding at December 31, 2024 | 11,251,503 |  |  | $ | 9.86 |
Granted | 4,127,500 |  |  | $ | 5.24 |
Dividend equivalent grants | 194,658 |  |  | — |
Vested | (1,059,881) |  |  | $ | 10.82 |
Forfeited / cancelled | (142,507) |  |  | $ | 11.89 |
Outstanding at March 31, 2025 | 14,371,273 |  |  | $ | 8.45 |
A summary of the Company’s PRSU activity under the 2021 Equity Incentive Plan is as follows:
| Number of PRSUs (a) |  | Weighted- Average Grant Date Fair Value (per share)
Outstanding at December 31, 2024 | 17,485,433 |  |  | $ | 13.12 |
Dividend equivalent grants | 302,525 |  |  | $ | — |
Forfeited / cancelled | (133,849) |  |  | $ | 14.98 |
Outstanding at March 31, 2025 | 17,654,109 |  |  | $ | 13.10 |
a.Represents the maximum number of PRSUs assuming all performance targets are achieved.
Schedule of Stock Option Activity | A summary of the Company’s stock option activity under the 2021 Equity Incentive Plan is as follows:
| Number of Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Term (Years) |  | Aggregate Intrinsic Value
|  |  |  |  |  |  | (in thousands)
Outstanding at December 31, 2024 | 2,750,078 |  |  | $ | 18.25 |  |  | 2.2 |  | $ | — |
Forfeited / cancelled | (7,594) |  |  | $ | 18.25 |  |  |  |  |
Outstanding and expected to vest at March 31, 2025 | 2,742,484 |  |  | $ | 18.25 |  |  | 1.9 |  | $ | — |
Vested and exercisable at March 31, 2025 | 2,742,484 |  |  | $ | 18.25 |  |  | 1.9 |  | $ | — |
The Company’s options to purchase Class B common stock resulted from the corporate reorganization in March 2021 and are not part of the 2021 Equity Incentive Plan. A summary of the Company stock option activity for the options to purchase shares of Class B common stock is as follows:
| Number of Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Term (Years) |  | Aggregate Intrinsic Value
|  |  |  |  |  |  | (in thousands)
Outstanding at December 31, 2024 | 197,425 |  |  | $ | 7.29 |  |  | 0.9 |  | $ | — |
Forfeited / cancelled | (8,000) |  |  | $ | 7.29 |  |  |  |  |
Outstanding at March 31, 2025 | 189,425 |  |  | $ | 7.29 |  |  | 0.7 |  | $ | — |
Vested and exercisable at March 31, 2025 | 189,425 |  |  | $ | 7.29 |  |  | 0.7 |  | $ | — |
Schedule of Nonvested Share Activity | The Company’s unvested Class B common stock resulted from the corporate reorganization in March 2021 and is not part of the 2021 Equity Incentive Plan. Dividends declared on unvested Class B common stock are subject to vesting and forfeited if the underlying stock does not vest. Activity related to Class B common stock subject to future vesting for the three months ended March 31, 2025 is as follows:
| Number of Unvested Shares |  | Weighted- Average Grant Date Fair Value (per share)
Outstanding at December 31, 2024 | 113,578 |  |  | $ | 20.00 |
Vested | (97,170) |  |  | $ | 20.00 |
Outstanding at March 31, 2025 | 16,408 |  |  | $ | 20.00 |

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