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Stock-Based Compensation and 401(k) Plan | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation and 401(k) Plan | 12. Stock-Based Compensation and 401(k) Plan Stock-Based Compensation — As of June 30, 2024, we maintained the 2024 Omnibus Equity Incentive Plan (the “2024 Plan”), which replaced the Second Amended and Restated 2016 Omnibus Incentive Plan (the “2016 Plan”). The 2024 Plan provides for the grant of both equity and cash awards, including non-qualified stock options, incentive stock options, stock appreciation rights, performance awards (shares and units), restricted stock, restricted stock units (“RSUs”), deferred share units and other stock-based awards and dividend equivalents to eligible employees, directors and consultants, as determined by the Compensation Committee of our Board of Directors. Concurrent with the effectiveness of the 2024 Plan on June 4, 2024, no further grants are being made under the 2016 Plan. The 2016 Plan remains in effect for all awards outstanding thereunder on or after June 4, 2024. See Note 12, “Stock-Based Compensation and 401(k) Plan,” in our 2023 10-K for further information regarding the 2016 Plan. The majority of our equity grants are awarded on an annual basis. For the six-month period ended June 30, 2024, no options to purchase shares of common stock were granted, options to purchase 112,472 shares of common stock were exercised, no options to purchase shares of common stock were forfeited and 26,216 options to purchase shares of common stock expired. For the six-month period ended June 30, 2024, 1,938,279 RSUs were granted, 1,104,670 RSUs vested and 130,062 RSUs were forfeited. The fair value of the RSUs granted during the six-month period ended June 30, 2024 was approximately $16.4 million, which will generally be recognized over a period of four years. For the six-month period ended June 30, 2024, 94,212 deferred stock units were granted, no ne vested and 169,683 were settled. The fair value of the deferred stock units granted during the six-month period ended June 30, 2024 was approximately $0.9 million, which will generally be recognized over a period of one year. The following is a summary of our stock-based compensation expense by operating expense line in the Unaudited Condensed Consolidated Statements of Operations (in thousands):
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cost of service revenue |  | $ | 557 |  |  | $ | 438 |  |  | $ | 1,030 |  |  | $ | 781 |
Cost of equipment revenue |  |  | 432 |  |  |  | 351 |  |  |  | 811 |  |  |  | 638 |
Engineering, design and development |  |  | 1,084 |  |  |  | 908 |  |  |  | 2,066 |  |  |  | 1,662 |
Sales and marketing |  |  | 1,178 |  |  |  | 983 |  |  |  | 2,175 |  |  |  | 1,721 |
General and administrative |  |  | 1,634 |  |  |  | 2,773 |  |  |  | 3,643 |  |  |  | 5,692 |
Total stock-based compensation expense |  | $ | 4,885 |  |  | $ | 5,453 |  |  | $ | 9,725 |  |  | $ | 10,494 |
401(k) Plan — Under our 401(k) plan, all employees who are eligible to participate are entitled to make tax-deferred contributions, subject to Internal Revenue Service limitations. We match 100% of the employee’s first 4% of contributions made, subject to annual limitations. Our matching contributions were $0.6 million and $1.2 million, respectively, during the three- and six-month periods ended June 30, 2024, and $0.5 million and $1.0 million, respectively, for the prior-year periods.

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