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Noncash Share-based Compensation (Note) | 9 Months Ended
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Sep. 30, 2025
Noncash Share-based Compensation [Abstract] |
Noncash Share-based Compensation | Noncash Share-based Compensation The Company's 2017 Equity Incentive Plan (as amended and restated, the "2017 Stock Plan") had an aggregate authorized limit of 10,550,000 shares for issuance as of March 31, 2025. In May 2025, the Company's stockholders approved an amendment to the 2017 Stock Plan, increasing the aggregate amount of shares available for issuance to 13,550,000. As of September 30, 2025, 4,823,894 shares remain available for issuance under the 2017 Stock Plan. In November 2021, the Company adopted the 2021 Equity Inducement Plan (as amended, the "Inducement Plan" and together with the 2017 Stock Plan, the "Stock Plans") and granted inducement RSU awards, in accordance with NYSE Rule 303A.08, in an aggregate amount of 332,004 shares to certain new employees in connection with the acquisition of EveryMundo. In June 2025, the Inducement Plan was amended to, among other items, increase the number of shares available for inducement awards by 789,176 shares. In June 2025, the Company's new CEO was granted inducement RSUs and MSUs in connection with his hiring, in accordance with NYSE Rule 303A.08, with a maximum number of 789,176 shares that may be delivered in connection with such awards. The following table presents the number of shares or units outstanding for each award type as of September 30, 2025 and December 31, 2024 (in thousands) under the Stock Plans:
Award type |  | September 30, 2025 |  | December 31, 2024
Restricted stock units (time-based) |  | 3,587 |  |  | 2,660 |
Market stock units |  | 671 |  |  | 439 |
During the three months ended September 30, 2025, the Company granted 191,674 RSUs (time-based) with a weighted average grant-date fair value of $14.50 per share. During the nine months ended September 30, 2025, the Company granted 2,366,684 RSUs (time-based) with a weighted average grant-date fair value of $21.83 per share. The Company also granted 443,006 MSUs with a weighted average grant-date fair value of $29.26 per share to certain executive employees during the nine months ended September 30, 2025. T hese MSUs vest on January 31, 2028 and July 1, 2028, and the actual number of MSUs that will be eligible to vest is based on the percentile of the Company’s total shareholder return ranking relative to the total shareholder return of the comparator companies, as defined in the award agreements, included in the Russell 2000 Index ("Index") over the three-year performance period ending December 31, 2027 and June 1, 2028. The maximum number of shares issuable upon vesting is 200% of the MSUs initially granted. The Company estimates the fair value of MSUs on the date of grant using a Monte Carlo simulation model. The weighted average assumptions used to value the MSUs granted during the nine months ended September 30, 2025 were as follows:
|  |  | Nine Months Ended September 30, 2025 |  |
Volatility |  |  | 50.39 | % |  |
Risk-free interest rate |  |  | 4.05 | % |  |
Expected award life in years |  |  | 2.98 |  |
Dividend yield |  |  | — | % |  |
Share-based compensation expense is allocated to expense categories in the unaudited condensed consolidated statements of comprehensive (loss) income. The following table summarizes share-based compensation expense included in the Company's unaudited condensed consolidated statements of comprehensive (loss) income for the three and nine months ended September 30, 2025 and 2024 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Share-based compensation: |  |  |  |  |  |  |
Cost of revenue | $ | 1,089 |  |  | $ | 1,177 |  |  | $ | 3,170 |  |  | $ | 3,396 |
Operating expenses: |  |  |  |  |  |  |
Selling and marketing (1) | 2,634 |  |  | 675 |  |  | 7,922 |  |  | 6,740 |
Research and development (1) | 2,477 |  |  | 898 |  |  | 7,270 |  |  | 6,543 |
General and administrative (2) | 7,599 |  |  | 4,521 |  |  | 18,116 |  |  | 13,540 |
Total included in operating expenses | 12,710 |  |  | 6,094 |  |  | 33,308 |  |  | 26,823 |
Total share-based compensation expense | $ | 13,799 |  |  | $ | 7,271 |  |  | $ | 36,478 |  |  | $ | 30,219 |
(1) During the three months ended September 30, 2024, both sales and marketing expense, and research and development expense included a $1.3 million reversal of noncash share-based compensation expense, as certain performance criteria as a condition to vest were not expected to be met. (2) During the three and nine months ended September 30, 2025, general and administrative expense included higher noncash share-based compensation expense driven by stock awards granted to our new CEO and accelerated expense related to the upcoming retirement of our former CEO. At September 30, 2025, the Company had an estimated $88.0 million of total unrecognized compensation costs related to share-based compensation arrangements. These costs will be recognized over a weighted average period o f 2.6 years. The Company's Employee Stock Purchase Plan (as amended, the "ESPP") permits eligible employees to purchase Company shares on an after-tax basis in an amount between 1% and 10% of their annual pay: (i) on June 30 of each year at a 15% discount of the fair market value of the Company's common stock on January 1 or June 30, whichever is lower, and (ii) on Dec ember 31 of each year at a 15% discount of the fair market value of the Company's common stock on July 1 or December 31, whichever is lower. An employee may not purchase more than $5,000 in either of the six-month measurement periods described above or more than $10,000 annually. In May 2021, the Company's stockholders approved an amendment to the ESPP increasing the aggregate amount of shares available for issuance under the ESPP to 1,000,000. During the three and nine months ended September 30, 2025, the Company issued 75,861 and 131,033 shares under the ESPP. As of September 30, 2025, 68,378 shares remain authorized and available for issuance under the ESPP. As of September 30, 2025, the Company held approximately $0.6 million on behalf of employees for future purchases under the ESPP, and this amount was recorded in accrued payroll and other employee benefits in the Company's unaudited condensed consolidated balance sheet.

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