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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The Company recorded stock-based compensation on the Consolidated Statement of Operations for the three and nine months ended September 30, 2024 and 2023 as follows (in thousands):

						Three Months Ended September 30,									Nine Months Ended September 30,
						2024						2023			2024						2023
Cost of revenue						$	353					$	—		$	1,106					$	—
General and administrative						7,081						7,180			21,237						17,643
Research and development						233						—			641						—
Sales and marketing						803						—			2,101						—
Total stock-based compensation						$	8,470					$	7,180		$	25,085					$	17,643

Schedule of Stock Option Activity

A summary of the stock option activity under the Company’s plans for the nine months ended September 30, 2024 is as follows:

 

						Number of Shares						Weighted Average Exercise Price
Outstanding at December 31, 2023						4,381,099						$	15.87
Granted						1,602,783						$	14.99
Exercised						(373,522)						$	8.86
Forfeited						(392,401)						$	16.01
Outstanding at September 30, 2024						5,217,959						$	19.29
Exercisable at September 30, 2024						1,797,255						$	19.29

Schedule of Fair Value of Each Stock Option Award Granted

The fair value of each stock option award granted during the nine months ended September 30, 2024 was estimated as of the grant date using a Black-Scholes model with the following assumptions:

			Nine Months Ended September 30, 2024
Expected term (in years)			5.5 - 6.5
Risk-free interest rate (%)			3.7% - 4.6%
Expected volatility (%)			54.9% - 64.6%
Dividend yield (%)			—
Weighted average grant date fair value per share			$8.90

Schedule of Restricted Stock Activity

A summary of the restricted stock activity under the Company’s plans for the nine months ended September 30, 2024 is as follows:

						Number of Restricted Shares						Weighted Average Grant Date Fair Value
Nonvested at December 31, 2023						1,961,919						$	13.83
Granted						1,010,690						$	15.02
Vested						(592,414)						$	14.39
Forfeited						(177,425)						$	14.24
Nonvested at September 30, 2024						2,202,770						$	14.19

A summary of the PSU activity under the Company’s plans for the nine months ended September 30, 2024 is as follows:

						Number of Stock Units						Weighted Average Grant Date Fair Value
Nonvested at December 31, 2023						305,105						$	21.83
Granted						388,513						$	17.43
Vested						—						$	—
Forfeited						(46,534)						$	19.56
Nonvested at September 30, 2024						647,084						$	19.35

Schedule of Fair Value of PSU Award Granted

The fair value of each PSU granted subject to a market condition during the nine months ended September 30, 2024 was estimated as of the grant date using a Monte Carlo with the following assumptions:

			Nine Months Ended September 30, 2024
Expected term (in years)			3.0
Risk-free interest rate (%)			4.5% - 4.7%
Expected volatility (%)			71.3% - 72.2%
Dividend yield (%)			—
Weighted average grant date fair value per share			$17.43

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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