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Equity-based Compensation | 6 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Equity-based Compensation | Equity-based compensation The Company’s equity-based compensation plans are fully described in Part II, Item 8 "Financial Statements and Supplementary Data—Note 9 to the Consolidated Financial Statements—Equity-based compensation plans" in the 2021 Annual Report on Form 10-K and below as it relates to PRSUs. Performance-Based Restricted Stock Units In April 2022, the Company granted PRSUs to certain officers under the 2020 Omnibus Incentive Plan. Each PRSU represents the right to receive one share of Class A common stock upon vesting. The PRSUs granted vest based on the achievement of certain performance measures, as determined by the Compensation Committee of the Company's Board of Directors, with the resulting value earned divided by the weighted-average closing price of the Company's Class A common stock for the 90-day period preceding such determination to yield the number of PRSUs to be vested. The expected vesting period of such PRSUs is approximately one year. The PRSUs are liability-classified awards, as they are based on a fixed dollar amount to be settled in a variable number of shares. At each reporting period, the Company recognizes any related expense based on the estimated probability of the achievement of these performance measures and the portion of the requisite service period completed. The amount of expense recognized in any period can vary based on changes in the expected achievement of the specified performance measures. If such performance measures are determined to be not likely to be met, or are ultimately not met, no further expense is recognized and any previously recognized expense is reversed. Upon vesting of the PRSUs, the Company will issue the resulting number of shares of Class A common stock to the officers. Equity-based compensation cost recognized for equity based awards outstanding during the three and six months ended June 30, 2022 and 2021 was as follows:
|  | Three months ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
QLH Class B units |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
QLH restricted Class B-1 units |  | 47 |  |  | 140 |  |  | 132 |  |  | 265 |
Restricted Class A shares |  | 213 |  |  | 285 |  |  | 561 |  |  | 552 |
Restricted stock units |  | 15,520 |  |  | 11,096 |  |  | 28,860 |  |  | 21,306 |
Performance restricted stock units |  | 63 |  |  | — |  |  | 63 |  |  | — |
Total equity-based compensation |  | $ | 15,843 |  |  | $ | 11,521 |  |  | $ | 29,616 |  |  | $ | 22,123 |
Equity-based compensation cost was allocated to the following expense categories in the consolidated statements of operations during the three and six months ended June 30, 2022 and 2021:
|  | Three months ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Cost of revenue |  | $ | 1,240 |  |  | $ | 442 |  |  | $ | 1,638 |  |  | $ | 842 |
Sales and marketing |  | 2,769 |  |  | 1,981 |  |  | 5,474 |  |  | 3,683 |
Product development |  | 2,646 |  |  | 1,665 |  |  | 4,895 |  |  | 2,997 |
General and administrative |  | 9,188 |  |  | 7,433 |  |  | 17,609 |  |  | 14,601 |
Total equity-based compensation |  | $ | 15,843 |  |  | $ | 11,521 |  |  | $ | 29,616 |  |  | $ | 22,123 |
As of June 30, 2022, total unrecognized compensation cost related to unvested QLH restricted Class B-1 units, restricted Class A shares, restricted stock units, and PRSUs was $0.2 million, $1.3 million, $108.0 million, and $0.2 million, respectively, which are expected to be recognized over weighted-average periods of 1.11 years, 1.41 years, 2.43 years, and 0.70 years, respectively.

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