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Stock-Based Compensation and Stockholders' Equity | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
Stock-Based Compensation and Stockholders' Equity | Stock-Based Compensation and Stockholders' Equity Stock-Based Compensation Expense The following table sets forth stock-based compensation expense recognized by the Company in the following line items in the Company's consolidated statements of operations and comprehensive income (loss) during the periods presented:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Cost of services | $ | 173 |  |  | $ | 131 |  |  | $ | 322 |  |  | $ | 207 |
Sales and marketing | 2,954 |  |  | 1,833 |  |  | 5,612 |  |  | 2,602 |
General and administrative | 2,671 |  |  | 1,846 |  |  | 5,257 |  |  | 2,929 |
Stock-based compensation expense | $ | 5,798 |  |  | $ | 3,810 |  |  | $ | 11,191 |  |  | $ | 5,738 |
The following table sets forth stock-based compensation expense by award type during the periods presented:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
RSUs | $ | 2,409 |  |  | $ | 792 |  |  | $ | 4,820 |  |  | $ | 792 |
PSUs | 2,352 |  |  | 753 |  |  | 4,615 |  |  | 753 |
Stock options | 413 |  |  | 1,507 |  |  | 841 |  |  | 3,060 |
ESPP | 624 |  |  | 758 |  |  | 915 |  |  | 1,133 |
Stock-based compensation expense | $ | 5,798 |  |  | $ | 3,810 |  |  | $ | 11,191 |  |  | $ | 5,738 |
Restricted Stock Units The following table sets forth the Company's restricted stock unit (“RSU”) activity during the six months ended June 30, 2023:
| Number of Restricted Stock Units |  | Weighted-Average Grant-Date Fair Value |  |
Nonvested balance as of December 31, 2022 | 517,135 |  | $ | 25.93 |  |  |  |  |
Granted | 709,175 |  | 19.58 |  |  |  |
Vested | (199,997) |  | 23.72 |  |  |  |
Forfeited | (15,511) |  | 24.30 |  |  |  |
Nonvested balance as of June 30, 2023 | 1,010,802 |  | $ | 21.55 |  |  |  |  |
The Company grants RSUs to the Company's employees and non-employee directors under the Company’s 2020 Incentive Award Plan (the “2020 Plan”). Pursuant to the RSU award agreements, each RSU entitles the recipient to one share of the Company’s common stock, subject to time-based vesting conditions set forth in individual agreements. The fair value of each RSU grant is determined based upon the market closing price of the Company’s common stock on the date of grant. The RSUs vest over the requisite service period, which ranges between one year and three years from the date of grant, subject to the continued employment of the employees and services of the non-employee board members. As of June 30, 2023, the unrecognized stock-based compensation expense related to the unvested portion of the Company's RSU awards was approximately $18.6 million and is expected to be recognized over a weighted-average period of 2.0 years. During the six months ended June 30, 2023, the Company issued an aggregate of 200,887 shares of common stock to employees and non-employee directors upon the exercise of RSUs previously granted under the 2020 Plan. Performance-Based Restricted Stock Units The following table sets forth the Company's performance-based restricted stock unit (“PSU”) activity during the six months ended June 30, 2023:
| Number of Performance-Based Restricted Stock Units |  | Weighted-Average Grant-Date Fair Value |  |
Nonvested balance as of December 31, 2022 | 473,371 |  | $ | 26.76 |  |  |  |  |
Granted | 657,408 |  | 21.46 |  |  |  |
Vested | — |  | — |  |  |  |
Forfeited | — |  | — |  |  |  |
Nonvested balance as of June 30, 2023 | 1,130,779 |  | $ | 23.68 |  |  |  |  |
The Company also grants PSUs to employees under the Company’s 2020 Plan. Pursuant to the PSU Award Agreement, each PSU entitles the recipient to up to 1.5 shares of the Company’s common stock, subject to performance-based vesting conditions set forth in individual agreements. The PSUs will vest, if at all, following the achievement of certain performance measures over a three year performance period, relative to certain performance and market conditions. Grant date fair value of PSUs, that vest relative to a performance condition, is measured based upon the market closing price of the Company’s common stock on the date of grant and expensed on a straight-line basis when it becomes probable that the performance conditions will be satisfied, net of forfeitures, over the service period of the awards, which is generally the vesting term of three years. Grant date fair value of PSUs, that vest relative to a market condition, is measured using a Monte Carlo simulation model and expensed on a straight-line basis, net of forfeitures, over the service period of the awards, which is generally the vesting term of three years. As of June 30, 2023, the nonvested balance of PSUs that vest based on performance and market conditions are 452,316 and 678,463 shares, respectively. As of June 30, 2023, the unrecognized stock-based compensation expense related to the unvested portion of the Company's PSU awards was approximately $19.0 million and is expected to be recognized over a weighted-average period of 2.1 years. Stock Options As of June 30, 2023, the unrecognized stock-based compensation expense related to the unvested portion of the Company's stock options was approximately $1.3 million, and is expected to be recognized over a weighted average period of 0.7 years. As of June 30, 2023, there were 671,595 stock options expected to vest with a weighted-average grant-date fair value of $13.09. During the six months ended June 30, 2023, the Company issued an aggregate of 156,592 shares of common stock to employees upon the exercise of options previously granted under the 2016 Stock Incentive Plan and 2020 Plan at exercise prices ranging from $3.68 to $13.82 per share. During the six months ended June 30, 2022, the Company issued an aggregate of 134,719 shares of common stock to employees upon the exercise of options previously granted under the 2016 Stock Incentive Plan and 2020 Plan at exercise prices ranging from $3.68 to $13.82 per share. Employee Stock Purchase Plan During the six months ended June 30, 2023, the Company issued 189,837 shares through the Employee Stock Purchase Plan (“ESPP”). During the six months ended June 30, 2022, the Company issued 155,486 shares through the ESPP. Stock Warrants As of June 30, 2023 and December 31, 2022, the Company had fully vested outstanding warrants of 9,416,830 and 9,427,343, respectively. As of June 30, 2023 and December 31, 2022, the holders of such warrants were entitled to purchase, in the aggregate, up to 5,231,572 shares and 5,237,413 shares, respectively, of common stock. Warrants can be exercised at a strike price of $24.39 per common share. The warrants were issued in 2016 upon the Company's emergence from its pre-packaged bankruptcy. These warrants expire on August 15, 2023. During the three and six months ended June 30, 2023, 10,513 warrants were exercised. During the three and six months ended June 30, 2022, no warrants were exercised. Cash proceeds from exercises of stock warrants during the three and six months ended June 30, 2023 were $0.1 million and are recorded in Other under Cash flows from financing activities on the Company's consolidated statements of cash flows.

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