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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Expensed and Capitalized, Amount

Share-based compensation expense recorded for each type of award is as follows:

						Year Ended December 31,
						2023						2022						2021
						(in thousands)
Time-based restricted stock units						$	8,010					$	5,458					$	1,934
Performance-based restricted stock units						965						(727)						1,122
Stock options						517						718						759
Total share-based compensation expense						$	9,492					$	5,449					$	3,815

During the years ended December 31, 2023, 2022 and 2021, share-based compensation expense was allocated to cost of services, general and administrative, selling and marketing, and research and development, generally based on the functional responsibilities of the awarded unitholders in the accompanying Consolidated Statements of Operations as follows:

						Year Ended December 31,
						2023						2022						2021
						(in thousands)
General and administrative						$	7,565					$	4,028					$	3,102
Selling and marketing						858						687						366
Research and development						385						395						217
Cost of services						684						339						130
Total						$	9,492					$	5,449					$	3,815

The following table reflects future compensation expense to be recorded for share-based compensation awards that were outstanding as of December 31, 2023:

						Unrecognized Expense						Weighted Average Amortization Period (Years)
						(in thousands)
Time-based restricted stock units						$	19,943					2.67
Performance-based restricted stock units						3,645						2.00
Stock options						526						1.00
Total unrecognized stock-based compensation expense						$	24,114					2.54

Share-based Payment Arrangement, Activity

The following table summarizes the RSU activity for the year end December 31, 2023:

						Time-Based Restricted Stock Units
						Number of Awards						Weighted Average Fair Value at Grant Date
Outstanding as of December 31, 2022						2,023,383						$	11.52
Granted						1,615,305						6.85
Vested						(588,586)						13.26
Forfeited						(229,568)						8.04
Outstanding as of December 31, 2023						2,820,534						$	8.77

The following table summarizes the PSU activity for the year ended December 31, 2023:

						Performance-Based Restricted Stock Units
						Number of Awards						Weighted Average Fair Value at Grant Date
Unvested as of December 31, 2022						159,965						$	23.35
Granted						281,425						14.80
Outstanding as of December 31, 2023						441,390						$	17.90

Stock Options

The Company’s outstanding stock options vest, subject to the continued employment of the grantees, in equal annual installments over four years following the grant date. The contractual term for the exercisability of the stock options is ten years from the grant date. The following table summarizes the stock option activity for the year ended December 31, 2023:

						Stock Options
						Number of Awards						Weighted Average Exercise Price						Weighted Average Contractual Term (Years)
Outstanding as of December 31, 2022						172,461						$	33.56					7.44
Expired						(20,244)						33.56
Forfeited						(12,168)						33.56
Outstanding as of December 31, 2023						140,049						$	33.56					6.81
Vested and expected to vest at December 31, 2023						140,049						$	33.56					6.81
Exercisable at December 31, 2023						106,012						$	33.56					6.75

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The Company estimated the fair value of each stock option on the date of grant using a Black–Scholes option-pricing model, applying the following assumptions:

Grant date						December 30, 2020
Weighted average grant date fair value						$15.51
Risk-free interest rate (a)						0.55%
Expected term (years) (b)						6.25
Expected volatility rate (c)						50.00%
Expected dividend yield (d)						—%

a)The risk-free interest rate was interpolated from the five-year and seven-year Constant Maturity Treasury rate published by the U.S. Treasury as of the date of the grant.

b)The expected life was estimated using the Simplified Method, which utilizes the midpoint between the vesting date and the end of the contractual term.

c)The expected volatility rate was based on the average of implied and observed historical volatility of comparable companies.

d)At the grant date, no dividends were expected to be paid over the contractual term of the stock options granted, based on the Company's dividend policy, resulting in the use of a zero dividend rate.

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The Company used the following assumptions to estimate the fair value of PSUs granted during the periods indicated:

			Year ended December 31, 2023
Risk-free interest rate			5		%
Volatility			63		%

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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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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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