XML 52 R42.htm IDEA: XBRL DOCUMENT
v3.25.1

Stock-Based Compensation (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-based Compensation Expense | The following two tables summarize our total stock-based compensation expense by award type and where the stock-based compensation expense was recorded in our condensed consolidated statements of operations (in thousands):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| (unaudited) |  |
Restricted stock units | $ | 5,525 |  |  | $ | 8,343 |  |  |  |  |
Performance-based restricted stock units | 1,165 |  |  | 213 |  |  |  |  |
Employee stock purchase plan | 284 |  |  | 300 |  |  |  |  |
Restricted shares | 569 |  |  | 1,969 |  |  |  |  |
Options | — |  |  | 13 |  |  |  |  |
Total stock-based compensation | $ | 7,543 |  |  | $ | 10,838 |  |  |  |  |
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| (unaudited) |  |
Cost of revenue | $ | 1,221 |  |  | $ | 1,697 |  |  |  |  |
Sales and marketing | 2,162 |  |  | 3,990 |  |  |  |  |
Research and development | 1,133 |  |  | 1,844 |  |  |  |  |
General and administrative | 3,027 |  |  | 3,307 |  |  |  |  |
Total stock-based compensation | $ | 7,543 |  |  | $ | 10,838 |  |  |  |  |
Schedule of Information Related to Stock Options | A summary of the share option activity under the 2019 Plan for the three months ended March 31, 2025, is as follows:
| Time-Based Option Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life in Years |  | Aggregate Intrinsic Value
| (unaudited)
Outstanding at January 1, 2025 | 1,053,251 |  |  | $ | 11.99 |  |  |  |  |
Options cancelled/expired | (30,209) |  |  | 10.53 |  |  |  |  |
Outstanding at March 31, 2025 | 1,023,042 |  |  | $ | 12.03 |  |  | 2.9 |  | $ | — |
Vested and expected to vest as of March 31, 2025 | 1,023,042 |  |  | $ | 12.03 |  |  | 2.9 |  | $ | — |
Vested and exercisable as of March 31, 2025 | 1,023,042 |  |  | $ | 12.03 |  |  | 2.9 |  | $ | — |
Schedule of Outstanding RSUs and Related Activity | The following table sets forth the outstanding RSUs and related activity for the three months ended March 31, 2025:
| Restricted Stock Units |  | Weighted Average Grant Date Fair Value
| (unaudited)
Unvested and outstanding at January 1, 2025 | 3,505,406 |  |  | $ | 11.49 |
RSUs granted | 3,226,619 |  |  | 4.95 |
RSUs vested | (747,148) |  |  | 11.93 |
RSUs forfeited | (277,081) |  |  | 8.27 |
Unvested and outstanding at March 31, 2025 | 5,707,796 |  |  | $ | 7.76 |
The following table sets forth the outstanding PRSUs, including executive PRSUs with market-based tranches, and related activity for the three months ended March 31, 2025:
| Performance-based Restricted Stock Units |  | Weighted Average Grant Date Fair Value
| (unaudited)
Unvested and outstanding at January 1, 2025 | 524,313 |  |  | $ | 9.90 |
PRSUs granted | 2,401,883 |  |  | 4.98 |
PRSUs vested | (146,734) |  |  | 9.82 |
PRSUs forfeited | (51,579) |  |  | 10.28 |
Unvested and outstanding at March 31, 2025 | 2,727,883 |  |  | $ | 5.56 |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The recurring Level 3 fair value measurements of the contingent consideration liabilities include the other following significant inputs used during the three months ended March 31, 2025:
|  | Valuation Method |  |  |  | Market Price of Revenue Risk |  | Revenue Volatility |  | Expected Term (years) |  | Risk-free interest rate
|  | (unaudited) |  |  |  |
Revenue-based earn-out liabilities |  | Monte Carlo |  |  |  | 13.0% |  | 40% |  | 1.9 |  | 4.3%
The fair value of the market-based tranches included in the executive PRSUs were estimated on the date of grants using the Monte Carlo simulation valuation model with the following assumptions for the three months ended March 31, 2025 and 2024:
| Three Months Ended March 31, 2025 |  | Three Months Ended March 31, 2024 |  |
| (unaudited)
Expected volatility | 71.6% |  | 65.5% |  |
Expected term (in years) | 1-3 |  | 1-3 |  |
Risk-free interest rate | 4.16% - 4.23% |  | 4.33% - 4.91% |  |
Expected dividends | — |  | — |  |
Schedule of Employee Stock Purchase Plan | The fair value of the purchase right for the ESPP option component is estimated on the date of grant using the Black-Scholes model with the following assumptions for the three months ended March 31, 2025 and 2024:
| Three Months Ended March 31,
| 2025 |  | 2024
| (unaudited)
Expected volatility | 75.2% |  | 55.5%
Expected term (in months) | 6 |  | 6
Risk-free interest rate | 4.25% |  | 5.24%
Expected dividends | — |  | —

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardEmployeeStockPurchasePlanValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration