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STOCK INCENTIVE PLANS (Tables) | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of RSU Rollforward | During the six months ended June 30, 2025, equity-classified RSU activity for Service Providers and non-employee directors was as follows:
| Class A Common Stock |  | LT50 Common Stock |  | Weighted average grant date fair value per share
Outstanding at December 31, 2024 | 2,150,101 |  |  | 1,894,470 |  |  | $ | 30.21 |
RSUs granted | 153,690 |  |  | — |  |  | $ | 2.23 |
RSUs vested | (428,709) |  |  | (195,954) |  |  | $ | 20.61 |
RSUs cancelled/forfeited/expired | (31,885) |  |  | (31,885) |  |  | $ | 41.00 |
Outstanding at June 30, 2025 | 1,843,197 |  |  | 1,666,631 |  |  | $ | 30.50 |
Schedule of Stock Option Roll-forward | A summary of the Company's stock option activity was as follows:
| Shares |  | Weighted average exercise price per share |  | Weighted average remaining contractual life (in years)
Outstanding at December 31, 2024 | 3,759,580 |  |  | $ | 2.29 |  |  | 4.11
Options exercised | (96,082) |  |  | $ | 1.22 |  |  |
Options cancelled/forfeited/expired | (137,732) |  |  | $ | 1.18 |  |  |
Outstanding at June 30, 2025 | 3,525,766 |  |  | $ | 2.36 |  |  | 3.77
Exercisable at June 30, 2025 | 3,524,356 |  |  | $ | 2.36 |  |  | 3.77
Schedule of Stock-based Compensation Expense | The following table summarizes the stock-based compensation recognized for options granted under the 2009 Stock Plan, options and RSUs granted under the 2019 Stock Plan, RSUs granted under the 2021 Plan and matching and discretionary shares issued under the Matching Plan (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Matching Plan shares | $ | 973 |  |  | $ | 1,141 |  |  | $ | 2,500 |  |  | $ | 2,570 |  |
Equity-classified restricted stock units | 5,937 |  |  | 7,029 |  |  | 12,013 |  |  | 13,290 |  |
Settlement of liability-classified restricted stock units | 344 |  |  | — |  |  | 344 |  |  | — |  |
Stock options | 209 |  |  | 857 |  |  | 835 |  |  | 1,606 |  |
Total stock-based compensation | 7,463 |  |  | 9,027 |  |  | 15,692 |  |  | 17,466 |  |
Less: stock-based compensation capitalized as software development costs | (536) |  |  | (646) |  |  | (775) |  |  | (1,561) |  |
Total stock-based compensation expense | $ | 6,927 |  |  | $ | 8,381 |  |  | $ | 14,917 |  |  | $ | 15,905 |  |
Stock-based compensation expense is allocated based on the cost center to which the award holder spent time during the reported periods. Stock-based compensation expense is included in the following components of expenses on the accompanying Condensed Consolidated Statements of Operations (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cost of revenue, net | $ | 2,770 |  |  | $ | 2,886 |  |  | $ | 5,809 |  |  | $ | 5,818 |
Research and development | 2,018 |  |  | 3,144 |  |  | 4,421 |  |  | 5,894 |
General and administrative | 1,178 |  |  | 1,703 |  |  | 2,749 |  |  | 3,405 |
Sales and marketing | 961 |  |  | 648 |  |  | 1,938 |  |  | 788 |
Total stock-based compensation expense | $ | 6,927 |  |  | $ | 8,381 |  |  | $ | 14,917 |  |  | $ | 15,905 |

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