Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

11. Stock-Based Compensation

The Company has stock-based compensation plans, which are more fully described in Note 11, Stock Plans, to the Consolidated Financial Statements included in the 2024 10-K. During the three months ended March 31, 2025, the Company granted restricted stock units (“RSUs”) subject to service conditions, RSUs subject to service and performance conditions, and RSUs subject to service and market conditions.

Stock Options

The following table summarizes the activities for all stock options under the Company’s stock-based compensation plans for the three months ended March 31, 2025:


	Number of Options Outstanding			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value(1)
	(in thousands)						(in thousands)
Outstanding as of December 31, 2024(2)		8,438		$	12.93
Granted		—		$	—
Exercised		(3	)	$	2.56
Forfeited or expired(3)		(231	)	$	9.99
Outstanding as of March 31, 2025(2)		8,204		$	13.01	4.0 years	$	2
Exercisable as of March 31, 2025(4)		8,079		$	13.06	4.0 years	$	2
Vested and expected to vest as of March 31, 2025(5)		8,204		$	13.01	4.0 years	$	2

(1)

The intrinsic value is the amount by which the current market value of the underlying stock exceeds the exercise price of the stock awards.

(2)

Includes 3,620 and 3,558 performance condition stock options as of March 31, 2025 and December 31, 2024, respectively.

(3)

Includes 62 performance condition stock options.

(4)

Includes 3,558 performance condition stock options.

(5)

Includes 3,558 performance condition stock options.

There were no stock options granted during the three months ended March 31, 2025 and 2024. The total intrinsic value of stock options exercised during the three months ended March 31, 2025 and 2024 was immaterial.

As of March 31, 2025, the total unrecognized compensation cost related to all nonvested stock options was $892 and the related weighted-average period over which it is expected to be recognized was approximately 1.3 years.

Restricted Stock Units

The following table summarizes the activities for all RSUs under the Company’s stock-based compensation plans for the three months ended March 31, 2025:


	Number of Shares			Weighted-Average Grant Date Fair Value Per Share
	(in thousands)
Outstanding and nonvested as of December 31, 2024(1)		1,902		$	4.94
Granted(2)		817		$	3.95
Vested		(232	)	$	6.29
Forfeited(3)		(425	)	$	5.55
Outstanding and nonvested as of March 31, 2025(1)		2,062		$	4.28

(1)

Includes 323 and 248 performance condition RSUs as of March 31, 2025 and December 31, 2024, respectively.

(2)

Includes 323 performance condition RSUs.

(3)

Includes 248 performance condition RSUs.

The total vesting date fair value of RSUs which vested during the three months ended March 31, 2025 and 2024 was $729 and $429, respectively.

As of March 31, 2025, the total unrecognized compensation cost related to all nonvested RSUs was $6,250 and the related weighted-average period over which it is expected to be recognized was approximately 2.1 years.

Stock-Based Compensation Expense

The following table provides information about stock-based compensation expense by award type:


	Three Months Ended
	March 31, 2025		March 31, 2024
Stock options	$	334	$	572
Restricted stock units		1,026		807
Employee stock purchase plan		383		156
Total stock-based compensation expense	$	1,743	$	1,535

The following table provides information about stock-based compensation expense by financial statement line item:


	Three Months Ended
	March 31, 2025		March 31, 2024
Cost of revenue (exclusive of depreciation and amortization)	$	—	$	(1	)
Sales and marketing		264		159
Research and development		318		532
General and administrative		1,161		845
Total stock-based compensation expense	$	1,743	$	1,535

Stock-based compensation expense capitalized as part of internal-use software was $57 and $118 for the three months ended March 31, 2025 and 2024, respectively.