Equity-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
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| Summary of Equity Based Compensation Expense Recognized |
A summary of the expense by line item in the consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021, is provided in the following table.
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Year Ended December 31, |
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(in thousands) |
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2023 |
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2022 |
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2021 |
|
Cost of revenue |
|
$ |
1,097 |
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|
$ |
942 |
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$ |
277 |
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Sales and marketing |
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|
11,407 |
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|
13,508 |
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|
1,930 |
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Product development |
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13,138 |
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|
7,805 |
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|
1,070 |
|
General and administrative |
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|
23,097 |
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|
14,179 |
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|
6,680 |
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Total compensation expense |
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$ |
48,739 |
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$ |
36,434 |
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$ |
9,957 |
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| IPO |
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| Schedule of Company’s Unvested Time-Based and Performance-Based Unit Activity |
The following table summarizes the Company’s unvested unit activity.
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2023 |
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2022 |
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Weighted |
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Weighted |
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Non-Vested |
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Average Grant |
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Non-Vested |
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Average Grant |
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Units |
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Date Fair Value |
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Units |
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Date Fair Value |
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Unvested at beginning of year |
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1,509,149 |
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$ |
2.03 |
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2,756,406 |
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$ |
2.02 |
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Vested |
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(806,128 |
) |
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|
2.30 |
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(1,060,385 |
) |
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|
2.03 |
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Forfeited |
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(108,368 |
) |
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2.12 |
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(186,872 |
) |
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2.03 |
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Unvested at end of year |
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594,653 |
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$ |
1.65 |
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1,509,149 |
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$ |
2.03 |
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| Time Based RSUs |
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| Schedule of Company’s Unvested Time-Based and Performance-Based Unit Activity |
The following table summarizes the Company's unvested time-based activity for the years ended December 31, 2023 and 2022:
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2023 |
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2022 |
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Weighted |
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Weighted |
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Restricted |
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Average Grant |
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Restricted |
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Average Grant |
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Stock Units |
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Date Fair Value |
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Stock Units |
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Date Fair Value |
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Unvested at beginning of year |
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3,438,387 |
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$ |
24.82 |
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1,935,899 |
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$ |
32.59 |
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Granted |
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3,318,889 |
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$ |
12.55 |
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2,457,991 |
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$ |
20.27 |
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Vested |
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(1,300,786 |
) |
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$ |
23.91 |
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(716,776 |
) |
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$ |
29.86 |
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Forfeited |
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(535,023 |
) |
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$ |
18.48 |
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(238,727 |
) |
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$ |
25.51 |
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Unvested at end of year |
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4,921,467 |
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$ |
17.32 |
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3,438,387 |
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$ |
24.82 |
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| Time Based RSUs | 2023 Inducement Plan |
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| Schedule of Company’s Unvested Time-Based and Performance-Based Unit Activity |
The following table summarizes the Company's unvested time-based activity for the year ended December 31, 2023:
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2023 |
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Weighted |
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Restricted |
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Average Grant |
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Stock Units |
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Date Fair Value |
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Unvested at beginning of year |
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— |
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$ |
— |
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Granted |
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660,423 |
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$ |
7.11 |
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Unvested at end of year |
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660,423 |
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$ |
7.11 |
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| Performance-Based RSUs |
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| Schedule of Company’s Unvested Time-Based and Performance-Based Unit Activity |
The following table summarizes the Company's unvested PSU activity for the years ended December 31, 2023 and 2022:
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2023 |
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2022 |
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Weighted |
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Weighted |
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Restricted |
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Average Grant |
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Restricted |
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Average Grant |
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Stock Units |
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Date Fair Value |
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Stock Units |
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Date Fair Value |
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Unvested at beginning of year |
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125,000 |
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$ |
54.25 |
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|
164,351 |
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$ |
27.00 |
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Granted |
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635,632 |
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$ |
13.62 |
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125,000 |
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$ |
54.25 |
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Forfeited |
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(65,790 |
) |
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$ |
13.62 |
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(164,351 |
) |
|
$ |
27.00 |
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Unvested at end of year |
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|
694,842 |
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$ |
20.93 |
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|
125,000 |
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$ |
54.25 |
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| Performance-Based RSUs | 2023 Inducement Plan |
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| Schedule of Company’s Unvested Time-Based and Performance-Based Unit Activity |
The following table summarizes the Company's unvested PSU activity for the years ended December 31, 2023:
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2023 |
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Weighted |
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Restricted |
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Average Grant |
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Stock Units |
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Date Fair Value |
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Unvested at beginning of year |
|
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— |
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$ |
— |
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Granted |
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551,758 |
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$ |
9.10 |
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Unvested at end of year |
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|
551,758 |
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$ |
9.10 |
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