Stock-based compensation (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Stock-Based Compensation Expense |
Total stock-based compensation expense for all equity arrangements for the three and nine months ended September 30, 2024 and 2023 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | 2024 | | 2023 | | 2024 | | 2023 | | Cost of revenue | | $ | 80 | | | $ | 118 | | | $ | 286 | | | $ | 328 | | | Sales and marketing | | 4,829 | | | 5,714 | | | 14,002 | | | 17,859 | | | Technology and development | | 4,941 | | | 2,902 | | | 14,139 | | | 13,434 | | | General and administrative | | 6,593 | | | 5,166 | | | 18,758 | | | 34,020 | | | Total | | $ | 16,443 | | | $ | 13,900 | | | $ | 47,185 | | | $ | 65,641 | |
The Company maintains multiple stock-based incentive compensation plans. Expense relating to outstanding awards under such plans is summarized as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | Unamortized Expense as of | | Weighted
Average Vesting Term | | | | 2024 | | 2023 | | 2024 | | 2023 | | September 30, 2024 | | | Time-Based Options | | | | | | | | | | | | | | 2018 Plan | | $ | 111 | | | $ | 1,727 | | | $ | 747 | | | $ | 3,544 | | | | | | | 2021 Plan | | 536 | | | 536 | | | 1,605 | | | 1,740 | | | | | | | Total Time-Based Options expense | | $ | 647 | | | $ | 2,263 | | | $ | 2,352 | | | $ | 5,284 | | | $ | 1,641 | | | 0.7 years | | | | | | | | | | | | | | | Return-Target Options | | | | | | | | | | | | | | 2018 Plan | | $ | — | | | $ | (2,111) | | | $ | — | | | $ | 18,215 | | | | | | | 2021 Plan | | — | | | — | | | — | | | 3,124 | | | | | | | Total Return-Target Options expense | | $ | — | | | $ | (2,111) | | | $ | — | | | $ | 21,339 | | | $ | — | | | 0.0 years | | | | | | | | | | | | | | | LTIP expense (2018 Plan) | | $ | — | | | $ | 16 | | | $ | — | | | $ | 333 | | | | | | | | | | | | | | | | | | | | Other equity awards under 2021 Plan | | | | | | | | | | | | | | Restricted Stock Units ("RSUs") | | $ | 10,444 | | | $ | 8,760 | | | $ | 30,529 | | | $ | 25,483 | | | $ | 103,107 | | | 2.8 years | | Market Stock Units ("MSUs") | | 4,976 | | | 4,632 | | | 13,000 | | | 12,194 | | | 22,270 | | | 3.2 years | | Other equity awards under 2021 Plan expense | | $ | 15,420 | | | $ | 13,392 | | | $ | 43,529 | | | $ | 37,677 | | | $ | 125,377 | | | | | | | | | | | | | | | | | | Employee Stock Purchase Plan "ESPP" | | $ | 376 | | | $ | 340 | | | $ | 1,304 | | | $ | 1,008 | | | | | | | | | | | | | | | | | | | | Total Stock-Based Compensation expense | | $ | 16,443 | | | $ | 13,900 | | | $ | 47,185 | | | $ | 65,641 | | | $ | 127,018 | | | |
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| Schedule of Stock Option Activity |
Stock option activity for the nine months ended September 30, 2024 is as follows:
Time-Based Options | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Stock options | | Weighted
average
exercise price | | Weighted average
remaining
contractual life
(years) | | Aggregate
intrinsic
value | | Outstanding at December 31, 2023 | | 3,060,388 | | | $ | 7.70 | | | 5.70 | | $ | 23,251 | | | | | | | | | | | | Canceled or forfeited | | — | | | — | | | — | | | — | | | Exercised | | (44,049) | | | 7.10 | | | — | | | — | | Outstanding at September 30, 2024 | | 3,016,339 | | | $ | 7.70 | | | 4.94 | | $ | 14,870 | | Vested and expected to vest at September 30, 2024 | | 3,016,339 | | | $ | 7.70 | | | 4.94 | | $ | 14,870 | | Exercisable as of September 30, 2024 | | 2,863,841 | | | $ | 7.19 | | | 4.84 | | $ | 14,849 | |
Return-Target Options | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Stock options | | Weighted
average
exercise price | | Weighted average
remaining
contractual life
(years) | | Aggregate
intrinsic
value | | Outstanding at December 31, 2023 | | 1,725,030 | | | $ | 7.47 | | | 5.78 | | $ | 13,318 | | | | | | | | | | | | Canceled or forfeited | | — | | | — | | | — | | | — | | | Exercised | | — | | | — | | | — | | | — | | Outstanding at September 30, 2024 | | 1,725,030 | | | $ | 7.47 | | | 5.03 | | $ | 8,514 | | Vested and expected to vest at September 30, 2024 | | 1,725,030 | | | $ | 7.47 | | | 5.03 | | $ | 8,514 | | Exercisable as of September 30, 2024 | | — | | | $ | — | | | — | | | $ | — | |
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| Schedule of Restricted Stock Unit Activity |
RSU activity for the nine months ended September 30, 2024 is as follows:
| | | | | | | | | | | | | RSUs | | Number of Shares | | Weighted Average Grant Date Fair Value | | Outstanding at December 31, 2023 | 9,014,435 | | | $ | 12.41 | | | Granted | 4,599,570 | | | 10.31 | | | Canceled or forfeited | (1,400,542) | | | 11.42 | | | Vested | (2,406,842) | | | 12.30 | | Outstanding as of September 30, 2024 | 9,806,621 | | | $ | 11.60 | | Expected to vest as of September 30, 2024 | 9,806,621 | | | |
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| Schedule of Market Stock Unit Activity |
MSU activity for the nine months ended September 30, 2024 is as follows:
| | | | | | | | | | | | | MSUs | | Number of Shares | | Weighted Average
Grant Date Fair Value | | Outstanding at December 31, 2023 | 1,800,486 | | | $ | 19.28 | | | Granted | 1,395,332 | | | 14.86 | | | Canceled or forfeited | (209,532) | | | 21.05 | | | Change in awards based on performance | (118,636) | | | 21.42 | | | Vested | (420,786) | | | 19.39 | | Outstanding as of September 30, 2024 | 2,446,864 | | | $ | 16.60 | | Expected to vest as of September 30, 2024 | 2,446,864 | | | |
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