Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Share-Based Payment Arrangement [Abstract] |
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| Share-Based Payment Arrangement, Expensed and Capitalized, Amount |
The Company recorded stock-based compensation on the Consolidated Statement of Operations for the years ended December 31, 2024, 2023, and 2022 as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | | 2022 | | Cost of revenue | | $ | 1,489 | | | $ | — | | | $ | — | | | General and administrative | | 28,093 | | | 24,633 | | | 24,672 | | | Research and development | | 950 | | | — | | | — | | | Sales and marketing | | 2,881 | | | — | | | — | | | Total stock-based compensation | | $ | 33,413 | | | $ | 24,633 | | | $ | 24,672 | |
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| Schedule of Fair Value of Each Stock Option Award Granted |
Weighted average assumptions used during the years ended December 31, 2024, 2023 and 2022 are as follows: | | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | | 2022 | | Expected term (in years) | 5.1 – 6.5 | | 4.0 – 6.5 | | 3.0 – 5.5 | | Risk-free interest rate (%) | 3.5% - 4.6% | | 3.3% - 4.7% | | 1.4% - 4.5% | | Expected volatility (%) | 54.9% - 64.6% | | 53.3% - 67.9% | | 41.9% - 66.7% | | Dividend yield (%) | — | | — | | — | | Weighted average fair value/share at grant date | $8.91 | | $9.03 | | $6.42 |
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| Schedule of Stock Option Activity |
The status of the stock options are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Number of Shares | | Weighted Average Exercise Price | | Weighted-Average
Remaining Contract Term
(in years) | | Aggregate Intrinsic
Value
(in thousands) | Outstanding at December 31, 2021 | 2,961,195 | | | $ | 25.46 | | | 3.79 | | $ | 36,065 | | | Granted | 4,494,333 | | | $ | 14.49 | | | | | | | Exercised | (949,259) | | | $ | 10.87 | | | | | $ | 6,050 | | | Forfeited | (2,291,652) | | | $ | 26.50 | | | | | | Outstanding at December 31, 2022 | 4,214,617 | | | $ | 16.48 | | | 5.55 | | $ | 1,375 | | | Granted | 1,679,860 | | | $ | 17.11 | | | | | | | Exercised | (279,148) | | | $ | 10.79 | | | | | $ | 1,373 | | | Forfeited | (1,234,230) | | | $ | 20.77 | | | | | | Outstanding at December 31, 2023 | 4,381,099 | | | $ | 15.87 | | | 5.56 | | $ | 15,568 | | | Granted | 1,681,742 | | | $ | 15.01 | | | | | | | Exercised | (412,442) | | | $ | 8.80 | | | | | $ | 2,159 | | | Forfeited | (419,137) | | | $ | 16.06 | | | | | | Outstanding at December 31, 2024 | 5,231,262 | | | $ | 16.14 | | | 5.90 | | $ | 14,701 | | Exercisable at December 31, 2024 | 1,883,668 | | | $ | 18.94 | | | 4.07 | | $ | 5,691 | | Vested and expected to vest at December 31, 2024 | 5,231,262 | | | $ | 16.14 | | | 5.90 | | $ | 14,701 | |
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| Schedule of Restricted Stock Activity |
The number of shares and weighted average grant date fair values of restricted nonvested common stock at the beginning and end of 2024, 2023 and 2022, as well as stock awards granted, vested, and forfeited during the year were as follows: | | | | | | | | | | | | | Number of Restricted Shares | | Weighted Average Grant Date Fair Value | Nonvested at December 31, 2021 | 851,403 | | | $ | 36.00 | | | Granted | 2,865,727 | | | $ | 14.16 | | | Vested | (413,747) | | | $ | 33.19 | | | Forfeited | (1,308,522) | | | $ | 24.57 | | Nonvested at December 31, 2022 | 1,994,861 | | | $ | 12.71 | | | Granted | 1,006,698 | | | $ | 16.84 | | | Vested | (624,806) | | | $ | 13.89 | | | Forfeited | (414,834) | | | $ | 15.58 | | Nonvested at December 31, 2023 | 1,961,919 | | | $ | 13.83 | | | Granted | 1,061,191 | | | $ | 15.03 | | | Vested | (672,177) | | | $ | 14.27 | | | Forfeited | (186,862) | | | $ | 14.22 | | Nonvested at December 31, 2024 | 2,164,071 | | | $ | 14.25 | |
A summary of the PSU activity under the Company’s plans for the year ended December 31, 2024 is as follows:
| | | | | | | | | | | | | | | | | Number of Stock Units | | Weighted Average Grant Date Fair Value | Nonvested at December 31, 2023 | | 305,105 | | | $ | 21.83 | | | Granted | | 388,513 | | | $ | 17.43 | | | Vested | | — | | | $ | — | | | Forfeited | | (46,534) | | | $ | 19.56 | | Nonvested at December 31, 2024 | | 647,084 | | | $ | 19.35 | |
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| Schedule of Fair Value of PSU Award Granted |
The fair value of each PSU granted and subject to a market condition during the year ended December 31, 2024 was estimated as of the grant date using a Monte Carlo simulation with the following assumptions: | | | | | | | 2024 | | Expected term (in years) | 3.0 | | Risk-free interest rate (%) | 4.5% - 4.7% | | Expected volatility (%) | 71.3% - 72.2% | | Dividend yield (%) | — | | Weighted average grant date fair value per share | $17.43 |
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