Equity-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Unit Activity |
The following table summarizes the RSU activity during the six months ended June 30, 2025 (in thousands, except per share data):
|
|
|
|
|
|
|
|
|
|
|
RSUs |
|
|
Weighted-
Average
Grant Date
Fair Value per Share |
|
Outstanding as of December 31, 2024 |
|
|
355 |
|
|
$ |
29.48 |
|
Granted |
|
|
5,674 |
|
|
|
23.73 |
|
Vested |
|
|
(321 |
) |
|
|
23.61 |
|
Forfeited / Cancelled |
|
|
(80 |
) |
|
|
24.58 |
|
Outstanding as of June 30, 2025 |
|
|
5,628 |
|
|
$ |
24.09 |
|
|
| Schedule of Equity-Based Compensation Expense |
Equity-based compensation expense was classified as follows in the accompanying unaudited condensed consolidated statements of operations (in thousands):
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|
|
|
|
|
|
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|
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Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Cost of subscription |
|
$ |
634 |
|
|
$ |
— |
|
|
$ |
1,340 |
|
|
$ |
— |
|
Cost of professional services and other |
|
|
1,190 |
|
|
|
— |
|
|
|
3,227 |
|
|
|
— |
|
Sales and marketing |
|
|
11,774 |
|
|
|
918 |
|
|
|
25,642 |
|
|
|
1,274 |
|
Research and development |
|
|
8,799 |
|
|
|
1,149 |
|
|
|
19,347 |
|
|
|
1,254 |
|
General and administrative |
|
|
9,037 |
|
|
|
652 |
|
|
|
19,787 |
|
|
|
1,304 |
|
Total equity-based compensation |
|
$ |
31,434 |
|
|
$ |
2,719 |
|
|
$ |
69,343 |
|
|
$ |
3,832 |
|
|
| 2019 Common Unit Option Plan |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule of Stock Option Activity |
The following table summarizes the option activity under the 2019 Plan during the six months ended June 30, 2025 (in thousands, except per share data):
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options |
|
|
Weighted-
Average
Exercise
Price per Share |
|
|
Weighted-
Average
Remaining
Contractual
Term (Years) |
|
|
Aggregate Intrinsic Value |
|
Outstanding as of December 31, 2024 |
|
|
33,321 |
|
|
$ |
10.58 |
|
|
|
7.63 |
|
|
$ |
597,716 |
|
Forfeited / Cancelled |
|
|
(374 |
) |
|
|
12.44 |
|
|
|
|
|
|
|
Exercised |
|
|
(4,814 |
) |
|
|
8.65 |
|
|
|
|
|
|
87,078 |
|
Outstanding as of June 30, 2025 |
|
|
28,133 |
|
|
$ |
10.89 |
|
|
|
7.21 |
|
|
$ |
489,854 |
|
Vested and exercisable as of June 30, 2025 |
|
|
16,870 |
|
|
$ |
9.53 |
|
|
|
6.58 |
|
|
$ |
316,621 |
|
|
| 2024 Equity Incentive Plan |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule of Stock Option Activity |
The following table summarizes the option activity under the 2024 Plan during the six months ended June 30, 2025 (in thousands, except per share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options |
|
|
Weighted-
Average
Exercise
Price per Share |
|
|
Weighted-
Average
Remaining
Contractual
Term (Years) |
|
|
Aggregate Intrinsic Value |
|
Outstanding as of December 31, 2024 |
|
|
2,400 |
|
|
$ |
20.00 |
|
|
|
9.56 |
|
|
$ |
20,447 |
|
Forfeited / Cancelled |
|
|
(5 |
) |
|
|
20.00 |
|
|
|
|
|
|
|
Exercised |
|
|
(14 |
) |
|
|
20.00 |
|
|
|
|
|
|
114 |
|
Outstanding as of June 30, 2025 |
|
|
2,381 |
|
|
$ |
20.00 |
|
|
|
9.06 |
|
|
$ |
19,766 |
|
Vested and exercisable as of June 30, 2025 |
|
|
414 |
|
|
$ |
20.00 |
|
|
|
9.06 |
|
|
$ |
3,440 |
|
|