v3.25.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company recorded stock-based compensation on the Consolidated Statement of Operations for the three and six months ended June 30, 2025 and 2024 as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Cost of revenue$302 $358 $718 $753 
General and administrative10,408 7,493 19,190 14,156 
Research and development675 237 1,272 408 
Sales and marketing830 753 1,788 1,298 
Total stock-based compensation$12,215 $8,841 $22,968 $16,615 
Stock Options
A summary of the stock option activity under the Company’s plans for the six months ended June 30, 2025 is as follows:
 
Number of
Shares		Weighted Average Exercise Price
Outstanding at December 31, 20245,231,262 $16.14 
Granted3,147,871 $11.66 
Exercised(9,083)$8.10 
Forfeited(914,134)$19.91 
Outstanding at June 30, 20257,455,916 $13.80 
Vested and expected to vest at June 30, 20257,455,916 $13.80 
Exercisable at June 30, 20252,780,597 $15.71 
The fair value of each stock option award granted during the six months ended June 30, 2025 was estimated as of the grant date using a Black-Scholes model with the following assumptions:
 Six Months Ended
June 30, 2025
Expected term (in years)
5.2 - 6.5
Risk-free interest rate (%)
3.8% - 4.4%
Expected volatility (%)
56.0% - 67.1%
Dividend yield (%)—
Weighted average grant date fair value per share$6.50
As of June 30, 2025, there was approximately $19.4 million of unrecognized stock-based compensation expense related to stock options that will be recognized over a weighted-average period of approximately 1.6 years.
Restricted Stock
A summary of the restricted stock activity under the Company’s plans for the six months ended June 30, 2025 is as follows:
Number of Restricted
Shares		Weighted Average Grant Date Fair Value
Nonvested at December 31, 20242,164,071 $14.25 
Granted2,693,092 $11.19 
Vested(1,016,859)$14.10 
Forfeited(707,958)$12.52 
Nonvested at June 30, 20253,132,346 $12.05 
As of June 30, 2025, there was approximately $22.5 million of unrecognized stock-based compensation expense related to restricted stock that will be recognized over a weighted-average period of approximately 1.4 years.
Performance-Based Restricted Stock Units
For PSUs subject to a performance condition, compensation cost is recognized straight-line over the requisite service period if the achievement of the performance condition is probable. As of June 30, 2025, the Company has determined it is probable that the performance condition will be met. For PSUs subject to a market condition, compensation cost is recognized straight-line over the requisite service period, regardless of when, if ever, the market condition is satisfied.
A summary of the PSU activity under the Company’s plans for the six months ended June 30, 2025 is as follows:

Number of Stock UnitsWeighted Average Grant Date Fair Value
Nonvested at December 31, 2024647,084 $19.35 
Granted— $— 
Vested— $— 
Forfeited(58,473)$18.62 
Nonvested at June 30, 2025588,611 $19.42 
As of June 30, 2025, there was approximately $5.5 million of unrecognized stock-based compensation expense related to nonvested PSUs that will be recognized over a weighted-average period of approximately 1.4 years.
Modification of Stock Option and Restricted Stock
In the three months ended June 30, 2025, upon the promotion and departure of certain executives and in accordance with the terms of their employment agreements, 275,428 shares of previously granted time-based vesting stock options and 483,803 shares of previously granted time-based vesting restricted stock were subject to accelerated vesting. The Company accounted for the effects of the accelerated vesting of these stock awards as modifications and recognized $2.6 million of stock-based compensation which consisted of $0.5 million and $2.1 million for the acceleration of stock options and restricted stock, respectively, within general and administrative expenses on the Consolidated Statements of Operations for the three and six months ended June 30, 2025.
In the three months ended June 30, 2024, upon the departure of an executive and in accordance with the terms of their employment agreement, in addition to the retirement of a director of the Company and with approval from the Culture and Compensation Committee of the Company’s Board of Directors, 69,049 shares of previously granted time-based vesting stock options and 41,693 shares of previously granted time-based vesting restricted stock were subject to accelerated vesting. The Company accounted for the effects of the accelerated vesting of these stock awards as modifications and recognized $0.6 million of stock-based compensation which consisted of $0.3 million and $0.3 million for the acceleration of stock options and restricted stock, respectively, within general and administrative expenses on the Consolidated Statements of Operations for the three and six months ended June 30, 2024.