
	Six Months Ended
	June 30, 2025		June 30, 2024
	(in thousands)
Research and Development	$	10,382	$	23,653
Sales and Operations	12,782		10,087
General and Administrative	14,030		14,238
Total equity awards compensation expense (1)	$	37,194	$	47,978
Tax benefit from equity awards compensation expense	5,709		5,101
Total equity awards compensation expense, net of tax effect	$	31,485	$	42,877

(1) The six months ended June 30, 2025 and June 30, 2024 are presented net of, $2.6 million and $2.1 million, respectively, capitalized stock-based compensation relating to internally developed software.


	Six Months Ended
	June 30, 2025		June 30, 2024
	(in thousands)

Restricted stock units and Performance stock units	37,194		33,092
Lock-up shares	—		14,007
Nonemployee warrants	—		879
Total equity awards compensation expense (1)	$	37,194	$	47,978
Tax benefit from equity awards compensation expense	5,709		5,101
Total equity awards compensation expense, net of tax effect	$	31,485	$	42,877

During the six months ended June 30, 2025, the Company granted new equity awards under our current equity compensation plans, which were comprised of restricted stock units (“RSU”), and performance-based awards for the Company’s senior executives, which are subject to the achievement of certain performance goals (“Financial PSU”) or to share price metrics tied to total shareholder return (“TSR PSU”).

Restricted stock units generally vest over four years, subject to the holder’s continued service and/or certain performance conditions through the vesting date. The grant date fair value is determined by the Company's Nasdaq share price the day prior to the grant.


	Shares (RSU)	Weighted-Average Grant date Fair Value Per Share


Outstanding as of December 31, 2024	4,422,434	—
Granted	1,524,562	—
Vested	(862,735)	—
Forfeited	(139,756)	—
Outstanding as of June 30, 2025	4,944,505	$	34.64

The RSUs vest over a four-year period, with expense recognized on a graded vesting basis over the requisite service period for each separately vesting tranche. In the period ending June 30, 2025, 1,524,562 shares have been granted under this plan, with a weighted-average grant-date fair value of $34.00.

As of June 30, 2025, the Company had unrecognized stock-based compensation relating to restricted stock of approximately $95.2 million, which is expected to be recognized over a weighted-average period of 3.3 years.

Financial PSUs are earned based on the achievement of certain financial metrics, including Contribution ex-TAC, Contribution ex-TAC of Retail Media and Adjusted EBITDA. In the period ending June 30, 2025, 217,239 shares have been granted at target with a vesting period of three years. The target shares are subject to a range of vesting from 0% to 200% based on the performance of internal financial metrics, for a maximum number of shares of 434,478. The grant date fair value is determined by the Company's Nasdaq share price the day prior to the grant. The weighted average grant-date fair value of those plans is $38.22 per share for a total fair value of approximately $8.3 million, to be expensed on a straight-line basis over the respective vesting period.


	Shares (Financial PSU)	Weighted-Average Grant date Fair Value Per Share


Outstanding as of December 31, 2024	836,008	—
Granted	217,239	—
Performance share adjustment	16,539
Vested	(265,186)	—
Forfeited	—	—
Outstanding as of June 30, 2025	804,600	$	34.61

As of June 30, 2025, the Company had unrecognized stock-based compensation related to performance stock units of approximately $14.4 million, which is expected to be recognized over a weighted-average period of 3.1 years.

TSR PSUs are earned based on the Company’s total shareholder return relative to the Nasdaq Composite Index, and certain other vesting conditions. In the period ending June 30, 2025, 217,239 shares have been granted at target under this plan, to be earned in two equal tranches over a term of two and three years, respectively. The target shares are subject to a range of vesting from 0% to 200% for each tranche based on the TSR, for a maximum number of shares of 434,478. The grant-date fair value is approximately $12.4 million, to be expensed on a straight-line basis over the respective vesting period.


	Shares (TSR PSU)	Weighted-Average Grant date Fair Value Per Share


Outstanding as of December 31, 2024	259,138	—
Granted	217,239	—
Vested	—	—
Forfeited	—	—
Outstanding as of June 30, 2025	476,377	$	53.90

As of June 30, 2025, the Company had unrecognized stock-based compensation related to performance stock units based on market conditions of $16.6 million, which is expected to be recognized over a period from April 1, 2025 to March 1, 2028.

On August 1, 2022, the Company transferred 2,960,243 treasury shares (the “Lock-up Shares”) to the Iponweb Founder as partial consideration for the Iponweb acquisition. These shares were accounted for as share-based compensation in accordance with ASC 718, using the Nasdaq weighted average share price on the grant date, and the related expense was recognized within Research and Development in the Consolidated Statement of Income. As of December 31, 2024, all Lock-up Shares were fully vested, and there was no remaining unrecognized stock-based compensation expense related to these awards.


	Shares	Weighted-Average Grant date Fair Value Per Share		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)


Outstanding as of December 31, 2024	159,897	$	18.31	3.6	$	3,528.7
Granted	—
Exercised	—
Canceled	—
Expired	—
Outstanding as of June 30, 2025	159,897	$	18.31	3.1	$	1,688.2

Vested and exercisable - June 30, 2025	159,897

The aggregate intrinsic value represents the difference between the exercise price of the nonemployee warrants and the fair market value of common stock on the date of exercise. The aggregate intrinsic value of nonemployee warrants exercised was $1.6 million, and $0.0 million for the year and quarter ended December 31, 2024, and June 30, 2025, respectively. During the period ended June 30, 2025, there were no exercises of nonemployee warrants.

Stock options granted under the Company’s stock incentive plans generally vest over four years, subject to the holder’s continued service through the vesting date and expire no later than 10 years from the date of grant.


	Options Outstanding
	Number of Shares Underlying Outstanding Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)

Outstanding as of December 31, 2024	218,681	$	20.49	4.5	$	4,340.6
Options granted	—
Options exercised	(111,156)
Options forfeited	(1,100)
Options canceled	—
Options expired	(7,410)
Outstanding as of June 30, 2025	99,015

Vested and exercisable as of June 30, 2025	99,015	$	21.52	3.9	$	639.3

The aggregate intrinsic value represents the difference between the exercise price of the options and the fair market value of common stock on the date of exercise. The aggregate intrinsic value of the stock options exercised was $0.7 million and $0.8 million for the period ended June 30, 2025, and December 31, 2024, respectively.

No new stock options were granted in the period ending June 30, 2025. As of June 30, 2025, there was no remaining unrecognized stock-based compensation related to unvested stock options.