Share-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs |
Equity awards compensation expense recorded in the consolidated statements of operations was as follows:
| | | | | | | | | | | | | | 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.
The breakdown of the equity award compensation expense by instrument type was as follows:
| | | | | | | | | | | | | | 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 | | |
(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.
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| Schedule of Nonvested Restricted Stock Units Activity |
| | | | | | | | | | | | | 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 | |
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| Share-Based Payment Arrangement, Performance Shares, Activity |
The number of shares granted, vesting and outstanding subject to performance conditions is as follows: | | | | | | | | | | | | | 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 | |
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| Share Based Compensation Performance Shares Award Total Shareholder Return Unvested Activity |
The grant-date fair value was determined based on a Monte-Carlo valuation model using the following key assumptions: | | | | | | | Expected volatility of the Company | 40.33 | % | | Expected volatility of the benchmark | 77.41 | % | | Risk-free rate | 3.95 | % | | Expected dividend yield | — | % |
The number of shares granted, vested and outstanding subject to market conditions is as follows: | | | | | | | | | | | | | 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 | |
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| Schedule of Stockholders' Equity Note, Warrants or Rights |
| | | | | | | | | | | | | | | | | | | | | | | | | 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 | | | | | | | |
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| Schedule of Stock Options Roll Forward |
| | | | | | | | | | | | | | | | | | | | | | | | | 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 | |
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