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 has historically issued three types of stock-based compensation: time-based awards, long-term incentive plan (“LTIP”) awards and performance-based stock compensation plan (“PSP”) awards. Time-based awards are equity awards that tie vesting to length of service with the Company and generally vest over a four-year period in annual and/or quarterly installments. LTIP awards are performance-based equity awards that are used to establish longer-term performance objectives and incentivize management to meet those objectives. PSP awards are performance-based equity awards which establish performance objectives related to one or two particular fiscal years. LTIP awards generally vest when revenue and/or Adjusted EBITDA targets are achieved amongst other conditions, while PSP awards generally vest upon achievement of revenue and/or Adjusted EBITDA targets and have a range of payouts amongst other conditions. All stock-based compensation awards expire seven to ten years after the grant date thereof.

The following table shows restricted stock unit (“RSU”) and stock option activity for the six months ended June 30, 2025:
OptionsRSUsTotalWeighted Average Exercise Price of OptionsWeighted Average FMV of RSUs
Time BasedPSPLTIP
Outstanding at December 31, 202420,775 16,253 14,506 859 52,393 $8.31 $23.75 
Granted200 6,097 1,332 — 7,629 51.27 43.18 
Exercised options / vested RSUs(2,004)(4,395)(8,461)(371)(15,231)3.42 20.55 
Change in awards due to performance multiplier— — 4,230 — 4,230 — 49.90 
Forfeited(6)(849)(267)(68)(1,190)18.01 26.20 
Outstanding at June 30, 202518,965 17,106 11,340 420 47,831 $9.28 $28.98 

As of June 30, 2025, total unrecognized stock-based compensation expense of $697.3 million related to granted, and unvested stock-based compensation arrangements is expected to be recognized over a weighted-average period of 2.7 years. The following tables shows stock compensation expense for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, 2025Three Months Ended June 30, 2024
OptionsRSUsTotalOptionsRSUsTotal
Time-based (1)
$1,964 $54,629 $56,593 $7,934 $43,740 $51,674 
PSP (2)
— 28,045 28,045 — 37,449 37,449 
LTIP (2)
— 63 63 — 1,097 1,097 
Total$1,964 $82,737 $84,701 $7,934 $82,286 $90,220 
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
OptionsRSUsTotalOptionsRSUsTotal
Time-based (1)
$3,900 $97,321 $101,221 $9,978 $82,797 $92,775 
PSP (2)
— 61,215 61,215 — 89,801 89,801 
LTIP (2)
— 1,111 1,111 — 1,179 1,179 
Total$3,900 $159,647 $163,547 $9,978 $173,777 $183,755 
(1) Time-based awards vest and are expensed over a defined service period.
(2) PSP and LTIP awards vest based on defined performance criteria and are expensed based on the probability of achieving such criteria.