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Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Under the Company's Third Amended and Restated Certificate of Incorporation, there are 300,000,000 shares of authorized Common Stock and 5,000,000 shares of authorized Preferred Stock. Holders of Common Stock are entitled to one vote for each share. The shares of Preferred Stock shall be issued with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors.
Equity-based Compensation
In connection with the Company’s 2019 Stock Incentive Plan (the "2019 Plan"), the Company provides equity-based compensation to attract and retain employees while also aligning employees’ interest with the interests of its stockholders. The 2019 Plan permits the grant of various equity-based awards to selected employees and non-employee directors. As of March 31, 2026, the Company is permitted to grant up to 18,350,000 shares of Common Stock under the 2019 Plan, subject to certain adjustments and limitations. At March 31, 2026, 5,461,299 shares of the Company’s Common Stock were available for issuance under the 2019 Plan.
Stock Options
There were no stock options granted during the three months ended March 31, 2026 and 2025.
The following table provides the activity for outstanding stock options during the three months ended March 31, 2026 (in thousands, except per share data):
Number of
Options		Weighted-Average
Exercise Price
per Share		Weighted-Average
Remaining
Contractual Term
Outstanding, December 31, 2025945$7.24 
3.1 Years
Exercised(90)$4.38 
Outstanding, March 31, 2026855$7.54 2.4 Years
During the three months ended March 31, 2026, 89,451 stock options were exercised on a cashless basis resulting in the issuance of 31,248 shares of the Company’s Common Stock. There were no stock option exercises during the three months ended March 31, 2025.
Restricted Stock Units
During the three months ended March 31, 2026, the Company granted the following shares of restricted stock units:
•1,686,174 shares of restricted stock units to various employees which vest ratably over the three-year period following the vesting commencement dates, subject to the employees’ continuous employment through the applicable vesting date. The grant-date fair value of these awards was $17.0 million.
•25,516 shares of restricted stock units to certain of the Company's non-employee directors which vest within one year following the grant date. The grant-date fair value of these awards was $0.3 million.
•801,756 shares of performance-vested restricted stock units ("Performance RSUs") to senior executive management of the Company which vest on the third anniversary of the vesting commencement date subject to the achievement of specified goals relative to the Company’s three-year relative total shareholder return ("Relative TSR") performance versus the Company’s defined peer group (the "Peer Group"), which is considered a market condition, and is also subject to the employees’ continuous employment through the vesting date. The grant-date fair value of these awards, using a Monte-Carlo simulation analysis, was $12.6 million. The payout of shares on the vesting date are as follows based on the Company’s Relative TSR versus the Peer Group (for performance between the stated goals noted below, straight-line interpolation will be applied):
•Less than 25th Percentile – No payout
•Greater than or equal to 25th Percentile – 50% of Performance RSUs
•Equal to 50th Percentile – 100% of Performance RSUs
•Greater than or equal to 75th Percentile – 200% of Performance RSUs
Activity related to the Company’s non-vested restricted stock units for the three months ended March 31, 2026 is presented below (in thousands, except per share data):
Number of SharesWeighted-Average Grant Date
Fair Value per Share
Non-vested balance, December 31, 20254,017$12.95 
Granted2,513$11.87 
Vested(704)$10.93 
Forfeited(216)$18.48 
Non-vested balance, March 31, 20265,610$12.55 
Equity-Based Compensation Expense
The Company recognized equity-based compensation expense of $6.5 million during the three months ended March 31, 2026, of which $5.6 million and $0.9 million is included in general and administrative expenses and cost of net revenue, respectively, in the accompanying consolidated statements of operations. The Company recognized equity-based compensation expense of $5.3 million during the three months ended March 31, 2025, of which $4.1 million and $1.2 million is included in general and administrative expenses and cost of net revenue, respectively, in the accompanying consolidated statements of operations.
At March 31, 2026, there was $52.8 million of unrecognized compensation expense related to equity-based compensation awards, which is expected to be recognized over a weighted-average period of 2.2 years.