XML 47 R34.htm IDEA: XBRL DOCUMENT v3.24.2
STOCK-BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Non-cash Compensation Related to Equity Awards
Non-cash compensation related to equity awards is included in the following line items in the accompanying consolidated statements of operations and comprehensive income (in thousands):
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2024202320242023
Cost of revenue$74 $31 $169 $245 
Selling and marketing expense829 1,336 1,853 3,080 
General and administrative expense5,440 6,550 10,773 13,893 
Product development1,094 1,287 2,431 3,189 
Restructuring and severance— 995 — 1,066 
Total non-cash compensation$7,437 $10,199 $15,226 $21,473 
Schedule of Changes in Outstanding Stock Options
A summary of changes in outstanding stock options is as follows:
 Number of OptionsWeighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value(a)
  (per option)(in years)(in thousands)
Options outstanding at January 1, 2024734,775 $150.74 
Granted— — 
Exercised(257,155)26.00 
Forfeited— — 
Expired(20,155)169.01 
Options outstanding at June 30, 2024457,465 220.05 5.15$ 
Options exercisable at June 30, 2024368,235 $214.00 4.75$ 
(a)The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company's closing stock price of $41.59 on the last trading day of the quarter ended June 30, 2024 and the exercise price, multiplied by the number of shares covered by in-the-money options) that would have been received by the option holder had the
option holder exercised these options on June 30, 2024. The intrinsic value changes based on the market value of the Company's common stock.
Schedule of Changes in Outstanding Stock Options with Market Conditions
A summary of changes in outstanding stock options with market conditions at target is as follows:
 Number of Options with Market ConditionsWeighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value(a)
  (per option)(in years)(in thousands)
Options outstanding at January 1, 2024718,438 $229.02 
Granted— — 
Exercised— — 
Forfeited— — 
Expired(19,126)275.82 
Options outstanding at June 30, 2024699,312 227.74 4.14$ 
Options exercisable at June 30, 2024481,669 $195.10 3.10$ 
(a)The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company's closing stock price of $41.59 on the last trading day of the quarter ended June 30, 2024 and the exercise price, multiplied by the number of shares covered by in-the-money options) that would have been received by the option holder had the option holder exercised these options on June 30, 2024. The intrinsic value changes based on the market value of the Company's common stock.
Schedule of Changes in Outstanding Nonvested Restricted Stock Units and Restricted Stock Units With Market Conditions
A summary of changes in outstanding nonvested restricted stock units (“RSUs”) is as follows:
 RSUs
 Number of UnitsWeighted Average Grant Date Fair Value
(per unit)
Nonvested at January 1, 2024471,593 $66.42 
Granted404,965 40.57 
Vested(232,197)70.71 
Forfeited(26,306)54.79 
Nonvested at June 30, 2024618,055 $48.36 
A summary of changes in outstanding nonvested RSUs with performance conditions is as follows:
 RSUs with Market Conditions
 Number of UnitsWeighted Average Grant Date Fair Value
(per unit)
Nonvested at January 1, 2024 $ 
Granted69,000 35.83 
Vested(11,500)38.25 
Forfeited— — 
Nonvested at June 30, 202457,500 $35.35 
(a)During the six months ended June 30, 2024, the Company granted RSUs with market conditions that will vest if the Company's 45 trading day average closing stock prices equals or exceeds certain price hurdles ($41.17, $52.94 and $64.70) during the performance period of March 1, 2024 to March 1, 2028. Upon achievement of each price hurdle, one-half of the awards will vest immediately, and the other half of the awards will vest on the first anniversary of the achievement date.
Schedule of RSUs with Market Conditions Valuation Assumptions
For purposes of determining stock-based compensation expense, the weighted average grant date fair value per share of the RSUs with market conditions was estimated using the Monte Carlo simulation model, which requires the use of various key assumptions.
Expected term (1)
5.00 years
Expected volatility (2)
68.06 %
Risk-free interest rate (3)
4.13 %
Expected dividend (4)
— 
(1)The expected term of RSUs with market conditions granted was calculated using a four-year performance period plus one year to account for the time-based vesting requirement.
(2)The expected volatility rate is based on the historical volatility of the Company's common stock.
(3)The risk-free interest rate is specific to the date of grant. The risk-free interest rate is based on U.S. Treasury yields for notes with comparable expected terms as the awards, in effect at the grant date.
(4)For all RSUs with market conditions granted, no dividends are expected to be paid over the contractual term of the stock options, resulting in a zero expected dividend rate.
Schedule of Employee Stock Purchase Plan Valuation Assumptions For purposes of determining stock-based compensation expense, the grant date fair value per share estimated using the Black-Scholes option pricing model required the use of the following key assumptions:
Six Months Ended
June 30,
20242023
Expected term (1)
0.50 years0.50 years
Expected dividend (2)
— — 
Expected volatility (3)
82 %82 %
Risk-free interest rate (4)
5.28 %4.76 %
(1)The expected term was calculated using the time period between the grant date and the purchase date.
(2)No dividends are expected to be paid, resulting in a zero expected dividend rate.
(3)The expected volatility rate is based on the historical volatility of the Company's common stock.
(4)The risk-free interest rate is specific to the date of grant. The risk-free interest rate is based on U.S. Treasury yields for notes with comparable expected terms as the employee stock purchase rights, in effect at the grant date.