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Shareholders’ Equity (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Stockholders' Equity Note, Warrants or Rights

A summary of the Company’s outstanding warrants as of June 30, 2023, are presented below (in thousands, except number of shares and exercise price):


	Number of Shares	Weighted Average Exercise Price		Total Intrinsic Value		Weighted Average Remaining Contractual Life (Years)
Outstanding as of December 31, 2022	166,670	$	17.40	$	—	9.6



Outstanding as of June 30, 2023	166,670	$	17.40	$	—	9.1

Share-based Payment Arrangement, Expensed and Capitalized, Amount

During the three and six months ended June 30, 2023 and 2022 the Company recognized stock-based compensation expense as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Subscriber related	$	57	$	36	$	109	$	76
Sales and marketing	5,990		4,334		12,663		13,068
Technology and development	2,980		2,659		6,022		5,110
General and administrative	4,029		5,835		7,950		12,037
	$	13,056	$	12,864	$	26,744	$	30,291

Share-based Payment Arrangement, Activity

A summary of stock option activity for the six months ended June 30, 2023, is as follows (in thousands, except share and per share amounts):


	Number of Shares	Weighted Average Exercise Price		Total Intrinsic Value		Weighted Average Remaining Contractual Life (Years)
Outstanding as of December 31, 2022	10,243,772	$	6.43	$	1,956	6.0
Granted	636,298	$	2.02
Exercised	(190,488)	$	0.50
Forfeited or expired	(50,826)	$	10.48
Outstanding as of June 30, 2023	10,638,756	$	6.25	$	2,385	5.8

Options vested and exercisable as of June 30, 2023	8,693,067	$	6.13	$	2,347	5.4

A summary of activity under the 2020 Plan for market and service-based stock options for the six months ended June 30, 2023 is as follows (in thousands, except share and per share amounts):


	Number of Shares	Weighted Average Exercise Price		Total Intrinsic Value		Weighted Average Remaining Contractual Life (Years)
Outstanding as of December 31, 2022	4,453,297	$	12.75	$	—	4.7

Outstanding as of June 30, 2023	4,453,297	$	12.75	$	—	4.2

Options vested and exercisable as of June 30, 2023	3,994,964	$	11.96	$	—	4.1

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The following was used in determining the fair value of stock options granted during the three and six months ended June 30, 2023 :


Dividend yield						—%
Expected price volatility						49.8%
Risk free interest rate						3.9%
Expected term (years)						6.0 years

Schedule of Nonvested Restricted Stock Units Activity

A summary of the Company’s time-based restricted stock unit activity during the six months ended June 30, 2023 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2022	13,055,629	$	5.25
Granted	3,173,553	$	2.19
Vested	(791,181)	$	8.15
Forfeited or expired	(2,710,747)	$	3.57
Unvested at June 30, 2023	12,727,254	$	4.66

A summary of the Company’s performance-based restricted stock unit activity during the six months ended June 30, 2023 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2022	1,520,000	$	33.87
Granted	243,446	$	2.20
Vested	(186,667)	$	33.87
Forfeited	(93,333)	$	33.87
Unvested at June 30, 2023	1,483,446	$	28.67