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Shareholders’ Equity (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Stockholders' Equity Note, Warrants or Rights

A summary of the Company’s outstanding warrants as of September 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 September 30, 2023	166,670	$	17.40	$	—	8.8

Share-based Payment Arrangement, Expensed and Capitalized, Amount

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Subscriber related	$	38	$	15	$	147	$	91
Sales and marketing	5,915		5,429		18,578		18,497
Technology and development	2,901		2,351		8,923		7,461
General and administrative	3,853		4,454		11,803		16,491
	$	12,707	$	12,249	$	39,451	$	42,540

Share-based Payment Arrangement, Activity

A summary of stock option activity for the nine months ended September 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	(273,035)	$	0.95
Forfeited or expired	(57,142)	$	10.61
Outstanding as of September 30, 2023	10,549,893	$	6.28	$	4,659	5.7

Options vested and exercisable as of September 30, 2023	8,877,936	$	6.34	$	4,246	5.7

A summary of activity under the 2020 Plan for market and service-based stock options for the nine months ended September 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 September 30, 2023	4,453,297	$	12.75	$	—	3.9

Options vested and exercisable as of September 30, 2023	3,994,964	$	11.96	$	—	3.8

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 nine months ended September 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 nine months ended September 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	3,442,228	$	2.18
Vested	(927,680)	$	8.37
Forfeited or expired	(2,960,275)	$	3.58
Unvested at September 30, 2023	12,609,902	$	4.57

A summary of the Company’s performance-based restricted stock unit activity during the nine months ended September 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	241,012	$	2.20
Vested	(186,667)	$	33.87
Forfeited	(93,333)	$	33.87
Unvested at September 30, 2023	1,481,012	$	28.72