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Shareholders’ Equity (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Stock-based Compensation Expense

During the three and nine months ended September 30, 2024 and 2023, the Company recognized stock-based compensation expense as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Subscriber related	$	80	$	38	$	238	$	147
Sales and marketing	4,047		5,915		13,424		18,578
Technology and development	2,679		2,901		9,188		8,923
General and administrative	2,518		3,853		9,759		11,803
	$	9,324	$	12,707	$	32,609	$	39,451

Schedule of of Stock Option Activity

A summary of time-based stock option activity for the nine months ended September 30, 2024 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, 2023	10,475,607	$	6.31	$	6,534	5.3

Exercised	(4,042)	$	0.87
Forfeited or expired	(178,585)	$	12.72
Outstanding as of September 30, 2024	10,292,980	$	6.20	$	1,254	4.6

Options vested and exercisable as of September 30, 2024	9,702,174	$	6.46	$	1,254	4.5

A summary of activity under the 2020 Plan for market and service-based stock options for the nine months ended September 30, 2024 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, 2023	4,453,297	$	12.75	$	—	3.7

Outstanding as of September 30, 2024	4,453,297	$	12.75	$	—	2.9

Options vested and exercisable as of September 30, 2024	3,994,964	$	11.96	$	—	2.8

Schedule of Determining the Fair Value of Stock Options Granted

The following assumptions were 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, 2024 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2023	20,313,775	$	3.85
Granted	2,977,651	$	1.50
Vested	(1,654,577)	$	4.17
Forfeited or expired	(2,145,370)	$	4.75
Unvested at September 30, 2024	19,491,479	$	3.36

A summary of the Company’s performance-based restricted stock unit activity during the nine months ended September 30, 2024 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2023	2,035,834	$	20.23
Granted	947,035	$	1.55

Forfeited	(189,825)	$	3.26
Unvested at September 30, 2024	2,793,044	$	15.05

Schedule of Outstanding Warrants

A summary of the Company’s outstanding warrants as of September 30, 2024, 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, 2023	166,670	$	17.40	$	—	8.6



Outstanding as of September 30, 2024	166,670	$	17.40	$	—	7.8