Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions [Abstract]

Related Party Transactions

10. Related Party Transactions

The Company has, in the ordinary course of business, entered into arrangements with other companies who have shareholders in common with the Company. Pursuant to these arrangements, related-party affiliates receive payments for providing website visitor referrals. During the three months ended March 31, 2023 and 2022, the Company recorded expense of $1.8 million and $1.2 million, respectively, related to these arrangements. During the three months ended March 31, 2023 and 2022, the Company paid $1.8 million and $0.7 million, respectively, related to these arrangements. As of March 31, 2023, and December 31, 2022, amounts due to related-party affiliates totaled $0.6 million and $0.6 million, respectively, which were included in accounts payable on the condensed consolidated balance sheets.

On February 23, 2022, the Company sold 1,004,016 shares of Class A common stock at a purchase price of $14.94 per share for gross proceeds of $15.0 million in a private placement to Recognition Capital, LLC, an entity which is owned and controlled by David Blundin, Chairman of the board of directors and co-founder of the Company.