XML 67 R50.htm IDEA: XBRL DOCUMENT v3.25.0.1
Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Fair value assumptions
The fair value of each option granted during the year ended December 31, 2024 and 2023 is estimated on the date of grant using the Black-Scholes model with the following assumptions:
December 31,
20242023
Weighted average expected term (years)5.86.0
Risk-free interest rate4.1%4.2%
Volatility77%74%
Expected dividend yield0%0%
Stock options activity
The following tables summarize activity of stock options and restricted stock units (“RSU’s”):
Stock options
Number of
Options		 Weighted-
Average
Exercise
Price		 Weighted-
Average
Remaining
Contractual
Term
(Years)		 Aggregate
Intrinsic
Value
Outstanding as of December 31, 2023
9,595,257 $37.26 7.21$10.30 
Granted
1,214,367 16.12 
Exercised(945,062)20.38 
Canceled/forfeited
(488,369)41.17 
Outstanding as of December 31, 20249,376,193 $36.03 6.81$106.78 
Options exercisable as of December 31, 20245,040,028 $31.34 6.00$60.41 
Options unvested as of December 31, 20244,336,165 $41.48 7.75$46.37 
Restricted stock units
Restricted Stock Units
Number of sharesGrant Date Fair Value
Outstanding as of December 31, 2023
3,568,735 $18.76 
Granted
2,598,566 21.01 
Vested(1,431,020)19.43 
Canceled/forfeited
(457,898)17.55 
Outstanding as of December 31, 2024
4,278,383 20.00 
Stock-based compensation expense
Stock-based compensation expense from stock options and RSUs, including equity awards from the Assumed Plans as discussed above and warrants (Note 16), are included and classified in the consolidated statements of operations and comprehensive loss as follows ($ in millions):
December 31,
202420232022
Loss and loss adjustment expense, net$2.1 $2.8 $2.7 
Other insurance expense2.5 2.2 1.6 
Sales and marketing (1)
10.6 6.4 6.6 
Technology development26.2 25.7 24.4 
General and administrative23.1 22.8 24.0 
Total stock-based compensation expense$64.5 $59.9 $59.3 
(1) Includes compensation expense related to warrant shares of $6.5 million and $2.5 million for the year ended December 31, 2024 and 2023.
Stock-based compensation expense classified by award type as included in the consolidated statements of operations and comprehensive loss is as follows ($ in millions):

December 31,
20242023
2022
Stock options$29.8 $37.6 $47.8 
RSUs28.2 19.8 11.5 
Warrant shares
6.5 2.5 — 
Total stock-based compensation expense$64.5 $59.9 $59.3