Warrants

6 Months Ended

Jun. 30, 2024

Warrants and Rights Note Disclosure [Abstract]

Warrants

17.WARRANTS

Upon consummation of the Business Combination, the Company assumed warrants sold in a private placement ("Private Warrants") issued by Dragoneer.

On May 9, 2024 ("Redemption Date"), the Company redeemed all of the outstanding Private Warrants for an aggregate of 3,809,200 shares of the Company's common stock. The holder of the Private Warrants received 0.214 shares of common stock for each Private Warrant exchanged. No cash was paid by the Company in exchange for the redeemed Private Warrants. The Private Warrants were valued on the Redemption Date using the Black-Scholes option pricing model with the following assumptions:

Expected term (in years)	2.2
Expected volatility	31	%
Expected dividend yield	0	%
Risk-free interest rate	4.80	%

The estimated fair value of each Private Warrant using the Company's stock price on the Redemption Date and above assumptions was $2.09.

Following the redemption, the Company had no Private Warrants outstanding. As of December 31, 2023, the Company had 17,800,000 Private Warrants outstanding.

The Company recognized income of $16.0 million and expense of $20.4 million as a change in fair value of warrant liabilities in the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended June 30, 2024 and 2023, respectively.

The Company recognized income of $14.4 million and expense of $19.2 million as a change in fair value of warrant liabilities in the condensed consolidated statements of operations and comprehensive income (loss) for the six months ended June 30, 2024 and 2023, respectively.

As of December 31, 2023, the Company’s warrant liability was $51.5 million.