Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of the Option Activity under the Equity Compensation Plans

A summary of the option activity under the Company’s equity compensation plans is as follows:

	Time Vested Options Outstanding
	Number of Options			Weighted-Average Exercise Price (per option)		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		839,479		$	32.53		7.25	$	—
Forfeited		(25,977	)		17.35
Expired		(3,737	)		17.35
Outstanding at June 30, 2024		809,765		$	33.08		6.80	$	—
Exercisable at June 30, 2024		432,640		$	32.92		5.59	$	—

	Performance Vested Options Outstanding
	Number of Options		Weighted-Average Exercise Price (per option)		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		318,440	$	22.02		9.45	$	—
Outstanding at June 30, 2024		318,440	$	22.02		8.96	$	—
Exercisable at June 30, 2024		—	$	—		—	$	—

Summary of Restricted Stock Unit ("RSU") Activity

A summary of restricted stock unit ("RSU") activity is as follows:

	RSUs Outstanding
	Number of RSUs			Weighted-Average Fair Value (per RSU)
Outstanding at December 31, 2023		301,881		$	31.97
Granted		246,036			8.85
Vested		(85,272	)		32.16
Forfeited		(12,117	)		20.15
Outstanding at June 30, 2024		450,528		$	19.37

Summary of Equity-Based Compensation Expense

Equity-based compensation expense for the three and six months ended June 30, 2024 and 2023 was as follows (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Cost of revenue	$	355	$	327	$	731	$	1,756
Selling and marketing		1,891		1,771		3,393		5,157
Enterprise technology and development		244		140		484		703
General and administrative		2,249		923		4,496		5,100
Total equity-based compensation	$	4,739	$	3,161	$	9,104	$	12,716

Performance Vesting Options [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Assumptions Used to Determine the Fair Value of Vested Option Grants

The fair value of the Performance-Vesting Options as of the date of grant is estimated using a Monte Carlo simulation. The following table summarizes the weighted average assumptions used to determine the fair value of the Performance-Vesting Options for the six months ended June 30, 2023. There were no Performance Vesting Options granted during the six months ended June 30, 2024.

	Six months ended June 30,
	2023
Risk-free rate		3.7	%
Dividend yield rate		—
Volatility		53.7	%
Expected term (in years)		10.00
Weighted-average grant date fair value	$	13.00

Time Vesting Options [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Assumptions Used to Determine the Fair Value of Vested Option Grants

The fair value of each award that vests solely based on time as of the date of grant is estimated using a Black-Scholes option-pricing model. The following table summarizes the weighted-average assumptions used to determine the fair value of time vested option grants for the six months ended June 30, 2023. There were no time vested options granted during the six months ended June 30, 2024.

	Six months ended June 30,
	2023
Risk-free rate		3.8	%
Dividend yield rate		—
Volatility		54.8	%
Expected term (in years)		5.92
Weighted-average grant date fair value	$	13.50

Employee Stock Purchase Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Assumptions Used to Determine the Fair Value of Vested Option Grants

Stock-based compensation expense associated with the Company’s ESPP is based on fair value estimated on the date of grant using the Black-Scholes option pricing valuation model and the following weighted-average assumptions for grants during the six months ended June 30, 2024:

	Six months ended June 30,
	2024
Risk-free rate		5.2	%
Dividend yield rate		—
Volatility		107.5	%
Expected term (in years)		0.50
Weighted-average grant date fair value	$	2.44