In connection with the IPO, which occurred on February 12, 2021, the Phantom Unit Plan was replaced by the LTIP. On February 12, 2021, 6.2 million Restricted Stock Units (“RSUs”) were granted under the Company’s LTIP. The Company is authorized to grant RSUs, incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, and performance stock awards under its LTIP. As of March 31, 2022, the Company has currently only granted RSUs and nonqualified stock options. Under the Company’s LTIP, 4.0 million shares remained available for grant as of March 31, 2022.

Stock-based compensation recorded in the condensed consolidated statements of operations was as follows:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Platform operations	$	1,086	$	3,161
Sales and marketing		2,179		6,813
Technology and development		1,169		2,939
General and administrative		1,942		4,177
Total	$	6,376	$	17,090

	Number of Shares (in thousands)			Weighted-Average Grant-Date Fair Value
RSUs outstanding as of December 31, 2021		3,033		$	24.29
Granted		2,284			6.16
Vested		(342	)		25.02
Canceled/forfeited		(117	)		23.92
RSUs outstanding as of March 31, 2022		4,858			15.72

As of March 31, 2022, the Company had unrecognized stock-based compensation relating to RSUs of approximately $67.6 million, which is expected to be recognized over a weighted-average period of 2.9 years.

	Number of Options (in thousands)			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Options outstanding as of December 31, 2021		220		$	15.88		9.7	$	20
Granted		3,565			6.09
Exercised		—			—
Canceled		(14	)		12.02
Expired		—			—
Options outstanding as of March 31, 2022		3,771			6.64		9.9		1,891
Vested and exercisable		11			25.86		9.2		—

The weighted-average grant-date fair value of the nonqualified stock options granted during the three months ended March 31, 2022 was $3.43. The Company had unrecognized stock-based compensation relating to unvested nonqualified stock options of approximately $10.3 million, which is expected to be recognized over a weighted-average period of 3.9 years, as of March 31, 2022.

The following table presents the assumptions used in the Black-Scholes model to determine the fair value of nonqualified stock options for the three months ended March 31, 2022. Black-Scholes assumptions have not been disclosed for any other periods presented as there were no nonqualified stock options granted in those periods.

	Three Months Ended March 31,
	2022
Risk free interest rate		1.4	%
Expected volatility		61.5	%
Expected term (in years)		5.9
Expected dividend yield		0.0	%

Risk-Free Interest Rate. The Company bases the risk-free interest rate assumption for equity awards on the rates for U.S. Treasury securities with maturities similar to those of the expected term of the award being valued.

Expected Volatility. Due to the limited trading history of the Company’s common stock, the expected volatility assumption is based on volatilities of a peer group of similar companies whose share prices are publicly available. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of the Company’s own stock price becomes available.

Expected Term. Given the insufficient historical data relating to nonqualified stock option exercises, the expected term assumption is based on expected terms of a peer group of similar companies whose expected terms are publicly available. The Company will continue to apply this process until a sufficient amount of historical information regarding the Company’s nonqualified stock option exercises becomes available.

Expected Dividend Yield. The Company’s expected dividend yield assumption is zero as it has never paid dividends and has no present intention to do so in the future.

Upon vesting of shares under the LTIP, we will issue treasury stock. If treasury stock is not available, Class A common stock will be issued.