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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company recorded stock-based compensation expense of $7,166 and $12,281 during the three and six months ended June 30, 2024, respectively, and recorded $3,765 and $6,561 during the three and six months ended June 30, 2023, respectively. The following table shows stock-based compensation expense by where the stock-based compensation expense is recorded in the Company’s unaudited condensed consolidated statement of operations:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Cost of revenue$59 $32 $98 $49 
Sales and marketing1,209 840 1,979 1,368 
Research and development1,371 542 2,007 885 
General and administrative4,527 2,351 8,197 4,259 
Total stock-based compensation$7,166 $3,765 $12,281 $6,561 
As of June 30, 2024, there was $14,052 of unrecognized compensation cost related to unvested common stock option arrangements, which is expected to be recognized over a weighted-average period of 2.43 years. As of June 30, 2024, there was $46,162 of unrecognized compensation cost related to unvested restricted stock unit awards, which is expected to be recognized over a weighted-average period of 2.57 years. As of June 30, 2024, there was $22,435 of unrecognized compensation cost related to unvested performance stock unit awards, which is expected to be recognized over a weighted-average period of 3.29 years.
The fair value of each option award was estimated on the date of grant using the Black-Scholes option-pricing model. As there was no public market for its common stock prior to March 25, 2021, which was the first day of trading, and as the trading history of the Company’s common stock is limited, the Company determined the expected volatility for options granted based on an analysis of reported data for a peer group of companies that issued options with substantially similar terms. The expected volatility of options granted has been determined using an average of the historical volatility measures of this peer group of companies. The expected life of options granted to employees was calculated using the simplified method, which represents the average of the contractual term of the option and the weighted-average vesting period of the option. The Company uses the simplified method because it does not have sufficient historical option exercise data to provide a reasonable basis upon which to estimate expected term. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the share option. The Company has not paid, nor anticipates paying, cash dividends on its ordinary shares; therefore, the expected dividend yield is assumed to be zero.
The weighted-average assumptions utilized to determine the fair value of options granted to employees are presented in the following table:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Expected volatility— %63.0 %61.8 %63.2 %
Weighted-average risk-free interest rate— %3.48 %4.28 %3.70 %
Expected dividend yield— — — — 
Expected life – in years— 666
A summary of the Company’s option activity as of June 30, 2024, and changes during the six months then ended are as follows:
Number of OptionsWeighted-Average Exercise Price (per share)Weighted-Average Remaining Contractual Term (in years)
Outstanding at January 1, 20247,175,494 $7.02 7.78
Granted15,888 12.62 
Exercised(1,190,759)2.56 
Forfeited(293,682)8.64 
Outstanding at June 30, 2024
5,706,941 7.88 7.51
Options exercisable at June 30, 2024
3,217,588 6.106.74
The Company did not grant option awards during the three months ended June 30, 2024. The weighted-average grant-date fair value of options granted during the six months ended June 30, 2024 was $7.71 per share. The weighted-average grant-date fair value of options granted during the three and six months ended June 30, 2023 was $5.84 and $5.56 per share, respectively. Tax benefits of $554 and $699 were realized from options during the three and six months ended June 30, 2024, respectively. Tax benefits of $(10) and $43 were realized from options during the three and six months ended June 30, 2023, respectively.
The aggregate intrinsic value of options outstanding as of June 30, 2024 and December 31, 2023 was $33,047 and $49,221, respectively.
The aggregate intrinsic value for options exercised during the three and six months ended June 30, 2024 was $8,628 and $13,663, respectively. The aggregate intrinsic value for options exercised during the three and six months ended June 30, 2023 was $4,694 and $5,402, respectively.
The aggregate intrinsic value for options exercisable as of June 30, 2024 and December 31, 2023 was $24,550 and $34,471, respectively.
The aggregate intrinsic value was calculated based on the positive difference, if any, between the estimated fair value of the Company’s common stock on June 30, 2024 and December 31, 2023, respectively, or the date of exercise, as appropriate, and the exercise price of the underlying options.
During the three and six months ended June 30, 2024, the Company granted to employees RSUs for 1,350,915 and 2,790,878 shares of Class A common stock, respectively. During the three and six months ended June 30, 2023, the Company granted to employees RSUs for 1,317,123 and 1,840,417 shares of Class A common stock, respectively. During the three and six months ended June 30, 2024, the Company recorded stock-based compensation expense related to the RSUs of $4,425 and $7,432,
respectively. During the three and six months ended June 30, 2023, the Company recorded stock-based compensation expense related to the RSUs of $2,050 and $3,241, respectively.
A summary of RSU activity for the six months ended June 30, 2024 is as follows:
Number of SharesWeighted-Average Grant Date Fair ValueAggregate Fair Value
Unvested balance at January 1, 20242,571,318$9.88 $25,405 
Granted2,790,87812.5635,053
Vested(831,735)9.577,960 
Forfeited(192,887)9.041,744 
Unvested balance as of June 30, 2024
4,337,574$11.70 $50,750 
The Company did not grant PSU awards during the three months ended June 30, 2024. During the six months ended June 30, 2024, the Company granted to employees PSU awards for 1,146,491 shares of Class A common stock, respectively. During the three and six months ended June 30, 2024, $1,131 and $1,565 of stock-based compensation expense has been recognized in connection with PSU awards. respectively. The Company did not grant PSU awards during the three and six months ended June 30, 2023. During the three and six months ended June 30, 2023, $26 and $50 of stock-based compensation expense has been recognized in connection with PSU awards, respectively.
A summary of PSU activity for the six months ended June 30, 2024 is as follows:
Number of SharesWeighted-Average Grant Date Fair ValueAggregate Fair Value
Unvested balance at January 1, 20241,077,726$11.61 $12,512 
Granted1,146,49112.5614,400
Vested— —— 
Forfeited— —— 
Unvested balance at June 30, 2024
2,224,217$12.10 $26,913