Equity-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

12.

EQUITY-BASED COMPENSATION

Stock Option Award Activity

The following table summarizes stock option activity for the six months ended June 30, 2022:


	Stock Options			Weighted-Average Exercise Price
Outstanding as of December 31, 2021		7,726,827		$	0.60
Exercised		(355,629	)		0.51
Outstanding as of June 30, 2022		7,371,198		$	0.60
Exercisable as of June 30, 2022		6,764,407		$	0.59

Restricted Stock Award Activity

On April 13, 2022, the Company granted 45,158 Restricted Stock Units ("RSUs") at a fair value of $8.92 per share to employees. On March 11, 2022, the Company granted 3,287,721 RSUs at a fair value of $9.57 per share to employees and Board members.

The vesting conditions for the RSUs are a mix of time-based and performance-based vesting conditions. The RSUs with performance-based vesting conditions are based on achievement of revenue or certain annual Adjusted Earnings Before Interest, Income Tax, Depreciation and Amortization (“Adjusted EBITDA”) targets. No compensation expense has been

recognized on the RSUs with performance-based vesting conditions for the three or six months ended June 30, 2022 on the basis that achievement of the specified performance targets is not yet considered probable to be met.

The following summarizes RSU activity for the six months ended June 30, 2022:


	Restricted Stock Units			Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2021		846,797		$	7.95
Granted		3,332,879			9.56
Forfeited		(15,723	)		9.53
Outstanding as of June 30, 2022		4,163,953		$	9.23

Equity-Based Compensation Expense

The following table summarizes the total equity-based compensation expense included in the Condensed Consolidated Statements of Operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Platform operations	$	618	$	—	$	880	$	—
Sales and marketing		1,275		—		1,853		—
Technology and development		642		—		1,024		—
General and administrative		1,321		108		2,087		272
Total equity-based compensation expense	$	3,856	$	108	$	5,844	$	272

As of June 30, 2022, there was approximately $174 of total unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over a weighted average period of 0.6 years.

As of June 30, 2022, there was $22,563 of total unrecognized compensation expense related to the RSUs, which is expected to be recognized over a weighted average period of 2.5 years, subject to the achievement of certain performance based vesting conditions.