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Stock-based compensation (Tables)
9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Service Vesting-Based Stock Option Activity
The following is a summary of service-based vesting stock option activity for the nine months ended September 30, 2025, and the status of service-based vesting stock options outstanding as of September 30, 2025:
Nine Months Ended
September 30, 2025
Options
Wtd. Avg. Exercise Price
Outstanding as of beginning of period127,000 $2.19 
Exercised(10,000)1.83 
Outstanding as of September 30, 2025117,000 $2.22 
Stock options exercisable as of September 30, 2025117,000 $2.22 
Schedule of Service Vesting-Based and Market Based Restricted Stock Activity
The following is a summary of service-based vesting restricted stock activity for the nine months ended September 30, 2025, and the status of unvested service-based vesting restricted stock outstanding as of September 30, 2025:
Nine Months Ended
September 30, 2025
Shares
Wtd. Avg. Grant Date Fair Value
Outstanding as of beginning of period1,295,640 $16.00 
Granted470,824 24.19 
Vested(366,181)19.38 
Forfeited(33,135)16.14 
Non-vested as of September 30, 20251,367,148 $17.91 
The following is a summary of market-based restricted stock activity under our stock option plans for the nine months ended September 30, 2025 and the status of market-based restricted stock outstanding as of September 30, 2025:
Nine Months Ended
September 30, 2025
Shares
Wtd. Avg. Grant
Outstanding as of beginning of period495,686 $25.69 
Granted451,801 32.91 
Vested(470,287)25.19 
Non-vested as of September 30, 2025477,200 $33.02 
Schedule of Share-Based Payment Award, Restricted Stock, Valuation Assumptions The PSA has since been modified as follows:
(in millions)Fair Value
Fair value of PSA as of grant date$1.9 
Q4 2024 change in estimated achievement probability0.8 
Q1 2025 modification1.6 
Stock compensation expense related to PSA as of September 30, 2025(3.4)
Remaining unrecognized non-cash compensation costs related to PSA$0.9 
Schedule of Share-Based Payment Award, Market-Based Awards Valuation Assumption
The following is a summary of key inputs to our market-based restricted stock awards as of September 30, 2025:
Fair Value Assumptions
Grant DateTarget SharesVesting RangeMarket Condition PeriodFV of Award
(in millions)
VolatilityRisk Free RateDividend RateAttainment %Vested Shares
2023 TSR(1)
1/3/2023268,738
—% - 200%
1/1/2023 - 12/31/2024$6.8 78 %4.4 %— %175 %470,287
2024 TSR(2)
3/8/2024239,464
—% - 200%
1/1/2024 - 12/31/2025$6.3 80 %4.6 %— %N/AN/A
2025 TSR3/18/2025250,252
—% - 200%
1/1/2025 - 12/31/2026$9.8 60 %4.1 %— %N/AN/A
(1) Of the $6.8 million fair value of the 2023 Total Shareholder Return ("TSR") award being expensed on a straight-line basis over the grant date to the vesting date, $1.6 million of expense was recognized in 2023 to reflect accelerations in the vesting period of certain awards.
(2) Of the $6.3 million fair value of the 2024 TSR award being expensed on a straight-line basis over the grant date to the vesting date, $0.3 million of expense was recognized in 2024 to reflect accelerations in the vesting period of certain awards.
Schedule of Stock Compensation Expense We recorded total stock compensation expense for the three and nine months ended September 30, 2025 and 2024, as follows:
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(In thousands)2025202420252024
Cost of revenue$279 $327 $855 $961 
General and administrative costs4,270 2,761 11,497 8,248 
Sales and marketing costs509 460 1,401 1,316 
Research and development costs837 586 2,144 1,708 
Total(1)
$5,895 $4,134 $15,897 $12,233 
(1) During the three and nine months ended September 30, 2025, $9 thousand and $19 thousand, respectively, of stock compensation expenses were capitalized to internal use software. During the three and nine months ended September 30, 2024, $5 thousand and $18 thousand, respectively, were capitalized to internal use software.