Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

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

Summary of Recognition of Share-Based Compensation related to Employees

Share-based compensation expense is recognized in cost of services, product and technology expense, and selling, general, and administrative expense, in the accompanying condensed consolidated statements of operations and comprehensive (loss) income as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Share-based compensation expense
Cost of services	$	414	$	330	$	1,181	$	918
Product and technology expense		703		640		2,040		1,665
Selling, general, and administrative expense		8,387		3,820		16,082		7,866
Total share-based compensation expense	$	9,504	$	4,790	$	19,303	$	10,449

Summary of Outstanding Stock Option Grants Issued

A summary of the stock option activity for the nine months ended September 30, 2024 is as follows:

		Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
December 31, 2023	Grants outstanding		1,915,252		$	5.15
	Grants exercised		(156,107	)	$	5.23
	Grants cancelled/forfeited		(16,978	)	$	5.11
September 30, 2024	Grants outstanding		1,742,167		$	5.15	5.4 Years	$25.6 million
September 30, 2024	Grants vested		726,095		$	5.12	5.4 Years	$10.7 million
September 30, 2024	Grants unvested		1,016,072		$	5.18

2021 Equity Plan [Member]

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

Summary of Assumptions Applied to Establish Fair Value of Options Granted Using Black-Scholes Option Pricing Model

The fair value for stock options granted for the nine months ended September 30, 2024 was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

	Options
Expected stock price volatility		35.09	%
Risk-free interest rate		3.88	%
Expected term (in years)		6.25
Fair-value of the underlying unit	$	17.55

Summary of Option Unit Activity

A summary of the stock option activity for the nine months ended September 30, 2024 is as follows:

		Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
December 31, 2023	Grants outstanding		4,686,659		$	13.61
	Grants issued		307,136		$	17.55
	Grants exercised		(252,784	)	$	13.56
	Grants cancelled/forfeited		(94,323	)	$	13.87
September 30, 2024	Grants outstanding		4,646,688		$	13.87	7.0 Years	$27.8 million
September 30, 2024	Grants vested		2,159,459		$	13.65	6.9 Years	$13.2 million
September 30, 2024	Grants unvested		2,487,229		$	14.06

Summary of the RSU activity

A summary of the restricted stock units (“RSU”) activity for the nine months ended September 30, 2024 is as follows:

		Shares			Weighted Average Grant Date Fair Value
December 31, 2023	Nonvested RSUs		507,143		$	15.10
	Granted		287,383		$	16.80
	Vested		(145,241	)	$	14.50
	Forfeited		(56,387	)	$	14.78
September 30, 2024	Nonvested RSUs		592,898		$	16.02

2021 Equity Plan [Member] | Restricted Stock [Member]

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

Summary of Restricted Stock Activity

A summary of the restricted stock activity for the nine months ended September 30, 2024 is as follows:

		Shares			Weighted Average Grant Date Fair Value
December 31, 2023	Nonvested restricted stock		1,954,630		$	8.50
	Vested		(586,927	)	$	7.73
September 30, 2024	Nonvested restricted stock		1,367,703		$	10.24