Stock-Based Compensation |
9 Months Ended |
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Sep. 30, 2024 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | Note 12. Stock-Based Compensation 2022 Long-Term Incentive Plan In connection with the Business Combination, the Company's board of directors adopted, and its stockholders approved, the 2022 Long-Term Incentive Plan (the “2022 Plan”) under which 20,285,600 shares of Class A common stock were initially reserved for issuance. The 2022 Plan allows for the issuance of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, other stock-based awards and cash-based awards. The number of shares of the Company’s Class A common stock available for issuance under the 2022 Plan increases on the first day of each calendar year, starting on January 1, 2023 and continuing through and including January 1, 2027, by the lesser of (a) 13,523,734, (b) three percent (3%) of the total number of shares of Class A Common Stock outstanding on December 31st of the immediately preceding fiscal year or (c) a lesser number determined by the Company’s board of directors prior to January 1 of a given year. In accordance with this provision, on each of January 1, 2023 and January 1, 2024, the number of shares authorized for issuance under the 2022 Plan increased by 3,693,767 and 3,650,394, respectively. During the nine months ended September 30, 2024, the Company issued 2,365,285 stock options and 7,362,404 restricted stock units. At September 30, 2024, 8,687,689 stock options, 2,556,550 performance stock options, 10,240,288 restricted stock units, and 75,000 performance based restricted stock units remain outstanding. As of September 30, 2024, the Company had 830,211 shares of Class A common stock available for issuance under the 2022 Plan. The Company recognized $3,853 and $5,709 of stock-based compensation expense for all long term incentive plans in effect during the three months ended September 30, 2024 and 2023, respectively, and $13,092 and $15,772 during the nine months ended September 30, 2024 and 2023, respectively. The Company recognized an expense of $138 and an expense of $169 of stock-based compensation expense related to acquisition earnouts during the three months ended September 30, 2024 and 2023, respectively. The Company recognized $238 and $507 of stock-based compensation expense related to acquisition earnouts during the nine months ended September 30, 2024 and 2023, respectively. 2022 Employee Stock Purchase Plan In connection with the Business Combination, the Company’s board of directors adopted, and its stockholders approved, the 2022 Employee Stock Purchase Plan (the “ESPP”) whereby eligible employees may authorize payroll deductions of up to 15% of their regular base salary to purchase shares at the lower of 85% of the fair market value of the common stock on the date of commencement of the offering period or on the last day of the six-month offering period. The plan is defined as compensatory, and accordingly, a stock-based compensation charge of $46 and $110 was recorded as the difference between the fair market value and the discounted purchase price of the Company's common stock for the three months ended September 30, 2024 and 2023 and $239 and $315 for the nine months ended September 30, 2024 and 2023, respectively. The number of shares of Common Stock reserved for issuance under the ESPP will automatically increase on January 1st each year, starting on January 1, 2023 and continuing through and including January 1, 2027, by the lesser of (a) 3,267,760, (b) one percent (1%) of the total number of shares of all classes of Common Stock outstanding on December 31st of the preceding fiscal year, or (c) a lesser number determined by the Board prior to January 1 of a given year. Pursuant to this provision, on each of January 1, 2023 and January 1, 2024, the number of shares authorized for issuance under the ESPP increased by 1,231,255 and 1,299,707, respectively. As of September 30, 2024, 509,865 shares have been issued under the ESPP and the Company had 5,186,050 shares of Class A common stock available for issuance under the ESPP. 2024 Inducement Plan Grants The Company's board of directors adopted the 2024 Inducement Equity Incentive Plan (the “Plan”). The plan allows for the issuance of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalent rights, other stock-based awards and cash-based awards. Under the Plan, 500,000 shares of Class A common stock were initially reserved for issuance. During the nine months ended September 30, 2024, the Company issued 200,000 stock options and 300,000 restricted stock units. At September 30, 2024, all of the awards remain outstanding. The Company recognized $38 and $38 of stock-based compensation expense for this plan in effect during the three months and nine months ended September 30, 2024, respectively. Withholding Taxes on Equity Awards In connection with the settlement of equity awards, the Company records a non-cash liability and corresponding APIC adjustment for the withholding taxes on net share settlement of stock-based compensation and option exercises until such time as those taxes have been remitted to the respective taxing authorities. |