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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Assumptions Used to Estimate the Fair Value of Stock Options Granted

The only stock option awarded during the three and six months ended June 30, 2022 and 2021 was the 2022 CEO Grant. The following table summarizes the assumptions used to estimate the fair value of the 2022 CEO stock option grant:

			Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
Risk-free interest rate			3.01%						*						3.01%						*
Expected term (in years) **			4.1						*						**						*
Expected volatility			70%						*						70%						*
Expected dividend yield			—%						*						—%						*

* Not applicable because no stock options were granted during the period.

** Each Vesting Price Threshold for the 2022 CEO grant has a unique expected term ranging from 3.4 to 4.1 years.

Summary of the Stock Option Activity

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

			Number of Shares						Weighted Average Exercise Price						Weighted Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021			2,953,356						$	15.16					4.0						$	147,812
Granted			700,000						50.63
Exercised			(877,788)						28.52												30,644
Expired			(6,780)						3.63
Forfeited			(10,180)						12.18
Outstanding at June 30, 2022			2,758,608						$	19.95					5.5						$	77,903
Exercisable at June 30, 2022			2,057,108						$	9.51					4.1						$	77,863

Schedule of Restricted Stock Unit Activity

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

			Number of Shares						Weighted Average Grant Date Fair Value
Non-vested and outstanding at December 31, 2021			1,209,529						$	70.99
Granted			394,218						53.66
Vested			(99,672)						68.03
Forfeited			(125,791)						76.23
Non-vested and outstanding at June 30, 2022			1,378,284						65.78

Schedule of Components of Stock-based Compensation Expense

The following table summarizes the components of our stock-based compensation expense by instrument type for the three and six months ended June 30, 2022 and 2021 (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
RSUs			$	8,747					$	4,403					$	15,533					$	8,408
Stock options			244						40						245						3,773
Common stock awards to the Board of Directors			157						155						313						311
Total stock-based compensation expense			$	9,148					$	4,598					$	16,091					$	12,492

Schedule of Stock-based Compensation Expense Included in Condensed Consolidated Statements of Operations

Stock-based compensation expense for RSUs, stock options, and issuances of common stock to the Board of Directors is included in the following line items in the accompanying consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
Cost of revenue
Subscriptions			$	249					$	295					$	428					$	592
Professional services			1,330						865						2,387						1,506
Operating expenses
Sales and marketing			2,266						1,197						4,054						2,305
Research and development			3,063						1,069						5,377						2,084
General and administrative			2,240						1,172						3,845						6,005
Total stock-based compensation expense			$	9,148					$	4,598					$	16,091					$	12,492

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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