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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Assumptions Used to Estimate the Fair Value of Stock Options Granted | The following table summarizes the assumptions used to estimate the fair value of the 2022 CEO stock option grant:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Risk-free interest rate | * |  | * |  | 3.01% |  | *
Expected term (in years) | * |  | * |  | ** |  | *
Expected volatility | * |  | * |  | 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 nine months ended September 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 | (902,392) |  |  | 27.93 |  |  |  |  | 31,790 |
Expired | (6,800) |  |  | 3.65 |  |  |  |  |
Forfeited | (10,280) |  |  | 12.28 |  |  |  |  |
Outstanding at September 30, 2022 | 2,733,884 |  |  | $ | 20.07 |  |  | 5.3 |  | $ | 63,622 |
Exercisable at September 30, 2022 | 2,033,684 |  |  | $ | 9.55 |  |  | 3.8 |  | $ | 63,618 |
Schedule of Restricted Stock Unit Activity | The following table summarizes RSU activity for the nine months ended September 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 | 534,213 |  |  | 52.93 |
Vested | (166,836) |  |  | 74.30 |
Forfeited | (157,732) |  |  | 73.54 |
Non-vested and outstanding at September 30, 2022 | 1,419,174 |  |  | $ | 63.52 |
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 nine months ended September 30, 2022 and 2021 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
RSUs | $ | 9,845 |  |  | $ | 4,997 |  |  | $ | 25,378 |  |  | $ | 13,405 |
Stock options | 1,272 |  |  | 47 |  |  | 1,517 |  |  | 3,820 |
Common stock awards to the Board of Directors | 219 |  |  | 156 |  |  | 532 |  |  | 467 |
Total stock-based compensation expense | $ | 11,336 |  |  | $ | 5,200 |  |  | $ | 27,427 |  |  | $ | 17,692 |
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 nine months ended September 30, 2022 and 2021 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Cost of revenue |  |  |  |  |  |  |
Subscriptions | $ | 284 |  |  | $ | 381 |  |  | $ | 712 |  |  | $ | 973 |
Professional services | 1,401 |  |  | 777 |  |  | 3,788 |  |  | 2,283 |
Operating expenses |  |  |  |  |  |  |
Sales and marketing | 2,667 |  |  | 1,448 |  |  | 6,721 |  |  | 3,753 |
Research and development | 3,454 |  |  | 1,263 |  |  | 8,831 |  |  | 3,347 |
General and administrative | 3,530 |  |  | 1,331 |  |  | 7,375 |  |  | 7,336 |
Total stock-based compensation expense | $ | 11,336 |  |  | $ | 5,200 |  |  | $ | 27,427 |  |  | $ | 17,692 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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