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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 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:

Year Ended December 31,

2022

2021

2020

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 years to 4.1 years.

Schedule of Stock Option Activity

The following table summarizes stock option activity for the years ended December 31, 2022, 2021, and 2020:

			Number of Shares						Weighted Average Exercise Price						Weighted Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2019			4,458,611						$	12.30					5.8						$	115,501
Granted			—						—
Exercised			(1,001,411)						6.39												81,181
Expired			(1,380)						11.82
Forfeited			(56,580)						11.33
Outstanding at December 31, 2020			3,399,240						14.06						4.9						503,174
Granted			—						—
Exercised			(423,824)						6.55												43,525
Expired			(4,100)						10.54
Forfeited			(17,960)						11.78
Outstanding at December 31, 2021			2,953,356						15.16						4.0						147,812
Granted			700,000						50.63
Exercised			(937,217)						27.14												32,858
Expired			(7,900)						4.06
Forfeited			(10,280)						12.28
Outstanding at December 31, 2022			2,697,959						$	20.25					5.1						$	45,867
Exercisable at December 31, 2022			1,997,959						$	9.60					3.6						$	45,867

Schedule of Restricted Stock Unit Activity

The following table summarizes RSU activity for the years ended December 31, 2022, 2021, and 2020:

			Number of Shares						Weighted Average Grant Date Fair Value
Non-vested and outstanding at December 31, 2019			1,022,835						$	31.39
Granted			589,692						60.47
Vested			(270,609)						31.29
Forfeited			(176,915)						32.01
Non-vested and outstanding at December 31, 2020			1,165,003						46.04
Granted			488,462						108.98
Vested			(354,130)						43.39
Forfeited			(89,806)						62.72
Non-vested and outstanding at December 31, 2021			1,209,529						70.99
Granted			606,203						52.63
Vested			(403,648)						58.63
Forfeited			(221,364)						70.30
Non-vested and outstanding at December 31, 2022			1,190,720						$	65.97

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 years ended December 31, 2022, 2021, and 2020 (in thousands):

			Year Ended December 31,
			2022						2021						2020
RSUs			$	35,290					$	19,382					$	10,745
Stock options			2,790						3,839						4,164
Common stock awards to Board of Directors			750						623						370
Total stock-based compensation expense			$	38,830					$	23,844					$	15,279

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 years ended December 31, 2022, 2021, and 2020 (in thousands):

			Year Ended December 31,
			2022						2021						2020
Cost of revenue
Subscriptions			$	996					$	1,199					$	943
Professional services			5,309						3,131						1,477
Operating expenses
Sales and marketing			9,152						5,426						2,821
Research and development			12,523						5,224						2,718
General and administrative			10,850						8,864						7,320
Total stock-based compensation expense			$	38,830					$	23,844					$	15,279

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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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