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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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,

2023

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 years to 4.1 years.

Schedule of Stock Option Activity

The following table summarizes stock option activity for the years ended December 31, 2023, 2022, and 2021:

			Number of Shares						Weighted Average Exercise Price						Weighted Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value (in thousands)
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
Granted			—						—
Exercised			(98,610)						7.56												3,387
Expired			—						—
Forfeited			—						—
Outstanding at December 31, 2023			2,599,349						$	20.73					4.2						$	53,089
Exercisable at December 31, 2023			1,899,349						$	9.71					2.6						$	53,089

Schedule of Restricted Stock Unit Activity

The following table summarizes RSU activity for the years ended December 31, 2023, 2022, and 2021:

			Number of Shares						Weighted Average Grant Date Fair Value
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
Granted			710,278						42.52
Vested			(668,119)						58.64
Forfeited			(154,815)						62.73
Non-vested and outstanding at December 31, 2023			1,078,064						$	55.52

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 years ended December 31, 2023, 2022, and 2021 (in thousands):

			Year Ended December 31,
			2023						2022						2021
RSUs			$	37,563					$	35,290					$	19,382
Stock options			5,045						2,790						3,839
Common stock awards to Board of Directors			779						750						623
Total stock-based compensation expense			$	43,387					$	38,830					$	23,844

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

The following table summarizes stock-based compensation expense by line item in the accompanying consolidated statements of operations for the years ended December 31, 2023, 2022, and 2021 (in thousands):

			Year Ended December 31,
			2023						2022						2021
Cost of revenue
Subscriptions			$	925					$	996					$	1,199
Professional services			6,055						5,309						3,131
Operating expenses
Sales and marketing			10,842						9,152						5,426
Research and development			12,486						12,523						5,224
General and administrative			13,079						10,850						8,864
Total stock-based compensation expense			$	43,387					$	38,830					$	23,844

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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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