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Equity Awards and Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Total stock‑based compensation expense was as follows:

			Year Ended December 31,
			2020						2019						2018
IPO vested restricted stock and RSU expense			$	15,102					$	—					$	—
Bonus Plan expense (see Note 11)			6,524						—						—
Stock option expense			6,858						6,342						4,808
Restricted stock and RSU expense			4,248						1,749						3,074
Stock grants expense			319						—						—
Total pre-tax expense (1)			$	33,051					$	8,091					$	7,882

(1)As of December 31, 2020, $6,835 remained in Accruals and other current liabilities in the consolidated balance sheet.

Total stock‑based compensation expense is included in the consolidated statements of operations as follows:

			Year Ended December 31,
			2020						2019						2018
Cost of subscriptions and licenses			$	960					$	115					$	44
Cost of services			2,939						522						362
Research and development			12,105						3,107						2,971
Selling and marketing			6,692						2,210						2,337
General and administrative			10,355						2,137						2,168
Total pre-tax expense			$	33,051					$	8,091					$	7,882

Schedule of Valuation Assumptions

			Year Ended December 31,
			2020						2019						2018
Expected volatility			31.04%						29.57%						26.32% – 27.18%
Expected dividend yield			1.11%						1.38%						1.18%
Risk-free interest rate			1.31%						2.48%						2.40%
Expected term (in years)			3.75						3.75						3.75
Weighted average grant date fair value of stock options issued			$2.49						$1.66						$1.46

Schedule of Options

The following is a summary of stock option activity and related information under the Company’s applicable equity incentive plans and after giving effect to the $1.50 downward exercise price adjustment as a result of the Special Dividend:

															Weighted
									Weighted						Average
									Average						Remaining						Aggregate
			Stock						Exercise Price						Contractual						Intrinsic
			Options						Per Share						Life (in years)						Value
Outstanding, December 31, 2019			18,691,667						$	4.47
Granted			10,000						9.34
Exercised			(5,486,191)						3.47
Canceled			(373,250)						5.33
Outstanding, December 31, 2020			12,842,226						$	4.87					2.06						$	457,650
Exercisable, December 31, 2020			6,327,541						$	4.42					1.47						$	228,378

Schedule of Restricted Stock and Restricted Stock Unit Activity

The following is a summary of unvested restricted stock and RSU activity and related information under the Company’s applicable equity incentive plans:

									Weighted Average
			Restricted						Grant Date
			Stock						Fair Value
			and RSUs						Per Share
Unvested, December 31, 2019			210,111						$	6.79
Granted			2,481,670						16.03
Vested			(1,148,656)						14.58
Canceled			(88,371)						10.06
Unvested, December 31, 2020			1,454,754						$	16.17

						Restricted
						Stock						Restricted
Grant Date						and RSUs						Stock						RSUs						Vesting Terms
Q1 2020						12,454						12,454						—						Time‑based
Q3 2020						185,324						175,004						10,320						Performance-based (1)
Q3 2020						1,197,760						698,540						499,220			(2)			Time-based
Q3 2020						994,912						962,674						32,238			(3)			Upon the Company’s completion of the IPO on September 25, 2020
Q4 2020						12,435						1,667						10,768						Performance-based (1)
Q4 2020						78,785						13,485						65,300						Time‑based
2020 total granted						2,481,670						1,863,824						617,846

(1)Performance‑based vesting is determined by the achievement of certain business growth targets, which include growth in annual recurring revenues, as well as actual bookings for perpetual licenses and non‑recurring services. Annual performance targets are seasonalized and targets are set for quarterly and annual performance periods ended on December 31, 2020.

(2)Includes 46,300 RSUs that will be settled in cash.

(3)32,238 RSUs will be settled in cash.

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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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