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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

Stock-based compensation expense was allocated in the consolidated statements of comprehensive income as follows:

			Year Ended December 31,
(in thousands)			2023						2022						2021
Cost of revenues			$	10,169					$	8,684					$	6,760
Operating expenses
Sales and marketing			9,774						7,590						6,248
Research and development			7,200						5,634						4,384
General and administrative			18,365						11,491						10,182
			$	45,508					$	33,399					$	27,574

Stock-based compensation expense by grant type or plan was as follows:

			Year Ended December 31,
(in thousands)			2023						2022						2021
Stock options			$	1,947					$	1,903					$	2,057
PSUs			11,886						7,509						6,417
RSUs & DSUs			26,185						19,282						15,388
RSAs			472						437						434
ESPP			2,488						2,144						1,391
401(k) stock match			2,530						2,124						1,887
			$	45,508					$	33,399					$	27,574

Stock Option Activity

Our stock option activity was as follows:

			Options (#)						Weighted Average Exercise Price ($/share)
Outstanding at December 31, 2020			944,886						36.71
Granted			53,223						105.53
Exercised			(311,378)						30.10
Forfeited			(8,081)						68.62
Outstanding at December 31, 2021			678,650						44.76
Granted			56,430						122.59
Exercised			(164,393)						29.86
Forfeited			(7,990)						92.48
Outstanding at December 31, 2022			562,697						56.24
Granted			42,215						152.68
Exercised			(254,353)						38.75
Forfeited			(3,737)						129.43
Outstanding at December 31, 2023			346,822						80.02

Summary of Additional Information Related to Stock Options

The table below presents additional information related to our stock options:

			Year Ended December 31,
(in thousands, except per share data)			2023						2022						2021
Fair value of options vested			$	1,966					$	1,996					$	2,509
Intrinsic value of options exercised			31,227						16,705						27,713
Intrinsic value of options outstanding			39,474						40,692						66,235
Weighted-average fair value per share of options granted			56.47						41.34						31.31

Weighted Average Fair Value Per Share of Options Granted, Assumptions

The fair values of the options granted were estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

			Year Ended December 31,
			2023						2022						2021
Life (in years)			4.2						4.3						4.4
Volatility			39		%				38		%				35		%
Dividend yield			—						—						—
Risk-free interest rate			4.00		%				2.50		%				0.59		%

PSU, RSU, RSA, and DSU

Activity for our PSUs, RSUs, RSAs, and DSUs in aggregate was as follows:

			#						Weighted Average Grant Date Fair Value ($/share)
Outstanding at December 31, 2020			738,422						52.37
Granted			314,290						101.85
Vested and common stock issued			(331,669)						44.14
Forfeited			(18,883)						66.35
Outstanding at December 31, 2021			702,160						78.03
Granted			312,880						126.44
Vested and common stock issued			(276,872)						64.12
Forfeited			(26,010)						99.37
Outstanding at December 31, 2022			712,158						103.93
Granted			416,377						163.55
Vested and common stock issued			(344,087)						77.52
Forfeited			(11,034)						122.97
Outstanding at December 31, 2023			773,414						147.50

Summary of ESPP Activity

Our ESPP activity was as follows:

			Year Ended December 31,
(in thousands, except share data)			2023						2022						2021
Amounts for shares purchased			$	8,114					$	6,676					$	4,737
Shares purchased			63,641						70,107						55,726

Fair Value Estimation of Common Stock, Assumptions

The fair value was estimated based on the market price of our common stock at the beginning of the offering period using the following assumptions:

			Year Ended December 31,
			2023						2022						2021
Life (in years)			0.5						0.5						0.5
Volatility			36		%				42		%				32		%
Dividend yield			—						—						—
Risk-free interest rate			4.92		%				1.27		%				0.07		%

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