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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense

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

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2024						2023						2024						2023
Cost of revenues			$	2,730					$	2,586					$	6,812					$	5,089
Operating expenses
Sales and marketing			2,512						2,528						6,956						4,951
Research and development			1,820						1,812						5,062						3,589
General and administrative			4,432						5,955						12,682						11,032
			$	11,494					$	12,881					$	31,512					$	24,661

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

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2024						2023						2024						2023
Stock options			$	506					$	494					$	1,003					$	985
PSUs			2,445						3,499						4,890						7,424
RSUs & DSUs			6,952						7,381						22,443						13,443
RSAs			89						115						215						223
ESPP			802						748						1,523						1,337
401(k) stock match			700						644						1,438						1,249
			$	11,494					$	12,881					$	31,512					$	24,661

Summary of Stock Option Activity

Our stock option activity was as follows:

			Six Months Ended June 30, 2024
			Options (#)						Weighted Average Exercise Price ($/share)
Outstanding, beginning of period			346,822						$	80.02
Granted			33,930						196.37
Exercised			(48,400)						47.83
Forfeited			(760)						167.08
Outstanding, end of period			331,592						$	96.43

Summary of Weighted Average Fair Value Per Share of Options Granted, Assumptions

This was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

Life (in years)			4.1
Volatility			36.7		%
Dividend yield			—
Risk-free interest rate			4.3		%

Summary of PSU, RSU, RSA, and DSU

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

			Six Months Ended June 30, 2024
			#						Weighted Average Grant Date Fair Value ($/share)
Outstanding, beginning of period			773,414						$	147.50
Granted			324,896						179.31
Vested and common stock issued			(366,823)						124.01
Forfeited			(3,423)						154.70
Outstanding, end of period			728,064						$	173.50

Summary of ESPP Activity

Our ESPP activity was as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands, except shares)			2024						2023						2024						2023
Amounts for shares purchased			$	4,828					$	3,895					$	5,219					$	4,136
Shares purchased			30,185						35,676						32,583						38,225

Summary of 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:

Life (in years)			0.5
Volatility			30.9		%
Dividend yield			—
Risk-free interest rate			5.3		%

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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.

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