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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Cost of revenues | $ | 1,412 |  |  | $ | 2,506 |  |  | $ | 8,224 |  |  | $ | 7,595 |
Operating expenses |  |  |  |  |  |  |
Sales and marketing | 2,820 |  |  | 2,428 |  |  | 9,776 |  |  | 7,379 |
Research and development | 1,939 |  |  | 1,798 |  |  | 7,001 |  |  | 5,387 |
General and administrative | 4,581 |  |  | 4,704 |  |  | 17,263 |  |  | 15,736 |
| $ | 10,752 |  |  | $ | 11,436 |  |  | $ | 42,264 |  |  | $ | 36,097 |
Stock-based compensation expense by grant type or plan was as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Stock options | $ | 514 |  |  | $ | 487 |  |  | $ | 1,517 |  |  | $ | 1,472 |
PSUs | 2,260 |  |  | 2,812 |  |  | 7,149 |  |  | 10,236 |
RSUs & DSUs | 6,309 |  |  | 6,722 |  |  | 28,751 |  |  | 20,165 |
RSAs | 112 |  |  | 122 |  |  | 329 |  |  | 345 |
ESPP | 800 |  |  | 637 |  |  | 2,323 |  |  | 1,974 |
401(k) stock match | 757 |  |  | 656 |  |  | 2,195 |  |  | 1,905 |
| $ | 10,752 |  |  | $ | 11,436 |  |  | $ | 42,264 |  |  | $ | 36,097 |
Summary of Stock Option Activity | Our stock option activity was as follows:
| Nine Months Ended September 30, 2024
| Options (#) |  | Weighted Average Exercise Price ($/share)
Outstanding, beginning of period | 346,822 |  |  | $ | 80.02 |
Granted | 36,993 |  |  | 197.42 |
Exercised | (85,364) |  |  | 49.18 |
Forfeited | (2,094) |  |  | 158.63 |
Outstanding, end of period | 296,357 |  |  | $ | 103.01 |
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:
| Nine Months Ended September 30, 2024
| # |  | Weighted Average Grant Date Fair Value ($/share)
Outstanding, beginning of period | 773,414 |  |  | $ | 147.50 |
Granted | 409,843 |  |  | 185.73 |
Vested and common stock issued | (403,291) |  |  | 124.30 |
Forfeited | (33,725) |  |  | 180.49 |
Outstanding, end of period | 746,241 |  |  | $ | 179.54 |
Summary of ESPP Activity | Our ESPP activity was as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands, except shares) | 2024 |  | 2023 |  | 2024 |  | 2023
Amounts for shares purchased | $ | 453 |  |  | $ | 344 |  |  | $ | 5,672 |  |  | $ | 4,481 |
Shares purchased | 2,833 |  |  | 3,159 |  |  | 35,416 |  |  | 41,384 |
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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