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EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS | 12 Months Ended
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Dec. 31, 2024
EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS |
EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS | 13.EMPLOYEE BENEFIT AND DEFERRED COMPENSATION PLANS The Company maintains a 401(k) plan that covers eligible employees. The Company matches up to 6% of eligible compensation during the period in which an eligible participant contributes to the plan. Matching 401(k) contributions were $12,641, $11,285, and $10,056 for the years ended December 31, 2024, 2023, and 2022, respectively. Long-Term Rewards Plan The Company had a long-term reward (“LTR”) compensation plan for certain key employees related to growth in certain financial measures over a three-year measurement period (the “Reward Performance Period’), subject to the terms of the plan. After December 31, 2020, no new awards were granted under the LTR plan as future long-term awards will only be made under the 2020 Plan. Eligible LTR plan participants received an individual target award opportunity for a new three-year Reward Performance Period (i.e., target award grant made in 2019 is for years 2019 through 2021). Compensation earned for growth in the financial measures over each Reward Performance Period is paid in cash in the year following the end of the respective Reward Performance Period, assuming the minimum net income target was achieved in the final year of the Reward Performance Period. Estimated compensation is recorded during each year of a Reward Performance Period. At December 31, 2022, the Company had one open Reward Performance Period, which was paid in 2023. There was no compensation expense associated with the LTR plan for the years ended December 31, 2024 and 2023. Compensation expense associated with the LTR plan was $892 for the year ended December 31, 2022. Amounts paid in 2023 and 2022 for the LTR plan were $2,237, and $4,023, respectively. Stock-Based Award Plans The 2020 Incentive Award Plan (the “2020 Plan”) provides the ability to grant cash and equity-based incentive awards to eligible employees, directors and service providers in order to attract, retain, and motivate those that make important contributions to the Company. The 2020 Plan provides for the award of stock options, RSAs, RSUs, and other cash compensation. The ESPP provides eligible employees with rights during each six-month ESPP offering period to purchase shares of the Company’s Class A at the ESPP discount through payroll deductions. Amounts withheld or received from participants are reflected in accrued salaries and benefits in the consolidated balance sheets until such shares are purchased. Amounts withheld from participants for the offering periods ending May 31, 2025 and 2024 aggregated $496 and $371 as of December 31, 2024 and 2023, respectively. 2020 Plan Upon commencement of the 2020 Plan, an aggregate of 16,500 shares of our Class A were available for issuance. The number of shares available for issuance are increased annually on January 1 of each calendar year beginning in 2021 and ending in and including 2030, equal to the lesser of (i) 4% of the shares of Class A and Class B outstanding on the final day of the immediately preceding calendar year and (ii) a smaller number of shares as determined by the Board. No more than 3,000 shares of Class A may be issued under the 2020 Plan upon the exercise of incentive stock options. Shares available under the 2020 Plan may consist of authorized but unissued shares, shares purchased on the open market, or treasury shares. If an award under the 2020 Plan expires, lapses, or is terminated, exchanged for cash, surrendered, repurchased, or canceled without having been fully exercised or forfeited, any unused shares subject to the award will again be available for new grants under the 2020 Plan. Awards granted under the 2020 Plan in substitution for any options or other stock or stock-based awards granted by an entity before the entity’s merger or consolidation with or acquisition by the Company of the entity’s property or stock will not reduce the shares available for grant under the 2020 Plan but will count against the maximum number of shares that may be issued upon the exercise of incentive stock options. As of December 31, 2024, 20,663 shares of our Class A were available for issuance under the 2020 Plan. No incentive stock options that would be subject to the 3,000 Class A share limit were issued or outstanding under the 2020 Plan at December 31, 2024. Awards issued under the 2020 Plan vest based on service criteria established by the Board. The Company has elected to account for forfeitures as they occur rather than estimate forfeitures at date of grant. ​ Options under 2020 Plan The following table summarizes activity for options outstanding under the 2020 Plan: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Weighted | ​ | Average | ​ | ​
​ | ​ | ​ | ​ | ​ | Average | ​ | Remaining | ​ | Aggregate
​ | ​ | ​ | ​ | ​ | Exercise | ​ | Contractual | ​ | Intrinsic
2020 Plan Option Activity | ​ | Units | ​ | ​ | Price | ​ | Life (Years) | ​ | Value
Outstanding at January 1, 2024 | ​ | 5,692 | ​ | $ | 5.32 | ​ | 4.7 | ​ | $ | 124,327
Exercised | ​ | (2,722) | ​ | $ | 3.56 | ​ | ​ | ​ | ​ | ​
2020 Plan options outstanding at December 31, 2024 | ​ | 2,970 | ​ | $ | 6.93 | ​ | 4.4 | ​ | $ | 137,857
2020 Plan options exercisable at December 31, 2024 |  | 2,504 | ​ | $ | 6.35 |  | 4.2 | ​ | $ | 117,670
​ The detail of options outstanding, vested and exercisable under the 2020 Plan as of December 31, 2024 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Options Outstanding | ​ | Options Vested and Exercisable
​ |  | ​ |  | Weighted |  | ​ |  | Weighted
​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | Average
Exercise Prices | ​ | Units | ​ | Life (Years) | ​ | Units | ​ | Life (Years)
$0.15 to $0.71 |  | 347 | ​ | * | ​ | 347 | ​ | *
$2.50 |  | 598 | ​ | 1.6 | ​ | 598 | ​ | 1.6
$3.17 |  | 113 | ​ | 3.1 | ​ | 113 | ​ | 3.1
$3.73 | ​ | 908 | ​ | 4.9 | ​ | 908 | ​ | 4.9
$4.70 | ​ | 466 | ​ | 5.1 | ​ | 125 | ​ | 5.1
$18.47 | ​ | 190 | ​ | 6.9 | ​ | 136 | ​ | 6.9
$18.96 | ​ | 80 | ​ | 6.6 | ​ | 80 | ​ | 6.6
$19.00 |  | 46 | ​ | 6.7 | ​ | 30 | ​ | 6.7
$32.16 |  | 222 | ​ | 6.2 | ​ | 167 | ​ | 6.2
​ | ​ | 2,970 | ​ | ​ |  | 2,504 | ​ | ​
*These options have indefinite contractual lives. |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​ The Board intends all options granted to be exercisable at a price per share not less than the per share fair market value of the Company’s Class A underlying the options on the date of grant. Compensation expense to participants under the 2020 Plan is measured based on the grant date fair value of the awards and recognized in the consolidated statements of comprehensive loss over the period during which the participant is required to perform the requisite services. The vesting period is generally one to four years. No options were issued during 2024, 2023 or 2022. At December 31, 2024, $595 of unrecognized compensation expense associated with the options is expected to be recognized over a weighted average period of approximately 0.7 years. Restricted Stock Units The following table summarizes RSU activity for the year ended December 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  |  |  | ​ | ​
​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Grant Date Fair
​ | ​ | Units | ​ | Value Per Share
Outstanding at January 1, 2024 | ​ | 4,171 | ​ | $ | 16.11
Granted | ​ | 1,833 | ​ | ​ | 26.09
Vested | ​ | (1,345) | ​ | ​ | 16.70
Forfeited | ​ | (125) | ​ | ​ | 16.33
Outstanding at December 31, 2024 | ​ | 4,534 | ​ | $ | 19.96
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
​ Stock-based compensation cost for RSUs is measured based on the fair value of the Company’s underlying common stock on the date of grant. Compensation cost will be recognized on a straight-line basis in the consolidated statements of comprehensive loss over the period during which the participant is required to perform services in exchange for the award, which is generally one to four years. At December 31, 2024, $54,191 of unrecognized compensation cost for RSUs is expected to be recognized over a weighted average period of approximately 2.4 years. Performance Stock Units In connection with the ecosio acquisition, current and newly hired employees of ecosio have or may receive RSUs that vest upon continuing service and performance conditions (“Performance Stock Units” or “PSUs”). These performance conditions are based upon ecosio’s monthly software revenues meeting specified annual targets over a three-year period. The annual targets are based on a range of performance targets in which grantees may earn a prorated portion of the base number of awards granted up to 100%. For further information on the ecosio acquisition, refer to Note 3, “Acquisitions.” ​ On December 17, 2024, the Company granted 192 PSUs to ecosio employees. The fair value for PSUs is calculated based on the closing stock price on the date of grant. Assuming all conditions are met, the maximum amount of compensation expense that can be recognized by the Company for these awards is $10,259. ​ The stock-compensation expense associated with the awards will be accounted for as compensation expense over the vesting periods based on the Company’s assessment of probability of achievement of the targets. If the required conditions are not met, no compensation cost is recognized and any previously recognized compensation cost is reversed. As of December 31, 2024, the Company determined that it is probable that the performance target for the first annual measurement period would be achieved and has recorded $285 in stock-based compensation expense for the year ended December 31, 2024. No compensation expense has been recorded in connection with the second or third annual targets as the Company has not yet deemed it probable that the performance targets will be achieved. ​ At December 31, 2024, a maximum of $9,974 of unrecognized compensation cost for PSUs, pending achievement of targets, may be recognized over a weighted average period of approximately 2.9 years. ​ The following table summarizes PSU activity for the year ended December 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Grant Date Fair
​ | ​ | Units | ​ | Value Per Share
Outstanding at January 1, 2024 | ​ | — | ​ | $ | —
Granted | ​ | 192 | ​ | ​ | 53.46
Outstanding at December 31, 2024 | ​ | 192 | ​ | $ | 53.46
​ ​ Restricted Stock Awards The following table summarizes RSA activity for the year ended December 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Grant Date Fair
​ | ​ | Units | ​ | Value Per Share
Outstanding at January 1, 2024 | ​ | 91 | ​ | $ | 21.50
Granted | ​ | 34 | ​ | ​ | 35.06
Vested | ​ | (91) | ​ | ​ | 21.50
Outstanding at December 31, 2024 |  | 34 | ​ | $ | 35.06
​ Stock-based compensation cost for RSAs is measured based on the fair value of the Company’s underlying common stock on the date of grant. Compensation cost will be recognized on a straight-line basis in the consolidated statements of comprehensive loss over the period during which the participants are required to perform services in exchange for the award, which is generally one to four years. At December 31, 2024, $532 of unrecognized compensation cost for RSAs is expected to be recognized over a weighted average period of approximately 0.5 years. Employee Stock Purchase Plan The ESPP permits participants to purchase Class A primarily through payroll deductions of up to a specified percentage of their eligible compensation. The maximum number of shares that may be purchased by a participant during any offering period is determined by the plan administrator in advance of each offering period. A total of 1,000 shares of Class A were initially reserved for issuance under the ESPP. The number of shares available for issuance under the ESPP increases annually on January 1 of each calendar year beginning in 2021 and ending in and including 2030, by an amount equal to the lesser of (i) 1% of the shares of Class A and Class B outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by the Board, provided that no more than 16,000 shares of Class A may be issued. The ESPP is administered by a committee of the Board. As of December 31, 2024, there were 6,335 shares available for issuance under the ESPP. On the first trading day of each offering period, each participant will automatically be granted an option to purchase shares of Class A. The option will expire at the end of the applicable offering period and will be exercised at that time to the extent of the payroll deductions accumulated or contributions made during such offering period. The purchase price of the shares, in the absence of a contrary designation, is 85% of the lower of the fair value of the Class A on the first or last day of the ESPP offering period. Participants may voluntarily end their participation in the plan at any time during a specified period prior to the end of the applicable offering period and will be paid their accrued payroll deductions and related contributions, if applicable, that have not yet been used to purchase shares of Class A. If a participant withdraws from the plan during an offering period, the participant cannot rejoin until the next offering period. Participation ends automatically upon a participant's termination of employment. As of December 31, 2024 and 2023, there was approximately $423 and $375, respectively, of unrecognized ESPP stock-based compensation cost that is expected to be recognized on a straight-line basis over the remaining term of the offering periods ending on May 31, 2025 and 2024, respectively. The fair value of ESPP purchase rights for the offering periods is comprised of the value of the 15% ESPP discount and the value associated with the call or put over the respective ESPP offering period. ESPP offering periods reflected in the December 31, 2024, financial statements include the periods noted below in the table. The value of the call or put was estimated using the Black-Scholes model with the following assumptions: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Offering Period Ending
​ | 5/31/2025 | ​ | 11/30/2024 | ​ | 5/31/2024 | ​ | 11/30/2023 | ​ | 5/31/2023 | ​
Fair market value of common stock | $ | 54.64 | ​ | $ | 33.26 | ​ | $ | 27.82 | ​ | $ | 21.76 | ​ | $ | 17.21 | ​
Volatility |  | 26.4 | % |  | 41.7 | % |  | 36.6 | % |  | 39.4 | % |  | 46.4 | %
Expected term (years) |  | 0.5 | ​ |  | 0.5 | ​ |  | 0.5 | ​ |  | 0.5 | ​ |  | 0.5 | ​
Expected dividend yield |  | - | % |  | - | % |  | - | % |  | - | % |  | - | %
Risk-free interest rate |  | 4.4 | % |  | 5.4 | % |  | 5.3 | % |  | 5.4 | % |  | 4.7 | %
​ Volatility is representative of expected stock price volatility over the offering period. The Company’s volatility is applied to current and future offering periods. The expected term represents the term of the ESPP offering period, which is six months. The Company does not expect to pay dividends. The risk-free interest rate was based on the rate for a U.S. Treasury zero-coupon issue with a term that closely approximates the expected term of the award at the date nearest to the offering term. ​ Stock-Based Compensation The Company recognized total stock-based compensation cost related to incentive awards, net of forfeitures, as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | For the year ended December 31,
​ | 2024 |  | 2023 |  | 2022
Stock-based compensation expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stock options | $ | 6,768 | ​ | $ | 6,349 | ​ | $ | 7,081
RSUs |  | 37,770 | ​ |  | 24,257 | ​ |  | 9,286
RSAs |  | 1,617 | ​ |  | 2,496 | ​ |  | 2,768
PSUs | ​ | 285 | ​ | ​ | — | ​ | ​ | —
ESPP | ​ | 985 | ​ | ​ | 817 | ​ | ​ | 594
Total stock-based compensation expense | $ | 47,425 | ​ | $ | 33,919 | ​ | $ | 19,729
​ The Company recognized stock-based compensation cost in the consolidated statements of comprehensive loss as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | For the year ended December 31,
​ | 2024 |  | 2023 |  | 2022
Stock-based compensation expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of revenues, software subscriptions | $ | 4,349 | ​ | $ | 2,834 | ​ | $ | 2,090
Cost of revenues, services |  | 2,768 | ​ |  | 1,846 | ​ |  | 1,433
Research and development |  | 9,548 | ​ |  | 5,994 | ​ |  | 1,798
Selling and marketing |  | 13,204 | ​ |  | 8,380 | ​ |  | 6,284
General and administrative |  | 17,556 | ​ |  | 14,865 | ​ |  | 8,124
Total stock-based compensation expense | $ | 47,425 | ​ | $ | 33,919 | ​ | $ | 19,729
​ The total recognized tax benefit related to the stock-based compensation expense for the years ended December 31, 2024, 2023, and 2022 was $33,739, $16,541, and $3,324, respectively. The tax benefit from stock options exercised during the years ended December 31, 2024, 2023, and 2022 was $25,306, $13,079, and $2,710, respectively.

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