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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Awards Outstanding by Each Award Type

The following table sets forth the number of awards outstanding for each award type as of:

			Outstanding at December 31,
Award type			2022			2021
Restricted stock awards			1,345,608			1,192,810
Time-based restricted stock units			455,708			336,199
Performance-based restricted stock units			1,104,260			943,071

Summary of Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense:

			Years ended December 31,
(in thousands)			2022			2021			2020
Included in cost of revenue:
Cost of recurring			$	11,258		$	12,405		$	5,793
Cost of one-time services and other			3,178			7,547			7,581
Total included in cost of revenue			14,436			19,952			13,374
Included in operating expenses:
Sales, marketing and customer success			21,409			20,283			15,514
Research and development			24,207			27,080			18,527
General and administrative			50,242			53,064			39,842
Total included in operating expenses			95,858			100,427			73,883
Total stock-based compensation expense			$	110,294		$	120,379		$	87,257

Summary of Unvested Restricted Stock Awards, Activity

The following table summarizes our unvested restricted stock awards as of December 31, 2022, and changes during the year then ended:

Restricted stock awards			Restricted stock awards			Weighted average grant-date fair value						Aggregate intrinsic value(1) (in thousands)
Unvested at January 1, 2022			1,192,810			$	78.73
Granted			846,295			60.90
Forfeited			(179,686)			69.29
Vested			(513,811)			79.83
Unvested at December 31, 2022			1,345,608			68.09						$	79,202

(1)The intrinsic value is calculated as the market value as of the end of the fiscal period.

Summary of Unvested Restricted Stock Units, Activity

The following table summarizes our unvested, time-based restricted stock units as of December 31, 2022, and changes during the year then ended:

Time-based restricted stock units			Restricted stock units			Weighted average grant-date fair value						Aggregate intrinsic value(1) (in thousands)
Unvested at January 1, 2022			336,199			$	77.99
Granted			287,198			62.38
Forfeited			(48,343)			65.80
Vested			(119,346)			77.59
Unvested at December 31, 2022			455,708			68.81						$	26,823

(1)The intrinsic value is calculated as the market value as of the end of the fiscal period.

The following table summarizes our unvested, performance-based restricted stock units as of December 31, 2022, and changes during the year then ended:

Performance-based restricted stock units			Restricted stock units			Weighted average grant-date fair value						Aggregate intrinsic value(1) (in thousands)
Unvested at January 1, 2022			943,071			$	73.62
Granted			977,377			61.79
Forfeited			(114,071)			63.47
Vested			(702,117)			71.93
Unvested at December 31, 2022			1,104,260			64.94						$	64,997

(1)The intrinsic value is calculated as the market value as of the end of the fiscal period.

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