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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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			2023			2022
Restricted stock awards			1,101,702			1,345,608
Time-based restricted stock units			607,100			455,708
Performance-based restricted stock units			1,209,515			1,104,260

Summary of Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense:

			Years ended December 31,
(in thousands)			2023			2022			2021
Included in cost of revenue:
Cost of recurring			$	14,052		$	11,258		$	12,405
Cost of one-time services and other			2,606			3,178			7,547
Total included in cost of revenue			16,658			14,436			19,952
Included in operating expenses:
Sales, marketing and customer success			24,892			21,409			20,283
Research and development			30,780			24,207			27,080
General and administrative			55,432			50,242			53,064
Total included in operating expenses			111,104			95,858			100,427
Total stock-based compensation expense			$	127,762		$	110,294		$	120,379

Summary of Unvested Restricted Stock Awards, Activity

The following table summarizes our unvested restricted stock awards as of December 31, 2023, and changes during the year then ended:

			Restricted stock awards			Weighted average grant-date fair value						Aggregate intrinsic value(1) (in thousands)
Unvested at January 1, 2023			1,345,608			$	68.09
Granted			473,341			62.59
Forfeited			(106,634)			66.37
Vested			(610,613)			69.86
Unvested at December 31, 2023			1,101,702			64.92						$	95,518

(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, 2023, and changes during the year then ended:

			Time-based restricted stock units			Weighted average grant-date fair value						Aggregate intrinsic value(1) (in thousands)
Unvested at January 1, 2023			455,708			$	68.81
Granted			367,913			61.37
Forfeited			(24,686)			64.57
Vested			(191,835)			70.53
Unvested at December 31, 2023			607,100			64.01						$	52,636

(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, 2023, and changes during the year then ended:

			Performance-based restricted stock units			Weighted average grant-date fair value						Aggregate intrinsic value(1) (in thousands)
Unvested at January 1, 2023			1,104,260			$	64.94
Granted			967,252			59.62
Forfeited			(72,428)			60.12
Vested			(789,569)			64.45
Unvested at December 31, 2023			1,209,515			61.29						$	104,849

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

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