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Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity Stockholders' Equity
In April 2021, the Company's certificate of incorporation was amended and restated such that the total number of shares of common stock authorized to be issued was increased to 500,000,000 shares and the total number of shares of preferred stock authorized to be issued was reduced to 10,000,000 shares.
Equity Compensation Plans

On February 25, 2021, the Board approved, subject to stockholder approval, which was obtained on March 23, 2021, the ESPP, pursuant to which employees would be able to purchase shares of the Company’s common stock at a 15% discount. The Board provided that the share reserve will be refreshed by an evergreen provision of 1% of the Company’s outstanding common stock on the last day of the prior year, or such lesser amount as the Board or its Compensation Committee may determine, which is effective the first day of the following fiscal year. As of December 31, 2024, the Company has reserved 3,705,790 shares of common stock for issuance under the ESPP and 2,525,043 shares remain available for future issuance.

On February 25, 2021, the Board approved, subject to stockholder approval, which was obtained on March 23, 2021, the Company’s 2021 Incentive Award Plan (the “2021 Plan”), pursuant to which incentive awards may be awarded to employees, directors and consultants. The 2021 Plan includes any shares underlying awards outstanding under the 2011 Long-Term Incentive Plan, as amended (the “2011 Plan”). The Board provided that the share reserve will be refreshed by an evergreen provision of 5.0% of the shares outstanding on the last day of the prior fiscal year or such lesser amount as determined by the Board, which is effective the first day of the following fiscal year. As of December 31, 2024, the Company has reserved 26,071,320 shares of common stock for issuance pursuant to awards under the 2021 Plan, and 16,390,546 shares remain available for future issuance.

Stock Options

A summary of option activity is as follows:
Options Outstanding
(in thousands except share and per share amounts)Number of sharesWeighted average exercise priceWeighted Average Remaining Contractual LifeAggregate Intrinsic Value
Balance, January 1, 20236,268,485 $7.61 5.9$48,141 
Granted— 
Exercised(2,244,170)5.79 26,752 
Forfeited(109,904)13.80 309 
Balance, December 31, 20233,914,411 $8.48 6.0$62,295 
Granted— 
Exercised(2,578,806)7.85 60,524 
Forfeited(37,004)15.92 414 
Balance, December 31, 2024
1,298,601 $9.51 5.2$35,285 
Exercisable at, December 31, 2024
1,233,092 $9.07 5.1$34,042 

No options were granted for the years ended December 31, 2024, 2023, and 2022.

The total fair value of stock options vested during the years ended December 31, 2024, 2023, and 2022 was $3.7 million, $4.5 million, and $15.8 million, respectively.

As of December 31, 2024, the total unrecognized stock-based compensation expense related to stock options was $0.3 million, net of forfeitures, which the Company expects to recognize over the next 0.1 years.

Certain stock option grants provide the option holder the right to exercise their stock options before they vest. As of December 31, 2024, there were no options exercisable that were not yet vested. As of December 31, 2023 and 2022, there were 0.2 million, and 0.3 million options, respectively, that were exercisable that were not yet vested by the option holder at a weighted average exercise price of $2.35, and $2.46 per share, respectively.
A summary of the status of non-vested options is as follows:
Number of sharesWeighted Average Grant Date Fair Value Per Share
Balance, January 1, 2022
4,787,787 $6.10 
Granted— 
Forfeited(675,375)5.36 
Vested(2,281,344)6.89 
Balance, December 31, 2022
1,831,068 5.36 
Granted— 
Forfeited(80,864)7.16 
Vested(956,667)4.67 
Balance, December 31, 2023
793,537 6.04 
Granted— 
Forfeited(33,630)8.41 
Vested(694,398)5.67 
Balance, December 31, 2024
65,509 $8.67 

All non-vested stock options issued as of the date of the option holder’s termination will be forfeited, except for certain non-vested stock options granted to executive management that have special vesting provisions upon involuntary termination or resignation. The special provisions call for the accelerated vesting of a portion of the options granted to the employee under certain circumstances.

Restricted Stock Units

The Company's restricted stock units vest and settle upon the satisfaction of a service condition. The service condition for the awards is satisfied over generally three to four years.

The total fair value of restricted stock units vested during the year ended December 31, 2024 was $56.3 million.

Restricted stock unit activity was as follows:
Number of UnitsWeighted Average Grant Date Fair Value Per Share
Nonvested as of January 1, 20237,101,096 $17.45 
     Granted3,676,19016.12 
     Vested(2,832,027)17.29 
     Forfeited(639,816)17.33 
Nonvested as of December 31, 20237,305,443 $16.85 
     Granted2,550,82426.69 
     Vested(2,966,340)18.50 
     Forfeited(792,674)17.20 
Nonvested as of December 31, 20246,097,253$20.12 

As of December 31, 2024, the total unrecognized stock-based compensation expense related to RSUs was $95.0 million, net of forfeitures, which the Company expects to recognize over the next 2.4 years.

Employee Stock Purchase Plan

The first offering period commenced on May 15, 2021, and as of December 31, 2024, 1,180,747 shares have been issued under the ESPP with 312,838 shares issued during the year ended December 31, 2024.
Stock-based compensation expense was included in the consolidated statements of operations as follows:
Year ended December 31,
(in thousands)202420232022
Cost of revenues$5,366 $5,584 $4,389 
Research and development17,279 15,995 11,398 
Sales and marketing9,049 7,220 4,042 
General and administrative27,743 22,432 24,763 
Total stock-based compensation expenses$59,437 $51,231 $44,592 
On November 5, 2021, the Company entered into a separation agreement with the former Chief Executive Officer of the Company. The agreement resulted in a modification of the former employee's 438,783 outstanding stock options and 50,000 RSUs, which accelerated certain vestings, resulting in the recognition of $10.1 million of expense, which was recognized ratably over the remaining requisite service period, through December 31, 2022.
The amount of stock-based compensation capitalized as part of deferred costs was $0.7 million for both the years ended December 31, 2024 and December 31, 2023, and $0.6 million for the year ended December 31, 2022.