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Share-based compensation (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-Based Compensation Expense | The Company recognized stock-based compensation expense for all equity arrangements as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in thousands)
Cost of revenue: |  |  |  |  |  |  |
Subscription | $ | 2,653 |  |  | $ | 2,479 |  |  | $ | 7,635 |  |  | $ | 6,495 |
Services | 362 |  |  | 344 |  |  | 994 |  |  | 961 |
Sales and marketing | 8,493 |  |  | 6,955 |  |  | 25,068 |  |  | 26,625 |
Research and development | 6,429 |  |  | 5,130 |  |  | 17,863 |  |  | 19,620 |
General and administrative | 10,412 |  |  | 5,582 |  |  | 26,522 |  |  | 35,823 |
| $ | 28,349 |  |  | $ | 20,490 |  |  | $ | 78,082 |  |  | $ | 89,524 |
Schedule of Stock-Option Activity | The table below summarizes return target option activity for the nine months ended September 30, 2023:
| Options |  | Weighted‑ Average Exercise Price |  | Weighted‑ Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2022 | 3,272,920 |  |  | $ | 6.75 |  |  | 5.8 |  | $ | 47,623 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (668,298) |  |  | 7.26 |  |  |  |  | 9,174 |
Forfeitures | — |  |  | — |  |  |  |  |
Outstanding, September 30, 2023 | 2,604,622 |  |  | $ | 6.62 |  |  | 4.6 |  | $ | 28,762 |
Options exercisable at September 30, 2023 | 2,604,622 |  |  | $ | 6.62 |  |  | 4.6 |  | $ | 28,762 |
Vested or expected to vest at September 30, 2023 | 2,604,622 |  |  | $ | 6.62 |  |  | 4.6 |  | $ | 28,762 |
The table below summarizes the service-based option activity for the nine months ended September 30, 2023:
| Options |  | Weighted‑ Average Exercise Price |  | Weighted‑ Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2022 | 1,215,822 |  |  | $ | 5.70 |  |  | 5.1 |  | $ | 18,968 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (110,291) |  |  | 7.13 |  |  |  |  | 1,490 |
Forfeitures | — |  |  | — |  |  |  |  |
Outstanding, September 30, 2023 | 1,105,531 |  |  | $ | 5.56 |  |  | 3.4 |  | $ | 13,381 |
Options exercisable at September 30, 2023 | 1,092,239 |  |  | $ | 5.52 |  |  | 3.3 |  | $ | 13,255 |
Vested or expected to vest at September 30, 2023 | 1,105,531 |  |  | $ | 5.56 |  |  | 3.4 |  | $ | 13,381 |
Schedule of Restricted Stock Units Stock Option Activity | RSU activity for the nine months ended September 30, 2023 was as follows:
| Units |  | Weighted-Average Grant Date Fair Value (per share)
Outstanding, December 31, 2022 | 8,417,357 |  |  | $ | 29.61 |
Granted | 4,931,937 |  |  | 19.86 |
Vested | (1,572,281) |  |  | 29.87 |
Forfeited | (685,324) |  |  | 28.32 |
Outstanding, September 30, 2023 | 11,091,689 |  |  | $ | 25.36 |
Schedule of Fair Value Assumptions | The Company used the following assumptions in the Black-Scholes option pricing model to estimate the fair value:
| Three and Nine Months Ended September 30, 2023
Expected term | 0.5 years
Expected volatility | 51.25%
Risk-free interest rate | 5.14%
Expected dividend yield | —%

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