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Stock-based compensation | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-based compensation | Stock-based compensation The Company’s equity incentive plans provide for granting various stock-based awards to eligible employees, non-employee directors, and consultants of the Company. In addition, the Company offers an employee stock purchase plan to eligible employees. The Company recognized stock-based compensation expense for all equity arrangements as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023
|  |  |  |  | (in thousands)
Cost of revenue: |  |  |  |  |  |  |
Subscription |  |  |  |  | $ | 2,628 |  |  | $ | 2,267 |
Services |  |  |  |  | 412 |  |  | 309 |
Sales and marketing |  |  |  |  | 6,389 |  |  | 7,499 |
Research and development |  |  |  |  | 5,431 |  |  | 5,033 |
General and administrative |  |  |  |  | 5,719 |  |  | 4,442 |
|  |  |  |  | $ | 20,579 |  |  | $ | 19,550 |
Equity Incentive Plans The maximum number of shares of common stock available for issuance under the 2020 Plan was 34,261,070 shares as of January 1, 2024. As of March 31, 2024, 14,588,191 shares of common stock were reserved for additional grants under the 2020 Plan and 128,928 shares of common stock were reserved for additional grants under the 2017 Option Plan. Return Target Options The table below summarizes return target option activity for the three months ended March 31, 2024:
| Options |  | Weighted‑ Average Exercise Price |  | Weighted‑ Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2023 | 2,594,622 |  |  | $ | 6.61 |  |  | 4.3 |  | $ | 29,697 |
Exercised | (10,000) |  |  | 7.33 |  |  |  |  | 127 |
Outstanding, March 31, 2024 | 2,584,622 |  |  | $ | 6.61 |  |  | 4.1 |  | $ | 30,339 |
Options exercisable at March 31, 2024 | 2,584,622 |  |  | $ | 6.61 |  |  | 4.1 |  | $ | 30,339 |
Vested or expected to vest at March 31, 2024 | 2,584,622 |  |  | $ | 6.61 |  |  | 4.1 |  | $ | 30,339 |
Service-Based Options The table below summarizes the service-based option activity for the three months ended March 31, 2024:
| Options |  | Weighted‑ Average Exercise Price |  | Weighted‑ Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2023 | 1,048,885 |  |  | $ | 5.54 |  |  | 3.2 |  | $ | 13,129 |
Exercised | (37,583) |  |  | 5.49 |  |  |  |  | 473 |
Outstanding, March 31, 2024 | 1,011,302 |  |  | $ | 5.54 |  |  | 3.0 |  | $ | 12,950 |
Options exercisable at March 31, 2024 | 1,011,302 |  |  | $ | 5.54 |  |  | 3.0 |  | $ | 12,950 |
Vested or expected to vest at March 31, 2024 | 1,011,302 |  |  | $ | 5.54 |  |  | 3.0 |  | $ | 12,950 |
Restricted Stock Units RSU activity for the three months ended March 31, 2024 was as follows:
| Units |  | Weighted-Average Grant Date Fair Value (per share)
Outstanding, December 31, 2023 | 10,551,679 |  |  | $ | 24.49 |
Granted | 4,779,499 |  |  | 17.78 |
Vested | (1,347,681) |  |  | 22.75 |
Forfeited | (573,525) |  |  | 25.10 |
Outstanding, March 31, 2024 | 13,409,972 |  |  | $ | 22.25 |
RSUs under the 2020 Plan generally vest ratably on an annual basis over four years. There was $253.0 million of unrecognized compensation expense related to unvested RSUs that is expected to be recognized over a weighted-average period of 2.9 years as of March 31, 2024. The total fair value of RSUs vested during the three months ended March 31, 2024 was $30.7 million. Employee Stock Purchase Plan As of March 31, 2024 and December 31, 2023, the Company withheld, at the employees’ request, $2.4 million and $1.0 million, respectively, of eligible employee compensation, which is included in accrued liabilities in the condensed consolidated balance sheets, for purchases of common stock under the 2021 ESPP. As of March 31, 2024, 5,967,031 shares of common stock were reserved for future issuance under the 2021 ESPP. No shares of common stock were issued under the 2021 ESPP during the three months ended March 31, 2024. There was $0.1 million of unrecognized compensation expense related to the 2021 ESPP that is expected to be recognized over a period of one month as of March 31, 2024.

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