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Stock-based compensation | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in thousands)
Cost of revenue: |  |  |  |  |  |  |
Subscription | $ | 2,983 |  |  | $ | 2,715 |  |  | $ | 5,611 |  |  | $ | 4,982 |
Services | 451 |  |  | 323 |  |  | 863 |  |  | 632 |
Sales and marketing | 8,285 |  |  | 9,076 |  |  | 14,674 |  |  | 16,575 |
Research and development | 6,969 |  |  | 6,401 |  |  | 12,400 |  |  | 11,434 |
General and administrative | 7,595 |  |  | 11,668 |  |  | 13,314 |  |  | 16,110 |
| $ | 26,283 |  |  | $ | 30,183 |  |  | $ | 46,862 |  |  | $ | 49,733 |
Equity Incentive Plans Return Target Options The table below summarizes return target option activity for the six months ended June 30, 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 | (102,763) |  |  | 6.01 |  |  |  |  | 1,285 |
Outstanding, June 30, 2024 | 2,491,859 |  |  | $ | 6.64 |  |  | 3.9 |  | $ | 24,571 |
Options exercisable at June 30, 2024 | 2,491,859 |  |  | $ | 6.64 |  |  | 3.9 |  | $ | 24,571 |
Vested or expected to vest at June 30, 2024 | 2,491,859 |  |  | $ | 6.64 |  |  | 3.9 |  | $ | 24,571 |
Service-Based Options The table below summarizes the service-based option activity for the six months ended June 30, 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 | (200,875) |  |  | 5.67 |  |  |  |  | 2,828 |
Outstanding, June 30, 2024 | 848,010 |  |  | $ | 5.51 |  |  | 3.1 |  | $ | 9,317 |
Options exercisable at June 30, 2024 | 848,010 |  |  | $ | 5.51 |  |  | 3.1 |  | $ | 9,317 |
Vested or expected to vest at June 30, 2024 | 848,010 |  |  | $ | 5.51 |  |  | 3.1 |  | $ | 9,317 |
Restricted Stock Units RSU activity for the six months ended June 30, 2024 was as follows:
| Units |  | Weighted-Average Grant Date Fair Value (per share)
Outstanding, December 31, 2023 | 10,551,679 |  |  | $ | 24.49 |
Granted | 4,984,772 |  |  | 17.72 |
Vested | (2,015,812) |  |  | 25.08 |
Forfeited | (788,420) |  |  | 24.61 |
Outstanding, June 30, 2024 | 12,732,219 |  |  | $ | 21.74 |
RSUs under the 2020 Plan generally vest ratably on an annual basis over four years. There was $225.5 million of unrecognized compensation expense related to unvested RSUs that is expected to be recognized over a weighted-average period of 2.8 years as of June 30, 2024. The total fair value of RSUs vested during the six months ended June 30, 2024 was $50.6 million. In connection with the Company’s former CEO Dean Hager’s Transition and Retirement Agreement, dated May 2, 2023, and his retirement effective September 1, 2023, the Company recognized $5.7 million of incremental stock-based compensation expense during the three months ended June 30, 2023 related to the modification of vested stock options and acceleration of expense of unvested RSUs through the retirement date. Employee Stock Purchase Plan As of June 30, 2024 and December 31, 2023, the Company withheld, at the employees’ request, $0.9 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 June 30, 2024, 5,757,984 shares of common stock were reserved for future issuance under the 2021 ESPP. Activity under the 2021 ESPP for the six months ended June 30, 2024 was as follows:
Shares of common stock issued | 209,047 |
Weighted-average purchase price per share | $ | 13.06 |
Total proceeds to the Company (in thousands) | $ | 2,729 |
The average grant date fair value for the offering period under the 2021 ESPP that commenced on May 1, 2024 was $5.06 per share. The Company used the following assumptions in the Black-Scholes option pricing model to estimate the fair value:
Expected term | 0.5 years
Expected volatility | 40.90%
Risk-free interest rate | 5.43%
Expected dividend yield | —%
There was $0.6 million of unrecognized compensation expense related to the 2021 ESPP that is expected to be recognized over a period of four months as of June 30, 2024.

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