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Stock-based compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
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 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 |
Schedule of Stock-Option Activity | 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 |
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 |
Schedule of Restricted Stock Units Stock Option Activity | 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 |
Schedule of ESPP Activity | 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 |
Schedule of Fair Value Assumptions | 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 | —%

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