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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity Share Repurchase Program—On May 2, 2023, the Company announced that its Board of Directors authorized a plan under which the Company may repurchase up to $20 million of the Company’s Class A common stock and, following the Company’s utilization of such share repurchase authorization, the Company announced on October 26, 2023 and September 9, 2024 that its Board of Directors approved additional share repurchase authorizations under which the Company may repurchase up to an additional $30 million and $50 million, respectively, of the Company’s Class A common stock (collectively, the Repurchase Program). The Company repurchased 5.7 million and 5.8 million shares, respectively, of Class A common stock for $71.1 million and $72.2 million, respectively, including costs associated with the repurchases, during the three and nine months ended September 30, 2024, and 1.2 million and 1.3 million shares, respectively, for $10.8 million and $12.1 million, respectively, during the three and nine months ended September 30, 2023. The remaining share repurchase authorization under the Repurchase Program is $8.2 million as of September 30, 2024. Equity Incentive Plans—The 2021 Equity Incentive Plan and the predecessor 2012 Equity Incentive Plan, both as amended, along with the 2022 Inducement Equity Incentive Plan (collectively, the Plans) comprise the equity incentive plans of the Company. Under the terms of the 2021 Equity Incentive Plan, the number of shares of Class A common stock reserved for issuance under the plan will automatically increase on January 1 of each calendar year, starting January 1, 2023 and ending on and including January 1, 2031, in an amount equal to 5% of the total number of shares of the Company’s capital stock outstanding on December 31 of the prior calendar year, unless the Company’s Board of Directors determines prior to the date of increase that there will be a lesser increase, or no increase. In accordance with these plan terms, the aggregate number of shares of Class A common stock reserved for issuance under the 2021 Equity Incentive Plan increased by 3.8 million shares effective January 1, 2024. Stock Options—A summary of the Company’s stock option activity for its Plans is as follows:
|  | Outstanding Stock Options (in thousands) |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (in millions)
Balance as of December 31, 2023 |  | 4,112 |  |  | $ | 10.84 |  |  | 6.3 |  | $ | 18.7 |
Granted 1 |  | 220 |  |  | $ | 15.73 |  |  |  |  |
Exercised |  | (810) |  |  | $ | 6.46 |  |  |  |  |
Cancelled/forfeited |  | (77) |  |  | $ | 12.03 |  |  |  |  |
Balance as of September 30, 2024 1 |  | 3,445 |  |  | $ | 12.16 |  |  | 6.3 |  | $ | 6.8 |
Vested and exercisable as of September 30, 2024 |  | 2,619 |  |  | $ | 11.93 |  |  | 5.8 |  | $ | 5.6 |
______________ (1)Represents 0.2 million of target award stock options with both service-based and performance-based conditions. The weighted-average grant-date fair value of options granted during the nine months ended September 30, 2024 was $9.08 per share. The aggregate intrinsic value of options exercised was $7.0 million for the nine months ended September 30, 2024. During the nine months ended September 30, 2024, the Company granted 0.2 million of target award stock options with both service-based and performance-based conditions to certain employees of the Company. Recipients of these performance-based stock options are eligible to earn between 0% and 200% of their target awards based upon the achievement of (i) a revenue-related growth metric and (ii) a non-GAAP operating income-related metric, both in fiscal year 2024, subject to certification of the attainment of the performance levels. These performance-based stock options are also subject to service-based vesting over a period of three years. For the nine months ended September 30, 2024, the per-share fair value of each stock option granted was determined on the date of grant using the following weighted-average assumptions:
|  | Nine Months Ended September 30, 2024
Expected volatility |  | 58.1 | %
Expected term (in years) |  | 5.9
Expected dividend yield |  | 0 | %
Risk-free interest rate |  | 4.2 | %
There were no stock options granted for the nine months ended September 30, 2023. Restricted Stock Units—A summary of the Company’s outstanding nonvested restricted stock units (RSUs) for its Plans is as follows:
|  | Number of Units (in thousands) |  | Weighted-Average Grant-Date Fair Value
Nonvested as of December 31, 2023 1 |  | 6,788 |  |  | $ | 12.42 |
Granted 2 |  | 2,112 |  |  | $ | 14.65 |
Vested |  | (2,240) |  |  | $ | 12.67 |
Forfeited 1 |  | (1,504) |  |  | $ | 14.20 |
Nonvested as of September 30, 2024 2 |  | 5,156 |  |  | $ | 12.71 |
______________ (1)Includes 0.2 million of target award RSUs with both service-based and performance-based conditions. (2)Includes less than 0.1 million of target award RSUs with both service-based and performance-based conditions. The total fair value of shares that vested under RSUs was $30.5 million during the nine months ended September 30, 2024. During the nine months ended September 30, 2024, the Company granted 0.1 million of target award RSUs with both service-based and performance-based conditions to certain employees of the Company. Recipients of these performance-based RSUs are eligible to earn between 0% and 200% of their target awards based upon the achievement of (i) a revenue-related growth metric and (ii) a non-GAAP operating income-related metric, both in fiscal year 2024, subject to certification of the attainment of the performance levels. These performance-based RSUs are also subject to service-based vesting over a period of three years. Employee Stock Purchase Plan—The terms of the Employee Stock Purchase Plan (ESPP) provide for automatic increases in the number of shares reserved for issuance on January 1 of each calendar year, beginning in 2023 and through 2031, subject to terms of the ESPP. In accordance with these plan terms, the aggregate number of Class A common stock authorized for issuance under the ESPP increased by 0.8 million effective January 1, 2024. Prior to capitalizing amounts related to software development costs, the Company recognized stock-based compensation related to the ESPP of $0.2 million and $0.4 million during the three and nine months ended September 30, 2024, respectively, which relates to the ESPP purchase period which began on May 1, 2024. Prior to capitalizing amounts related to software development costs, the Company recognized stock-based compensation related to the ESPP of $0.8 million and $2.8 million during the three and nine months ended September 30, 2023, respectively. Stock-Based Compensation—The Company recognized stock-based compensation under the Plans and ESPP as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Research and development |  | $ | 3.7 |  |  | $ | 2.9 |  |  | $ | 9.4 |  |  | $ | 8.4 |
Sales and marketing |  | 2.3 |  |  | 3.5 |  |  | 7.6 |  |  | 10.7 |
General and administrative |  | 4.2 |  |  | 3.0 |  |  | 12.2 |  |  | 10.2 |
Total stock-based compensation |  | $ | 10.2 |  |  | $ | 9.4 |  |  | $ | 29.2 |  |  | $ | 29.3 |
In addition, stock-based compensation capitalized related to software development costs was $0.7 million and $1.2 million during the three months ended September 30, 2024 and 2023, respectively, and $2.9 million and $4.3 million during the nine months ended September 30, 2024 and 2023, respectively.

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