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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 11. Stock-Based Compensation Equity Incentive Plans The Company adopted the 2010 Equity Compensation Plan (the “2010 Plan”) on July 26, 2010. On November 9, 2017, the 2010 Plan was terminated in connection with the Company’s initial public offering. Accordingly, no shares are available for future issuance under the 2010 Plan. However, the 2010 Plan continues to govern the terms and conditions of the outstanding awards granted thereunder. The Company’s Second Amended and Restated 2017 Incentive Award Plan (as amended from time to time, the “2017 Plan”) became effective on November 9, 2017. The 2017 Plan provides for the grant of stock options, including incentive stock options and non-qualified stock options, stock appreciation rights, restricted stock, dividend equivalents, restricted stock units, and other stock or cash-based awards to employees, consultants and directors of the Company. A total of 1,050,000 shares of the Company’s Class A common stock were originally reserved for issuance under the 2017 Plan. These available shares automatically increase each January 1, beginning on January 1, 2018, by 5% of the number of shares of the Company’s Class A common stock outstanding on the final day of the immediately preceding calendar year. On January 1, 2023, the shares available for grant under the 2017 Plan were automatically increased by 1,168,950 shares. On May 18, 2023, stockholders approved an amendment to the 2017 Plan that increased the number of shares available for grant by 2,500,000 shares. The terms of the stock option grants are determined by the Company’s Board of Directors. The Company’s stock options vest based on terms of the stock option agreements. The stock options have a contractual life of ten years. Restricted stock units (“RSUs”) granted to employees, non-employee members of the Board of Directors and other Service Providers (as defined in the 2017 Plan) under the 2017 Plan are subject to an immediate or time-based vesting condition as specified by the underlying compensation plans. Vesting schedules may differ between different categories of award recipients. Stock compensation expense is based on the grant date fair value of the RSUs and is recognized on a ratable basis over the applicable service period. Depending on the nature of the underlying compensation plan, certain share-based payment arrangements may be classified as liability-based awards resulting in classification as accrued expenses on the consolidated balance sheets with the corresponding offset to stock-based compensation expense. As of December 31, 2023, awards granted under the 2010 Plan consisted of stock options and awards granted under the 2017 Plan consisted of stock options and RSUs. Stock Options The following summarizes the stock option activity for the year ended December 31, 2023:
| Number of options outstanding |  | Weighted- average exercise price (Per share) |  | Weighted- average remaining contract life (In years) |  | Aggregate intrinsic value (In thousands)
Outstanding as of December 31, 2022 | 159,741 |  |  | $ | 10.42 |  |  | 2.57 |  | $ | 2,001 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (61,349) |  |  | 6.74 |  |  |  |  |
Forfeited or expired | (912) |  |  | 9.46 |  |  |  |  |
Outstanding as of December 31, 2023 | 97,480 |  |  | $ | 12.75 |  |  | 2.97 |  | $ | 332 |
Options vested and exercisable at December 31, 2023 | 97,480 |  |  | $ | 12.75 |  |  | 2.97 |  | $ | 332 |
Options vested and expected to vest as of December 31, 2023 | 97,480 |  |  | $ | 12.75 |  |  | 2.97 |  | $ | 332 |
The total intrinsic value of stock options exercised for the years ended December 31, 2023, 2022 and 2021 was $0.4 million, $0.6 million and $9.3 million, respectively. Aggregate intrinsic value is computed based on the difference between the option exercise price and the fair value of the Company’s common stock at the time of such option exercises. No options were granted for the year ended December 31, 2023. As of December 31, 2021, all outstanding stock options were fully vested. As of December 31, 2023, the Company had no unrecognized compensation cost related to non-vested stock options. Restricted Stock Units The following summarizes the RSU activity for the year ended December 31, 2023:
| Number of awards outstanding |  | Weighted-average grant date fair value (Per share)
Nonvested RSUs as of December 31, 2022 | 2,607,106 |  |  | $ | 32.33 |
Granted | 3,431,074 |  |  | 11.35 |
Vested | (804,962) |  |  | 31.29 |
Forfeited | (167,059) |  |  | 28.77 |
Nonvested RSUs as of December 31, 2023 | 5,066,159 |  |  | $ | 18.41 |
|  |  | Year ended December 31,
|  |  |  |  | 2023 |  | 2022 |  | 2021
Weighted average grant date fair value of RSUs granted (per share) |  |  |  |  | $ | 11.35 |  |  | $ | 30.43 |  |  | $ | 143.31 |
Total fair value of RSUs vested (in thousands) |  |  |  |  | 25,186 |  |  | 15,038 |  |  | 12,571 |
As of December 31, 2023, total unrecognized compensation cost related to non-vested RSUs was $79.4 million, which will be amortized over a weighted-average period of 2.35 years. Stock-Based Compensation Expense The Company recognized total stock-based compensation expense as follows:
|  |  | Year ended December 31,
|  |  |  |  | 2023 |  | 2022 |  | 2021
|  |  |  |  | (In thousands)
Cost of revenue |  |  |  |  | $ | 1,136 |  |  | $ | 404 |  |  | $ | 364 |
Research and development |  |  |  |  | 15,661 |  |  | 7,523 |  |  | 3,681 |
Sales and marketing |  |  |  |  | 6,273 |  |  | 2,808 |  |  | 2,225 |
General and administrative |  |  |  |  | 13,922 |  |  | 9,920 |  |  | 8,267 |
Total |  |  |  |  | $ | 36,992 |  |  | $ | 20,655 |  |  | $ | 14,537 |

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