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Stockholders' Equity And Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2023
Summary of Stock Option Activity | Stock option activity for the six months ended June 30, 2023 is as follows (in thousands, except per share amounts):
|  | Options Outstanding |
|  | Number of Shares Subject to Options |  |  | Weighted Average Exercise Price Per Share |
Balance at December 31, 2022 |  |  | 146 |  |  | $ | 25.48 |
Options exercised |  |  | — |  |  | $ | — |
Options canceled / forfeited / expired |  |  | (26 | ) |  | $ | 21.43 |
Balance at June 30, 2023 |  |  | 120 |  |  | $ | 26.35 |
Summary of Restricted Stock Awards and Units | Information with respect to outstanding restricted stock awards and units (including both time-based vesting and performance-based vesting) as of June 30, 2023 is as follows (in thousands, except per share amounts):
|  | Restricted Stock and Restricted Stock Units |
|  | Number of Shares Subject to Time- based Vesting |  |  | Number of Shares Subject to Performance- based Vesting |  |  | Total Number of Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Balance at December 31, 2022 |  |  | 3,713 |  |  |  | 891 |  |  |  | 4,604 |  |  | $ | 20.35 |
Awards and units granted |  |  | 2,960 |  |  |  | 718 |  |  |  | 3,678 |  |  | $ | 11.47 |
Awards and units vested / earned |  |  | (790 | ) |  |  | — |  |  |  | (790 | ) |  | $ | 20.33 |
Awards and units canceled / forfeited |  |  | (147 | ) |  |  | — |  |  |  | (147 | ) |  | $ | 16.59 |
Balance at June 30, 2023 |  |  | 5,736 |  |  |  | 1,609 |  |  |  | 7,345 |  |  | $ | 15.98 |
Summary of Stock-Based Compensation Expense | The effect of recording stock-based compensation expense for the three and six months ended June 30, 2023 and 2022 is as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Cost of revenue, excluding depreciation and amortization of intangible assets |  | $ | 927 |  |  | $ | 773 |  |  | $ | 1,719 |  |  | $ | 1,398 |
Research and development |  |  | 6,405 |  |  |  | 5,681 |  |  |  | 11,956 |  |  |  | 10,780 |
Selling, general and administrative |  |  | 10,759 |  |  |  | 4,085 |  |  |  | 20,384 |  |  |  | 6,998 |
Total stock-based compensation expense |  | $ | 18,091 |  |  | $ | 10,539 |  |  | $ | 34,059 |  |  | $ | 19,176 |
Stock-Based Compensation Expense Categorized by Award Type | Stock-based compensation expense categorized by award type for the three and six months ended June 30, 2023 and 2022 is summarized in the table below (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Restricted stock awards and units |  | $ | 16,706 |  |  | $ | 9,548 |  |  | $ | 31,686 |  |  | $ | 17,371 |
Employee stock purchase plan |  |  | 1,385 |  |  |  | 991 |  |  |  | 2,373 |  |  |  | 1,805 |
Total stock-based compensation expense |  | $ | 18,091 |  |  | $ | 10,539 |  |  | $ | 34,059 |  |  | $ | 19,176 |
Employee Stock Purchase Plan |
Schedule of Valuation Assumptions Used in Estimating Fair Value and Awards Granted | The following table summarizes the valuation assumptions used in estimating the fair value of the 2022 ESPP for the offering period in effect using Black-Scholes option pricing model:
|  | Six Months Ended June 30,
|  | 2023
Expected life (years) |  | 0.5 — 2.0
Risk-free interest rate |  | 4.33% — 5.44%
Dividend yield |  | —%
Expected volatility |  | 44.11% — 51.19%
Market-Based Performance Stock Units |
Schedule of Valuation Assumptions Used in Estimating Fair Value and Awards Granted | The following assumptions were used to value the market-based PSUs granted during the period:
|  | Six Months Ended June 30, |
|  | 2023 |
Expected life (years) |  |  | 2.8 |
Risk-free interest rate |  |  | 4.54 | %
Dividend yield |  |  | — | %
Expected volatility |  |  | 49.02 | %

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