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Stockholders' Equity And Stock-Based Compensation (Tables)

6 Months Ended

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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