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Share-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Summary of Share-Based Compensation Expense | For the years ended December 31, 2021, 2020 and 2019 the following table presents total share-based compensation expense in each functional line item on the consolidated statements of operations (in thousands):
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019 |  |
Cost of revenues | $ | 2,469 |  |  | $ | 1,583 |  |  | $ | 1,133 |  |  |
Research and development | 4,813 |  |  | 2,823 |  |  | 1,548 |  |  |
Sales and marketing | 3,704 |  |  | 2,346 |  |  | 1,669 |  |  |
General and administrative | 5,663 |  |  | 3,667 |  |  | 2,952 |  |  |
Total | $ | 16,649 |  |  | $ | 10,419 |  |  | $ | 7,302 |  |  |
During the quarter ended March 31, 2021, the Board of Directors of the Company approved and the Company granted restricted stock units to eligible employees under the 2018 Omnibus Incentive Compensation Plan, previously named the Amended and Restated 2009 Omnibus Incentive Compensation Plan (the “2018 Plan”) that were immediately vested, as fiscal 2020 annual bonus payments. The total charges recorded during the quarter ended March 31, 2021 were $7.0 million. Such bonus payments in fiscal 2020 were paid in the quarter ended June 30, 2020, and total charges related to such bonus payments recorded during the quarter ended June 30, 2020 were $2.7 million. Such bonus payments in fiscal 2019 were paid in the quarter ended September 30, 2019, and total charges related to such bonus payments recorded during the quarter ended September 30, 2019 were $2.4 million. During the year ended December 31, 2021, the Board of Directors of the Company approved, and the Company granted restricted stock units under the 2018 Plan to certain employees that contributed to the completion of the divestiture of Ctrack South Africa. Such grants were immediately vested, and the total charges were $0.6 million.
Share-based Compensation Stock Option Fair Value Assumptions | The following table presents the weighted-average assumptions used in the Black-Scholes valuation model by the Company in calculating the fair value of each stock option granted:
| Year Ended December 31, |  |
| 2021 |  | 2020 |  |  |  |  |  |  |  |
Expected dividend yield | — | % |  | — | % |  |  |  |  |  |  |  |
Risk-free interest rate | 0.9 | % |  | 0.9 | % |  |  |  |  |  |  |  |
Volatility | 73 | % |  | 95 | % |  |  |  |  |  |  |  |
Expected term (in years) | 5.4 |  | 5.8 |  |  |  |  |  |  |  |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the years ended December 31, 2021 and 2020 (dollars in thousands, except per share data):
| Stock Options Outstanding |  | Weighted-Average Exercise Price Per Option |  | Weighted-Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Outstanding — December 31, 2018 | 8,796,212 |  |  | $ | 2.10 |  |  |  |  |
Granted | 2,660,936 |  |  | 5.17 |  |  |  |  |
Exercised | (1,489,067) |  |  | 1.69 |  |  |  |  |
Canceled | (923,777) |  |  | 3.64 |  |  |  |  |
Outstanding — December 31, 2019 | 9,044,304 |  |  | $ | 2.91 |  |  |  |  |
Granted | 1,526,000 |  |  | 9.41 |  |  |  |  |
Exercised | (1,357,620) |  |  | 3.06 |  |  |  |  |
Canceled | (732,705) |  |  | 3.60 |  |  |  |  |
Outstanding — December 31, 2020 | 8,479,979 |  |  | $ | 3.99 |  |  |  |  |
Granted | 1,929,500 |  |  | 8.86 |  |  |  |  |
Exercised | (1,315,552) |  |  | 2.62 |  |  |  |  |
Canceled | (1,008,134) |  |  | 8.60 |  |  |  |  |
Outstanding — December 31, 2021 | 8,085,793 |  |  | $ | 4.81 |  |  | 7.16 |  | $ | 16,603 |
Vested and Expected to Vest — December 31, 2021 | 7,398,958 |  |  | $ | 4.51 |  |  | 6.99 |  | $ | 16,464 |
Exercisable — December 31, 2021 | 4,816,773 |  |  | $ | 3.00 |  |  | 6.17 |  | $ | 15,081 |
Summary of Restricted Stock Unit Activity | A summary of restricted stock unit activity under all plans for the year ended December 31, 2021 is presented below:
| Number of Shares |  | Weighted-Average Grant-Date Fair Value
Non-vested — December 31, 2018 | 454,382 |  |  | $ | 2.17 |
Granted | 870,150 |  |  | $ | 5.07 |
Vested | (809,482) |  |  | $ | 4.20 |
Forfeited | (114,735) |  |  | $ | 3.66 |
Non-vested — December 31, 2019 | 400,315 |  |  | $ | 3.95 |
Granted | 570,368 |  |  | $ | 10.52 |
Vested | (548,160) |  |  | $ | 7.28 |
Forfeited | (5,418) |  |  | $ | 4.06 |
Non-vested — December 31, 2020 | 417,105 |  |  | $ | 8.68 |
Granted | 1,931,263 |  |  | $ | 8.53 |
Vested | (1,019,686) |  |  | $ | 10.20 |
Forfeited | (80,959) |  |  | $ | 10.75 |
Non-vested — December 31, 2021 | 1,247,723 |  |  | $ | 7.65 |

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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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