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Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Share-Based Compensation Expense

For the years ended December 31, 2022, 2021 and 2020 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,
			2022						2021						2020
Cost of revenues			$	2,110					$	2,469					$	1,583
Research and development			5,369						4,813						2,823
Sales and marketing			3,528						3,704						2,346
General and administrative			6,868						5,663						3,667
Total			$	17,875					$	16,649					$	10,419

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,
			2022						2021
Expected dividend yield			—		%				—		%
Risk-free interest rate			0.4		%				0.9		%
Volatility			16		%				73		%
Expected term (in years)			1.1						5.4

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity for the years ended December 31, 2022, 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, 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
Granted			1,505,000						4.63
Exercised			(370,688)						1.37
Canceled			(1,087,146)						7.97
Outstanding — December 31, 2022			8,132,959						$	4.65					5.25						$	—
Vested and Expected to Vest — December 31, 2022			7,573,152						$	4.49					5.01						$	1
Exercisable — December 31, 2022			5,550,858						$	3.87					3.69						$	1

Summary of Restricted Stock Unit Activity

A summary of restricted stock unit activity under all plans for the years ended December 31, 2022, 2021 and 2020 is presented below:

			Number of Shares						Weighted-Average Grant-Date Fair Value
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
Granted			2,544,053						4.51
Vested			(2,278,818)						4.53
Forfeited			(334,588)						3.45
Non-vested — December 31, 2022			1,178,370						7.33

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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.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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.

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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.

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