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Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-based Compensation Expense

The following table summarizes stock-based compensation expense as included in the consolidated statement of operations for the years ended December 31, 2023, 2022 and 2021:

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Cost of subscription and support revenue

 

$

506

 

 

$

508

 

 

$

627

 

Cost of professional services and other revenue

 

 

375

 

 

 

433

 

 

 

401

 

Research and development

 

 

2,453

 

 

 

2,746

 

 

 

1,677

 

Sales and marketing

 

 

4,197

 

 

 

3,990

 

 

 

2,957

 

General and administrative

 

 

6,368

 

 

 

5,622

 

 

 

4,306

 

Other (expense) benefit

 

 

—

 

 

 

249

 

 

 

—

 

 

 

$

13,899

 

 

$

13,548

 

 

$

9,968

 
Summary of Stock Option Activity

The following is a summary of the stock option activity for all stock option plans during the years ended December 31, 2023, 2022 and 2021:

 

 

Number of
Shares

 

 

Weighted-Average
Exercise Price

 

 

Weighted-Average
Remaining
Contractual
Term (In Years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding at December 31, 2020

 

 

2,110,486

 

 

$

9.19

 

 

 

 

 

$

—

 

Granted

 

 

114,973

 

 

 

14.88

 

 

 

 

 

 

 

Exercised

 

 

(333,190

)

 

 

8.53

 

 

 

 

 

$

2,999

 

Cancelled

 

 

(210,792

)

 

 

10.26

 

 

 

 

 

 

 

Outstanding at December 31, 2021

 

 

1,681,477

 

 

$

9.59

 

 

 

 

 

$

1,938

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Exercised

 

 

(28,400

)

 

 

6.24

 

 

 

 

 

$

40

 

Cancelled

 

 

(233,310

)

 

 

11.11

 

 

 

 

 

 

 

Outstanding at December 31, 2022

 

 

1,419,767

 

 

$

9.39

 

 

 

 

 

$

4

 

Granted

 

 

1,563,688

 

 

 

7.00

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

$

—

 

Cancelled

 

 

(735,504

)

 

 

9.39

 

 

 

 

 

 

 

Outstanding at December 31, 2023

 

 

2,247,951

 

 

$

7.73

 

 

 

7.11

 

 

$

—

 

Exercisable at December 31, 2023

 

 

815,986

 

 

$

8.74

 

 

 

3.50

 

 

$

—

 

(1)

The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on December 31, 2023, December 31, 2022, and December 31, 2021 of $2.59, $5.23, and $10.22 per share, respectively, or the date of exercise, as appropriate, and the exercise price of the underlying options.

Weighted Average Fair Value of Options Granted and Assumptions Utilized

The weighted-average fair value of options granted and assumptions utilized to determine such values are presented in the following table:

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Weighted-average fair value of options granted during the year

 

$

1.75

 

 

$

—

 

 

$

6.98

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

3.4 - 4.8%

 

 

 

—

 

 

 

1.22

%

Expected volatility

 

47.9 - 55.5%

 

 

 

—

 

 

 

48

%

Expected life (in years)

 

 

—

 

 

 

—

 

 

 

6.2

 

Expected dividend yield

 

 

—

 

 

 

—

 

 

 

—

 
Restricted Stock Units Activity

The following table summarizes the P-RSU and S-RSU activity during the year ended December 31, 2023, 2022, and 2021:

 

 

 

S-RSU Shares

 

 

Weighted
Average Grant
Date Fair Value

 

 

P-RSU Shares

 

 

Weighted
Average Grant
Date Fair Value

 

 

Total RSU Shares

 

 

Weighted
Average Grant
Date Fair Value

 

Unvested by December 31, 2020

 

 

2,000,416

 

 

$

10.30

 

 

 

1,587,801

 

 

$

10.40

 

 

 

3,588,217

 

 

$

10.35

 

Granted

 

 

2,269,341

 

 

 

12.24

 

 

 

64,011

 

 

 

12.65

 

 

 

2,333,352

 

 

 

12.25

 

Vested and issued

 

 

(680,769

)

 

 

9.85

 

 

 

(181,910

)

 

 

8.74

 

 

 

(862,679

)

 

 

9.62

 

Cancelled

 

 

(673,268

)

 

 

11.67

 

 

 

(448,730

)

 

 

9.59

 

 

 

(1,121,998

)

 

 

10.84

 

Unvested by December 31, 2021

 

 

2,915,720

 

 

$

11.66

 

 

 

1,021,172

 

 

$

11.04

 

 

 

3,936,892

 

 

$

11.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

S-RSU Shares

 

 

Weighted
Average Grant
Date Fair Value

 

 

P-RSU Shares

 

 

Weighted
Average Grant
Date Fair Value

 

 

Total RSU Shares

 

 

Weighted
Average Grant
Date Fair Value

 

Unvested by December 31, 2021

 

 

2,915,720

 

 

$

11.66

 

 

 

1,021,172

 

 

$

11.04

 

 

 

3,936,892

 

 

$

11.50

 

Granted

 

 

3,803,691

 

 

 

6.94

 

 

 

500,000

 

 

 

4.06

 

 

 

4,303,691

 

 

 

6.61

 

Vested and issued

 

 

(824,127

)

 

 

11.63

 

 

 

—

 

 

 

0.00

 

 

 

(824,127

)

 

 

11.63

 

Cancelled

 

 

(1,356,935

)

 

 

10.09

 

 

 

(848,314

)

 

 

11.06

 

 

 

(2,205,249

)

 

 

10.47

 

Unvested by December 31, 2022

 

 

4,538,349

 

 

$

8.19

 

 

 

672,858

 

 

$

6.54

 

 

 

5,211,207

 

 

$

7.88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

S-RSU Shares

 

 

Weighted
Average Grant
Date Fair Value

 

 

P-RSU Shares

 

 

Weighted
Average Grant
Date Fair Value

 

 

Total RSU Shares

 

 

Weighted
Average Grant
Date Fair Value

 

Unvested by December 31, 2022

 

 

4,538,349

 

 

$

8.19

 

 

 

672,858

 

 

$

6.54

 

 

 

5,211,207

 

 

$

7.88

 

Granted

 

 

3,102,058

 

 

 

4.51

 

 

 

—

 

 

 

0.00

 

 

 

3,102,058

 

 

 

4.51

 

Vested and issued

 

 

(1,384,242

)

 

 

8.35

 

 

 

—

 

 

 

0.00

 

 

 

(1,384,242

)

 

 

8.35

 

Cancelled

 

 

(1,153,897

)

 

 

7.61

 

 

 

(155,688

)

 

 

10.14

 

 

 

(1,309,585

)

 

 

7.91

 

Unvested by December 31, 2023

 

 

5,102,268

 

 

$

6.04

 

 

 

517,170

 

 

$

4.54

 

 

 

5,619,438

 

 

$

5.90