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Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stock-based compensation expense, consisting of service-based expense related to the equity incentive plan, including expense from stock options and restricted stock units, and the employee stock purchase plan, as well as expenses related to secondary sales of shares of Company common stock, was classified as follows in the accompanying consolidated statements of operations for each of the periods presented (in thousands):


	Year Ended December 31,
	2023		2022		2021
Cost of revenue	$	971	$	723	$	526
Sales and marketing	4,233		3,436		1,962
Research and development	5,590		4,576		3,545
General and administrative	12,029		10,017		8,058
Total	$	22,823	$	18,752	$	14,091

Stock Option Activity

Stock option activity was as follows for the year ended December 31, 2023:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022	4,185,876	$	6.32	5.03	$	3,470
Exercisable as of December 31, 2022	3,060,997	$	6.47	3.87	$	3,286


2023 Activity
Granted	—	$	—
Exercised	(1,756,386)	$	7.33
Forfeited and expired	(588,755)	$	9.62
Outstanding as of December 31, 2023	1,840,735	$	4.32	5.96	$	13,165
Exercisable as of December 31, 2023	1,480,536	$	3.82	5.62	$	11,320

Fair value assumptions

The assumptions used in the Black-Scholes pricing model for stock-based compensation for options granted in the periods below were as follows:


	Year Ended December 31,
	2021
Risk free interest rate	0.97% - 1.06%
Expected term	5.83 - 6.25 Years
Expected volatility	42.43% - 43.01%
Dividend yield	0.00	%

Estimated Fair Value of Granted Options by Grant Date

Estimated fair value of granted options by grant date based on the Black-Scholes model:


	Number of Options	Fair Value
April 2021	249,067	$	9.8159
July 2021	1,610,102	$	9.1387
September 2021	580,590	$	8.6490

Schedule of Restricted Stock Unit Activity

RSU activity was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2022	8,278,361	$	5.51
Granted	3,945,234	6.42
Vested	(3,662,161)	5.59
Canceled	(1,056,586)	5.30
Outstanding as of December 31, 2023	7,504,848	$	5.98

Fair Value Assumptions For ESPP

The following assumptions were used to calculate the fair value of shares to be granted under the ESPP during the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023		2022
Risk free interest rate	4.98% - 5.54%		3.12	%
Expected term	0.50 years		0.50 years
Expected volatility	61.48% - 67.16%		90.62	%
Dividend yield	0.00	%	0.00	%

Black-Scholes Valuation for Warrants

The following inputs were used in the Black-Scholes valuation for these warrants:


Risk free interest rate	1.16	%
Contractual term	11 years
Expected volatility	55.00	%
Dividend yield	0.00	%

The following inputs were used in the Black-Scholes valuation for these warrants:


Risk free interest rate	1.97	%
Contractual term	10 years
Expected volatility	40.00	%
Dividend yield	0.00	%