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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Summary of Fair value of Company's Stock Options Granted

The fair values of the Company’s stock options granted during the year ended December 31, 2022, 2021 and 2020, were estimated using the following assumptions:

 

 

2022 grants

 

 

2021 grants

 

 

2020 grants

 

Weighted average grant date fair value per share

 

$44.63 - 64.79

 

 

$61.93 - 80.06

 

 

$29.22 - 57.72

 

Expected volatility

 

 

35

%

 

 

35

%

 

34 - 35%

 

Expected term (in years)

 

 

6.25

 

 

 

6.25

 

 

 

6.25

 

Risk-free interest rate

 

1.7% - 4.2%

 

 

1.1% - 1.2%

 

 

0.46 - 0.6%

 

Expected dividend yield

 

 

0

%

 

 

0

%

 

 

0

%
Summary of Stock-Based Compensation

The stock-based compensation expense was recorded as follows (in thousands):

 

 

 

Year ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Cost of revenue-software

 

$

8,351

 

 

$

5,619

 

 

$

2,473

 

Research and development

 

 

36,250

 

 

 

16,561

 

 

 

8,372

 

Sales and marketing

 

 

30,370

 

 

 

15,044

 

 

 

6,423

 

General and administrative

 

 

9,816

 

 

 

7,325

 

 

 

4,087

 

Total stock-based compensation expense

 

$

84,787

 

 

$

44,549

 

 

$

21,355

 
NSO Plan [Member]  
Summary of Stock Option Activity

The following table summarizes the stock option activity under the NSO Plan:

 

 

 

Number of
options

 

 

Weighted
average
exercise price
per share

 

 

Weighted
average
remaining
contractual
term (years)

 

 

Aggregate intrinsic value (in millions)

 

Outstanding as of January 1, 2022

 

 

1,356,475

 

 

$

0.000025

 

 

 

15.0

 

 

 

 

Exercised

 

 

(198,215

)

 

$

0.000025

 

 

 

 

 

 

 

Forfeited

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Outstanding and exercisable as of December 31, 2022

 

 

1,158,260

 

 

$

0.000025

 

 

 

14.0

 

 

$

52.7

 
2012 Plan [Member]  
Summary of Stock Option Activity

The following table summarizes the stock option activity under the 2012 Plan for the periods indicated as follows:

 

 

 

Number of
options

 

 

Weighted
average
exercise price
per share

 

 

Weighted
average
remaining
contractual
term (years)

 

 

Aggregate intrinsic value (in millions)

 

Outstanding as of January 1, 2022

 

 

543,889

 

 

$

4.15

 

 

 

4.0

 

 

 

 

Granted

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Exercised

 

 

(168,515

)

 

$

3.74

 

 

 

 

 

 

 

Forfeited

 

 

(800

)

 

$

2.48

 

 

 

 

 

 

 

Outstanding and exercisable as of December 31, 2022

 

 

374,574

 

 

$

4.34

 

 

 

3.4

 

 

$

15.4

 
2017 Plan [Member]  
Summary of Stock Option Activity

The following table summarizes the stock option activity under the 2017 Plan for the period:

 

 

Number of
options

 

 

Weighted
average
exercise price
per share

 

 

Weighted
average
remaining
contractual
term (years)

 

 

Aggregate intrinsic value (in millions)

 

Outstanding as of January 1, 2022

 

 

4,875,562

 

 

$

51.02

 

 

 

8.8

 

 

 

 

Granted

 

 

2,855,812

 

 

$

49.12

 

 

 

 

 

 

 

Exercised

 

 

(73,128

)

 

$

40.03

 

 

 

 

 

 

 

Forfeited

 

 

(166,755

)

 

$

54.69

 

 

 

 

 

 

 

Outstanding as of December 31, 2022

 

 

7,491,491

 

 

$

50.39

 

 

 

8.5

 

 

$

11.5

 

Exercisable as of December 31, 2022

 

 

2,162,645

 

 

$

48.88

 

 

 

7.5

 

 

$

5.8

 
Summary of Restricted Stock Units Awarded

The following table summarizes the restricted stock units, or RSUs, awarded under the 2017 Plan for the period:

 

 

 

Number of RSUs

 

Outstanding as of January 1, 2022

 

 

1,281,411

 

Granted

 

 

476,476

 

Vested

 

 

(477,604

)

Forfeited

 

 

(49,509

)

Outstanding as of December 31, 2022

 

 

1,230,774