In 2017, the Company’s board of directors adopted the 2017 Equity Incentive Plan (“2017 Plan”), which was approved by the Company’s stockholders. The 2017 Plan provides for the grant of incentive stock options to the Company’s employees and any parent and subsidiary corporations’ employees, and for the grant of nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, performance shares, other cash-based awards and other stock-based awards to the Company’s employees, directors and consultants and the Company’s parent, subsidiary, and affiliate corporations’ employees and consultants. The 2017 Plan has 16,999,318 authorized shares of the Company’s Class A common stock reserved for issuance.

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


	Number of RSUs
Outstanding as of December 31, 2022		1,230,774
Granted		317,713
Vested		(336,535	)
Forfeited		(6,365	)
Outstanding as of March 31, 2023		1,205,587

The weighted average grant date fair value of the RSUs was $65.12 and the RSUs generally vest in four equal annual installments. Total compensation cost related to nonvested awards not yet recognized as of March 31, 2023, totaled $86.9 million, and is expected to be recognized over a weighted average period of 2.7 years.

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 December 31, 2022		7,491,491		$	50.39		8.5	$	11.5
Granted		902,355		$	65.19
Exercised		(229,359	)	$	45.06
Forfeited		(16,642	)	$	58.35
Outstanding as of March 31, 2023		8,147,845		$	52.17		8.5	$	167.6
Exercisable as of March 31, 2023		2,070,222		$	49.86		7.6	$	47.3

The total intrinsic value of the 2017 Plan stock options exercised during the three months ended March 31, 2023, was $4.6 million.

The Company has an Employee Stock Purchase Plan (“ESPP”) which allows eligible employees to purchase shares of common stock through payroll deductions and is intended to qualify under Section 423 of the Internal Revenue Code. As of March 31, 2023, the Company had 2,922,942 shares of its common stock available for future issuances under the ESPP.

The purchase price for each share of common stock purchased under the ESPP will be 85% of the lower of (a) the fair market value per share on the first day of the applicable offering period or (b) the fair market value per share on the applicable purchase date.

The Company issued 92,018 shares of common stock under the ESPP during the three months ended March 31, 2023. As of March 31, 2023 and December 31, 2022, respectively, $2.2 million and $4.0 million had been withheld on behalf of employees for future purchases under the ESPP due to the timing of payroll deductions and was reported in current liabilities. The Company recognized $0.6 million and $0.7 million of stock-based compensation expense related to the ESPP for the three months ended March 31, 2023 and 2022, respectively.


	Three Months Ended March 31,
	2023		2022
Cost of revenue – software	$	2,752	$	1,903
Research and development		8,743		7,358
Sales and marketing		7,591		7,035
General and administrative		3,075		2,318
Total stock-based compensation expense	$	22,161	$	18,614