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Stock-based compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of employee stock-based compensation recognized
Employee stock-based compensation cost recognized in the consolidated statements of loss and comprehensive income/(loss) was as follows:
Twelve months ended December 31,
202320222021
(in thousands)
Cost of revenue$1,959 $1,334 $664 
Engineering, research, and development4,872 6,530 2,980 
Sales and marketing3,616 4,463 3,606 
General and administrative25,069 48,641 25,786 
Total stock-based compensation$35,516 $60,968 $33,036 
Schedule of estimated grant using the black-scholes The key assumptions for the years ended December 31, 2023, 2022 and 2021 are provided in the following table.
For the years ended December 31,
 202320222021
Dividend yield—%—%—%
Expected volatility48%45%40%
Risk-free interest rate
3.63%-4.84%
1.76%-4.25%
0.81%-1.33%
Expected term in years6.116.116.11
Grant date fair value of common stock
$10.07-$11.97
$12.15-$18.88
$14.40-$29.07
Schedule of option activity
The following table sets forth the activity for the 2018 Stock Plan for the years ended December 31, 2023, 2022 and 2021:
Number of OptionsWeighted Average Exercise PriceAggregate Intrinsic Value, thousandsWeighted Average Contractual Term
(in years)
Options outstanding as of January 1, 20214,599,790 $3.54 $41,674 
Options exercised(2,668,191)$3.54 
Options forfeited(15,498)$3.54 
Options outstanding as of December 31, 20211,916,101 $3.54 $65,971 
Options exercised(286,842)$3.54 
Options forfeited(30,448)$3.54 
Options outstanding as of December 31, 20221,598,811 $3.54 $12,279 
Options exercised(112,383)$3.54 
Options outstanding as of December 31, 20231,486,428 $3.54 $14,552 5.04
Options vested and exercisable as of December 31, 20231,486,428 $3.54 $14,552 5.04
The following table summarizes option activity for the years ended December 31, 2023, 2022 and 2021 under the 2020 Plan:
Number of OptionsWeighted Average Exercise PriceAggregate Intrinsic Value, thousandsWeighted Average Contractual Term
(in years)
Options outstanding as of January 1, 20211,942,400 $8.38 $8,200 
Options granted766,250 $21.61 
Options exercised(112,087)$8.20 
Options forfeited(371,876)$8.88 
Options outstanding as of December 31, 20212,224,687 $12.86 $55,856 
Options granted1,228,700 $14.67 
Options exercised(67,593)$9.69 
Options forfeited(382,183)$16.40 
Options outstanding as of December 31, 20223,003,611 $13.22 $3,883 
Options granted689,500 $11.49 
Options exercised(153,302)$8.67 
Options forfeited(329,889)$14.99 
Options expired(44,205)$19.74 
Options outstanding as of December 31, 20233,165,715 $12.79 $7,197 7.53
Options vested and exercisable as of December 31, 20231,646,249 $11.68 $5,382 6.57
Schedule of restricted stock unit activity
The following table summarizes activity of the Company’s RSUs for the years ended December 31, 2023, 2022 and 2021:
Number of SharesWeighted Average Grant Date Fair Value
Unvested awards as of January 1, 20212,995,669 $8.38 
Awards granted61,539 $24.35 
Awards vested and released(1,272,136)$8.32 
Awards forfeited(291,157)$8.14 
Unvested awards as of December 31, 20211,493,915 $8.82 
Awards granted1,414,925 $14.05 
Awards vested and released(662,872)$9.26 
Unvested awards as of December 31, 20222,245,968 $11.99 
Awards granted251,955 $11.64 
Awards vested and released(1,663,702)$11.98 
Awards forfeited(105,008)$11.25 
Unvested awards as of December 31, 2023729,213 $11.99 
Schedule of performance share activity
The following table summarizes activity of the Company’s PSUs for the years ended December 31, 2023, 2022 and 2021:
Number of SharesWeighted Average Grant Date Fair Value
Unvested awards as of January 1, 20211,452,696 $7.92 
Awards granted(1)
1,478,765 $15.68 
Awards vested and released(2,787,001)$11.64 
Awards forfeited(32,375)$15.61 
Unvested awards as of December 31, 2021(1)
112,085 $15.69 
Awards granted(2)
518,938 $39.41 
Awards vested(112,085)$15.69 
Unvested awards as of December 31, 2022(2)
518,938 $39.41 
Awards granted (2)
523,938 $11.97 
Performance achievement adjustment (3)
1,148,376 $31.31 
Awards vested and released(1,335,982)$39.26 
Awards forfeited(32,375)$11.97 
Unvested awards as of December 31, 2023(4)
822,895 $11.97 
__________________________
(1)Reported at the certified performance achievement at 271% of the target shares granted
(2)Reported at 100% of the target shares granted
(3)Reported at the certified performance achievement at 256% of the target shares granted in 2022 and at 170% of the target shares granted in 2023
(4)Reported at the certified performance achievement at 170% of the target shares granted.
Schedule of fair value of vested PSUs and RSUs
The fair value of vested RSUs and PSUs issued under the 2020 Plan (measured at the vesting date) for the years ended December 31, 2023, 2022 and 2021 was as follows:
For the years ended December 31,
202320222021
(in thousands)
RSUs$18,926 $9,982 $25,702 
PSUs$15,993 $1,650 $72,615