Stockholders' Equity and Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement, Option, Activity

Stock option activity for the six months ended June 30, 2022 is presented below (in thousands, except per share and contractual life amounts):


	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2021	20,025	$	8.51	7.8	$	60,223
Exercised	(765)	1.67
Forfeited	(629)	13.02
Outstanding at June 30, 2022	18,631	$	8.64	7.1	$	26,199
Vested and expected to vest at June 30, 2022	16,982	$	8.21	7.0	$	25,346
Exercisable at June 30, 2022	9,974	$	5.81	6.2	$	20,231

Share-based Payment Arrangement, Restricted Stock Unit, Activity

Restricted stock unit ("RSUs") activity for the six months ended June 30, 2022 is presented below (in thousands, except per share amounts):


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested at December 31, 2021	613	$	15.08
Granted	4,154	6.91
Released	(166)	15.51
Vested	(253)	8.23
Unvested at June 30, 2022	4,348	$	7.73

Share-based Compensation Expense

Stock-based compensation expense was recorded in the following categories on the Condensed Consolidated Statements of Operations (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Cost of subscription, transaction, and services	$	621	$	405	$	1,059	$	848
Research and development	1,493		1,091		2,718		2,314
Sales and marketing	971		961		1,725		2,292
General and administrative	4,190		3,249		7,851		9,078
Total	$	7,275	$	5,706	$	13,353	$	14,532

Stock Option Valuation Assumptions

The fair value of the Company's stock options granted and purchase rights to the ESPP were estimated using the Black-Scholes valuation model with the following assumptions:


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Stock Options:
Risk-free interest rate	—		%	1.3% - 1.4%			—		%	0.6% - 1.4%
Expected dividend yield	—		%	—		%	—		%	—		%
Expected volatility	—		%	41%			—		%	41% - 42%
Expected life (in years)	—			5.5			—			5.5
Weighted average grant date fair value	$	—		$	5.81		$	—		$	6.51

Employee Stock Purchase Plan:
Risk-free interest rate	0.1% - 1.6%			—		%	0.1% - 1.6%			—		%
Expected dividend yield	—		%	—		%	—		%	—		%
Expected volatility	40% - 43%			—		%	40% - 43%			—		%
Expected life (in years)	0.5			—			0.5			—
Weighted average grant date fair value	$	1.67		$	—		$	1.75		$	—