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Stock Plans and Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Schedule of Assumptions Used in Determining Fair Value of Shares Issuable

The fair value of shares issuable under the 2016 ESPP is determined using the Black-Scholes option pricing model with the following weighted average assumptions:

 

 

 

Six Months Ended
June 30,

 

 

2022

 

2021

Employee Stock Purchase Plan:

 

 

 

 

Expected term (in years) (1)

 

0.50

 

0.50

Expected volatility (2)

 

65%

 

60%

Risk-free interest rate (3)

 

0.86%

 

0.06%

Dividend rate (4)

 

0%

 

0%

Schedule of Stock Option Activity

The following table summarizes the Company’s stock option activity:

 

 

 

Stock options
outstanding

 

 

Weighted
average
exercise price

 

Outstanding at December 31, 2021

 

 

157,740

 

 

$

23.83

 

Exercised

 

 

(4,011

)

 

 

20.63

 

Forfeited

 

 

(177

)

 

 

31.13

 

Outstanding at June 30, 2022

 

 

153,552

 

 

 

23.91

 

Schedule of Stock Options Outstanding, Vested and Expected to Vest and Exercisable

Stock options outstanding, vested and expected to vest and exercisable are as follows:

 

 

 

As of June 30, 2022

 

 

 

Number
of shares

 

 

Remaining
contractual
life (years)

 

 

Weighted-
average
exercise price

 

Outstanding

 

 

153,552

 

 

 

4.61

 

 

$

23.91

 

Vested and expected to vest

 

 

153,552

 

 

 

4.61

 

 

 

23.91

 

Exercisable

 

 

153,552

 

 

 

4.61

 

 

 

23.91

 

 

Schedule of Vested and Nonvested Stock Option Activity

Vested and nonvested stock option activity was as follows:

 

 

 

Vested

 

 

 

Options
outstanding

 

 

Weighted
average
exercise
price

 

Outstanding at June 30, 2022

 

 

153,552

 

 

$

23.91

 

Summary of RSU and PSU Activity

The following table summarizes the Company’s RSU and PSU activity:

 

 

 

Number of Shares

 

Outstanding at December 31, 2021

 

 

1,579,738

 

Granted

 

 

2,712,822

 

Vested

 

 

(288,325

)

Forfeited

 

 

(496,975

)

Outstanding at June 30, 2022

 

 

3,507,260

 

Summary of Stock-Based Compensation Expense

The Company recorded the total stock-based compensation expense as follows (in thousands):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Cost of revenue

 

$

1,442

 

 

$

819

 

 

$

2,259

 

 

$

1,818

 

Sales and marketing

 

 

6,311

 

 

 

5,579

 

 

 

7,606

 

 

 

9,321

 

Research and development

 

 

4,231

 

 

 

2,562

 

 

 

5,954

 

 

 

4,590

 

General and administrative

 

 

4,227

 

 

 

6,545

 

 

 

6,476

 

 

 

12,461

 

Total

 

$

16,211

 

 

$

15,505

 

 

$

22,295

 

 

$

28,190

 

Market Based Grants  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Schedule of Assumptions Used in Determining Fair Value of Shares Issuable

Fair value of the market-based grants is determined using the Monte-Carlo simulation with the following assumptions:

 

 

 

Three Months Ended
June 30, 2022

 

Six Months Ended
June 30, 2022

Market-Based Grants:

 

 

 

 

Expected term (in years)

 

1.23

 

1.23 - 1.50

Expected volatility

 

66%

 

58% - 66%

Risk-free interest rate

 

2.81%

 

1.97% - 2.81%

Dividend rate

 

0%

 

0%