Equity Incentive Plans and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activities and Related Information

The following table summarizes the stock option activities and related information for the year ended December 31, 2023:

	Number of Shares			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
						(In years)		(In thousands)
Outstanding as of December 31, 2022		9,210,022		$	11.34		6.5	$	51,384
Granted		2,020,245			18.08
Exercised		(1,018,117	)		5.75
Forfeited/cancelled		(442,136	)		16.01
Outstanding as of December 31, 2023		9,770,014		$	13.10		6.2	$	45,260
Vested and exercisable as of December 31, 2023		6,231,611		$	10.25		5.0	$	41,948

Summary of RSUs Activities and Related Information

The following table summarizes the RSU activities and related information for the year ended December 31, 2023:

	Number of Shares			Weighted- Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2022		1,631,974		$	22.04
Granted		1,203,302			17.42
Vested		(802,572	)		20.72
Forfeited/cancelled		(175,239	)		21.19
Outstanding as of December 31, 2023		1,857,465		$	19.70

Summary of Stock-based Compensation Expense

The following table summarizes stock-based compensation expense by line item in our consolidated statements of operations (in thousands):

	Years Ended December 31,
	2023		2022		2021
Cost of revenue	$	2,094	$	1,458	$	1,006
Sales, general and administrative		24,838		17,695		13,772
Product development		3,941		3,018		2,457
Stock-based compensation expense, net of amounts capitalized (1)	$	30,873	$	22,171	$	17,235
Income tax benefits related to stock-based compensation expense	$	2,725	$	700	$	6,796

(1)Stock-based compensation expense capitalized were not material for each of the periods presented.

Summary of Total Unrecognized Stock-Based Compensation Expense and Remaining Period

The following table summarizes by type of grant, the total unrecognized stock-based compensation expense and the remaining period over which such expense is expected to be recognized (in thousands, except number of years):

	December 31, 2023
	Unrecognized Expense		Remaining weighted average period (In years)
RSUs	$	29,130		2.6
Stock Options		24,590		2.4
ESPP		165		0.1
Total unrecognized stock-based compensation expense	$	53,885

Summary of Valuation Assumptions of Fair Value of Stock Options on Date of Grant

We estimate the fair value of the stock options at the date of grant using the Black-Scholes-Merton pricing model, with the following valuation assumptions and values:

	Years Ended December 31,
	2023		2022		2021
Expected term (years)		6.00		6.05		6.01
Expected volatility	43.2% - 44.5%		43.6% - 48.1%		43.1% - 47.0%
Dividend yield		—		—		—
Risk-free interest rate	3.85% - 4.61%		1.67% - 2.93%		0.05% - 1.34%

Summary of Valuation Assumptions of Fair Value of ESPP on Date of Grant

We estimate the fair value of the shares under the ESPP at the date of grant using the Black-Scholes-Merton pricing model, with the following valuation assumptions and inputs:

	Years Ended December 31,
	2023		2022		2021
Expected term (years)	0.50 - 0.64			0.50		0.50
Expected volatility	41.0% - 47.8%		38.7% - 54.5%		43.2% - 45.1%
Dividend yield		—		—		—
Risk-free interest rate	4.77% - 5.45%		0.19% - 2.52%		0.05% - 0.09%