Stockholders' Equity and Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-based Payment Arrangement, Option, Activity

Stock option activity for the nine months ended September 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	20,022	$	8.51	7.8	$	60,223
Exercised	(1,400)	1.80
Forfeited	(1,208)	13.54
Outstanding at September 30, 2022	17,414	$	8.70	7.2	$	64,774
Vested and expected to vest at September 30, 2022	16,094	$	8.33	7.1	$	62,828
Exercisable at September 30, 2022	10,211	$	6.62	6.6	$	48,973

Share-based Payment Arrangement, Restricted Stock Unit, Activity

Restricted stock unit ("RSUs") activity for the nine months ended September 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	4,536	6.82
Released	(243)	14.03
Vested	(338)	8.51
Unvested at September 30, 2022	4,568	$	7.48

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of subscription, transaction, and services	$	587	$	436	$	1,646	$	1,284
Research and development	1,469		1,210		4,187		3,524
Sales and marketing	637		984		2,362		3,276
General and administrative	4,247		3,284		12,098		12,362
Total	$	6,940	$	5,914	$	20,293	$	20,446

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 September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Stock Options:
Risk-free interest rate	—		%	1.0% - 1.2%			—		%	0.6% - 1.4%
Expected dividend yield	—		%	—		%	—		%	—		%
Expected volatility	—		%	40% - 41%			—		%	40% - 42%
Expected life	—			5.5 years			—			5.5 years
Weighted average grant date fair value	$	—		$	4.62		$	—		$	6.45

Employee Stock Purchase Plan:
Risk-free interest rate	1.6%			—		%	0.1% - 1.6%			—		%
Expected dividend yield	—		%	—		%	—		%	—		%
Expected volatility	43%			—		%	40% - 43%			—		%
Expected life	0.5 years			—			0.5 years			—
Weighted average grant date fair value	$	1.34		$	—		$	1.61		$	—