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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

Stock option activity for the year ended December 31, 2023 was as follows:

 

 

Stock Options

 

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

Number of Stock

 

 

Weighted Average

 

 

Remaining

 

 

Aggregate

 

 

 

Options Outstanding

 

 

Exercise Price

 

 

Contractual Life

 

 

Intrinsic Value

 

Balance as of December 31, 2022

 

 

7,131,150

 

 

$

8.37

 

 

 

7.61

 

 

$

16,849

 

 Granted

 

 

1,748,480

 

 

 

9.00

 

 

 

 

 

 

 

 Exercised

 

 

(350,081

)

 

 

4.48

 

 

 

 

 

 

 

 Cancelled

 

 

(319,451

)

 

 

9.23

 

 

 

 

 

 

 

 Expired

 

 

(35,010

)

 

 

7.11

 

 

 

 

 

 

 

Balance as of December 31, 2023

 

 

8,175,088

 

 

$

8.64

 

 

 

7.22

 

 

$

31,135

 

Vested and exercisable

 

 

4,618,922

 

 

$

8.16

 

 

 

6.30

 

 

$

19,846

 

Vested and expected to vest

 

 

8,175,088

 

 

$

8.64

 

 

 

7.22

 

 

$

31,135

 

Schedule of Stock-Based Awards Granted is Estimated Date of Grant Using the Black-Scholes Option-Pricing

The fair value of stock-based awards granted is estimated on the date of grant using the Black-Scholes option-pricing model based on the following assumptions:
 

 

 

2023

 

 

2022

 

 

2021

 

Estimated dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

Expected volatility

 

45.70% - 59.32%

 

 

46.06% - 59.60%

 

 

43.59% - 45.24%

 

Risk-free interest rate

 

4.42% - 5.31%

 

 

2.15% - 4.04%

 

 

0.62% - 1.13%

 

Expected term in years

 

 

4.28

 

 

 

3.95

 

 

 

5.98

 

Summary of RSU Activity

RSU activity for the year ended December 31, 2023 was as follows:

 

 

Restricted Stock Units

 

 

 

Number of Restricted

 

 

Weighted Average

 

 

 

Stock Outstanding

 

 

Grant Date Fair Value

 

Balance as of December 31, 2022

 

 

7,877,598

 

 

$

9.07

 

 Granted

 

 

5,845,087

 

 

 

9.00

 

 Released

 

 

(3,768,068

)

 

 

9.21

 

 Cancelled

 

 

(1,035,593

)

 

 

8.66

 

Balance as of December 31, 2023

 

 

8,919,024

 

 

$

8.98

 

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense from stock options and RSUs, reduced for actual forfeitures, was included in the following line items in the accompanying consolidated statement of operations:

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Cost of revenues

 

$

4,530

 

 

$

3,963

 

 

$

2,775

 

Sales and marketing

 

 

4,806

 

 

 

4,623

 

 

 

4,105

 

Research and development

 

 

10,892

 

 

 

8,580

 

 

 

4,675

 

General and administrative

 

 

19,796

 

 

 

13,845

 

 

 

9,873

 

     Total

 

$

40,024

 

 

$

31,011

 

 

$

21,428