| Summary of Stock Options Activity |
The activity for stock options under the Company’s stock plans for the years ended December 31, 2023, 2022 and 2021 is as follows:
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Remaining |
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weighted- |
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Weighted- |
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average |
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Per share |
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average |
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contractual |
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average |
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Price per |
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exercise |
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terms |
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intrinsic |
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Options |
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share |
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price |
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(in years) |
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value |
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Outstanding as of December 31, 2020 |
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955,479 |
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$0.75-$83.30 |
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$ |
35.49 |
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|
1.85 |
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$ |
11.81 |
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Exercised |
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(486,038 |
) |
|
0.75-46.66 |
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28.19 |
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Forfeited |
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(10,000 |
) |
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83.30 |
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|
83.30 |
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Outstanding as of December 31, 2021 |
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459,441 |
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1.17-83.30 |
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42.18 |
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1.36 |
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|
4.31 |
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Vested and exercisable as of December 31, 2021 |
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459,441 |
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1.17-83.30 |
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42.18 |
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1.36 |
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|
4.31 |
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Vested and expected to vest as of December 31, 2021 |
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459,441 |
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1.17-83.30 |
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42.18 |
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1.36 |
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4.31 |
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Outstanding as of December 31, 2021 |
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459,441 |
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1.17-83.30 |
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42.18 |
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1.36 |
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4.31 |
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Exercised |
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(14,154 |
) |
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1.17-8.37 |
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3.14 |
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Forfeited |
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(15,417 |
) |
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38.54-44.19 |
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43.27 |
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Expired |
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(81,586 |
) |
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38.54-43.21 |
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40.08 |
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Outstanding as of December 31, 2022 |
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348,284 |
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1.17-83.30 |
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44.21 |
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0.43 |
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|
2.07 |
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Vested and exercisable as of December 31, 2022 |
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348,284 |
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1.17-83.30 |
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44.21 |
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0.43 |
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2.07 |
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Vested and expected to vest as of December 31, 2022 |
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348,284 |
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1.17-83.30 |
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44.21 |
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0.43 |
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2.07 |
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Outstanding as of December 31, 2022 |
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348,284 |
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1.17-83.30 |
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44.21 |
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0.43 |
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2.07 |
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Exercised |
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(54,432 |
) |
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1.17-8.37 |
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|
7.03 |
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Forfeited |
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(6,019 |
) |
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8.37-44.19 |
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32.92 |
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Expired |
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(267,833 |
) |
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8.37-83.30 |
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49.10 |
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Outstanding as of December 31, 2023 |
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20,000 |
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83.30 |
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83.30 |
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|
0.36 |
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— |
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Vested and exercisable as of December 31, 2023 |
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20,000 |
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83.30 |
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83.30 |
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0.36 |
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— |
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Vested and expected to vest as of December 31, 2023 |
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20,000 |
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$ |
83.30 |
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$ |
83.30 |
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0.36 |
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$ |
— |
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|
| Summary of Restricted Stock Activity |
Stock Awards activity for the years ended December 31, 2023, 2022 and 2021 is summarized below:
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Weighted- |
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average |
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grant |
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Performance |
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date fair |
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and |
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value |
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Restricted stock units |
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Time-based |
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time-based |
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Total |
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per share |
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Unvested restricted stock units as of December 31, 2020 (1) |
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245,462 |
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|
88,458 |
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|
333,920 |
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$ |
49.29 |
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Granted |
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240,044 |
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|
88,902 |
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|
328,946 |
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|
56.01 |
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Vested |
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(109,504 |
) |
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— |
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(109,504 |
) |
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|
52.79 |
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Forfeited/canceled |
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(86,836 |
) |
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(78,248 |
) |
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(165,084 |
) |
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|
46.88 |
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Unvested restricted stock units as of December 31, 2021 (1) |
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289,166 |
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|
99,112 |
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|
388,278 |
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$ |
54.81 |
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Unvested and expected to vest restricted stock units outstanding as of
December 31, 2021 |
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331,358 |
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$ |
54.98 |
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Unvested restricted stock units as of December 31, 2021 |
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289,166 |
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|
99,112 |
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388,278 |
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$ |
54.81 |
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Granted |
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769,976 |
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|
164,722 |
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|
934,698 |
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|
29.76 |
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Vested |
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(142,942 |
) |
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(37,678 |
) |
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(180,620 |
) |
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55.04 |
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Forfeited/canceled |
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(95,259 |
) |
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(42,959 |
) |
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(138,218 |
) |
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|
45.10 |
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Unvested restricted stock units as of December 31, 2022 (1) |
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820,941 |
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|
183,197 |
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|
1,004,138 |
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$ |
32.72 |
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Unvested and expected to vest restricted stock units outstanding as of
December 31, 2022 |
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|
|
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|
840,413 |
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$ |
32.37 |
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Unvested restricted stock units as of December 31, 2022 |
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820,941 |
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|
|
183,197 |
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|
1,004,138 |
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$ |
32.72 |
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Granted |
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1,214,144 |
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|
621,990 |
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|
|
1,836,134 |
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|
12.29 |
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Vested |
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(214,644 |
) |
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(15,618 |
) |
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(230,262 |
) |
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35.68 |
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Forfeited/canceled |
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(674,037 |
) |
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(442,881 |
) |
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(1,116,918 |
) |
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|
23.62 |
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Unvested restricted stock units as of December 31, 2023 (1) |
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1,146,404 |
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|
346,688 |
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|
1,493,092 |
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$ |
14.67 |
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Unvested and expected to vest restricted stock units outstanding as of
December 31, 2023 |
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|
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1,159,877 |
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$ |
14.79 |
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Weighted- |
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|
average |
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|
|
|
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|
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|
grant |
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Performance |
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|
date fair |
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and |
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value |
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Restricted stock awards |
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Time-based |
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|
time-based |
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Total |
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per share |
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Unvested restricted stock awards outstanding as of December 31, 2020 (1) |
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|
42,076 |
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|
33,355 |
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|
75,431 |
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$ |
93.96 |
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Vested |
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(15,728 |
) |
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|
— |
|
|
|
(15,728 |
) |
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|
91.17 |
|
Forfeited/canceled |
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|
(15,932 |
) |
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(27,726 |
) |
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(43,658 |
) |
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|
98.05 |
|
Unvested restricted stock awards outstanding as of December 31, 2021 (1) |
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|
10,416 |
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|
5,629 |
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|
16,045 |
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|
$ |
87.12 |
|
Unvested and expected to vest restricted stock awards outstanding as of
December 31, 2021 |
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|
|
|
|
|
|
15,532 |
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|
$ |
90.08 |
|
|
|
|
|
|
|
|
|
|
|
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|
Unvested restricted stock awards outstanding as of December 31, 2021 |
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|
10,416 |
|
|
|
5,629 |
|
|
|
16,045 |
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|
$ |
87.12 |
|
Vested |
|
|
(4,496 |
) |
|
|
(5,629 |
) |
|
|
(10,125 |
) |
|
|
99.46 |
|
Forfeited/canceled |
|
|
(5,134 |
) |
|
|
— |
|
|
|
(5,134 |
) |
|
|
74.25 |
|
Unvested restricted stock awards outstanding as of December 31, 2022 (1) |
|
|
786 |
|
|
|
— |
|
|
|
786 |
|
|
$ |
59.55 |
|
Unvested and expected to vest restricted stock awards outstanding as of
December 31, 2022 |
|
|
|
|
|
|
|
|
748 |
|
|
$ |
60.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unvested restricted stock awards outstanding as of December 31, 2022 |
|
|
786 |
|
|
|
— |
|
|
|
786 |
|
|
$ |
59.55 |
|
Vested |
|
|
(786 |
) |
|
|
— |
|
|
|
(786 |
) |
|
|
59.55 |
|
Unvested restricted stock awards outstanding as of December 31, 2023 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
$ |
— |
|
Unvested and expected to vest restricted stock awards outstanding as of
December 31, 2023 |
|
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|
|
|
|
|
|
— |
|
|
$ |
— |
|
(1)Outstanding restricted stock units and restricted stock awards are based on the maximum payout of the targeted number of shares.
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| Summary of Stock-based Compensation Expense |
Stock-based compensation expense recognized for the years ended December 31, 2023, 2022 and 2021, was as follows:
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Years ended December 31, |
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Stock-based compensation expense by type of award: |
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2023 |
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2022 |
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2021 |
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Restricted stock units and restricted stock awards |
|
$ |
7,037 |
|
|
$ |
11,748 |
|
|
$ |
10,229 |
|
Employee stock purchase plan |
|
|
390 |
|
|
|
535 |
|
|
|
714 |
|
Total stock-based compensation expense |
|
$ |
7,427 |
|
|
$ |
12,283 |
|
|
$ |
10,943 |
|
For the years ended December 31, 2023, 2022 and 2021, respectively, stock-based compensation expense recognized under ASC 718, included in cost of revenue, research and development expense, sales and marketing expense, and general and administrative expense was as follows:
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Years ended December 31, |
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|
2023 |
|
|
2022 |
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|
2021 |
|
Cost of revenue |
|
$ |
540 |
|
|
$ |
1,127 |
|
|
$ |
1,106 |
|
Research and development |
|
|
1,592 |
|
|
|
1,591 |
|
|
|
1,276 |
|
Sales and marketing |
|
|
1,598 |
|
|
|
2,785 |
|
|
|
2,388 |
|
General and administrative |
|
|
3,697 |
|
|
|
6,780 |
|
|
|
6,173 |
|
Total stock-based compensation expense |
|
$ |
7,427 |
|
|
$ |
12,283 |
|
|
$ |
10,943 |
|
|