Equity Incentive Plans (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
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| Schedule of Fair Value of Stock Option Grants Valuation Assumptions by Block-Scholes Option Pricing Model |
The fair value of stock option grants is set forth below and was determined using the Black-Scholes option pricing model with the following assumptions:
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Year Ended December 31, |
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2021 |
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2020 |
|
2019 |
Fair value of common stock |
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$31.12-$48.05 |
|
$23.49-$34.07 |
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$20.07-$44.95 |
Expected term (in years) |
|
6 |
|
6 |
|
6 |
Risk-free interest rate |
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0.45%-1.62% |
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0.36%-0.83% |
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1.71%-2.49% |
Expected volatility |
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65%-67% |
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64%-68% |
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64%-67% |
Expected dividend yield |
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— |
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— |
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— |
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| Schedule of Stock Option Activity |
A summary of stock option activities during 2021, 2020 and 2019 is as follows:
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Number
of Options
Outstanding |
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Weighted
Average
Exercise
Price |
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Weighted
Average
Grant Date Fair Value per Option |
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Aggregate Intrinsic Value Exercised (in thousands) |
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Outstanding at December 31, 2018 |
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|
820,186 |
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$ |
8.44 |
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Granted |
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|
138,200 |
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|
$ |
35.76 |
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|
$ |
21.86 |
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Exercised |
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|
(307,365 |
) |
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$ |
1.47 |
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$ |
12,117 |
|
Canceled |
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(33,528 |
) |
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$ |
24.80 |
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Outstanding at December 31, 2019 |
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|
617,493 |
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$ |
17.13 |
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Granted |
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|
347,095 |
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|
$ |
32.14 |
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$ |
19.15 |
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Exercised |
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|
(96,456 |
) |
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$ |
3.25 |
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|
$ |
2,257 |
|
Canceled |
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(54,890 |
) |
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$ |
26.07 |
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Outstanding at December 31, 2020 |
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|
813,242 |
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$ |
24.58 |
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Granted |
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|
111,489 |
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|
$ |
39.00 |
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$ |
23.32 |
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Exercised |
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|
(97,702 |
) |
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$ |
9.20 |
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|
$ |
3,064 |
|
Canceled |
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(43,101 |
) |
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$ |
35.84 |
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Outstanding at December 31, 2021 |
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|
783,928 |
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$ |
28.00 |
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| Schedule of Additional Information for Stock Options |
Additional information for stock options at December 31, 2021 were as follows:
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Number
of Options |
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|
Weighted
Average
Exercise
Price |
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|
Aggregate Intrinsic Value (in thousands) |
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|
Weighted
Average
Remaining Contractual term (in years) |
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Outstanding at December 31, 2021 |
|
783,928 |
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|
28.00 |
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|
$ |
4,524 |
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|
|
7.30 |
|
Exercisable at December 31, 2021 |
|
453,000 |
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|
23.17 |
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$ |
4,362 |
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|
6.37 |
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| Schedule of Unvested Restricted Stock Units Awards Activity |
The following table summarizes the activity of RSU awards:
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Number
of RSUs |
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Weighted
Average
Grant Date Fair Value per RSU |
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Aggregate Fair Value of RSUs Vested (in thousands) |
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Unvested RSUs at December 31, 2018 |
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110,764 |
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$ |
19.58 |
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Granted |
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62,382 |
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$ |
44.05 |
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Vested |
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(58,150 |
) |
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$ |
24.75 |
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$ |
2,610 |
|
Unvested RSUs at December 31, 2019 |
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|
114,996 |
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$ |
30.24 |
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|
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Granted |
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|
91,759 |
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$ |
31.75 |
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Vested |
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(54,970 |
) |
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$ |
32.12 |
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$ |
1,766 |
|
Forfeited |
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(10,277 |
) |
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$ |
41.50 |
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Unvested RSUs at December 31, 2020 |
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|
141,508 |
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$ |
29.67 |
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Granted |
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|
84,035 |
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$ |
37.86 |
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Vested |
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(80,972 |
) |
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$ |
29.22 |
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$ |
3,078 |
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Forfeited |
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(15,761 |
) |
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$ |
31.38 |
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Unvested RSUs at December 31, 2021 |
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128,810 |
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$ |
35.09 |
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| Schedule of Stock-Based Compensation Expense Recorded in Consolidated Statements of Operations |
Total stock-based compensation expense is recorded in the consolidated statements of operations and was allocated as follows (in thousands):
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Year Ended December 31, |
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2021 |
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2020 |
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2019 |
|
Cost of revenues |
$ |
1,567 |
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$ |
1,093 |
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$ |
670 |
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Sales and marketing |
|
1,612 |
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|
1,268 |
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|
955 |
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Research and development |
|
734 |
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|
580 |
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|
365 |
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General and administrative |
|
1,959 |
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|
1,521 |
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|
1,067 |
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Total |
$ |
5,872 |
|
|
$ |
4,462 |
|
|
$ |
3,057 |
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| 2017 Equity Incentive Plan |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Schedule of Activity of Shares Available for Grant |
The following table summarizes the activity of shares available for grant under the 2017 Equity Incentive Plan:
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|
|
|
|
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|
Shares available for grant at December 31, 2020 |
|
|
1,814,379 |
|
Increase in accordance with the evergreen provision |
|
|
— |
|
Options issued during the year |
|
|
(111,489 |
) |
Canceled during the year |
|
|
43,101 |
|
RSUs granted |
|
|
(84,035 |
) |
Shares available for grant at December 31, 2021 |
|
|
1,661,956 |
|
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|
|
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| 2017 Employee Stock Purchase Plan |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Schedule of Activity of Shares Available for Grant |
The following table summarizes the activity of shares available under the 2017 ESPP:
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Shares available for grant at December 31, 2020 |
|
|
429,521 |
|
Increase in accordance with the evergreen provision |
|
|
— |
|
Issued during the year |
|
|
(30,193 |
) |
Shares available for grant at December 31, 2021 |
|
|
399,328 |
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