The 2014 Equity Incentive Plan (the “2014 Plan”) was in effect until it was replaced by the 2023 Stock Incentive Plan (the “2023 Plan”) on April 1, 2023. No further grants will be made under the 2014 Plan. Both the 2014 Plan and 2023 Plan provide for the granting of stock options, restricted stock awards, restricted stock units (“RSUs”), market performance-based RSUs (“PSUs”), stock appreciation rights, performance units and performance shares to our employees, consultants and members of our Board of Directors (the “Board”). As of June 30, 2025, we had 3,018,417 shares available for future grant under the 2023 Plan.

The 2014 Employee Stock Purchase Plan, as amended (the “Amended 2014 Purchase Plan”) provides employees with an opportunity to purchase our common stock through accumulated contributions, up to a maximum of 10% of eligible compensation, with offering periods of six months in duration, beginning on or about December 1 and June 1 each year. As of June 30, 2025, the Company had 2,914,643 shares available for future issuance under the Amended 2014 Purchase Plan.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Stock-based compensation by type of award:
Stock awards	$	4,171	$	3,978	$	9,964	$	7,510
Employee stock purchase rights	238		288		463		595
	$	4,409	$	4,266	$	10,427	$	8,105

Stock-based compensation by category of expense:
Cost of net revenue	$	479	$	561	$	1,103	$	1,017
Sales and marketing	940		1,102		1,834		2,136
Research and development	1,176		1,017		2,567		1,887
General and administrative	1,814		1,586		4,923		3,065
	$	4,409	$	4,266	$	10,427	$	8,105

As of June 30, 2025, the Company had $33.3 million of unrecognized stock-based compensation expense related to unvested stock-based awards, including common stock acquired under our Amended 2014 Purchase Plan, which will be recognized over a weighted-average period of 2.1 years.

The intrinsic value of options exercised was $0.1 million and $0.3 million during the three and six months ended June 30, 2024, respectively.

The Company has granted RSUs to its employees, consultants and members of the Board, and PSUs to certain executives and employees. The Company’s PSUs have market performance-based vesting conditions as well as service-based vesting conditions. As of June 30, 2025, there were 2,310,365 RSUs and 654,750 PSUs outstanding.


	Number of Shares (thousands)	Weighted-Average Grant Date Fair Value Per Share		Weighted-Average Remaining Vesting Term (years)	Aggregate Fair Value (thousands)
Nonvested as of December 31, 2024	3,243	$	13.65
Granted	607	18.88
Released	(813)	13.12
Canceled	(72)	14.49
Nonvested as of June 30, 2025	2,965	$	14.85	1.50	$	57,375

The aggregate fair value of stock awards released was $4.0 million and $1.3 million for the three months ended June 30, 2025 and 2024, respectively, and was $10.7 million and $4.2 million for the six months ended June 30, 2025 and 2024, respectively.

On November 1, 2022, the Company announced that the Board authorized a stock repurchase program of up to $50 million of its common stock over a period of twelve months. On November 7, 2023, the Company announced that the Board authorized a stock repurchase program of up to $50 million of its common stock over a period of twelve months. These repurchase programs were active for twelve months and are expired.

On November 7, 2024, the Company announced that the Board authorized a stock repurchase program of up to $50 million of its common stock (the “2024 Program”). The 2024 Program did not have a specified term or termination date. The Board terminated the 2024 Program on May 1, 2025.

On May 1, 2025, the Company announced that the Board authorized a new stock repurchase program of up to $75 million of its common stock (the “2025 Program”). The 2025 Program does not have a specified term or termination date. During the three months ended June 30, 2025, we repurchased 228,878 shares for a total of $3.9 million or $17.22 per share under the 2025 Program. As of June 30, 2025, the Company had $71.1 million available to repurchase shares under the 2025 Program.

Under the Company’s stock repurchase programs, repurchased shares are held in treasury at cost. The Company’s stock repurchase programs do not obligate it to acquire any specific number of shares. Shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Securities and Exchange Act of 1934 (the “Exchange Act”).