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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Shares Reserved and Shares Available for Grant | As of December 31, 2023, shares reserved and available for issuance under the equity compensation plans were as follows:
| Shares reserved |  | Shares available for grant
2004 Purchase Plan | 5,392,206 |  |  | 2,345,263 |
2020 Equity Incentive Plan | 3,941,429 |  |  | 2,426,412 |
Schedule of Restricted Stock Unit activity | RSU activity is summarized as follows:
| Number of Shares Outstanding |  | Weighted Average Grant Date Fair Value per Share |  | Weighted Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value (1) (Dollars in Thousands)
RSUs outstanding, December 31, 2020 | 1,337,634 |  |  | $ | 499.60 |  |  |  |  |
RSUs granted | 776,628 |  |  | 679.59 |  |  |  |  |
RSUs released, vested | (633,466) |  |  | 505.40 |  |  |  |  |
Special distribution shares released | (34) |  |  | 297.03 |  |  |  |  |
RSUs canceled | (123,168) |  |  | 561.34 |  |  |  |  |
RSUs outstanding, December 31, 2021 | 1,357,594 |  |  | 594.27 |  |  |  |  |
RSUs granted | 912,249 |  |  | 661.43 |  |  |  |  |
RSUs released, vested | (668,733) |  |  | 576.62 |  |  |  |  |
RSUs canceled | (155,418) |  |  | 624.98 |  |  |  |  |
RSUs outstanding, December 31, 2022 | 1,445,692 |  |  | 641.51 |  |  |  |  |
RSUs granted | 990,667 |  |  | 699.07 |  |  |  |  |
RSUs released, vested | (680,738) |  |  | 644.90 |  |  |  |  |
Special distribution shares released | (34) |  |  | 297.03 |  |  |  |  |
RSUs canceled | (203,990) |  |  | 640.68 |  |  |  |  |
RSUs outstanding, December 31, 2023 | 1,551,597 |  |  | $ | 676.89 |  |  | 1.28 |  | $ | 1,249,640 |
(1)The intrinsic value is calculated based on the market value of the stock as of December 31, 2023.
Schedule of Disclosures for 2004 Purchase Plan | We provide the following disclosures for the 2004 Purchase Plan as of December 31 (dollars, except shares):
| 2023 |  | 2022 |  | 2021
Weighted-average purchase price per share | $ | 572.59 |  |  | $ | 568.29 |  |  | $ | 467.59 |
Weighted average grant-date fair value per award for shares purchased | $ | 206.83 |  |  | $ | 202.61 |  |  | $ | 138.80 |
Number of shares purchased | 151,875 |  |  | 143,515 |  |  | 166,023 |
Schedule of Assumptions in Computation of Fair Value | We use the Black-Scholes option-pricing model to determine the fair value of shares under the 2004 Purchase Plan with the following assumptions during the years ended December 31:
| 2023 |  | 2022 |  | 2021
Range of dividend yield | 1.69% - 1.78% |  | 1.48 - 1.55% |  | 1.58 - 1.77%
Range of risk-free interest rate | 4.57% - 5.30% |  | 0.72 - 3.06% |  | 0.01 - 0.21%
Range of expected volatility | 26.02% - 34.93% |  | 25.73 - 37.20% |  | 25.54 - 41.24%
Weighted-average expected volatility | 30.48 | % |  | 30.34 | % |  | 34.08 | %
Weighted average expected life (in years) | 1.06 |  | 1.06 |  | 1.18
Schedule of Allocated share-based Compensation | The following table presents, by operating expense, our stock-based compensation expense recognized in our consolidated statement of operations for the years ended December 31 (in thousands):
| 2023 |  | 2022 |  | 2021
Cost of revenues | $ | 49,013 |  |  | $ | 45,028 |  |  | $ | 38,438 |
Sales and marketing | 84,583 |  |  | 82,794 |  |  | 79,144 |
General and administrative | 273,940 |  |  | 276,161 |  |  | 246,192 |
Total | $ | 407,536 |  |  | $ | 403,983 |  |  | $ | 363,774 |
Schedule of share-based Compensation by Plan | Our stock-based compensation expense recognized in the consolidated statement of operations was comprised of the following types of equity awards for the years ended December 31 (in thousands):
| 2023 |  | 2022 |  | 2021
RSUs | $ | 387,011 |  |  | $ | 359,952 |  |  | $ | 330,077 |
RSAs | 1,752 |  |  | 9,793 |  |  | 10,067 |
Employee stock purchase plan | 18,773 |  |  | 34,238 |  |  | 23,630 |
Total | $ | 407,536 |  |  | $ | 403,983 |  |  | $ | 363,774 |

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