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Stock-Based Compensation Expense | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation Expense | 12. Stock-Based Compensation Expense The following two tables show stock-based compensation expense by award type and where the stock-based compensation expense is recorded in the Company’s consolidated statements of operations:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |  |  | (in thousands) |
Options |  | $ | 2,958 |  |  | $ | 2,551 |  |  | $ | 8,798 |  |  | $ | 7,692 |
RSUs |  |  | 96,638 |  |  |  | 66,520 |  |  |  | 287,575 |  |  |  | 182,773 |
PSUs |  |  | 3,866 |  |  |  | — |  |  |  | 9,882 |  |  |  | — |
Employee stock purchase plan |  |  | 4,044 |  |  |  | 3,142 |  |  |  | 12,290 |  |  |  | 8,616 |
Total stock-based compensation expense |  | $ | 107,506 |  |  | $ | 72,213 |  |  | $ | 318,545 |  |  | $ | 199,081 |
In the first quarter of 2023, the Compensation Committee of the Board of Directors approved the grant of performance-based restricted stock units (“PSUs”) that are eligible to be earned upon the achievement of a pre-determined revenue growth metric. To the extent earned, 33% of the PSUs will vest in the first quarter of 2024 and the remaining 67% will vest in eight equal quarterly installments thereafter. No PSUs will be earned if the pre-determined revenue growth metric is not achieved, and the overall number of shares that may be earned shall not exceed 150% of the target award. Stock-based compensation costs for PSUs are recognized using the graded vesting attribution method over the requisite service period. Effect of stock-based compensation expense on income by line item:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |  |  | (in thousands) |
Cost of revenue, subscription |  | $ | 3,157 |  |  | $ | 2,311 |  |  | $ | 9,110 |  |  | $ | 6,516 |
Cost of revenue, professional services and other |  |  | 1,201 |  |  |  | 1,168 |  |  |  | 3,748 |  |  |  | 3,251 |
Research and development |  |  | 49,460 |  |  |  | 28,585 |  |  |  | 146,845 |  |  |  | 77,269 |
Sales and marketing |  |  | 34,439 |  |  |  | 28,060 |  |  |  | 103,233 |  |  |  | 77,113 |
General and administrative |  |  | 19,249 |  |  |  | 12,089 |  |  |  | 55,609 |  |  |  | 34,932 |
Total stock-based compensation expense |  | $ | 107,506 |  |  | $ | 72,213 |  |  | $ | 318,545 |  |  | $ | 199,081 |
Capitalized software development costs excluded from stock-based compensation expense is $6.9 million for the three months ended September 30, 2023, $21.0 million for the nine months ended September 30, 2023, $3.4 million for the three months ended September 30, 2022, and $9.0 million for the nine months ended September 30, 2022. Also excluded in the nine months ended September 30, 2023 is $1.0 million of stock-based compensation expense incurred in connection with the Restructuring Plan. See Note 15 for more details.

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