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Stock-based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table summarizes the stock option activity during the six months ended June 30, 2024:
| Number of Shares |  | Weighted- Average Exercise Price
Outstanding at December 31, 2023 | 4,340,052 |  | $ | 12.57 |
Exercised | (766,211) |  | 12.95 |
Canceled/Forfeited | (750) |  | 19.16 |
Outstanding at June 30, 2024 | 3,573,091 |  | 12.48 |
Exercisable at June 30, 2024 | 3,573,091 |  | $ | 12.48 |
Summary of Activity in Connection with RSUs | The following table summarizes the RSU activity during the six months ended June 30, 2024:
| Number of Shares |  | Weighted- Average Grant Date Fair Value
Outstanding at December 31, 2023 | 7,382,073 |  | $ | 59.35 |
Granted | 2,835,307 |  | 78.88 |
Vested | (1,829,526) |  | 58.65 |
Canceled/Forfeited | (622,194) |  | 64.36 |
Outstanding at June 30, 2024 | 7,765,660 |  | $ | 66.30 |
Summary of Activity in Connection with PSUs | The following table summarizes the PSU activity during the six months ended June 30, 2024:
| Number of Shares |  | Weighted- Average Grant Date Fair Value
Outstanding at December 31, 2023 | 77,971 |  | $ | 55.63 |
Granted (1) | 112,255 |  | 74.49 |
Outstanding at June 30, 2024 | 190,226 |  | $ | 66.76 |
(1) This represents awards granted at 100% attainment of the performance conditions.
Schedule of Estimate Fair Value on Date of Grant | The fair value of the ESPP purchase rights on the date of grant using the Black-Scholes option pricing model was estimated using the following assumptions during the six months ended June 30, 2024:
Risk-free interest rate | 5.04% to 5.33%
Expected term (in years) | 0.5 to 1.0
Estimated dividend yield | 0.00%
Estimated weighted-average volatility | 29.90% to 39.27%
Summary of Total Stock-based Compensation Cost from Stock Options, RSUs, ESPP, RSAs, and Sales of Stock | The Company recorded total stock-based compensation cost from stock options, RSUs, PSUs, RSAs, and the ESPP as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost of revenue | $ | 2,126 |  |  | $ | 1,927 |  |  | $ | 3,936 |  |  | $ | 3,578 |
Sales and marketing | 15,569 |  |  | 14,411 |  |  | 28,484 |  |  | 27,471 |
Research and development | 17,620 |  |  | 16,269 |  |  | 31,346 |  |  | 36,048 |
General and administrative | 13,910 |  |  | 9,880 |  |  | 25,591 |  |  | 20,328 |
Total stock-based compensation expense | $ | 49,225 |  |  | $ | 42,487 |  |  | $ | 89,357 |  |  | $ | 87,425 |
Stock-based compensation capitalized for software development and cloud-computing arrangement implementation costs | 3,496 |  |  | 2,161 |  |  | 5,954 |  |  | 4,283 |
Total stock-based compensation cost | $ | 52,721 |  |  | $ | 44,648 |  |  | $ | 95,311 |  |  | $ | 91,708 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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