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STOCKHOLDERS' EQUITY (Tables)
3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
The following table summarizes the stock option activity during the three months ended March 31, 2025:
Number of
Shares
Weighted-
Average
Exercise Price
Outstanding at December 31, 20243,152,158$12.29 
Exercised(149,650)15.72 
Outstanding at March 31, 20253,002,50812.12 
Exercisable at March 31, 20253,002,508$12.12 
Summary of Activity in Connection with RSUs
The following table summarizes the RSU activity during the three months ended March 31, 2025:
Number of
Shares
Weighted-
Average Grant
Date Fair Value
Outstanding at December 31, 20247,071,443$65.85 
Granted2,648,93968.31 
Vested(874,963)62.58 
Canceled/Forfeited(426,443)65.67 
Outstanding at March 31, 20258,418,976$66.97 
Summary of Activity in Connection with PSUs
The following table summarizes the PSU activity during the three months ended March 31, 2025:
Number of
Shares
Weighted-
Average Grant
Date Fair Value
Outstanding at December 31, 2024155,791$67.63 
Granted (1)
93,43866.80 
Vested(8,016)76.64 
Canceled/Forfeited(86,406)64.68 
Outstanding at March 31, 2025154,807$68.31 
(1) This represents awards granted at 100% attainment of the performance conditions.
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 March 31,
20252024
Cost of revenue$2,752 $1,810 
Sales and marketing14,834 12,915 
Research and development18,372 13,726 
General and administrative12,321 11,681 
Total stock-based compensation expense$48,279 $40,132 
Stock-based compensation capitalized for software development and cloud-computing arrangement implementation costs4,123 2,458 
Total stock-based compensation cost$52,402 $42,590