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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the Company’s stock option activity and related information is as follows:
|  |  | Options Outstanding
| Shares Available for Grant |  | Shares Subject to Options Outstanding |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value
| (unaudited)
|  |  | (in thousands)
Balance as of January 1, 2025 | 11,996,264 |  | 4,631,750 |  | $ | 32.98 |  |  | 7.1 |  | $ | 35,980 |
2018 Plan annual increase(1) | 3,689,000 |  | — |  |  |  |  |  |
Granted | (524,770) |  | 524,770 |  | 43.07 |  |  |  |  |
Exercised | — |  | (44,121) |  | 17.39 |  |  |  |  |
Canceled | — |  | — |  | — |  |  |  |  |
Restricted stock units granted | (2,101,246) |  | — |  | — |  |  |  |  |
Restricted stock units canceled | 372,571 |  | — |  | — |  |  |  |  |
Performance-based restricted stock units granted | (281,378) |  | — |  | — |  |  |  |  |
Performance-based restricted stock units adjusted for performance achievement | (144,972) |  |  | — |  | — |  |  |  |  |
Performance-based restricted stock units canceled | 178,807 |  | — |  | — |  |  |  |  |
Balance as of March 31, 2025 | 13,184,276 |  | 5,112,399 |  | $ | 34.15 |  |  | 7.2 |  | $ | 75,088 |
Vested and Exercisable as of March 31, 2025 |  |  | 2,583,531 |  | $ | 34.40 |  |  | 5.2 |  | $ | 49,952 |
(1)Effective as of January 1, 2025, an additional 3,689,000 shares of common stock became available for issuance under the 2018 Plan, as a result of the operation of an automatic annual increase provision therein.
Schedule of Restricted Stock Activity | A summary of the Company’s restricted stock unit activity excluding the performance-based restricted stock units and related information is as follows:
|  | Restricted Stock Units Outstanding |  | Weighted-Average Grant Date Fair Value
|  | (unaudited)
Balance as of January 1, 2025 |  | 7,020,251 |  | $ | 30.11 |
Granted |  | 2,101,246 |  | 43.06 |
Vested and released |  | (318,900) |  | 30.31 |
Canceled |  | (372,571) |  | 30.01 |
Balance as of March 31, 2025 |  | 8,430,026 |  | $ | 33.34 |
A summary of the Company’s PSU activity and related information is as follows:
|  | Performance-based Restricted Stock Units Outstanding |  | Weighted-Average Grant Date Fair Value
|  | (unaudited)
Balance as of January 1, 2025 |  | 1,290,684 |  | $ | 37.07 |
Granted |  | 281,378 |  | 43.10 |
Vested and released |  | (266,490) |  | 69.81 |
Adjusted for performance achievement |  | 144,972 |  | 19.29 |
Canceled |  | (178,807) |  | 63.34 |
Balance as of March 31, 2025 |  | 1,271,737 |  | $ | 25.69 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table presents the effect of employee and non-employee related stock-based compensation expense:
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
|  | (unaudited)
|  | (in thousands)
Cost of revenue |  | $ | 2,286 |  |  | $ | 1,756 |  |  |  |  |
Research and development expense |  | 12,527 |  |  | 9,932 |  |  |  |  |
Sales and marketing expense |  | 9,831 |  |  | 7,256 |  |  |  |  |
General and administrative expense |  | 13,113 |  |  | 8,097 |  |  |  |  |
Total stock-based compensation expense |  | $ | 37,757 |  |  | $ | 27,041 |  |  |  |  |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The grant date fair value of stock options was estimated using a Black-Scholes option-pricing model with the following weighted-average assumptions:
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
|  | (unaudited)
Expected term (in years) |  | 5.80 - 5.90 |  | 5.72 |  |  |  |
Expected volatility |  | 65.7% - 66.1% |  | 69.3% |  |  |  |
Risk-free interest rate |  | 4.2% - 4.3% |  | 4.3% |  |  |  |
Expected dividend yield |  | —% |  | —% |  |  |  |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (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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