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Stockholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 2024
Stockholders' Equity Note [Abstract] |
Common Stock Reserved for Future Issuance | The Company has reserved the following shares of common stock for future issuance:
| June 30, 2024 |  |  | December 31, 2023 |
2014 Stock Plan: |  |  |  |  |
Options outstanding |  | 26,766,038 |  |  |  | 31,112,073 |
Restricted stock units outstanding |  | 620,779 |  |  |  | 1,042,303 |
2021 Equity Incentive Plan: |  |  |  |  |
Options outstanding |  | 22,500 |  |  |  | 22,500 |
Restricted stock units outstanding |  | 20,676,757 |  |  |  | 22,650,063 |
Remaining shares available for future issuance |  | 49,558,382 |  |  |  | 37,289,144 |
2021 Employee Stock Purchase Plan |  | 10,607,090 |  |  |  | 8,166,130 |
Total |  | 108,251,546 |  |  |  | 100,282,213 |
Summary of Stock Equity Award Activity | The following table summarizes stock equity award activity and activity regarding shares available for grant under the 2014 Plan and the 2021 Plan:
|  |  |  |  | Equity Awards Outstanding |
|  | Shares Available for Grant |  |  | Outstanding Stock Options |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Balance as of January 1, 2024 |  |  | 37,289,144 |  |  |  | 31,134,573 |  |  | $ | 7.98 |  |  |  | 6.01 |  |  | $ | 480,766 |
Increase in authorized shares |  |  | 15,575,577 |  |  |  | - |  |  | $ | - |  |  |  |  |  |  |
Stock options exercised |  |  | - |  |  |  | (3,947,036 | ) |  | $ | 7.33 |  |  |  |  |  |  |
Stock options forfeited or expired |  |  | 398,999 |  |  |  | (398,999 | ) |  | $ | 14.39 |  |  |  |  |  |  |
RSUs granted |  |  | (5,909,438 | ) |  |  | - |  |  | $ | - |  |  |  |  |  |  |
RSUs forfeited or cancelled |  |  | 2,204,100 |  |  |  | - |  |  | $ | - |  |  |  |  |  |  |
Balance as of June 30, 2024 |  |  | 49,558,382 |  |  |  | 26,788,538 |  |  | $ | 7.98 |  |  |  | 5.48 |  |  | $ | 577,822 |
Vested as of June 30, 2024 |  |  |  |  |  | 23,664,154 |  |  | $ | 7.42 |  |  |  | 5.39 |  |  | $ | 523,597 |
Vested and expected to vest as of June 30, 2024 |  |  |  |  |  | 26,788,538 |  |  | $ | 7.98 |  |  |  | 5.48 |  |  | $ | 577,822 |
Schedule of Restricted Stock Unit Activity | The following table summarizes RSU activity under the 2014 Plan and the 2021 Plan:
|  | RSUs Outstanding |
|  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value |
Unvested balance as of January 1, 2024 |  |  | 23,692,366 |  |  | $ | 28.44 |
RSUs granted |  |  | 5,909,438 |  |  | $ | 31.67 |
RSUs vested |  |  | (6,100,168 | ) |  | $ | 28.49 |
RSUs forfeited or cancelled |  |  | (2,204,100 | ) |  | $ | 30.43 |
Unvested balance as of June 30, 2024 |  |  | 21,297,536 |  |  | $ | 29.11 |
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense was as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cost of revenue - subscription |  | $ | 6,956 |  |  | $ | 6,914 |  |  | $ | 13,199 |  |  | $ | 13,242 |
Cost of revenue - services |  |  | 2,223 |  |  |  | 3,125 |  |  |  | 4,796 |  |  |  | 5,902 |
Research and development |  |  | 40,770 |  |  |  | 35,420 |  |  |  | 79,664 |  |  |  | 65,435 |
Sales and marketing |  |  | 33,823 |  |  |  | 32,889 |  |  |  | 66,981 |  |  |  | 61,376 |
General and administrative |  |  | 15,335 |  |  |  | 13,811 |  |  |  | 29,789 |  |  |  | 25,493 |
Stock-based compensation, net of amounts capitalized |  | $ | 99,107 |  |  | $ | 92,159 |  |  | $ | 194,429 |  |  | $ | 171,448 |
Capitalized stock-based compensation |  |  | 4,505 |  |  |  | 5,810 |  |  |  | 10,102 |  |  |  | 9,732 |
Total stock-based compensation |  | $ | 103,612 |  |  | $ | 97,969 |  |  | $ | 204,531 |  |  | $ | 181,180 |

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