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Stockholders' Equity (Tables)
6 Months Ended
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