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Stockholders' Equity and Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Stock-Based Compensation

The following table shows a summary of the stock-based compensation expenses included in the consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021:

			Year Ended December 31,
			2023						2022						2021
			(in thousands)
Cost of revenues			$	7,300					$	5,305					$	3,782
Research and development			21,091						14,585						10,750
Sales and marketing			12,234						9,837						6,323
General and administrative			28,454						23,681						46,724
Total stock-based compensation, net of amounts capitalized (1)			$	69,079					$	53,408					$	67,579

(1)Total stock-based compensation expense capitalized was de minimis during the year ended December 31, 2023.

Schedule of Valuation Assumptions

The weighted-average grant date fair value of the Company’s stock options granted for the years ended December 31, 2023, 2022 and 2021 was $49.08, $50.32 and $41.23, respectively, using the Black-Scholes-Merton option-pricing model based on the following assumptions:

Year Ended December 31,

2023

2022

2021

Expected term (in years)

3.8 to 3.9

4.3 to 4.4

5.2 to 5.5

Volatility

42% to 43%

40% to 43%

38% to 41%

Risk-free interest rate

3.7% to 4.9%

1.7% to 4.2%

0.5% to 1.2%

Dividend yield

—

—

—

Schedule of Stock Option Activity

A summary of the Company’s stock option activity is as follows:

			Outstanding Options						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life						Aggregate Intrinsic Value
			(in thousands)												(Years)						(in thousands)
Balance as of December 31, 2022			1,807						$	87.59					6.5						$	58,024
Granted			345						$	129.00
Exercised			(582)						$	78.32
Canceled			(123)						$	125.39
Balance as of December 31, 2023			1,447						$	97.98					6.5						$	142,302
Vested and expected to vest as of December 31, 2023			1,271						$	93.44					6.2						$	130,691
Exercisable as of December 31, 2023			739						$	68.68					4.5						$	94,272

Schedule of RSU Activity

A summary of the Company’s RSU activity is as follows:

			Outstanding RSUs						Weighted Average Grant Date Fair Value Per Share
			(in thousands)
Balance as of December 31, 2022			1,183			(1)			$	124.42
Granted			488			(2)			$	140.08
Vested			(414)			(3)			$	116.92
Forfeited			(183)			(4)			$	128.46
Balance as of December 31, 2023			1,074			(5)			$	133.60
Outstanding and expected to vest as of December 31, 2023			863						$	132.53

(1)Included 175 thousand PSUs granted to certain executive officers in 2022 and 2021.

(2)Included 10 thousand PSUs granted to certain executive officers in 2023

(3)Included 24 thousand PSUs granted to certain executive officers in 2021.

(4)Included 22 thousand PSUs granted to certain executive officers in 2022 and 2021.

(5)Included 139 thousand PSUs granted to certain executive officers in 2023, 2022 and 2021.

Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The weighted-average grant date fair value of the Company’s ESPP for the year ended December 31, 2023 and 2022 was $34.50 and $39.14, respectively, using the Black-Scholes-Merton option-pricing model based on the following assumptions:

			Year Ended December 31,
			2023						2022
Expected term (in years)			0.5						0.5
Volatility			30.0% to 43.8%						41.1% to 50.1%
Risk-free interest rate			5.0% to 5.5%						0.7% to 3.1%
Dividend yield			—						—

Schedule of the Share Repurchase Program

The Company's share repurchase program was authorized by the board of directors as follows:

Announcement Date						Authorized Dollar Value
						(in millions)
February 12, 2018						$	100.0
October 30, 2018						100.0
October 30, 2019						100.0
May 7, 2020						100.0
February 10, 2021						100.0
November 3, 2021						200.0
May 4, 2022						200.0
February 9, 2023						100.0
Total as of December 31, 2023						$	1,000.0

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