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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense was recorded in the following cost and expense categories consistent with the respective employee or service provider’s related cash compensation (in thousands):
| Year ended December 31,
| 2023 |  | 2022 |  | 2021
Cost of revenue |  |  |  |  |
Subscription and support | $ | 5,030 |  |  | $ | 3,437 |  |  | $ | 2,868 |
Professional services | 2,540 |  |  | 2,128 |  |  | 1,729 |
Operating expenses |  |  |  |  |
Research and development | 18,441 |  |  | 12,554 |  |  | 9,590 |
Sales and marketing | 27,774 |  |  | 19,323 |  |  | 13,901 |
General and administrative | 44,980 |  |  | 33,218 |  |  | 20,545 |
Total | $ | 98,765 |  |  | $ | 70,660 |  |  | $ | 48,633 |
Schedule of Stock-Option Activity | The following table summarizes the option activity under the Plans for the year ended December 31, 2023:
| Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
|  |  |  |  |  |  | (in thousands)
Outstanding at December 31, 2022 | 1,509,172 |  |  | $ | 14.57 |  |  | 3.2 |  | $ | 104,737 |
Granted | — |  |  | — |  |  |  |  |
Forfeited | (10) |  |  | 13.60 |  |  |  |  |
Expired | — |  |  | — |  |  |  |  |
Exercised | (297,543) |  |  | 15.03 |  |  |  |  |
Outstanding at December 31, 2023 | 1,211,619 |  |  | $ | 14.46 |  |  | 2.3 |  | $ | 105,500 |
Exercisable at December 31, 2023 | 1,211,619 |  |  | $ | 14.46 |  |  | 2.3 |  | $ | 105,500 |
Schedule of Restricted Stock Units and Performance Restricted Stock Units Activity | The following table summarizes the restricted stock unit and performance restricted stock unit activity under the Plan for the year ended December 31, 2023:
| Number of Shares |  | Weighted-Average Grant Date Fair Value
Unvested at December 31, 2022 | 1,921,927 |  |  | $ | 93.80 |
Granted | 1,191,796 |  |  | 94.76 |
Forfeited | (145,648) |  |  | 91.84 |
Vested(1) | (769,664) |  |  | 86.06 |
Unvested at December 31, 2023 | 2,198,411 |  |  | $ | 97.17 |
(1) During the year ended December 31, 2023, in accordance with our Nonqualified Deferred Compensation Plan, recipients of 2,925 shares had elected to defer settlement of the vested restricted stock units and 362,100 were released from deferral. This resulted in total deferred units of 327,269 as of December 31, 2023.
Schedule of Share-based Payment Award, ESPP, Valuation Assumptions | The fair value of our ESPP purchase rights was estimated assuming no expected dividends and the following weighted-average assumptions:
| Year ended December 31,
| 2023 |  | 2022 |  | 2021
ESPP |  |  |  |  |
Expected term (in years) | 0.5 |  | 0.5 |  | 0.5
Risk-free interest rate | 4.6% - 5.3% |  | 0.6% - 3.1% |  | 0.1%
Expected volatility | 33.9% - 57.3% |  | 45.7% - 58.7% |  | 41.8% - 45.0%
Schedule of Employee Stock Purchase Plan | The following table summarizes the ESPP activity under the Plan for the years ended December 31, 2023, 2022 and 2021:
|  | For the year ended December 31,
|  | 2023 |  | 2022 |  | 2021
Shares issued |  | 200,436 |  |  | 131,467 |  |  | 148,864 |
Weighted-average purchase price |  | $ | 62.43 |  |  | $ | 70.41 |  |  | $ | 59.52 |
Total proceeds (in thousands) |  | $ | 12,512 |  |  | $ | 9,256 |  |  | $ | 8,861 |

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