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Stockholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
Schedule of Stock Options Activity | The following table summarizes the stock option activity under the Company’s equity incentive plans (in thousands, except per share data):
|  |  |  |  |  | Weighted- |  |
|  |  |  |  |  | Average |  |
|  |  |  | Weighted- |  | Remaining |  |
|  |  |  | Average |  | Contractual |  | Aggregate
|  | Number of |  | Exercise Price |  | Life |  | Intrinsic
Stock Options |  | Shares |  | Per Share |  | (in years) |  | Value (1)
Outstanding as of December 31, 2021 |  | 6,648 |  |  | $ | 17.46 |  |  |  |  |
Granted |  | 2,423 |  |  | 56.04 |  |  |  |  |
Exercised |  | (721) |  |  | 9.28 |  |  |  |  |
Canceled |  | (63) |  |  | 35.74 |  |  |  |  |
Outstanding as of December 31, 2022 |  | 8,287 |  |  | $ | 29.31 |  |  | 7.5 |  | $ | 325,828 |
Vested and expected to vest as of December 31, 2022 |  | 8,028 |  |  | $ | 28.64 |  |  | 7.4 |  | $ | 321,015 |
Options exercisable as of December 31, 2022 |  | 4,010 |  |  | $ | 14.04 |  |  | 6.1 |  | $ | 218,143 |
(1) Amounts represent the difference between the exercise price and the fair market value of common stock at December 31, 2022 of $68.43 per share for all “in-the-money” options outstanding.
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes stock-based compensation expense (in thousands):
|  | Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Cost of revenue: |  |  |  |  |  |
Products |  | $ | 1,666 |  |  | $ | 790 |  |  | $ | 575 |
Services |  | 1,034 |  |  | 668 |  |  | 450 |
Sales and marketing |  | 12,001 |  |  | 6,728 |  |  | 4,273 |
Research and development |  | 12,165 |  |  | 6,769 |  |  | 4,736 |
General and administrative |  | 17,960 |  |  | 9,275 |  |  | 3,926 |
|  | $ | 44,826 |  |  | $ | 24,230 |  |  | $ | 13,960 |
Income tax benefits recognized |  | $ | 11,501 |  |  | $ | 16,929 |  |  | $ | — |
Schedule of Grant Date Fair Values | The following table summarizes the weighted-average grant date fair values of the Company’s stock-based awards granted in the periods indicated:
|  | Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Stock options |  | $ | 31.86 |  |  | $ | 26.55 |  |  | $ | 8.55 |
ESPP |  | $ | 18.51 |  |  | $ | 12.93 |  |  | $ | 5.52 |
NQ ESPP |  | $ | 52.91 |  |  | $ | 55.50 |  |  | $ | 19.40 |
Valuation Assumptions, Stock Options | The following table summarizes the weighted-average assumptions used in estimating the grant-date fair value of stock options and of each employee’s purchase right under the ESPP in the periods indicated:
|  | Years Ended December 31,
Stock Options |  | 2022 |  | 2021 |  | 2020
Expected volatility |  | 58 | % |  | 56 | % |  | 53 | %
Expected life (years) |  | 6.1 |  | 6.0 |  | 6.1
Risk-free interest rate |  | 3.15 | % |  | 1.11 | % |  | 0.48 | %
Valuation Assumptions, ESPP |
|  | Years Ended December 31,
ESPP |  | 2022 |  | 2021 |  | 2020
Expected volatility |  | 62 | % |  | 63 | % |  | 70 | %
Expected life (years) |  | 0.5 |  | 0.5 |  | 0.4
Risk-free interest rate |  | 2.16 | % |  | 0.05 | % |  | 0.12 | %
Schedule of Unrecognized Compensation Cost | As of December 31, 2022, unrecognized stock-based compensation expense by award type, net of estimated forfeitures, and their expected weighted-average recognition periods are summarized in the following table (in thousands).
|  | Stock Option |  |  |  | ESPPs
Unrecognized stock-based compensation expense |  | $ | 73,095 |  |  |  |  | $ | 9,781 |
Weighted-average amortization period (in years) |  | 2.3 |  |  |  | 0.8
Shares Reserved For Future Issuance | Shares Reserved for Future Issuance As of December 31, 2022, the Company had common shares reserved for future issuance as follows (in thousands):
Stock options outstanding |  | 8,287 |  |  |
Shares available for future grant under 2019 Plan |  | 5,986 |  |  |
Shares available for future issuance under ESPP |  | 4,712 |  |  |
Shares available for future issuance under NQ ESPP |  | 3,043 |  |  |
|  | 22,028 |  |  |

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