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Stockholders' Equity (Tables)

12 Months Ended

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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