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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Share-Based Compensation Expense Recognized to Statements of Operations | A summary of share-based compensation expense recognized in the Company’s Consolidated Statements of Operations is as follows (in thousands):
| Year ended December 31,
| 2023 |  | 2022 |  | 2021
Cost of revenues | $ | 36,484 |  |  | $ | 34,269 |  |  | $ | 29,307 |
Research and development | 93,961 |  |  | 88,846 |  |  | 83,042 |
Sales and marketing | 151,221 |  |  | 151,950 |  |  | 137,924 |
General and administrative | 145,013 |  |  | 110,944 |  |  | 107,692 |
Total share-based compensation expense | $ | 426,679 |  |  | $ | 386,009 |  |  | $ | 357,965 |
Summary of Share-Based Compensation Expense by Award Type | A summary of share-based compensation expense by award type is as follows (in thousands):
| Year ended December 31,
| 2023 |  | 2022 |  | 2021
Employee stock purchase plan rights (“ESPP”) | $ | 7,574 |  |  | $ | 7,719 |  |  | $ | 9,573 |
Performance stock units (“PSUs”) | 27,035 |  |  | 1,737 |  |  | 298 |
Restricted stock units (“RSUs”) | 392,070 |  |  | 376,553 |  |  | 348,094 |
Total share-based compensation expense | $ | 426,679 |  |  | $ | 386,009 |  |  | $ | 357,965 |
Summary of Stock Option Activity Plans | A summary of option activity under all of the Company’s equity incentive plans at December 31, 2023 and changes during the period then ended is presented in the following table:
| Number of Options Outstanding (in thousands) |  | Weighted- Average Exercise Price Per Share |  | Weighted- Average Contractual Term (in Years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020 | 897 |  |  | $ | 12.02 |  |  | 1.7 |  | $ | 329,151 |
Exercised | (741) |  |  | 12.58 |  |  |  |  |
Canceled/Forfeited | (2) |  |  | 27.45 |  |  |  |  |
Outstanding at December 31, 2021 | 154 |  |  | $ | 9.12 |  |  | 0.9 |  | $ | 27,465 |
Exercised | (132) |  |  | 8.54 |  |  |  |  |
Canceled/Forfeited | — |  |  | — |  |  |  |  |
Outstanding at December 31, 2022 | 22 |  |  | $ | 12.53 |  |  | 0.5 |  | $ | 509 |
Exercised | (22) |  |  | 12.53 |  |  |  |  |
Canceled/Forfeited | — |  |  | — |  |  |  |  |
Outstanding at December 31, 2023 | — |  |  | $ | — |  |  | 0.0 |  | $ | — |
Vested and expected to vest as of December 31, 2023 | — |  |  | $ | — |  |  | 0.0 |  | $ | — |
Exercisable as of December 31, 2023 | — |  |  | $ | — |  |  | 0.0 |  | $ | — |
Summary of Assumptions Used to Value ESPP Rights Under the Black-Scholes Option-Pricing Model | The weighted-average assumptions used to value ESPP rights under the Black-Scholes-Merton option-pricing model and the resulting offering grant date fair value of ESPP rights granted in the periods presented were as follows:
| Year ended December 31,
| 2023 |  | 2022 |  | 2021
Expected term (in years) | 0.5 |  | 0.5 |  | 0.5
Expected volatility | 67 | % |  | 81 | % |  | 48 | %
Risk-free interest rate | 5.36 | % |  | 3.01 | % |  | 0.05 | %
Expected dividend yield | 0 | % |  | 0 | % |  | 0 | %
Offering grant date fair value of ESPP rights | $ | 9.38 |  |  | $ | 20.18 |  |  | $ | 71.27 |
Summary of RSUs Activity | A summary of activity of restricted and performance-based stock units as of December 31, 2023, and changes during the period then ended is presented in the following table:
| Number of RSUs/PSUs Outstanding (in thousands) |  | Weighted- Average Grant Date Fair Value Per Share |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020 | 2,725 |  |  | $ | 162.04 |  |  | $ | 1,032,997 |
Granted | 2,792 |  |  | 299.53 |  |  |
Released | (1,811) |  |  | 185.55 |  |  |
Canceled/Forfeited | (855) |  |  | 240.21 |  |  |
Outstanding at December 31, 2021 | 2,851 |  |  | $ | 258.26 |  |  | $ | 534,186 |
Granted | 5,999 |  |  | 72.96 |  |  |
Released | (2,787) |  |  | 131.18 |  |  |
Canceled/Forfeited | (963) |  |  | 206.32 |  |  |
Outstanding at December 31, 2022 | 5,100 |  |  | $ | 119.55 |  |  | $ | 180,577 |
Granted | 13,666 |  |  | 32.16 |  |  |
Released | (5,891) |  |  | 61.12 |  |  |
Canceled/Forfeited | (2,828) |  |  | 57.29 |  |  |
Outstanding at December 31, 2023 | 10,047 |  |  | $ | 52.47 |  |  | $ | 325,153 |

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