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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Stock Option Activity under the Plans | Stock option activity under the Plans for the year ended December 31, 2023 was as follows:
| Number of Shares |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (in Years) |  | Aggregate Intrinsic Value
Balance—December 31, 2022 | 18,153,195 |  | $ | 6.07 |  |  | 5.41 |  | $ | 120,289 |
Granted | 454,626 |  | 14.72 |  |  |  |  |
Exercised | (6,621,448) |  | 4.13 |  |  |  |  |
Canceled | (821,235) |  | 13.41 |  |  |  |  |
Balance—December 31, 2023 | 11,165,138 |  | $ | 7.03 |  |  | 5.22 |  | $ | 142,444 |
Options vested | 9,462,200 |  | $ | 5.70 |  |  | 4.74 |  | $ | 131,590 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | RSU activity under the Plans for the year ended December 31, 2023 was as follows:
| Number of Shares |  | Weighted-Average Grant Date Fair Value |  | Aggregate Intrinsic Value
Unvested balance—December 31, 2022 | 22,773,053 |  | $ | 17.75 |  |  | $ | 269,779 |
Granted | 7,335,245 |  | 12.41 |  |  |
Vested | (8,449,866) |  | 17.73 |  |  |
Forfeited | (3,297,386) |  | 19.91 |  |  |
Unvested balance—December 31, 2023 | 18,361,046 |  | $ | 15.24 |  |  | $ | 355,653 |
Summary of Weighted Average Assumptions to Record Stock-Based Compensation Expense for Stock Options Granted | A summary of the weighted-average assumptions we utilized to record stock-based compensation expense for stock options granted is as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Fair value of common stock | $ | 14.72 |  |  | $ | 12.80 |  |  | $ | 29.99 |
Risk-free interest rate | 3.7 | % |  | 3.1 | % |  | 1.3 | %
Expected term (in years) | 6.1 |  | 6.1 |  | 6.2
Expected volatility | 57.3 | % |  | 57.7 | % |  | 57.1 | %
Dividend yield | — | % |  | — | % |  | — | %
The following table summarizes the assumptions used in estimating the fair value of ESPP Rights:
| Year Ended December 31,
| 2023 |  | 2022 | 2021
Risk-free interest rate | 3.9% - 5.5% |  | 1.4% - 4.6% | 0.0% - 0.5%
Expected term (in years) | 0.5 - 2.0 |  | 0.5 - 2.0 | 0.5 - 2.0
Expected volatility | 39.2% - 61.0% |  | 59.4% - 76.5% | 48.3% - 61.9%
Dividend yield | —% |  | —% | —%
Summary of Stock-Based Compensation Expense in the Consolidated Statements of Operations | Stock-based compensation expense is classified in the Consolidated Statements of Operations as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Cost of revenue | $ | 2,593 |  |  | $ | 3,089 |  |  | $ | 2,092 |
Research and development | 49,931 |  |  | 48,779 |  |  | 42,783 |
Sales and marketing | 31,299 |  |  | 30,092 |  |  | 25,992 |
General and administrative | 31,352 |  |  | 28,703 |  |  | 20,316 |
Restructuring related charges | (5,605) |  |  | 122 |  |  | — |
Total | $ | 109,570 |  |  | $ | 110,785 |  |  | $ | 91,183 |
Summary of Shares of Common Stock Reserved for Future Issuance | Our common stock reserved for future issuance was as follows:
| December 31, 2023 |  | December 31, 2022
Stock options outstanding | 11,165,138 |  | 18,153,195
RSUs outstanding | 18,361,046 |  | 22,773,053
Shares available for future grants | 16,913,085 |  | 8,819,998
Total shares of common stock reserved | 46,439,269 |  | 49,746,246

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