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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Schedule of Common Stock Reserved for Future Issuance | Shares of common stock reserved for future issuance related to outstanding equity awards and employee equity incentive plans as of September 30, 2023 were as follows (in thousands):
|  | September 30, 2023
Stock options outstanding |  | 973
RSUs (including PRSUs) outstanding |  | 4,378
Shares available for future grant under 2014 Plan |  | 15,816
Shares available for future issuance under ESPP |  | 4,076
Total shares of common stock reserved |  | 25,243
Schedule of Stock Option Activity | A summary of the Company’s stock option activity during the nine months ended September 30, 2023 is as follows (in thousands, except per share data):
|  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value
Outstanding as of December 31, 2022 |  | 1,481 |  |  | $ | 47.75 |  |  |  |  |
Options granted |  | — |  |  | — |  |  |  |  |
Options exercised |  | (436) |  |  | 19.07 |  |  |  |  |
Options forfeited or expired |  | (72) |  |  | 141.71 |  |  |  |  |
Outstanding as of September 30, 2023 |  | 973 |  |  | $ | 53.66 |  |  | 4.8 |  | $ | 27,290 |
Schedule of RSU Activity | A summary of the Company’s restricted stock unit ("RSU") activity (including Performance-Based Restricted Stock Units "PRSUs") during the nine months ended September 30, 2023 is as follows (in thousands, except per share data):
|  | Number of Shares |  | Weighted Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2022 |  | 3,718 |  |  | $ | 103.55 |
RSUs granted(1) |  | 2,388 |  |  | 68.25 |
RSUs vested and released |  | (1,378) |  |  | 101.30 |
RSUs forfeited or canceled |  | (350) |  |  | 103.11 |
Outstanding as of September 30, 2023 |  | 4,378 |  |  | 85.06 |
(1) Includes 35,921 PRSUs granted during the nine months ended September 30, 2023.
Schedule of Stock-based Compensation Expense | Stock-based compensation expense was as follows (in thousands):
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Cost of revenue |  | $ | 9,856 |  |  | $ | 8,329 |  |  | $ | 29,077 |  |  | $ | 24,659 |
Research and development |  | 12,980 |  |  | 10,603 |  |  | 38,375 |  |  | 32,567 |
Sales and marketing |  | 16,404 |  |  | 15,761 |  |  | 50,840 |  |  | 44,148 |
General and administrative |  | 13,371 |  |  | 9,810 |  |  | 38,429 |  |  | 27,308 |
Total stock-based compensation expense |  | $ | 52,611 |  |  | $ | 44,503 |  |  | 156,721 |  |  | 128,682 |
Schedule of Unrecognized Compensation Expense | As of September 30, 2023, unrecognized stock-based compensation expense by award type and expected weighted-average recognition periods are summarized in the following table (in thousands, except years).
|  | Stock Option |  | RSU (excluding PRSUs) |  | PRSU |  | ESPP
Unrecognized stock-based compensation expense |  | $ | 5,781 |  |  | $ | 315,047 |  |  | $ | 16,228 |  |  | $ | 557 |
Weighted-average amortization period |  | 1.7 years |  | 2.7 years |  | 1.9 years |  | 0.1 years
Schedule of Valuation Assumptions, Stock Option | The weighted-average assumptions used to value stock options granted during the periods presented were as follows:
Stock Options |  | Three Months Ended |  | Nine Months Ended
|  | September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Expected term (years) |  | — |  |  | — |  |  | — |  |  | 6.0
Volatility |  | — |  |  | — |  |  | — |  |  | 46.0 | %
Risk-free interest rate |  | — |  |  | — |  |  | — |  |  | 1.8 | %
Dividend yield (1) |  | — |  |  | — |  |  | — |  |  | — |
The weighted-average assumptions used to value PRSUs with market conditions granted during the periods presented were as follows:
PRSUs (Market Conditions) |  | Three Months Ended |  | Nine Months Ended
|  | September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Closing price of common stock as of grant date |  | — |  |  | — |  |  | $ | 68.15 |  |  | $110.00
Expected term (years) |  | — |  |  | — |  |  | 2.84 |  | 2.84
Volatility |  | — |  |  | — |  |  | 51.1 | % |  | 48.8 | %
Risk-free interest rate |  | — |  |  | — |  |  | 4.5 | % |  | 1.6 | %
Dividend yield (1) |  | — |  |  | — |  |  | — |  |  | — |
(1)The Company has not paid, and does not anticipate paying, cash dividends on its shares of common stock. Accordingly, the expected dividend yield is zero.

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