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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023, were as follows (in thousands):

						Common Stock Reserved
Stock options outstanding						918
RSUs (including PRSUs) outstanding						4,076
Shares available for future grant under 2014 Plan						15,653
Shares available for future issuance under ESPP						3,937
Total shares of common stock reserved						24,584

Schedule of Stock Option Activities

A summary of the Company’s stock option activity during the year ended December 31, 2023 is as follows (in thousands, except years and per share data):

						Number of Shares						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life (Years)						Aggregate Intrinsic Value (1)
Outstanding as of December 31, 2022						1,481						$	47.75
Options granted						0						0.00
Options exercised						(491)						18.58
Options forfeited or expired						(72)						141.83
Outstanding as of December 31, 2023						918						55.96						4.7						$	34,205
Vested and expected to vest as of December 31, 2023						918						55.96						4.7						34,205
Exercisable as of December 31, 2023						841						48.61						4.5						34,131

(1) The aggregate intrinsic value amounts are computed based on the difference between the exercise price of the

stock options and the fair market value of the Company’s common stock of $78.69 per share as of December     29, 2023 for all in-the-money stock options outstanding.

Following is additional information pertaining to the Company’s stock option activity (in thousands, except per share data):

						Year Ended December 31,
						2023						2022						2021
Weighted average grant date fair value per share of options granted						$	—					$	50.44					$	78.72
Intrinsic value of options exercised (1)						26,943						45,698						59,762
Total fair value of options vested during the period						5,602						11,421						12,760
Cash received from options exercised						9,127						8,522						7,402
(1) Intrinsic value of options exercised is the difference between the fair market value of the Company’s common stock at the time of exercise and the exercise price paid.

Schedule of RSU Activities

A summary of RSU activity (including PRSUs) during the year ended December 31, 2023 is as follows (in thousands, except years and 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)						2,648						69.84
RSUs vested and released						(1,844)						100.60
RSUs forfeited or cancelled						(446)						100.75
Outstanding as of December 31, 2023						4,076						83.25

(1) Includes 36 thousand PRSUs granted during 2023.

Following is additional information pertaining to the Company’s RSU activity (including PRSUs) (in thousands, except per share data):

						Year Ended December 31,
						2023						2022						2021
Weighted average grant date fair value per share of RSUs granted						$	69.84					$	90.51					$	177.00
Total fair value of RSUs vested during the period						184,443						125,798						174,500

Schedule of Stock-Based Compensation Expense

Stock-based compensation expenses for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):         

						Year Ended December 31,
						2023						2022						2021
Cost of revenue						$	38,259					$	33,297					$	17,734
Research and development						50,430						44,367						29,179
Sales and marketing						66,229						59,300						35,269
General and administrative						51,374						35,543						26,623
Total stock-based compensation						$	206,292					$	172,507					$	108,805

Schedule of Unrecognized Compensation Expense

As of December 31, 2023, unrecognized stock-based compensation expense by award type and their 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						$	4,660					$	284,201					$	13,068					$	2,888
Weighted-average amortization period						1.5 years						2.7 years						1.8 years						0.4 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						Year Ended December 31,
						2023						2022						2021
Expected term (years)						—						6.0						6.0
Volatility						—						46%						47%
Risk-free interest rate						—						1.8%						1.0%
Dividend yield						—						—						—

The weighted average assumptions used to value PRSUs with market conditions granted during the periods presented were as follows:

PRSUs (Market Conditions)						Year Ended December 31,
						2023						2022						2021
Expected term (years)						2.8						3.0						—
Volatility						51.1%						53.0%						—
Risk-free interest rate						4.5%						3.5%						—
Dividend yield						—						—						—

Schedule of Valuation Assumptions for Stock Option Purchase Plan

The weighted average assumptions used to value purchase rights under the 2014 ESPP granted during the periods presented were as follows:

ESPP						Granted In
						November 2023						May 2023						November 2022						May 2022						November 2021						May 2021
Expected term (years)						0.5						0.5						0.5						0.5						0.5						0.5
Volatility						48%						75%						59%						46%						46%						49%
Risk-free interest rate						4.8%						4.6%						2.1%						0.2%						0.2%						0.1%
Dividend yield						—						—						—						—						—						—

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