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Stockholders' Equity (Tables)
3 Months Ended
Mar. 31, 2024
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 March 31, 2024 were as follows (in thousands):
March 31, 2024
Stock options outstanding902
RSUs (including PRSUs) outstanding5,705
Shares available for future grant under 2014 Plan17,173
Shares available for future issuance under ESPP4,670
Total shares of common stock reserved28,450
Schedule of Stock Option Activity
A summary of the Company’s stock option activity during the three months ended March 31, 2024 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, 2023918 $55.96 
Options granted — — 
Options exercised(14)26.85 
Options forfeited or expired(2)174.78 
Outstanding as of March 31, 2024902 $56.23 4.5$22,648 
Schedule of RSU Activity
A summary of the Company’s restricted stock unit ("RSU") activity, including PRSUs, during the three months ended March 31, 2024 is as follows (in thousands, except per share data):     
Number of SharesWeighted Average Grant Date Fair Value Per Share
Outstanding as of December 31, 20234,076 $83.25 
RSUs granted(1)
2,210 59.04 
RSUs vested and released(518)82.33 
RSUs forfeited or cancelled(63)87.09 
Outstanding as of March 31, 20245,705 73.57 
(1) Includes 159,016 PRSUs granted during the three months ended March 31, 2024.
Schedule of Stock-based Compensation Expense
Stock-based compensation expense was as follows (in thousands):
Three Months Ended
March 31, 2024March 31, 2023
Cost of revenue$7,603 $9,333 
Research and development10,930 12,382 
Sales and marketing14,020 17,045 
General and administrative12,131 11,983 
Total stock-based compensation expense$44,684 $50,743 
Schedule of Unrecognized Compensation Expense
As of March 31, 2024, 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 OptionRSU
(excluding PRSUs)
PRSUESPP
Unrecognized stock-based compensation expense$3,626 $369,349 $19,581 $952 
Weighted-average amortization period1.4 years3.1 years1.9 years0.1 years
Schedule of Valuation Assumptions, Stock Option
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
March 31, 2024March 31, 2023
Closing price of common stock as of grant date$63.38 $68.15 
Expected term (years)2.852.84
Volatility49.4 %51.1 %
Risk-free interest rate4.5 %4.5 %
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.