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Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 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 September 30, 2024 were as follows (in thousands):
September 30, 2024
Stock options outstanding891
RSUs (including PRSUs) outstanding5,269
Shares available for future grant under 2014 Plan16,470
Shares available for future issuance under ESPP4,461
Total shares of common stock reserved27,091
Schedule of Stock Option Activity
A summary of the Company’s stock option activity during the nine months ended September 30, 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(21)19.86 
Options forfeited or expired(6)136.44 
Outstanding as of September 30, 2024891 56.31 3.9$4,953 
Schedule of RSU Activity
A summary of the Company’s restricted stock unit ("RSU") activity, including PRSUs, during the nine months ended September 30, 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)
3,114 53.32 
RSUs vested and released(1,661)79.87 
RSUs forfeited or cancelled(260)76.86 
Outstanding as of September 30, 20245,269 66.57 
(1) Includes 159,016 PRSUs granted during the nine months ended September 30, 2024.
Schedule of Stock-based Compensation Expense
Stock-based compensation expense was as follows (in thousands):
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Cost of revenue$7,512 $9,856 $22,904 $29,077 
Research and development8,244 12,980 29,001 38,375 
Sales and marketing12,490 16,404 40,334 50,840 
General and administrative11,310 13,371 35,633 38,429 
Total stock-based compensation expense$39,556 $52,611 $127,872 $156,721 
Schedule of Unrecognized Compensation Expense
As of September 30, 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$1,887 $313,198 $13,419 $549 
Weighted-average amortization period1.0 year2.8 years1.5 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 EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Closing price of common stock as of grant date— — $63.38 $68.15 
Expected term (years)— — 2.852.84
Volatility— — 49.4 51.1 %
Risk-free interest rate— — 4.5 %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.