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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Stock Option Activity

The following table summarizes stock option activity during the year ended December 31, 2023:

						Number of Shares						Weighted-Average  Exercise Price						Weighted-Average Remaining Contractual Term						Aggregate Intrinsic Value
						(in thousands)												(in years)						(in thousands)
Outstanding at December 31, 2022						2,443						$	6.01					4.7						$	7,674
Granted						602						16.47
Exercised						(291)						7.45
Forfeited						(44)						8.41
Outstanding at December 31, 2023						2,710						$	8.14					5.1						$	26,383
Vested and exercisable at December 31, 2023						2,142						$	5.94					3.8						$	25,620

Schedule of Employee Stock Purchase Plan Valuation Assumptions

The Company estimated the fair value of stock option awards during the year ended December 31, 2023 on the date of the grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

			Year ended December 31,
						2023
Fair value of common stock						$16.47
Expected term (in years)						5.96
Risk-free interest rate						4.67%
Expected volatility						71.2%
Dividend yield						—%

The Company estimated the fair value of shares granted under the ESPP on the first date of the offering period using the Black-Scholes option pricing model with the following assumptions:

Year ended December 31,

2023

2022

2021

Fair value of common stock

$3.33 – $6.09

$8.40 – $11.85

$41.24 – $44.87

Expected term (in years)

0.49 – 0.50

0.49

0.49 – 0.50

Risk-free interest rate

4.65% – 5.43%

1.57% – 4.65%

0.02% – 0.07%

Expected volatility

70% – 88%

88% – 101%

47% – 58%

Dividend yield

—

%

—

%

—

%

Schedule of Restricted Stock Units and Restricted Stock Awards

The following table summarizes RSU activity during the years ended December 31, 2023:

						Number of Shares						Weighted-Average Grant Date Fair Value Per Share
						(in thousands)
Nonvested RSUs as of December 31, 2022						11,990						$	20.10
Granted						7,667						15.80
Vested						(6,719)						18.94
Cancelled/forfeited						(1,694)						22.80
Nonvested RSUs as of December 31, 2023						11,244						$	17.46

						Number of Shares						Weighted-Average Grant Date Fair Value Per Share
						(in thousands)
Nonvested executive PSUs as of December 31, 2022						267						$	28.16
Granted						762						15.88
Vested						(84)						28.16
Cancelled/forfeited						(213)						24.35
Nonvested executive PSUs as of December 31, 2023						732						$	16.49

						Number of Shares						Weighted-Average Grant Date Fair Value Per Share
						(in thousands)
Nonvested MPSUs as of December 31, 2022						2,174						$	6.80
Granted						87						7.25
Vested						(540)						7.84
Cancelled/forfeited						(250)						6.69
Nonvested MPSUs as of December 31, 2023						1,471						$	6.46

Schedule of Stock-Based Compensation Expense

The following table summarizes the components of total stock-based compensation expense included in the accompanying consolidated statements of operations:

						Year ended December 31,
						2023						2022						2021
						(in thousands)
Cost of revenue						$	11,656					$	12,050					$	7,227
Research and development						47,827						58,435						47,019
Sales and marketing						33,703						39,083						31,159
General and administrative						43,117						36,228						55,083
Total						$	136,303					$	145,796					$	140,488

X

- Definition

Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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