XML 58 R42.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Stock-Based Compensation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock-Based Compensation Expense | Stock-based compensation expense for restricted stock units (“RSUs”), performance-based restricted stock units (“PSUs”), stock options and purchase rights issued under our employee stock purchase plan was classified in the accompanying consolidated statements of operations as follows:
|  |  | Year Ended December 31,
|  |  |  |  | 2023 |  | 2022 |  | 2021
|  |  |  |  | (in thousands)
Stock-based compensation expense: |  |  |  |  |  |  |  |  |
Cost of revenue |  |  |  |  | $ | 10,700 |  |  | $ | 10,367 |  |  | $ | 6,491 |
Research and development |  |  |  |  | 38,022 |  |  | 49,940 |  |  | 46,622 |
Sales and marketing |  |  |  |  | 29,325 |  |  | 31,217 |  |  | 23,828 |
General and administrative |  |  |  |  | 30,034 |  |  | 28,378 |  |  | 25,638 |
Total stock-based compensation expense |  |  |  |  | $ | 108,081 |  |  | $ | 119,902 |  |  | $ | 102,579 |
Summary of Restricted Stock and Restricted Stock Unit Activity | RSUs and PSUs activity during 2023, 2022, and 2021 was as follows:
| Shares |  | Weighted- Average Grant Date Fair Value
Unvested balance as of December 31, 2020 | 2,941,914 |  |  | $ | 32.43 |
Granted | 1,957,794 |  |  | 92.74 |
Vested | (1,610,517) |  |  | 47.00 |
Forfeited | (510,314) |  |  | 66.67 |
Unvested balance as of December 31, 2021 | 2,778,877 |  |  | 74.40 |
Granted | 2,327,216 |  |  | 86.78 |
Vested | (1,481,333) |  |  | 69.80 |
Forfeited | (623,317) |  |  | 85.93 |
Unvested balance as of December 31, 2022 | 3,001,443 |  |  | 83.88 |
Granted | 2,304,140 |  |  | 41.76 |
Vested | (1,453,713) |  |  | 71.28 |
Forfeited | (1,137,444) |  |  | 67.81 |
Unvested balance as of December 31, 2023 | 2,714,426 |  |  | $ | 61.60 |
Summary of Stock Option Activity | The following tables summarizes information about stock option activity during the reporting periods:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2020 | 1,933,013 |  |  | $ | 10.07 |  |  |  |  | $ | 154,816 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (521,326) |  |  | 8.26 |  |  |  |  | $ | 49,522 |
Forfeited/cancelled | (300) |  |  | 7.73 |  |  |  |  |
Outstanding as of December 31, 2021 | 1,411,387 |  |  | 10.74 |  |  |  |  | $ | 150,951 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (479,223) |  |  | 6.92 |  |  |  |  | $ | 20,764 |
Forfeited/cancelled | (38) |  |  | 21.15 |  |  |  |  |
Outstanding as of December 31, 2022 | 932,126 |  |  | 12.70 |  |  |  |  | $ | 19,837 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (215,856) |  |  | 14.14 |  |  |  |  | $ | 6,519 |
Forfeited/cancelled | — |  |  | — |  |  |  |  |
Outstanding as of December 31, 2023 | 716,270 |  |  | 12.26 |  |  | 1.97 |  | $ | 32,115 |
Vested and exercisable as of December 31, 2023 | 716,270 |  |  | $ | 12.26 |  |  | 1.97 |  | $ | 32,115 |
Summary of Share Based Compensation Valuation of Options Granted Assumptions | The following table reflects the assumptions used in the Black-Scholes option pricing model to calculate the expense related to the ESPP:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Expected term (in years) | 0.5 - 1.0 |  | 0.5 - 1.0 |  | 0.5 - 1.0
Expected volatility | 47 - 68% |  | 37 - 57% |  | 31 - 48%
Risk-free interest rate | 4.5 – 5.5% |  | 0.1 – 4.0% |  | 0.5 – 0.7%
Expected dividend yield | — |  | — |  | —
Grant date fair value per share | $11.70 – $20.07 |  | $15.50 – $29.58 |  | $20.32 –$34.98
Summary of Common Shares Issued to Employees | The following table provides the number of common shares issued to employees, the purchase prices and aggregate proceeds for the purchase dates in the years ended December 31, 2023, 2022 and 2021:
| September 15, 2023 |  | March 15, 2023 |  | September 15, 2022 |  | March 15, 2022 |  | September 15, 2021 |  | March 15, 2021
Common shares issued | 152,419 |  | 177,886 |  | 218,314 |  | 80,747 |  | 73,676 |  | 147,837
Purchase prices | $33.78 |  | $34.71 |  | $45.31 |  | $67.59 and $81.37 |  | $52.60 and $67.59 |  | $28.39 and $52.60
Aggregate proceeds | $ | 5.1 | million |  | $ | 6.1 | million |  | $6.2 million |  | $5.7 million |  | $4.8 million |  | $4.5 million

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of sales of stock or previously unissued stock made by subsidiary or equity method investee to investors outside the consolidated group. This includes stock issued in a business combination in exchange for shares of an acquired entity. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSaleOfStockBySubsidiaryOrEquityMethodInvesteeDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration