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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
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, purchase rights issued under our employee stock purchase plan (“ESPP”) and earnout consideration and key employee consideration shares related to acquisitions was classified in the accompanying consolidated statements of operations as follows:
|  |  | Year Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
|  |  |  |  | (in thousands)
Stock-based compensation expense: |  |  |  |  |  |  |  |  |
Cost of revenue |  |  |  |  | $ | 12,208 |  |  | $ | 11,005 |  |  | $ | 10,367 |
Research and development |  |  |  |  | 37,566 |  |  | 39,183 |  |  | 49,940 |
Sales and marketing |  |  |  |  | 28,718 |  |  | 30,350 |  |  | 31,217 |
General and administrative |  |  |  |  | 29,469 |  |  | 31,098 |  |  | 28,378 |
Total stock-based compensation expense |  |  |  |  | $ | 107,961 |  |  | $ | 111,636 |  |  | $ | 119,902 |
The unrecognized stock-based compensation expense and estimated weighted average amortization periods remaining at December 31, 2024 was as follows:
| Unrecognized Compensation Expense |  | Weighted-Average Amortization Period Remaining
| (in thousands) |  | (in years)
RSUs and PSUs | $ | 137,525 |  |  | 1.9
Purchase rights under our ESPP | $ | 1,734 |  |  | 0.6
Earnout and key employee consideration shares | $ | 7,391 |  |  | 1.8
Summary of Restricted Stock and Restricted Stock Unit Activity | RSUs and PSUs activity during 2024, 2023, and 2022 was as follows:
| Shares |  | Weighted- Average Grant Date Fair Value |
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 |  |  | 48.83 |  | (1)
Vested | (1,453,713) |  |  | 73.29 |  | (1)
Forfeited | (1,137,444) |  |  | 67.93 |  | (1)
Unvested balance as of December 31, 2023 | 2,714,426 |  |  | 66.40 |  | (1)
Granted | 2,563,810 |  |  | 53.99 |  |
Vested | (1,462,352) |  |  | 64.78 |  |
Forfeited | (962,649) |  |  | 62.16 |  |
Unvested balance as of December 31, 2024 | 2,853,235 |  |  | $ | 57.25 |  |
(1) The weighted average grant date fair values for RSUs and PSUs granted, vested and forfeited during fiscal year 2023, as well as the weighted average grant date fair value of awards unvested as of December 31, 2023 have been revised from prior period disclosures. Refer to Note 20, Immaterial Correction of an Error, for further information.
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, 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 |  |  |  |  | $ | 32,115 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (133,182) |  |  | 11.75 |  |  |  |  | $ | 5,013 |
Forfeited/cancelled | (450) |  |  | 7.73 |  |  |  |  |
Outstanding as of December 31, 2024 | 582,638 |  |  | 12.38 |  |  | 1.2 |  | $ | 16,225 |
Vested and exercisable as of December 31, 2024 | 582,638 |  |  | $ | 12.38 |  |  | 1.2 |  | $ | 16,225 |
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,
| 2024 |  | 2023 |  | 2022
Expected term (in years) | 0.5 - 1.0 |  | 0.5 - 1.0 |  | 0.5 - 1.0
Expected volatility | 37 - 47% |  | 47 - 68% |  | 37 - 57%
Risk-free interest rate | 4.0 – 5.4% |  | 4.5 – 5.5% |  | 0.1 – 4.0%
Expected dividend yield | — |  | — |  | —
Grant date fair value per share | $9.96 – $17.25 |  | $11.70 – $20.07 |  | $15.50 –$29.58
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, 2024, 2023 and 2022:
| September 13, 2024 |  | March 15, 2024 |  | September 15, 2023 |  | March 15, 2023 |  | September 15, 2022 |  | March 15, 2022 |  |  |  |
Common shares issued | 144,445 |  | 147,445 |  | 152,419 |  | 177,886 |  | 218,314 |  |  | 80,747 |  |  |  |  |
Purchase prices | $29.08 |  | $33.78 and $39.78 |  | $33.78 |  | $34.71 |  | $45.31 |  | $67.59 and $81.37 |  |  |  |
Aggregate proceeds | $ | 4.2 | million |  | $ | 5.0 | million |  | $ | 5.1 | million |  | $ | 6.1 | million |  | $6.2 million |  | $5.7 million |  |  |  |

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