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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense
Stock-based compensation expense was recorded in the following cost and expense categories consistent with the respective employee or service provider’s related cash compensation (in thousands):
Year ended December 31,
202320222021
Cost of revenue
Subscription and support
$5,030 $3,437 $2,868 
Professional services
2,540 2,128 1,729 
Operating expenses
Research and development
18,441 12,554 9,590 
Sales and marketing
27,774 19,323 13,901 
General and administrative
44,980 33,218 20,545 
Total
$98,765 $70,660 $48,633 
Schedule of Stock-Option Activity
The following table summarizes the option activity under the Plans for the year ended December 31, 2023:




Options
Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (Years)
Aggregate Intrinsic Value
(in thousands)
Outstanding at December 31, 20221,509,172 $14.57 3.2$104,737 
Granted— — 
Forfeited(10)13.60 
Expired— — 
Exercised(297,543)15.03 
Outstanding at December 31, 20231,211,619 $14.46 2.3$105,500 
Exercisable at December 31, 20231,211,619 $14.46 2.3$105,500 
Schedule of Restricted Stock Units and Performance Restricted Stock Units Activity
The following table summarizes the restricted stock unit and performance restricted stock unit activity under the Plan for the year ended December 31, 2023:
Number of SharesWeighted-Average Grant Date Fair Value
Unvested at December 31, 20221,921,927 $93.80 
Granted1,191,796 94.76 
Forfeited(145,648)91.84 
Vested(1)
(769,664)86.06 
Unvested at December 31, 20232,198,411 $97.17 
(1) During the year ended December 31, 2023, in accordance with our Nonqualified Deferred Compensation Plan, recipients of 2,925 shares had elected to defer settlement of the vested restricted stock units and 362,100 were released from deferral. This resulted in total deferred units of 327,269 as of December 31, 2023.
Schedule of Share-based Payment Award, ESPP, Valuation Assumptions
The fair value of our ESPP purchase rights was estimated assuming no expected dividends and the following weighted-average assumptions:
Year ended December 31,
202320222021
ESPP
Expected term (in years)0.50.50.5
Risk-free interest rate
4.6% - 5.3%
0.6% - 3.1%
0.1%
Expected volatility
33.9% - 57.3%
45.7% - 58.7%
41.8% - 45.0%
Schedule of Employee Stock Purchase Plan
The following table summarizes the ESPP activity under the Plan for the years ended December 31, 2023, 2022 and 2021:
For the year ended December 31,
202320222021
Shares issued200,436 131,467 148,864 
Weighted-average purchase price$62.43 $70.41 $59.52 
Total proceeds (in thousands)$12,512 $9,256 $8,861