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Stockholders' Equity and Stock Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Summary of Common Shares Reserved for Future Issuance
Shares of common stock outstanding and reserved for future issuance were as follows (in thousands):
March 31, 2024
2011 Stock Plan:
Options, RSUs and PRSUs outstanding5,216 
2021 Equity Incentive Plan:
Options and RSUs outstanding (1)
15,129 
Shares reserved for future award issuances84,184 
2022 Inducement Plan:
Options and RSUs outstanding3,237 
Shares reserved for future award issuances6,425 
2021 Employee Stock Purchase Plan
Shares reserved for future award issuances13,484 
Total shares of common stock outstanding and reserved for issuance
127,675 
(1)Outstanding shares include the Executive PRSUs and 2024 CEO Award, as discussed below, based on 100% achievement of target performance.
Schedule of Stock Option Activity
Share Information:Number of Shares (in thousands)Weighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value (in thousands) (1)
Balance as of December 31, 20232,395 $10.39 7.0$31,368 
Stock options exercised(32)$0.31 
Stock options cancelled / forfeited / expired— $— 
Balance as of March 31, 20242,363 $10.53 6.8$18,147 
Options vested and expected to vest as of March 31, 20242,363 $10.53 6.8$18,147 
Options exercisable as of March 31, 20241,228 $7.68 5.4$12,926 
(1)Aggregate intrinsic value for stock options represents the difference between the exercise price and the per share fair value of the Company’s common stock as of the end of the period, multiplied by the number of stock options outstanding, exercisable, or vested.
Schedule of Restricted Stock Unit Activity
RSU activity, which includes PRSUs, during the three months ended March 31, 2024 was as follows:
Share Information:Number of SharesWeighted-Average Grant Date Fair Value Per Share
(in thousands, except per share data)
Unvested, as of December 31, 2023
26,755 $18.44 
Granted (1)
4,567 $30.14 
Vested (2)
(2,801)$16.09 
Forfeited/Cancelled (3)
(7,302)$20.79 
Unvested, as of March 31, 2024
21,219 $20.45 
(1) During the three months ended March 31, 2024, shares granted includes 0.9 million shares granted to the CEO as long-term equity incentive award accounted for as a modification with a weighted average grant date fair value of $69.78 per share. Refer to the CEO Awards discussion below.
(2) During the three months ended March 31, 2024, total shares that vested were 2.8 million, of which 1.0 million were withheld for tax purposes.
(3) Shares forfeited includes the cancellation of the CEO Performance Award consisting of 6,000,000 PRSUs discussed in the CEO Awards section below.
Stock-based Compensation Expense
Total stock-based compensation expense recorded for the three months ended March 31, 2024 and 2023 was as follows (in thousands):
Three Months Ended March 31,
20242023
Cost of revenue$1,521 $1,696 
Research and development(1)
8,666 8,979 
Sales and marketing
17,301 15,756 
General and administrative(2)
24,954 24,263 
Stock-based compensation, net of amounts capitalized52,442 50,694 
Capitalized stock-based compensation374 514 
Total stock-based compensation expense
$52,816 $51,208 
(1)     Stock-based compensation expense recorded to research and development in the consolidated statements of operations excludes amounts that were capitalized for internal-use software.
(2)    General and administrative expense includes $13.5 million and $13.8 million of stock-based compensation expense for the three months ended March 31, 2024 and 2023, respectively, associated with RSUs and PRSUs granted to our CEO.
Share-based Payment Arrangement, Nonvested Award, Cost
As of March 31, 2024, unrecognized stock-based compensation expense related to unvested stock-based awards was as follows (in thousands, except for period data):
March 31, 2024
Unrecognized Stock-Based CompensationWeighted-Average Period to Recognize Expense
(in years)
RSUs and PRSUs$427,899 2.4
Stock options9,076 2.4
ESPP2,759 0.5
Total unrecognized stock-based compensation expense$439,734