XML 38 R27.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Stock-based Compensation (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
The following table summarizes the stock option activity during the six months ended June 30, 2024:
Number of
Shares		Weighted-
Average
Exercise Price
Outstanding at December 31, 20234,340,052$12.57 
Exercised(766,211)12.95 
Canceled/Forfeited(750)19.16 
Outstanding at June 30, 20243,573,09112.48 
Exercisable at June 30, 20243,573,091$12.48 
Summary of Activity in Connection with RSUs
The following table summarizes the RSU activity during the six months ended June 30, 2024:
Number of
Shares		Weighted-
Average Grant
Date Fair Value
Outstanding at December 31, 20237,382,073$59.35 
Granted2,835,30778.88 
Vested(1,829,526)58.65 
Canceled/Forfeited(622,194)64.36 
Outstanding at June 30, 20247,765,660$66.30 
Summary of Activity in Connection with PSUs
The following table summarizes the PSU activity during the six months ended June 30, 2024:
Number of
Shares		Weighted-
Average Grant
Date Fair Value
Outstanding at December 31, 202377,971$55.63 
Granted (1)
112,25574.49 
Outstanding at June 30, 2024190,226$66.76 
(1) This represents awards granted at 100% attainment of the performance conditions.
Schedule of Estimate Fair Value on Date of Grant
The fair value of the ESPP purchase rights on the date of grant using the Black-Scholes option pricing model was estimated using the following assumptions during the six months ended June 30, 2024:
Risk-free interest rate
5.04% to 5.33%
Expected term (in years)
0.5 to 1.0
Estimated dividend yield0.00%
Estimated weighted-average volatility
29.90% to 39.27%
Summary of Total Stock-based Compensation Cost from Stock Options, RSUs, ESPP, RSAs, and Sales of Stock
The Company recorded total stock-based compensation cost from stock options, RSUs, PSUs, RSAs, and the ESPP as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Cost of revenue$2,126 $1,927 $3,936 $3,578 
Sales and marketing15,569 14,411 28,484 27,471 
Research and development17,620 16,269 31,346 36,048 
General and administrative13,910 9,880 25,591 20,328 
Total stock-based compensation expense$49,225 $42,487 $89,357 $87,425 
Stock-based compensation capitalized for software development and cloud-computing arrangement implementation costs3,496 2,161 5,954 4,283 
Total stock-based compensation cost$52,721 $44,648 $95,311 $91,708