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STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
The following table summarizes the stock option activity during the nine months ended September 30, 2024:
Number of
Shares		Weighted-
Average
Exercise Price
Outstanding at December 31, 20234,340,052$12.57 
Exercised(962,063)12.86 
Canceled/Forfeited(750)19.16 
Outstanding at September 30, 20243,377,23912.48 
Exercisable at September 30, 20243,377,239$12.48 
Summary of Activity in Connection with RSUs
The following table summarizes the RSU activity during the nine months ended September 30, 2024:
Number of
Shares		Weighted-
Average Grant
Date Fair Value
Outstanding at December 31, 20237,382,073$59.35 
Granted3,612,06874.43 
Vested(2,603,690)60.54 
Canceled/Forfeited(1,011,285)64.78 
Outstanding at September 30, 20247,379,166$65.63 
Summary of Activity in Connection with PSUs
The following table summarizes the PSU activity during the nine months ended September 30, 2024:
Number of
Shares		Weighted-
Average Grant
Date Fair Value
Outstanding at December 31, 202377,971$55.63 
Granted (1)
112,25574.49 
Vested(15,227)63.52 
Outstanding at September 30, 2024174,999$67.04 
(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 nine months ended September 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 September 30,Nine Months Ended September 30,
2024202320242023
Cost of revenue$2,079 $1,931 $6,015 $5,509 
Sales and marketing13,924 14,310 42,408 41,781 
Research and development18,311 16,347 49,657 52,395 
General and administrative13,861 12,221 39,452 32,549 
Total stock-based compensation expense$48,175 $44,809 $137,532 $132,234 
Stock-based compensation capitalized for software development and cloud-computing arrangement implementation costs3,599 2,706 9,553 6,989 
Total stock-based compensation cost$51,774 $47,515 $147,085 $139,223