Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation Expense

Stock-based compensation expense included in the consolidated statements of operations was as follows:

	Three Months Ended March 31,
(in thousands)	2023		2022
Cost of revenue	$	2,625	$	1,513
Sales and marketing	14,394		10,065
Research and development	8,865		6,463
General and administrative	8,233		7,357
Total stock-based compensation expense	$	34,117	$	25,398

Summary of RSUs and PSUs

A summary of our RSU and PSU activity is presented below:

	RSUs			PSUs
(in thousands, except for per share data)	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2022	6,894	$	43.26	196	$	44.97
Granted	3,178	43.40		188	43.24
Performance adjustment(1)	—	—		12	44.97
Vested	(1,243)	42.49		(52)	44.97
Forfeited	(123)	44.06		—	—
Unvested balance at March 31, 2023	8,706	43.41		344	44.02

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(1)    Represents adjustments due to the achievement of predefined financial performance targets.

Schedule of Stock Option Activity

A summary of our stock option activity is presented below:

(in thousands, except for exercise prices and years)	Number of Shares	Weighted Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2022	5,485	$	8.96	4.5	$	160,135
Granted	—	—
Exercised	(80)	11.72			2,541
Forfeited/canceled	—	—
Outstanding and exercisable at March 31, 2023	5,405	8.91		4.2	208,600

Schedule of ESPP Valuation Assumptions

The fair value of the 2018 ESPP purchase rights was estimated on the offering or modification dates using a Black-Scholes option-pricing model and the following assumptions:

	Three Months Ended March 31,
	2023	2022
Expected term (in years)	0.5 — 2.0	0.5 — 2.0
Expected volatility	51.0% — 58.1%	42.8% — 51.7%
Risk-free interest rate	4.8% — 5.0%	0.1%
Expected dividend yield	—	—