Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of 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)	2024		2023
Cost of revenue	$	2,982	$	2,625
Sales and marketing	15,300		14,394
Research and development	11,161		8,865
General and administrative	10,276		8,233
Total stock-based compensation expense	$	39,719	$	34,117

Schedule of Unrecognized Stock-Based Compensation

A summary of the unrecognized stock-based compensation expense related to unvested stock at March 31, 2024 is presented below:

	Unrecognized Stock-Based Compensation Expense (in thousands)		Estimated Weighted Average Period (in years)
Restricted Stock Units ("RSUs")	$	374,535	3.0
Performance Stock Units ("PSUs")	11,281		3.5
Restricted Share Awards	11,400		2.0
2018 Employee Stock Purchase Plan ("2018 ESPP")	5,508		0.8

Schedule of RSUs and PSUs

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

	Restricted Stock			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		Number of Shares	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2023	311	$	45.67	7,343	$	43.80	258	$	43.90
Granted	—	—		3,153	47.31		170	47.20
Performance adjustment(1)	—	—		—	—		(10)	43.24
Vested	(31)	45.67		(1,313)	42.51		(48)	43.63
Forfeited	—	—		(345)	44.45		—	—
Unvested balance at March 31, 2024	280	45.67		8,838	45.20		370	45.47

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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, 2023	5,095	$	8.95	3.5	$	189,108
Exercised	(455)	4.11			20,073
Forfeited/canceled	—	—			—
Outstanding and exercisable at March 31, 2024	4,640	9.42		3.3	185,636

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,
	2024	2023
Expected term (in years)	0.5 — 2.0	0.5 — 2.0
Expected volatility	41.1% — 51.4%	51.0% — 58.1%
Risk-free interest rate	4.4% — 5.1%	4.8% — 5.0%
Expected dividend yield	—	—