Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Fair value of Company's Stock Options Granted

The fair values of the Company’s stock options granted during the year ended December 31, 2023, 2022 and 2021, were estimated using the following assumptions:

	2023 grants	2022 grants	2021 grants
Weighted average grant date fair value per share	$65.19 - 67.65	$44.63 - 64.79	$61.93 - 80.06
Expected volatility	35%	35%	35%
Expected term (in years)	6.25	6.25	6.25
Risk-free interest rate	3.5% - 4.3%	1.7% - 4.2%	1.1% - 1.2%
Expected dividend yield	0%	0%	0%

Summary of Stock-Based Compensation

The stock-based compensation expense was recorded as follows (in thousands):

	Year ended December 31,
	2023		2022		2021
Cost of revenue-software	$	10,095	$	8,351	$	5,619
Research and development		33,842		36,250		16,561
Sales and marketing		28,376		30,370		15,044
General and administrative		13,268		9,816		7,325
Total stock-based compensation expense	$	85,581	$	84,787	$	44,549

NSO Plan [Member]

Summary of Stock Option Activity

The following table summarizes the stock option activity under the NSO Plan:

	Number of options			Weighted average exercise price per share		Weighted average remaining contractual term (years)		Aggregate intrinsic value (in millions)
Outstanding as of December 31, 2022		1,158,260		$	0.000025		14.0
Exercised		(163,376	)	$	0.000025
Outstanding and exercisable as of December 31, 2023		994,884		$	0.000025		13.0	$	83.7

2012 Plan [Member]

Summary of Stock Option Activity

The following table summarizes the stock option activity under the 2012 Plan for the periods indicated as follows:

	Number of options			Weighted average exercise price per share		Weighted average remaining contractual term (years)		Aggregate intrinsic value (in millions)
Outstanding as of December 31, 2022		374,574		$	4.34		3.4
Exercised		(103,215	)	$	4.03
Outstanding and exercisable as of December 31, 2023		271,359		$	4.46		2.5	$	21.6

2017 Plan [Member]

Summary of Stock Option Activity

The following table summarizes the stock option activity under the 2017 Plan for the period:

	Number of options			Weighted average exercise price per share		Weighted average remaining contractual term (years)		Aggregate intrinsic value (in millions)
Outstanding as of December 31, 2022		7,491,491		$	50.39		8.5
Granted		1,017,785		$	65.19
Exercised		(785,550	)	$	45.23
Forfeited		(121,648	)	$	56.85
Outstanding as of December 31, 2023		7,602,078		$	52.81		7.8	$	238.3
Exercisable as of December 31, 2023		3,650,320		$	49.99		6.9	$	124.7

Summary of Restricted Stock Units Awarded

The following table summarizes the restricted stock units, or RSUs, awarded under the 2017 Plan for the period:

	Number of RSUs
Outstanding as of December 31, 2022		1,230,774
Granted		423,771
Vested		(538,997	)
Forfeited		(29,197	)
Outstanding as of December 31, 2023		1,086,351