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Stockholders’ Equity and Stock-Based Compensation
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stockholders’ Equity and Stock-Based Compensation Stockholders’ Equity and Stock-Based Compensation
Stock Repurchase Program
    In October 2021, our board of directors authorized a $1.0 billion stock repurchase program (the “Existing Repurchase Program”). This authorization allows us to repurchase shares of our common stock that will be funded from working capital and expires in October 2024. Repurchases may be made at management's discretion from time to time on the open market, through privately negotiated transactions, transactions structured through investment banking institutions, block purchases, trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or a combination of the foregoing. The Existing Repurchase Program, does not obligate us to acquire any of our common stock and may be suspended or discontinued by the company at any time without prior notice. As of March 31, 2024, the remaining authorized amount for stock repurchases under the Existing Repurchase Program was approximately $82.0 million. In April 2024, we repurchased the remaining $82.0 million of our common stock authorized under the Existing Repurchase Program.
A summary of the stock repurchase activity under the Existing Repurchase Program for the three months ended March 31, 2024 is as follows (in thousands, except per share amounts):
Three Months Ended
March 31, 2024
Aggregate purchase price$62,653 
Shares repurchased228 
Average price paid per share$274.82 
    The aggregate purchase price of repurchased shares of our common stock is recorded as a reduction to retained earnings in our unaudited condensed consolidated statements of stockholders' equity. All shares repurchased have been retired.
Equity Award Plan Activities
2014 Equity Incentive Plan
    In April 2014, our board of directors and stockholders approved the 2014 Equity Incentive Plan (the “2014 Plan”), effective on the first day that our common stock was publicly traded, and simultaneously terminated the 2004 and 2011 equity plans as to future grants; however, these plans will continue to govern the terms and conditions of the outstanding options previously granted thereunder.
    Awards granted under the 2014 Plan could be in the form of Incentive Stock Options (“ISOs”), Nonstatutory Stock Options (“NSOs”), Restricted Stock Units (“RSUs”), Restricted Stock Awards (“RSAs”) or Stock Appreciation Rights (“SARs”). The number of shares available for grant and issuance under the 2014 Plan increases automatically on January 1 of each year commencing with 2016 by the number of shares equal to 3% of the outstanding shares of our common stock on the immediately preceding December 31, but not to exceed 50 million shares, unless our board of directors, in its discretion, determines to make a smaller increase. As of March 31, 2024, there remained approximately 84.8 million shares available for grant under the 2014 Plan. The 2014 Plan (the “Existing Plan”) expired on April 17, 2024, and our board of directors have approved the amendment, restatement and extension of the 2014 Plan (the “Restated Plan”), reducing the number of shares available for future grants, subject to the approval of our stockholders at our 2024 Annual Meeting of Stockholders on June 7, 2024. Refer to Note 10 Subsequent Events of the Notes to Condensed Consolidated Financial Statements included in Part I, Item 1, of this Quarterly Report on Form 10Q for future discussion.
2014 Employee Stock Purchase Plan
    In April 2014, our board of directors and stockholders approved the 2014 Employee Stock Purchase Plan (the “ESPP”). The ESPP became effective on the first day that our common stock was publicly traded. The number of shares reserved for issuance under the ESPP increases automatically on January 1 of each year by the number of shares equal to 1% of our shares outstanding on the immediately preceding December 31, but not to exceed 10 million shares, unless our board of directors, in its discretion, determines to make a smaller increase. Effective January 1, 2024, our board of directors authorized an increase of 3.1 million shares to the shares available for issuance under the ESPP. During the three months ended March 31,
2024, we issued 140,162 shares at a weighted-average purchase price of $114.40 per share under the ESPP. As of March 31, 2024, there remained approximately 26.4 million shares available for issuance under the ESPP.
Stock Option Activities
    The following table summarizes the option activity under our stock plans and related information (in thousands, except years and per share amounts):
Number of
Shares
Underlying
Outstanding Options		Weighted-
Average
Exercise
Price per Share 		Weighted-
Average
Remaining
Contractual
Term (in years) 		Aggregate
Intrinsic
Value
Balance—December 31, 20232,457 $19.83 1.7$529,931 
       Options granted — — 
       Options exercised (679)13.41 
       Options canceled(24)20.07 
Balance—March 31, 20241,754 $22.32 1.8$469,404 
Vested and exercisable—March 31, 20241,629 $20.98 1.6$438,107 
Restricted Stock Unit (RSU) Activities
    A summary of the RSU activity is presented below (in thousands, except years and per share amounts):
Number of
Shares		Weighted-
Average Grant
Date Fair Value Per Share
Unvested balance—December 31, 20237,900 $112.76 
              RSUs and PRSUs granted508 262.15 
              RSUs and PRSUs vested(855)96.35 
              RSUs and PRSUs forfeited/canceled(195)106.54 
Unvested balance—March 31, 20247,358 $125.15 
Stock-Based Compensation Expense
    The following table summarizes the stock-based compensation expense related to our equity awards (in thousands):
Three Months Ended March 31,
20242023
Cost of revenue $3,450 $2,975 
Research and development 43,788 36,569 
Sales and marketing
18,901 15,138 
General and administrative 11,076 8,199 
              Total stock-based compensation $77,215 $62,881 
    As of March 31, 2024, there were $746.0 million of unamortized compensation costs related to all unvested awards. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 3.6 years.