Stockholders' Equity (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
| Equity [Abstract] |
|
| Schedule of Common Stock Reserved for Future Issuance |
Shares of common stock reserved for future issuance related to outstanding equity awards and employee equity incentive plans as of June 30, 2024 were as follows (in thousands): | | | | | | | | | | | June 30, 2024 | | Stock options outstanding | | 901 | | RSUs (including PRSUs) outstanding | | 5,258 | | Shares available for future grant under 2014 Plan | | 16,960 | | Shares available for future issuance under ESPP | | 4,461 | | | | | Total shares of common stock reserved | | 27,580 | | | |
|
| Schedule of Stock Option Activity |
A summary of the Company’s stock option activity during the six months ended June 30, 2024 is as follows (in thousands, except per share data): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of Shares | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Life (Years) | | Aggregate Intrinsic Value | | Outstanding as of December 31, 2023 | | 918 | | | $ | 55.96 | | | | | | | Options granted | | — | | | — | | | | | | | Options exercised | | (15) | | | 26.19 | | | | | | | Options forfeited or expired | | (2) | | | (169.94) | | | | | | | Outstanding as of June 30, 2024 | | 901 | | | $ | 56.22 | | | 4.3 | | $ | 12,373 | | | | | | | | | | |
|
| Schedule of RSU Activity |
A summary of the Company’s restricted stock unit ("RSU") activity, including PRSUs, during the six months ended June 30, 2024 is as follows (in thousands, except per share data): | | | | | | | | | | | | | | | | | Number of Shares | | Weighted Average Grant Date Fair Value Per Share | | Outstanding as of December 31, 2023 | | 4,076 | | | $ | 83.25 | | RSUs granted(1) | | 2,479 | | | 58.28 | | | RSUs vested and released | | (1,178) | | | 78.59 | | | RSUs forfeited or cancelled | | (119) | | | 83.15 | | | Outstanding as of June 30, 2024 | | 5,258 | | | 72.15 | | | | | | |
(1) Includes 159,016 PRSUs granted during the six months ended June 30, 2024.
|
| Schedule of Stock-based Compensation Expense |
Stock-based compensation expense was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 | | Cost of revenue | | $ | 7,789 | | | $ | 9,888 | | | $ | 15,392 | | | $ | 19,221 | | | Research and development | | 9,827 | | | 13,013 | | | 20,757 | | | 25,395 | | | Sales and marketing | | 13,824 | | | 17,391 | | | 27,844 | | | 34,436 | | | General and administrative | | 12,192 | | | 13,075 | | | 24,323 | | | 25,058 | | | Total stock-based compensation expense | | $ | 43,632 | | | $ | 53,367 | | | 88,316 | | | 104,110 | | | | | | | | | | |
|
| Schedule of Unrecognized Compensation Expense |
As of June 30, 2024, unrecognized stock-based compensation expense by award type and expected weighted-average recognition periods are summarized in the following table (in thousands, except years). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Stock Option | | RSU (excluding PRSUs) | | PRSU | | ESPP | | Unrecognized stock-based compensation expense | | $ | 2,844 | | | $ | 338,653 | | | $ | 16,483 | | | $ | 1,694 | | | Weighted-average amortization period | | 1.2 years | | 2.9 years | | 1.7 years | | 0.4 years |
|
| Schedule of Valuation Assumptions, Stock Option |
The weighted-average assumptions used to value PRSUs with market conditions granted during the periods presented were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | PRSUs (Market Conditions) | | Three Months Ended | | Six Months Ended | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 | | Closing price of common stock as of grant date | | — | | | — | | | 63.38 | | | $ | 68.15 | | | Expected term (years) | | — | | | — | | | 2.85 | | 2.84 | | Volatility | | — | | | — | | | 49.4 | | | 51.1 | % | | Risk-free interest rate | | — | | | — | | | 4.5 | % | | 4.5 | % | Dividend yield (1) | | — | | | — | | | — | | | — | |
(1)The Company has not paid, and does not anticipate paying, cash dividends on its shares of common stock. Accordingly, the expected dividend yield is zero.
|