Stockholders' Equity and Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Stock-Based Compensation Expense in Statements of Operations

The following table shows a summary of the stock-based compensation expense included in the condensed consolidated statements of operations:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Cost of revenues	$	1,946	$	1,384	$	5,255	$	3,739
Research and development	5,671		3,236		15,734		10,064
Sales and marketing	3,229		2,495		8,580		6,829
General and administrative	7,676		6,176		20,991		17,224
Total stock-based compensation, net of amounts capitalized (1)	$	18,522	$	13,291	$	50,560	$	37,856

(1)Total stock-based compensation expense capitalized was de minimis during the three and nine months ended September 30, 2023.

Schedule of Stock Option Activity

A summary of the Company’s stock option activity is as follows:

	Outstanding Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
	(in thousands)			(Years)	(in thousands)
Balance as of December 31, 2022	1,807	$	87.59	6.5	$	58,024
Granted	289	$	124.50
Exercised	(400)	$	70.89
Canceled	(99)	$	124.73
Balance as of September 30, 2023	1,597	$	96.15	6.6	$	90,043
Vested and expected to vest as of September 30, 2023	1,400	$	91.74	6.3	$	85,134
Exercisable as of September 30, 2023	831	$	68.48	4.6	$	69,829

Schedule of RSU Activity

A summary of the Company’s RSU activity is as follows:

	Outstanding RSUs		Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Balance as of December 31, 2022	1,183	(1)	$	124.42
Granted	285	(2)	$	131.44
Vested	(296)	(3)	$	114.97
Forfeited	(157)	(4)	$	127.63
Balance as of September 30, 2023	1,015	(5)	$	128.50
Outstanding and expected to vest as of September 30, 2023	796		$	126.67

(1)Included 175 thousand PSUs granted to certain executive officers in 2022 and 2021.

(2)Included 10 thousand PSUs granted to certain executive officers in the nine months ended September 30, 2023.

(3)Included 24 thousand PSUs granted to certain executive officers in 2021.

(4)Included 22 thousand PSUs granted to certain executive officers in 2022 and 2021.

(5)Included 138 thousand PSUs granted to certain executive officers in 2023, 2022 and 2021.

Schedule of Share Repurchase Program

The Company's share repurchase program was authorized by the board of directors as follows:

Announcement Date	Authorized Dollar Value
	(in millions)
February 12, 2018	$	100.0
October 30, 2018	100.0
October 30, 2019	100.0
May 7, 2020	100.0
February 10, 2021	100.0
November 3, 2021	200.0
May 4, 2022	200.0
February 9, 2023	100.0
Total as of September 30, 2023	$	1,000.0