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Stock-based Compensation (Tables)
3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
The following table summarizes the stock option activity during the three months ended March 31, 2024:
Number of
Shares
Weighted-
Average
Exercise Price
Outstanding at December 31, 20234,340,052$12.57 
Exercised(471,310)15.15 
Outstanding at March 31, 20243,868,74212.25 
Exercisable at March 31, 20243,868,742$12.25 
Summary of Activity in Connection with RSUs
The following table summarizes the RSU activity during the three months ended March 31, 2024:
Number of
Shares
Weighted-
Average Grant
Date Fair Value
Outstanding at December 31, 20237,382,073$59.35 
Granted2,375,71380.83 
Vested(994,029)53.20 
Canceled/Forfeited(368,855)62.19 
Outstanding at March 31, 20248,394,902$66.08 
Summary of Activity in Connection with PSUs
The following table summarizes the PSU activity during the three months ended March 31, 2024:
Number of
Shares
Weighted-
Average Grant
Date Fair Value
Outstanding at December 31, 202377,971$55.63 
Granted (1)
46,98682.17 
Outstanding at March 31, 2024124,957$65.61 
(1) This represents awards granted at 100% attainment of the performance conditions.
Summary of Total Stock-based Compensation Cost from Stock Options, RSUs, ESPP, RSAs, and Sales of Stock
The Company recorded total stock-based compensation cost from stock options, RSUs, PSUs, RSAs, and the ESPP as follows (in thousands):
Three Months Ended March 31,
20242023
Cost of revenue$1,810 $1,651 
Sales and marketing12,915 13,060 
Research and development13,726 19,779 
General and administrative11,681 10,448 
Total stock-based compensation expense$40,132 $44,938 
Stock-based compensation capitalized for software development and cloud-computing arrangement implementation costs2,458 2,122 
Total stock-based compensation cost$42,590 $47,060