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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Activity under Stock Option Plans
The following table summarizes activity under the Company’s stock option plans:
Number of Shares
Underlying
Outstanding Options
Weighted-Average
Exercise Price
Weighted-Average
Remaining Contractual
Term (Years)
Aggregate
Intrinsic Value
(in thousands)
Balances at December 31, 20223,851,647 $17.58 5.51$15,037 
Exercised(590,733)3.43 
Balances at December 31, 20233,260,914 20.15 4.8618,684 
Vested and exercisable as of December 31, 20231,760,914 4.26 2.9618,684 
Vested and expected to vest as of December 31, 20233,260,914 20.15 4.8618,684 
Schedule of Activity under stock Option Plans, Common Stock Price Targets The 90-day volume weighted-average common stock price targets, and
the number of shares of the CEO Award that become vested with respect to the Market Condition upon the achievement of each such target, are reflected in the following table:
Stock PriceNumber of Shares Vested
$60100,000
$70200,000
$80300,000
$90400,000
$100500,000
Schedule of Fair Value Assumptions on Stock Options Granted The following assumptions were used to estimate the fair value of the CEO Award:
Dividend yield— %
Risk-free interest rates1.7 %
Expected volatility65 %
Schedule of Activity under RSU Plans
The following table summarizes the RSU and PSU activity and related information under the 2018 EIP:
Number
Outstanding
Weighted-Average
Grant Date Fair Value
Unvested balance - January 1, 20237,913,985 $21.73 
Granted8,297,050 11.73 
Vested(3,665,021)17.88 
Forfeited/canceled(2,197,122)21.41 
Unvested balance - December 31, 202310,348,892 $15.15 
Schedule of Fair Value Assumptions on Employee Stock Purchas Plans
For the years ended December 31, 2023, 2022, and 2021, the assumptions used to determine the fair value of the shares to be awarded was estimated on the grant date using the Black-Scholes valuation model with the following assumptions:
202320222021
Dividend yield— %— %— %
Expected term (in years)
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
Risk-free interest rates
4.0% - 5.4%
1.5% - 4.6%
0.0% - 0.5%
Expected volatility
58% - 74%
68% - 76%
60% - 76%
Schedule of Components of Stock-Based Compensation Expense Recognized
The following table summarizes the components of stock-based compensation expense recognized in the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2023, 2022, and 2021:
(In thousands)202320222021
Cost of revenue$1,900 $1,356 $794 
Research and development28,006 26,881 16,232 
Sales and marketing14,030 11,511 5,923 
General and administrative30,259 35,753 30,643 
Total$74,195 $75,501 $53,592