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Stock-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Summary of Stock-based Compensation Expense
Stock-based compensation expense included in the condensed consolidated statements of operations data above was as follows (in thousands):
 
   
Three Months ended March 31,
 
   
2021
   
2020
 
Infrastructure and trust & safety
  $5,688   $2,804 
Research and development
   31,594    16,723 
General and administrative
   11,247    18,432 
Sales and marketing
   2,215    4,298 
   
 
 
   
 
 
 
Total stock-based compensation
  $ 50,744   $ 42,257 
   
 
 
   
 
 
 
Summary of Summarizes the Company's Stock Option Activity
The following table summarizes the Company’s stock option activity:
 
   
Options Outstanding
 
   
Number of
Shares
Subject to
Options
   
Weighted-
Average
Exercise
Price
   
Remaining
Contractual
Term
(Years)
   
Aggregate
Intrinsic
Value
 
   
(in thousands)
           
(in thousands)
 
Balances as of December 31, 2020
   98,502   $ 2.55    7.76   
$
3,838,994 
Granted
   —      —             
Cancelled
   (443)   
$
4.19           
Exercised
   (18,443)   
$
1.64           
   
 
 
                
Balances as of March 31, 2021
   79,616   $2.75    7.50   
$
4,942,769 
   
 
 
                
Exercisable as of March 31, 2021
   34,008   $1.39    6.47   
$
2,157,456 
Vested and expected to vest at March 31, 2021
   79,616   $2.75    7.50   
$
4,942,769 
Summary of Company's Restricted Stock Units and Unregistered Restricted Stock Awards Activity
The following table summarizes the Company’s restricted stock units and unregistered restricted stock awards (unregistered RSAs) activity:
 
   
Restricted Stock Units
   
Restricted Stock Awards
 
   
Number of
Shares
   
Weighted-
Average
grant date
fair value
   
Number of
Shares
   
Weighted-
Average
grant date
fair value
 
   
(in thousands)
       
(in thousands)
     
Unvested as of December 31, 2020
   3,061   $31.55    388   $ 37.75 
Granted
   5,539   
$
76.99    —      —   
Released
   
—  
    
—  
    
32
   
$
37.75
 
Cancelled
 
 
(41
)
 
$
5.21
 
 
 
—  
 
 
 
—  
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Unvested as of March 31, 2021
   8,559   $ 61.08    356   
$
37.75 
        
 
 
        
 
 
 
Summary of Measured Based on An Average of Our Stock Price
The CEO Long-Term Performance Award is divided into seven tranches that are eligible to vest based on the achievement of stock price goals, each a Company Stock Price Hurdle, measured based on an average of our stock price over a consecutive
90-day
trading period applicable to the performance period as set forth below.
   
Company Stock

Price Hurdle
   
Number of RSUs

Eligible to Vest
   
Performance

Period

Commencement

Dates as Measured

from the Effective

Date
 
1.
  $165.00    750,000    2 years 
2.
  $200.00    750,000    3 years 
3.
  $235.00    2,000,000    4 years 
4.
  $270.00    2,000,000    5 years 
5.
  $305.00    2,000,000    5 years 
6.
  $340.00    2,000,000    5 years 
7.
  $375.00    2,000,000    5 years 
Summary of Employee Stock Purchase Plan
The following table summarizes the weighted-average assumptions used in estimating the fair value of
2020
ESPP for the initial offering period using the Black-Scholes option-pricing model:
 
   
Three Months Ended
   
March 31, 2021
Risk-free interest rate
  
0.06% - 0.15%
Expected volatility
  
53.77% - 56.90%
Dividend yield
  0%
Expected terms (in years)
  0.44
 -
 1.95
The Company recorded $0.5 million of stock-based compensation expense related to the 2020 ESPP during the three months ended March 31, 2021.