Stock Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Expense Recognized in the Period

The following table presents the share-based compensation expense recognized in the periods presented:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Restricted stock units	$	25,179	$	15,078	$	49,970	$	30,423
Stock options	5,309		6,160		12,793		13,818
Executive Chairman Long-Term Performance Award	13,267		13,267		26,388		26,388
Employee Stock Purchase Plan	410		643		1,013		1,524
Total	$	44,165	$	35,148	$	90,164	$	72,153

Summary of RSU Activity Under the Plans

A summary of the Company's RSU activity under the Plans is as follows:

	Number of Restricted Stock Units	Weighted-average grant date fair value per share
Balance as of December 31, 2022	34,146,546	$	9.74
Granted	26,556,500	4.45
Vested	(6,289,563)	9.60
Canceled and forfeited	(9,271,109)	8.39
Balance as of June 30, 2023	45,142,374	$	6.92

A summary of the Company's stock option activity under the Plans is as follows:

	Number of Options	Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value(1)
Balance as of December 31, 2022	36,156,445	$	16.37	7.67 years	$	29,101
Granted	6,080,148	5.35
Exercised	(1,631,016)	1.41
Canceled and forfeited	(2,228,604)	10.45
Balance as of June 30, 2023	38,376,973	$	15.61	7.75 years	$	14,943
Exercisable as of June 30, 2023(2)	11,157,842	$	11.17	7.39 years	$	13,162
Vested as of June 30, 2023	8,267,104	$	9.39	6.26 years	$	11,972

(1) Intrinsic value is calculated based on the difference between the exercise price of in-the-money-stock options and the fair value of the common stock as of the respective balance sheet dates.

(2) The 2011 Plan allows for early exercise of stock options. Accordingly, options granted under this plan are included as exercisable stock options regardless of vesting status.

The Executive Chairman Long-Term Performance Award is divided into seven equal tranches which vest upon the achievement of the following Company stock price hurdles:

Tranche	Company Stock Price Hurdle	Number of Options Eligible to Vest
1	$67.50	2,826,884
2	$78.98	2,826,884
3	$92.40	2,826,884
4	$108.11	2,826,884
5	$126.49	2,826,884
6	$147.99	2,826,884
7	$173.15	2,826,884
Total		19,788,188

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of stock options granted was estimated using the Black-Scholes option pricing model and the following weighted average assumptions:

	Three Months Ended June 30,		Six Months Ended June 30,
	2023 (1)	2022	2023	2022
Dividend yield	—%	0.0%	0.0%	0.0%
Expected volatility	—%	61.90%	70.78%	59.37%
Expected term (in years)	—	6.08	6.04	6.08
Risk-free interest rate	—%	2.81%	3.78%	2.18%

(1) The Company did not grant any stock options during the three months ended June 30, 2023.