Stock Incentive Plans (Tables)

9 Months Ended

Sep. 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 Condensed Consolidated Statements of Operations and Comprehensive Loss:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Restricted stock units	$	25,021	$	22,246	$	74,991	$	52,669
Stock options	6,858		7,318		19,651		21,136
Executive Chairman Long-Term Performance Award	13,413		13,413		39,801		39,801
Employee Stock Purchase Plan	256		532		1,269		2,056
Total	$	45,548	$	43,509	$	135,712	$	115,662

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	29,140,902	4.54
Vested	(10,305,399)	8.81
Canceled and forfeited	(10,636,399)	8.23
Balance as of September 30, 2023	42,345,650	$	6.62

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	(2,820,110)	1.40
Canceled and forfeited	(2,197,285)	13.33
Balance as of September 30, 2023	37,219,198	$	15.97	7.76 years	$	18,522
Exercisable as of September 30, 2023(2)	10,257,006	$	11.69	7.66 years	$	14,507
Vested as of September 30, 2023	7,688,183	$	9.99	7.18 years	$	13,141

(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 September 30,		Nine Months Ended September 30,
	2023 (1)	2022	2023	2022
Dividend yield	—%	0.0%	0.0%	0.0%
Expected volatility	—%	67.05%	70.78%	61.52%
Expected term (in years)	—	6.08	6.04	6.08
Risk-free interest rate	—%	2.70%	3.78%	2.32%

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