XML 61 R35.htm IDEA: XBRL DOCUMENT v3.24.0.1
Stock Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 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 within the following line items in the Consolidated Statement of Operations and Comprehensive Loss and Consolidated Balance Sheet in the periods presented:
Year Ended December 31,
202320222021
Restricted stock units$99,648 $76,094 $59,652 
Stock options26,323 28,816 31,231 
Executive Chairman Long-Term Performance Award53,214 53,214 38,189 
Employee Stock Purchase Plan1,554 2,619 1,946 
Secondary sales of common stock— — 11,642 
Share-based compensation recorded within Compensation and benefits
180,739 160,743 142,660 
Property and equipment (capitalized internal-use software)
4,492 — — 
Total share-based compensation expense
$185,231 $160,743 $142,660 
Schedule of RSU Activity Under the Plans
A summary of the Company's RSUs activity under the Plans was as follows:
Number of Restricted Stock UnitsWeighted-average grant date fair value per share
Balance as of December 31, 2021
9,001,949 $18.30 
Granted36,159,090 8.91 
Vested(4,883,296)13.99 
Canceled and forfeited(6,131,197)14.07 
Balance as of December 31, 2022
34,146,546 $9.74 
Granted31,060,513 4.62 
Vested(14,128,901)8.47 
Canceled and forfeited(12,901,086)7.98 
Balance as of December 31, 2023
38,177,072 $6.64 
A summary of the Company's stock option activity under the Plans is as follows:
Number of OptionsWeighted-Average Exercise Price per ShareWeighted-Average Remaining Contractual Life (Years)
Aggregate Intrinsic Value(1)
Balance as of January 1, 2021
23,421,374 $1.35 8.33$248,002 
Granted29,113,555 20.07 
Exercised(4,277,344)1.18 
Canceled and forfeited(4,072,097)5.58 
Balance as of December 31, 2021
44,185,488 $13.31 8.46$279,242 
Granted4,182,522 10.16 
Exercised(7,785,748)1.20 
Canceled and forfeited(4,425,817)6.60 
Balance as of December 31, 2022
36,156,445 $16.37 7.67$29,101 
Granted6,080,148 5.35 
Exercised(3,353,103)1.58 
Canceled and forfeited(2,212,852)13.24 
Balance as of December 31, 2023
36,670,638$16.09 7.45$24,481 
Exercisable as of December 31, 2023(2)
10,677,680 $11.62 7.12$17,426 
Vested as of December 31, 2023
8,355,940$10.12 6.84$15,917 
(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:
TrancheCompany Stock Price HurdleNumber of Options Eligible to Vest
1$67.502,826,884
2$78.982,826,884
3$92.402,826,884
4$108.112,826,884
5$126.492,826,884
6$147.992,826,884
7$173.152,826,884
Total19,788,188
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The fair values of stock options granted were estimated using the Black-Scholes option pricing model and the following weighted-average assumptions:
Year Ended December 31,
202320222021
Dividend yield0.0%0.0%0.0%
Expected volatility70.78%61.52%52.36%
Expected term (in years)6.046.086.14
Risk-free interest rate3.78%2.32%1.00%