SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

The following table summarizes the Company’s share option activity under the Plan:

	Number of options			Weighted average exercise price		Weighted average remaining contractual term		Aggregate intrinsic value
				$		Years		$

Outstanding, January 1, 2020		47,188,554			13.89
Granted		5,809,024			18.59
Exercised		(5,486,180	)		11.29
Forfeited		(45,678	)		14.09
Outstanding, December 31, 2020		47,465,720			14.76		7.57		8,747,373
Vested and expected to vest at December 31, 2020		47,465,720			14.76
Exercisable as of December 31, 2020		25,298,368			13.73		7.03		4,688,260
Outstanding, January 1, 2021		47,465,720			14.76
Granted		4,162,121			269.09
Exercised		(5,405,228	)		14.44
Forfeited		–
Outstanding, December 31, 2021		46,222,613			37.70		6.89		8,822,987
Vested and expected to vest at December 31, 2021		46,222,613			37.70
Exercisable as of December 31, 2021		30,707,210			14.13		6.32		6,435,641
Outstanding, January 1, 2022		46,222,613			37.70
Granted		30,000,000			120.00
Cancelled		(4,000,000	)		280.00
Exercised		(3,676,911	)		13.82
Forfeited		(12,516	)		14.10
Outstanding, December 31, 2022		68,533,186			60.87		7.30		1,433,420
Vested and expected to vest at December 31, 2022		68,533,186			60.87
Exercisable as of December 31, 2022		36,880,548			22.99		5.97		1,274,793

Assumptions Used for Estimated Fair Value of Options

The Company calculated the estimated fair value of the options on the respective grant dates using the Black-Scholes option pricing model with the following assumptions:

	Granted in 2020	Granted in 2021	Granted in 2022

Risk-free interest rates	0.39% – 1.66%	0.74% – 1.07%	2.79% – 2.84%
Expected term	5.5 – 7.5 years	5.6 – 7.5 years	5.1 – 7.5 years
Expected volatility	32.4% – 33.7%	32.1% – 33.0%	48.7% – 55.9%
Expected dividend yield	–	–	–

RSAs/RSUs Activity

The following table summarizes the Company’s RSAs/RSUs activity under the Plan:

	Number of RSAs/RSUs			Weighted average grant date fair value		Weighted average remaining contractual life		Aggregate intrinsic value
				$		Years		$

Unvested, January 1, 2020		8,081,437			18.02		8.93		325,035
Granted		5,034,735			72.37
Vested		(3,332,063	)		19.25
Forfeited		(442,181	)		28.74
Unvested, December 31, 2020 and January 1, 2021		9,341,928			46.36		8.64		1,859,511
Granted		3,551,491			258.97
Vested		(4,127,006	)		40.59
Forfeited		(637,193	)		102.92
Unvested, December 31, 2021 and January 1, 2022		8,129,220			137.76		8.47		1,818,588
Granted		7,320,443			99.25
Vested		(3,864,257	)		110.34
Forfeited		(1,933,175	)		133.12
Unvested, December 31, 2022		9,652,231			120.48		8.81		502,206

Total Compensation Expense of RSAs, RSUs and SARs Granted to Employees

Total compensation expense relating to share options, RSAs, RSUs and SARs granted to employees after deducting forfeitures recognized for the years ended December 31, 2020, 2021 and 2022 is as follows:

	Year ended December 31,
	2020		2021		2022
	$		$		$
Share options:
Cost of revenue		130		390		–
Sales and marketing expenses		69		5		–
General and administrative expenses		179,544		207,204		313,917
Research and development expenses		401		33		254
		180,144		207,632		314,171

Cash received for the exercise in the respective years		61,949		77,639		50,211

RSAs/ RSUs:
Cost of revenue		4,385		8,318		11,104
Sales and marketing expenses		10,100		23,350		36,812
General and administrative expenses		37,433		67,421		67,388
Research and development expenses		45,820		148,592		283,747
		97,738		247,681		399,051

SARs:
Cost of revenue		2,867		3,389		(1,928	)
Sales and marketing expenses		5,462		6,850		(1,762	)
General and administrative expenses		3,534		3,658		(2,993	)
Research and development expenses		501		1,114		(643	)
		12,364		15,011		(7,326	)