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Equity-based Compensation Plans
 6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Equity-based Compensation Plans Equity-based Compensation Plans
The 2021 Equity Compensation Plan (the “2021 Plan”) provides for the granting of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards, and other equity-based awards (or the cash equivalent thereof). The number of shares of the Company’s Class A common stock reserved for issuance under the 2021 Plan will be increased on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to 5% of the total number of shares of the Company’s capital stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the Company’s board of directors. Pursuant to the 2021 Plan, effective January 1, 2022, the maximum number of shares of the Company’s Class A common stock that may be issued under the 2021 plan increased by 87,710,132 shares, or 5% of the total number of shares of the Company’s capital stock outstanding as of December 31, 2021. Following the increase, the maximum number of shares of the Company’s Class A common stock that may be issued under the 2021 Plan is 302,813,864 shares
RSUs
The Company had previously granted restricted equity units under the 2011 Plan, which vest upon the satisfaction of both a service-based condition and a performance-based condition. In connection with the Company’s Corporate Conversion and IPO, the outstanding awards were converted into RSUs.
For the RSUs with the performance condition satisfied upon the completion of the Company’s IPO, the Company recorded $41 million in equity-based compensation expense for the six months ended June 30, 2021, consisting primarily of a cumulative catch-up adjustment related to such awards based on the full or partial fulfillment of requisite service periods. Unrecognized equity-based compensation expense related to these awards are recorded over the remaining requisite service period. RSUs generally vest over 2 to 4 years from the vesting start date, subject to the recipient remaining an employee of the Company at each vesting date.
As of June 30, 2022, the Company had $637 million of unamortized compensation costs related to all unvested RSU awards. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 2.7 years, net of estimated forfeitures.
The table below summarizes RSU activity for the six months ended June 30, 2022 is as follows:
Outstanding RSUs
(in thousands, except unit price)Number of RSUsWeighted Average Grant-
Date Fair Value
December 31, 202123,511 $23.80 
Granted3,816 $23.35 
Vested(2,708)$24.21 
Forfeited / cancelled(1,149)$27.78 
March 31, 202223,470 $23.48 
Granted18,761 $15.88 
Vested(2,028)$24.07 
Forfeited / cancelled(1,766)$24.89 
June 30, 202238,437 $19.68 
Equity-based Compensation Expense
The following table presents the effects of equity-based compensation in the condensed consolidated statements of operations and comprehensive loss:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2022202120222021
Cost of sales$3,887 $2,744 $7,872 $4,353 
Operating, general and administrative69,029 47,602 120,637 132,959 
Total equity-based compensation expense$72,916 $50,346 $128,509 $137,312