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Equity-based Compensation Plans
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Equity-based Compensation Plans Equity-based Compensation Plans
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 our 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 our 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 our board of directors. Following the increase, the maximum number of shares of our Class A common stock that may be issued under the 2021 Plan is 302,813,864 shares. As of December 31, 2022, we have 220,779,743 shares of common stock available for future issuance to employees.
Shares subject to stock awards granted under the 2021 Plan that expire or terminate without being exercised in full, or that are paid out in cash rather than in shares, do not reduce the number of shares available for issuance under the 2021 Plan. Additionally, shares become available for future grant under the 2021 Plan if they were issued under stock awards under the 2021 Plan and we repurchase them or they are forfeited.
RSUs
RSUs generally vest over 2 to 4 years from the vesting start date, subject to the recipient remaining an employee at each vesting date.
For the RSUs with the performance condition satisfied upon the completion of our IPO, we recorded $41 million in equity-based compensation expense for 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 will be recorded over the remaining requisite service period.
As of December 31, 2022, we had $539 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 2.6 years, net of estimated forfeitures.
The table below summarizes our RSU activity:
Outstanding RSUs
(in thousands, except unit price)Number of RSUsWeighted Average Grant-Date Fair Value
December 31, 202123,511 $23.80 
Granted29,696 17.24 
Vested(9,719)22.30 
Forfeited / cancelled(8,310)21.22 
December 31, 202235,178 $19.29 
The following information is provided for our RSUs:
(in thousands, except unit price)202220212020
Weighted average grant-date fair value of RSUs granted$17.24 $32.17 $7.06 
Fair value of RSUs at vesting$180,770 $412,669 $14,649 
Stock Options
Our stock options are granted with exercise prices equal to the estimated fair value of the common shares at the date of grant. The stock options generally expire ten years from the grant date.
The total unrecognized compensation expense related to unvested stock options was $11 million, which will be recognized over the weighted-average remaining service period of approximately 1.3 years, net of estimated forfeitures.
The table below summarizes our stock option activity:
Outstanding Options
(in thousands, except unit price)Number
of
Options		Weighted
Average Exercise
Price		Weighted-Average
Remaining Contractual
Term (in years)		Aggregate Intrinsic Value
December 31, 202131,635 $5.15 6.94$766,531 
Forfeited / cancelled(965)$2.27 
Exercised(8,685)$2.05 
December 31, 202221,985 $6.50 5.90$192,001 
Exercisable as of December 31, 202213,932 $6.11 5.71$126,509 
Expected to vest as of December 31, 20227,403 $7.60 6.18$57,448 
The fair value of stock options is estimated on the grant date with the following assumptions:
20212020
Weighted-average expected term (years)4.276.15
Weighted-average expected volatility70%66%
Expected dividend yield——
Risk-free interest rate0.62%0.34%-1.68%
The following information is provided for our stock options:
(in thousands, except unit price)202220212020
Weighted average grant-date fair value of stock options granted$— $16.46 $1.57 
Intrinsic fair value of stock options exercised$131,480 $675,935 $44,076 
Equity-based Compensation Expense
The following table presents the effects of equity-based compensation in the consolidated statements of operations:
(in thousands)202220212020
Cost of sales$15,925 $10,981 $620 
Operating, general and administrative246,341 238,364 30,711 
Total$262,266 $249,345 $31,331