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SHARE-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2023
SHARE-BASED COMPENSATION [Abstract] |
Employee Share Option Activity | 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, 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 or forfeited |  |  | (4,012,516 | ) |  |  | 279.17 |  |  |  |  |  |  |  |  |
Exercised |  |  | (3,676,911 | ) |  |  | 13.82 |  |  |  |  |  |  |  |  |
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 |
Outstanding, January 1, 2023 |  |  | 68,533,186 |  |  |  |  |  |  |  |  |  |  |  |  |
Granted |  |  | 1,925,000 |  |  |  | 60.00 |  |  |  |  |  |  |  |  |
Cancelled or forfeited |  |  | (9,292,295 | ) |  |  | 104.02 |  |  |  |  |  |  |  |  |
Exercised |  |  | (1,336,980 | ) |  |  | 7.19 |  |  |  |  |  |  |  |  |
Outstanding, December 31, 2023 |  |  | 59,828,911 |  |  |  | 55.34 |  |  |  | 6.18 |  |  |  | 944,611 |
Vested and expected to vest at December 31, 2023 |  |  | 59,828,911 |  |  |  | 55.34 |  |  |  |  |  |  |  |  |
Exercisable as of December 31, 2023 |  |  | 42,877,386 |  |  |  | 35.29 |  |  |  | 5.51 |  |  |  | 887,174 |
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 2021 |  | Granted in 2022 |  | Granted in 2023
Risk-free interest rates |  | 0.74% – 1.07% |  | 2.79% – 2.84% |  | 3.60% – 4.10%
Expected term |  | 5.6 – 7.5 years |  | 5.1 – 7.5 years |  | 6.5 – 7 years
Expected volatility |  | 32.1% – 33.0% |  | 48.7% – 55.9% |  | 60.2% – 62.0%
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, 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 and January 1, 2023 |  |  | 9,652,231 |  |  |  | 120.48 |  |  |  | 8.81 |  |  |  | 502,206 |
Granted |  |  | 7,119,505 |  |  |  | 63.46 |  |  |  |  |  |  |  |  |
Vested |  |  | (4,130,583 | ) |  |  | 109.11 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (1,786,921 | ) |  |  | 116.01 |  |  |  |  |  |  |  |  |
Unvested, December 31, 2023 |  |  | 10,854,232 |  |  |  | 90.02 |  |  |  | 8.86 |  |  |  | 439,596 |
Total Compensation Expense of Share Options, 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, 2021, 2022 and 2023 is as follows:
|  | Year ended December 31, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
|  | $ |  |  | $ |  |  | $ |
Share options: |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue |  |  | 390 |  |  |  | – |  |  |  | – |
Sales and marketing expenses |  |  | 5 |  |  |  | – |  |  |  | – |
General and administrative expenses |  |  | 207,204 |  |  |  | 313,917 |  |  |  | 253,408 |
Research and development expenses |  |  | 33 |  |  |  | 254 |  |  |  | 44 |
|  |  | 207,632 |  |  |  | 314,171 |  |  |  | 253,452 |
Cash received for the exercise in the respective years |  |  | 77,639 |  |  |  | 50,211 |  |  |  | 10,643 |
RSAs/ RSUs: |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue |  |  | 8,318 |  |  |  | 11,104 |  |  |  | 12,727 |
Sales and marketing expenses |  |  | 23,350 |  |  |  | 36,812 |  |  |  | 35,988 |
General and administrative expenses |  |  | 67,421 |  |  |  | 67,388 |  |  |  | 99,048 |
Research and development expenses |  |  | 148,592 |  |  |  | 283,747 |  |  |  | 282,381 |
|  |  | 247,681 |  |  |  | 399,051 |  |  |  | 430,144 |
SARs: |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue |  |  | 3,389 |  |  |  | (1,928 | ) |  |  | 383 |
Sales and marketing expenses |  |  | 6,850 |  |  |  | (1,762 | ) |  |  | 710 |
General and administrative expenses |  |  | 3,658 |  |  |  | (2,993 | ) |  |  | 200 |
Research and development expenses |  |  | 1,114 |  |  |  | (643 | ) |  |  | 141 |
|  |  | 15,011 |  |  |  | (7,326 | ) |  |  | 1,434 |

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