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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense recorded in the consolidated statements of operations was as follows (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Platform operations |  | $ | 15,913 |  |  | $ | 8,794 |  |  | $ | 5,350 |
Sales and marketing |  |  | 50,671 |  |  |  | 29,726 |  |  |  | 20,769 |
Technology and development |  |  | 57,791 |  |  |  | 36,672 |  |  |  | 26,553 |
General and administrative |  |  | 213,038 |  |  |  | 36,583 |  |  |  | 28,086 |
Total |  | $ | 337,413 |  |  | $ | 111,775 |  |  | $ | 80,758 |
Summary of Stock Option Activity | The following summarizes stock option activity:
|  | Shares Under Option (in thousands) |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Contractual Life (years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding as of December 31, 2020 |  |  | 26,481 |  |  | $ | 10.73 |  |  |  |  |  |  |  |  |
Granted |  |  | 1,212 |  |  |  | 74.85 |  |  |  |  |  |  |  |  |
Exercised |  |  | (7,361 | ) |  |  | 8.36 |  |  |  |  |  |  |  |  |
Expired/forfeited |  |  | (1,348 | ) |  |  | 19.18 |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2021 |  |  | 18,984 |  |  | $ | 15.14 |  |  |  | 6.4 |  |  | $ | 1,452,528 |
Exercisable as of December 31, 2021 |  |  | 13,008 |  |  | $ | 8.69 |  |  |  | 5.7 |  |  | $ | 1,079,090 |
Schedule of Weighted-Average Assumptions Used to Value Options Granted to Employees | The fair value of options on the date of grant was estimated based on the Black-Scholes option pricing model. The weighted- average assumptions used to value options granted to employees for the periods presented were as follows:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Expected term (years) |  |  | 6.0 |  |  |  | 6.0 |  |  |  | 6.0 |
Expected volatility |  |  | 64.3 | % |  |  | 60.5 | % |  |  | 53.2 | %
Risk-free interest rate |  |  | 1.04 | % |  |  | 0.57 | % |  |  | 2.26 | %
Estimated dividend yield |  |  | — | % |  |  | — | % |  |  | — | %
Summary of Restricted Stock Activity | The following summarizes restricted stock activity:
|  | Shares (in thousands) |  |  | Weighted- Average Grant Date Fair Value Per Share |
Unvested as of December 31, 2020 |  |  | 5,698 |  |  | $ | 26.10 |
Granted |  |  | 2,818 |  |  |  | 77.41 |
Vested |  |  | (2,225 | ) |  |  | 24.80 |
Forfeited |  |  | (694 | ) |  |  | 33.48 |
Unvested as of December 31, 2021 |  |  | 5,597 |  |  | $ | 51.54 |
Schedule of Weighted-Average Assumptions Used to Estimate the Fair Value of ESPP Shares | The fair value of ESPP shares was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:
|  | Year ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Expected term (years) |  |  | 0.6 |  |  |  | 0.6 |  |  |  | 0.7 |
Expected volatility |  |  | 62.3 | % |  |  | 61.9 | % |  |  | 53.2 | %
Risk-free interest rate |  |  | 0.09 | % |  |  | 0.40 | % |  |  | 2.08 | %
Estimated dividend yield |  |  | — | % |  |  | — | % |  |  | — | %
Performance Option |
Schedule of Weighted-Average Assumptions Used to Value Options Granted to Employees | The CEO Performance Option has an exercise price of $68.29 per share and a grant-date fair value of approximately $819.0 million, which was estimated based on a Monte Carlo valuation model using the following assumptions:
Expected volatility |  |  | 63.4 | %
Risk-free interest rate |  |  | 1.55 | %
Estimated dividend yield |  |  | — | %

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