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Stockholder's Equity (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | Stock option activity during the year ended December 31, 2023, was as follows (in thousands, except per share amounts):
|  |  | Stock Options Outstanding
|  |  | Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value (1)
|  |  |  |  |  |  | (in years) |  |
Outstanding as of December 31, 2022 |  | 15,799 |  |  | $ | 13.25 |  |  | 6.1 |  | $ | 174,165 |
Exercised |  | (2,756) |  |  | 3.08 |  |  |  |  |
Outstanding as of December 31, 2023 |  | 13,043 |  |  | $ | 15.41 |  |  | 6.1 |  | $ | 282,197 |
Exercisable as of December 31, 2023 |  | 7,164 |  |  | $ | 11.67 |  |  | 4.2 |  | $ | 181,762 |
(1)We calculate intrinsic value based on the difference between the exercise price of in-the-money-stock options and the fair value of our common stock as of the respective balance sheet date.
Summary of Restricted Stock Unit and Restricted Stock Award Activity | RSU and RSA activity during the year ended December 31, 2023, was as follows (in thousands, except per share amounts):
|  | Restricted Stock Units and Restricted Stock Awards Outstanding
|  | Shares |  | Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2022 | 54,518 |  | $ | 25.46 |
Granted (1) | 26,878 |  |  | 25.35 |
Released | (27,552) |  |  | 25.11 |
Forfeited (1) | (8,745) |  |  | 24.35 |
Outstanding as of December 31, 2023 | 45,099 |  | $ | 25.83 |
(1)Includes the effects of awards modified during the year ended December 31, 2023.
Summary of Share-Based Compensation Expense | Share-based compensation expense during the years ended December 31, 2023, 2022 and 2021, was as follows (in thousands):
|  |  |  | Year Ended December 31,
|  |  |  |  |  | 2023 |  | 2022 |  | 2021
Cost of revenue |  |  |  |  |  | $ | 11,117 |  |  | $ | 7,629 |  |  | $ | 7,438 |
Research and development |  |  |  |  |  | 422,964 |  |  | 324,161 |  |  | 309,715 |
Sales and marketing |  |  |  |  |  | 96,798 |  |  | 99,467 |  |  | 52,691 |
General and administrative |  |  |  |  |  | 116,981 |  |  | 65,866 |  |  | 45,538 |
Total share-based compensation |  |  |  |  |  | $ | 647,860 |  |  | $ | 497,123 |  |  | $ | 415,382 |
Summary of Share-Based Payment Award, Stock Options, Valuation Assumptions | which we estimated using the Black‑Scholes option-pricing model with the following assumptions:
| Year Ended December 31, 2022
Expected term (in years) | 6.1
Risk-free interest rate | 3.2 | %
Expected volatility | 61.1 | %
Dividend yield | — | %

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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