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Share-Based Awards | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Share-Based Awards | Share-Based Awards In connection with the annual review cycle, option awards and restricted stock units are granted under the 2020 Plan during the first quarter of each year and typically vest quarterly over four years. For additional information regarding our share-based awards, see Note 13 in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Option Awards The following table summarizes option award activity for the six months ended June 30, 2025:
| Number of Shares Subject to Existing Options (in thousands) |  | Weighted- Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2025 | 29,941 |  |  | $ | 46.58 |  |  | 6.3 |  | $ | 861 |
Granted | 2,183 |  |  | 75.95 |  |  |  |  |
Exercised | (1,320) |  |  | 41.47 |  |  |  |  |
Forfeited or canceled | (313) |  |  | 51.70 |  |  |  |  |
Outstanding at June 30, 2025 | 30,491 |  |  | 48.86 |  |  | 6.1 |  | 701 |
Vested and exercisable at June 30, 2025 | 22,470 |  |  | 46.49 |  |  | 5.2 |  | 571 |
The following assumptions were used to determine the fair value of option awards granted for the periods presented:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Expected volatility | 59% |  | 59% |  | 59% - 60% |  | 57% - 61%
Risk-free interest rate | 3.92% |  | 4.50% |  | 3.92% - 4.17% |  | 4.14% - 4.50%
Weighted-average expected life | 5.5 years |  | 5.5 years |  | 5.3 - 6.8 years |  | 5.5 - 6.8 years
Weighted-average fair value of options granted | $37.18 |  | $29.69 |  | $43.17 |  | $31.93
As of June 30, 2025, there was a total of $228 million in unrecognized compensation cost related to unvested option awards. Restricted Stock Units The following table summarizes activity for restricted stock units for the six months ended June 30, 2025:
| Restricted Stock Units (in thousands) |  | Weighted-Average Grant Date Fair Value
Unvested outstanding at January 1, 2025 | 11,729 |  |  | $ | 50.31 |
Granted | 4,302 |  |  | 75.73 |
Vested | (2,967) |  |  | 50.90 |
Forfeited | (606) |  |  | 52.92 |
Unvested outstanding at June 30, 2025 | 12,458 |  |  | $ | 58.82 |
As of June 30, 2025, there was a total of $680 million in unrecognized compensation cost related to unvested restricted stock units. Share-Based Compensation Expense The following table presents the effects of share-based compensation expense in our condensed consolidated statements of operations during the periods presented (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cost of revenue | $ | 3 |  |  | $ | 4 |  |  | $ | 6 |  |  | $ | 8 |
Sales and marketing | 19 |  |  | 20 |  |  | 37 |  |  | 38 |
Technology and development | 40 |  |  | 42 |  |  | 78 |  |  | 84 |
General and administrative | 37 |  |  | 47 |  |  | 75 |  |  | 91 |
Total share-based compensation | $ | 99 |  |  | $ | 113 |  |  | $ | 196 |  |  | $ | 221 |

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