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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock‑Based Compensation We recorded stock-based compensation expense related to grants to employees, including those in connection with modified awards, on our condensed consolidated statements of operations as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Cost of revenue | $ | 11,877 |  |  | $ | 5,340 |  |  | $ | 20,671 |  |  | $ | 10,457 |
Research and development | 60,110 |  |  | 33,227 |  |  | 115,363 |  |  | 64,877 |
Sales and marketing | 25,125 |  |  | 14,523 |  |  | 48,959 |  |  | 26,560 |
General and administrative | 21,130 |  |  | 32,310 |  |  | 36,676 |  |  | 50,067 |
Total stock-based compensation expense | $ | 118,242 |  |  | $ | 85,400 |  |  | $ | 221,669 |  |  | $ | 151,961 |
Stock Options A summary of our stock option activity under the 2009 Stock Plan, 2019 Stock Plan, and 2020 Equity Incentive Plan (the "2020 Plan") is as follows:
| Options Outstanding
| Stock Options Outstanding |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (In Years)
Balance as of December 31, 2021 | 29,226,041 |  |  | $ | 13.28 |  |  | 6.26
Granted | 1,569,938 |  |  | $ | 74.59 |  |  |
Exercised | (3,038,757) |  |  | $ | 6.22 |  |  |
Forfeited, cancelled, or expired | (570,719) |  |  | $ | 34.77 |  |  |
Balance as of June 30, 2022 | 27,186,503 |  |  | $ | 17.16 |  |  | 6.02
The calculated grant-date fair value of stock options granted was estimated using the Black-Scholes option-pricing model with the following assumptions:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Expected dividend yield | — |  | — |  | — |  | —
Risk-free interest rate | 3.0% |  | 1.1% - 1.2% |  | 1.7% - 3.0% |  | 0.9% - 1.2%
Expected volatility | 33.3% |  | 36.1% - 36.2% |  | 33.3% - 33.8% |  | 36.0% - 36.2%
Expected term (in years) | 6.25 |  | 6.25 |  | 6.25 |  | 6.25
Fair value of underlying common stock | $38.47 |  | $100.60 - $103.86 |  | $38.47 - $89.01 |  | $100.60 - $108.10
Restricted Stock Units A summary of our RSU activity under the 2019 Stock Plan and 2020 Plan is as follows:
| Unvested RSUs
| Number of Shares |  | Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2021 | 13,696,836 |  |  | $ | 85.96 |
Granted | 6,089,462 |  |  | $ | 66.22 |
Vested | (2,052,726) |  |  | $ | 83.49 |
Forfeited | (881,543) |  |  | $ | 84.69 |
Unvested as of June 30, 2022 | 16,852,029 |  |  | $ | 79.20 |
Employee Stock Purchase Plan In determining the fair value of the shares subject to our Employee Stock Purchase Plan (the "ESPP"), we use the Black-Scholes option pricing model that employs the following weighted-average assumptions:
|  |  | Six Months Ended June 30,
|  |  | 2022
Expected dividend yield |  |  | —
Risk-free interest rate |  |  | 0.6%
Expected volatility |  |  | 40.0%
Expected term (in years) |  |  | 0.50
Estimated fair value |  |  | $27.42
Additional information related to the ESPP is provided below (in thousands, except per share amounts):
| Six Months Ended June 30,
| 2022
Share issued under the ESPP | 207,986
Weighted-average price per share issued | $90.48
No shares were granted or issued under the ESPP during the three months ended June 30, 2022 or June 30, 2021.

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