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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | 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 |
Schedule of 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
Summary of Valuation Assumptions of Stock Options | 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
Summary of Restricted Stock Unit Activity | 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 |
Summary of Valuation Assumptions of Employee Stock Purchase Plans | 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
Summary of Employee Stock Purchase Plan | 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

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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- Definition Tabular disclosure of the change in stock options. + References No definition available. + Details
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