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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | We recorded stock-based compensation expense related to grants to employees on our consolidated statements of operations as follows (in thousands):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Cost of revenue | $ | 57,309 |  |  | $ | 24,811 |  |  | $ | 10,626 |
Research and development | 283,312 |  |  | 165,604 |  |  | 66,038 |
Sales and marketing | 118,173 |  |  | 70,663 |  |  | 23,769 |
General and administrative | 91,271 |  |  | 86,081 |  |  | 34,196 |
Total stock-based compensation expense | $ | 550,065 |  |  | $ | 347,159 |  |  | $ | 134,629 |
Unrecognized compensation expense is as follows (in thousands, except for weighted-average remaining vesting period):
| December 31, 2022
| Unrecognized Compensation Expense |  | Weighted-Average Remaining Vesting Period (In Years)
Outstanding stock options | $ | 124,265 |  |  | 1.93
Unvested RSUs and PVUs | $ | 1,671,647 |  |  | 3.07
2020 ESPP | $ | 1,542 |  |  | 0.17
Schedule of Stock Options | A summary of our stock option activity is as follows:
| Options Outstanding (1)
| Stock Options Outstanding |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (In Years)
Balance as of December 31, 2020 | 40,457,875 |  |  | $ | 8.03 |  |  | 6.87
Granted | 1,325,352 |  |  | $ | 107.10 |  |  |
Exercised | (11,650,963) |  |  | $ | 5.72 |  |  |
Forfeited, cancelled, or expired | (906,223) |  |  | $ | 13.23 |  |  |
Balance as of December 31, 2021 | 29,226,041 |  |  | $ | 13.28 |  |  | 6.26
Granted | 11,835,061 |  |  | $ | 26.68 |  |  |
Exercised | (4,512,850) |  |  | $ | 6.69 |  |  |
Forfeited, cancelled, or expired | (829,449) |  |  | $ | 35.06 |  |  |
Balance as of December 31, 2022 | 35,718,803 |  |  | $ | 18.05 |  |  | 5.60
Exercisable as of December 31, 2022 | 26,628,522 |  |  | $ | 11.25 |  |  | 4.87
(1) Includes assumed equity awards from the ironSource Merger.
Summary of Intrinsic and Fair Values of Stock Options | A summary of intrinsic and fair values of our stock options is as follows (in thousands, except fair value amounts):
| Year Ended
| December 31, 2022 |  | December 31, 2021 |  | December 31, 2020
Aggregate pretax intrinsic value of stock options exercised (1) | $ | 274,956 |  |  | $ | 1,394,721 |  |  | $ | 441,000 |
Weighted-average grant-date fair value of stock options granted | $ | 7.54 |  |  | $ | 39.05 |  |  | $ | 10.66 |
Fair value of stock options vested | $ | 51,962 |  |  | $ | 48,918 |  |  | $ | 44,100 |
(1) The intrinsic value is the difference between the estimated fair value of our common stock on the date of exercise and the exercise price for in-the-money options.
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:
| Year Ended
| December 31, 2022 |  | December 31, 2021 |  | December 31, 2020
Expected dividend yield | — |  | — |  | —
Risk-free interest rate | 1.7% - 3.8% |  | 0.9% - 1.3% |  | 0.4% - 0.6%
Expected volatility | 33.3% - 52.2% |  | 32.9% - 36.2% |  | 33.8% - 36.3%
Expected term (in years) | 6.25 |  | 6.25 |  | 6.00
Fair value of underlying common stock | $36.17 - $89.01 |  | $100.60 - $152.34 |  | $22.00 - $152.00
Summary of Restricted Stock Unit Activity | A summary of our RSU, including PVU, activity is as follows:
| Unvested Restricted Stock Units (1)
| Number of Shares |  | Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2020 | 9,561,791 |  |  | $ | 53.79 |
Granted | 8,060,505 |  |  | $ | 112.11 |
Vested | (3,131,986) |  |  | $ | 58.23 |
Forfeited | (793,474) |  |  | $ | 73.36 |
Unvested as of December 31, 2021 | 13,696,836 |  |  | $ | 85.96 |
Granted | 33,548,745 |  |  | $ | 39.12 |
Vested | (6,549,420) |  |  | $ | 70.54 |
Forfeited | (2,590,699) |  |  | $ | 71.35 |
Unvested as of December 31, 2022 | 38,105,462 |  |  | $ | 48.37 |
(1) Includes assumed equity awards from the ironSource Merger.
Summary of PVU Valuation Assumptions | The following table summarizes the weighted-average assumptions relating to our PVUs:
| Year Ended December 31,
| 2022
Share price on grant date | $27.88
Risk-free interest rate | 4.01%
Expected volatility | 50%
Expected dividend yield | —%
Summary of Valuation Assumptions of Employee Stock Purchase Plan | The fair value of shares offered under our ESPP was determined using the Black-Scholes option pricing model with the following weighted-average assumptions:
| Year Ended December 31,
| 2022 |  | 2021
Expected dividend yield | — |  | —
Risk-free interest rate | 0.6% - 3.3% |  | 0.1%
Expected volatility | 35.5% - 40.0% |  | 27.2%
Expected term (in years) | 0.50 |  | 0.50
Estimated fair value | $10.51 - $27.42 |  | $28.64
Summary of Employee Stock Purchase Plan | Additional information related to the ESPP is provided below (in thousands, except per share amounts):
| Year Ended December 31, |  |
| 2022 |  |
Share issued under the ESPP | 607,009 |  |
Weighted-average price per share issued | $54.87 |  |

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