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Stock-Based Compensation (Tables)

12 Months Ended

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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