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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation We currently have two stock incentive plans: the 2015 Stock Incentive Plan (the "2015 Plan") and, the 2025 Omnibus Incentive Plan (the "2025 Plan"). At our annual meeting of stockholders held on June 14, 2024 (the “2024 Annual Meeting”), our stockholders approved the 2025 Plan. We did not grant any awards under the 2025 Plan in 2024. On January 1, 2025, the 2025 Plan superseded and replaced the 2015 Plan and no further awards will be granted under the 2015 Plan, but the 2015 Plan will continue to govern outstanding awards granted under the 2015 Plan. Under the 2015 Plan, 2,000,000 shares of our Class A common stock were initially reserved and available for grant and issuance. On January 1 of each subsequent calendar year during the term of the 2015 Plan, the number of shares available for grant and issuance under the 2015 Plan increased by the lesser of (i) the number of shares of our Class A common stock subject to awards granted under the 2015 Plan during the preceding calendar year and (ii) such lesser number of shares of our Class A common stock determined by our Board of Directors. The number of shares of our Class A common stock is also subject to adjustment in the event of a recapitalization, stock split, reclassification, stock dividend or other change in our capitalization. The 2015 Plan authorized the award of stock options, stock appreciation rights, restricted stock, restricted stock units ("RSUs"), performance awards (including performance stock units ("PSUs")) and stock bonuses to our employees, directors, consultants and independent contractors, subject to certain exceptions. We granted RSUs and PSUs during 2024 pursuant to the 2015 Plan. RSUs and PSUs represent the right on the part of the holder to receive shares of our Class A common stock at a specified date in the future and/or upon the achievement of performance conditions at the discretion of our compensation committee, subject to forfeiture of that right due to termination of employment. Our 2025 Employee Stock Purchase Plan (the “ESPP”) authorizes the issuance of shares of our Class A common stock pursuant to purchase rights granted to our employees. The purchase price for shares purchased under the 2025 ESPP with respect to any offering period is an amount equal to 85% of the fair market value of a share of our Class A Common Stock on the applicable purchase date (i.e., the last trading day of the applicable offering period). Offering periods are six months long and begin on February 16 and August 16 of each year. The first offering period under the ESPP will begin on Monday, February 17, 2025. 1,250,000 shares of Class A Common Stock are authorized for issuance under the ESPP, subject to adjustment in accordance with the terms of the ESPP. In addition, commencing on January 31, 2026 and on each January 31st thereafter during the term of the ESPP, the number of shares of Class A Common Stock authorized for issuance under the ESPP will be increased by the lesser of (i) the number of shares of Class A Common Stock issued or transferred pursuant to rights granted under the ESPP during the preceding calendar year, (ii) such lesser number of shares of Class A Common Stock as determined by our compensation committee, or (iii) 1,250,000 shares of Class A Common Stock. Stock Options A summary of activity in connection with our stock options for the year ended December 31, 2024 is as follows (number of shares in thousands):
|  | Number of Shares |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Contractual Life in Years
Options outstanding as of December 31, 2023 |  | 381 |  |  | $ | 51.49 |  |  | 3.4
Options granted |  | — |  |  | — |  |  |
Options exercised |  | (251) |  |  | 15.62 |  |  |
Options cancelled/forfeited |  | (1) |  |  | 3.28 |  |  |
Options outstanding as of December 31, 2024 |  | 129 |  |  | $ | 121.50 |  |  | 7.6
At December 31, 2024: |  |  |  |  |  |
Options vested and expected to vest |  | 129 |  |  | $ | 121.50 |  |  | 7.6
Options exercisable |  | 9 |  |  | $ | 14.75 |  |  | 0.6
Our stock-based compensation expense for stock options were not material for the periods presented. During the year ended December 31, 2023, we granted our Chief Executive Officer options to purchase 120,000 shares of our Class A common stock. These stock options vest based on service conditions with one-third vesting at the end of each of the years ending December 31, 2025, 2026 and 2027 (assuming continued employment through the applicable vesting date). No stock options were granted during the years ended December 31, 2024 or 2022. The fair value of stock options granted is estimated on the date of grant using the Black-Scholes option-pricing model. The following table summarizes information relating to our stock options granted during the year ended December 31, 2023:
Weighted average grant-date fair value per share |  | $ | 67.23 |
Weighted average Black-Scholes model assumptions: |  |
Risk-free interest rate |  | 4.06 | %
Expected term (in years) |  | 6.92
Expected volatility |  | 44 | %
Expected dividend yield |  | — |
The total intrinsic value of options exercised in 2024, 2023 and 2022 was $52.2 million, $36.4 million, and $31.1 million, respectively. This intrinsic value represents the difference between the fair value of our Class A common stock on the date of exercise and the exercise price of each option. Based on the fair value of our Class A common stock as of December 31, 2024, the total intrinsic value of all outstanding options, exercisable options, and options vested and expected to vest was $16.2 million. Restricted Stock Units A summary of activity in connection with our RSUs for the year ended December 31, 2024 is as follows (number of shares in thousands):
|  | Number of Shares |  | Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2023 |  | 943 |  |  | $ | 121.61 |
Granted |  | 376 |  |  | 214.99 |
Vested |  | (449) |  |  | 129.57 |
Forfeited |  | (85) |  |  | 137.95 |
Unvested as of December 31, 2024 |  | 785 |  |  | $ | 159.98 |
Unvested RSUs as of December 31, 2024 were composed of 0.7 million RSUs with only service conditions and 0.1 million PSUs with both service conditions and performance conditions. RSUs granted with only service conditions generally vest over a four-year period, assuming continued employment through the applicable vesting date. The number of PSUs granted, as included in the above table, assumes achievement of the performance metric at 100% of the performance target. The unvested PSUs as of December 31, 2024, are subject to vesting based on the achievement of pre-established performance metrics for the year ending December 31, 2024 and will vest over a three year period, assuming continued employment through each applicable vesting date. The actual number of shares to be issued at the end of the performance period will range from 0% to 170% of the target number of shares depending on achievement relative to the performance metric over the applicable period. We recognized stock-based compensation expense for the RSUs and PSUs of $59.2 million, $51.0 million and $43.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024, the total estimated remaining stock-based compensation expense for the aforementioned RSUs and PSUs was $96.2 million, which is expected to be recognized over a weighted average period of 2.1 years. The total fair value of RSUs and PSUs vested during the years ended December 31, 2024, 2023 and 2022 was approximately $111.8 million, $82.2 million and $27.5 million, respectively.

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