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Stock-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of options granted in the periods indicated using the Black-Scholes pricing model has been based on the following assumptions:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Expected Volatility | 63.3% |  | 62.5% |  | 43.4% - 57.4%
Risk-free interest rate | 4.1% |  | 3.4% |  | 0.8% - 1.2%
Expected term (in years) | 4.5 |  | 4.6 |  | 4.6 - 6.2
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes the activity for the Company’s options (in thousands, except share and per share amounts):
| Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contract Term (in years) |  | Aggregate Intrinsic Value
Outstanding at December 31, 2020 | 5,099,952 |  |  | $ | 20.97 |  |  | 6.81 |  | $ | 800,453 |
Granted | 198,193 |  |  | 218.93 |  |  |  |  |
Exercised | (994,456) |  |  | 22.83 |  |  |  |  |
Forfeited/Canceled | (29,964) |  |  | 47.86 |  |  |  |  |
Outstanding at December 31, 2021 | 4,273,725 |  |  | 29.52 |  |  | 5.99 |  | 810,321 |
Granted | 9,916 |  |  | 76.05 |  |  |  |  |
Exercised | (816,620) |  |  | 18.40 |  |  |  |  |
Forfeited/Canceled | (10,704) |  |  | 126.22 |  |  |  |  |
Outstanding at December 31, 2022 | 3,456,317 |  |  | 31.99 |  |  | 5.06 |  | 322,230 |
Granted | 8,131 |  |  | 95.06 |  |  |  |  |
Exercised | (623,161) |  |  | 22.83 |  |  |  |  |
Forfeited/Canceled | (65,356) |  |  | 123.29 |  |  |  |  |
Outstanding at December 31, 2023 | 2,775,931 |  |  | 32.08 |  |  | 4.03 |  | 158,476 |
Total exercisable at December 31, 2023 | 2,650,630 |  |  | 27.44 |  |  | 3.89 |  | 156,256 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | The following table summarizes the weighted-average grant date fair value of options granted, intrinsic value of options exercised and fair value of awards vested in periods indicated (in thousands, except per share amounts):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Weighted average grant date fair value of options granted | $ | 51.65 |  |  | $ | 40.84 |  |  | $ | 95.00 |
Intrinsic value of options exercised | 44,266 |  |  | 87,892 |  |  | 206,709 |
Fair value of awards vested | 278,537 |  |  | 195,929 |  |  | 96,592 |
Summary of the Activity of Unvested RSUs | The following table summarizes the activity for the Company’s unvested RSUs, which includes Financial PBRSUs and TSR PBRSUs:
| Shares |  | Weighted-Average Fair Value
Unvested at December 31, 2020 | 3,085,987 |  |  | $ | 50.28 |
Granted (1) | 2,136,685 |  |  | 208.84
Vested | (1,400,241) |  |  | 59.80
Forfeited/Canceled | (315,710) |  |  | 108.22
Unvested at December 31, 2021 | 3,506,721 |  |  | 137.87
Granted | 5,226,948 |  |  | 119.83
Vested | (1,670,084) |  |  | 110.53
Forfeited/Canceled | (669,799) |  |  | 154.06
Unvested at December 31, 2022 | 6,393,786 |  |  | 128.37
Granted | 3,644,341 |  |  | 100.24
Vested | (2,350,706) |  |  | 114.95
Forfeited/Canceled | (1,490,623) |  |  | 127.68
Unvested at December 31, 2023 | 6,196,798 |  |  | 117.14
(1)Includes RSU awards issued to Depop and Elo7 employees in connection with the acquisitions in the third quarter of 2021.
Schedule of Share-based Compensation, Allocation of Recognized Period Costs | Stock-based compensation expense included in the Consolidated Statements of Operations is as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Cost of revenue | $ | 31,246 |  |  | $ | 23,283 |  |  | $ | 13,085 |
Marketing | 22,784 |  |  | 19,571 |  |  | 11,339 |
Product development | 146,017 |  |  | 124,559 |  |  | 58,900 |
General and administrative | 84,511 |  |  | 63,475 |  |  | 56,586 |
Stock-based compensation expense | $ | 284,558 |  |  | $ | 230,888 |  |  | $ | 139,910 |

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