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Stock-based Compensation (Tables)

12 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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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.

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