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SHARE-BASED AWARDS | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
SHARE-BASED AWARDS | SHARE-BASED AWARDS Stock options and RSUs Option awards are generally granted with an exercise price equal to the fair value of the Company’s common stock at the date of grant. A summary of the stock option activity for the six months ended June 30, 2023, is as follows:
| Number of Options (in thousands) |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Balance-December 31, 2022 | 10,712 |  |  | $ | 2.13 |  |  | 3.5 |  | $ | 1 |
Exercised | (2,170) |  |  | 1.05 |  |  |  |  |
Expired | (331) |  |  | 2.91 |  |  |  |  |
Balance-June 30, 2023 | 8,211 |  |  | $ | 2.39 |  |  | 3.7 |  | $ | 14 |
Exercisable-June 30, 2023 | 8,211 |  |  | $ | 2.39 |  |  | 3.7 |  | $ | 14 |
A summary of the RSU activity for the six months ended June 30, 2023, is as follows:
| Number of RSUs (in thousands) |  | Weighted- Average Grant-Date Fair Value
Unvested and outstanding-December 31, 2022 | 54,547 |  |  | $ | 10.29 |
Granted | 42,600 |  |  | 1.64 |
Vested | (17,136) |  |  | 5.65 |
Forfeited | (11,017) |  |  | 12.53 |
Unvested and outstanding-June 30, 2023 | 68,994 |  |  | $ | 4.30 |
Restricted Shares The Company has granted Restricted Shares to certain continuing employees, primarily in connection with acquisitions. ESPP The first offering period for the Company's 2020 ESPP began on March 1, 2022. The ESPP, pursuant to Internal Revenue Code Section 423, allows eligible participants to purchase shares using payroll deductions of up to 15% of their total compensation, subject to a $25,000 calendar year limitation on contributions. Prior to March 2023, the Company limited the maximum number of shares to be purchased in an offering period to 1,000 shares per employee, and each offering period was six months in duration. Beginning in March 2023, the maximum number of shares to be purchased in an offering period was increased to 10,000 shares per employee, 5,000 per purchase period, and each offering period is 12 months in duration, with two 6-month purchase periods. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a 15% discount on the lower price of either (i) the offer period start date or (ii) the purchase date. The ESPP also includes a reset provision for the purchase price if the stock price on the purchase date is less than the stock price on the offering date. ESPP employee payroll contributions withheld as of June 30, 2023 were $2.0 million and are included within Accounts payable and other accrued liabilities in the condensed consolidated balance sheets. Payroll contributions withheld as of June 30, 2023 will be used to purchase shares at the end of the current ESPP purchase period ending on August 31, 2023. The fair value of ESPP purchase rights is estimated at the date of grant using the Black-Scholes option-pricing valuation model. The following assumptions were applied in the model to estimate the grant-date fair value of the ESPP.
| Six Months Ended June 30, 2023 |  |
Fair value | $0.64 – $0.81 |  |
Volatility | 119% |  |
Risk-free rate | 5.06% – 5.20% |  |
Expected life (in years) | 0.5 – 1.0 |  |
Expected dividend | $ | — |  |  |
As of June 30, 2023, total estimated unrecognized compensation expense related to the ESPP was $2 million. The unamortized compensation costs are expected to be recognized over the remaining term of the offering period of 0.7 years. Stock-based compensation expense Stock-based compensation expense is allocated based on the cost center to which the award holder belongs. The following table summarizes total stock-based compensation expense by function as presented in the condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
General and administrative | $ | 5 |  |  | $ | 43 |  |  | $ | 32 |  |  | $ | 94 |
Sales, marketing and operations | 4 |  |  | 5 |  |  | 8 |  |  | 9 |
Technology and development | 12 |  |  | 11 |  |  | 23 |  |  | 23 |
Total stock-based compensation expense | $ | 21 |  |  | $ | 59 |  |  | $ | 63 |  |  | $ | 126 |
During the six months ended June 30, 2023, no market condition awards satisfied their market condition. As of June 30, 2023, there was $248 million of unamortized stock-based compensation costs related to unvested RSUs. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 1.9 years.

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