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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of stock option activity under the 2012 Plan and the 2021 Plan, including 1.1 million stock options that were granted outside of the 2012 Plan in 2019, is presented below (in millions, except share and per share amounts):

			Number of Options						Weighted Average Exercise Price						Weighted Average Remaining Contract Term (in years)						Aggregate Intrinsic Value (1)
Balance as of December 31, 2023			40,527,848						$	5.60					5.1						$	20.2
Granted			—						—
Exercised			(3,258,748)						1.83
Forfeited			(1,904,614)						6.62
Balance as of September 30, 2024			35,364,486						$	5.89					4.6						$	38.8
Exercisable and vested at September 30, 2024			32,751,775						$	5.64					4.5						$	38.3

(1)The aggregate intrinsic values have been calculated using the Company’s closing stock prices of $6.11 and $3.76 as of September 30, 2024 and December 31, 2023, respectively.

Summary of Restricted Stock Units Activity

A summary of RSU activity under the 2012 Plan and the 2021 Plan is presented below:

			Number of Awards						Weighted Average Grant Date Fair Value
Balance as of December 31, 2023			29,943,818						$	5.15
Granted			24,238,196						3.62
Vested and converted to common stock (1)			(18,204,182)						4.35
Forfeited			(3,111,621)						4.61
Balance as of September 30, 2024			32,866,211						$	4.52

(1)During the nine months ended September 30, 2024, the Company net settled all RSUs through which it issued an aggregate of 18.2 million shares of Class A common stock and withheld an aggregate of 6.1 million shares of Class A common stock to satisfy $21.8 million of tax withholding obligations on behalf of the Company’s employees.

Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount

Total stock-based compensation expense included in the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 is as follows (in millions):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Commissions and other related expense			$	—					$	—					$	—					$	11.6
Sales and marketing			7.8						8.8						24.0						26.4
Operations and support			4.2						4.5						12.3						11.6
Research and development			14.6						11.4						44.7						34.4
General and administrative			5.9						13.3						15.3						37.9
Total stock-based compensation expense			$	32.5					$	38.0					$	96.3					$	121.9

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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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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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