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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following is a summary of the Company’s stock option activity during the year ended December 31, 2022:

			Stock Options
(in thousands, except share and per share amounts)			Number of Options Outstanding						Weighted-Average Exercise Price						Weighted-Average Remaining Contractual Life (Years)						Aggregate Intrinsic Value (1)
Balances as of January 1, 2022			23,386,942						$	3.70					7.66						$	395,676
Granted			166,113						11.15
Exercised			(5,379,722)						2.15												43,975
Forfeited			(2,185,065)						5.08
Balances as of December 31, 2022			15,988,268						4.11						6.79						119,467
Vested and exercisable as of December 31, 2022			9,963,250						2.53						6.01						88,859
Vested and expected to vest as of December 31, 2022			16,074,197						$	4.11					6.80						$	120,057

_________________

(1)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock.

Schedule of Stock Option Valuation Assumptions

The fair value of each employee stock option granted during the years ended December 31, 2022, 2021, and 2020 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:

			Years Ended December 31,
			2022						2021						2020
Risk-free interest rates			2.86%						0.32% to 1.19%						0.30% to 1.47%
Expected term (in years)			6.1 years						3.5 to 6.8 years						5.0 to 6.6 years
Volatility			64.0%						37.8% to 50.5%						37.3% to 54.0%
Dividend rate			—		%				—		%				—		%

Schedule of Restricted Stock Award Activity

Restricted stock unit activity, including PRSUs, during the year ended December 31, 2022 was as follows:

						Number of Shares						Weighted-Average Grant-Date Fair Value Per Share
Unvested at January 1, 2022						3,372,585						$	24.83
Granted						24,527,052						10.65
Vested						(2,955,066)						14.32
Cancelled/forfeited						(1,578,216)						16.24
Unvested at December 31, 2022						23,366,355						$	11.86

Schedule of ESPP Valuation Assumptions

The fair value of the ESPP offerings was estimated using the Black-Scholes option-pricing model as of the respective offering dates, using the following assumptions. These assumptions represent the grant date fair value inputs for new offerings during the years ended December 31, 2022 and 2021, as well as updated valuation information as of the modification date, for any offerings for which a modification occurred, requiring incremental expense to be measured at the modification date:

Years Ended December 31,

2022

2021

Risk-free interest rates

0.60% to 3.48%

0.06% to 0.30%

Expected term (in years)

0.5 to 2.0 years

0.4 to 1.9 years

Volatility

58.3% to 73.0%

37.7% to 56.0%

Dividend rate

—

%

—

%

Schedule of Share-based Compensation Expense

Stock-based compensation expense for stock options, RSUs, PRSUs, and the ESPP, included within the Consolidated Statements of Operations, net of amounts capitalized to internal-use software, as described in Note 4. Property and Equipment, was as follows:

			Years Ended December 31,
(in thousands)			2022						2021						2020
Customer support and operations			$	816					$	153					$	22
Marketing			10,512						2,325						869
Technology and development			46,420						6,931						2,130
General and administrative			37,545						7,607						2,243
Total			$	95,293					$	17,016					$	5,264

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

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