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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Stock-Based Compensation |
Schedule of the stock-based compensation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2021* |  | 2022* |  | 2023*
​ | ​ | (In US$ thousands)
Cost of revenues | ​ | $ | 8,112 | ​ | $ | 9,417 | ​ | $ | 8,933
Sales and marketing | ​ | ​ | 15,292 | ​ | ​ | 18,910 | ​ | ​ | 16,528
Product development | ​ | ​ | 43,622 | ​ | ​ | 55,294 | ​ | ​ | 51,441
General and administrative | ​ | ​ | 20,970 | ​ | ​ | 28,092 | ​ | ​ | 24,229
​ | ​ | $ | 87,996 | ​ | $ | 111,713 | ​ | $ | 101,131
* | Excluded non-cash stock-based compensation of US$7.9 million, US$9.3 million and US$8.1 million to SINA employees charged through Amount due from SINA in 2021, 2022 and 2023, respectively.
Summary of the number of shares available for issuance | ​
​ | ​ | ​
​ |  | Shares Available
​ | ​ | (In thousands)
December 31, 2020 |  | 12,495
Addition | ​ | —
Granted* | ​ | (5,752)
Cancelled/expired/forfeited | ​ | 692
December 31, 2021 |  | 7,435
Addition | ​ | —
Granted* | ​ | (4,642)
Cancelled/expired/forfeited | ​ | 770
December 31, 2022 |  | 3,563
Addition | ​ | 10,000
Granted* |  | (3,971)
Cancelled/expired/forfeited |  | 351
December 31, 2023 |  | 9,943
*For the years ended December 31, 2021, 2022 and 2023, 5.8 million, 1.8 million and 1.8 million restricted share units were granted, respectively. Options of nil, 2.8 million and 2.2 million were granted during 2021, 2022 and 2023, respectively.
Summary of option activities under the Company's stock option program | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Weighted Average |  | ​ | ​
​ | ​ | Options | ​ | Weighted Average | ​ | Remaining | ​ | Aggregate
​ | ​ | Outstanding | ​ | Exercise Price | ​ | Contractual Life | ​ | Intrinsic Value
​ | ​ | (In thousands) | ​ | (In US$) | ​ | (In years) | ​ | (In US$ thousands)
December 31, 2020 |  | 551 | ​ | $ | 28.85 | ​ | 5.8 | ​ | $ | 6,683
Granted |  | — | ​ | $ | — | ​ | ​ | ​ | ​ | ​
Exercised |  | (105) | ​ | $ | 12.70 | ​ | ​ | ​ | ​ | ​
Cancelled/expired/forfeited |  | (59) | ​ | $ | 32.68 | ​ | ​ | ​ | ​ | ​
December 31, 2021 |  | 387 | ​ | $ | 32.68 | ​ | 5.6 | ​ | $ | —
Granted |  | 2,750 | ​ | $ | 21.15 | ​ | ​ | ​ | ​ | ​
Exercised |  | — | ​ | $ | — | ​ | ​ | ​ | ​ | ​
Cancelled/expired/forfeited |  | (118) | ​ | $ | 24.12 | ​ | ​ | ​ | ​ | ​
December 31, 2022 |  | 3,019 | ​ | $ | 22.51 | ​ | 6.0 | ​ | $ | —
Granted |  | 2,187 | ​ | $ | 3.87 | ​ | ​ | ​ | ​ | ​
Exercised |  | — | ​ | $ | — | ​ | ​ | ​ | ​ | ​
Cancelled/expired/forfeited |  | (98) | ​ | $ | 22.07 | ​ | ​ | ​ | ​ | ​
December 31, 2023 |  | 5,108 | ​ | $ | 14.54 | ​ | 5.7 | ​ | $ | 15,390
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and expected to vest as of December 31, 2022 |  | 2,752 | ​ | $ | 22.54 | ​ | 6.0 | ​ | $ | —
Exercisable as of December 31, 2022 |  | 172 | ​ | $ | 32.68 | ​ | 4.6 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and expected to vest as of December 31, 2023 |  | 4,686 | ​ | $ | 14.68 | ​ | 5.7 | ​ | $ | 13,905
Exercisable as of December 31, 2023 |  | 1,226 | ​ | $ | 23.44 | ​ | 4.9 | ​ | $ | —
Schedule of stock options outstanding | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | Weighted | ​ | Weighted Average
​ | ​ | Options | ​ | Average | ​ | Options | ​ | Average | ​ | Remaining
Range of Exercise Prices |  | Outstanding |  | Exercise Price |  | Exercisable |  | Exercise Price |  | Contractual Life
​ | ​ | (In thousands) | ​ | ​ | (In US$) | ​ | (In thousands) | ​ | ​ | (In US$) | ​ | (In years)
As of December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
US$ 32.68 |  | 356 | ​ | $ | 32.68 |  | 172 | ​ | $ | 32.68 |  | 4.6
US$ 21.15 |  | 2,663 | ​ | $ | 21.15 |  | — | ​ | $ | — |  | 6.2
​ | ​ | 3,019 | ​ | $ | 22.51 | ​ | 172 | ​ | $ | 32.68 | ​ | 6.0
As of December 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
US$ 32.68 |  | 328 | ​ | $ | 32.68 |  | 243 | ​ | $ | 32.68 |  | 3.6
US$ 21.15 |  | 2,606 | ​ | $ | 21.15 |  | 983 | ​ | $ | 21.15 |  | 5.2
US$ 3.87 | ​ | 2,174 | ​ | $ | 3.87 | ​ | — | ​ | $ | — | ​ | 6.5
​ |  | 5,108 | ​ | $ | 14.54 |  | 1,226 | ​ | $ | 23.44 |  | 5.7
Schedule of fair value of the options granted | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | For the years ended December 31, |
​ | ​ | 2022 |  | 2023 |
Fair value of ordinary shares (US$) | ​ | 21.15 |  | 11.51-13.1 | ​
Expected volatility range |  | 53 | % | 54.77%-55.77 | %
Risk-free interest rate (per annum) |  | 2.17 | % | 4.42%-4.82 | %
Expected dividend yield |  | — |  | — | ​
Expected term (in years) |  | 4.66 |  | 4.66 | ​
Performance-Based Restricted Share Units without Market Condition |
Stock-Based Compensation |
Summary of restricted share unit activities | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted-Average
​ | ​ | ​ | ​ | Grant Date
​ | ​ | Shares Granted | ​ | Fair Value
​ | ​ | (In thousands) | ​ | (In US$)
December 31, 2020 | ​ | 17 | ​ | $ | 36.49
Awarded | ​ | 15 | ​ | $ | 54.08
Vested | ​ | (2) | ​ | $ | 38.78
Cancelled | ​ | (19) | ​ | $ | 40.63
December 31, 2021 | ​ | 11 | ​ | $ | 54.17
Awarded | ​ | — | ​ | $ | —
Vested | ​ | (9) | ​ | $ | 54.17
Cancelled | ​ | (2) | ​ | $ | 54.17
December 31, 2022 | ​ | — | ​ | $ | —
Awarded | ​ | — | ​ | $ | —
Vested | ​ | — | ​ | $ | —
Cancelled | ​ | — | ​ | $ | —
December 31, 2023 |  | — | ​ | $ | —
Performance-Based Restricted Share Units with Market Condition |
Stock-Based Compensation |
Summary of restricted share unit activities | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted-
​ | ​ | ​ | ​ | Average
​ | ​ | Shares | ​ | Grant Date
​ | ​ | Granted | ​ | Fair Value
​ | ​ | (In thousands) | ​ | (In US$)
December 31, 2021 | ​ | — | ​ | $ | —
Awarded |  | 1,640 | ​ | $ | 8.43
Vested | ​ | — | ​ | $ | —
Cancelled | ​ | — | ​ | $ | —
December 31, 2022 | ​ | 1,640 | ​ | $ | 8.43
Awarded | ​ | 1,640 | ​ | $ | 9.66
Vested | ​ | — | ​ | $ | —
Cancelled | ​ | — | ​ | $ | —
December 31, 2023 |  | 3,280 | ​ | $ | 9.04
Service Based Restricted Stock Units RSU |
Stock-Based Compensation |
Summary of restricted share unit activities | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted-
​ | ​ | ​ | ​ | Average
​ | ​ | Shares | ​ | Grant Date
​ |  | Granted |  | Fair Value
​ | ​ | (In thousands) | ​ | (In US$)
December 31, 2020 |  | 4,324 | ​ | $ | 41.86
Awarded |  | 5,737 | ​ | $ | 47.95
Vested |  | (1,608) | ​ | $ | 45.66
Cancelled |  | (614) | ​ | $ | 44.02
December 31, 2021 |  | 7,839 | ​ | $ | 45.37
Awarded |  | 252 | ​ | $ | 20.59
Vested |  | (2,330) | ​ | $ | 47.09
Cancelled |  | (651) | ​ | $ | 42.69
December 31, 2022 |  | 5,110 | ​ | $ | 43.71
Awarded |  | 144 | ​ | $ | 17.27
Vested |  | (2,191) | ​ | $ | 43.04
Cancelled |  | (253) | ​ | $ | 38.66
December 31, 2023 |  | 2,810 | ​ | $ | 43.37

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