XML 61 R35.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Stock Incentive Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-based Compensation Expense Recognized in the Period | The following table presents the share-based compensation expense recognized within the following line items in the Consolidated Statement of Operations and Comprehensive Loss and Consolidated Balance Sheet in the periods presented:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Restricted stock units | $ | 99,648 |  |  | $ | 76,094 |  |  | $ | 59,652 |
Stock options | 26,323 |  |  | 28,816 |  |  | 31,231 |
Executive Chairman Long-Term Performance Award | 53,214 |  |  | 53,214 |  |  | 38,189 |
Employee Stock Purchase Plan | 1,554 |  |  | 2,619 |  |  | 1,946 |
Secondary sales of common stock | — |  |  | — |  |  | 11,642 |
Share-based compensation recorded within Compensation and benefits | 180,739 |  |  | 160,743 |  |  | 142,660 |
Property and equipment (capitalized internal-use software) | 4,492 |  |  | — |  |  | — |
Total share-based compensation expense | $ | 185,231 |  |  | $ | 160,743 |  |  | $ | 142,660 |
Schedule of RSU Activity Under the Plans | A summary of the Company's RSUs activity under the Plans was as follows:
| Number of Restricted Stock Units |  | Weighted-average grant date fair value per share |  |
Balance as of December 31, 2021 | 9,001,949 |  |  | $ | 18.30 |  |  |
Granted | 36,159,090 |  |  | 8.91 |  |  |
Vested | (4,883,296) |  |  | 13.99 |  |  |
Canceled and forfeited | (6,131,197) |  |  | 14.07 |  |  |
Balance as of December 31, 2022 | 34,146,546 |  |  | $ | 9.74 |  |  |
Granted | 31,060,513 |  |  | 4.62 |  |  |
Vested | (14,128,901) |  |  | 8.47 |  |  |
Canceled and forfeited | (12,901,086) |  |  | 7.98 |  |  |
Balance as of December 31, 2023 | 38,177,072 |  |  | $ | 6.64 |  |  |
A summary of the Company's stock option activity under the Plans is as follows:
| Number of Options |  | Weighted-Average Exercise Price per Share |  | Weighted-Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value(1)
Balance as of January 1, 2021 | 23,421,374 |  |  | $ | 1.35 |  |  | 8.33 |  | $ | 248,002 |
Granted | 29,113,555 |  |  | 20.07 |  |  |  |  |
Exercised | (4,277,344) |  |  | 1.18 |  |  |  |  |
Canceled and forfeited | (4,072,097) |  |  | 5.58 |  |  |  |  |
Balance as of December 31, 2021 | 44,185,488 |  |  | $ | 13.31 |  |  | 8.46 |  | $ | 279,242 |
Granted | 4,182,522 |  |  | 10.16 |  |  |  |  |
Exercised | (7,785,748) |  |  | 1.20 |  |  |  |  |
Canceled and forfeited | (4,425,817) |  |  | 6.60 |  |  |  |  |
Balance as of December 31, 2022 | 36,156,445 |  |  | $ | 16.37 |  |  | 7.67 |  | $ | 29,101 |
Granted | 6,080,148 |  |  | 5.35 |  |  |  |  |
Exercised | (3,353,103) |  |  | 1.58 |  |  |  |  |
Canceled and forfeited | (2,212,852) |  |  | 13.24 |  |  |  |  |
Balance as of December 31, 2023 | 36,670,638 |  | $ | 16.09 |  |  | 7.45 |  | $ | 24,481 |
Exercisable as of December 31, 2023(2) | 10,677,680 |  |  | $ | 11.62 |  |  | 7.12 |  | $ | 17,426 |
Vested as of December 31, 2023 | 8,355,940 |  | $ | 10.12 |  |  | 6.84 |  | $ | 15,917 |
(1) Intrinsic value is calculated based on the difference between the exercise price of in-the-money-stock options and the fair value of the common stock as of the respective balance sheet dates. (2) The 2011 Plan allows for early exercise of stock options. Accordingly, options granted under this plan are included as exercisable stock options regardless of vesting status. The Executive Chairman Long-Term Performance Award is divided into seven equal tranches which vest upon the achievement of the following Company stock price hurdles:
Tranche |  | Company Stock Price Hurdle |  | Number of Options Eligible to Vest
1 |  | $67.50 |  | 2,826,884
2 |  | $78.98 |  | 2,826,884
3 |  | $92.40 |  | 2,826,884
4 |  | $108.11 |  | 2,826,884
5 |  | $126.49 |  | 2,826,884
6 |  | $147.99 |  | 2,826,884
7 |  | $173.15 |  | 2,826,884
Total |  |  |  | 19,788,188
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair values of stock options granted were estimated using the Black-Scholes option pricing model and the following weighted-average assumptions:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Dividend yield | 0.0% |  | 0.0% |  | 0.0%
Expected volatility | 70.78% |  | 61.52% |  | 52.36%
Expected term (in years) | 6.04 |  | 6.08 |  | 6.14
Risk-free interest rate | 3.78% |  | 2.32% |  | 1.00%

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration