v3.23.2
Stock Incentive Plans (Tables)
 6 Months Ended
Jun. 30, 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 in the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Restricted stock units$25,179 $15,078 $49,970 $30,423 
Stock options5,309 6,160 12,793 13,818 
Executive Chairman Long-Term Performance Award13,267 13,267 26,388 26,388 
Employee Stock Purchase Plan410 643 1,013 1,524 
Total$44,165 $35,148 $90,164 $72,153 
Summary of RSU Activity Under the Plans
A summary of the Company's RSU activity under the Plans is as follows:
Number of Restricted Stock UnitsWeighted-average grant date fair value per share
Balance as of December 31, 2022
34,146,546$9.74 
Granted26,556,5004.45 
Vested(6,289,563)9.60 
Canceled and forfeited(9,271,109)8.39 
Balance as of June 30, 2023
45,142,374$6.92 
A summary of the Company's stock option activity under the Plans is as follows:
Number of OptionsWeighted-Average Exercise Price per ShareWeighted-Average Remaining Contractual Life
Aggregate Intrinsic Value(1)
Balance as of December 31, 2022
36,156,445 $16.37 7.67 years$29,101 
Granted6,080,148 5.35 
Exercised(1,631,016)1.41 
Canceled and forfeited(2,228,604)10.45 
Balance as of June 30, 2023
38,376,973$15.61 7.75 years$14,943 
Exercisable as of June 30, 2023(2)
11,157,842$11.17 7.39 years$13,162 
Vested as of June 30, 2023
8,267,104$9.39 6.26 years$11,972 
(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:
TrancheCompany Stock Price HurdleNumber of Options Eligible to Vest
1$67.502,826,884
2$78.982,826,884
3$92.402,826,884
4$108.112,826,884
5$126.492,826,884
6$147.992,826,884
7$173.152,826,884
Total19,788,188
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The fair value of stock options granted was estimated using the Black-Scholes option pricing model and the following weighted average assumptions:
Three Months Ended June 30,Six Months Ended June 30,
2023 (1)
202220232022
Dividend yield—%0.0%0.0%0.0%
Expected volatility—%61.90%70.78%59.37%
Expected term (in years)—6.086.046.08
Risk-free interest rate—%2.81%3.78%2.18%
(1) The Company did not grant any stock options during the three months ended June 30, 2023.