Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of share-based payment Award, Stock Options, valuation assumptions

For the years ended December 31, 2022 and 2021, the table below demonstrates the inputs used for options granted.


	Year Ended December 31,
	2022			2021
Expected term (in years)	6.2			6.3
Risk-free interest rate	3.0		%	0.9		%
Expected volatility	50.5		%	49.3		%
Dividend rate	—		%	—		%
Fair value of common stock (range for the period)	$2.33 - $8.25			$8.80 - $18.00
Weighted average grant date fair value of options granted	$	2.31		$	8.68

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 Shares	Weighted Average Exercise Price		Weighted Average Remaining Contract Term (in years)	Aggregate Intrinsic Value (1)
Balance as of December 31, 2022	46,694,237	$	5.44	5.9	$	8.5
Granted	257,286	3.62
Exercised	(2,963,701)	1.52
Forfeited	(3,459,974)	6.74
Balance as of December 31, 2023	40,527,848	$	5.60	5.1	$	20.2
Exercisable and vested at December 31, 2023	35,844,208	$	5.20	4.8	$	20.1

(1)The aggregate intrinsic values have been calculated using the Company’s closing stock prices of $3.76 and $2.33 as of December 31, 2023 and December 31, 2022, 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 Shares	Weighted Average Grant Date Fair Value
Balance as of December 31, 2022	47,189,837	$	7.10
Granted	44,460,038	3.38
Vested and converted to common stock (1)	(35,940,672)	4.81
Forfeited(2)	(25,765,385)	6.13
Balance as of December 31, 2023	29,943,818	$	5.15

(1)During the year ended December 31, 2023, the Company net settled all RSUs through which it issued an aggregate of 35.9 million shares of Class A common stock and withheld an aggregate of 7.6 million shares of Class A common stock to satisfy $23.5 million of tax withholding obligations on behalf of the Company’s employees.

(2)Included in forfeited shares are 17.2 million performance based RSUs previously held by the Company’s Chief Executive Officer that were cancelled in connection with changes made to the CEO's compensation package in December 2023. The cancellation of these awards was accounted for as a modification and is not expected to have a material impact on the Company's statements of operations.

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

Total stock-based compensation expense included in the consolidated statement of operations is as follows (in millions):


	Year Ended December 31,
	2023		2022		2021
Commissions and other related expense	$	11.6	$	59.0	$	128.7
Sales and marketing	35.0		42.0		38.4
Operations and support	16.1		15.6		16.9
Research and development	45.7		57.5		92.7
General and administrative	49.8		60.4		109.6
Total stock-based compensation expense	$	158.2	$	234.5	$	386.3

Stock-

based compensation expense for the year ended December 31, 2021 includes the following amounts related to a one-time acceleration of stock-based compensation expense in connection with the IPO (in millions):


	IPO Related Expense
Commissions and other related expense	$	41.7
Sales and marketing	1.8
Operations and support	3.1
Research and development	46.9
General and administrative	55.0
Total stock-based compensation expense	$	148.5