Stock-based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2021 |
Share-based Payment Arrangement [Abstract] |
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Summary of Stock-based Compensation Expense |
Stock-based compensation expense included in the condensed consolidated statements of operations data above was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | 2021 | | 2020 | 2021 | | 2020 | Infrastructure and trust & safety | $ | 7,797 | | | $ | 915 | | $ | 13,485 | | | $ | 3,719 | | Research and development | 51,626 | | | 3,957 | | 83,220 | | | 20,680 | | General and administrative | 18,929 | | | 1,872 | | 30,176 | | | 20,304 | | Sales and marketing | 3,307 | | | 665 | | 5,522 | | | 4,963 | | Total stock-based compensation | $ | 81,659 | | | $ | 7,409 | | $ | 132,403 | | | $ | 49,666 | |
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Summary of Summarizes the Company's Stock Option Activity |
The following table summarizes the Company’s stock option activity: | | | | | | | | | | | | | | | | | | | | | | | | | Options Outstanding | | Number of Shares Subject to Options | | Weighted- Average Exercise Price | | Remaining Contractual Term (Years) | | Aggregate Intrinsic Value | | (in thousands) | | | | | | (in thousands) | Balances as of December 31, 2020 | 98,502 | | | $ | 2.55 | | | 7.76 | | $ | 3,838,994 | | Granted | — | | | — | | | | | | Cancelled | (1,119) | | | $ | 3.88 | | | | | | Exercised | (24,139) | | | $ | 1.73 | | | | | | Balances as of June 30, 2021 | 73,244 | | | $ | 2.79 | | | 7.46 | | $ | 6,385,925 | | Exercisable as of June 30, 2021 | 34,089 | | | $ | 1.58 | | | 6.46 | | $ | 3,013,482 | | Vested and expected to vest at June 30, 2021 | 73,244 | | | $ | 2.79 | | | 7.46 | | $ | 6,385,925 | |
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Summary of Company's Restricted Stock Units and Unregistered Restricted Stock Awards Activity |
The following table summarizes the Company’s restricted stock units and unregistered restricted stock awards (unregistered RSAs) activity: | | | | | | | | | | | | | | | | | | | | | | | | | Restricted Stock Units | | Restricted Stock Awards | | Number of Shares | | Weighted- Average grant date fair value | | Number of Shares | | Weighted- Average grant date fair value | | (in thousands) | | | | (in thousands) | | | Unvested as of December 31, 2020 | 3,061 | | | $ | 31.55 | | | 388 | | | $ | 37.75 | | Granted | 7,126 | | | $ | 77.21 | | | — | | | — | | Released | (3) | | | $ | 77.00 | | | (32) | | | $ | 37.75 | | Cancelled | (92) | | | $ | 32.01 | | | — | | | — | | Unvested as of June 30, 2021 | 10,092 | | | $ | 63.69 | | | 356 | | | $ | 37.75 | |
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Summary of Measured Based on An Average of Our Stock Price |
The CEO Long-Term Performance Award is divided into seven tranches that are eligible to vest based on the achievement of stock price goals, each a Company Stock Price Hurdle, measured based on an average of our stock price over a consecutive 90-day trading period applicable to the performance period as set forth below. | | | | | | | | | | | | | | | | | | | Company Stock Price Hurdle | | Number of RSUs Eligible to Vest | | Performance Period Commencement Dates as Measured from the Effective Date | 1 | $ | 165.00 | | | 750,000 | | | 2 years | 2 | $ | 200.00 | | | 750,000 | | | 3 years | 3 | $ | 235.00 | | | 2,000,000 | | | 4 years | 4 | $ | 270.00 | | | 2,000,000 | | | 5 years | 5 | $ | 305.00 | | | 2,000,000 | | | 5 years | 6 | $ | 340.00 | | | 2,000,000 | | | 5 years | 7 | $ | 375.00 | | | 2,000,000 | | | 5 years |
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Summary of Employee Stock Purchase Plan |
The following table summarizes the weighted-average assumptions used in estimating the fair value of 2020 ESPP for the initial offering period using the Black-Scholes option-pricing model: | | | | | | | | | | | | | Six Months Ended | | June 30, 2021 | Risk-free interest rate | 0.06% | - | 0.15% | Expected volatility | 53.77% | - | 56.9% | Dividend yield | —% | Expected terms (in years) | 0.44 | - | 1.95 |
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