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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,
20222021
Expected term (in years)6.26.3
Risk-free interest rate3.0 %0.9 %
Expected volatility50.5 %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 
Granted257,286 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 
Granted44,460,038 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,
202320222021
Commissions and other related expense$11.6 $59.0 $128.7 
Sales and marketing35.0 42.0 38.4 
Operations and support16.1 15.6 16.9 
Research and development45.7 57.5 92.7 
General and administrative49.8 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 marketing1.8 
Operations and support3.1 
Research and development46.9 
General and administrative55.0 
Total stock-based compensation expense$148.5