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Stock-based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Summary of Outstanding Restricted Stock Awards Activity A summary of RSUs activity is as follows: (in thousands, except per share data):
Number of Restricted Stock UnitsWeighted
Average
Grant Date
Fair Value
Aggregate Intrinsic Value
Balances at December 31, 2020— — — 
Granted7,575,963 $60.18 
Vested(126,234)62.15 
Cancelled(126,325)59.92 
Balances at December 31, 20217,323,404 $60.15 $690,304 
Summary of Weighted Average Assumptions Used The weighted-average assumptions used to estimate the fair value of shares to be issued under the ESPP are as follows:
Year Ended December 31,
2021
Weighted-average expected term1.25
Expected volatility44 %
Risk-free interest rate0.17 %
Dividend yield%
The weighted-average assumptions used to estimate the fair value of stock options granted are as follows:
Year Ended December 31,
202120202019
Weighted-average expected term5.215.946.05
Expected volatility43 %39 %43 %
Risk-free interest rate0.48 %0.56 %1.91 %
Dividend yield%%%
Summary of Stock Options Activity Under the Plan
The Company’s stock options activity under the 2011 Plan was as follows:
Number of
Options
Weighted
Average
Exercise
Price Per
Share
Weighted
Average
Remaining
Contractual
Term (Years)
Balances at December 31, 202028,889,524 $5.92 8.8
Granted263,200 27.03 
Exercised(8,947,563)5.40 
Forfeited(1,411,457)6.42 
Expired(390,000)7.45 
Balances at December 31, 202118,403,704 $6.39 7.9
Vested and exercisable at December 31, 202112,030,363 $5.87 7.8
Vested and expected to vest at December 31, 202116,696,145 $6.63 8.0
Summary of Stock-based Payment Arrangement Expenses
The Company recognized stock-based compensation expense for all equity awards for the periods indicated as follows (in thousands):
Year Ended December 31,
202120202019
Cost of revenue$2,335 $982 $124 
Sales and marketing15,224 10,668 1,922 
Research and development63,344 36,852 5,009 
General and administrative52,274 13,885 3,167 
Total stock-based compensation expense$133,177 $62,387 $10,222