v3.22.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock-Based Compensation Expense

The following table summarizes total stock-based compensation expense (in thousands):

Three Months Ended March 31,
20212022
Operations and support$11,412 $11,695 
Product development143,715 117,876 
Sales and marketing25,901 21,207 
General and administrative48,457 44,114 
Restructuring charges(11)31 
Stock-based compensation expense$229,474 $194,923 

Stock Option and Restricted Stock Unit Activity

The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option-pricing model using the range of assumptions in the following table:

Three Months Ended March 31,
20212022
Expected dividend yield— — 
Volatility
44.9%
 48.6%
Expected term (years)
8.0
6.1
Risk-free interest rate
1.5%
2.2%
A summary of option and RSU activity under the Plans was as follows (in thousands, except per share amounts):

Outstanding
Stock Options
Outstanding
Restricted Stock Units
 Shares
Available for
Grant		Number of
Shares		Weighted-
Average
Exercise
Price		Number of
Shares		Weighted-
Average
Grant
Date Fair
Value
As of December 31, 202181,365 24,122 $19.69 36,789 $61.22 
Granted(6,237)635 167.00 5,602 166.92 
Increase in shares available for grant31,676 — — — — 
Shares withheld for taxes1,284 — — (1,284)73.39 
Exercised/Vested— (784)14.86 (2,116)74.10 
Canceled845 (172)73.91 (673)78.54 
As of March 31, 2022108,933 23,801 23.39 38,318 75.25 

Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
Options outstanding as of March 31, 202223,801 $23.39 3.56$3,542,265 
Options exercisable as of March 31, 202220,560 14.13 2.753,243,856 

Restricted Stock Awards

The Company has granted restricted stock awards to certain continuing employees, primarily in connection with acquisitions. Vesting of this stock is primarily dependent on a service-based vesting condition that generally becomes satisfied over a period of four years. The Company has the right to repurchase or cancel shares for which the vesting condition is not satisfied.

The following table summarizes the activity related to the Company’s restricted stock awards (in thousands, except for per share amounts):

Number of
Shares		Weighted-Average
Grant-Date 
Fair Value
Per Share
Unvested restricted stock awards as of December 31, 2021632 $62.32 
Issued— — 
Vested(21)62.41 
Unvested restricted stock awards as of March 31, 2022611 62.32 

2020 Employee Stock Purchase Plan (“ESPP”)
In December 2020, the Company’s board of directors adopted the ESPP. The maximum number of shares of Class A common stock authorized for sale under the ESPP is equal to the sum of (i) 4,000,000 shares of Class A common stock and (ii) an annual increase on the first day of each year beginning in 2022 and ending in 2030, equal to the lesser of (a) 1% of shares of Class A common stock (on an as converted basis) on the last day immediately preceding year and (b) such number of shares of common stock as determined by the board of directors; provided, however, that no more than 89,785,394 shares may be issued under the ESPP. The Company estimates the fair value of shares to be issued under the ESPP based on a combination of options valued using the Black-Scholes option-pricing model. For the three months ended March 31, 2021 and 2022, the Company recorded stock-based compensation expense related to the ESPP of $32.3 million and $5.4 million, respectively. During the three months ended March 31, 2021 and 2022, there were no purchases of shares under the ESPP.