v3.22.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Summary of 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 
Schedule of Fair Value Assumptions of Options Granted
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%
Summary of Option Activity
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 
Summary of RSU Activity
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 
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