Stock-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Summary of Stock Option Activity |
The following table summarizes the activity for all stock options under all of the Company’s equity incentive plans for the years ended December 31, 2022 and 2021 (shares and aggregate intrinsic value in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Options |
|
Weighted
Average
Exercise Price |
|
Weighted
Average
Remaining
Contractual Life |
|
Aggregate
Intrinsic
Value |
| Outstanding at December 31, 2020 |
|
8,019 |
|
|
$ |
10.35 |
|
|
6.87 |
|
$ |
473,371 |
|
Granted |
|
641 |
|
|
47.06 |
|
|
|
|
|
Exercised |
|
(1,977) |
|
|
8.88 |
|
|
|
|
|
| Canceled |
|
(426) |
|
|
24.70 |
|
|
|
|
|
| Outstanding at December 31, 2021 |
|
6,257 |
|
|
13.60 |
|
|
6.19 |
|
140,326 |
|
Granted |
|
942 |
|
|
28.10 |
|
|
|
|
|
Exercised |
|
(1,401) |
|
|
8.04 |
|
|
|
|
|
| Canceled |
|
(581) |
|
|
28.17 |
|
|
|
|
|
| Outstanding at December 31, 2022 |
|
5,217 |
|
|
$ |
16.08 |
|
|
5.68 |
|
$ |
58,784 |
|
| Options vested and exercisable at December 31, 2022 |
|
3,820 |
|
|
$ |
11.36 |
|
|
4.58 |
|
$ |
55,466 |
|
| Options vested and expected to vest at December 31, 2022 |
|
5,217 |
|
|
$ |
16.08 |
|
|
5.68 |
|
$ |
58,784 |
|
|
| Schedule of Estimated Fair Value of Stock Options |
The Company estimated the fair value of stock options with the following assumptions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2022 |
|
2021 |
|
2020 |
Risk-free interest rate |
|
1.60% - 3.80% |
|
0.90% - 1.30% |
|
0.30 % - 1.50 % |
Volatility |
|
65.60% - 69.40% |
|
63.00% - 67.80% |
|
54.40 % - 59.70 % |
Expected term (in years) |
|
6.10 |
|
6.00 - 6.10 |
|
5.30 - 6.10 |
Expected dividend yield |
|
—% |
|
—% |
|
—% |
|
| Schedule of Activity for All RSUs |
The following table summarizes the activity for all RSUs under all of the Company’s equity incentive plans for the years ended December 31, 2022 and 2021 (shares in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Weighted
Average Grant
Date Fair
Value |
| Unvested balance at December 31, 2020 |
|
7,103 |
|
|
$ |
40.17 |
|
Granted |
|
1,992 |
|
|
48.12 |
|
Issued |
|
(3,755) |
|
|
42.70 |
|
| Canceled / forfeited |
|
(855) |
|
|
34.05 |
|
| Unvested balance at December 31, 2021 |
|
4,485 |
|
|
42.73 |
|
Granted |
|
4,500 |
|
|
27.66 |
|
Issued |
|
(2,968) |
|
|
40.31 |
|
| Canceled / forfeited |
|
(1,475) |
|
|
35.85 |
|
| Unvested balance at December 31, 2022 |
|
4,542 |
|
|
$ |
31.60 |
|
|
| Schedule of Stock-Based Compensation Expense |
The Company recognized stock-based compensation expense, including ESPP expenses, in the consolidated statements of operations as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2022 |
|
2021 |
|
2020 |
| Cost of customer agreements and incentives |
|
$ |
9,181 |
|
|
$ |
11,469 |
|
|
$ |
4,315 |
|
Cost of solar energy systems and product sales |
|
9,274 |
|
|
5,775 |
|
|
1,582 |
|
Sales and marketing |
|
56,857 |
|
|
104,087 |
|
|
53,366 |
|
Research and development |
|
2,667 |
|
|
3,806 |
|
|
2,518 |
|
General and administration |
|
32,654 |
|
|
85,863 |
|
|
108,806 |
|
Total |
|
$ |
110,633 |
|
|
$ |
211,000 |
|
|
$ |
170,587 |
|
|