v3.24.1.u1
STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Stock options
A summary of options activity for the three months ended March 31, 2024 is as follows (in thousands, except per share and years data):
Options OutstandingWeighted Average Exercise Price per ShareWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value
Balance at January 1, 202428,697 $25.01 6.1$4,295,055 
Exercised(2,338)18.84 
Forfeited and cancelled(24)30.36 
Balance at March 31, 202426,335 $25.55 5.9$6,309,011 
Exercisable at March 31, 202420,201 $26.19 5.8$4,826,583 
Vested and expected to vest at March 31, 202420,211 $26.18 5.8$4,829,027 
During the three months ended March 31, 2024, the Company granted no stock options.
As of March 31, 2024, there was total unrecognized compensation cost of $56.0 million related to unvested stock options. These costs are expected to be recognized over a weighted-average period of approximately 2.3 years.
Restricted stock units
The Company grants restricted stock units (“RSUs”) that vest upon the satisfaction of a service-based condition. In general, the RSUs vest over a service period ranging from one to four years. Once vested, the RSUs are settled by delivery of Class A common stock.
A summary of RSU activity for the three months ended March 31, 2024 is as follows (in thousands, except per share data):
Number of SharesWeighted-Average Grant Date Fair Value Per Share
Balance at January 1, 20243,016 $108.07 
Granted5,139 142.75 
Vested(1,580)131.48 
Forfeited and cancelled(212)125.33 
Balance at March 31, 20246,363 $129.69 
As of March 31, 2024, there was total unrecognized compensation cost of $782.2 million related to unvested RSUs. These costs are expected to be recognized over a weighted-average period of approximately 1.2 years.
Performance restricted stock units
The Company also grants performance restricted stock units (“PRSUs”), which are subject to either (a) a market condition or (b) the achievement of performance goals.
A summary of PRSU activity for the three months ended March 31, 2024 is as follows (in thousands, except per share data):
Number of SharesWeighted-Average Grant Date Fair Value Per Share
Balance at January 1, 2024804 $55.42 
Vested(80)55.42 
Balance at March 31, 2024724 $55.42 
As of March 31, 2024, there was total unrecognized compensation cost of $13.0 million related to unvested PRSUs. These costs are expected to be recognized over a weighted-average period of approximately 1.7 years.
Restricted common stock
As part of the Company’s past acquisitions, the Company has issued shares of restricted Class A common stock. Vesting of this restricted Class A common stock is dependent on a service-based vesting condition that is generally satisfied over three years. The Company has the right to repurchase shares, at par value, for which the vesting condition is not satisfied. Activity of restricted Class A common stock is as follows (in thousands, except per share data):
Number of SharesWeighted-Average Grant Date Fair Value Per Share
Balance at January 1, 2024543 $114.22 
Vested(182)129.03 
Forfeited and cancelled(4)267.48 
Balance at March 31, 2024357 $104.97 
As of March 31, 2024, there was total unrecognized compensation cost of $24.3 million related to unvested restricted Class A common stock. These costs are expected to be recognized over a weighted-average period of approximately 1.3 years.
Stock-based compensation expense
The effects of stock-based compensation expense in the Condensed Consolidated Statements of Operations are as follows (in thousands):
Three Months Ended March 31,
20242023
Technology and development$139,830 $122,696 
Sales and marketing16,623 14,209 
General and administrative68,051 61,955 
Restructuring— 84,042 
Total$224,504 $282,902 
During the three months ended March 31, 2024 and 2023, $11.1 million and $14.1 million of stock-based compensation expense was recorded in capitalized software, which is included in Other non-current assets in the accompanying Condensed Consolidated Balance Sheets, respectively.