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Stockholders’ Equity
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Shares of Stock

The following table shows the changes in Class A and Class B shares of common stock (in millions):
Three Months Ended March 31, 2024
Class A and B Common Stock (in shares)
Balance, beginning of period
543 
Issuance of common stock under equity plans
9 
Balance, end of period
552 

Stock-Based Compensation
Stock-based compensation expense recognized for the three months ended March 31, 2024 and 2023, is as follows (in millions):
Three Months Ended March 31,
20242023
Costs of revenue$10 $10 
Sales and marketing11 13 
Research and development18 21 
General and administrative17 19 
Restructuring
10 — 
$66 $63 

Stock-based compensation of $3 million was capitalized as software development costs for 3 months ended March 31, 2024 and 2023.

Stock Options
The following is a summary of stock option activity under our stock option plans for the three months ended March 31, 2024:
(in millions, except per share amounts)
Number of
Shares (in millions)
Weighted-
Average
Exercise
Price (per share)
Weighted-Average
Remaining
Contractual
Term (in Years)
Aggregate
Intrinsic
Value (in millions) (1)
Outstanding as of December 31, 2023
48 $7.07 
Granted 2 24.65 
Exercised(6)3.78 
Forfeited(1)10.37 
Outstanding as of March 31, 2024
43 $8.13 
Options vested and expected to vest as of March 31, 2024
41 $7.84 6.1$706 
(1) The aggregate intrinsic value was determined as the difference between the closing price of the Class A common stock on the last trading day of March 2024, or the date of exercise, as appropriate, and the exercise price, multiplied by the number of in-the-money options that would have been received by the option holders had all option holders exercised their in-the-money options at period end.

The aggregate intrinsic values of options exercised during the three months ended March 31, 2024 was $102 million.

As of March 31, 2024, total unrecognized stock-based compensation expense related to option awards was $89 million and is expected to be recognized over the remaining weighted-average service period of 2.7 years.
Restricted Stock Units 

The following table summarizes restricted stock units, or RSU, activity during the three months ended March 31, 2024:
RSU
(in millions)
Weighted-Average Grant Date Fair Value (per share)
Outstanding balance as of December 31, 2023
33 $20.70 
Granted6 $24.25 
Vested(3)$21.43 
Forfeited(4)$21.26 
Outstanding balance as of March 31, 2024
32 $21.20 
Expected to vest, as of March 31, 2024
28 $21.19 

The fair value of RSUs vested during the three months ended March 31, 2024 was $57 million.
As of March 31, 2024, total unrecognized stock-based compensation expense related to the RSUs was $500 million and is expected to be recognized over the remaining weighted-average service period of 2.9 years.

Share Repurchase Program

In February 2024, we announced the authorization of a share repurchase program for the repurchase of shares in our Class A common stock, in an aggregate amount of up to $250 million. The repurchase program has no expiration date, does not obligate us to acquire any particular amount of our Class A common stock, and it may be suspended at any time at our discretion. The timing and actual number of shares repurchased may depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities.

During the three months ended March 31, 2024, we repurchased $4 million in Class A common stock. At March 31, 2024, approximately $246 million remained authorized for repurchase under our share repurchase program.