On March 14, 2024, the Company announced that its Board of Directors approved a share repurchase program with authorization to purchase up to $100.0 million of the Company’s Class A common stock, which does not have an expiration date. During the six months ended June 30, 2024, the Company repurchased 6,787,969 shares of its Class A common stock for an aggregate amount of $37.2 million, which includes amounts accrued for the 1% excise tax as a result of the Inflation Reduction Act of 2022. As of June 30, 2024, approximately $63.0 million remained available and authorized for future repurchases.

The volume and timing of any repurchases is subject to general market conditions, as well as management of capital, general business conditions, other investment opportunities and other factors. Shares may be repurchased through open market purchases, block trades, privately negotiated transactions, accelerated share repurchase transactions or by any combination of such methods, and any repurchases may be made pursuant to Rule 10b5-1 plans. The share repurchase program does not obligate the Company to repurchase any specific number of shares, has no time limit and may be modified, suspended or discontinued at any time at the Company’s discretion.

Subsequent to June 30, 2024 and through August 8, 2024, the Company repurchased 455,314 shares of its Class A common stock at an average price per share of $4.94 for a total purchase price of $2.3 million. As of August 8, 2024, approximately $60.7 million remained available and authorized for future repurchases.

In August 2018, the 2018 Stock Option and Incentive Plan (2018 Plan) was adopted by the Board of Directors and approved by the stockholders and became effective in connection with the IPO. The 2018 Plan replaced the 2010 Stock Plan (2010 Plan) as the Board of Directors determined not to make additional awards under the 2010 Plan. The 2010 Plan will continue to govern outstanding equity awards granted thereunder.

The 2018 Plan allows for the granting of options, stock appreciation rights, restricted stock, restricted stock units (RSUs), unrestricted stock awards, performance-based restricted stock units (PSUs), dividend equivalent rights and cash-based awards. Every January 1, the number of shares of stock reserved and available for issuance under the 2018 Plan will cumulatively increase by five percent of the number of shares of Class A and Class B common stock outstanding on the immediately preceding December 31, or a lesser number of shares as approved by the Board of Directors.

As of June 30, 2024, there were 5,310,131 and 6,328,544 options issued and outstanding under the 2010 Plan and 2018 Plan, respectively (collectively, the Plans). As of June 30, 2024, 5,549,171 shares of Class A common stock were available for grant under the 2018 Plan.

Stock options granted typically vest over a four-year period from the date of grant. Options awarded under the Plans are exercisable for up to ten years.

Stock option activity for the six months ended June 30, 2024 is presented below:


	Outstanding options	Weighted average exercise price		Weighted average remaining contractual term (years)	Aggregate intrinsic value (thousands)
Balance as of December 31, 2023	12,318,335	$	12.06	5.4	$	2,845


Canceled	(679,660)	10.73
Balance as of June 30, 2024	11,638,675	12.14		5.0	15
Vested and exercisable as of June 30, 2024	10,420,075	12.19		4.6	15
Vested and expected to vest as of June 30, 2024	11,577,687	$	12.15	4.9	$	15

The aggregate intrinsic value in the table above represents the difference between the fair value of Class A common stock and the exercise price of outstanding, in-the-money stock options at June 30, 2024.

As of June 30, 2024, the total unrecognized stock-based compensation expense related to stock options outstanding was $7.2 million, which will be recognized over a weighted-average period of 1.7 years. There were no options granted during the six months ended June 30, 2024.

Stock award activity, which includes RSUs, PSUs and restricted stock awards (RSAs), for the six months ended June 30, 2024 is presented below:


	Outstanding RSUs, RSAs and PSUs	Weighted-average grant date fair value per share		Weighted average remaining contractual term (years)	Aggregate intrinsic value (thousands)
Balance as of December 31, 2023	12,478,798	$	9.40	1.2	$	104,315
Awarded	7,115,594	5.38
Released	(2,745,448)	9.69
Canceled	(901,888)	9.33
Balance as of June 30, 2024	15,947,056	7.57		1.2	77,184
Vested and expected to vest as of June 30, 2024	14,735,803	$	7.58	1.2	$	71,321

As of June 30, 2024, the total unrecognized stock-based compensation expense related to stock awards, was $83.2 million, which will be recognized over a weighted-average period of 1.8 years.

Stock-based compensation expense recognized in connection with stock options, RSUs, RSAs, PSUs and the Employee Stock Purchase Plan (ESPP) during each of the three and six months ended June 30, 2024 and 2023 was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of net revenue	$	128	$	226	$	279	$	423
Product development	7,060		5,184		13,034		9,508
Sales, marketing and support	1,850		2,792		4,284		5,020
General and administrative	6,238		6,397		11,641		11,742
Total	$	15,276	$	14,599	$	29,238	$	26,693