In February 2024, the Company authorized the repurchase of its Class A common stock, in an aggregate amount of up to $1.1 billion. During the three months ended September 30, 2024, the Company repurchased 2.1 million shares of its Class A common stock at a weighted average price of $105.09 per share for a total amount of $222 million. During the nine

months ended September 30, 2024, the Company repurchased 2.1 million shares of its Class A common stock at a weighted average price of $105.12 per share for a total amount of $224 million. The shares were retired immediately upon repurchase.

The Company had granted restricted stock to certain continuing employees in connection with the acquisition of Wolt Enterprises Oy ("Wolt") on May 31, 2022. Vesting of this stock is dependent on the respective employee’s continued employment at the Company during the requisite service period, which is generally up to four years from the issuance date. The fair value of the restricted stock issued to employees that is subject to post-acquisition employment is recorded as compensation expense on a straight-line basis over the requisite service period.

The activities for the restricted stock issued to employees was as follows (in thousands, except per share data):


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share

Unvested restricted stock as of December 31, 2023	285
Granted	—	$	—
Vested	(140)	$	76.91
Forfeited	—	$	—
Unvested restricted stock as of September 30, 2024	145

A summary of stock option activity under the 2014 Equity Incentive Plan, 2020 Equity Incentive Plan, and 2022 Inducement Equity Incentive Plan was as follows (in millions, except share amounts which are reflected in thousands, and per share data):


	Options Outstanding
	Shares subject to Options Outstanding	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value

Balance as of December 31, 2023	9,022	$	4.38	3.41	$	853

Granted	—	$	—
Exercised	(3,316)	$	2.05		$	388
Cancelled and forfeited	(2)	$	2.31
Balance as of September 30, 2024	5,704	$	5.73	3.45	$	781
Exercisable as of September 30, 2024	5,452	$	5.81	3.51	$	746
Vested and expected to vest as of September 30, 2024	5,704	$	5.73	3.45	$	781

The aggregate intrinsic value disclosed in the above table is based on the difference between the exercise price of the stock option and the closing stock price of the Company's Class A common stock on the Nasdaq Stock Market as of the respective period-end dates. The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2023 and 2024 was $358 million and $388 million, respectively. There were no stock options granted during the nine months ended September 30, 2023 and 2024.

A summary of RSU activity was as follows (in millions, except share amounts which are reflected in thousands, and per share data):


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value

Unvested RSUs as of December 31, 2023	37,792			$	3,645

Granted	7,492	$	123.47
Vested	(14)	$	79.36
Vested and settled	(10,736)	$	83.32
Forfeited	(2,269)	$	82.78
Unvested RSUs as of September 30, 2024	32,265			$	4,605

The aggregate intrinsic value disclosed in the above table is based on the closing stock price of the Company's Class A common stock on the Nasdaq Stock Market as of the respective period-end dates. The weighted-average fair value per share of RSUs granted during the nine months ended September 30, 2023 and 2024 was $61.78 and $123.47, respectively.

The Company recorded stock-based compensation expense in the condensed consolidated statements of operations as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2024		2023		2024

Cost of revenue, exclusive of depreciation and amortization	$	36	$	36	$	103	$	109
Sales and marketing	30		30		90		87
Research and development	119		126		350		379
General and administrative	93		82		276		253
Total stock-based compensation expense	$	278	$	274	$	819	$	828

As of September 30, 2024, there was $5 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 1.01 years.

In November 2020, the Company’s board of directors approved the grant of 10,379,000 RSUs to the Company's Chief Executive Officer (the “CEO Performance Award”). The CEO Performance Award vests upon the satisfaction of a service condition and achievement of certain stock price goals. As of September 30, 2024, unrecognized stock-based compensation expense related to the CEO Performance Award was $18 million, which is expected to be recognized over a period of 0.57 years.