On September 1, 2015, the Company’s board of directors (the “Board”) adopted the 2015 Plan. The Board or, at its sole discretion, a committee of the Board, is responsible for the administration of the 2015 Plan. As of September 30, 2024, outstanding awards under the 2015 Plan include options and RSUs. Generally, 2015 Plan awards vest into shares of Series B common stock and are immediately reclassified to shares of Series A common stock based upon the employee’s conversion election made at the time of the IPO. All equity grants subsequent to the IPO are made pursuant to the 2023 Plan, which was approved by the Board effective as of September 18, 2023. The Board or, at its sole discretion, a committee of the Board, is responsible for the administration of the 2023 Plan. As of September 30, 2024, the Company’s authorized common stock includes 59,707,908 shares of Series A common stock reserved for issuance of equity awards under the 2023 Plan, of which 47,773,156 shares are available for future grants.

The 2015 Plan provides for the grant of various types of stock-based compensation awards including, but not limited to, RSUs, incentive stock options (“ISOs”), non-qualified stock options (“NSOs,” referred to collectively with ISOs as “options”) and restricted stock awards (“RSAs”) to directors, consultants, employees, and officers of the Company. ISOs may only be granted to employees, and the exercise price thereon cannot be less than the fair value of the Company’s common stock on the date of grant or less than 110% of the fair value in the case of employees holding 10% or more of the voting stock of the Company. The exercise price on NSOs must be at least equal to the fair value of the Company’s common stock on the date of grant. The Company has historically granted RSUs, ISOs, NSOs, and RSAs.

The 2023 Plan provides for the grants of various types of stock-based compensation awards including, but not limited to, RSUs, ISOs, NSOs, and RSAs. During the three and nine months ended September 30, 2024 and 2023, the Company solely granted RSUs as further described below.

During the three and nine months ended September 30, 2024, the Company granted RSUs to employees under the 2023 Plan, and during the three and nine months ended September 30, 2023, the Company granted RSUs to employees under both the 2015 and 2023 Plan. In general, RSUs granted under the 2015 Plan vest upon the satisfaction of both a service-based vesting condition and a performance-based vesting condition. Generally, the service-based vesting condition requires the grantee to remain an eligible participant, as that term is defined in the 2015 Plan, for a period of 4 years. Generally, RSUs vest quarterly over the entire 4-year period or vest 25% after 1 year, with the remainder vesting quarterly over the following 3 years. The performance-based vesting condition was satisfied upon the occurrence of the IPO in September 2023. In general, RSUs granted after the IPO under the 2023 Plan vest upon the satisfaction of service-based vesting conditions only. These service-based vesting conditions are consistent with those under the 2015 Plan detailed above.

On August 24, 2023, the Board adopted the ESPP pursuant to which eligible employees may contribute up to 15% of their base compensation to purchase shares of the Company’s Series A common stock at a price equal to 85% of the lower of (1) the fair market value of a share of the Company’s Series A common stock at the beginning of the offering period and (2) the fair market value of a share of the Company’s Series A common stock on the purchase date. The ESPP provides for 12-month offering periods beginning January 1 and July 1 of each year, or the next trading date thereafter. Each offering period will consist of two six-month purchase periods. The initial offering period began on January 2, 2024 and will end on December 31, 2024. As of September 30, 2024, the Company has 8,587,502 shares of Series A common stock available for issuance pursuant to purchase rights granted to the Company’s eligible employees under the ESPP. The ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2024, by the least of 6,200,000 shares of our Series A common stock,

The Company recognized stock-based compensation expense related to the ESPP of $1.3 million and $3.2 million during the three and nine months ended September 30, 2024, respectively. As of September 30, 2024, $3.4 million of unrecognized stock-based compensation expense related to the ESPP is expected to be recognized on a straight-line basis over the subsequent 0.75 years.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue	$	2,033	$	21,902	$	7,032	$	21,945
Selling and marketing	8,519		95,962		29,978		96,141
Research and development	11,505		104,829		37,679		105,642
General and administrative	9,500		77,282		26,001		78,589
Stock-based compensation, net of amounts capitalized	31,557		299,975		100,690		302,317
Capitalized stock-based compensation expense	881		1,217		2,818		1,217
Total stock-based compensation expense	$	32,438	$	301,192	$	103,508	$	303,534