We maintain one active share-based employee compensation plan: the 2017 Equity Incentive Plan (the “2017 Plan”). The 2017 Plan provides for the grant of incentive stock options to employees, including employees of any parent or subsidiary, and for the grant of nonstatutory stock options, stock appreciation rights, RSAs, RSUs, performance stock awards, performance cash awards, and other forms of stock awards to employees, directors, and consultants, including employees and consultants of our affiliates.


	Number of Class A Shares	Weighted- Average Grant Date Fair Value

	(in thousands, except per share data)
Unvested at December 31, 2024	134,253	$	11.90
Granted	32,030	$	10.77
Vested	(23,360)	$	11.93
Forfeited	(7,654)	$	11.20
Unvested at March 31, 2025	135,269	$	11.66

All RSUs and RSAs vest on the satisfaction of a service-based condition. Total unrecognized compensation cost related to outstanding RSUs and RSAs was $1.3 billion as of March 31, 2025 and is expected to be recognized over a weighted-average period of 2.0 years. The service condition for RSUs and RSAs is generally satisfied in equal monthly or quarterly installments over three to four years.

The following table summarizes the stock option award activity for the three months ended March 31, 2025:


	Number of Class A Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (1)

	(in thousands, except per share data)
Outstanding at December 31, 2024	680	$	16.01	4.51	$	253
Granted	—	$	—	—	—
Exercised	—	$	—	—	—
Forfeited	(15)	$	13.33	—	—
Outstanding at March 31, 2025	665	$	16.07	3.97	$	133

(1)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of our Class A common stock as of March 31, 2025 and December 31, 2024.

As of March 31, 2025, there was no unrecognized compensation cost related to stock options granted under the 2017 Plan.


	Three Months Ended March 31,
	2025		2024

	(in thousands)
Cost of revenue	$	1,434	$	1,815
Research and development	156,688		174,519
Sales and marketing	54,440		54,656
General and administrative	34,776		32,762
Total	$	247,338	$	263,752

In October 2024, our board of directors authorized a stock repurchase program of up to $500.0 million of our Class A common stock. For the three months ended March 31, 2025, we repurchased and retired 27.3 million shares of our Class A common stock for $257.1 million, including costs associated with the repurchases. As of March 31, 2025, the remaining availability under the stock repurchase authorization was $243.2 million.

In October 2023, our board of directors authorized a stock repurchase program of up to $500.0 million of our Class A common stock. The program was completed in the second quarter of 2024. During the program, we repurchased and retired a total of 46.3 million shares of our Class A common stock for $500.5 million, including costs associated with the repurchases, representing the entire amount approved by our board of directors in October 2023.