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STOCK-BASED COMPENSATION | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Stock options A summary of options activity for the three months ended March 31, 2024 is as follows (in thousands, except per share and years data):
| Options Outstanding |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value
Balance at January 1, 2024 | 28,697 |  |  | $ | 25.01 |  |  | 6.1 |  | $ | 4,295,055 |
Exercised | (2,338) |  |  | 18.84 |  |  |  |  |
Forfeited and cancelled | (24) |  |  | 30.36 |  |  |  |  |
Balance at March 31, 2024 | 26,335 |  |  | $ | 25.55 |  |  | 5.9 |  | $ | 6,309,011 |
Exercisable at March 31, 2024 | 20,201 |  |  | $ | 26.19 |  |  | 5.8 |  | $ | 4,826,583 |
Vested and expected to vest at March 31, 2024 | 20,211 |  |  | $ | 26.18 |  |  | 5.8 |  | $ | 4,829,027 |
During the three months ended March 31, 2024, the Company granted no stock options. As of March 31, 2024, there was total unrecognized compensation cost of $56.0 million related to unvested stock options. These costs are expected to be recognized over a weighted-average period of approximately 2.3 years. R estricted stock units The Company grants restricted stock units (“RSUs”) that vest upon the satisfaction of a service-based condition. In general, the RSUs vest over a service period ranging from one to four years. Once vested, the RSUs are settled by delivery of Class A common stock. A summary of RSU activity for the three months ended March 31, 2024 is as follows (in thousands, except per share data):
| Number of Shares |  | Weighted-Average Grant Date Fair Value Per Share
Balance at January 1, 2024 | 3,016 |  |  | $ | 108.07 |
Granted | 5,139 |  |  | 142.75 |
Vested | (1,580) |  |  | 131.48 |
Forfeited and cancelled | (212) |  |  | 125.33 |
Balance at March 31, 2024 | 6,363 |  |  | $ | 129.69 |
As of March 31, 2024, there was total unrecognized compensation cost of $782.2 million related to unvested RSUs. These costs are expected to be recognized over a weighted-average period of approximately 1.2 years. Performance restricted stock units The Company also grants performance restricted stock units (“PRSUs”), which are subject to either (a) a market condition or (b) the achievement of performance goals. A summary of PRSU activity for the three months ended March 31, 2024 is as follows (in thousands, except per share data):
| Number of Shares |  | Weighted-Average Grant Date Fair Value Per Share
Balance at January 1, 2024 | 804 |  |  | $ | 55.42 |
Vested | (80) |  |  | 55.42 |
Balance at March 31, 2024 | 724 |  |  | $ | 55.42 |
As of March 31, 2024, there was total unrecognized compensation cost of $13.0 million related to unvested PRSUs. These costs are expected to be recognized over a weighted-average period of approximately 1.7 years. Restricted common stock As part of the Company’s past acquisitions, the Company has issued shares of restricted Class A common stock. Vesting of this restricted Class A common stock is dependent on a service-based vesting condition that is generally satisfied over three years. The Company has the right to repurchase shares, at par value, for which the vesting condition is not satisfied. Activity of restricted Class A common stock is as follows (in thousands, except per share data):
| Number of Shares |  | Weighted-Average Grant Date Fair Value Per Share
Balance at January 1, 2024 | 543 |  |  | $ | 114.22 |
Vested | (182) |  |  | 129.03 |
Forfeited and cancelled | (4) |  |  | 267.48 |
Balance at March 31, 2024 | 357 |  |  | $ | 104.97 |
As of March 31, 2024, there was total unrecognized compensation cost o f $24.3 million related to unvested restricted Class A common stock. These costs are expected to be recognized over a weighted-average period of approximately 1.3 years. Stock-based compensation expense The effects of stock-based compensation expense in the Condensed Consolidated Statements of Operations are as follows (in thousands):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023
Technology and development |  |  |  |  | $ | 139,830 |  |  | $ | 122,696 |
Sales and marketing |  |  |  |  | 16,623 |  |  | 14,209 |
General and administrative |  |  |  |  | 68,051 |  |  | 61,955 |
Restructuring |  |  |  |  | — |  |  | 84,042 |
Total |  |  |  |  | $ | 224,504 |  |  | $ | 282,902 |
During the three months ended March 31, 2024 and 2023, $11.1 million and $14.1 million of stock-based compensation expense was recorded in capitalized software, which is included in Other non-current assets in the accompanying Condensed Consolidated Balance Sheets, respectively.

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