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STOCKHOLDERS' EQUITY | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY Share Repurchase Program In October 2023, the board of directors of the Company authorized the repurchase of up to $1 billion of the Company’s Class A common stock. Repurchases may be made from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the Company to acquire any particular amount of its Class A common stock and may be suspended at any time at the Company’s discretion. The timing and number of shares repurchased will depend on a variety of factors, including the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors. During the three months ended March 31, 2024, we repurchased 3.6 million shares of our Class A common stock for an aggregate amount of $252.1 million. As of March 31, 2024, $591.1 million remained available and authorized for repurchases. Stock Plans The 2015 Equity Incentive Plan ("2015 Plan") provides that the number of shares available for issuance under the 2015 Plan will be increased on the first day of each fiscal year, in an amount equal to the least of (i) 40.0 million shares, (ii) 5% of the outstanding shares on the last day of the immediately preceding fiscal year, or (iii) such other amount as our board of directors may determine. As of March 31, 2024, there were 153.2 million shares available for future issuance under our 2015 Plan. A summary of stock option activity for the three months ended March 31, 2024 is as follows (in thousands, except per share data):
| Number of Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Outstanding, beginning of the year | 4,991 |  |  | $ | 47.64 |  |  | 3.80 |  | $ | 195,760 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (987) |  |  | 20.20 |  |  |  |  |
Forfeited | — |  |  | — |  |  |  |  |
Expired | (81) |  |  | 158.19 |  |  |  |  |
Outstanding, end of the period | 3,923 |  |  | $ | 52.27 |  |  | 4.20 |  | $ | 163,836 |
Exercisable, end of the period | 3,294 |  |  | $ | 44.89 |  |  | 3.37 |  | $ | 155,692 |
Restricted Stock Activity Activity related to RSUs during the three months ended March 31, 2024 is set forth below (in thousands, except per share data):
| Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested, beginning of the year | 40,099 |  |  | $ | 74.76 |
Granted | 2,440 |  |  | 65.33 |
Vested | (3,820) |  |  | 81.50 |
Forfeited | (3,874) |  |  | 76.30 |
Unvested, end of the period | 34,845 |  |  | $ | 73.19 |
Share-Based Compensation The following table summarizes the effects of share-based compensation on the Company's condensed consolidated statements of operations (in thousands):
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Cost of revenue | $ | 173 |  |  | $ | 142 |  |  |  |  |
Product development | 221,954 |  |  | 197,857 |  |  |  |  |
Sales and marketing | 31,368 |  |  | 29,365 |  |  |  |  |
General and administrative | 57,673 |  |  | 52,227 |  |  |  |  |
Total | $ | 311,168 |  |  | $ | 279,591 |  |  |  |  |
The Company recorded $7.0 million and $21.1 million of share-based compensation expense related to the Company's 2015 Employee Stock Purchase Plan during the three months ended March 31, 2024 and March 31, 2023, respectively, which are included in the table above. The Company capitalized $6.5 million and $5.9 million of share-based compensation expense related to capitalized software costs during the three months ended March 31, 2024 and March 31, 2023, respectively. As of March 31, 2024, there was $2.5 billion of total unrecognized compensation cost related to outstanding stock options and RSUs that are expected to be recognized over a weighted-average period of 2.5 years.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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