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Stockholders' Equity
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity Stockholders' Equity
Equity Incentive Plan
In June 2009, our board of directors adopted and approved our 2009 Stock Plan (the "2009 Plan"), which provides for the issuance of stock options, Restricted Stock Awards ("RSAs") and Restricted Stock Units ("RSUs") to qualified employees, directors and consultants. Stock options granted under our 2009 Plan have a maximum life of 10 years and an exercise price not less than 100% of the fair market value of our common stock on the date of grant. RSUs granted under our 2009 Plan have a maximum life of seven years. No shares of our common stock were reserved for future issuance under our 2009 Plan as of June 30, 2024.
Our 2019 Omnibus Incentive Plan ("2019 Plan") became effective upon closing of our initial public offering and succeeds our 2009 Plan. Our 2019 Plan provides for the issuance of stock options, RSAs, RSUs and other equity- or cash-based awards to qualified employees, directors and consultants. Stock options granted under our 2019 Plan have a maximum life of 10 years and an exercise price not less than 100% of the fair market value of our common stock on the date of grant. 170,323,989 shares of our Class A common stock were reserved for future issuance under our 2019 Plan as of June 30, 2024.
The number of shares of our Class A common stock available for issuance under the 2019 Plan will be increased by the number of shares of our Class B common stock subject to awards outstanding under our 2009 Plan that would, but for the terms of the 2019 Plan, have returned to the share reserves of the 2009 Plan pursuant to the terms of such awards, including as the result of forfeiture, repurchase, expiration or retention by us in order to satisfy an award’s exercise price or tax withholding obligations. In addition, the number of shares of our Class A common stock reserved for issuance under our 2019 Plan will automatically increase on the first day of each fiscal year through and including January 1, 2029, in an amount equal to 5% of the total number of shares of our Class A common stock and our Class B common stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by our board of directors.
Stock Option Activity
Stock option activity during the six months ended June 30, 2024, was as follows (in thousands, except per share amounts):
Stock Options Outstanding
SharesWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term
Aggregate Intrinsic
Value (1)
(in years)
Outstanding as of December 31, 202313,043$15.41 6.1$282,197 
Exercised
(1,984)9.71 
Forfeited (10)2.96 
Outstanding as of June 30, 202411,049$16.44 6.3$305,302 
Exercisable as of June 30, 20246,238$13.72 5.0$189,305 
(1)We calculate intrinsic value based on the difference between the exercise price of in-the-money-stock options and the fair value of our common stock as of the respective balance sheet date.
The total grant-date fair value of stock options vested during the six months ended June 30, 2024 and 2023, was $12.6 million and $14.2 million, respectively. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2024 and 2023 was $56.5 million and $29.4 million, respectively.
Restricted Stock Unit and Restricted Stock Award Activity
RSU and RSA activity during the six months ended June 30, 2024, was as follows (in thousands, except per share amounts):
Restricted Stock Units and Restricted Stock Awards Outstanding
SharesWeighted Average Grant Date Fair Value
Outstanding as of December 31, 202345,099$25.83 
Granted
17,55833.93 
Released(13,114)27.72 
Forfeited
(2,984)26.31 
Outstanding as of June 30, 202446,559$28.32 
Share-Based Compensation
Share-based compensation expense during the three and six months ended June 30, 2024 and 2023, was as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Cost of revenue
$3,777 $2,740 $6,725 $5,049 
Research and development128,481 108,580 230,836 202,845 
Sales and marketing30,906 26,398 55,895 45,587 
General and administrative
33,269 31,912 65,450 59,271 
Total share-based compensation
$196,433 $169,630 $358,906 $312,752 
As of June 30, 2024, we had $1,288.8 million of unrecognized share-based compensation expense, which we expect to recognize over a weighted-average period of 2.2 years.
Stock Repurchase
On September 16, 2023, our board of directors authorized a stock repurchase program of up to $1.0 billion of our Class A common stock. Under the stock repurchase program, we are authorized to repurchase, from time-to-time, shares of our Class A common stock through open market purchases, in privately negotiated transactions or in such other manner as permitted by securities law and as determined by management at such time and in such amounts as management may decide. The program does not obligate us to repurchase any specific number of shares and may be modified, suspended or discontinued at any time. The timing, manner, price and amount of any repurchases are determined by management in its discretion and depend on a variety of factors, including legal requirements, price and economic and market conditions. During the six months ended June 30, 2024, we repurchased and retired 804,297 shares of our Class A common stock for an aggregate purchase price of $34.4 million. As of June 30, 2024, $965.6 million remains available for repurchases under the stock repurchase program.