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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company’s 2016 Stock Option and Incentive Plan (the “2016 Plan”) provides for granting stock options, restricted stock units, restricted stock awards, stock appreciation rights, unrestricted stock awards, performance share awards, dividend equivalent rights and cash-based awards to its employees, directors and consultants. Certain of the Company’s outstanding equity awards were granted under equity incentive plans that are no longer active but continue to govern the outstanding equity awards granted thereunder. In addition, pursuant to the Company’s 2016 Employee Stock Purchase Plan (“ESPP”), eligible employees may purchase shares of the Company’s Class A common stock at a discount of 15% through payroll deductions of their eligible compensation. The ESPP provides for separate six-month offering periods beginning in May and November of each year. As of September 30, 2023, total unrecognized compensation cost related to all outstanding equity awards was as follows:
|  | As of September 30, 2023
|  | Unrecognized Compensation Cost |  | Weighted-average remaining period
|  | (In thousands) |  | (In years)
Unvested stock options |  | $ | 18,058 |  |  | 1.6
Unvested restricted stock units and awards |  | 1,678,691 |  |  | 2.9
ESPP |  | 1,296 |  |  | 0.1
Shares of Class A common stock in escrow subject to future vesting |  | 1,114 |  |  | 0.8
Total |  | $ | 1,699,159 |  |  |
Stock-Based Compensation Expense The Company recorded total stock-based compensation expense as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
|  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |
|  | (In thousands)
Cost of revenue |  | $ | 7,053 |  |  | $ | 6,114 |  |  | $ | 18,677 |  |  | $ | 14,631 |  |  |
Research and development |  | 94,085 |  |  | 90,787 |  |  | 246,754 |  |  | 279,680 |  |  |
Sales and marketing |  | 51,345 |  |  | 58,747 |  |  | 142,343 |  |  | 184,825 |  |  |
General and administrative |  | 32,524 |  |  | 37,973 |  |  | 90,497 |  |  | 111,850 |  |  |
Restructuring costs |  | 467 |  |  | 15,274 |  |  | 11,096 |  |  | 15,274 |  |  |
Total |  | $ | 185,474 |  |  | $ | 208,895 |  |  | $ | 509,367 |  |  | $ | 606,260 |  |  |

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