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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2024
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 Certain of the Company’s outstanding equity awards were granted under equity incentive plans that are no longer active but continue to govern the outstanding equity awards granted thereunder.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 March 31, 2024, total unrecognized compensation cost related to unvested restricted stock units was $1.2 billion, which will be amortized over a weighted-average period of 2.6 years. As of March 31, 2024, total unrecognized compensation cost related to unvested stock options, the ESPP, and shares of Class A common stock in escrow subject to future vesting was not significant.
Stock-Based Compensation Expense
The Company recorded total stock-based compensation expense as follows:
Three Months Ended
March 31,
20242023
(In thousands)
Cost of revenue$5,891 $5,290 
Research and development81,349 78,093 
Sales and marketing34,655 48,129 
General and administrative34,263 28,954 
Restructuring costs2,448 10,333 
Total$158,606 $170,799