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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 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 Certain of the Company’s outstanding equity awards were granted under equity incentive plans that are no longer active but continue to govern the outstanding equity awards granted thereunder.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 the second quarter of 2024, the Company granted performance-based restricted stock units (“PSUs”) covering 516,626 shares that had an aggregate grant date fair value of $34.5 million to certain of its executive employees. The PSUs will vest if certain operational performance or market conditions, as defined in the grant agreements, are met during the performance achievement period, which expires on December 31, 2026. The fair value of the portion of the PSUs with an operational performance target equals the closing price of the Company’s Class A common stock on the date of grant. The expense is recognized on a straight-line basis and only if it is probable that the performance target will be achieved during the performance period. The probability of achievement is assessed each reporting period and adjustments are recorded accordingly. The fair value of the portion of the PSUs with market conditions was determined using a Monte-Carlo simulation model and the expense is recognized on a straight-line basis over the performance achievement period. At the end of the vesting period the number of shares actually issued may range from 0% to 200% of the target based on levels of performance. 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 June 30, 2024, total unrecognized compensation cost related to unvested restricted stock units was $1.5 billion which will be amortized over a weighted-average period of 2.9 years. As of June 30, 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 June 30, |  | Six Months Ended June 30, |  |
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
|  | (In thousands)
Cost of revenue |  | $ | 5,503 |  |  | $ | 6,334 |  |  | $ | 11,394 |  |  | $ | 11,624 |  |  |
Research and development |  | 80,790 |  |  | 74,576 |  |  | 162,139 |  |  | 152,669 |  |  |
Sales and marketing |  | 33,449 |  |  | 42,869 |  |  | 68,104 |  |  | 90,998 |  |  |
General and administrative |  | 27,915 |  |  | 29,019 |  |  | 62,178 |  |  | 57,973 |  |  |
Restructuring costs |  | — |  |  | 296 |  |  | 2,448 |  |  | 10,629 |  |  |
Total |  | $ | 147,657 |  |  | $ | 153,094 |  |  | $ | 306,263 |  |  | $ | 323,893 |  |  |

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