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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stockholders' Equity | Stockholders’ Equity We maintain three share-based employee compensation plans: the 2017 Equity Incentive Plan (“2017 Plan”), the 2014 Equity Incentive Plan (“2014 Plan”), and the 2012 Equity Incentive Plan (“2012 Plan”, and collectively with the 2017 Plan and the 2014 Plan, the “Stock Plans”). The 2017 Plan serves as the successor to the 2014 Plan and 2012 Plan and provides for the grant of incentive stock options to employees, including employees of any parent or subsidiary, and for the grant of nonstatutory stock options, stock appreciation rights, RSAs, RSUs, performance stock awards, performance cash awards, and other forms of stock awards to employees, directors, and consultants, including employees and consultants of our affiliates. Restricted Stock Units and Restricted Stock Awards The following table summarizes the RSU and RSA activity during the three months ended March 31, 2023:
| Class A Number of Shares |  | Weighted- Average Grant Date Fair Value
| (in thousands, except per share data)
Unvested at December 31, 2022 | 132,392 |  | $ | 18.28 |
Granted | 23,045 |  | $ | 10.51 |
Vested | (21,926) |  | $ | 16.70 |
Forfeited | (5,425) |  | $ | 20.93 |
Unvested at March 31, 2023 | 128,086 |  | $ | 17.04 |
All RSUs and RSAs vest on the satisfaction of a service-based condition. Total unrecognized compensation cost related to outstanding RSUs and RSAs was $1.8 billion as of March 31, 2023 and is expected to be recognized over a weighted-average period of 1.9 years. The service condition for RSUs and RSAs is generally satisfied in equal monthly or quarterly installments over three to four years. Stock Options The following table summarizes the stock option award activity under the Stock Plans during the three months ended March 31, 2023:
| Class A Number of Shares |  | Class B Number of Shares |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (1)
| (in thousands, except per share data)
Outstanding at December 31, 2022 | 2,589 |  | 570 |  | $ | 9.68 |  |  | 4.05 |  | $ | 9,669 |
Granted | — |  | — |  | $ | — |  |  |  |  |
Exercised | (3) |  | (1) |  | $ | 7.66 |  |  |  |  |
Forfeited | — |  | — |  | $ | — |  |  |  |  |
Outstanding at March 31, 2023 | 2,586 |  | 569 |  | $ | 9.68 |  |  | 3.73 |  | $ | 12,359 |
(1)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of our Class A common stock as of March 31, 2023 and December 31, 2022, respectively. Total unrecognized compensation cost related to unvested stock options was $0.5 million as of March 31, 2023 and is expected to be recognized over a weighted-average period of 1.2 years. Stock-Based Compensation Expense by Function Total stock-based compensation expense by function was as follows:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
| (in thousands)
Cost of revenue | $ | 1,885 |  |  | $ | 2,446 |  |  |  |  |
Research and development | 219,850 |  |  | 182,866 |  |  |  |  |
Sales and marketing | 54,939 |  |  | 42,071 |  |  |  |  |
General and administrative | 38,257 |  |  | 48,061 |  |  |  |  |
Total | $ | 314,931 |  |  | $ | 275,444 |  |  |  |  |

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