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Stockholders’ Equity (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Schedule of Common Stock Reserved for Future Issuance | The following table summarizes the Company’s shares of common stock reserved for future issuance on an as-converted basis:
| As of December 31, |  | As of September 30,
| 2023 |  | 2024
| (in thousands)
Series A redeemable convertible preferred stock | 5,833 |  |  | 5,833 |
Restricted stock units | 33,459 |  |  | 23,319 |
Stock options outstanding | 19,553 |  |  | 7,900 |
Remaining shares available for future issuance | 39,523 |  |  | 51,450 |
Shares available for issuance under the 2023 Employee Stock Purchase Plan | 7,000 |  |  | 9,790 |
Total | 105,368 |  |  | 98,292 |
Schedule of Stock Options Roll Forward | The following table summarizes the activity related to the Company’s equity incentive plans:
| Shares Available for Future Grant |  | Number of Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Life |  | Aggregate Intrinsic Value
| (in thousands) |  |  |  | (in years) |  | (in millions)
As of January 1, 2024 | 39,523 |  |  | 19,553 |  |  | $ | 8.60 |  |  | 3.36 |  | $ | 302 |
Additional shares reserved | 13,952 |  |  | — |  |  |  |  |  |  |
Options exercised | — |  |  | (11,583) |  |  | $ | 6.56 |  |  |  |  |
Options cancelled and forfeited | 70 |  |  | (70) |  |  | $ | 44.94 |  |  |  |  |
Shares withheld related to net share settlement | 3,319 |  |  | — |  |  |  |  |  |  |
Restricted stock units granted | (11,480) |  |  | — |  |  |  |  |  |  |
Restricted stock units forfeited | 6,009 |  |  | — |  |  |  |  |  |  |
Restricted stock forfeited | 57 |  |  | — |  |  |  |  |  |  |
As of September 30, 2024 | 51,450 |  |  | 7,900 |  |  | $ | 11.27 |  |  | 3.44 |  | $ | 235 |
Options vested and exercisable as of September 30, 2024 |  | 7,900 |  |  | $ | 11.27 |  |  | 3.44 |  | $ | 235 |
Schedule of Nonvested Restricted Stock Shares Activity | The following table summarizes the activity related to the Company’s restricted stock for the nine months ended September 30, 2024:
| Number of Shares |  | Weighted-Average Grant-Date Fair Value per Share
| (in thousands) |  |
Unvested and outstanding as of January 1, 2024 | 326 |  |  | $ | 82.83 |
Vested | (191) |  |  | $ | 88.55 |
Forfeited | (61) |  |  | $ | 119.55 |
Unvested and outstanding as of September 30, 2024 | 74 |  |  | $ | 38.37 |
Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes the activity related to the Company’s RSUs for the nine months ended September 30, 2024:
| Number of Shares |  | Weighted-Average Grant-Date Fair Value per Share
| (in thousands) |  |
Unvested and outstanding as of January 1, 2024 | 29,119 |  |  | $ | 49.45 |
Granted (1) | 11,480 |  |  | $ | 35.99 |
Vested | (11,271) |  |  | $ | 49.86 |
Vested and not settled | (139) |  |  | $ | 87.54 |
Forfeited | (6,009) |  |  | $ | 47.60 |
Unvested and outstanding as of September 30, 2024 | 23,180 |  |  | $ | 42.78 |
___________ (1) Includes 586,920 of RSUs with certain service-based and gross transaction value (“GTV”) performance conditions granted during the nine months ended September 30, 2024, which represents 100% achievement.
Share-Based Payment Arrangement, Expensed and Capitalized, Amount | The following table summarizes stock-based compensation expense by line item in the condensed consolidated statements of operations related to stock options, restricted stock, and RSUs, as applicable:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2024 |  | 2023 |  | 2024
| (in millions)
Cost of revenue | $ | 17 |  |  | $ | 2 |  |  | $ | 17 |  |  | $ | 6 |
Operations and support | 85 |  |  | 4 |  |  | 85 |  |  | 9 |
Research and development | 1,711 |  |  | 45 |  |  | 1,715 |  |  | 99 |
Sales and marketing | 292 |  |  | 14 |  |  | 294 |  |  | 46 |
General and administrative | 500 |  |  | 4 |  |  | 503 |  |  | 54 |
Total stock-based compensation expense (1)(2) | $ | 2,605 |  |  | $ | 69 |  |  | $ | 2,614 |  |  | $ | 214 |
___________ (1) The Company recognized $2,581 million of stock-based compensation expense, net of $39 million capitalized related to the development of internal-use software, associated with vested RSUs and certain shares of vested restricted stock as a result of the satisfaction of the liquidity event-based vesting condition upon the effective date of the registration statement on Form S-1 in connection with the Company’s IPO during the three and nine months ended September 30, 2023. To meet the related tax withholding requirements for the net settlement, net exercise, and cancellation and repurchase, as applicable, of the vested RSUs, for certain vested stock options, and shares of vested restricted stock, the Company withheld or cancelled, as applicable, 20,810,882 of the 43,052,572 shares underlying such equity awards, resulting in the net issuance of 22,241,690 shares of common stock. Based on an IPO price of $30.00 per share, the Company’s tax withholding obligation was $570 million and was paid during the three months ended September 30, 2023. (2) Stock-based compensation expense during the nine months ended September 30, 2024 includes a benefit of $4 million, $79 million, $8 million, and $4 million for operations and support, research and development, sales and marketing, and general and administrative, respectively, related to the reversal of previously recognized stock-based compensation expense for unvested equity awards for executive departures during the three months ended March 31, 2024 and for terminated employees in connection with the restructuring plan. Refer to Note 15 — Restructuring for further discussion.

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