Stock-based compensation expense for all stock-based awards, which includes shares purchased under the Company’s 2011 Employee Stock Purchase Plan (“ESPP”), restricted stock units (“RSUs”) and performance stock units (“PSUs”), expected to vest is measured at fair value on the date of grant and recognized ratably over the requisite service period.

In addition, as part of certain business acquisitions, the Company is obligated to issue shares of common stock of the Company as payment subject to achievement of certain targets. For such payments, the Company records stock-based compensation classified as post-combination expense recognized ratably over the measurement period presuming the targets will be met.

The following table summarizes the components of total stock-based compensation expense included in the condensed consolidated statements of operations for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022

	(In thousands)
Cost of revenues	$	3,398	$	3,131	$	7,067	$	5,638
Research and development	23,765		16,266		45,243		29,995
Sales and marketing	14,515		22,176		35,934		35,233
General and administrative	12,488		11,491		25,577		29,995

Total	$	54,166	$	53,064	$	113,821	$	100,861

The following table summarizes the various types of stock-based compensation expense for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022

	(In thousands)
Stock options, RSUs and PSUs	$	51,852	$	47,228	$	108,809	$	91,340
Employee stock purchase plan	1,803		1,014		3,843		2,396
Post combination expense accrual (Accrued liabilities)	511		4,822		1,169		7,125
Total	$	54,166	$	53,064	$	113,821	$	100,861

As of June 30, 2023, there was approximately $407.6 million of total unrecognized stock-based compensation expense related to unvested equity awards, which are expected to be recognized over a weighted-average period of 2.8 years.


	Number of Shares Outstanding	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
	(In thousands)			(Years)	(In thousands)








Outstanding at December 31, 2022	1,464	$	1.83
Granted	—	—
Exercised	(92)	1.64			$	15,375
Canceled	—	—
Outstanding at June 30, 2023	1,372	$	1.85	1.5	$	227,200
Vested and expected to vest at June 30, 2023	1,372	$	1.85	1.5	$	227,200
Exercisable at June 30, 2023	1,372	$	1.85	1.5	$	227,200

(1) The intrinsic value of options exercised is based upon the value of the Company’s stock at exercise. The intrinsic value of options outstanding, vested and expected to vest, and exercisable as of June 30, 2023 is based on the closing price of the last trading day during the period ended June 30, 2023. The Company’s stock fair value used in this computation was $167.48 per share.


	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number of Shares	Weighted- Average Remaining Life	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
	(In thousands)	(Years)			(In thousands)
$0.70 —– $1.11	422	2.0	$	0.89	422	$	0.89
$1.29 —– $1.29	858	1.2	1.29		858	1.29
$1.31 —– $5.53	65	1.7	4.43		65	4.43
$14.58 —– $14.58	20	2.8	14.58		20	14.58
$64.17 —– $64.17	7	3.8	64.17		7	64.17
Total	1,372	1.5	$	1.85	1,372	$	1.85


	Number of Shares Outstanding	Weighted- Average Fair Value per Share at Grant Date		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
	(In thousands)			(Years)	(In thousands)








Outstanding at December 31, 2022	2,253	$	181.01
Granted	423	214.80
Vested	(691)	142.41			$	140,740
Canceled	(147)	176.87
Outstanding at June 30, 2023	1,838	$	203.65	1.3	$	307,877
Expected to vest at June 30, 2023	1,838	$	203.65	1.3	$	307,865

(1) The intrinsic value of RSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of RSUs outstanding and expected to vest as of June 30, 2023 is based on the closing price of the last trading day during the period ended June 30, 2023. The Company’s stock fair value used in this computation was $167.48 per share.

The following summarizes PSU activity:


	Number of Shares Outstanding	Weighted- Average Fair Value per Share at Grant Date		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
	(In thousands)			(Years)	(In thousands)








Outstanding at December 31, 2022	376	$	197.82
Granted	383	240.72
Vested	(375)	195.81			$	79,438
Canceled	(19)	227.35
Outstanding at June 30, 2023	365	$	243.30	1.7	$	61,087
Expected to vest at June 30, 2023	365	$	243.30	1.7	$	61,087

(1) The intrinsic value of PSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of PSUs outstanding and expected to vest as of June 30, 2023 is based on the closing price of the last trading day during the period ended June 30, 2023. The Company’s stock fair value used in this computation was $167.48 per share.