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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stockholders' Equity | Stockholders' Equity Share Repurchases In February 2024, we repurchased 2,115,952 shares of our common stock related to the final delivery of our November 2023 accelerated share repurchase (ASR) agreement. The November 2023 ASR settled, and we were not required to make any additional cash payments or delivery of common stock to the financial institution upon settlement. During the year ended December 31, 2023, we repurchased a total of 26,505,979 shares of our common stock, which included the initial delivery of 13,498,313 shares from our November 2023 ASR, 3,433,157 shares from open market transactions in June 2023, and the total delivery of 9,574,509 shares from our February 2023 ASR, which were retired immediately. Securities Repurchase Program In August 2023, our board of directors approved a $200.0 million increase to our existing securities repurchase program authorizing the repurchase of up to $2.2 billion of our common stock and/or convertible notes, through open market purchases, block trades, and/or privately negotiated transactions or pursuant to Rule 10b5-1 plans, in compliance with applicable securities laws and other legal requirements. The timing, volume, and nature of the repurchases will be determined by management based on the capital needs of the business, market conditions, applicable legal requirements, and other factors. During the three and six months ended June 30, 2024, we had no cash repurchases of our common stock or notes. As of June 30, 2024, we had $3.7 million remaining under the securities repurchase program, which has no expiration date and will continue until otherwise suspended, terminated or modified at any time for any reason by our board of directors. Share-based Compensation Expense The following table presents total share-based compensation expense recorded (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost of revenues | $ | 466 |  |  | $ | 560 |  |  | $ | 979 |  |  | $ | 1,087 |
Research and development | 7,123 |  |  | 11,968 |  |  | 16,332 |  |  | 22,882 |
Sales and marketing | 1,726 |  |  | 2,182 |  |  | 3,866 |  |  | 4,681 |
General and administrative | 8,732 |  |  | 21,210 |  |  | 26,159 |  |  | 41,016 |
Total share-based compensation expense | $ | 18,047 |  |  | $ | 35,920 |  |  | $ | 47,336 |  |  | $ | 69,666 |
During the three and six months ended June 30, 2024, we capitalized share-based compensation expense of $1.4 million and $2.7 million, respectively. During the three and six months ended June 30, 2023, we capitalized share-based compensation expense of $0.7 million and $1.7 million, respectively. As of June 30, 2024, total unrecognized share-based compensation expense was approximately $98.9 million, which is expected to be recognized over the remaining weighted-average vesting period of approximately 1.6 years. The following table presents activity for outstanding RSUs and PSUs:
| RSUs and PSUs Outstanding
| Shares Outstanding |  | Weighted Average Grant Date Fair Value
Balance at December 31, 2023 | 10,065,783 |  |  | $ | 23.63 |
Granted | 5,541,759 |  |  | 4.37 |
Released | (3,186,924) |  |  | 21.83 |
Forfeited | (1,683,820) |  |  | 31.45 |
Balance at June 30, 2024 | 10,736,798 |  |  | $ | 12.99 |

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