v3.25.1
Stock-Based Compensation Expense (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense was as follows (in thousands):
 Three Months Ended March 31,
 20252024
Infrastructure and trust & safety$33,550 $27,275 
Research and development176,900 173,247 
General and administrative36,014 31,645 
Sales and marketing12,472 8,335 
Total stock-based compensation expense$258,936 $240,502 
Schedule of Stock Option Activity
The following table summarizes the Company’s stock option activity (in thousands, except per option data and remaining contractual term):
 
Stock Options Outstanding
 Number of
Shares Subject
to Options		Weighted-Average
Exercise
Price (per Option)
Weighted-Average Remaining Contractual Term (Years)
Aggregate Intrinsic Value
Balances as of December 31, 202427,458 $3.08 4.24$1,504,261 
Granted— — 
Cancelled, forfeited, and expired(12)$5.21 
Exercised(4,631)$2.63 
Balances as of March 31, 202522,815 $3.17 3.65$1,257,523 
Exercisable as of March 31, 2025
22,729 $3.16 3.64$1,252,945 
Vested and expected to vest at March 31, 2025
22,815 $3.17 3.65$1,257,523 
Schedule of Restricted Stock Units and Restricted Stock Awards Activity
The following table summarizes the Company’s RSU and PSU activity, excluding the 2024 CEO PSU Award which is described in more detail in the following section (in thousands, except per share data):
 
Unvested RSUs Outstanding(1)
Unvested PSUs(2) Outstanding
 Number of
Shares		Weighted-Average
Grant Date
Fair Value (per Share)		Number of
Shares		Weighted-Average
Grant Date
Fair Value (per Share)
Unvested as of December 31, 202434,941 $41.07 1,411 $43.00 
Granted4,382 $60.60 1,244 $57.17 
Vested
(5,507)$43.58 (187)$45.70 
Cancelled(1,058)$31.49 (53)$45.70 
Unvested as of March 31, 202532,758 $43.57 2,415 $50.03 
(1)The unvested RSUs balances of March 31, 2025 and December 31, 2024 exclude 76,322 and 71,465 of RSUs associated with the Company’s nonqualified deferred compensation plan that have vested but have not yet been released, respectively.
(2)Includes PSUs issued to certain members of management (the “Management PSUs”) in each of the years 2022 through 2025 and excludes the 2024 CEO PSU Award, which is described in more detail below. The Management PSUs include awards with financial performance-based targets and market performance-based targets. All PSU balances and grants are shown at the aggregate maximum number of shares that were granted and may be earned and issued with respect to each award over its full term. During the three months ended March 31, 2025 and 2024, $6.0 million and $0.1 million of stock-based compensation expense was recognized related to the Management PSUs.