v3.25.2
STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION
12. STOCK-BASED COMPENSATION
Stock options
A summary of stock options activity, including performance-based options, is as follows (in thousands, except per share and years data):
Weighted-Average
Options OutstandingExercise Price Per ShareRemaining Contractual Life (Years)Aggregate Intrinsic Value
Balance at January 1, 202522,929 $25.59 5.2$5,106,538 
Exercised(1,496)28.93 
Forfeited and cancelled(42)100.51 
Balance at June 30, 202521,391 $25.20 4.8$6,958,048 
Exercisable at June 30, 202516,483 $25.72 4.7$5,353,251 
Vested and expected to vest at June 30, 202516,483 $25.72 4.7$5,353,251 
As of June 30, 2025, there was total unrecognized compensation cost of $13.7 million related to unvested stock options, which cost is expected to be recognized over a weighted-average period of 2.7 years.
Other awards
A summary of restricted stock units, performance restricted stock units, and restricted stock (“Other Awards”) activity is as follows (in thousands, except per share data):
Restricted Stock Units
Performance Restricted Stock Units
Restricted Stock
Number of Shares
Fair Value(1)
Number of Shares
Fair Value(1)
Number of Shares
Fair Value(1)
Balance at January 1, 20252,350 $163.82 724 $55.42 340 $98.49 
Granted3,344 262.80 — — — — 
Vested(1,772)211.24 (81)55.42 (235)113.75 
Forfeited and cancelled(354)216.38 — — (12)64.51 
Balance at June 30, 20253,568 $227.84 643 $55.42 93 $64.51 
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(1)Represents the weighted-average grant date fair value per share.
As of June 30, 2025, there was unrecognized compensation cost related to Other Awards as follows (in thousands, except years data):
Unrecognized Compensation
Weighted-Average Recognition Period (Years)
Restricted stock units$722,724 1.4
Performance restricted stock units
$4,556 0.6
Restricted stock
$3,352 0.7
Stock-based compensation
The effects of stock-based compensation on the Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets are as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Statements of Operations
Technology and development$117,240 $133,622 $225,332 $273,452 
Sales and marketing14,533 16,691 29,438 33,314 
General and administrative64,387 67,621 132,119 135,672 
Total stock-based compensation expense$196,160 $217,934 $386,889 $442,438 
Balance Sheets
Other non-current assets(1)
$12,020 $12,435 $28,585 $23,500 
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(1)Represents capitalized stock-based compensation that is recognized in Software and equipment, net and presented within this financial statement line item. See Note 10. Other Condensed Consolidated Balance Sheets Details for additional details.