v3.25.2
Stock-Based Compensation Expense (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense was as follows (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Infrastructure and trust & safety$34,618 $27,973 $68,168 $55,248 
Research and development188,698 180,556 365,598 353,803 
General and administrative48,551 34,796 84,565 66,441 
Sales and marketing12,895 8,566 25,367 16,901 
Total stock-based compensation expense$284,762 $251,891 $543,698 $492,393 
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(14)$5.21 
Exercised(14,358)$2.75 
Balances as of June 30, 202513,086 $3.44 3.52$1,331,627 
Exercisable as of June 30, 2025
13,062 $3.44 3.52$1,329,207 
Vested and expected to vest at June 30, 2025
13,086 $3.44 3.52$1,331,627 
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 Outstanding(2)
 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 
Granted9,508 $64.11 1,244 $57.17 
Vested
(11,186)$43.88 (187)$45.70 
Cancelled(1,967)$36.70 (331)$43.52 
Unvested as of June 30, 202531,296 $47.34 2,137 $50.93 
(1)The unvested RSUs balances of June 30, 2025 and December 31, 2024 both exclude 0.1 million of RSUs associated with the Company’s nonqualified deferred compensation plan that have vested but have not yet been released.
(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 unvested 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. Stock-based compensation expense recognized related to the Management PSUs was $16.7 million and $22.6 million during the three and six months ended June 30, 2025, respectively, and $3.8 million during each of the three and six months ended June 30, 2024.