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Common Stock and Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Option Activity
Stock option activity under the Plans was as follows (in thousands, except share and per share amounts and years):

Number of
Shares
Outstanding
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Life in Years
Aggregate
Intrinsic
Value
Balance at December 31, 20224,243,934$27.79 6.10$19,541 
Stock option grants87,554$24.27 N/A
Stock options exercised(171,888)$8.28 N/A$2,993 
Stock options forfeited(116,323)$50.27 N/A
Balance at September 30, 20234,043,277$27.89 5.53$9,600 
Vested or expected to vest at September 30, 20234,043,277$27.89 5.53$9,600 
Exercisable at September 30, 20233,053,345$25.49 4.47$9,600 
Assumptions Used for Estimate of Fair Value of Options
The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions and fair value per share:

Nine Months Ended
September 30,
20232022
Volatility
65.58% - 68.22%
56.69% - 67.95%
Expected term (in years)4.34.1
Risk-free interest rate
3.68% - 4.34%
1.13% - 3.46%
Dividend yield0%0%
Weighted-average fair value of underlying stock options$13.42$17.72
Restricted Stock Units Activity
RSU activity under the Plans was as follows:

RSUsWeighted-Average
Grant Date
Fair Value Per RSU
Balance at December 31, 20226,481,669$63.63 
Granted7,121,431$26.56 
Vested and issued(2,448,261)$71.64 
Forfeited(1,094,153)$50.48 
Balance at September 30, 202310,060,686$36.64 
Vested and unissued at September 30, 202343,118$56.25 
Non-vested at September 30, 202310,017,568$36.67 
Performance-Based Units Activity
PSU activity under the Plans was as follows:

SharesWeighted-Average
Grant Date
Fair Value Per PSU
Balance at December 31, 2022629,672$99.07 
Granted1,297,725$26.90 
Vested and issued(117,966)$153.96 
Forfeited(27,049)$46.52 
Performance adjustment (1)(283,282)$0.00 
Balance at September 30, 20231,499,100$37.00 
Vested and unissued at September 30, 20230$0.00 
Non-vested at September 30, 20231,499,100$37.00 
(1)Based on the Company's 2022 results, PSUs were attained at rates ranging from 0% to 86.25% of the target award.
Total Compensation Costs for Stock-Based Awards
Total compensation costs for stock-based awards were recorded as follows (in thousands):

Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Cost of revenue (exclusive of depreciation and amortization, which is shown separately)$1,464 $675 $4,060 $4,994 
Advertising and marketing4,399 3,614 11,527 10,523 
Sales9,110 11,064 27,055 33,845 
Technology and development14,566 16,936 42,984 50,116 
General and administrative23,406 23,373 69,082 67,620 
Total stock-based compensation expense52,945 55,662 154,708 167,098 
Capitalized stock-based compensation expense5,028 4,561 14,606 13,404 
Total stock-based compensation$57,973 $60,223 $169,314 $180,502