v3.23.2
Stockholders' Equity
6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Stockholders' Equity
Note 8 – Stockholders' Equity
Equity Compensation Plans
We maintain four equity compensation plans that provide for the issuance of shares of our common stock to our officers and other employees, directors, and consultants: the 2010 Stock Plan (the “2010 Plan”), the 2013 Equity Incentive Plan (the “2013 Plan”), the 2019 Equity Incentive Plan (the “2019 Plan”), and the 2019 Employee Stock Purchase Plan (the “ESPP”), which have all been approved by stockholders. Following our initial public offering (“IPO”) in May 2019, we have only issued awards under the 2019 Plan and the ESPP, and no additional awards will be granted under the 2010 and 2013 Plans. These plans provide for the issuance of incentive stock options (“ISOs”), nonqualified stock options (“NSOs”), stock appreciation rights (“SARs”), restricted stock awards, restricted stock units (“RSUs”), performance-based awards, and other awards (that are based in whole or in part by reference to our common stock).
Stock Option and SAR Activity
A summary of stock option and SAR activity for the six months ended June 30, 2023 is as follows (in millions, except share amounts which are reflected in thousands, per share amounts, and years):
SARs Outstanding Number of SARsOptions Outstanding Number of SharesWeighted-Average Exercise Price Per ShareWeighted-Average Remaining Contractual Life (in years)Aggregate Intrinsic Value
As of December 31, 2022153 20,039 $13.90 3.47$279 
Granted— 403 $32.99 
Exercised(2)(3,060)$4.71 
Canceled and forfeited— (132)$6.90 
As of June 30, 2023151 17,250 $16.00 3.13$476 
Vested and expected to vest as of June 30, 2023146 12,602 $10.99 2.74$410 
Exercisable as of June 30, 2023146 12,602 $10.99 2.74$410 
RSU Activity
The following table summarizes the activity related to our RSUs for the six months ended June 30, 2023 (in thousands, except per share amounts):
Number of SharesWeighted-Average
 Grant-Date Fair
 Value per Share
Unvested and outstanding as of December 31, 202298,167 $34.70 
Granted56,795 $33.07 
Vested(26,859)$34.64 
Canceled and forfeited(8,927)$34.78 
Unvested and outstanding as of June 30, 2023119,176 $33.91 
Stock-Based Compensation Expense
Stock-based compensation expense is allocated based on the cost center to which the award holder belongs. The following table summarizes total stock-based compensation expense by function (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2022202320222023
Operations and support$40 $45 $73 $83 
Sales and marketing28 26 50 50 
Research and development277 317 473 607 
General and administrative125 116 233 234 
Total$470 $504 $829 $974 
As of June 30, 2023, there was $4.0 billion of unamortized compensation costs related to all unvested awards. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 2.73 years.
The tax benefits recognized in the condensed consolidated statements of operations for stock-based compensation arrangements were not material during the three and six months ended June 30, 2022 and 2023, respectively.