v3.23.3
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock-Based Compensation Expense

The following table summarizes total stock-based compensation expense (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202320222023
Operations and support$18 $17 $47 $51 
Product development135 175 398 515 
Sales and marketing28 33 78 97 
General and administrative53 61 153 167 
Stock-based compensation expense$234 $286 $676 $830 

Stock Option and Restricted Stock Unit Activity

A summary of stock option and restricted stock unit (“RSU”) activity under the Company’s equity incentive plans was as follows (in millions, except per share amounts):

Outstanding
Stock Options
Outstanding
RSUs
 Shares
Available for
Grant		Number of
Shares		Weighted-
Average
Exercise
Price		Number of
Shares		Weighted-
Average
Grant
Date Fair
Value
As of December 31, 2022108 22 $23.41 34 $77.07 
Granted(11)1 122.41 10 121.42 
Increase in shares available for grant32 — — — — 
Exercised/Vested3 (16)4.93 (9)98.85 
Canceled2 — — (2)119.46 
As of September 30, 2023134 7 $69.66 33 $83.06 


Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
Options outstanding as of September 30, 20237 $69.66 5.83$544 
Options exercisable as of September 30, 20236 $57.21 5.06$480 

In May 2023, 11.2 million stock options were exercised in cashless transactions pursuant to which the Company withheld and retired 5.7 million shares of common stock, valued at their fair market value on the exercise date, to cover the related $567 million of employee withholding tax and $36 million of exercise cost.

Employee Stock Purchase Plan (“ESPP”)

The Company recorded stock-based compensation expense related to the ESPP of $9 million and $6 million for the three months ended September 30, 2022 and 2023, respectively, and $23 million and $20 million for the nine months ended September 30, 2022 and 2023, respectively.
For the nine months ended September 30, 2022, the Company issued 0.2 million shares of Class A common stock under the ESPP at a weighted-average price of $103.23 per share, resulting in net cash proceeds of $20 million. For the nine months ended September 30, 2023, the Company issued 0.3 million shares of Class A common stock at a weighted-average price of $88.77 per share, resulting in net cash proceeds of $31 million.