The Company maintains three equity compensation plans that provide for the issuance of shares of its common stock to the Company’s employees, directors, consultants and other service providers: the 2021 Equity Incentive Plan (the "2021 Plan"), the 2021 Partner Studio Incentive Plan, and the 2021 Employee Stock Purchase

In February 2024, the Company settled the liability of $15.7 million related to certain Wurl performance-based incentive plan through the issuance of 346,836 shares of the Company's Class A common stock and $2.1 million in cash.

In March 2024, 3,416,490 performance-based restricted stock units ("PSUs") vested under the terms of the respective PSU agreements upon the achievement of the stock price target of $46.75 per share, resulting in a stock-based compensation expense of $17.9 million recorded for such PSUs during the three months ended March 31, 2024.

During the three months ended March 31, 2024, the Company granted 103,671 restricted stock units ("RSUs") to certain employees under the 2021 Plan at the weighted average grant date fair value of $49.57 per RSU. These awards vest based on a service condition that is satisfied generally over one year.

Stock-based compensation expense is attributed to the cost center to which the award holder belongs. The following table summarizes total stock-based compensation expense by function (in thousands):


	Three Months Ended March 31,
	2024		2023
Cost of revenue	$	1,468	$	1,316
Sales and marketing	21,963		16,683
Research and development	59,446		49,929
General and administrative	12,376		15,038
Total	$	95,253	$	82,966