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 Plan (the "ESPP").

In February 2024, the Company settled a 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 under the 2021 Plan and $2.1 million in cash.

In March 2024, 3,416,490 performance-based restricted stock units ("PSUs") under the 2021 Plan vested 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 during the three months ended March 31, 2024.

In April and June 2024, 3,416,490 and 3,416,490 PSUs under the 2021 Plan, respectively, vested upon the achievement of their respective stock price targets of $57.50 and $68.25 per share, resulting in a total stock-based compensation expense of $28.9 million recorded during the three months ended June 30, 2024.

During the six months ended June 30, 2024 the Company granted 164,207 restricted stock units ("RSUs") to certain employees under the 2021 Plan at a weighted average grant date fair value of $59.52 per share. These awards vest based on a service condition that is satisfied generally over one year.

During the three months ended June 30, 2024, 226,066 shares of Class A common stock were purchased under the ESPP.

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of revenue	$	1,322	$	1,317	$	2,790	$	2,633
Sales and marketing	23,485		19,413		45,448		36,096
Research and development	61,819		55,946		121,265		105,875
General and administrative	12,098		4,577		24,474		19,615
Total	$	98,724	$	81,253	$	193,977	$	164,219