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.

During the nine months ended September 30, 2024, 13,493,410 performance-based restricted stock units ("PSUs") vested upon the achievement of stock price targets ranging from $46.75 to $79.00 per share, resulting in a total stock-based compensation expense of $64.5 million. As of September 30, 2024, there were no unvested PSUs outstanding.

During the nine months ended September 30, 2024, the Company granted 211,977 restricted stock units ("RSUs") to certain employees under the 2021 Plan at a weighted average grant date fair value of $63.59 per share. These awards vest based on a service condition that is satisfied generally over one year.

During the nine months ended September 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue	$	1,314	$	1,309	$	4,104	$	3,942
Sales and marketing	22,203		26,025		67,651		62,121
Research and development	47,940		70,462		169,205		176,337
General and administrative	10,100		13,043		34,574		32,658
Total	$	81,557	$	110,839	$	275,534	$	275,058