STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

STOCK-BASED COMPENSATION

9. STOCK-BASED COMPENSATION

Stock-based compensation expense relates primarily to expense for restricted stock awards (“RSAs”), restricted stock units (“RSUs”), and stock options. As of June 30, 2023, we had unvested or unexercised stock-based awards outstanding representing approximately 62.0 million shares of our common stock, consisting of approximately 39.9 million RSAs and RSUs with a weighted average per share fair value of $2.84, and options to purchase approximately 22.0 million shares of our common stock with a weighted average exercise price of $8.81.

During the three and six months ended June 30, 2023, the Company did not grant any stock options, RSUs or RSAs.

During the three and six months ended June 30, 2023, 0.7 million and 1.9 million stock options were cancelled, respectively, and 0.5 million and 5.3 million RSAs and RSUs were forfeited, respectively.

Stock-based compensation expense for the three and six months ended June 30, 2023 and 2022, is included in the Company’s Consolidated Statements of Operations as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of revenue	$	1,507	$	16,882	$	2,104	$	18,921
Research and development	368		13,177		810		15,059
Sales and marketing	539		9,132		1,044		9,590
General and administrative	11,866		71,807		22,595		93,225
Total stock-based compensation expense	$	14,280	$	110,998	$	26,553	$	136,795

As of June 30, 2023, total unrecognized stock-based compensation expense related to unvested stock options was approximately $69.4 million, which is expected to be recognized over a weighted average time period of 2.6 years. As of June 30, 2023, the Company had approximately $56.8 million of unrecognized stock-based compensation expense related to RSAs and RSUs, which is expected to be recognized over a weighted average time period of 2.5 years, and an additional $15.8 million of unrecognized stock-based compensation expense related to RSUs for which some or all of the requisite service had been provided under the service conditions but had performance conditions that had not yet been achieved.