v3.25.2
EMPLOYEE BENEFIT PLANS (Tables)
 6 Months Ended
Jun. 30, 2025
Compensation Related Costs [Abstract]  
Schedule of Option Activity
Option activity was as follows:
 Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contract
Life (in years)		Aggregate
Intrinsic
Value
(in millions)
Outstanding at December 31, 2024
1,904,590 $51.48 4.80$43.8 
Assumed in Matterport Acquisition1,799,170 $9.54 
Granted212,700 $78.33 
Exercised(502,578)$9.37 $34.6 
Canceled or expired(26,000)$91.98 
Outstanding at June 30, 2025
3,387,882 $36.83 4.45$150.6 
Exercisable at June 30, 2025
3,033,446 $31.86 3.90$149.9 
Schedule of Fair Value Assumption for Options Granted
The Company estimated the fair value of each option granted on the date of grant using the Black-Scholes option-pricing model, using the assumptions in the following table:
 Six Months Ended
June 30,
 20252024
Dividend yield0 %0 %
Expected volatility35 %35 %
Risk-free interest rate4.3 %4.3 %
Expected life (in years)55
Weighted-average grant date fair value$30.05$31.57
The assumptions used to estimate the fair value of performance-based restricted stock awards with market conditions were as follows:
 Six Months Ended
June 30,
 20252024
Dividend yield0 %0 %
Expected volatility31 %34 %
Risk-free interest rate4.2 %4.5 %
Expected life (in years)33
Weighted-average grant date fair value$85.29$86.96
Schedule of Stock-based Compensation Expense for Stock Options and Restricted Stock
Stock-based compensation expense for stock options, restricted stock awards, and restricted stock units issued under equity incentive plans, stock purchases under the ESPP, and DSUs and Matching RSUs awarded under the MSPP included in the Company’s condensed consolidated statements of operations were as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Cost of revenues$5.7 $3.6 $9.7 $7.3 
Selling and marketing (excluding customer base amortization)8.5 3.0 13.6 5.5 
Software development12.2 5.7 19.9 11.0 
General and administrative25.4 10.4 39.0 21.7 
Total stock-based compensation expense$51.8 $22.7 $82.2 $45.5 
The following table presents stock-based compensation expense related to performance-based restricted stock awards for the three and six months ended June 30, 2025 and 2024 (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Performance-based restricted stock awards without market conditions
$1.4 $— $1.9 $— 
Performance-based restricted stock awards with market conditions
$3.1 $3.1 $3.7 $5.6 
Schedule of Unvested Restricted Stock Awards Activity
The following table presents unvested restricted stock awards activity for the six months ended June 30, 2025:
Restricted Stock Awards — without Market ConditionRestricted Stock Awards — with Market Condition
 Number of
Shares		Weighted-Average
Grant Date
Fair Value per Share		Number of
Shares		Weighted-Average
Grant Date
Fair Value per Share
Unvested restricted stock awards at December 31, 20242,554,989 $76.19 733,200 $81.49 
Granted1,919,780 $76.59 435,120 $85.29 
Vested(808,475)$74.11 (124,068)$71.19 
Canceled(187,228)$74.80 (48,252)$71.19 
Unvested restricted stock awards at June 30, 2025
3,479,066 $76.62 996,000 $84.93 
The following table presents unvested restricted stock units activity for the six months ended June 30, 2025:
 Number of
Units		Weighted-Average
Grant Date
Fair Value per Share
Unvested restricted stock units at December 31, 202423,532 $73.88 
Assumed in Matterport Acquisition2,256,423 $75.63 
Granted9,892 $74.36 
Vested(586,779)$75.57 
Canceled(64,507)$75.63 
Unvested restricted stock units at June 30, 2025
1,638,561 $75.62