
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Restricted stock and RSUs expense	$	16,495	$	15,987	$	31,442	$	29,677
Bonus Plan expense (see Note 11)	1,828		4,879		3,652		10,180
ESPP expense (see Note 13)	670		591		1,301		1,215
Stock grants expense	600		600		600		600
DCP elective participant deferrals expense (see Note 12)	—		44		—		87
Total stock-based compensation expense (1)	$	19,593	$	22,101	$	36,995	$	41,759


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Cost of subscriptions and licenses	$	918	$	(732)	$	2,050	$	362
Cost of services	587		756		1,308		1,638
Research and development	5,854		5,082		11,053		9,963
Selling and marketing	4,206		3,542		7,963		6,320
General and administrative	8,028		13,453		14,621		23,476
Total stock-based compensation expense	$	19,593	$	22,101	$	36,995	$	41,759

Stock‑based compensation expense is measured at the grant date fair value of the award and is recognized ratably over the requisite service period, which is generally the vesting period. Specifically for performance‑based RSUs, stock‑based compensation expense is measured at the grant date fair value of the award and is recognized ratably over the requisite service period based on the number of awards expected to vest at each reporting date. The Company accounts for forfeitures of equity awards as those forfeitures occur.

The Company’s 2020 Plan provides for the granting of stock, stock options, restricted stock, RSUs, and other stock‑based or performance‑based awards to certain directors, officers, colleagues, consultants, and advisors of the Company, and terminates in September 2030. The 2020 Plan provides that 25,000,000 shares of Class B common stock may be issued for equity awards. Equity awards that are expired, canceled, forfeited, or terminated for any reason will be available for future grant under the 2020 Plan. As of June 30, 2025, equity awards available for future grants under the 2020 Plan were 18,371,952.

Under the 2020 Plan, the Company may grant both time‑based and performance‑based shares of restricted Class B common stock and RSUs to eligible colleagues. Time‑based awards generally vest ratably on each of the first four anniversaries of the grant date. Performance‑based awards vesting is determined by the achievement of certain business growth targets, which include growth in annualized recurring revenues (“ARR”), as well as actual bookings for perpetual licenses and non‑recurring services. Performance targets are generally set for annual performance periods.


							Time-		Performance-
							Based		Based
							Weighted		Weighted
							Average		Average
			Time-		Performance-		Grant Date		Grant Date
	Total		Based		Based		Fair Value		Fair Value
	RSUs		RSUs		RSUs		Per Share		Per Share
Unvested, December 31, 2024	3,417,009		3,067,703	(1)	349,306	(2)	$	45.45	$	44.83
Granted	1,741,125		1,524,619		216,506	(3)	$	40.54	$	40.53
Vested	(1,145,903)		(830,999)		(314,904)		$	43.41	$	43.84
Forfeited and canceled	(130,615)		(127,474)		(3,141)		$	42.45	$	52.31
Unvested, June 30, 2025	3,881,616	(4)	3,633,849		247,767		$	43.97	$	42.23

(1)Includes 175,928 time‑based RSUs granted during the three months ended March 31, 2022 to certain officers and key employees, which cliff vested on January 31, 2025. Additionally, includes 300,964 time‑based RSUs granted during the three months ended June 30, 2024 to certain officers, which vest 20% on each of December 15, 2025, 2026, 2027, 2028, and 2029.

During the year ended December 31, 2022, the Company granted 185,186 performance‑based RSUs to certain officers and key employees, which vest subject to the achievement of certain performance goals over a three‑year performance period (the “Performance Period”). For each year of the Performance Period, one‑third of the performance‑based RSUs were subject to a cliff, whereby no vesting of that portion would occur unless the Company’s applicable margin metrics (which, for 2022 was Adjusted EBITDA margin, and for 2023 and 2024 was AOI less SBC margin, excluding the impact of foreign currency exchange fluctuations) also equaled or exceeded the relevant target level for such year. Provided that the applicable margin targets were met, the total number of performance‑based RSUs that vested were determined by the achievement of growth targets, which included growth in ARR, as well as actual bookings for perpetual licenses and non‑recurring services. As of December 31, 2024, 162,038 of the aforementioned performance‑based RSUs were outstanding. On January 31, 2025, 162,038 performance‑based RSUs were determined to be vested based on the achievement of the performance goals during the Performance Period.

During the six months ended June 30, 2025 and 2024, restricted stock and RSUs were issued net of 276,569 and 142,407 shares, respectively, which were sold back to the Company to settle applicable income tax withholdings of $12,543 and $7,256, respectively.

As of June 30, 2025, there was $124,907 of unrecognized compensation expense related to unvested time‑based RSUs, which is expected to be recognized over a weighted average period of approximately 2.0 years. As of June 30, 2025, there was $6,769 of unrecognized compensation expense related to unvested performance‑based RSUs, which is expected to be recognized over a weighted average period of approximately 0.7 years.