Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense included in the consolidated statements of operations was as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
Cost of revenue	$	3,275	$	3,315
Sales and marketing	17,473		16,630
Research and development	13,029		12,967
General and administrative(1)	10,077		22,991
Total stock-based compensation expense	$	43,854	$	55,903

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(1) Stock-based compensation in the three months ended March 31, 2025 includes $14.6 million of expense related to the accelerated vesting of equity awards for our former Chairman and Chief Executive Officer.

Schedule of Unrecognized Stock-Based Compensation

A summary of the unrecognized stock-based compensation expense related to unvested awards at March 31, 2026 is presented below:


	Unrecognized Stock-Based Compensation Expense (in thousands)		Estimated Weighted Average Period (in years)
Restricted stock units ("RSUs")	$	416,633	3.0
Performance stock units ("PSUs")	18,764		3.7
Restricted stock	4,482		2.2
2018 Employee Stock Purchase Plan ("2018 ESPP")	17,819		0.9

Schedule of RSUs and PSUs

A summary of our restricted stock, RSU and PSU activity is presented below:


	Restricted Stock			RSUs			PSUs
(in thousands, except for per share data)	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2025	185	$	34.83	8,994	$	38.72	279	$	40.37
Granted	—	—		9,478	19.45		826	19.38
Performance adjustment(1)	—	—		—	—		(6)	38.37
Vested	(36)	40.05		(1,699)	40.39		(66)	40.11
Forfeited	—	—		(547)	38.27		—	—
Unvested balance at March 31, 2026	149	33.58		16,226	27.31		1,033	23.61

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(1) Represents adjustments due to actual performance measured against predefined financial performance targets.

Schedule of Stock Option Activity

A summary of our stock option activity is presented below:


(in thousands, except for exercise prices and years)	Number of Shares	Weighted Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2025	1,403	$	12.70	2.0	$	15,210

Exercised(1)	(27)	6.17			398
Forfeited/canceled	(1)	9.66			—
Outstanding and exercisable at March 31, 2026	1,375	12.83		1.7	6,195

Schedule of ESPP Valuation Assumptions

The fair value of the 2018 ESPP purchase rights was estimated on the offering or modification dates using the following assumptions:


	Three Months Ended March 31,
	2026	2025
Expected term (in years)	0.5 — 2.0	0.5 — 2.0
Expected volatility	34.5% — 39.2%	30.6% — 38.2%
Risk-free interest rate	3.4% — 3.6%	3.9% — 4.2%
Expected dividend yield	—	—