In November 2024, our board of directors (the Board) approved a share repurchase program ("2024 Share Repurchase Program"), which authorized the repurchase of up to $400 million of our outstanding Class A common stock. During the three months ended March 31, 2025 we repurchased a total of 6,732,390 shares of Class A common stock under the 2024 Share Repurchase Program in open market transactions for an aggregate purchase price of $111.8 million, resulting in an average price of $16.60 per share. The 2024 Share Repurchase Program was completed during the year ended December 31, 2025.

In February 2026, the Board approved another share repurchase program ("2026 Share Repurchase Program"), which authorized the repurchase of up to $400 million of our outstanding Class A common stock. During the three months ended March 31, 2026 we repurchased a total of 5,697,636 shares of Class A common stock under the 2026 Share Repurchase Program in open market transactions for an aggregate purchase price of $45.4 million, resulting in an average price of $7.97 per share. As of March 31, 2026, $354.6 million remained available for future repurchases under the 2026 Share Repurchase Program.

Under both repurchase programs, all shares of Class A common stock subsequently repurchased were retired. Upon retirement, the par value of the common stock repurchased was deducted from common stock and any excess of repurchase price over par value was recorded entirely to additional-paid-in capital, or in the absence of additional-paid-in capital, to accumulated deficit, in the condensed consolidated balance sheets.

Pursuant to the 2021 Equity Incentive Plan (the 2021 Plan), the Board may grant incentive stock options to purchase shares of our common stock, non-statutory stock options to purchase shares of our common stock, stock appreciation rights, restricted stock, restricted stock units (RSUs), performance restricted stock units (PRSUs) and other awards. The 2021 Employee Stock Purchase Plan (ESPP) enables eligible employees to purchase shares of our Class A common stock. Both the 2021 Plan and ESPP include an automatic increase to their shares reserve on January 1 of each year as set forth in the respective plan documents.

Additionally, pursuant to the 2022 Inducement Plan (the Inducement Plan) in accordance with Listing Rule 5635(c)(4) of the Nasdaq Stock Market, nonstatutory stock options, stock appreciation rights, restricted stock, RSUs, PRSUs and other awards may be granted as an inducement material to an eligible person's entering into employment with us.


			March 31, 2026




2021 Equity Incentive Plan(1)			87,775


2022 Inducement Plan			7,012

2021 Employee Stock Purchase Plan			18,255
Total shares of common stock reserved for issuance			113,042

Under the ESPP, the price at which common stock is purchased is equal to 85% of the fair market value of a share of our common stock on the first day of the offering period or the applicable purchase date, whichever is lower. The fair market value of common stock will generally be the closing sales price on the determination date. The ESPP provides an offering period of 24 months, with four purchase periods that are generally six months long and end on May 15 and November 15 of each year.

The ESPP also includes a reset provision for the purchase price if the fair market value of a share of our common stock on the first day of any purchase period is less than or equal to the fair market value of a share of our common stock on the first day of an ongoing offering. If the reset provision is triggered, a new 24-month offering period begins. Each triggering of the reset provision was considered a modification in accordance with ASC 718, Stock Based Compensation, with the modification charge recognized on a straight-line basis over the new offering period. Historically, the reset provision has been triggered by stock price declines, and the resulting modification have not been material on our stock-based compensation expense.

Stock-based compensation expense related to the ESPP was $1.0 million and $0.9 million for the three months ended March 31, 2026 and 2025, respectively.

Stock options are generally granted with an exercise price equal to the fair market value of a share of common stock on the date of grant, have a 10-year contractual term, and vest over a four-year period.


Share Information:	Number of Shares (in thousands)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands) (1)
Balance as of December 31, 2025	2,332	$	11.32	7.1	$	4,650




Balance as of March 31, 2026	2,332	$	11.32	6.8	$	5,021
Options vested and expected to vest as of March 31, 2026	2,332	$	11.32	6.8	$	5,021
Options exercisable as of March 31, 2026	1,593	$	13.58	6.4	$	52

(1)Aggregate intrinsic value for stock options represents the difference between the exercise price and the per share fair value of our common stock as of the end of the period, multiplied by the number of stock options outstanding, exercisable, or vested.


Share Information:	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
Unvested, as of December 31, 2025	21,936	$	14.98
Granted	18,531	$	11.19
Vested (1)	(1,983)	$	15.87
Forfeited/Cancelled	(1,783)	$	13.62
Unvested, as of March 31, 2026	36,701	$	13.09

Beginning in 2024, certain members of the executive team were granted PRSUs awards (the "Executive PRSUs"). The Executive PRSUs are granted annually in the first quarter, are subject to service and performance-based vesting conditions and vest over three years from the grant date. The PRSUs granted in 2026 have fiscal 2026 revenue and non-GAAP operating income performance targets with 70% and 30% of each award tied to these targets, respectively. The 2026 performance targets can be earned from 0% up to a maximum of 173.6% of target shares for significant outperformance.

The fair value of each PRSU is based on the fair value of our common stock on the date of grant. Stock-based compensation associated with the Executive PRSUs is recognized using the accelerated attribution method over the requisite service period, based on our periodic assessment of the probability that the performance will be achieved.

During the three months ended March 31, 2026 and 2025, we recognized $3.9 million and $1.9 million of stock-based compensation expense related to Executive PRSUs, respectively.


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	1,618	$	1,518
Research and development(1)	12,301		9,213
Sales and marketing	13,000		13,409
General and administrative(2)	17,002		27,524
Stock-based compensation, net of amounts capitalized	43,921		51,664
Capitalized stock-based compensation	711		692
Total stock-based compensation expense	$	44,632	$	52,356

(1) Stock-based compensation expense recorded to research and development in the condensed consolidated statements of operations excludes amounts that were capitalized primarily for internal-use software.

(2) General and administrative expense includes stock-based compensation associated with RSUs and PRSUs granted to our former Executive Chairman of $11.3 million for the three months ended March 31, 2025.

As of March 31, 2026, unrecognized stock-based compensation expense related to unvested stock-based awards was as follows (in thousands, except for period data):