Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

The following is a summary of the Company’s stock option activity during the three months ended March 31, 2026:


	Stock Options
(in thousands, except share and per share data)	Number of Options Outstanding	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value(1)
Balances as of January 1, 2026	4,687,970	$	5.98	4.43	$	36,639

Exercised	(134,004)	3.31			1,665

Balances as of March 31, 2026	4,553,966	6.06		4.20	43,749
Vested and exercisable as of March 31, 2026	4,553,966	6.06		4.20	43,749
Vested and expected to vest as of March 31, 2026	4,553,966	$	6.06	4.20	$	43,749

_________________

(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock.

The following is a summary of the Company’s stock option activity during the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in thousands)	2026		2025
Aggregate grant-date fair value of options vested	$	—	$	3,792
Aggregate intrinsic value of options exercised	1,665		14,294

Schedule of Restricted Stock Award Activity

RSU and PSU activity during the three months ended March 31, 2026 was as follows:


	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share
Unvested at January 1, 2026	21,271,140	$	17.48
Granted	2,946,935	13.76
Vested	(1,843,792)	16.01
Cancelled/forfeited	(2,243,088)	18.08
Unvested at March 31, 2026	20,131,195	$	17.03

The following is a summary of the Company’s RSU and PSU activity during the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in thousands, except per share data)	2026		2025
Weighted-average grant-date fair value per share granted	$	13.76	$	22.93
Aggregate grant-date fair value of shares vested	29,519		29,937

Schedule of ESPP Valuation Assumptions

The fair value of the ESPP offerings, including those described above, were estimated using the Black-Scholes option-pricing model as of the respective offering dates, using the following assumptions. These assumptions represent the grant-date fair value inputs for new offerings which commenced during the three months ended March 31, 2026 and 2025, as well as updated valuation information as of the modification date for any offerings for which a modification occurred during the periods presented herein:

Three Months Ended March 31,

2026

2025

Risk-free interest rates

3.51% to 3.65%

3.92% to 4.26%

Expected term

0.5 to 1.0 year

0.5 to 2.0 years

Volatility

49.2% to 52.4%

43.8% to 49.1%

Dividend rate

—

Schedule of Share-based Compensation Expense

Stock-based compensation expense for stock options, RSUs, PSUs, and the ESPP, included within the Condensed Consolidated Statements of Operations, net of amounts capitalized to internal-use software, as described in Note 6. Property and Equipment, was as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
Customer support and operations	$	309	$	256
Marketing	2,173		4,127
Technology and development	17,158		21,237
General and administrative	7,896		10,172
Total	$	27,536	$	35,792