v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Share Repurchase Program—The Company maintains a plan, authorized by its Board of Directors in May 2023 with subsequent additional share repurchase authorizations as approved by the Board of Directors, including a $100.0 million additional share repurchase authorization announced on February 25, 2026, under which the Company may repurchase shares of the Company’s Class A common stock (collectively, the Repurchase Program).
The Company repurchased 6.0 million shares of Class A common stock for $66.2 million during the three months ended March 31, 2026, and did not repurchase any shares during the three months ended March 31, 2025. Additionally, the Company paid $0.4 million of excise taxes during the three months ended March 31, 2026 which related to previous share repurchases. The remaining share repurchase authorization under the Repurchase Program is $89.7 million as of March 31, 2026.
Equity Incentive Plans—The 2021 Equity Incentive Plan and the predecessor 2012 Equity Incentive Plan, both as amended, along with the 2022 Inducement Equity Incentive Plan (collectively, the Plans) comprise the equity incentive plans of the Company.
Under the terms of the 2021 Equity Incentive Plan, the number of shares of Class A common stock reserved for issuance under the plan will automatically increase on January 1 of each calendar year, starting January 1, 2023 and ending on and including January 1, 2031, in an amount equal to 5% of the total number of shares of the Company’s capital stock outstanding on December 31 of the prior calendar year, unless the Company’s Board of Directors determines prior to the date of increase that there will be a lesser increase, or no increase. In accordance with these plan terms, the aggregate number of shares of Class A common stock reserved for issuance under the 2021 Equity Incentive Plan increased by 3.6 million shares effective January 1, 2026.
Stock Options—A summary of the Company’s stock option activity for its Plans is as follows:
Outstanding
Stock Options
(in thousands)
Weighted-Average
Exercise Price
Weighted-Average
Remaining
Contractual Life
(in years)
Aggregate
Intrinsic Value
(in millions)
Balance as of December 31, 20251
4,786 $11.58 7.2$13.4 
Granted
581 $10.18 
Exercised(73)$3.90 
Cancelled/forfeited
(1)$2.50 
Balance as of March 31, 20261
5,293 $11.53 7.3$4.0 
Vested and exercisable as of March 31, 2026
2,770 $12.46 5.6$2.3 
______________
(1)Includes 0.2 million of stock options with both service-based and performance-based conditions.
The weighted-average grant-date fair value of options granted during the three months ended March 31, 2026 was $5.99 per share. The aggregate intrinsic value of options exercised was $0.5 million for the three months ended March 31, 2026.
The per-share fair value of each stock option granted was determined on the date of grant using the following weighted-average assumptions:
Three Months Ended
March 31,
20262025
Expected volatility58.9%57.7%
Expected term (in years)6.16.0
Risk-free interest rate4.0%4.2%
Restricted Stock Units—A summary of the Company’s outstanding nonvested RSUs for its Plans is as follows:
Number of Units
(in thousands)
Weighted-Average
Grant-Date
Fair Value
Nonvested as of December 31, 20251
5,070 $11.13 
Granted
724 $10.27 
Vested1
(411)$11.79 
Forfeited
(123)$11.01 
Nonvested as of March 31, 20261
5,260 $10.97 
______________
(1)Includes less than 0.1 million of RSUs with both service-based and performance-based conditions.
The total fair value of shares that vested under RSUs was $4.6 million during the three months ended March 31, 2026.
Employee Stock Purchase Plan—The terms of the Employee Stock Purchase Plan (ESPP) provide for automatic increases in the number of shares reserved for issuance on January 1 of each calendar year, beginning in 2023 and through 2031, subject to terms of the ESPP. In accordance with these plan terms, the aggregate number of Class A common stock authorized for issuance under the ESPP increased by 0.7 million effective January 1, 2026. Prior to capitalizing amounts related to software development costs, the Company recognized stock-based compensation related to the ESPP of $0.2 million and $0.3 million during the three months ended March 31, 2026 and 2025, respectively.
Stock-Based Compensation—The Company recognized stock-based compensation under the Plans and ESPP as follows:
Three Months Ended
March 31,
(in millions)20262025
Research and development$1.9 $2.1 
Sales and marketing2.2 2.1 
General and administrative2.9 2.5 
Total Stock-based Compensation
$7.0 $6.7 
In addition, stock-based compensation capitalized related to software development costs was $0.6 million and $0.8 million during the three months ended March 31, 2026 and 2025, respectively.