v3.26.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Share Repurchase Activity
The following table summarizes the share repurchase activity under the Company’s stock repurchase program during the year ended December 31, 2025 (in thousands, except share and per share data):
Total Number of Shares PurchasedAverage Price Per ShareAmount
Third Quarter567,582 $88.10 $50,000 
Fourth Quarter975,294 $102.51 $99,982 
Total share repurchases1,542,876 $97.21 $149,982 
Schedule of Reserved Shares of Common Stock for Issuance
As of December 31, 2025, the Company’s common stock reserved for issuance in the future is as follows (in thousands):
Common stock awards granted under equity incentive plans11,429 
Common stock awards available for issuance under the 2017 Employee Stock Purchase Plan *5,089 
Common stock awards available for issuance under the 2017 Amended and Restated Equity Incentive Plan39,032 
Total reserved shares of common stock55,550 
* The Company has not issued any common stock pursuant to the 2017 Employee Stock Purchase Plan.
Summary of Restricted Stock Unit Activity
Restricted stock unit activity for the year ended December 31, 2025 is as follows (in thousands, except per share data):
 
Number of
Shares
 
Weighted-Average
Grant Date Fair
Value per Share
Balance as of December 31, 20248,657 $74.80 
Awarded3,343 89.29 
Released(4,462)84.64 
Forfeited(1,209)73.77 
Balance as of December 31, 20256,329 $75.70 
Schedule of Stock Option Activity
Stock option activity for the year ended December 31, 2025 is as follows (in thousands, except years and per share data):
 
Number of
Shares
 
Weighted-Average
Exercise
Price
Weighted-Average Remaining Contractual Life (Years) 
Aggregate
Intrinsic
Value
Balance as of December 31, 20245,759 $75.24 6.6
Granted338 89.16 
Exercised(921)37.71 
Forfeited and expired(76)71.82 
Balance as of December 31, 20255,100 $82.85 6.0$201,091 
Options exercisable as of December 31, 20254,044 $87.02 5.4$157,118 
Schedule of Share-based Compensation Expense
The following table presents the total stock-based compensation expense for the years ended December 31, 2025, 2024, and 2023 (in thousands):
 Years Ended December 31,
 202520242023
Cost of revenue, platform$1,218 $1,455 $1,478 
Cost of revenue, devices270 1,373 3,761 
Research and development136,815 146,673 147,989 
Sales and marketing127,382 137,556 130,362 
General and administrative88,484 97,605 86,540 
Total stock-based compensation$354,169 $384,662 $370,130 
Summary of Assumptions Used to Value Stock Options Granted The assumptions used to value stock options granted during the years ended December 31, 2025, 2024, and 2023 are as follows:
 Years Ended December 31,
 202520242023
Expected term (in years)
5.0 - 5.8
5.0 - 6.3
5.0 - 5.8
Risk-free interest rate
3.73 - 4.38%
3.51 - 4.64%
3.48 - 4.72%
Expected volatility
60 - 63%
62 - 63%
61 - 63%
Dividend rate———