v3.26.1
STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Stock-based Compensation Expense
Stock-based compensation expense for all stock-based awards, which includes shares purchased under the Company’s employee stock purchase plan (“ESPP”), restricted stock units (“RSUs”) and performance stock units (“PSUs”), expected to vest is measured at fair value on the date of grant and recognized ratably over the requisite service period.
The following table summarizes the components of total stock-based compensation expense included in the condensed consolidated statement of operations for the periods presented:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(In thousands)
Cost of revenues$3,666 $4,311 $7,250 $8,550 
Research and development17,569 20,481 36,403 42,128 
Sales and marketing12,363 16,657 27,080 33,053 
General and administrative9,782 12,368 21,660 25,210 
Restructuring174 79 152 588 
Total$43,554 $53,896 $92,545 $109,529 
The following table summarizes the various types of stock-based compensation expense for the periods presented:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(In thousands)
RSUs and PSUs$41,562 $52,666 $88,930 $106,842 
ESPP1,992 1,230 3,615 2,687 
Total$43,554 $53,896 $92,545 $109,529 
As of June 30, 2026, there was $259.7 million of total unrecognized stock-based compensation expense related to unvested equity awards, which are expected to be recognized over a weighted-average period of 2.2 years
Equity Awards Activity
Stock Options
No stock options were granted during the six months ended June 30, 2026 and 2025. Stock option activity during the period, as well as stock options outstanding as of June 30, 2026, were immaterial
Restricted Stock Units
The following table summarizes RSU activity:
Number of
Shares
Outstanding		Weighted-
Average
Fair Value
per Share at
Grant Date		Weighted-
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value(1)
(In thousands)(Years)(In thousands)
Outstanding at December 31, 20253,800 $69.01 1.5$121,780 
Granted942 $40.11 
Vested(829)$95.06 $34,079 
Canceled(340)$61.54 
Outstanding at June 30, 20263,573 $56.05 1.5$175,939 
Expected to vest at June 30, 20263,573 $56.05 1.5$175,939 
(1) The intrinsic value of RSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of RSUs outstanding and expected to vest as of June 30, 2026 is based on the closing price of the last trading day during the period ended June 30, 2026. The Company’s stock fair value used in this computation was $49.24 per share.
Performance Stock Units
The following table summarizes PSU activity:
Number of
Shares
Outstanding		Weighted-
Average
Fair Value
per Share at
Grant Date		Weighted-
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value(1)
(In thousands)(Years)(In thousands)
Outstanding at December 31, 20251,640 $110.34 1.1$52,541 
Granted1,343 $48.02 
Vested(554)$64.95 $23,368 
Canceled(247)$213.56 
Outstanding at June 30, 20262,182 $71.79 1.5$107,406 
Expected to vest at June 30, 20262,182 $71.79 1.5$107,406 
(1) The intrinsic value of PSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of PSUs outstanding and expected to vest as of June 30, 2026 is based on the closing price of the last trading day during the period ended June 30, 2026. The Company’s stock fair value used in this computation was $49.24 per share.