Our equity compensation plans include grants of incentive and nonqualified stock options, performance share units (“PSUs”), restricted stock awards (“RSAs”), restricted stock units (“RSUs”), and deferred stock units (“DSUs”), to employees, executive officers, and non-employee directors. We also provide an employee stock purchase plan (“ESPP”) and 401(k) match to eligible participants. At June 30, 2026, there were 10.5 million shares available for grant under approved equity compensation plans.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Cost of revenues	$	3,248	$	3,328	$	6,404	$	6,439
Operating expenses
Sales and marketing	3,999		3,357		8,259		5,784
Research and development	2,406		2,135		4,671		4,152
General and administrative	9,043		6,178		17,435		12,490
	$	18,696	$	14,998	$	36,769	$	28,865


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Stock options	$	535	$	472	$	1,026	$	1,021
PSUs	4,128		3,127		8,662		6,134
RSUs & DSUs	12,500		9,837		23,926		18,470
RSAs	—		—		—		113
ESPP	716		783		1,541		1,619
401(k) stock match	817		779		1,614		1,508
	$	18,696	$	14,998	$	36,769	$	28,865

As of June 30, 2026, there was $115.2 million of unrecognized stock-based compensation expense under our equity compensation plans, which is expected to be recognized on a primarily straight-line basis over a weighted average period of 2.7 years.


	Six Months Ended June 30, 2026
	Options (#)	Weighted Average Exercise Price ($/share)
Outstanding, beginning of period	261,403	$	121.47
Granted	132,688	57.93
Exercised	(20,656)	53.40
Forfeited	(8,340)	118.31
Outstanding, end of period	365,095	$	102.30

Of the total outstanding options at June 30, 2026, 0.2 million were exercisable. The outstanding and exercisable options had a weighted average exercise price of $119.00 per share and a weighted average remaining contractual life of 2.7 years.

The weighted average grant date fair value of options granted during the six months ended June 30, 2026, was $20.76 per share. This was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

In each of the quarters ended March 31, 2026, 2025, 2024, and 2023, we granted PSU awards with a target performance level. These awards are earned based upon our Company’s total shareholder return as compared to an indexed total shareholder return over the course of a fiscal based three-year performance period, starting in the year of grant. Earned awards vest in the quarter following the conclusion of the performance period. During the three months ended March 31, 2026, PSU awards granted in 2023 vested without achievement of the minimum threshold of performance level and therefore no shares of common stock were issued.


	Six Months Ended June 30, 2026
	#	Weighted Average Grant Date Fair Value ($/share)
Outstanding, beginning of period	1,006,417	$	150.69
Granted	1,038,439	63.18
Vested and common stock issued	(238,465)	136.77
Forfeited	(121,171)	215.77
Outstanding, end of period	1,685,220	$	94.05

The number of PSUs, RSUs, RSAs, and DSUs outstanding at June 30, 2026 included less than 0.1 million units that have vested, but the shares of common stock have not yet been issued, pursuant to the terms of the underlying agreements.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except shares)	2026		2025		2026		2025
Amounts for shares purchased	$	3,801	$	5,015	$	4,321	$	5,426
Shares purchased	78,293		43,349		85,088		45,979

The fair value was estimated based on the market price of our common stock at the beginning of the offering period using the following assumptions: