v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-Based Compensation Expense
Stock-based compensation expense was allocated in the condensed consolidated statements of comprehensive income as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2026202520262025
Cost of revenues$3,248 $3,328 $6,404 $6,439 
Operating expenses
Sales and marketing3,999 3,357 8,259 5,784 
Research and development2,406 2,135 4,671 4,152 
General and administrative9,043 6,178 17,435 12,490 
$18,696 $14,998 $36,769 $28,865 
Stock-based compensation expense by grant type or plan was as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2026202520262025
Stock options$535 $472 $1,026 $1,021 
PSUs4,128 3,127 8,662 6,134 
RSUs & DSUs12,500 9,837 23,926 18,470 
RSAs— — — 113 
ESPP716 783 1,541 1,619 
401(k) stock match817 779 1,614 1,508 
$18,696 $14,998 $36,769 $28,865 
Summary of Stock Option Activity
Our stock option activity was as follows:
Six Months Ended
June 30, 2026
Options (#) Weighted Average
Exercise Price
($/share)
Outstanding, beginning of period261,403 $121.47 
Granted132,688 57.93 
Exercised(20,656)53.40 
Forfeited(8,340)118.31 
Outstanding, end of period365,095 $102.30 
Summary of Weighted Average Assumptions Used in Black-Scholes Option Pricing Model This was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:
Life (in years)4.0
Volatility39.9 %
Dividend yield— 
Risk-free interest rate3.6 %
Summary of Activity for PSUs, RSUs, RSAs, and DSUs
Activity for our PSUs, RSUs, RSAs, and DSUs in aggregate was as follows:
Six Months Ended
June 30, 2026
#Weighted Average Grant
Date Fair Value
($/share)
Outstanding, beginning of period1,006,417 $150.69 
Granted1,038,439 63.18 
Vested and common stock issued(238,465)136.77 
Forfeited(121,171)215.77 
Outstanding, end of period1,685,220 $94.05 
Summary of ESPP Activity
Our ESPP activity was as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands, except shares)2026202520262025
Amounts for shares purchased$3,801 $5,015 $4,321 $5,426 
Shares purchased78,293 43,349 85,088 45,979 
Summary of Fair Value Assumptions for ESPP
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:
Life (in years)0.5
Volatility55.7 %
Dividend yield— 
Risk-free interest rate3.7 %