Prior to its expiration, the Company maintained the 2013 Stock Incentive Plan (as amended, the “2013 Equity Plan”), under which the Company’s employees, officers, and directors were awarded various types of share-based compensation, including options to purchase shares of the Company’s class A common stock, restricted stock units, and other stock-based awards. In May 2023, the 2013 Equity Plan expired and no new awards may be granted under the 2013 Equity Plan, although awards previously granted under the 2013 Equity Plan will continue to remain outstanding in accordance with their terms.

The Company maintains the 2023 Equity Incentive Plan (as amended, the “2023 Equity Plan”) under which the Company’s employees, officers, directors, and other eligible participants may be awarded various types of share-based compensation, including options to purchase shares of the Company’s class A common stock, restricted stock units, performance stock units, and other stock-based awards. On January 21, 2025, the Company's stockholders approved an amendment to the 2023 Equity Plan (the “2024 Plan Amendment”). The 2024 Plan Amendment amended the 2023 Equity Plan to provide that, beginning on December 20, 2024, each non-employee director who is newly appointed to the Company's board of directors shall automatically receive, upon the date of such director’s initial appointment to the Company's board of directors, equity awards having an aggregate fair value equal to $2,000,000, one-half of which ($1,000,000) will consist of a non-statutory stock option and one-half of which ($1,000,000) will consist of restricted stock units, with each award vesting annually in equal installments over four years.

An aggregate of up to 19,327,030 shares of the Company’s class A common stock were authorized for issuance under the 2023 Equity Plan. As of June 30, 2026, there were 2,761,770 shares of class A common stock reserved and available for future issuance under the 2023 Equity Plan. The 2013 Equity Plan and the 2023 Equity Plan together are referred to herein as the “Stock Incentive Plans.”

As of June 30, 2026, there were options to purchase 3,176,105 shares of class A common stock outstanding under the Stock Incentive Plans. The following table summarizes the Company’s stock option activity for the six months ended June 30, 2026:


(in thousands, except per share data and years)	Shares	Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Term (Years)
Balance as of January 1, 2026	3,535	$	42.63
Granted	68	$	151.39
Exercised	(421)	$	48.44	$	46,127
Forfeited/Expired	(6)	$	281.98
Balance as of June 30, 2026	3,176	$	43.72
Exercisable as of June 30, 2026	2,822	$	37.73	$	144,360	4.9
Expected to vest as of June 30, 2026	354	$	91.46	$	13,043	7.5
Total	3,176	$	43.72	$	157,403	5.2


	Stock Options Outstanding at June 30, 2026
(in thousands, except per share data and years) Range of Exercise Prices per Share	Shares	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (Years)
$12.45 - $20.00	800	$	14.98	3.4
$20.01 - $30.00	842	$	24.33	6.3
$30.01 - $40.00	15	$	30.16	6.9
$40.01 - $50.00	813	$	41.26	5.5
$50.01 - $70.00	516	$	69.12	4.6
$70.01 - $220.00	140	$	156.98	8.8
$220.01 - $300.00	36	$	261.38	8.6
$300.01 - $364.20	11	$	364.20	8.5
$364.21 and over	3	$	369.06	8.9
Total	3,176	$	43.72	5.2

An aggregate of 500,323 stock options with an aggregate grant date fair value of $14.2 million vested during the six months ended June 30, 2026. An aggregate of 1,161,010 stock options with an aggregate grant date fair value of $34.5 million vested during the six months ended June 30, 2025. The weighted average grant date fair value of stock option awards using the Black-Scholes valuation model was $151.39 and $296.15 for each share subject to a stock option granted during the six months ended June 30, 2026 and 2025, respectively, based on the following assumptions:

For the three and six months ended June 30, 2026, the Company recognized approximately $2.7 million and $6.3 million, respectively, in share-based compensation expense from stock options granted under the Stock Incentive Plans. For the three and six months ended June 30, 2025, the Company recognized approximately $5.2 million and $11.8 million, respectively, in share-based compensation expense from stock options granted under the Stock Incentive Plans. As of June 30, 2026, there was approximately $19.7 million of total unrecognized share-based compensation expense related to unvested stock options, which the Company expects to recognize over a weighted average vesting period of approximately 2.7 years.

As of June 30, 2026, there were 659,370 share-settled restricted stock units outstanding under the Stock Incentive Plans. The following table summarizes the Company’s share-settled restricted stock unit activity for the periods indicated:


	Share-Settled Restricted Stock Units Outstanding
(in thousands)	Units	Aggregate Intrinsic Value
Balance as of January 1, 2026	731
Granted	279
Vested	(287)	$	38,499
Forfeited	(64)
Balance as of June 30, 2026	659
Expected to vest as of June 30, 2026	659	$	57,319

During the year ended December 31, 2025, and all interim periods presented, the Company used a sell-to-cover method, under which all vested shares are issued and a portion is sold in the open market to satisfy employee payroll tax obligations. During the six months ended June 30, 2026, 287,238 share-settled restricted stock units having an aggregate grant date fair value of $21.0 million, vested and were issued. During the six months ended June 30, 2025, 334,120 share-settled restricted stock units having an aggregate grant date fair value of $18.3 million, vested and were issued. The weighted average grant date fair value of share-settled restricted stock units granted during the six months ended June 30, 2026 and 2025 was $151.54 and $281.30, respectively, based on the fair value of the Company’s class A common stock.

For the three and six months ended June 30, 2026, the Company recognized approximately $7.6 million and $13.7 million, respectively, in share-based compensation expense from share-settled restricted stock units granted under the Stock Incentive Plans. For the three and six months ended June 30, 2025, the Company recognized approximately $7.1 million and $12.3 million, respectively, in share-based compensation expense from share-settled restricted stock units granted under the Stock Incentive Plans. As of June 30, 2026, there was approximately $81.6 million of total unrecognized share-based compensation expense related to unvested share-settled restricted stock units, which the Company expects to recognize over a weighted average vesting period of approximately 3.0 years.


	Share-Settled Performance Stock Units Outstanding
(in thousands)	Units	Aggregate Intrinsic Value
Balance as of January 1, 2026	239
Granted	227
Vested	(351)	$	45,386
Forfeited	—
Balance as of June 30, 2026	115
Expected to vest as of June 30, 2026	115	$	9,148

The weighted average grant date fair value of performance stock units using the Monte-Carlo simulation model was $267.03 and $445.66 for each performance stock unit granted during the six months ended June 30, 2026 and 2025, respectively, based on the following assumptions:

350,820 performance stock units vested during the six months ended June 30, 2026 and no performance stock units vested during the six months ended June 30, 2025. For the three and six months ended June 30, 2026, the Company recognized approximately $3.5 million and $6.3 million, respectively, in share-based compensation expense from performance stock units granted under the 2023 Equity Plan. For the three and six months ended June 30, 2025, the Company recognized approximately $2.7 million and $3.4 million, respectively, in share-based compensation expense from performance stock units granted under the 2023 Equity Plan. As of June 30, 2026, there was approximately $21.3 million of total unrecognized share-based compensation expense related to unvested performance stock units, which the Company expects to recognize over a weighted average vesting period of approximately 2.2 years.

The Company also maintains the 2021 Employee Stock Purchase Plan (the “2021 ESPP”). The purpose of the 2021 ESPP is to provide eligible employees of the Company and certain of its subsidiaries with opportunities to purchase shares of the Company’s class A common stock in 6-month offering periods commencing on each March 1 and September 1. An aggregate of 1,000,000 shares of the Company’s class A common stock has been authorized for issuance under the 2021 ESPP. During the six months ended June 30, 2026, 27,679 shares of class A common stock were issued in connection with the 2021 ESPP. As of June 30, 2026, 435,917 shares of the Company’s class A common stock remained available for issuance under the 2021 ESPP.

For the three and six months ended June 30, 2026, the Company recognized approximately $0.4 million and $1.1 million, respectively, in share-based compensation expense related to the 2021 ESPP. For the three and six months ended June 30, 2025, the Company recognized approximately $0.8 million and $1.2 million, respectively, in share-based compensation expense related to the 2021 ESPP. As of June 30, 2026, there was approximately $0.3 million of total unrecognized share-based compensation expense related to the 2021 ESPP, which the Company expects to recognize over a period of approximately 0.2 years.