The following two tables show stock-based compensation expense by award type and where the stock-based compensation expense is recorded in the Company’s consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Options	$	382	$	1,215	$	704	$	2,509
RSUs		123,314		128,488		227,852		234,428
PSUs		1,598		7,306		7,688		12,204
Employee stock purchase plan		3,188		3,966		7,983		8,527
Total stock-based compensation expense	$	128,482	$	140,975	$	244,227	$	257,668


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Cost of revenue, subscription	$	11,758	$	8,190	$	22,180	$	15,887
Cost of revenue, professional services and other		646		1,051		1,335		1,980
Research and development		60,681		70,807		114,490		127,604
Sales and marketing		34,470		36,587		65,658		68,192
General and administrative		20,927		24,340		40,564		44,005
Total stock-based compensation expense	$	128,482	$	140,975	$	244,227	$	257,668

Capitalized software development costs excluded from stock-based compensation expense were $15.2 million for the three months ended June 30, 2026, $27.6 million for the six months ended June 30, 2026, $17.0 million for the three months ended June 30, 2025, and $28.8 million for the six months ended June 30, 2025.

In May 2025, the Company’s Board of Directors authorized a share repurchase program for the repurchase of shares of the Company’s common stock, in an aggregate amount of up to $500 million (the “2025 Share Repurchase Program”), exclusive of any transaction costs related to such repurchases, over a period of up to 12 months. In February 2026, the Company's Board of Directors authorized an additional $1 billion (the “February 2026 Share Repurchase Program" and, together with the 2025 Share Repurchase Program and the August 2026 Share Repurchase Program (as defined in Note 17), the “Share Repurchase Programs”), over a period of 24 months.

Repurchases under the Share Repurchase Programs may be made under a variety of methods, including privately negotiated or open market trades, pursuant to 10b5-1 plans. The Share Repurchase Programs do not obligate the Company to acquire a specified number of shares, and may be suspended, modified, or terminated at any time and will be funded using the Company's cash and cash

equivalent and investment balances. Consideration paid for the shares repurchased is recorded as a reduction to stockholders’ equity on the consolidated balance sheets.

The following table summarizes the stock repurchase activity under the Share Repurchase Programs (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Number of shares repurchased		2,622		217		3,467		217
Average stock price per share	$	202.80	$	577.13	$	214.25	$	577.13
Aggregate repurchase amount	$	531,852	$	125,004	$	742,880	$	125,004

As of the date of filing this report, $257.1 million remained available for future stock repurchases under the February 2026 Share Repurchase Program.