As of June 30, 2026, we have two active equity incentive plans: the 2020 Equity Incentive Plan and the Employee Stock Purchase Plan (“ESPP”).

From time to time, we may grant performance stock units (“PSUs”) to certain members of our management team under the 2020 Equity Incentive Plan.

In February 2026, we granted PSUs (“2026 PSUs”) to certain members of our management team under the 2020 Equity Incentive Plan. Vesting of the 2026 PSUs is conditional upon the achievement of certain financial performance targets tied to the year ending December 31, 2026, and therefore, no 2026 PSUs vested in the three or six months ended June 30, 2026. The number of units that may be earned ranges from 0% to 200% of the target shares based on the achievement of the performance conditions, with vesting subject to such performance achievement and continued service. In the event the minimum targets are not achieved, no 2026 PSUs would vest.

In February 2025, we granted PSUs (“2025 PSUs”) to certain members of our management team under the 2020 Equity Incentive Plan. Vesting of the 2025 PSUs is conditional upon the achievement of certain financial performance targets tied to the Company’s 2025 financial performance and the number of 2025 PSUs earned was certified and approved by the Board in February 2026. One-third of the earned 2025 PSUs vested in the first quarter of 2026, with the remaining two-thirds vesting quarterly over the subsequent two years, subject to continued service.

We measure and recognize compensation for all stock-based compensation awards, including stock options, stock purchase rights, restricted stock units (“RSUs”) and PSUs, based upon the grant-date fair value of those awards. The grant-date fair value of our stock options and stock purchase rights is estimated using a Black-Scholes-Merton option-pricing model. The fair value of our RSUs and PSUs are calculated based on the market value of our stock at the grant date.

The following table summarizes stock-based compensation expense by line item in the condensed consolidated statements of operations (in thousands):


	Three Months Ended June 30,					Six Months Ended June 30,
	2026		2025			2026		2025

Cost of revenue	$	563	$	574		$	1,090	$	1,072
Sales, general and administrative		4,743		8,041			10,348		16,116
Product development		629		720			1,191		1,469
Stock-based compensation expense, net of amounts capitalized (1)	$	5,935	$	9,335		$	12,629	$	18,657
Excess income tax benefits (deficiencies) related to stock-based compensation expense	$	108	$	(48	)	$	205	$	115

(1)

Stock-based compensation expense capitalized was not material for each of the periods presented.

The following table summarizes by type of grant, the total unrecognized stock-based compensation expense and the remaining period over which such expense is expected to be recognized (in thousands, except number of years):


	June 30, 2026
	Unrecognized Expense		Remaining Weighted Average Period (In Years)

Stock options	$	14,008	2.9
RSUs		24,014	3.0
PSUs		4,505	2.5
ESPP		187	0.1
Total unrecognized stock-based compensation expense	$	42,714