The 2019 Equity Incentive Plan (2019 Plan) provides for the granting of stock options, restricted stock, RSUs, stock appreciation rights, performance shares, PSUs, and performance awards for the Company's Class A common stock to the Company's employees, directors, and consultants.

The Company has granted to certain executive officers and other key employees 10-year stock options with market conditions that vest and become exercisable to purchase shares of the Company's Class A common stock if the Company achieves certain stock price milestones and the employee continues to provide services to the Company through the applicable vesting dates (the Performance Options). The Performance Options were granted under the 2019 Plan. As of June 30, 2026, there were approximately 2.3 million outstanding Performance Options.

The Company recognizes stock-based compensation expense for the Performance Options based on the grant date fair value and using a graded attribution method over the weighted-average requisite service period. The total stock-based compensation expense associated with the Performance Options were not material during the three or six months ended June 30, 2026 and 2025. As of June 30, 2026, there was $83.2 million of unrecognized stock-based compensation expense related to the Performance Options that is expected to be recognized over a weighted-average period of 2.9 years.

During the three months ended March 31, 2025, the Company’s Board of Directors granted to the Company’s CEO and President (each, a Co-Founder) an aggregate of 350,220 PSUs with market conditions that vest if the Company achieves certain stock price milestones and the Co-Founders, individually, continue to provide service to the Company through the applicable vesting dates.

The total stock-based compensation expense for RSUs and PSUs for the three months ended June 30, 2026 and 2025 was $143.8 million and $111.0 million, respectively, and for the six months ended June 30, 2026 and 2025 was $259.7 million and $203.7 million, respectively. As of June 30, 2026, the total unrecognized stock-based compensation expense related to unvested RSUs and PSUs was $1,138.6 million that is expected to be recognized over a weighted-average period of 3.0 years. The stock-based compensation expense associated with PSUs, with market or financial performance conditions, were not material during the three and six months ended June 30, 2026 and 2025. As of June 30, 2026, the total unrecognized stock-based compensation related to PSUs with market conditions were not material and is expected to be recognized over a weighted-average period of 1.9 years.

In September 2019, the Company's Board of Directors adopted and stockholders approved the ESPP, which became effective one business day prior to the effective date of the Company's registration statement on Form S-1 filed with the SEC in connection with the Company’s initial public offering. 96,423 shares of Class A common stock were purchased under the ESPP during the six months ended June 30, 2026. As of June 30, 2026, the total unrecognized stock-based compensation expense related to the ESPP was not material and will be recognized through the year ended December 31, 2026.


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

	(in thousands)
Cost of revenue	$	3,922	$	3,357	$	7,581	$	5,945
Sales and marketing	38,886		34,343		78,217		62,261
Research and development	51,427		45,956		94,471		78,649
General and administrative	37,784		38,721		65,991		71,057
Restructuring and other charges(1)	27,853		—		27,853		—
Total stock-based compensation expense	$	159,872	$	122,377	$	274,113	$	217,912