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STOCKHOLDERS’ EQUITY
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
STOCKHOLDERS’ EQUITY
12. STOCKHOLDERS’ EQUITY
Preferred Stock
The Company has 10 million shares of undesignated preferred stock authorized but not issued with rights and preferences determined by the Company’s Board of Directors (the “Board”) at the time of issuance of such shares. As of June 30, 2026 and December 31, 2025, there were no shares of preferred stock issued and outstanding.
Common Stock
The Company has two classes of authorized common stock, Class A common stock and Class B common stock. Holders of Class A common stock are entitled to one vote for each share of Class A common stock held on all matters submitted to a vote of stockholders and holders of Class B common stock are entitled to ten votes for each share of Class B common stock held on all matters submitted to a vote of stockholders. Except with respect to voting, the rights of the holders of Class A and Class B common stock are identical. Shares of Class B common stock are voluntarily convertible into shares of Class A common stock at the option of the holder and are generally automatically converted into shares of the Company’s Class A common stock upon sale or transfer. Shares issued in connection with exercises of stock options or vesting of restricted stock units are generally automatically converted into shares of the Company’s Class A common stock.
Stock Repurchase Program
In August 2025, the Company began repurchasing shares of the Company’s Class A common stock under a stock repurchase program approved by the Board pursuant to which the Company was authorized to repurchase up to $400 million of the Company’s Class A common stock through December 31, 2026. The program did not obligate the Company to acquire any amount of Class A common stock, and the timing and total amount of share repurchases depended on general market conditions, the trading price of the Company’s Class A common stock, corporate and regulatory requirements, the availability of funds, other investment opportunities, and other considerations. Repurchases could be executed through open market transactions at prevailing market prices, including pursuant to trading plans that comply with the requirements of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or through other means.
All repurchases were made using cash resources, and shares purchased were immediately retired. As of June 30, 2026, the cumulative authorized amount remaining for stock repurchases under the authorized repurchase program was $87.3 million. In connection with its entry into the Merger Agreement, the Company suspended its stock repurchase program during the second quarter of fiscal 2026.

The following table summarizes the share repurchase activity under the Company’s stock repurchase program during the six months ended June 30, 2026 (in thousands, except share and per share data):
Total Number of Shares PurchasedAverage Price Per ShareAmount
First Quarter 20261,014,873 $98.53 $100,000 
Second Quarter 2026534,004 $117.42 $62,702 
Total1,548,877 $105.05 $162,702 
Common Stock Reserved for Issuance
As of June 30, 2026, the Company’s common stock reserved for issuance in the future is as follows (in thousands):
Common stock awards granted under equity incentive plans8,384 
Common stock awards available for issuance under the 2017 Employee Stock Purchase Plan *5,089 
Common stock awards available for issuance under the 2017 Amended and Restated Equity Incentive Plan39,979 
Total reserved shares of common stock53,452 
* The Company has not issued any common stock pursuant to the 2017 Employee Stock Purchase Plan.
Equity Incentive Plans
The Company currently grants equity awards under the Amended and Restated 2017 Equity Incentive Plan (the “2017 Plan”). The 2017 Plan became effective September 2017 in connection with the Company’s initial public offering (“IPO”). The 2017 Plan provides for the grant of incentive stock options to the Company’s employees and for the grant of non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance stock awards, performance cash awards, and other forms of equity compensation to the Company’s employees, directors and consultants. The outstanding equity relates to the 2017 Plan and the 2008 Equity Incentive Plan (“2008 Plan”), a pre-IPO plan. No additional equity grants have been made pursuant to the 2008 Plan subsequent to the IPO.
The equity awards granted under the 2017 Plan vest subject to continuous service. Stock options granted under the 2017 Plan generally are granted at a price per share equivalent to the fair market value on the date of grant. Recipients of incentive stock option grants who possess more than 10% of the combined voting power of the Company are subject to certain limitations, and incentive stock options granted to such recipients are at a price no less than 110% of the fair market value at the date of grant.
Restricted Stock Units
Restricted stock unit activity for the six months ended June 30, 2026 is as follows (in thousands, except per share data):
Number of
Shares
Weighted-Average
Grant Date Fair
Value per Share
Balance as of December 31, 20256,329 $75.70 
Awarded314 114.18 
Released(2,265)74.56 
Forfeited(299)75.85 
Balance as of June 30, 20264,079 $79.28 
As of June 30, 2026, the Company had $342.3 million of unrecognized stock-based compensation expense related to unvested restricted stock units that is expected to be recognized over a weighted-average period of approximately 1.5 years.
Stock Options
Stock option activity for the six months ended June 30, 2026 is as follows (in thousands, except per share data and years):
Number of
Shares
Weighted-Average
Exercise
Price
Weighted-Average Remaining Contractual Life (Years)
Aggregate
Intrinsic
Value
Balance as of December 31, 20255,100 $82.85 6.0
Granted19 121.05 
Exercised(812)45.06 
Forfeited and expired(2)61.06 
Balance as of June 30, 20264,305 $90.15 5.8$258,127 
Options exercisable as of June 30, 20263,643 $93.84 5.3$212,847 
As of June 30, 2026, the Company had $26.1 million of unrecognized stock-based compensation expense related to unvested stock options that is expected to be recognized over a weighted-average period of approximately 1.3 years.
Stock-based Compensation
The Company measures the cost of employee services received in exchange for an equity award based on the grant date fair value of the award. Stock options granted to employees generally vest over one to four years and have a term of ten years. Restricted stock units generally vest over one to four years.
The following table presents the total stock-based compensation expense for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Cost of revenue, platform$208 $341 $402 $725 
Cost of revenue, devices— 38 — 108 
Research and development27,005 32,961 56,500 68,819 
Sales and marketing27,347 30,486 54,731 65,272 
General and administrative20,761 20,814 42,370 45,210 
Total stock-based compensation$75,321 $84,640 $154,003 $180,134