Stockholders' Equity And Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Summary of Restricted Stock Awards and Units |
RSU activity for the six months ended June 30, 2026 is as follows (in thousands, except per share amounts):
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Number of
Shares
Subject to
Time-
based Vesting |
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Number of
Shares
Subject to
Performance-
based Vesting |
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Total
Number of
Shares |
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|
Weighted
Average
Grant Date
Fair Value
Per Share |
|
Balance at December 31, 2025 |
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|
4,619 |
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|
2,031 |
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|
6,650 |
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|
$ |
10.50 |
|
Granted |
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|
2,515 |
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|
1,040 |
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|
3,555 |
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|
$ |
6.20 |
|
Vested / released |
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|
(2,101 |
) |
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|
(4 |
) |
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|
(2,105 |
) |
|
$ |
10.67 |
|
Canceled / forfeited |
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|
(152 |
) |
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|
(678 |
) |
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|
(830 |
) |
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$ |
12.81 |
|
Balance at June 30, 2026 |
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|
4,881 |
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|
2,389 |
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|
7,270 |
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|
$ |
8.08 |
|
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| Summary of Stock-Based Compensation Expense |
Total stock-based compensation expense for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Cost of licensing and other revenue, excluding depreciation and amortization of intangible assets |
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$ |
332 |
|
|
$ |
676 |
|
|
$ |
842 |
|
|
$ |
1,514 |
|
Cost of advertising and related revenue, excluding depreciation and amortization of intangible assets |
|
|
129 |
|
|
|
168 |
|
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|
275 |
|
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|
374 |
|
Research and development |
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|
1,565 |
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|
3,191 |
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|
3,828 |
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|
7,614 |
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Selling, general and administrative |
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|
4,804 |
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|
6,292 |
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|
9,721 |
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|
12,927 |
|
Total stock-based compensation expense |
|
$ |
6,830 |
|
|
$ |
10,327 |
|
|
$ |
14,666 |
|
|
$ |
22,429 |
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| Stock-Based Compensation Expense Categorized by Award Type |
Stock-based compensation expense categorized by award type for the three and six months ended June 30, 2026 and 2025 is summarized in the table below (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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|
2026 |
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|
2025 |
|
RSUs |
|
$ |
4,845 |
|
|
$ |
8,266 |
|
|
$ |
10,944 |
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|
$ |
18,138 |
|
PSUs |
|
|
1,453 |
|
|
|
1,954 |
|
|
|
2,614 |
|
|
|
2,994 |
|
ESPP |
|
|
532 |
|
|
|
107 |
|
|
|
1,108 |
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|
|
1,297 |
|
Total stock-based compensation expense |
|
$ |
6,830 |
|
|
$ |
10,327 |
|
|
$ |
14,666 |
|
|
$ |
22,429 |
|
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| Summary of Unrecognized Stock-based Compensation Expense |
As of June 30, 2026, unrecognized stock-based compensation expense related to unvested equity-based awards is as follows (amounts in thousands):
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June 30, 2026 |
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|
Unrecognized Stock-Based Compensation |
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Weighted-Average Period to Recognize Expense
(in years) |
|
RSUs |
|
$ |
25,959 |
|
|
|
2.1 |
|
PSUs |
|
|
9,666 |
|
|
|
2.0 |
|
ESPP |
|
|
807 |
|
|
|
0.5 |
|
Total unrecognized stock-based compensation expense |
|
$ |
36,432 |
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| Market-Based Performance Stock Units |
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| Schedule of Assumptions Used to Value Awards Granted |
For PSUs granted during the period with a market condition, the Company determined the fair value on the date of grant by using a Monte Carlo simulation on the date of grant with the following assumptions:
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Six Months Ended June 30, |
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|
2026 |
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|
2025 |
|
Expected life (years) |
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|
3.0 |
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|
3.0 |
|
Risk-free interest rate |
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|
3.4 |
% |
|
|
3.9 |
% |
Dividend yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
Expected volatility |
|
|
44.5 |
% |
|
|
46.2 |
% |
|
| Employee Stock Purchase Plan |
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| Schedule of Assumptions Used to Value Awards Granted |
The following table summarizes the valuation assumptions used in estimating the fair value of the 2022 ESPP for the offering periods in effect using the Black-Scholes option pricing model:
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Six Months Ended June 30, |
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|
2026 |
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2025 |
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Expected life (years) |
|
0.5—1.0 |
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|
0.5—1.0 |
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Risk-free interest rate |
|
3.8%—4.1% |
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|
4.4%—5.1% |
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Dividend yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
Expected volatility |
|
41.4%—42.4% |
|
|
43.0%—44.1% |
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