v3.26.1
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company has historically issued three types of stock-based compensation: time-based awards, long-term incentive plan (“LTIP”) awards and performance-based stock compensation plan (“PSP”) awards. Time-based awards are equity awards that tie vesting to length of service with the Company and generally vest over a four-year period in annual and/or quarterly installments. LTIP awards are performance-based equity awards that are used to establish longer-term performance objectives and incentivize management to meet those objectives. PSP awards are performance-based equity awards which establish performance objectives related to one or two particular fiscal years. LTIP awards generally vest when revenue and/or Adjusted EBITDA targets are achieved, among other conditions, while PSP awards generally vest upon achievement of revenue and/or Adjusted EBITDA targets and have a range of payouts, among other conditions. All stock-based compensation awards expire seven to ten years after the grant date thereof.
The following table shows restricted stock unit (“RSU”) and stock option activity for the six months ended June 30, 2026:
OptionsRSUsTotalWeighted Average Exercise Price of OptionsWeighted Average Fair Market Value of RSUs
Time-BasedPSPLTIP
Outstanding at December 31, 202518,006 13,584 7,866 409 39,865 $10.03 $31.16 
Granted— 12,542 6,217 — 18,759 — 23.39 
Exercised options / vested RSUs(1,880)(4,669)(584)(204)(7,337)2.11 29.07 
Change in awards due to performance multiplier— — (76)— (76)— 21.76 
Forfeited(255)(982)(76)(21)(1,334)57.35 31.46 
Outstanding at June 30, 202615,871 20,475 13,347 184 49,877 $10.20 $27.20 

As of June 30, 2026, total unrecognized stock-based compensation expense of $676.0 million related to granted, and unvested, stock-based compensation arrangements is expected to be recognized over a weighted-average period of 2.8 years. The following table shows stock-based compensation expense for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30, 2026Three Months Ended June 30, 2025
OptionsRSUsTotalOptionsRSUsTotal
Time-Based (1)
$1,369 $55,790 $57,159 $1,964 $54,629 $56,593 
PSP (2)
— 25,284 25,284 — 28,045 28,045 
LTIP (2)
— 111 111 — 63 63 
Total$1,369 $81,185 $82,554 $1,964 $82,737 $84,701 

Six Months Ended June 30, 2026Six Months Ended June 30, 2025
OptionsRSUsTotalOptionsRSUsTotal
Time-Based (1)
$4,192 $110,618 $114,810 $3,900 $97,321 $101,221 
PSP (2)
— 32,734 32,734 — 61,215 61,215 
LTIP (2)
— 225 225 — 1,111 1,111 
Total$4,192 $143,577 $147,769 $3,900 $159,647 $163,547 
(1) Time-based awards vest and are expensed over a defined service period.
(2) PSP and LTIP awards vest based on defined performance criteria and are expensed based on the probability of achieving such criteria.