The Company’s 2016 Stock Option and Incentive Plan (the “Prior Equity Plan”) that originally became effective on June 21, 2016, and was scheduled to expire in June 2026, was amended on June 16, 2026 (the “Amendment Date”), pursuant to the Company’s stockholders’ approval. The amended 2016 Stock Option and Incentive Plan (the “Amended Equity Plan”) superseded the Prior Equity Plan and will expire on June 16, 2036. As of its effective date, the Amended Equity Plan reduced the number of shares reserved for issuance under the plan to a maximum of 10,500,000 shares of the Company’s Class A common stock, which will be increased by the amount of any shares subject to awards granted under the Amended Equity Plan (or the Prior Equity Plan prior to the Amendment Date) that are forfeited, canceled, reacquired by the Company prior to vesting

The types of awards permitted for granting under the Amended Equity Plan remain unchanged and include stock options, restricted stock units (“RSUs”), restricted stock awards, stock appreciation rights, unrestricted stock awards, performance share awards, dividend equivalent rights and cash-based awards by the Company to be granted to its employees, directors and consultants.

Certain of the Company’s outstanding equity awards were granted under equity incentive plans that are no longer active but continue to govern the outstanding equity awards granted thereunder.

The Company’s 2016 Employee Stock Purchase Plan (the “Prior ESPP”) that originally became effective on June 21, 2016, and was scheduled to expire in June 2026, was amended on June 16, 2026, pursuant to the Company's stockholders’ approval. The amended 2016 Employee Stock Purchase Plan (the “Amended ESPP”) superseded the Prior ESPP and will remain effective until terminated by the Company’s board of directors in its discretion. As of its effective date, the Amended ESPP reduced the number of shares reserved for issuance thereunder to a maximum of 4,000,000 shares of the Company’s Class A common stock. The Amended ESPP does not provide for automatic annual increases of available shares in the plan.

Both the Prior ESPP and the Amended ESPP allow eligible employees to purchase shares of the Company’s Class A common stock at a discount of 15% through payroll deductions of their eligible compensation, and provide for separate six-month offering periods beginning in May and November of each year. The initial offering under the Amended ESPP will begin on November 16, 2026, following the conclusion of the current six-month offering period that commenced in May 2026 under the Prior ESPP. On each purchase date, eligible employees purchase shares of the Company’s Class A common stock at a price per share equal to 85% of the lesser of (i) the fair market value of the Company’s Class A common stock on the offering date or (ii) the fair market value of the Company’s Class A common stock on the purchase date.

In the first quarter of 2026, the Company granted to certain of its executive employees performance-based restricted stock units (“PSUs”) covering 210,301 shares of Class A common stock that had an aggregate grant date fair value of $24.8 million. The PSUs will vest if certain operational performance conditions, as defined in the grant agreements, are met during the three-year performance achievement period, which expires on December 31, 2028. Additionally, if certain market conditions are met during the performance achievement period, the number of shares that ultimately vest may further increase or decrease. At the end of the vesting period, the number of shares actually issued may range from 0% to 200% of the target based on levels of performance.

The fair value of the PSUs was determined using a Monte-Carlo simulation model. The expense is recognized on a straight-line basis when it is probable that the performance target will be achieved during the performance period. The probability of achievement is assessed each reporting period and cumulative adjustments are recorded in periods in which the probability assessment changes.

As of June 30, 2026, total unrecognized compensation cost related to unvested RSUs, including PSUs, was $1.1 billion, which will be amortized over a weighted-average period of 2.2 years. As of June 30, 2026, total unrecognized compensation cost related to the ESPP was not significant.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)
Cost of revenue	$	3,111	$	4,087	$	6,485	$	8,358
Research and development	74,702		80,590		147,713		158,656
Sales and marketing	32,299		34,413		63,448		65,772
General and administrative	31,800		30,161		60,777		55,738

Total	$	141,912	$	149,251	$	278,423	$	288,524