Stock-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Stock-Based Compensation Expense |
Stock-based compensation expense for the years ended December 31, 2025, 2024 and 2023 was $46.6 million, $45.4 million and $43.6 million, respectively, as summarized below: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | 2023 | | | | | | | | (in thousands) | | Cost of revenue | $ | 1,687 | | | $ | 1,576 | | | $ | 1,348 | | | Sales and marketing | 16,301 | | | 14,938 | | | 14,706 | | | Research and development | 11,150 | | | 10,156 | | | 8,560 | | | General and administrative | 17,455 | | | 18,681 | | | 18,956 | | | Total stock-based compensation expense | $ | 46,593 | | | $ | 45,351 | | | $ | 43,570 | |
The impact to our income before income taxes due to stock-based compensation expense and the related income tax benefits were as follows: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | 2023 | | | | | | | | (in thousands) | | Impact to income before income taxes due to stock-based compensation | $ | 46,593 | | | $ | 45,351 | | | $ | 43,570 | | | Income tax benefit related to stock-based compensation | 2,099 | | | 1,528 | | | 1,334 | |
|
| Schedule of Option Grant Activity |
Stock option grant activity under the 2021 Plan was as follows during the year ended December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | Number of
Shares
Outstanding | | Weighted-
Average
Exercise
Price | | Aggregate
Intrinsic
Value
(in thousands) | | Weighted-
Average
Remaining
Contractual
Term
(in years) | Outstanding balances as of December 31, 2024 | 47,903 | | | $ | 0.60 | | | | | | | Options exercised | (6,580) | | | 0.34 | | | | | | | | | | | | | | | | | | | | | | Outstanding balances as of December 31, 2025 | 41,323 | | | $ | 0.64 | | | | | | Options exercisable as of December 31, 2025 | 41,323 | | | $ | 0.64 | | | $ | 283 | | | 1.1 | Options vested and expected to vest as of December 31, 2025 | 41,323 | | | $ | 0.64 | | | $ | 283 | | | 1.1 |
|
| Schedule of Stock Option Valuation Assumptions |
For stock option awards granted during the year ended December 31, 2021, we estimated the fair value at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: | | | | | | | Year Ended December 31, | | 2021 | | | | | | Expected dividend yield | — | % | | Volatility | 45.5 | % | | Risk-free rate of return | 0.5 | % | | Expected life | 3.47 years |
|
| Schedule of Restricted Stock Unit Activity |
The following table summarizes information about RSU activity under the 2021 Plan during the year ended December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | Number of
Units
Outstanding | | Weighted-Average Grant Date Fair Value Per Share | | Aggregate Intrinsic Value
(in thousands) | | Weighted-Average Remaining Contractual Term
(in years) | Unvested balances as of December 31, 2024 | 6,646,030 | | | $ | 12.19 | | | $ | 62,074 | | | 1.2 | | Restricted stock units granted | 4,852,914 | | | 9.71 | | | | | | | Restricted stock units vested | (3,260,270) | | | 12.17 | | | | | | | Restricted stock units forfeited | (960,254) | | | 11.09 | | | | | | Unvested balances as of December 31, 2025 | 7,278,420 | | | $ | 10.69 | | | $ | 54,443 | | | 1.2 |
|
| Schedule of Performance Stock Unit Activity |
The following table summarizes information about PSU activity under the 2021 Plan during the year ended December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | Number of
Units
Outstanding | | Weighted-Average Grant Date Fair Value Per Share | | Aggregate Intrinsic Value
(in thousands) | | Weighted-Average Remaining Contractual Term
(in years) | Unvested balances as of December 31, 2024 | 1,612,395 | | | $ | 11.84 | | | $ | 15,060 | | | 0.8 | | Performance stock units granted | 1,535,443 | | | 8.93 | | | | | | | Performance stock units vested | (721,464) | | | 11.39 | | | | | | | Performance stock units forfeited | (363,854) | | | 12.28 | | | | | | Unvested balances as of December 31, 2025 | 2,062,520 | | | $ | 9.75 | | | $ | 15,428 | | | 0.9 |
|