v3.26.3
STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Stock-based Compensation Expense
Stock-based compensation expense for all stock-based awards, which includes shares purchased under the Company’s employee stock purchase plan (“ESPP”), restricted stock units (“RSUs”) and performance stock units (“PSUs”), expected to vest is measured at fair value on the date of grant and recognized ratably over the requisite service period.
The following table summarizes the components of total stock-based compensation expense included in the condensed consolidated statements of operations for the periods presented:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
(In thousands)
Cost of revenues$3,646 $4,105 $10,896 $12,655 
Research and development17,125 20,488 53,528 62,616 
Sales and marketing12,865 14,493 39,945 47,546 
General and administrative9,407 12,383 31,067 37,593 
Restructuring— — 152 588 
Total$43,043 $51,469 $135,588 $160,998 
The following table summarizes the various types of stock-based compensation expense for the periods presented:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
(In thousands)
RSUs and PSUs$42,102 $50,138 $131,032 $156,980 
ESPP941 1,331 4,556 4,018 
Total$43,043 $51,469 $135,588 $160,998 
As of September 30, 2026, there was approximately $217.8 million of total unrecognized stock-based compensation expense related to unvested equity awards, which are expected to be recognized over a weighted-average period of 2.1 years
Equity Awards Activity
Stock Options
No stock options were granted during the nine months ended September 30, 2026 and 2025. Stock option activity during the period, as well as stock options outstanding as of September 30, 2026, were immaterial
Restricted Stock Units
The following table summarizes RSU activity:
Number of
Shares
Outstanding		Weighted-
Average
Fair Value
per Share at
Grant Date		Weighted-
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value(1)
(In thousands)(Years)(In thousands)
Outstanding at December 31, 20253,800 $69.01 1.5$121,780 
Granted1,102 $40.33 
Vested(1,066)$91.91 $43,765 
Canceled(442)$60.07 
Outstanding at September 30, 20263,394 $53.66 1.4$111,956 
Expected to vest at September 30, 20263,394 $53.66 1.4$111,956 
(1) The intrinsic value of RSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of RSUs outstanding and expected to vest as of September 30, 2026 is based on the closing price of the last trading day during the period ended September 30, 2026. The Company’s stock fair value used in this computation was $32.99 per share.
Performance Stock Units
The following table summarizes PSU activity:
Number of
Shares
Outstanding		Weighted-
Average
Fair Value
per Share at
Grant Date		Weighted-
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value(1)
(In thousands)(Years)(In thousands)
Outstanding at December 31, 20251,640 $110.34 1.1$52,541 
Granted1,348 $48.04 
Vested(554)$64.95 $23,368 
Canceled(247)$213.56 
Outstanding at September 30, 20262,187 $71.74 1.3$72,137 
Expected to vest at September 30, 20262,187 $71.74 1.3$72,137 
(1) The intrinsic value of PSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of PSUs outstanding and expected to vest as of September 30, 2026 is based on the closing price of the last trading day during the period ended September 30, 2026. The Company’s stock fair value used in this computation was $32.99 per share.