v3.26.3
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company recorded stock-based compensation on the Consolidated Statement of Operations for the three and nine months ended September 30, 2026 and 2025 as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Cost of revenue$409 $336 $1,146 $1,054 
General and administrative7,349 8,756 22,653 27,947 
Research and development654 690 1,550 1,962 
Sales and marketing425 523 1,340 2,311 
Total stock-based compensation$8,837 $10,305 $26,689 $33,274 
Stock Options
A summary of the stock option activity under the Company’s plans for the nine months ended September 30, 2026 is as follows:
 
Number of
Shares		Weighted Average Exercise Price
Outstanding at December 31, 20257,162,201 $13.58 
Granted3,183,559 $10.91 
Exercised(1,213,820)$11.90 
Forfeited(1,130,186)$14.04 
Outstanding at September 30, 20268,001,754 $12.70 
Vested and expected to vest at September 30, 20268,001,754 $12.70 
Exercisable at September 30, 20263,218,264 $14.82 
The fair value of each stock option award granted during the nine months ended September 30, 2026 was estimated as of the grant date using a Black-Scholes model with the following assumptions:
Nine Months Ended
September 30, 2026
Expected term (in years)
5.2 - 6.5
Risk-free interest rate (%)
3.5% - 4.6%
Expected volatility (%)
62.4% - 68.3%
Dividend yield (%)—
Weighted average grant date fair value per share$6.28
As of September 30, 2026, there was approximately $15.3 million of unrecognized stock-based compensation expense related to stock options that will be recognized over a weighted-average period of approximately 1.5 years.
Restricted Stock
A summary of the restricted stock activity under the Company’s plans for the nine months ended September 30, 2026 is as follows:
Number of Restricted
Shares		Weighted Average Grant Date Fair Value
Nonvested at December 31, 20252,829,597 $11.89 
Granted2,042,339 $10.32 
Vested(1,501,516)$12.09 
Forfeited(403,259)$11.90 
Nonvested at September 30, 20262,967,161 $10.71 
As of September 30, 2026, there was approximately $15.8 million of unrecognized stock-based compensation expense related to restricted stock that will be recognized over a weighted-average period of approximately 1.4 years.
Performance-Based Restricted Stock Units
For performance-based restricted stock units (“PSUs”) subject to a performance condition, compensation cost is recognized straight-line over the requisite service period if the achievement of the performance condition is probable. As of September 30, 2026, the Company has determined it is probable that the performance condition will be met. For PSUs subject to a market condition, compensation cost is recognized straight-line over the requisite service period, regardless of when, if ever, the market condition is satisfied.
A summary of the PSU activity under the Company’s plans for the nine months ended September 30, 2026 is as follows:

Number of Stock UnitsWeighted Average Grant Date Fair Value
Nonvested at December 31, 2025552,208 $19.38 
Granted— $— 
Vested— $— 
Forfeited(241,492)$21.82 
Nonvested at September 30, 2026310,716 $17.48 
As of September 30, 2026, there was approximately $0.8 million of unrecognized stock-based compensation expense related to nonvested PSUs that will be recognized over a weighted-average period of approximately 0.4 years.
Modification of Stock Option and Restricted Stock
During the nine months ended September 30, 2026, upon the departure of a director and with approval from the Culture and Compensation Committee of the Company’s Board of Directors, 16,107 shares of previously granted time-based vesting stock options and 23,077 shares of previously granted time-based vesting restricted stock were subject to accelerated vesting. The Company accounted for the effects of the accelerated vesting of these stock awards as modifications and recognized $0.4 million of stock-based compensation which consisted of $0.1 million and $0.3 million for the acceleration of stock options and restricted stock, respectively, within general and administrative expenses on the Consolidated Statements of Operations for the nine months ended September 30, 2026. There were no such amounts for the three months ended September 30, 2026.
During the three months ended September 30, 2025, upon the departure of certain executives and in accordance with the terms of their employment agreements, 30,376 shares of previously granted time-based vesting stock options and 16,772 shares of previously granted time-based vesting restricted stock were subject to accelerated vesting. The Company accounted for the effects of the accelerated vesting of these stock awards as modifications and recognized $0.2 million of stock-based compensation which consisted of $0.1 million and $0.1 million for the acceleration of stock options and restricted stock, respectively, within sales and marketing expenses on the Consolidated Statements of Operations for the three months ended September 30, 2025. In the nine months ended September 30, 2025, upon the promotion and departure of certain executives and in accordance with the terms of their employment agreements, 305,804 shares of previously granted time-based vesting stock options and 500,575 shares of previously granted time-based vesting restricted stock were subject to accelerated vesting. The Company accounted for the effects of the accelerated vesting of these stock awards as modifications and recognized $2.8 million of stock-based compensation which consisted of $0.6 million and $2.2 million for the acceleration of stock options and restricted stock, respectively, within sales and marketing expenses and general and administrative expenses on the Consolidated Statements of Operations for the nine months ended September 30, 2025.