In December 2020, the Company’s amended and restated certificate of incorporation became effective, which authorizes the issuance of 700,000,000 shares of common stock with a par value of $0.0001 per share. Shares of common stock reserved for issuance, on an as-converted basis, are as follows:


	December 31, 2025	September 30, 2026
Options issued and outstanding	9,204,983	7,459,121
RSUs outstanding	2,276,156	3,734,289
PRSUs outstanding	—	1,726,737
Shares available for future issuance under 2020 plan	10,922,232	7,166,082
Shares available for issuance under ESPP	4,140,207	4,819,127
Total	26,543,578	24,905,356

In February 2022, the Board of Directors authorized the Company to purchase up to $400.0 million of common stock of the Company. The Company may repurchase shares from time to time through open market purchases, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1. The repurchase program does not obligate the Company to acquire any particular amount of its common stock, and may be suspended or terminated by the Company at any time at its discretion without prior notice.

The Company records share repurchases on the settlement date. Repurchased shares are subsequently retired and returned to the status of authorized but unissued. The Company’s policy for share retirements is to allocate the excess between par value and the repurchase price, including costs and fees, to additional paid-in capital. No shares were repurchased during the three months ended September 30, 2026. During the nine months ended September 30, 2026, the Company repurchased, and subsequently retired, 3.2 million shares of common stock for $100.1 million at an average cost of $31.31 per share. As of September 30, 2026, $122.1 million remains available for future purchases of our common stock under the share repurchase program.

On February 14, 2025, in connection with the commencement of an “at the market” offering program, the Company entered into a Sales Agreement, under which the Company may offer and sell, from time to time, up to an aggregate of $500.0 million of its common stock. The Company will pay a commission of up to 2% of the gross proceeds of shares sold, if any, under the Sales Agreement and intends to use the net proceeds from sales for working capital and general corporate purposes. As of September 30, 2026, no shares were issued under the program.

The 2020 Equity Incentive Plan authorizes grants of ISOs, NSOs, stock appreciation rights, restricted stock, RSUs, and PRSUs to eligible participants.


	Number of Options	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life (years)	Aggregate Intrinsic Value
Balances at December 31, 2025	9,204,983	$	23.11	5.3	$	247,040

Options granted	223,089	28.17
Options exercised	(1,630,302)	5.82
Options cancelled and forfeited	(338,649)	48.19
Balances at September 30, 2026	7,459,121	25.91		5.2	59,702
Options exercisable – September 30, 2026	6,306,208	23.46		4.7	58,050
Options vested and expected to vest – September 30, 2026	7,447,854	$	25.89	5.2	$	59,699

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the fair value of the Company’s stock as of September 30, 2026. The aggregate intrinsic value of options exercised for the nine months ended September 30, 2025 and 2026 was $78.9 million and $38.1 million, respectively. The weighted-average grant date fair value of options granted during the nine months ended September 30, 2025 and 2026 was $35.71 and $17.04 per share, respectively. The total fair value of options vested for the nine months ended September 30, 2025 and 2026 was $17.0 million and $14.0 million, respectively.

As of September 30, 2026, total unrecognized stock-based compensation expense related to unvested stock options was $22.4 million, which is expected to be recognized over a remaining weighted-average period of 1.4 years.

The Company grants RSUs to employees and non-employees. RSUs vest upon satisfaction of a service-based condition, which is generally satisfied over one to four years. The following table summarizes RSU activity for the nine months ended September 30, 2026:


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
Unvested at December 31, 2025	2,276,156	$	47.43
RSUs granted	4,163,106	28.13
RSUs vested	(2,135,063)	43.79
RSUs cancelled and forfeited	(569,910)	31.43
Unvested at September 30, 2026	3,734,289	$	30.33

As of September 30, 2026, total unrecognized stock-based compensation expense related to outstanding unvested RSUs was $82.8 million, which is expected to be recognized over a remaining weighted-average period of 1.2 years.

No PRSUs were granted during the three months ended September 30, 2026. During the nine months ended September 30, 2026, the Company granted PRSUs to certain executives. The awards are subject to both performance and service-based vesting conditions and the number of shares that may be earned at the end of the four year performance period is based on applicable market-based performance targets with potential adjustment based on financial performance metrics. The expense is recognized on a straight-line basis over the requisite service period.


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
Unvested at December 31, 2025	—	$	—
PRSUs granted	1,726,737	56.20


Unvested at September 30, 2026	1,726,737	$	56.20

As of September 30, 2026, total unrecognized stock-based compensation expense related to outstanding unvested PRSUs was $82.8 million, which is expected to be recognized over a remaining weighted-average period of 3.4 years.

Our ESPP provides for consecutive six-month offering periods. The offering periods are scheduled to start on the first trading day on or after February 15 and August 15 of each year. The ESPP permits participants to purchase shares in the amount of 85% of the lower of the fair market value of our shares of common stock on the first trading day of the offering period or on the exercise date. During the nine months ended September 30, 2026, 301,527 shares of common stock were purchased under the ESPP.

In determining the fair value of stock-based awards, the Company uses a Black-Scholes option-pricing model for its options granted and ESPP purchase rights and a Monte Carlo simulation model for its PRSUs. The inputs used for estimating the fair values of options, ESPP purchase rights and PRSUs granted during the period include:

Fair Value of Common Stock–The fair value of the Company’s common stock is determined by the closing price, on the date of grant, of its common stock, which is traded on the Nasdaq Global Select Market.

Expected Term–The expected term represents the period that the Company’s stock options and ESPP purchase rights are expected to be outstanding. We estimate the expected term for stock options based on the simplified method, which is the weighted-average time to vesting and the contractual maturity. For ESPP, the expected term represents the term from the first day of the offering period to the purchase date. For PRSUs, the expected term is the simulation term, the time period from the valuation date to the end of the performance measurement period.

Volatility–The Company estimates the expected volatility for stock options and PRSUs based on the weighted-average historical volatility of the Company’s common stock and the average volatility for comparable

publicly-traded companies, over a period equal to the expected term. Previously, expected volatility was based solely on historical volatility of comparable publicly-traded peer companies. For ESPP, the expected volatility is estimated using historical volatility of the Company’s common stock over the expected term.

Risk-free Interest Rate–The risk-free interest rate assumption is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of the award.

Dividends–The Company has never paid dividends on its common stock and does not anticipate paying dividends on common stock for the foreseeable future. Therefore, the Company uses an expected dividend yield of zero.

Three Months Ended
September 30,

Nine Months Ended
September 30,

2025

2026

2025

2026

Expected term (in years)

5.1 – 5.8

5.1 – 7.0

5.1 – 5.8

Expected volatility

63.59% – 67.40%

66.49% – 66.62%

50.66% – 67.40%

65.70% – 66.62%

Risk-free interest rate

3.74% – 3.96%

4.40% – 4.56%

3.72% – 4.09%

3.51% – 4.56%

Dividend yield

—%


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2026	2025	2026
Expected term (in years)	0.5	0.5	0.5	0.5
Expected volatility	95.30%	63.33%	95.30% – 99.09%	63.33% – 71.86%
Risk-free interest rate	4.12%	3.95%	4.12% – 4.34%	3.59% – 3.95%
Dividend yield	—%	—%	—%	—%

Three Months Ended
September 30,

Nine Months Ended
September 30,

2026

Expected term (in years)

3.9 – 4.0

Expected volatility

93.23% – 94.73%

Risk-free interest rate

3.42% – 3.82%

Dividend yield

—%

The Company recorded stock-based compensation in the following expense categories in its condensed consolidated statements of operations and comprehensive income for employees and non-employees:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2026		2025		2026
Sales and marketing	$	3,371	$	2,630	$	9,680	$	9,034
Customer operations	1,677		1,820		5,348		5,779
Engineering and product development	17,243		18,180		49,493		58,140
General, administrative, and other	11,864		17,325		34,976		46,279
Total	$	34,155	$	39,955	$	99,497	$	119,232