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STOCKHOLDERS’ EQUITY
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
STOCKHOLDERS’ EQUITY
12. STOCKHOLDERS’ EQUITY
Preferred Stock
The Company has 10 million shares of undesignated preferred stock authorized but not issued with rights and preferences determined by the Company’s Board of Directors (the “Board”) at the time of issuance of such shares. As of September 30, 2025 and December 31, 2024, there were no shares of preferred stock issued and outstanding.
Common Stock
The Company has two classes of authorized common stock, Class A common stock and Class B common stock. Holders of Class A common stock are entitled to one vote for each share of Class A common stock held on all matters submitted to a vote of stockholders and holders of Class B common stock are entitled to ten votes for each share of Class B common stock held on all matters submitted to a vote of stockholders. Except with respect to voting, the rights of the holders of Class A and Class B common stock are identical. Shares of Class B common stock are voluntarily convertible into shares of Class A common stock at the option of the holder and are generally automatically converted into shares of the Company’s Class A common stock upon sale or transfer. Shares issued in connection with exercises of stock options or vesting of restricted stock units are generally automatically converted into shares of the Company’s Class A common stock.
Stock Repurchase Program

In August 2025, the Company began repurchasing shares of the Company’s common stock under a stock repurchase program approved by the Board pursuant to which the Company is authorized to repurchase up to $400 million of the Company’s Class A common stock through December 31, 2026. The program does not obligate the Company to acquire any amount of Class A common stock, and the timing and total amount of share repurchases will depend on general market conditions, the trading price of the Company’s Class A common stock, corporate and regulatory requirements, the availability of funds, other investment opportunities, and other considerations. Repurchases may be executed through open market transactions at prevailing market prices, including pursuant to trading plans that comply with the requirements of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or through other means.

During the three months ended September 30, 2025, the Company paid an aggregate of $50.0 million to repurchase approximately 0.6 million shares of its Class A common stock, which were immediately retired. As a result, $50.0 million was recorded to Accumulated deficit to reflect the difference between the market price of the Class A common stock repurchased and its par value.

The following table summarizes the share repurchase activity under the Company's stock repurchase program (in thousands, except share and per share data):

 Three Months Ended
 September 30, 2025
Total number of shares repurchased567,582
Average price paid per share$88.10 
Amount repurchased$50,000 

As of September 30, 2025, $350.0 million remained available and authorized for repurchases under the stock repurchase program.
Common Stock Reserved for Issuance
As of September 30, 2025, the Company’s common stock reserved for issuance in the future is as follows (in thousands):
As of
 September 30, 2025
Common stock awards granted under equity incentive plans13,133 
Common stock awards available for issuance under the 2017 Employee Stock Purchase Plan *
5,089 
Common stock awards available for issuance under the 2017 Amended and Restated Equity Incentive Plan38,402 
Total reserved shares of common stock56,624 
* The Company has not issued any common stock pursuant to the 2017 Employee Stock Purchase Plan.
Equity Incentive Plans
The Company currently grants equity awards under the Amended and Restated 2017 Equity Incentive Plan (the “2017 Plan”). The 2017 Plan became effective September 2017 in connection with the Company’s initial public offering (“IPO”). The 2017 Plan provides for the grant of incentive stock options to the Company’s employees and for the grant of non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance stock awards, performance cash awards, and other forms of equity compensation to the Company’s employees, directors and consultants. The outstanding equity relates to the 2017 Plan and the 2008 Equity Incentive Plan (“2008 Plan”), a pre-IPO plan. No additional equity grants have been made pursuant to the 2008 Plan subsequent to the IPO.
The equity awards granted under the 2017 Plan vest subject to continuous service. Stock options granted under the 2017 Plan generally are granted at a price per share equivalent to the fair market value on the date of grant. Recipients of incentive stock option grants who possess more than 10% of the combined voting power of the Company are subject to certain limitations, and incentive stock options granted to such recipients are at a price no less than 110% of the fair market value at the date of grant.
Restricted Stock Units
Restricted stock unit activity for the nine months ended September 30, 2025 is as follows (in thousands, except per share data):
 
Number of
Shares
 
Weighted-Average
Grant Date Fair
Value per Share
Balance as of December 31, 2024
8,657 $74.80 
Awarded3,138 88.21 
Released(3,225)87.27 
Forfeited(894)73.17 
Balance as of September 30, 2025
7,676 $75.23 
As of September 30, 2025, the Company had $495.8 million of unrecognized stock-based compensation expense related to unvested restricted stock units that is expected to be recognized over a weighted-average period of approximately 1.9 years.
Stock Options
Stock option activity for the nine months ended September 30, 2025 is as follows (in thousands, except per share data and years):
 
Number of
Shares
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
Balance as of December 31, 2024
5,759 $75.24 6.6
Granted325 88.47 — 
Exercised(570)32.12 — 
Forfeited and expired(57)75.18 — 
Balance as of September 30, 2025
5,457 $80.40 6.3$183,817 
 
Options exercisable as of September 30, 2025
4,182 $84.79 5.6$140,309 
As of September 30, 2025, the Company had $45.1 million of unrecognized stock-based compensation expense related to unvested stock options that is expected to be recognized over a weighted-average period of approximately 1.7 years.
Stock-based Compensation
The Company measures the cost of employee services received in exchange for an equity award based on the grant date fair value of the award. Stock options granted to employees generally vest over one to four years and have a term of ten years. Restricted stock units generally vest over one to four years.
The following table presents the total stock-based compensation expense for the three and nine months ended September 30, 2025 and 2024 (in thousands):
 Three Months EndedNine Months Ended
 September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Cost of revenue, platform$247 $366 $972 $1,062 
Cost of revenue, devices75 163 183 1,201 
Research and development34,496 38,502 103,315 109,457 
Sales and marketing31,921 36,401 97,193 100,353 
General and administrative21,292 24,664 66,502 71,051 
Total stock-based compensation$88,031 $100,096 $268,165 $283,124