Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense included in the consolidated statements of operations was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Cost of revenue	$	3,495	$	3,216	$	10,270	$	9,486
Sales and marketing	17,051		15,941		51,499		47,517
Research and development	14,174		12,435		42,441		35,395
General and administrative(1)	10,162		10,092		43,101		30,403
Total stock-based compensation expense	$	44,882	$	41,684	$	147,311	$	122,801

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(1)    Stock-based compensation in the nine months ended September 30, 2025 includes $14.6 million of expense related to the accelerated vesting of equity awards for our late CEO.

Schedule of Unrecognized Stock-Based Compensation

A summary of the unrecognized stock-based compensation expense related to unvested stock at September 30, 2025 is presented below:

	Unrecognized Stock-Based Compensation Expense (in thousands)		Estimated Weighted Average Period (in years)
Restricted stock units ("RSUs")	$	325,334	2.7
Performance stock units ("PSUs")	6,121		3.1
Restricted stock	6,831		2.3
2018 Employee Stock Purchase Plan ("2018 ESPP")	16,262		0.9

Schedule of RSUs and PSUs

A summary of our restricted stock, RSU and PSU activity is presented below:

	Restricted Stock			RSUs			PSUs
(in thousands, except for per share data)	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2024	187	$	45.67	7,209	$	45.01	300	$	45.78
Granted	187	32.83		5,986	36.77		200	38.37
Performance adjustment(1)	—	—		—	—		(6)	47.20
Vested	(109)	43.83		(3,089)	44.86		(198)	45.92
Forfeited	(50)	45.67		(891)	42.65		—	—
Unvested balance at September 30, 2025	215	35.41		9,215	39.94		296	40.64

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(1)    Represents adjustments due to the achievement of predefined financial performance targets.

Schedule of Stock Option Activity

A summary of our stock option activity is presented below:

(in thousands, except for exercise prices and years)	Number of Shares	Weighted Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2024	4,051	$	9.26	2.6	$	122,024
Exercised(1)	(2,519)	7.34			65,167
Forfeited/canceled	(2)	6.16			—
Outstanding and exercisable at September 30, 2025	1,530	12.43		2.2	25,604

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(1)    Includes 485 options netted for option costs and 40 shares repurchased to cover taxes.

Schedule of ESPP Valuation Assumptions

The fair value of the 2018 ESPP purchase rights was estimated on the offering or modification dates using a Black-Scholes option-pricing model and the following assumptions:

	Nine Months Ended September 30,
	2025	2024
Expected term (in years)	0.5 — 2.0	0.5 — 2.0
Expected volatility	32.8% — 35.7%	31.9% — 51.4%
Risk-free interest rate	3.6% — 3.9%	3.8% — 5.1%
Expected dividend yield	—	—