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Stock-based compensation
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based compensation Stock-based compensation
The Company recognized stock-based compensation expense for all equity arrangements as follows:
Three Months Ended March 31,
20252024
(in thousands)
Cost of revenue:
Subscription
$3,061 $2,628 
Services
390 412 
Sales and marketing7,174 6,389 
Research and development6,331 5,431 
General and administrative7,439 5,719 
$24,395 $20,579 
Equity Incentive Plans
Return Target Options
The table below summarizes return target option activity for the three months ended March 31, 2025:
Options
Weighted-Average
Exercise
Price
Weighted-Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value
(in thousands)
Outstanding, December 31, 20242,265,275 $6.66 3.7$16,740 
Exercised— — — 
Outstanding, March 31, 20252,265,275 $6.66 3.5$12,436 
Options exercisable at March 31, 20252,265,275 $6.66 3.5$12,436 
Vested or expected to vest at March 31, 20252,265,275 $6.66 3.5$12,436 
Service-Based Options
The table below summarizes the service-based option activity for the three months ended March 31, 2025:
Options
Weighted-Average
Exercise
Price
Weighted-Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value
(in thousands)
Outstanding, December 31, 2024757,343 $5.52 3.0$6,464 
Exercised
— — — 
Outstanding, March 31, 2025757,343 $5.52 2.7$5,025 
Options exercisable at March 31, 2025757,343 $5.52 2.7$5,025 
Vested or expected to vest at March 31, 2025757,343 $5.52 2.7$5,025 
Restricted Stock Units
RSU activity for the three months ended March 31, 2025 was as follows:
Units
Weighted-Average Grant Date Fair Value (per share)
Outstanding, December 31, 202411,737,145 $20.73 
Granted6,668,999 13.20 
Vested(2,424,209)20.38 
Forfeited(211,955)20.87 
Outstanding, March 31, 202515,769,980 $17.59 
RSUs under the 2020 Plan generally vest ratably on an annual basis over four years. There was $236.8 million of unrecognized compensation expense related to unvested RSUs that is expected to be recognized over a weighted-average period of 3.0 years as of March 31, 2025. The total fair value of RSUs vested during the three months ended March 31, 2025 was $49.4 million.