STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2025

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 18 – STOCK-BASED COMPENSATION

Stock Options

The following table summarizes the options to purchase shares of common stock activity under the Company’s equity incentive plans for the nine months ended September 30, 2025:

	Options
Outstanding at December 31, 2024	11,560,158
Granted	—
Exercised	(2,919,091)
Forfeited	(160,884)
Outstanding at September 30, 2025	8,480,183
Exercisable at September 30, 2025	7,713,629

The weighted average exercise price of the options outstanding as of September 30, 2025 was $3.05 per share.

NOTE 18 – STOCK-BASED COMPENSATION (continued):

Restricted and Performance Stock Units

The following table summarizes the restricted stock unit (“RSU”) and performance stock unit (“PSU”) activity under the Company’s equity incentive plans as of September 30, 2025:

	Units
Outstanding December 31, 2024	29,163,413
Granted	8,768,225
Vested	(7,780,597)
Withhold to cover shares repurchased	(1,600,911)
Forfeited	(2,977,793)
Outstanding September 30, 2025	25,572,337

In the nine months ended September 30, 2025, the Company granted 7,873,122 RSUs under the Company's Omnibus Stock Incentive Plan, which are subject to time-vesting and continued service conditions.

In the same period, the Company granted 895,103 PSUs under the same Plan, which are subject to time-vesting, continued service conditions and achievement of specified company performance goals.

The Company withholds common stock shares associated with net share settlements to cover tax withholding obligations upon the vesting of restricted stock units under its employee equity incentive plans in the United States. During the three months ended September 30, 2025 and 2024, the Company withheld 385,965 and 353,158 shares for $2,611 and $2,307, respectively, and for the nine months ended September 30, 2025 and 2024, the Company withheld 1,600,911 and 1,501,837 shares for $13,478 and $8,304, respectively. RSU vesting is shown net of this withholding on the condensed consolidated statements of shareholders’ equity and cash flows.

The Company collects cash from proceeds from certain international employees’ sales of common stock. The amount is held in a Company bank account until it is remitted to the employees. Due to the restrictions on the use of the funds in the bank account, we have classified the amount as short-term restricted cash, and a corresponding liability is included in Other payables in the condensed consolidated balance sheets. As of September 30, 2025, $266 of such funds were held.

Employee Stock Purchase Plan

As of September 30, 2025, approximately 2,819,906 shares were reserved for future issuance under the Company’s Employee Stock Purchase Plan (“ESPP”). The fair value attributable to the ESPP was $1,587 as of May 31, 2025, the beginning of the current offering period, and was measured using the Black-Scholes pricing model. The current offering period is expected to close November 29, 2025.

The expense associated with the ESPP recognized during the three and nine months ended September 30, 2025 was $790 and $2,276, respectively.

NOTE 18 – STOCK-BASED COMPENSATION (continued):

Impact on Results of Operations

The impact on the Company’s results of operations of recording stock-based compensation expense under the Company’s equity incentive plans, including the ESPP, were as follows:

	Three Months Ended				Nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
Other operating expenses	$	2,331	$	4,389	$	8,197	$	10,158
Research and development expenses		4,914		3,835		15,195		8,305
Sales and marketing expenses		4,694		4,198		14,227		12,825
General and administrative expenses		5,860		5,008		18,994		14,885
Total stock-based compensation	$	17,799	$	17,430	$	56,613	$	46,173

Note that $553 and $765 in stock-based compensation awards were capitalized as part of internal-use software during the three months ended September 30, 2025 and 2024, respectively, and $1,866 and $2,500 were capitalized during the nine months ended September 30, 2025 and 2024, respectively.