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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option and SARs Activity | The following table summarizes stock option and stock appreciation right (“SAR”) activity for the nine months ended September 30, 2025 (in thousands, except per share amounts and years):
| Options Outstanding |  | SARs Outstanding
| Number of Awards |  | Weighted-Average Exercise Price Per Share |  | Weighted-Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value |  | Number of Awards |  | Weighted-Average Exercise Price Per Share |  | Weighted-Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value
Balance as of December 31, 2024 | 178,109 |  |  | $ | 9.26 |  |  | 6.9 |  | $ | 11,821,740 |  |  | 6,437 |  |  | $ | 55.75 |  |  | 6.7 |  | $ | 127,976 |
Granted | — |  |  | — |  |  |  |  |  |  | 5,061 |  |  | 218.86 |  |  |  |  |
Exercised | (23,992) |  |  | 5.04 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Canceled and forfeited | (168) |  |  | 6.45 |  |  |  |  |  |  | (237) |  |  | 53.81 |  |  |  |  |
Balance as of September 30, 2025 | 153,949 |  |  | $ | 9.92 |  |  | 6.4 |  | $ | 26,556,634 |  |  | 11,261 |  |  | $ | 129.10 |  |  | 7.3 |  | $ | 831,612 |
Vested and exercisable as of September 30, 2025 | 69,724 |  |  | $ | 8.15 |  |  | 5.7 |  | $ | 12,150,790 |  |  | — |  |  | $ | — |  |  | 0.0 |  | $ | — |
Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions | The Company determined the grant-date fair value of Time-Vesting SARs granted during the nine months ended September 30, 2025 using a Black-Scholes option-pricing model, calculated as the difference in fair value between a SAR with a strike price at the exercise price and a SAR with the strike price at its maximum appreciation, using the following assumptions:
| Nine Months Ended September 30, 2025
Expected volatility rate | 56.9% - 66.1%
Expected term (in years) | 3.4 - 9.3
Risk-free interest rate | 4.0% - 4.6%
Expected dividend yield | —%
Summary of RSU Activity | The following table summarizes the RSU and P-RSU activity for the nine months ended September 30, 2025 (in thousands, except per share amounts):
| RSUs Outstanding |  | Weighted Average Grant Date Fair Value per Share |  | P-RSUs Outstanding |  | Weighted Average Grant Date Fair Value per Share
Unvested and outstanding as of December 31, 2024 | 65,236 |  |  | $ | 14.89 |  |  | 577 |  |  | $ | 41.93 |
Granted | 4,976 |  |  | 129.64 |  |  | 695 |  |  | 93.75 |
Vested | (19,893) |  |  | 18.57 |  |  | (1,047) |  |  | 59.29 |
Canceled and forfeited | (2,730) |  |  | 25.08 |  |  | (18) |  |  | 93.98 |
Adjustment for performance achievement(1) |  |  |  |  | (74) |  |  | 68.14 |
Unvested and outstanding as of September 30, 2025 | 47,589 |  |  | $ | 24.76 |  |  | 133 |  |  | $ | 154.86 |
(1) This amount represents the difference between the maximum number of shares that could have been issued under the grant and the actual number of shares earned based on final performance.
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense was as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cost of revenue | $ | 15,789 |  |  | $ | 13,123 |  |  | $ | 45,778 |  |  | $ | 35,941 |
Sales and marketing | 63,148 |  |  | 50,698 |  |  | 171,701 |  |  | 141,168 |
Research and development | 35,049 |  |  | 30,715 |  |  | 98,951 |  |  | 87,532 |
General and administrative | 58,332 |  |  | 47,889 |  |  | 171,198 |  |  | 145,199 |
Total stock-based compensation expense | $ | 172,318 |  |  | $ | 142,425 |  |  | $ | 487,628 |  |  | $ | 409,840 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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