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Stock-Based Compensation (Tables)

9 Months Ended

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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Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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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.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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