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Common Stock
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Common Stock 10. Common Stock
Share Repurchase Program
In February 2025, the Company's board of directors authorized a program for the repurchase of up to $500 million of the Company's Class A common stock. Additionally, in May 2025, the Company's board of directors authorized an increase to the Company’s share repurchase program of an additional $250 million of the Company's Class A common stock, for a total overall authorization of up to $750 million. Repurchases may be made from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the Company to acquire any particular amount of its Class A common stock and may be suspended at any time at the Company's discretion. The timing and number of shares repurchased will depend on a variety of factors, including the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors.
During the three and six months ended June 30, 2025, the Company repurchased 12.8 million shares of Class A common stock for an aggregate amount of $200.0 million, excluding broker commissions and fees which were not material. The shares were repurchased at fair value with the par value of the shares retired charged against common stock and the remaining repurchase price allocated to additional paid-in capital on the condensed consolidated balance sheets. The Company retired shares upon repurchase. As of June 30, 2025, the Company had $550.0 million available to repurchase shares pursuant to the program.
The Company's share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act. The excise tax on net share repurchases is accrued and recorded to additional paid-in capital on the condensed consolidated balance sheets. During the three and six months ended June 30, 2025, the accrued excise tax was not material.
Common Stock Repurchase
In connection with the issuance of the 2029 Notes in February 2024, the Company repurchased 3.1 million shares of its Class A common stock from investors in privately negotiated transactions for an aggregate repurchase price of approximately $50.0 million. The shares were repurchased at fair value with the par value of the shares retired charged against common stock and the remaining repurchase price allocated to additional paid-in capital on the condensed consolidated balance sheets. The Company retired the shares upon repurchase.
Equity Award Plans
The Company currently maintains two equity award plans that provide for the issuance of shares of common stock to officers and other employees, directors, and consultants of the Company: the 2019 Equity Incentive Plan (the "2019 Plan") and the 2019 Employee Stock Purchase Plan (the “ESPP”). These plans provide for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSU”) and performance-based restricted stock units ("PSU").
Restricted Stock Units
The summary of RSU activity is as follows (in thousands, except per share data):
Number of
Shares		Weighted-
Average
Grant Date
Fair Value		Aggregate
Intrinsic
Value
Unvested units as of December 31, 202426,194 $10.67 $336,282 
Granted22,496 13.22 
Vested(9,489)14.57 
Canceled(2,706)13.49 
Unvested units as of June 30, 202536,495 $11.02 $575,163 
Included in the grants for the six months ended June 30, 2025 are 1.9 million shares of PSUs. These PSUs are divided into individual performance milestones and vesting tranches tied to the Company’s stock performance. On the grant date, the Company valued these PSUs using a Monte Carlo valuation model to determine for each milestone (i) the fair value to expense for such tranche and (ii) the requisite service period when the milestone for such tranche is expected to be achieved. The Monte Carlo valuation model considers several variables and assumptions in estimating the fair value of stock-based awards including the Company's stock price on grant date, expected term, expected volatility, and risk-free interest rate. The resulting fair value is amortized using the accelerated attribution method over the requisite service periods of each individual tranche. All PSUs are subject to a continuous service condition in addition to certain performance criteria.
In November 2024, the Company’s board of directors approved the transition to the net settlement method as the Company’s withholding method for RSUs. Prior to this, the Company’s withholding method was the sell-to-cover method with the exception of RSUs held by officers, as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, for which the tax withholding method was the net settlement method.
As of June 30, 2025, the total unrecognized compensation cost was $251.1 million related to all unvested awards. The Company expects to recognize this expense over the remaining weighted-average period of approximately one year. Generally, RSUs vest on the satisfaction of a service-based condition only. The Company recognizes compensation expense for such RSUs upon a straight-line basis over their requisite service periods.
Employee Stock Purchase Plan
A total of 6.0 million shares of Class A common stock were initially reserved for issuance under the ESPP. As of December 31, 2024, 17.4 million additional shares of Class A common stock were reserved for issuance under the ESPP. As of June 30, 2025, 6.8 million shares of Class A common stock have been purchased under the ESPP.