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Common Stock | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Common Stock | 12. Common Stock Share Repurchase Programs In February 2025, the Company’s board of directors authorized a share repurchase program for up to $500 million of the Company’s Class A common stock (the “2025 Share Repurchase Program”) and authorized an increase to the 2025 Share Repurchase Program of an additional $250 million of the Company’s Class A common stock in May 2025, for a total overall authorization of up to $750 million. In February 2026, the Company’s board of directors authorized an additional share repurchase program for up to $1.0 billion of the Company’s Class A common stock (the “2026 Share Repurchase Program” together with the 2025 Share Repurchase Program, the “Share Repurchase Programs”). Under the Share Repurchase Programs, 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 Share Repurchase Programs have no set expiration and do 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 months ended March 31, 2026, the Company repurchased and subsequently retired, 21.3 million shares of Class A common stock, for an aggregate amount of $300.0 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. As of March 31, 2026, the 2025 Share Repurchase Program was complete and the Company had $950.0 million available to repurchase shares pursuant to the 2026 Share Repurchase 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 months ended March 31, 2026, the excise tax was not material. Common Stock Conversion During the third quarter of 2025, shareholders voluntarily converted 8.5 million shares of Class B common stock, which constituted all of the Company’s outstanding shares of Class B common stock, into shares of Class A common stock on a one-for-one basis. Following the conversion, no Class B common stock is outstanding and no additional shares of Class B common stock will be issued. Equity Award Plans The Company currently maintains two equity award plans that provide for the issuance of shares of common stock to officers, directors, and other employees 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 and Performance-based Restricted Stock Units The summary of RSU and PSU 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, 2025 | 26,341 |  |  | $ | 10.54 |  |  | $ | 510,228 |
Granted | 16,753 |  |  | 13.64 |  |  |
Vested | (5,447) |  |  | 13.85 |  |  |
Canceled | (1,291) |  |  | 14.22 |  |  |
Unvested units as of March 31, 2026 | 36,356 |  |  | $ | 11.35 |  |  | $ | 483,537 |
As of March 31, 2026, the total unrecognized compensation cost was $271.2 million related to all unvested awards. The Company expects to recognize this expense over the remaining weighted-average period of approximately eleven months. All RSUs vest on the satisfaction of a service-based condition only. Included in the grants for the three months ended March 31, 2026 are 1.2 million shares of PSUs. These PSUs are divided into individual performance milestones and vesting tranches tied to the Company’s stock performance. All PSUs are subject to a continuous service condition in addition to certain performance criteria

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