Shareholders' Equity and Equity Incentive Plans

9 Months Ended

Sep. 30, 2025

Shareholders' Equity and Equity Incentive Plans

11. Shareholders’ Equity and Equity Incentive Plans

Equity Incentive Plans

Effective January 1, 2025, the number of ordinary shares authorized for issuance under the 2020 Equity Incentive Plan (the “2020 Plan”) automatically increased by 6,400,773 shares pursuant to the terms of the 2020 Plan.

Share Options

A summary of share option activity under the Company’s equity incentive plans and related information is as follows:


	Options Outstanding
	Outstanding Share Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
	(in thousands, except share, life and per share data)
Balance as of December 31, 2024		3,106,267		$	10.45		4.0	$	60,491
Exercised		(1,163,294	)	$	8.57			$	37,194
Forfeited or expired		(150,650	)	$	34.95
Balance as of September 30, 2025		1,792,323		$	9.61		3.4	$	67,984
Exercisable as of September 30, 2025		1,788,323		$	9.48		3.4	$	67,984

Restricted Share Units

A summary of restricted share units (“RSU”) activity under the Company’s equity incentive plan and related information is as follows, including performance-based RSUs:


	RSUs
	Unvested RSUs			Weighted-Average Grant Date Fair Value Per Share
Unvested as of December 31, 2024		11,081,208		$	30.11
Granted (1)		4,390,637		$	39.59
Vested		(3,670,431	)	$	30.13
Forfeited		(1,073,462	)	$	31.81
Unvested as of September 30, 2025		10,727,952		$	33.81

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(1) Includes 290,538 ordinary shares underlying performance-based RSUs with market conditions with a weighted average grant date fair value of $36.53 per ordinary share based on the Monte Carlo simulation model.

The total release date fair value of RSUs was $158.3 million during the nine months ended September 30, 2025.

Employee Share Purchase Plan

Effective January 1, 2025, the number of ordinary shares authorized for issuance under the 2020 Employee Share Purchase Plan (“ESPP”) automatically increased by 1,127,548 shares pursuant to the terms of ESPP.

Shares Reserved for Future Issuance

The Company has the following ordinary shares reserved for future issuance:


	September 30, 2025
Outstanding share options		1,792,323
Outstanding RSUs		10,727,952
Issuable ordinary shares related to business combination		502,906
Shares available for future issuance under the 2020 Plan		18,545,042
Shares available for future issuance under ESPP		5,648,041
Total ordinary shares reserved		37,216,264

Share-Based Compensation

The share-based compensation expense by line item in the accompanying Condensed Consolidated Statements of Operations is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Cost of revenue: subscription–self-managed and SaaS	$	4,420	$	3,864	$	12,830	$	10,203
Research and development		15,254		13,611		43,417		33,453
Sales and marketing		14,446		13,506		40,533		33,759
General and administrative		6,740		5,414		18,934		14,922
Total share-based compensation expense	$	40,860	$	36,395	$	115,714	$	92,337

As of September 30, 2025, unrecognized share-based compensation cost related to unvested share-based compensation awards was $334.9 million, which is expected to be recognized over a weighted-average period of 2.6 years. Additionally, unrecognized share-based compensation cost related to the acquisition holdback arrangement was $15.8 million, which will be recognized over 1.8 years.