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Shareholders' Equity and Equity Incentive Plans (Tables)
9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Summary of Stock Option Activity

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

 

Summary of Restricted Ordinary Shares

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

 

_________________________________________

(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.

Summary of Ordinary 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

 

 

Summary of Stock-Based Compensation Expense

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