Shareholders' Equity and Equity Incentive Plans

3 Months Ended

Mar. 31, 2026

Shareholders' Equity and Equity Incentive Plans

11. Shareholders’ Equity and Equity Incentive Plans

Share Repurchases

In February 2026, the Board of Directors approved a share repurchase program authorizing the repurchase of up to $300.0 million of the Company’s ordinary shares. The program became effective in March 2026 and has no expiration date but may be suspended, terminated, or modified at any time. Shares may be repurchased from time to time in the open market or through negotiated transactions at prevailing market rates, or by other means in accordance with U.S. federal securities laws. The timing of the repurchases will depend on certain factors, including market conditions, prices, and management’s discretion. There were no repurchases during the three months ended March 31, 2026.

Equity Incentive Plans

Effective January 1, 2026, the number of ordinary shares authorized for issuance under the 2020 Equity Incentive Plan (the “2020 Plan”) automatically increased by 6,580,602 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)
Outstanding as of December 31, 2025		1,428,546		$	10.59		3.3	$	74,162
Exercised		(53,385	)	$	10.37			$	1,990
Outstanding and exercisable as of March 31, 2026		1,375,161		$	10.60		2.9	$	50,335

Restricted Share Units

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


	RSUs
	Unvested RSUs			Weighted-Average Grant Date Fair Value Per Share
Unvested as of December 31, 2025		9,838,786		$	34.76
Granted		890,958		$	53.20
Vested		(1,249,585	)	$	30.90
Forfeited		(314,875	)	$	37.15
Unvested as of March 31, 2026		9,165,284		$	36.99

The total vest date fair value of RSUs was $50.2 million during the three months ended March 31, 2026.

Employee Share Purchase Plan

Effective January 1, 2026, the number of ordinary shares authorized for issuance under the 2020 Employee Share Purchase Plan (“ESPP”) automatically increased by 1,196,153 shares pursuant to the terms of ESPP.

Shares Reserved for Future Issuance

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


	March 31, 2026
Outstanding share options		1,375,161
Outstanding RSUs		9,165,284
Issuable ordinary shares related to business combination		502,906
Shares available for future issuance under the 2020 Plan		24,491,490
Shares available for future issuance under ESPP		6,605,218
Total ordinary shares reserved		42,140,059

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 March 31,
	2026		2025
	(in thousands)
Cost of revenue: subscription–self-managed and SaaS	$	4,093	$	4,201
Research and development		14,210		13,977
Sales and marketing		12,809		12,730
General and administrative		8,515		5,937
Total share-based compensation expense	$	39,627	$	36,845

As of March 31, 2026, unrecognized share-based compensation cost related to unvested share-based compensation awards was $303.3 million, which is expected to be recognized over a weighted-average period of 2.5 years. Additionally, unrecognized share-based compensation cost related to the acquisition holdback arrangement was $11.4 million, which will be recognized over 1.3 years.