Shareholders' Equity and Equity Incentive Plans

6 Months Ended

Jun. 30, 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. The Company accounted for treasury shares under the cost method.

During the three and six months ended June 30, 2026, the Company repurchased 47,727 ordinary shares for an aggregate of $2.0 million in the open market. As of June 30, 2026, $298.0 million remained available for repurchases.

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		(510,075	)	$	9.41			$	30,664
Outstanding and exercisable as of June 30, 2026		918,471		$	11.26		3.0	$	73,133

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		1,377,466		$	57.61
Vested		(2,728,703	)	$	32.74
Forfeited		(476,077	)	$	36.74
Unvested as of June 30, 2026		8,011,472		$	39.25

The total vest date fair value of RSUs was $180.4 million during the six months ended June 30, 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:


	June 30, 2026
Outstanding share options		918,471
Outstanding RSUs		8,011,472
Issuable ordinary shares related to business combination		502,906
Shares available for future issuance under the 2020 Plan		24,166,184
Shares available for future issuance under ESPP		6,605,218
Total ordinary shares reserved		40,204,251

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)
Cost of revenue: subscription–self-managed and SaaS	$	4,076	$	4,209	$	8,169	$	8,410
Research and development		13,981		14,186		28,191		28,163
Sales and marketing		12,518		13,357		25,327		26,087
General and administrative		9,002		6,257		17,517		12,194
Total share-based compensation expense	$	39,577	$	38,009	$	79,204	$	74,854

As of June 30, 2026, unrecognized share-based compensation cost related to unvested share-based compensation awards was $292.0 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 $9.1 million, which will be recognized over 1.0 year.