The following table summarizes the option activity under the 2019 Plan during the three months ended March 31, 2025 (in thousands, except per share data):


	Options			Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2024		33,321		$	10.58		7.63	$	597,716
Forfeited / Cancelled		(169	)		12.36
Exercised		(1,834	)		8.40				31,870
Outstanding as of March 31, 2025		31,318		$	10.70		7.43	$	333,198
Vested and exercisable as of March 31, 2025		17,928		$	9.08		6.73	$	219,866

Total unrecognized equity-based compensation expense related to stock options granted under the 2019 Plan was $73.5 million as of March 31, 2025 and will be recognized over a weighted-average remaining service period of 2.4 years using the accelerated attribution method.

The following table summarizes the option activity under the 2024 Plan during the three months ended March 31, 2025 (in thousands, except per share data):


	Options			Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2024		2,400		$	20.00		9.56	$	20,447
Forfeited / Cancelled		(3	)		20.00
Exercised		—			—
Outstanding as of March 31, 2025		2,397		$	20.00		9.31	$	3,212
Vested and exercisable as of March 31, 2025		276		$	20.00		9.32	$	370

Total unrecognized equity-based compensation expense related to stock options granted under the 2024 Plan was $14.2 million as of March 31, 2025 and will be recognized over a weighted-average remaining service period of 3.3 years using the accelerated attribution method.

The following table summarizes the RSU activity during the three months ended March 31, 2025 (in thousands, except per share data):


	RSUs			Weighted- Average Grant Date Fair Value per Share
Outstanding as of December 31, 2024		355		$	29.48
Granted		5,249			23.31
Vested		(7	)		29.60
Forfeited / Cancelled		(16	)		26.48
Outstanding as of March 31, 2025		5,581		$	23.69

As of March 31, 2025, unrecognized compensation cost related to the RSUs was $129.7 million, which is expected to be recognized over a weighted-average remaining service period of 4.0 years. The Company recognized $2.4 million of equity-based compensation expense related to RSUs for the three months ended March 31, 2025.

In July 2024, in connection with the IPO, the Company’s board of directors adopted the ESPP with a total of 10,700,000 shares of Class A common stock reserved for issuance. The ESPP allows for the number of shares available for issuance under the plan to be automatically increased on the first day of each fiscal year following the fiscal year in which the first offering period under the ESPP commences, in an amount equal to the lesser of (i) 5,400,000 shares of Class A common stock, (ii) 1% of the outstanding shares of all series of the Company’s common stock on the last day of the immediately preceding fiscal year or (iii) such other number as determined by the Administrator (as defined in the ESPP).

The Company’s board of directors amended and restated the ESPP in January 2025 to provide for consecutive offering periods lasting approximately 24 months, and consisting of four purchase periods of approximately six months. An offering period generally starts on the first trading day on or after May 15 and November 15 of each year and ends on the last trading day of the applicable 24-month period. The initial offering period under the ESPP commenced on February 17, 2025 and will extend through the first trading day on or after May 15, 2027.

Eligible employees were permitted to participate in the ESPP as of February 17, 2025. The ESPP allows eligible employees to purchase the Company’s Class A common stock at a price per share equal to 85% of the fair market value, determined as of the lower of (i) the first trading day of the offering period or (ii) the last trading day of the offering period. Participants may contribute up to 15% of their eligible compensation to the ESPP, and share purchases are limited to a maximum of 3,000 shares for each participant during any purchase period. The ESPP allows participants to decrease contributions (1) once within a purchase period or (2) at any time for a future purchase period. Participants cannot increase contributions within a purchase period and may only increase contributions for future purchase periods. Participation may be ended at any time during an offering period, and automatically ends upon termination of employment. The ESPP also offers a rollover feature that provides for an offering period to be rolled over to a new, lower-priced offering if the stock price at the end of the purchase period is lower than on the first trading day of an offering period.

As of March 31, 2025, there have been no shares issued under the ESPP. As of March 31, 2025, total unrecognized equity-based compensation costs related to the ESPP was $4.7 million, which is expected to be recognized over a weighted-average remaining service period of 2.1 years. ESPP contributions accrued as of March 31, 2025 totaled $0.5 million and are included in accrued compensation on the condensed consolidated balance sheets. Employee contributions used to purchase shares under the ESPP will be reclassified to stockholders’ / members’ equity at the end of the offering period. Equity-based compensation expense related to the ESPP for the three months ended March 31, 2025 was not material.

During the three months ended March 31, 2025, the Company recognized equity-based compensation expense of $2.4 million related to the LLC Units held by DataSense Holdings. As of March 31, 2025, unrecognized equity-based compensation cost related to these awards that are expected to vest was $8.2 million, which is expected to be recognized over a weighted-average remaining service period of 1.4 years. Refer to Note 3, Business Combinations, for further details on the acquisition.

Equity-based compensation expense was classified as follows in the accompanying unaudited condensed consolidated statements of operations (in thousands):


	Three Months Ended March 31,
	2025		2024
Cost of subscription	$	706	$	—
Cost of professional services and other		2,037		—
Sales and marketing		13,868		356
Research and development		10,548		105
General and administrative		10,750		652
Total equity-based compensation	$	37,909	$	1,113