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Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Restricted Stock Unit Activity

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

Schedule of Equity-Based Compensation Expense

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

2019 Common Unit Option Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Stock Option Activity

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

2024 Equity Incentive Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Stock Option Activity

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

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