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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Summary of Stock-Based Compensation Expense | Stock-based compensation expense was allocated in the condensed consolidated statements of comprehensive income as follows:
| Three Months Ended March 31,
(in thousands) | 2026 |  | 2025
Cost of revenues | $ | 3,156 |  |  | $ | 3,111 |
Operating expenses |  |  |
Sales and marketing | 4,260 |  |  | 2,427 |
Research and development | 2,265 |  |  | 2,017 |
General and administrative | 8,392 |  |  | 6,312 |
| $ | 18,073 |  |  | $ | 13,867 |
Stock-based compensation expense by grant type or plan was as follows:
| Three Months Ended March 31,
(in thousands) | 2026 |  | 2025
Stock options | $ | 491 |  |  | $ | 549 |
PSUs | 4,534 |  |  | 3,007 |
RSUs & DSUs | 11,426 |  |  | 8,633 |
RSAs | — |  |  | 113 |
ESPP | 825 |  |  | 836 |
401(k) stock match | 797 |  |  | 729 |
| $ | 18,073 |  |  | $ | 13,867 |
Summary of Stock Option Activity | Our stock option activity was as follows:
| Three Months Ended March 31, 2026
| Options (#) |  | Weighted Average Exercise Price ($/share)
Outstanding, beginning of period | 261,403 |  |  | $ | 121.47 |
Granted | 129,122 |  |  | 57.95 |
Exercised | (18,312) |  |  | 53.52 |
Forfeited | (3,127) |  |  | 118.16 |
Outstanding, end of period | 369,086 |  |  | $ | 102.65 |
Summary of Weighted Average Assumptions Used in Black-Scholes Option Pricing Model | This was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:
Life (in years) | 4.0
Volatility | 39.9 | %
Dividend yield | — |
Risk-free interest rate | 3.5 | %
Summary of Activity for PSUs, RSUs, RSAs, and DSUs | Activity for our PSUs, RSUs, RSAs, and DSUs in aggregate was as follows:
| Three Months Ended March 31, 2026
| # |  | Weighted Average Grant Date Fair Value ($/share)
Outstanding, beginning of period | 1,006,417 |  |  | $ | 150.69 |
Granted | 719,042 |  |  | 67.43 |
Vested and common stock issued | (167,041) |  |  | 156.12 |
Forfeited | (106,770) |  |  | 228.44 |
Outstanding, end of period | 1,451,648 |  |  | $ | 103.11 |
Summary of ESPP Activity | Our ESPP activity was as follows:
| Three Months Ended March 31,
(in thousands, except shares) | 2026 |  | 2025
Amounts for shares purchased | $ | 520 |  |  | $ | 411 |
Shares purchased | 6,795 |  |  | 2,630 |
Summary of Fair Value Assumptions for ESPP | The fair value was estimated based on the market price of our common stock at the beginning of the offering period using the following assumptions:
Life (in years) | 0.5
Volatility | 41.2 | %
Dividend yield | — |
Risk-free interest rate | 4.3 | %

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