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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Shares Available for Issuance As of March 31, 2026, 27,113,110 and 9,590,748 shares remained available for issuance under the 2021 Equity Incentive Plan and the ESPP, respectively. Stock Options The following is a summary of the Company’s stock option activity during the three months ended March 31, 2026:
| Stock Options
(in thousands, except share and per share data) | Number of Options Outstanding |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value(1)
Balances as of January 1, 2026 | 4,687,970 |  |  | $ | 5.98 |  |  | 4.43 |  | $ | 36,639 |
Exercised | (134,004) |  |  | 3.31 |  |  |  |  | 1,665 |
Balances as of March 31, 2026 | 4,553,966 |  |  | 6.06 |  |  | 4.20 |  | 43,749 |
Vested and exercisable as of March 31, 2026 | 4,553,966 |  |  | 6.06 |  |  | 4.20 |  | 43,749 |
Vested and expected to vest as of March 31, 2026 | 4,553,966 |  |  | $ | 6.06 |  |  | 4.20 |  | $ | 43,749 |
_________________ (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock. No stock options were granted during the three months ended March 31, 2026 or 2025. The following is a summary of the Company’s stock option activity during the three months ended March 31, 2026 and 2025:
| Three Months Ended March 31,
(in thousands) | 2026 |  | 2025
Aggregate grant-date fair value of options vested | $ | — |  |  | $ | 3,792 |
Aggregate intrinsic value of options exercised | 1,665 |  |  | 14,294 |
Restricted Stock Units and Performance Stock Units The Company has both time-vested RSUs and PSUs with market- and time-based vesting conditions. Refer to Note 2. Basis of Presentation and Summary of Significant Accounting Policies within the notes to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for further discussion regarding the Company’s RSUs. During the three months ended March 31, 2026, the Company granted PSUs with market- and service-based vesting conditions, the fair value of which was determined using a Monte Carlo simulation model. The related assumptions used in the valuation model include expected term, volatility, dividend yield, and risk-free interest rate. Stock-based compensation expense related to the PSUs was not material for the three months ended March 31, 2026. No PSUs were granted or outstanding during the three months ended March 31, 2025. RSU and PSU activity during the three months ended March 31, 2026 was as follows:
| Number of Shares |  | Weighted-Average Grant-Date Fair Value Per Share
Unvested at January 1, 2026 | 21,271,140 |  |  | $ | 17.48 |
Granted | 2,946,935 |  |  | 13.76 |
Vested | (1,843,792) |  |  | 16.01 |
Cancelled/forfeited | (2,243,088) |  |  | 18.08 |
Unvested at March 31, 2026 | 20,131,195 |  |  | $ | 17.03 |
The following is a summary of the Company’s RSU and PSU activity during the three months ended March 31, 2026 and 2025:
| Three Months Ended March 31,
(in thousands, except per share data) | 2026 |  | 2025
Weighted-average grant-date fair value per share granted | $ | 13.76 |  |  | $ | 22.93 |
Aggregate grant-date fair value of shares vested | 29,519 |  |  | 29,937 |
Employee Stock Purchase Plan (“ESPP”) A new 12-month ESPP offering period commences on March 1 and September 1 of each fiscal year, and the plan includes a rollover feature for the purchase price if the Company's stock price at the end of the purchase period is less than the Company's stock price on the first day of the offering period. If this rollover feature is triggered, a new offering period begins. The rollover feature had an immaterial impact for all periods presented and any incremental stock-based compensation expense is recognized over each new offering period. The fair value of the ESPP offerings, including those described above, were estimated using the Black-Scholes option-pricing model as of the respective offering dates, using the following assumptions. These assumptions represent the grant-date fair value inputs for new offerings which commenced during the three months ended March 31, 2026 and 2025, as well as updated valuation information as of the modification date for any offerings for which a modification occurred during the periods presented herein:
| Three Months Ended March 31, |
| 2026 |  | 2025 |  |
Risk-free interest rates | 3.51% to 3.65% |  | 3.92% to 4.26% |  |
Expected term | 0.5 to 1.0 year |  | 0.5 to 2.0 years |  |
Volatility | 49.2% to 52.4% |  | 43.8% to 49.1% |  |
Dividend rate | — | % |  | — | % |  |
Stock-Based Compensation Expense Stock-based compensation expense for stock options, RSUs, PSUs, and the ESPP, included within the Condensed Consolidated Statements of Operations, net of amounts capitalized to internal-use software, as described in Note 6. Property and Equipment, was as follows:
| Three Months Ended March 31, |  |
(in thousands) | 2026 |  | 2025 |  |  |  |
Customer support and operations | $ | 309 |  |  | $ | 256 |  |  |  |  |
Marketing | 2,173 |  |  | 4,127 |  |  |  |  |
Technology and development | 17,158 |  |  | 21,237 |  |  |  |  |
General and administrative | 7,896 |  |  | 10,172 |  |  |  |  |
Total | $ | 27,536 |  |  | $ | 35,792 |  |  |  |  |
As of March 31, 2026, the total unamortized compensation cost related to all non-vested equity awards, including RSUs, and PSUs was $251.7 million, which will be amortized over a weighted-average remaining requisite service period of approximately 2.4 years. As of March 31, 2026, the total unrecognized compensation expense related to the ESPP was $3.3 million, which is expected to be amortized over the next 0.9 years.

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