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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Shares Available for Issuance
As of June 30, 2026, 23.3 million and 9.6 million shares remained available for issuance under the 2021 Equity Incentive Plan and the Employee Stock Purchase Plan (“ESPP”), respectively.
Stock Options
The following is a summary of the Company’s stock option activity during the six months ended June 30, 2026:
Stock Options
(in thousands, except per share data)Number of Options OutstandingWeighted-Average Exercise Price
Weighted-Average Remaining Contractual Life
(in years)
Aggregate Intrinsic Value(1)
Balances as of January 1, 2026
4,688 $5.98 4.43$36,639 
Exercised(448)3.34 7,218 
Balances as of June 30, 2026
4,240 6.26 4.0068,457 
Vested and exercisable as of June 30, 2026
4,240 6.26 4.0068,457 
Vested and expected to vest as of June 30, 2026
4,240 $6.26 4.00$68,457 
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(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock.
No stock options were granted during the six months ended June 30, 2026 or 2025.
The following is a summary of the Company’s stock option activity during the six months ended June 30, 2026 and 2025:
Six Months Ended June 30,
(in thousands)20262025
Aggregate grant-date fair value of options vested$— $4,044 
Aggregate intrinsic value of options exercised
7,218 25,521 
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 six months ended June 30, 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 and six months ended June 30, 2026. No PSUs were granted or outstanding during the three and six months ended June 30, 2025.
RSU and PSU activity during the six months ended June 30, 2026 was as follows:
(in thousands, except per share data)
Number of SharesWeighted-Average Grant-Date Fair Value Per Share
Unvested at January 1, 2026
21,271 $17.48 
Granted9,385 19.07 
Vested(4,062)16.75 
Cancelled/forfeited(4,740)18.49 
Unvested at June 30, 2026
21,854 $18.08 
The following is a summary of the Company’s RSU and PSU activity during the six months ended June 30, 2026 and 2025:
Six Months Ended June 30,
(in thousands, except per share data)
20262025
Weighted-average grant-date fair value per share granted
$19.07 $20.95 
Aggregate grant-date fair value of shares vested
68,036 62,530 
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 assumptions below. These assumptions represent the grant-date fair value inputs for new offerings which commenced during the six months ended June 30, 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:
Six Months Ended June 30,
20262025
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, Net
Stock-based compensation expense, net 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 June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Customer support and operations$417 $453 $726 $709 
Marketing5,530 4,747 7,703 8,874 
Technology and development15,939 21,873 33,097 43,110 
General and administrative12,605 10,993 20,501 21,165 
Total$34,491 $38,066 $62,027 $73,858 
As of June 30, 2026, the total unamortized compensation cost related to all non-vested equity awards, including RSUs and PSUs, was $308.5 million, which will be amortized over a weighted-average remaining requisite service period of approximately 2.3 years. As of June 30, 2026, the total unrecognized compensation expense related to the ESPP was $1.6 million, which is expected to be amortized over the next 0.7 years.