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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Note 11. Share-Based Compensation A summary of share-based compensation expense recognized in the Condensed Consolidated Statements of Operations is as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cost of revenues | $ | 4,165 |  |  | $ | 7,222 |  |  | $ | 14,568 |  |  | $ | 23,138 |
Research and development | 15,786 |  |  | 19,702 |  |  | 47,361 |  |  | 57,999 |
Sales and marketing | 26,771 |  |  | 34,951 |  |  | 87,366 |  |  | 101,740 |
General and administrative | 17,977 |  |  | 21,784 |  |  | 56,754 |  |  | 75,730 |
Total share-based compensation expense | $ | 64,699 |  |  | $ | 83,659 |  |  | $ | 206,049 |  |  | $ | 258,607 |
A summary of share-based compensation expense by award type is as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Employee stock purchase plan rights (“ESPP”) | $ | 897 |  |  | $ | 1,030 |  |  | $ | 3,716 |  |  | $ | 4,733 |
Performance stock units (“PSUs”) | 4,266 |  |  | 2,540 |  |  | 19,995 |  |  | 14,914 |
Restricted stock units (“RSUs”) | 59,536 |  |  | 80,089 |  |  | 182,338 |  |  | 238,960 |
Total share-based compensation expense | $ | 64,699 |  |  | $ | 83,659 |  |  | $ | 206,049 |  |  | $ | 258,607 |
Equity Incentive Plans As of September 30, 2025, a total of 14,429,616 shares remained available for grant under the Company’s Amended and Restated 2013 Equity Incentive Plan (the “2013 Plan”). Employee Stock Purchase Plan The Company’s ESPP allows eligible employees to purchase shares of the Company’s Class A Common Stock at a discounted price through payroll deductions. As of September 30, 2025, there was a total of $0.6 million of unrecognized share-based compensation expense, net of estimated forfeitures, related to the ESPP, which will be recognized on a straight-line basis over the remaining weighted-average vesting periods of approximately 0.1 years. As of September 30, 2025, a total of 7,095,902 shares were available for issuance under the ESPP. Restricted and Performance Stock Units A summary of activity of restricted and performance-based stock units as of September 30, 2025, and changes during the period then ended is presented in the following table:
| Number of RSUs/PSUs Outstanding (in thousands) |  | Weighted- Average Grant Date Fair Value Per Share |  | Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2024 | 8,306 |  |  | $ | 42.09 |  |  | $ | 290,799 |
Granted | 5,174 |  |  | 29.38 |  |  |
Released | (4,646) |  |  | 41.17 |  |  |
Canceled/Forfeited | (1,298) |  |  | 36.99 |  |  |
Outstanding as of September 30, 2025 | 7,536 |  |  | $ | 34.82 |  |  | $ | 213,559 |
Restricted Stock Units The 2013 Plan provides for the issuance of RSUs to employees, directors, and consultants. RSUs issued under the 2013 Plan generally vest over two or four years. As of September 30, 2025, there was a total of $182.4 million of unrecognized share-based compensation expense, net of estimated forfeitures, related to RSUs, which will be recognized on a straight-line basis over the remaining weighted-average vesting periods of approximately 1.7 years. Performance Stock Units The 2013 Plan provides for the issuance of PSUs. The PSUs granted under the 2013 Plan are contingent upon the achievement of predetermined market, performance, and service conditions. The Company uses a Monte Carlo simulation model to determine the fair value of its market condition PSUs. PSU expense is recognized using the graded vesting method over the requisite service period. For performance-based metrics, the compensation expense is based on a probability of achievement of the performance conditions. For market-based conditions, if the market conditions are not met but the service conditions are met, the PSUs will not vest; however, any stock-based compensation expense recognized will not be reversed. For the majority of the PSUs granted, the number of shares of common stock to be issued at vesting will range from 0% to 200% of the target number based on the achievement of the different performance and market conditions over the respective measurement period. The PSUs generally vest over a two to three-year period. As of September 30, 2025, there was a total of $24.5 million unrecognized share-based compensation expense, net of estimated forfeitures, related to these PSUs, which will be recognized over the remaining service period of approximately 0.9 years. Employee Equity Compensation Plans The Company’s board of directors adopted employee equity bonus plans (“Plans”), which allow the recipients to earn fully vested shares of the Company’s Class A Common Stock upon the achievement of quarterly service and/or performance conditions. During the three and nine months ended September 30, 2025, the Company issued 404,855 and 1,120,352, respectively, under the employee equity bonus plans. The shares under these Plans are issued from the reserve of shares available for issuance under the 2013 Plan. The total requisite service period for these Plans is approximately 0.4 years. The unrecognized share-based compensation expense as of September 30, 2025 was approximately $3.5 million, which will be recognized over the remaining service period of 0.1 years. The shares issued under these Plans are issued from the reserve of shares available for issuance under the 2013 Plan.

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