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Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Common Stock
The holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders. The common stock confers upon its holders the right to receive dividends out of any assets legally available, when and as declared by the Board of Directors.
The Company had 16,299,769 shares of treasury stock as of December 31, 2025. There were 12,998,173 and 615,980 shares of treasury stock shares for the years ended December 31, 2024 and 2023, respectively.
Share Repurchase Programs
In February 2024, the Company's Board of Directors authorized a share repurchase program of up to $100 million in shares of common stock (the “February Share Repurchase Program”). In May 2024, the Company's Board of Directors authorized an additional share repurchase program of up to $100 million in shares of common stock (the “May Share Repurchase Program”). In August 2024, the Company's Board of Directors authorized an additional share repurchase program of up to $100 million in shares of common stock (the “August Share Repurchase Program,” and together with the February Share Repurchase Program and the May Share Repurchase Program, the "2024 Share Repurchase Programs"). As of the year ended December 31, 2024, the 2024 Share Repurchase Programs were completed, and no amounts remained available for repurchase under the programs.
For the year ended December 31, 2024, the Company repurchased a total of 12,382,193 shares of common stock under the 2024 Share Repurchase Programs at an average price of $24.22 and a total cost of $300.3 million, inclusive of $0.4 million in trading fees. In addition, the Company recognized $2.6 million of excise taxes related to the share repurchases.
In November 2025, the Company’s Board of Directors authorized a share repurchase program of up to $200 million in shares of common stock (the “November 2025 share repurchase program”). Repurchases under the November 2025 share repurchase program may be made in the form of open market repurchases, including through plans complying with Rule 10b5-1 under the Exchange Act, depending on stock price, market conditions, and other factors, as determined by the Company. There can be no assurance as to the number of shares to be repurchased by the Company under the November 2025 share repurchase program.
For the year ended December 31, 2025, the Company repurchased a total of 3,301,596 shares of common stock under the November 2025 share repurchase program at an average price per share of $25.31 and a total cost of $83.6 million, inclusive of $0.1 million in trading fees. In addition, the Company recognized $0.5 million of excise taxes related to the share repurchases. As of the year ended December 31, 2025, $116.4 million remained available for purchases under the November 2025 share repurchase program. As of the date of this filing, the Company repurchased a total of 6,530,363 shares of common stock under the November 2025 share repurchase program for a total cost of $159.4 million.
Common Stock Warrants
In connection with the IPO on October 25, 2019, all outstanding convertible preferred warrants were converted to common stock warrants. As of December 31, 2025 and 2024, the Company had no outstanding common stock warrants.
For the year ended December 31, 2024, 305,595 common stock warrants were exercised for 279,867 shares of common stock at a weighted-average exercise price of $1.73. The Company did not recognize compensation expense relating to the common stock warrants for the years ended December 31, 2025, 2024 and 2023 as they were all fully vested.
Stock Incentive Plan
In October 2019, the Company’s Board of Directors and stockholders adopted and approved the 2019 Equity Incentive Plan, as amended (the “2019 Plan”), as the successor to the Company’s 2017 Equity Incentive Plan, as amended (the “2017 Plan”). No further grants were made under the 2017 Plan from the date that the 2019 Plan became effective. Initially, the maximum number of shares issuable under the 2019 Plan will not exceed 19,198,875 shares of common stock, which is the sum of 1) 2,640,031 new shares and 2) an additional number of shares not to exceed 16,558,844 consisting of (a) shares that remained available for the issuance of awards under the 2017 Plan immediately prior to the effective date of the 2019 Plan and (b) shares of common stock subject to outstanding stock options or other stock awards granted under the 2017 Plan that, on or after the date the 2019 Plan became effective, terminate, expire or are cancelled prior to exercise or settlement; are forfeited or repurchased because of the failure to vest; or are reacquired or withheld (or not issued) to satisfy a tax withholding obligation or the purchase or exercise price, if any, as such shares become available from time to time.
Under the Company’s 2017 Plan and consistent with the Company's prior 2008 Equity Incentive Plan, options and other stock awards to purchase shares of common stock may be granted to employees, directors, and consultants. Incentive stock options are granted to employees and non-statutory stock options are granted to consultants and directors at an exercise price not less than 100% of the fair value (as determined by the Board of Directors) of the Company’s common stock on the date of grant. The exercise price of options granted to stockholders who hold 10% or more of the Company’s common stock on the option grant date shall not be less than 110% of the fair value of the Company’s common stock on the date of grant for both incentive and non-qualified stock option grants. These options generally vest over four years and expire ten years from the date of grant. Stock option grants may be exercisable upon grant, and any unvested shares purchased are subject to repurchase. There were no unvested shares subject to repurchase as of December 31, 2025 and 2024.
As of December 31, 2025 and 2024, 5,217,804 and 3,602,455 shares of common stock, respectively, remained available for future grants under the 2019 Plan. Under the 2019 Plan, subject to any adjustments necessary to implement any capitalization adjustments, an annual increase to the number of shares issuable is automatically added on January 1 of each year for a period of ten years commencing on January 1, 2020 and ending on (and including) January 1, 2029, in an amount equal to 4% of the total number of shares of common stock outstanding on December 31 of the preceding year or such smaller amount as determined by the Company's Board of Directors.
Stock Options
Stock options are exercisable based on the terms and conditions outlined in the applicable award agreement. Stock options generally vest over four years and typically expire ten years from the date of grant. A summary of the Company’s stock option activity for the year ended December 31, 2025 is as follows:
Number of SharesWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Life (Years)Aggregate Intrinsic Value
(In thousands)
Outstanding at December 31, 2024
18,619,906 $34.92 6.7$54,193 
Granted1,761,138 $21.27  
Exercised(265,477)$5.68   
Forfeited(464,705)$35.74   
Cancelled(665,896)$45.53 
Outstanding at December 31, 2025
18,984,966 $33.63 5.7$93,952 
Exercisable at December 31, 2024
11,939,099 $32.83 5.8$53,294 
Exercisable at December 31, 2025
14,649,963 $34.95 5.1$83,289 
The total intrinsic value of options exercised was $4.3 million, $13.7 million, and $79.7 million for the years ended December 31, 2025, 2024, and 2023, respectively.
The weighted-average grant date fair value of options granted was $11.72, $16.60, and $19.10 in the years ended December 31, 2025, 2024, and 2023, respectively.
The total grant date fair value of options vested was $335.2 million, $202.4 million, and $134.1 million as of December 31, 2025, 2024, and 2023, respectively.
The total unrecognized compensation cost related to unvested options was approximately $52.3 million at December 31, 2025. The weighted-average remaining recognition period is approximately 1.9 years.
Certain assumptions used in the option-pricing model for options granted to employees, directors, and non-employees are as follows:
Year Ended December 31,
202520242023
Expected term (in years)
5.50 - 6.25
5.25 - 6.11
5.50 - 6.11
Risk-free interest rate
3.6% - 4.5%
3.5% - 4.6%
3.5% - 4.8%
Expected volatility
53.7% - 54.7%
53.0% - 55.0%
52.0% - 54.0%
Expected dividend rate———
Restricted Stock Units
Restricted stock units are subject to service-based or performance-based vesting conditions. Restricted stock units vest based on the terms outlined in the applicable award agreement, which, for service-based awards, is generally over a period of 4 years. Performance-based awards vest upon attainment of the applicable performance targets, including various levels of revenue and adjusted EBITDA. If the performance or service-based vesting conditions are not met, the awards will be forfeited. Stock-based compensation expense for the performance-based awards is recognized only to the extent a performance target is probable to be achieved, which is reassessed by the Company each reporting period.
A summary of the Company’s restricted stock unit activity, including those with performance-based vesting conditions, is as follows:
Number of Shares
Weighted-Average
Grant Date
Fair Value
Outstanding at December 31, 2024
3,920,377$31.16
Granted2,094,395$21.83
Vested(1,853,768)$35.41
Forfeited(382,040)$30.63
Outstanding at December 31, 2025
3,778,964$23.83
The total intrinsic value of restricted stock units vested was $42.5 million, $27.6 million, and $33.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.
The weighted-average grant date fair value of restricted stock units granted was $21.83, $25.05, and $35.02 for the years ended December 31, 2025, 2024, and 2023, respectively.
The total grant date fair value of restricted stock units vested was $65.6 million, $43.4 million and $45.5 million for the years ended December 31, 2025, 2024, and 2023, respectively.
The total unrecognized compensation cost related to unvested restricted stock units was approximately $77.8 million at December 31, 2025. The weighted-average remaining recognition period is approximately 2.5 years.
Employee Stock Purchase Plan
In October 2019, the Board of Directors and stockholders also adopted and approved the 2019 Employee Stock Purchase Plan (the “ESPP”). Following the IPO, the ESPP authorized the issuance of 1,700,000 shares of common stock to purchase rights granted to the Company’s employees. Subject to the ESPP, the maximum number of shares of common stock that may be issued under the Plan will not exceed 1,700,000 shares, plus the number of shares that are automatically added on January 1st of each year, in an amount equal to the lesser of 1% of the total number of shares of capital stock outstanding on December 31st of the preceding calendar year, and 2,500,000 shares of common stock, or such smaller amount as determined by the Company's Board of Directors. As of December 31, 2025 and December 31, 2024, 5,902,603 and 5,111,514 shares of common stock remained available to be issued under the ESPP, respectively.
The following table summarizes the purchases that were made for each purchase period of the ESPP in the years ending December 31, 2025, 2024, and 2023 (in thousands, except for share amounts):

Purchase PeriodProceeds used for purchaseShares purchased
August 1, 2022 to January 31, 2023$72327,492
February 1, 2023 to July 31, 2023$52817,642
August 1, 2023 to January 31, 2024$79024,387
February 1, 2024 to July 31, 2024$52421,848
August 1, 2024 to January 31, 2025
$70335,701
February 1, 2025 to July 31, 2025
$51826,316
The next purchase period commenced on August 1, 2025 and ended on January 31, 2026.
Stock-Based Compensation Expense
The following table summarizes stock-based compensation expense, which was included in the statements of operations as follows (in thousands):
Year Ended
December 31,
202520242023
Cost of services$35,332 $36,799 $34,490 
Sales and marketing30,70230,49027,015
General and administrative65,83360,84161,106
Total stock-based compensation expense$131,867 $128,130 $122,611 
                                                    Accumulated Other Comprehensive Income
Accumulated other comprehensive income consisted of the following (in thousands):
Year Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
Unrealized gains on marketable securitiesForeign currency translation adjustmentsTotalUnrealized gains on marketable securitiesForeign currency translation adjustmentsTotalUnrealized gains on marketable securitiesForeign currency translation adjustmentsTotal
Balance at beginning of period$18 $21 $39 $2,829 $(10)$2,819 $496 $5 $501 
Other comprehensive income before reclassifications, net of tax(1)
133 326 459 4,500 31 4,531 6,143 (15)6,128 
Amounts reclassified from accumulated other comprehensive income, net of tax(2)
———(7,311)— (7,311)(3,810)— (3,810)
Net current period other comprehensive (loss) income133 326 459 (2,811)31 (2,780)2,333 (15)2,318 
Balance at end of period$151$347$498$18$21$39$2,829$(10)$2,819

(1) Represents unrealized gains of $0.2 million, net of tax of $0.1 million for the year ended December 31, 2025, unrealized gains of $6.2 million, net of tax of $1.7 million for the year ended December 31, 2024, and unrealized gains of $8.6 million, net of tax of $2.5 million for the year ended December 31, 2023.
(2) The effects on net income of amounts reclassified from accumulated other comprehensive income were as follows (in thousands):
Details about Accumulated Other Comprehensive Income ComponentYear Ended December 31,Affected Line Item in Statement of Operations
202520242023
Gains on marketable securities$— $9,982 $5,196 Interest and other income, net
— 9,982 5,196 Income before income taxes
— 2,671 1,386 Provision for income taxes
$—$7,311$3,810Net income