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Stock-based compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-based compensation | Stock-based compensation The Company recognized stock-based compensation expense for all equity arrangements as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in thousands)
Cost of revenue: |  |  |  |  |  |  |
Subscription | $ | 3,228 |  |  | $ | 2,931 |  |  | $ | 9,751 |  |  | $ | 8,542 |
Services | 445 |  |  | 445 |  |  | 1,242 |  |  | 1,308 |
Sales and marketing | 5,267 |  |  | 7,887 |  |  | 20,827 |  |  | 22,561 |
Research and development | 6,536 |  |  | 6,581 |  |  | 19,954 |  |  | 18,981 |
General and administrative | 6,462 |  |  | 7,563 |  |  | 22,371 |  |  | 20,877 |
| $ | 21,938 |  |  | $ | 25,407 |  |  | $ | 74,145 |  |  | $ | 72,269 |
Equity Incentive Plans Return Target Options The table below summarizes return target option activity for the nine months ended September 30, 2025:
| Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2024 | 2,265,275 |  |  | $ | 6.66 |  |  | 3.7 |  | $ | 16,740 |
Exercised | (118,234) |  |  | 7.33 |  |  |  |  | 293 |
Outstanding, September 30, 2025 | 2,147,041 |  |  | $ | 6.62 |  |  | 2.9 |  | $ | 8,753 |
Options exercisable at September 30, 2025 | 2,147,041 |  |  | $ | 6.62 |  |  | 2.9 |  | $ | 8,753 |
Vested or expected to vest at September 30, 2025 | 2,147,041 |  |  | $ | 6.62 |  |  | 2.9 |  | $ | 8,753 |
Service-Based Options The table below summarizes the service-based option activity for the nine months ended September 30, 2025:
| Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2024 | 757,343 |  |  | $ | 5.52 |  |  | 3.0 |  | $ | 6,464 |
Exercised | (33,716) |  |  | 5.49 |  |  |  |  | 169 |
Outstanding, September 30, 2025 | 723,627 |  |  | $ | 5.52 |  |  | 2.1 |  | $ | 3,751 |
Options exercisable at September 30, 2025 | 723,627 |  |  | $ | 5.52 |  |  | 2.1 |  | $ | 3,751 |
Vested or expected to vest at September 30, 2025 | 723,627 |  |  | $ | 5.52 |  |  | 2.1 |  | $ | 3,751 |
Restricted Stock Units RSU activity for the nine months ended September 30, 2025 was as follows:
| Units |  | Weighted-Average Grant Date Fair Value (per share)
Outstanding, December 31, 2024 | 11,737,145 |  |  | $ | 20.73 |
Granted | 7,839,903 |  |  | 12.85 |
Vested | (3,336,860) |  |  | 22.49 |
Forfeited | (1,769,338) |  |  | 18.06 |
Outstanding, September 30, 2025 | 14,470,850 |  |  | $ | 16.38 |
RSUs under the 2020 Plan generally vest ratably on an annual basis over four years. There was $176.0 million of unrecognized compensation expense related to unvested RSUs that is expected to be recognized over a weighted-average period of 2.7 years as of September 30, 2025. The total fair value of RSUs vested during the nine months ended September 30, 2025 was $75.1 million.

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