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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Equity Incentive Plans
For the three months ended March 31, 2026, there were no significant changes to the Company’s 2012 Employee, Director and Consultant Equity Incentive Plan, as amended, (the "2012 Plan") and the Company’s Amended and Restated 2020 Equity Incentive Plan (the "2020 Plan"). On January 1, 2026, pursuant to the terms of the 2020 Plan, the number of shares reserved for issuance was increased automatically by 4% of the number of outstanding shares of common stock as of January 1, 2026.
Stock Option Activity
The following table summarizes the changes in the Company’s outstanding stock options:
Number of
Options
Outstanding at December 31, 20255,551,227
Granted—
Exercised(910,661)
Forfeited(1,685,653)
Outstanding at March 31, 20262,954,913
Generally, each award vests based on continued service per the award agreement. The grant date fair value of the award is recognized as stock-based compensation expense over the requisite service period. The grant date fair value was determined using similar methods and assumptions as those previously disclosed by the Company.
Restricted Stock Unit Activity
The following table summarizes the changes in the Company’s outstanding restricted stock units ("RSUs"):
Number of
RSUs
Outstanding at December 31, 202521,538,563
Granted6,841,463
Vested and converted to shares(6,548,354)
Forfeited(1,293,251)
Outstanding at March 31, 202620,538,421
Generally, each award vests based on continued service per the award agreement. The grant date fair value of the award is recognized as stock-based compensation expense over the requisite service period. The grant date fair value was determined based on the fair market value of the Company’s Class A common stock on the grant date.
Included in the table above are market-based RSUs granted between 2023 and 2025 that include a service condition. The market-based conditions for these awards are objective metrics related to the Company’s stock price defined in the award agreements. The service condition for these awards is satisfied by providing service to the Company through the achievement date of the market-based conditions. The grant date fair value of the awards is recognized as stock-based compensation expense over the derived service period. The grant date fair value and derived service period were determined by using a Monte Carlo simulation with similar assumptions as those previously disclosed by the Company.
Employee Stock Purchase Plan
For the three months ended March 31, 2026, there were no significant changes to the Company’s 2024 Employee Stock Purchase Plan (the “ESPP”). On January 1, 2026, pursuant to the terms of the ESPP, the number of shares reserved for issuance was increased automatically by 1% of the number of shares of common stock issued and outstanding on December 31, 2023.
No shares of common stock were issued under the ESPP during the three months ended March 31, 2026 and 2025.
Stock-Based Compensation Expense
The following table summarizes the Company’s stock-based compensation expense (in thousands):
Three months ended March 31,
20262025
Cost of revenue – software and other services$130 $— 
Research and development1,548 2,249 
Sales and marketing1,509 1,721 
General and administrative2,355 2,314 
Total stock-based compensation expense$5,542 $6,284