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Stockholders' Equity And Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Summary of Restricted Stock Awards and Units

Information with respect to outstanding RSUs (including both time-based vesting and performance-based vesting) for the six months ended June 30, 2025 is as follows (in thousands, except per share amounts):

		Number of Shares Subject to Time- based Vesting				Number of Shares Subject to Performance- based Vesting				Total Number of Shares				Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2024			5,258				2,147				7,405			$	13.66
Granted			2,272				712				2,984			$	8.25
Vested / released			(1,999	)			(143	)			(2,142	)		$	13.09
Canceled / forfeited			(257	)			(604	)			(861	)		$	22.03
Balance at June 30, 2025			5,274				2,112				7,386			$	10.66

Summary of Stock-Based Compensation Expense

Total stock-based compensation expense for the three and six months ended June 30, 2025 and 2024 is as follows (in thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Cost of revenue, excluding depreciation and amortization of intangible assets		$	844			$	858			$	1,888			$	1,602
Research and development			3,191				5,831				7,614				10,164
Selling, general and administrative			6,292				8,614				12,927				18,294
Total stock-based compensation expense		$	10,327			$	15,303			$	22,429			$	30,060

Stock-Based Compensation Expense Categorized by Award Type

Stock-based compensation expense categorized by award type for the three and six months ended June 30, 2025 and 2024 is summarized in the table below (in thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
RSUs		$	8,266			$	11,160			$	18,138			$	20,345
PSUs			1,954				2,775				2,994				7,029
ESPP			107				1,368				1,297				2,686
Total stock-based compensation expense		$	10,327			$	15,303			$	22,429			$	30,060

Summary of Unrecognized Stock-based Compensation Expense

As of June 30, 2025, unrecognized stock-based compensation expense related to unvested equity-based awards is as follows (amounts in thousands):

		June 30, 2025
		Unrecognized Stock-Based Compensation				Weighted-Average Period to Recognize Expense (in years)
RSUs		$	40,667				1.9
PSUs			9,026				2.0
ESPP			2,165				0.7
Total unrecognized stock-based compensation expense		$	51,858

Employee Stock Purchase Plan

Schedule of Assumptions Used to Value Awards Granted

The following table summarizes the valuation assumptions used in estimating the fair value of the 2022 ESPP for the offering periods in effect using the Black-Scholes option pricing model:

		Six Months Ended June 30,
		2025				2024
Expected life (years)		0.5—1.0				0.5—1.0
Risk-free interest rate		4.4%—5.1%				5.1%—5.4%
Dividend yield			0.0	%			0.0	%
Expected volatility		43.0%—44.1%				44.4%—45.0%

Market-Based Performance Stock Units

Schedule of Assumptions Used to Value Awards Granted

The following assumptions were used to value the market-based PSUs granted during the period:

		Six Months Ended June 30,
		2025				2024
Expected life (years)			3.0				3.0
Risk-free interest rate			3.9	%			4.2	%
Dividend yield			0.0	%			0.0	%
Expected volatility			46.2	%			43.9	%

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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