v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option and SARs Activity
The following table summarizes stock option and stock appreciation right (“SAR”) activity for the three months ended March 31, 2026 (in thousands, except per share amounts, years, and aggregate intrinsic value):
Options OutstandingSARs Outstanding
Number of Awards
Weighted-Average Exercise Price Per Share
Weighted-Average
Remaining Contractual Life (years)		Aggregate Intrinsic Value (millions)Number of Awards
Weighted-Average Exercise Price Per Share
Weighted-Average
Remaining Contractual Life (years)		Aggregate Intrinsic Value (millions)
Balance as of December 31, 2025152,202 $9.98 6.1$25,536 11,271 $130.00 7.1$794 
Granted
— — 1,117 191.70 
Exercised(1,038)4.72 — — 
Canceled and forfeited(256)6.30 (252)172.39 
Balance as of March 31, 2026150,908 $10.02 5.9$20,563 12,136 $134.80 7.1$565 
Vested and exercisable as of March 31, 202675,833 $8.67 5.4$10,435 — $— 0.0$— 
Summary of Valuation Assumptions
The Company determined the grant-date fair value of Time-Vesting SARs granted using a Black-Scholes option-pricing model, calculated as the difference in fair value between a SAR with a strike price at the exercise price and a SAR with the strike price at its maximum appreciation, using the following assumptions:
Three Months Ended March 31,
20262025
Expected volatility rate
56.7% - 57.0%
61.0% - 66.1%
Expected term (in years)
8.7 - 9.7
3.4 - 8.9
Risk-free interest rate
3.9% - 4.2%
4.3% - 4.6%
Expected dividend yield—%—%
Summary of RSU and P-RSU Activity
The following table summarizes the RSU and P-RSU activity for the three months ended March 31, 2026 (in thousands, except per share amounts):
RSUs OutstandingWeighted Average Grant Date Fair Value per ShareP-RSUs OutstandingWeighted Average Grant Date Fair Value per Share
Unvested and outstanding as of December 31, 202541,644 $27.74 118 $180.79 
Granted523 156.44 106 178.40 
Vested(4,933)30.79 (118)180.79 
Canceled and forfeited(658)64.76 (5)178.40 
Adjustment for performance achievement(1)
— — 
Unvested and outstanding as of March 31, 202636,576 $28.51 101 $178.40 
—————
(1) This amount represents the difference between the maximum number of shares that could have been issued under the grant and the actual number of shares earned based on final performance.
Summary of Stock-Based Compensation Expense
Total stock-based compensation expense was as follows (in thousands):
Three Months Ended March 31,
20262025
Cost of revenue$17,906 $15,016 
Sales and marketing76,896 52,513 
Research and development36,545 31,834 
General and administrative70,245 55,976 
Total stock-based compensation expense$201,592 $155,339