In February 2025, the Company's board of directors authorized a program for the repurchase of up to $500 million of the Company's Class A common stock. Repurchases may be made from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the Company to acquire any particular amount of its Class A common stock and may be suspended at any time at the Company's discretion. The timing and number of shares repurchased will depend on a variety of factors, including the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors.

During the three months ended March 31, 2025, the Company did not purchase any shares of Class A common stock. As of March 31, 2025, the Company had $500.0 million available to repurchase shares pursuant to the program.

In connection with the issuance of the 2029 Notes in February 2024, the Company repurchased 3,142,678 shares of its Class A common stock from investors in privately negotiated transactions for an aggregate repurchase price of approximately $50.0 million. The shares were repurchased at fair value and the entire repurchase price was allocated to the repurchase of the shares. The par value of the shares retired is charged against common stock and the remaining repurchase price is allocated to additional paid-in capital on the condensed consolidated balance sheets. The Company retired the shares upon repurchase.

The Company currently maintains two equity award plans that provide for the issuance of shares of common stock to officers and other employees, directors, and consultants of the Company: the 2019 Equity Incentive Plan (the "2019 Plan") and the 2019 Employee Stock Purchase Plan (the “ESPP”). These plans provide for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSU”) and performance-based restricted stock units ("PSU").


	Number of Shares	Weighted- Average Grant Date Fair Value		Aggregate Intrinsic Value
Unvested units as of December 31, 2024	26,194	$	10.67	$	336,282
Granted	21,292	13.29
Vested	(4,157)	15.57
Canceled	(1,536)	13.94
Unvested units as of March 31, 2025	41,793	$	11.39	$	494,523

Included in the grants for the three months ended March 31, 2025 are 1,880,918 shares of PSUs. These PSUs are divided into individual performance milestones and vesting tranches tied to the Company’s stock performance. On the grant date, the Company valued these PSUs using a Monte Carlo valuation model to determine for each milestone (i) the fair value to expense for such tranche and (ii) the requisite service period when the milestone for such tranche is expected to be achieved. The Monte Carlo valuation model considers several variables and assumptions in estimating the fair value of stock-based awards including the Company's stock price on grant date, expected term, expected volatility, and risk-free interest rate. The resulting fair value is amortized beginning on the grant date over the requisite service periods of each individual tranche. All PSUs are subject to a continuous service condition in addition to certain performance criteria.

In November 2024, the Company’s board of directors approved the transition to the net settlement method as the Company’s withholding method for RSUs. Prior to this, the Company’s withholding method was the sell-to-cover method with

As of March 31, 2025, the total unrecognized compensation cost was $331.3 million related to all unvested awards. The Company expects to recognize this expense over the remaining weighted-average period of approximately 1.1 years. Generally, RSUs granted after March 28, 2019 vest on the satisfaction of a service-based condition only. The Company recognizes compensation expense for such RSUs upon a straight-line basis over their requisite service periods. The Company recognizes compensation expense for PSUs using the accelerated attribution method over the requisite service periods of each individual tranche.