v3.25.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
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 six months ended June 30, 2025 (in thousands, except per share amounts and years):
Options OutstandingSARs Outstanding
Number of Awards
Weighted-Average Exercise Price Per Share
Weighted-Average
Remaining Contractual Life (years)
Aggregate Intrinsic Value
Number of Awards
Weighted-Average Exercise Price Per Share
Weighted-Average
Remaining Contractual Life (years)
Aggregate Intrinsic Value
Balance as of December 31, 2024178,109 $9.26 6.9$11,821,740 6,437 $55.75 6.7$127,976 
Granted— — 913 131.18 
Exercised(19,102)4.98 — — 
Canceled and forfeited(97)6.01 (122)53.55 
Balance as of June 30, 2025158,910 $9.77 6.6$20,109,743 7,228 $65.31 6.5$522,117 
Vested and exercisable as of June 30, 202570,110 $7.73 5.9$9,015,071 — $— 0.0$— 
Summary of RSU Activity
The following table summarizes the RSU and P-RSU activity for the six months ended June 30, 2025 (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, 202465,236 $14.89 577 $41.93 
Granted3,292 106.06 559 78.85 
Vested(13,425)18.25 (821)49.73 
Canceled and forfeited(1,941)22.13 (16)78.87 
Adjustment for performance achievement(1)
(74)68.14 
Unvested and outstanding as of June 30, 202553,162 $19.42 225 $93.99 
—————
(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 June 30,Six Months Ended June 30,
2025202420252024
Cost of revenue$14,973 $12,402 $29,989 $22,818 
Sales and marketing56,040 48,314 108,553 90,470 
Research and development32,068 29,943 63,902 56,817 
General and administrative56,890 51,105 112,866 97,310 
Total stock-based compensation expense$159,971 $141,764 $315,310 $267,415 
Summary of Valuation Assumptions
The Company determined the grant date fair value of Time-Vesting SARs granted during the six months ended June 30, 2025 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:
Six Months Ended
June 30, 2025
Expected volatility rate
61.0% - 66.1%
Expected term (in years)
3.4 - 8.9
Risk-free interest rate
4.3% - 4.6%
Expected dividend yield—%