v3.25.2
Stock-based compensation (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]    
Summary of stock options valuation assumptions  
Table 18.1. Stock Options Valuation Assumptions
 
 
  
2023
 
  
2022
 
Risk-free interest rate
  
 
3.5% - 4.3%
 
  
 
1.8% - 2.9%
 
Expected term (years)
  
 
6.1 
- 
6.3
 
  
 
5.8 
- 
6.8
Expected volatility
  
 
46
% - 
47
%
 
  
 
50% - 55%
 
Expected annual dividend
  
 
—
 
 
  
 
—
 
 
  
 
 
 
  
 
 
 
Summary of outstanding stock options activities
A summary of outstanding stock options activities for the six months ended June 30, 2025 is presented as below:
 
Table 17.1. Summary of Outstanding Stock Options Activities
 
 
  
Number of
Stock

Options
(in thousands)
 
  
Weighted

Average
Exercise
Price
 
  
Weighted

Average
Remaining
Contractual
Term
(in years)
 
  
Aggregate
Intrinsic Value
(in thousands)
 
Balance as of December 31, 2024
  
 
22,751
 
  
$
8.48
 
  
 
5.5
 
  
$
522,900
 
Options exercised
  
 
(1,955
) 
  
 
3.48
 
  
  
Options forfeited
  
 
(93
) 
  
 
20.62
 
  
  
  
 
 
 
  
 
 
 
  
  
Balance as of June 30, 2025
  
 
20,703
 
  
 
8.90
 
  
 
4.6
 
  
 
3,568,967
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Exercisable at June 30, 2025
  
 
19,630
 
  
$
7.84
 
  
 
4.5
 
  
$
3,404,931
 
A summary of outstanding stock options activities for the years ended December 31
, 2024
and 2023
is presented as below:
Table 18.2. Summary of Outstanding Stock Options Activities
 
 
  
Number of
Stock

Options
(in thousands)
 
  
Weighted

Average

Exercise

Price
 
  
Weighted

Average

Remaining

Contractual

Term (in
years)
 
  
Aggregate

Intrinsic
Value

(in thousands)
 
Balance as of December 31, 2023
  
 
24,453
 
  
$
8.26
 
  
 
6.50
 
  
$
488,807
 
Options exercised
  
 
(1,221
) 
  
 
1.32
 
  
  
Options forfeited
  
 
(481
) 
  
 
15.34
 
  
  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2024
  
 
22,751
 
  
 
8.48
 
  
 
5.53
 
  
 
522,900
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Exercisable at December 31, 2024
  
 
20,636
 
  
$
6.91
 
  
 
5.32
 
  
$
505,237
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
  
Number of
Stock

Options

(in thousands)
 
  
Weighted

Average

Exercise

Price
 
  
Weighted

Average

Remaining

Contractual

Term (in
years)
 
  
Aggregate

Intrinsic
Value

(in thousands)
 
Balance as of December 31, 2022
  
 
25,211
 
  
$
6.69
 
  
 
7.06
 
  
$
821,385
 
Options granted
  
 
1,730
 
  
 
28.68
 
  
  
Options exercised
  
 
(990
) 
  
 
1.05
 
  
  
Options forfeited
  
 
(1,498
) 
  
 
10.19
 
  
  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2023
  
 
24,453
 
  
 
8.26
 
  
 
6.50
 
  
 
488,807
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Exercisable at December 31, 2023
  
 
18,331
 
  
$
5.02
 
  
 
6.03
 
  
$
421,091
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Summary of outstanding unvested stock options activities
A summary of outstanding unvested stock options activities for the six months ended June 30, 2025 is presented as below:
 
Table 17.2. Summary of Outstanding Unvested Stock Options Activities
 
 
  
Number of

Shares
(in thousands)
 
  
Weighted

Average
Exercise
Price
 
Balance as of December 31, 2024
  
 
2,115
 
  
$
23.81
 
Options vested
  
 
(1,035
) 
  
 
19.20
 
Options forfeited
  
 
(8
) 
  
 
17.06
 
  
 
 
 
  
 
 
 
Balance as of June 30, 2025
  
 
1,072
 
  
$
28.30
 
  
 
 
 
  
 
 
 
A summary of outstanding unvested stock options activities for the years ended December 31
, 2024
and 2023
is presented as below, respectively:
Table 18.3
. Summary of Outstanding Unvested Stock Options Activities
 
 
  
Number of

Shares

(in thousands)
 
  
Weighted

Average

Exercise Price
 
Balance as of December 31, 2023
  
 
6,122
 
  
$
17.94
 
Options vested
  
 
(3,720
) 
  
 
14.87
 
Options forfeited
  
 
(287
) 
  
 
14.51
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2024
  
 
2,115
 
  
$
23.81
 
  
 
 
 
  
 
 
 
 
 
  
Number of

Shares (in
thousands)
 
  
Weighted

Average

Exercise Price
 
Balance as of December 31, 2022
  
 
10,765
 
  
$
11.23
 
Options granted
  
 
1,730
 
  
 
28.68
 
Options vested
  
 
(5,580
) 
  
 
8.99
 
Options forfeited
  
 
(793
) 
  
 
13.21
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2023
  
 
6,122
 
  
$
17.94
 
  
 
 
 
  
 
 
 
Summary of restricted stock units activities
A summary of RSUs activities for the six months ended June 30, 2025 is as follows:
 
17.3. Summary of Restricted Stock Units Activities
  
 
 
  
 
 
 
  
Number of
Shares
(in thousands)
 
  
Weighted-
Average
Grant Date

Fair Value
 
Balance as of December 31, 2024
  
 
19,943
 
  
$
30.85
 
RSUs granted
  
 
7,129
 
  
 
31.13
 
RSUs vested
  
 
(9,543
) 
  
 
33.37
 
RSUs forfeited
  
 
(714
) 
  
 
29.67
 
  
 
 
 
  
 
 
 
Balance as of June 30, 2025
  
$
16,815
 
  
$
29.58
 
  
 
 
 
  
 
 
 
A summary of RSUs activities for the years ended December 31
, 2024
and 2023
is as follows:
Table 18.4
. Summary of Restricted Stock Units Activities
 
 
  
Number of

Shares (in
thousands)
 
  
Weighted-

Average

Grant Date

Fair Value
 
Balance as of December 31, 2023
  
 
10,900
 
  
$
34.96
 
RSUs granted
  
 
10,927
 
  
 
27.08
 
RSUs vested
  
 
(3
) 
  
 
27.81
 
RSUs forfeited
  
 
(1,881
) 
  
 
32.77
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2024
  
 
19,943
 
  
$
30.85
 
  
 
 
 
  
 
 
 
 
 
  
Number of

Shares (in
thousands)
 
  
Weighted-

Average

Grant Date

Fair Value
 
Balance as of December 31, 2022
  
 
7,183
 
  
$
38.78
 
RSUs granted
  
 
4,992
 
  
 
30.42
 
RSUs vested
  
 
(61
) 
  
 
33.17
 
RSUs forfeited
  
 
(1,214
) 
  
 
38.98
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2023
  
 
10,900
 
  
$
34.96
 
  
 
 
 
  
 
 
 
Summary of shares issued for business combinations activities
 
17.4. Summary of Shares Issued for Business Combinations Activities
 
 
  
Number of
Shares
(in thousands)
 
  
Weighted-
Average
Grant Date

Fair Value
 
Balance as of December 31, 2024
  
 
548
 
  
$
47.82
 
Shares issued
  
 
1,473
 
  
 
31.16
 
Shares forfeited
  
 
(6
) 
  
 
47.82
 
  
 
 
 
  
 
 
 
Balance as of June 30, 2025
  
$
2,015
 
  
$
35.64
 
  
 
 
 
  
 
 
 
Table 18.5
. Summary of Shares Issued for Business Combinations Activities
 
 
  
Number of

Shares (in
thousands)
 
  
Weighted-

Average

Grant Date

Fair Value
 
Balance as of December 31, 2023
  
 
2,036
 
  
$
47.82
 
Shares vested
  
 
(1,445
) 
  
 
47.82
 
Shares forfeited
  
 
(43
) 
  
 
47.82
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2024
  
 
548
 
  
$
47.82
 
  
 
 
 
  
 
 
 
 
 
  
Number of

Shares (in
thousands)
 
  
Weighted-

Average

Grant Date

Fair Value
 
Balance as of December 31, 2022
  
 
2,952
 
  
$
47.82
 
Shares vested
  
 
(874
) 
  
 
47.82
 
Shares forfeited
  
 
(42
) 
  
 
47.82
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2023
  
 
2,036
 
  
$
47.82