Stock-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Summary of Stock Option and SARs Activity |
The following table summarizes stock option and stock appreciation right (“SAR”) activity for the nine months ended September 30, 2025 (in thousands, except per share amounts and years): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Options Outstanding | | SARs 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, 2024 | 178,109 | | | $ | 9.26 | | | 6.9 | | $ | 11,821,740 | | | 6,437 | | | $ | 55.75 | | | 6.7 | | $ | 127,976 | | | Granted | — | | | — | | | | | | | 5,061 | | | 218.86 | | | | | | | Exercised | (23,992) | | | 5.04 | | | | | | | — | | | — | | | | | | | Canceled and forfeited | (168) | | | 6.45 | | | | | | | (237) | | | 53.81 | | | | | | | Balance as of September 30, 2025 | 153,949 | | | $ | 9.92 | | | 6.4 | | $ | 26,556,634 | | | 11,261 | | | $ | 129.10 | | | 7.3 | | $ | 831,612 | | | Vested and exercisable as of September 30, 2025 | 69,724 | | | $ | 8.15 | | | 5.7 | | $ | 12,150,790 | | | — | | | $ | — | | | 0.0 | | $ | — | |
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| Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions |
The Company determined the grant-date fair value of Time-Vesting SARs granted during the nine months ended September 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: | | | | | | | Nine Months Ended
September 30, 2025 | | Expected volatility rate | 56.9% - 66.1% | | Expected term (in years) | 3.4 - 9.3 | | Risk-free interest rate | 4.0% - 4.6% | | Expected dividend yield | —% |
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| Summary of RSU Activity |
The following table summarizes the RSU and P-RSU activity for the nine months ended September 30, 2025 (in thousands, except per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | RSUs Outstanding | | Weighted Average Grant Date Fair Value per Share | | P-RSUs Outstanding | | Weighted Average Grant Date Fair Value per Share | | Unvested and outstanding as of December 31, 2024 | 65,236 | | | $ | 14.89 | | | 577 | | | $ | 41.93 | | | Granted | 4,976 | | | 129.64 | | | 695 | | | 93.75 | | | Vested | (19,893) | | | 18.57 | | | (1,047) | | | 59.29 | | | Canceled and forfeited | (2,730) | | | 25.08 | | | (18) | | | 93.98 | | Adjustment for performance achievement(1) | | | | | (74) | | | 68.14 | | | Unvested and outstanding as of September 30, 2025 | 47,589 | | | $ | 24.76 | | | 133 | | | $ | 154.86 | |
(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.
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| Summary of Stock-Based Compensation Expense |
Total stock-based compensation expense was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Cost of revenue | $ | 15,789 | | | $ | 13,123 | | | $ | 45,778 | | | $ | 35,941 | | | Sales and marketing | 63,148 | | | 50,698 | | | 171,701 | | | 141,168 | | | Research and development | 35,049 | | | 30,715 | | | 98,951 | | | 87,532 | | | General and administrative | 58,332 | | | 47,889 | | | 171,198 | | | 145,199 | | | Total stock-based compensation expense | $ | 172,318 | | | $ | 142,425 | | | $ | 487,628 | | | $ | 409,840 | |
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