Stock Incentive Plans (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule of Shares of Common Stock Reserved for Future Issuances |
The following table summarizes the shares of common stock reserved for future issuance under the 2021 Plan as of December 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2025 |
|
|
2024 |
|
Stock options outstanding |
|
21,797,772 |
|
|
|
23,349,505 |
|
Restricted stock units outstanding |
|
24,982,281 |
|
|
|
31,042,552 |
|
Restricted stock units available for future grant |
|
68,250,493 |
|
|
|
75,673,991 |
|
Reserved for ESPP |
|
9,804,354 |
|
|
|
10,403,530 |
|
Common stock reserved for future issuance |
|
124,834,900 |
|
|
|
140,469,578 |
|
|
| Schedule of Restricted Stock Unit Activity ("RSU") and Restricted Stock Awards ("RSA") |
The table below summarizes the RSU activity and RSA activity for the years ended December 31, 2025, 2024, and 2023:
|
|
|
|
|
|
|
|
|
|
|
|
Weighted- |
|
|
|
|
|
Average |
|
|
Shares |
|
|
Fair Value |
|
Non-vested—December 31, 2022 |
|
31,288,688 |
|
|
$ |
10.34 |
|
Granted |
|
12,574,115 |
|
|
|
9.01 |
|
Vested |
|
(5,707,373 |
) |
|
|
10.57 |
|
Canceled |
|
(1,825,549 |
) |
|
|
9.90 |
|
Non-vested—December 31, 2023 |
|
36,329,881 |
|
|
|
10.56 |
|
Granted |
|
10,538,732 |
|
|
|
11.80 |
|
Vested |
|
(14,232,526 |
) |
|
|
10.76 |
|
Canceled |
|
(1,593,535 |
) |
|
|
10.68 |
|
Non-vested—December 31, 2024 |
|
31,042,552 |
|
|
|
10.92 |
|
Granted |
|
16,609,615 |
|
|
|
10.13 |
|
Vested |
|
(18,318,640 |
) |
|
|
11.15 |
|
Canceled |
|
(4,351,246 |
) |
|
|
10.45 |
|
Non-vested—December 31, 2025 |
|
24,982,281 |
|
|
$ |
10.27 |
|
|
| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The valuation of the performance-based RSUs with a market condition modified during the year ended December 31, 2023, was determined using a Monte Carlo Simulation model using the following assumptions:
|
|
|
2023 |
Expected term (in years) |
1.1-2.1 |
Expected volatility |
28%-32% |
Expected dividend yield |
0% |
Risk-free interest rate |
4.36%-4.87% |
|
| Summary of Share-based Compensation Arrangements by Share-based Payment Award |
The table below summarizes the option activity for the years ended December 31, 2025, 2024 and 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted- |
|
|
Weighted-Average |
|
|
|
|
|
|
|
|
Average |
|
|
Remaining |
|
|
Aggregate |
|
|
|
|
|
Exercise |
|
|
Contractual Life |
|
|
Intrinsic Value |
|
|
Shares |
|
|
Price |
|
|
(in years) |
|
|
(in thousands) |
|
Options outstanding—December 31, 2022 |
|
45,249,260 |
|
|
$ |
2.99 |
|
|
|
4.9 |
|
|
$ |
258,470 |
|
Exercised |
|
(8,923,718 |
) |
|
|
2.85 |
|
|
|
|
|
|
|
Forfeited and canceled |
|
(537,073 |
) |
|
|
6.88 |
|
|
|
|
|
|
|
Options outstanding—December 31, 2023 |
|
35,788,469 |
|
|
$ |
2.96 |
|
|
|
4.0 |
|
|
|
301,563 |
|
Exercised |
|
(12,427,044 |
) |
|
|
2.69 |
|
|
|
|
|
|
|
Forfeited and canceled |
|
(11,920 |
) |
|
|
3.40 |
|
|
|
|
|
|
|
Options outstanding—December 31, 2024 |
|
23,349,505 |
|
|
$ |
3.11 |
|
|
|
3.2 |
|
|
|
201,305 |
|
Exercised |
|
(1,496,563 |
) |
|
|
3.14 |
|
|
|
|
|
|
|
Forfeited and canceled |
|
(55,170 |
) |
|
$ |
8.58 |
|
|
|
|
|
|
|
Options outstanding—December 31, 2025 |
|
21,797,772 |
|
|
$ |
3.09 |
|
|
|
2.0 |
|
|
$ |
106,846 |
|
Options exercisable—December 31, 2025 |
|
21,592,416 |
|
|
$ |
3.04 |
|
|
|
2.0 |
|
|
$ |
106,013 |
|
Options vested and expected to vest—December 31, 2025 |
|
21,797,659 |
|
|
$ |
3.09 |
|
|
|
2.0 |
|
|
$ |
106,013 |
|
|
| Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount |
Stock-Based Compensation—Stock-based compensation expense has been recorded in the accompanying consolidated statements of operations and comprehensive income (loss) as follows for the years ended December 31, 2025, 2024 and 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Cost of revenues |
|
$ |
11,109 |
|
|
$ |
9,342 |
|
|
$ |
8,802 |
|
Research and development |
|
|
57,099 |
|
|
|
47,191 |
|
|
|
25,467 |
|
Selling and marketing |
|
|
44,218 |
|
|
|
28,083 |
|
|
|
33,204 |
|
General and administrative |
|
|
62,968 |
|
|
|
86,422 |
|
|
|
77,045 |
|
Total stock-based compensation expense |
|
$ |
175,394 |
|
|
$ |
171,038 |
|
|
$ |
144,518 |
|
|
| 2021 Employee Stock Purchase Plan [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The fair value of ESPP purchase rights sold during the years ended December 31, 2025, 2024 and 2023 was estimated using the Black-Scholes option pricing model with the following assumptions:
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
2023 |
Expected term (in years) |
|
0.5 |
|
0.5 |
|
0.5 |
Expected volatility |
|
22-23% |
|
25%-29% |
|
30%-51% |
Expected dividend yield |
|
0% |
|
0% |
|
0% |
Risk-free interest rate |
|
4.2%-5.3% |
|
5.2%-5.5% |
|
2.5%-4.7% |
|
| Cayman Equity Incentive Plan [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The fair values of the outstanding awards at December 31, 2025, 2024 and 2023 were based on the Black-Scholes option pricing model using the following assumptions:
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
2023 |
Expected term (in years) |
|
3.18-4.40 |
|
4.25-5.42 |
|
5.25 - 5.42 |
Expected volatility |
|
40% |
|
40% |
|
40% |
Expected dividend yield |
|
0% |
|
0% |
|
0% |
Risk-free interest rate |
|
3.7% |
|
4.4% |
|
3.8% |
|