v3.25.4
Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs Equity awards compensation expense recorded in the consolidated statements of operations was as follows: 
Year Ended December 31,
2025
2024
2023
(in thousands)
  Research and Development
$(21,697)
$(54,027)
$(54,794)
  Sales and Operations
(19,404)
(21,457)
(20,011)
  General and Administrative
(17,467)
(27,133)
(22,380)
Total equity awards compensation expense (1)
(58,568)
(102,617)
(97,185)
Tax benefit from equity awards compensation expense
6,886
10,086
7,864
Total equity awards compensation expense, net of tax effect
$(51,682)
$(92,531)
$(89,321)
(1) The periods ended December 31, 2025 and 2024, are presented net of $5.8 million and $4.0 million, respectively, capitalized stock-based compensation
relating to internally developed software.
The breakdown of the equity award compensation expense by instrument type was as follows:
Year Ended December 31,
2025
2024
2023
(in thousands)
Restricted stock units and Performance stock units
$(58,568)
$(66,736)
$(61,949)
Lock-up shares
—
(34,013)
(33,224)
Nonemployee warrants
—
(1,822)
(1,922)
Stock options
—
(46)
(90)
Total equity awards compensation expense (1)
(58,568)
(102,617)
(97,185)
Tax benefit from equity awards compensation expense
6,886
10,086
7,864
Total equity awards compensation expense, net of tax effect
$(51,682)
$(92,531)
$(89,321)
(1) The periods ended December 31, 2025 and 2024, are presented net of $5.8 million and $4.0 million, respectively, capitalized stock-based compensation
relating to internally developed software.
Schedule of Nonvested Restricted Stock Units Activity
Shares (RSU)
Weighted-
Average
Grant Date
Fair Value
Per Share
Outstanding as of December 31, 2024
4,422,434
$34.45
Granted
2,465,484
29.14
Vested
(1,831,852)
30.54
Forfeited
(537,369)
34.10
Outstanding as of December 31, 2025
4,518,697
$33.15
Share-Based Payment Arrangement, Performance Shares, Activity The number of shares granted, vesting and outstanding subject to performance conditions is as follows:
Shares (PSU)
Weighted-
Average
Grant Date
Fair Value
Per Share
Outstanding as of December 31, 2024
836,008
$33.47
Granted
217,239
28.27
Performance share adjustment
(38,264)
—
Vested
(322,701)
33.48
Forfeited
(250,143)
34.67
Outstanding as of December 31, 2025
442,139
$31.89
Schedule of Share Based Compensation Performance Shares Award Total Shareholder Return Unvested Activity The grant-date fair value was determined based on a Monte-Carlo valuation model using the following key assumptions:
Expected volatility of the Company
40.33%
Expected volatility of the benchmark
77.41%
Risk-free rate
3.95%
Expected dividend yield
—%
The number of shares granted, vested and outstanding subject to market conditions is as follows:
Shares (TSR)
Weighted-
Average
Grant Date
Fair Value
Per Share
Outstanding as of December 31, 2024
259,138
$51.28
Granted
217,239
57.03
Vested
—
—
Forfeited
(162,994)
52.91
Outstanding as of December 31, 2025
313,383
$54.41
Schedule of Stockholders' Equity Note, Warrants or Rights
Shares
Weighted-
Average
Grant Date
Fair Value
Per Share
Weighted-
Average
Remaining
Contractual
Term
(Years)
Aggregate
Intrinsic
Value
(in thousands)
Outstanding - December 31, 2024
159,897
$18.31
3.6
$3,528.7
Granted
—
Exercised
—
Cancelled
—
Expired
—
Outstanding - December 31, 2025
159,897
$18.31
2.6
$1,300.0
Vested and exercisable - December 31, 2025
159,897
Schedule of Stock Options Roll Forward
Options Outstanding
Number of
Shares
Underlying
Outstanding
Options
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value
(in thousands)
Outstanding - December 31, 2024
218,681
$20.49
4.5
$4,340.6
Options granted
—
Options exercised
(111,156)
Options forfeited
(1,100)
Options canceled
—
Options expired
(19,710)
Outstanding - December 31, 2025
86,715
$17.35
4.0
$276.0
Vested and exercisable - December 31, 2025
86,715