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Income Taxes - Schedule of Disaggregated by Material Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Examination [Line Items]
US Federal *	$ 740	$ 745	$ 0
US State and Local:	2,089	2,406	1,150
Foreign:	2,014	600	439
Total Worldwide	4,843	3,751	1,589
Illinois
Income Tax Examination [Line Items]
US State and Local:	560	978	380
Pennsylvania *
Income Tax Examination [Line Items]
US State and Local:	0	368	200
Texas
Income Tax Examination [Line Items]
US State and Local:	247	295	205
New York *
Income Tax Examination [Line Items]
US State and Local:	0	0	114
Other states
Income Tax Examination [Line Items]
US State and Local:	1,282	765	251
United Kingdom
Income Tax Examination [Line Items]
Foreign:	1,460	0	0
Canada *
Income Tax Examination [Line Items]
Foreign:	0	317	178
Philippines *
Income Tax Examination [Line Items]
Foreign:	0	0	118
Other Foreign Jurisdictions
Income Tax Examination [Line Items]
Foreign:	$ 554	$ 283	$ 143

Selected Quarterly Financial Data (Unaudited) - Schedule of Allocation of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Quarterly Financial Information [Line Items]
Stock-based compensation	$ 33,625	$ 33,339	$ 41,859	$ 39,245	$ 38,443	$ 39,556	$ 43,632	$ 44,684	$ 148,068	$ 166,315	$ 206,292
Cost of revenue
Quarterly Financial Information [Line Items]
Stock-based compensation	6,504	6,852	7,296	7,184	6,921	7,512	7,789	7,603
Research and development
Quarterly Financial Information [Line Items]
Stock-based compensation	7,349	6,896	8,829	8,690	8,259	8,244	9,827	10,930
Sales and marketing
Quarterly Financial Information [Line Items]
Stock-based compensation	8,879	8,401	13,355	11,574	10,880	12,490	13,824	14,020
General and administrative
Quarterly Financial Information [Line Items]
Stock-based compensation	$ 10,893	$ 11,190	$ 12,379	$ 11,797	$ 12,383	$ 11,310	$ 12,192	$ 12,131

Net Income (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total (in shares)	0	18,155	10,560
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total (in shares)	0	860	918
RSUs (including PRSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total (in shares)	0	5,829	4,076
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total (in shares)	0	11,466	5,566

Description of Business and Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Tax Credit Carryforward [Line Items]
Deferred tax assets	$ 2,783	$ 3,464
Australian, Germany, India, Portugal and UK Taxation Office
Tax Credit Carryforward [Line Items]
Deferred tax assets	$ 2,700	$ 3,500

Commitments and Contingencies - State and Local Taxes and Surcharges (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Loss Contingencies [Line Items]
Sales tax liability - current	$ 3,272	$ 3,983
Contingent Sales Tax Liabilities
Loss Contingencies [Line Items]
Sales tax liability	1,700	1,100
Sales tax liability - current	$ 400	$ 900

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Description of Business and Summary of Significant Accounting Policies

Five9, Inc. and its wholly-owned subsidiaries (the “Company”) is a provider of cloud software for contact centers. The Company was incorporated in Delaware in 2001 and is headquartered in San Ramon, California. In addition to the United States, the Company has offices in Europe, Asia and Australia, which primarily provide research, development, sales, marketing, and customer support services.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding annual financial reporting. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, including accompanying notes and the reported amounts of revenue and expenses during the reporting period. The significant estimates made by management affect revenue and related reserves, as well as the fair value of assets acquired and liabilities assumed through business combinations and the fair value of the performance-based restricted stock units (“PRSUs”). Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. Actual results could differ from those estimates.

Foreign Currency

The functional currency of the Company’s foreign subsidiaries is the U.S. dollar. For these subsidiaries, the monetary assets and liabilities resulting from foreign currency transactions are adjusted to reflect the exchange rate as of the balance sheet date. Foreign currency transaction gains and losses were not significant in any period and are reported in “Other income (expense), net” in the consolidated statements of operations and comprehensive income (loss).

Cash and Cash Equivalents

The Company’s cash and cash equivalents consist of highly liquid investments with maturities of three months or less at the time of purchase. The Company’s cash equivalents consist of investments in money market funds and U.S. treasury securities.

Marketable Investments

The Company’s marketable investments consist of U.S. treasury securities, U.S. agency securities and government sponsored securities, certificates of deposit, corporate bonds, and commercial paper. The Company’s marketable investments are classified as available-for-sale and carried at fair value. The intent is that all marketable investments are available for use in the Company’s current operations, including marketable investments with maturity dates greater than one year from December 31, 2025. The Company monitors its available-for-sale debt securities for potential impairment on a quarterly basis. If the Company intends to sell a debt security or it is more likely than not that the Company will be required to sell the security before recovery, then a decline in fair value below cost is recorded as an impairment charge in interest income and other in the consolidated statements of operations and comprehensive income (loss). In other cases, the Company further assesses whether the decline in fair value below cost is due to credit or non-credit related factors. Any credit-related unrealized losses are recognized as an allowance on the consolidated balance sheets with a corresponding charge in interest income and other in the consolidated statements of operations and comprehensive income (loss). Non-credit related unrealized losses and unrealized gains on available-for-sale debt securities are included in accumulated other comprehensive income.

Concentration Risks

Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents, marketable investments and accounts receivable. A significant portion of the Company’s cash and cash equivalents is held at three large reputable financial institutions. Total cash and cash equivalents in excess of insured limits were $229.1 million and $360.2 million as of December 31, 2025 and 2024, respectively. The Company has not experienced any losses in such accounts.

As of December 31, 2025, there was one customer that represented 11% of accounts receivable. As of December 31, 2024, there was no customer that represented more than 10% of accounts receivable. For the years ended December 31, 2025, 2024 and 2023, no single customer represented more than 10% of revenue.

Provision for Credit Losses

The Company uses an expected credit loss model, which requires it to consider historical loss rates and expectations of forward-looking losses to estimate its provision for credit losses on its trade accounts receivables, unbilled accounts receivables and contract assets.

The following table presents the changes in the provision for credit losses (in thousands):


	Year Ended December 31,
	2025		2024
Balance, beginning of period	$	341	$	264
Add: bad debt expense	1,617		1,150
Less: write-offs, net of recoveries	(1,523)		(1,073)
Balance, end of period	$	435	$	341

Property and Equipment, Net

Property and equipment is stated at cost less accumulated depreciation and amortization, and is depreciated using the straight-line method over the estimated useful lives of the assets as follows:


Asset Category						Estimated Useful Lives
Computer and network equipment						3 to 5 years
Computer software						3 years
Internal-use software development costs						3 years
Furniture and fixtures						7 years
Leasehold improvements						Shorter of useful life or lease term

The Company capitalizes certain qualifying costs incurred during the development stage of internal-use software. Costs related to preliminary project activities and post-implementation activities are expensed in research and development as incurred. Preliminary project activities include conceptual formulation, evaluation and final selection of alternatives, planning, proof of concept and requirement analysis of the selected alternative. The post-implementation stage begins when the internal-use software is ready for its intended use, and includes all internal and external training and application maintenance activities. Capitalized internal-use software development costs are included within property and equipment, net on the consolidated balance sheets, and are amortized over the estimated useful life of the software, which is three years. The related amortization expense is recognized in cost of revenue in the consolidated statements of operations and comprehensive income (loss).

Maintenance and repairs of property and equipment are charged to expense as incurred, and improvements and betterments are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the consolidated balance sheets and any resulting gain or loss is reflected in the consolidated statements of operations and comprehensive income (loss) in the period realized.

The Company evaluates the recoverability of property and equipment for possible impairment whenever events or circumstances indicate that the carrying amount of such assets or asset groups may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets or asset groups are expected to generate. If such evaluation indicates that the carrying amount of the assets or asset groups is not recoverable, the carrying amount of such assets or asset groups is reduced to fair value.

During 2024, the Company recognized impairment losses recorded in general and administrative expenses of $1.9 million as a result of its commitment to close two operating lease facilities and $0.3 million related to the associated leasehold improvements and property and equipment. During 2025, the Company recorded impairment charges of property and equipment in the amount of $0.8 million.

Business Combinations

The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed as of the acquisition date. The Company’s estimates are inherently uncertain and subject to change. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets and liabilities assumed, with the corresponding offset to goodwill. In addition, uncertain tax positions and tax-related valuation allowances are initially established in connection with a business combination as of the acquisition date. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of operations and comprehensive income (loss).

Goodwill and Intangible Assets

The Company records goodwill when the consideration paid in a business combination exceeds the fair value of the net tangible assets and the identified intangible assets acquired. Goodwill is not amortized, but instead is required to be tested for impairment annually and whenever events or changes in circumstances indicate that the carrying value of goodwill may exceed its fair value.

The Company performs testing for impairment of goodwill in its fourth quarter, or as events occur or circumstances change that would more likely than not reduce the fair value of the Company’s single reporting unit below its carrying amount. A qualitative assessment is first made to determine whether it is necessary to perform the quantitative goodwill impairment test. This initial qualitative assessment includes, among other things, consideration of: (i) market capitalization of the Company; (ii) past, current and projected future earnings and equity; (iii) recent trends and market conditions; and (iv) valuation metrics involving similar companies that are publicly-traded and acquisitions of similar companies, if available. If this initial qualitative assessment indicates that it is more likely than not that impairment exists, a second quantitative assessment will be performed, involving a comparison between the estimated fair values of the Company’s single reporting unit with its respective carrying amount including goodwill. If the carrying value exceeds estimated fair value, an impairment charge is recorded for the excess. The Company may elect to bypass the qualitative assessment and proceed to perform the quantitative goodwill impairment test.

Intangible assets, consisting of acquired developed technology, trademarks and customer relationships, are carried at cost less accumulated amortization. All intangible assets have been determined to have definite lives and are amortized on a straight-line basis over their estimated remaining economic lives, ranging from three to 8 years. Amortization expense related to developed technology is included in cost of revenue. Amortization expense related to customer relationships is included in sales and marketing expense. Amortization expense related to domain names is included in general and administrative expense. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable.

Revenue Recognition

Revenue is recognized when control of the promised services is transferred to customers in an amount that reflects the consideration that the Company expects to receive in exchange for those services. The Company generates all of its revenue from contracts with customers. In contracts with multiple performance obligations, it identifies each performance obligation and evaluates whether the performance obligations are distinct within the context of the contract at contract inception. Performance obligations that are not distinct at contract inception are combined. The Company allocates the transaction price to each distinct performance obligation proportionately based on the estimated standalone selling price for each performance obligation. The Company then looks to how services are transferred to the customer in order to determine the timing of revenue recognition. Most services provided under the Company’s agreements result in the transfer of control over time.

The Company’s revenue consists of subscription services and related usage as well as professional services. The Company charges customers monthly subscription fees for access to its Intelligent CX Platform, primarily based on the number of licenses, as well as on a consumption or capacity basis for its AI solutions. Licenses are defined as

the maximum number of named agents allowed to concurrently access the Intelligent CX Platform. Customers typically have more named agents than licenses. Multiple named agents may use a license, though not simultaneously. The majority of the Company’s customers purchase both subscriptions and related telephony usage. A growing number of the Company’s customers subscribe to its platform but purchase telephony usage directly from a wholesale telecommunications service provider. The Company does not sell telephony usage on a stand-alone basis to any customer. The related usage fees are generally based on the volume of minutes used for inbound and outbound client interactions. Revenue generated from telephony usage is presented in revenue and cost of sales on a gross basis, as the Company is the party that controls the service and is responsible for fulfilling the promise to provide the call service by diverting the calls to selected carriers. The Company also offers bundled plans, generally for smaller deployments, whereby the customer is charged a single monthly fixed fee per agent seat that includes both subscription and unlimited usage in the contiguous 48 states and, in some cases, Canada. Professional services revenue is derived primarily from Intelligent CX implementations, including application configuration, system integration, optimization, education and training services. Customers are not permitted to take possession of the Company’s software.

The Company offers monthly, annual and multiple-year contracts to its customers, generally with 30 days’ notice required for limited reductions in the number of licenses or the level of consumption or capacity. Increases in the number of licenses or the level of consumption or capacity can be provisioned almost immediately. The Company’s customers, therefore, are able to adjust the number of licenses used to meet their changing contact center needs. The Company’s larger customers typically choose annual contracts, which generally include an implementation and ramp period of several months. Subscription fees, including bundled plans, are generally billed monthly in advance, while related usage fees are billed in arrears. Support activities include technical assistance for the Company’s solution and upgrades and enhancements to the Intelligent CX Platform on a when-and-if-available basis, which are not billed separately.

The Company generally requires advance deposits from its customers based on estimated usage when such usage is not billed as part of a bundled plan. Any unused portion of the deposit is refundable to the customer upon termination of the arrangement, provided all amounts due have been paid. All fees, except usage deposits, are non-refundable.

Professional services are primarily billed on a fixed-fee basis and are performed by us directly. However, our customers can choose to perform these services themselves, use one of the Company’s certified professional service providers, or engage their own third-party service providers. Revenue for professional services is recognized over time, as services are performed.

The estimation of variable consideration for each performance obligation requires the Company to make subjective judgments resulting in estimated variable consideration that is included in the transaction fee. This is done to the extent that it is probable, in the Company’s judgment, that a significant reversal in the amount of cumulative revenue recognized under the contract will not occur. The Company estimates the variable consideration in order to allocate the overall transaction fee on a relative stand-alone selling price basis to its multiple performance obligations. When services are included in the contract with the customer and are not sold at their stand-alone selling price, the Company is required to estimate the number of agents the customer will use, especially during the initial ramp period of the contract, during which the Company bills under an ‘actual usage’ model for subscription-related services. To date, variable consideration has not had a material impact on the allocation of transaction fees to multiple performance obligations.

The Company recognizes revenue on fixed fee professional services performance obligations based on the proportion of labor hours expended compared to the total hours expected to complete the related performance obligation. The determination of the total labor hours expected to complete the performance obligations involves judgment, which influences the initial stand-alone selling price estimate as well as the timing of professional services revenue recognition, although this is typically resolved in a short time frame.

When a contract with a customer is signed, the Company assesses whether collection of the fees under the arrangement is probable. The Company assesses collection based on a number of factors, including past transaction history and the creditworthiness of the client. The Company maintains a revenue reserve for potential credits to be issued in accordance with service level agreements or for other revenue adjustments.

Deferred Revenue

Deferred revenue consists of billings or payments received from customers for subscription services, usage and professional services in advance of revenue recognition and is recognized in accordance with the Company’s revenue recognition policy discussed above. The Company generally invoices its customers monthly in advance for subscription services. Accordingly, the deferred revenue balance does not represent the total contract value of sales arrangements.

Cost of Revenue

Cost of revenue consists primarily of personnel costs, including stock-based compensation, fees that the Company pays to telecommunications providers for usage, USF contributions and other regulatory costs, depreciation and related expenses of servers and equipment, costs to build out and maintain co-location data centers, costs of public cloud-based data centers, cost of third party software that the Company resells, allocated office and facility costs, amortization of acquired technology and amortization of internal-use software costs. Personnel costs include those associated with support of the Company’s solution, customers and data center operations, as well as with providing professional services. Data center costs include costs for servers and equipment to build out and setup, as well as co-location fees for the right to place the Company’s servers in data centers owned by third parties.

Research and Development

Research and development expenses consist primarily of salary and related expenses, including stock-based compensation, for personnel related to the development of improvements and expanded features for the Company’s solution, as well as quality assurance, testing, product management and allocated overhead. Research and development costs are expensed as incurred except for internal use software development costs that qualify for capitalization. The Company reviews development costs incurred for internal-use software in the application development stage and assesses costs for capitalization.

Advertising Costs

The Company primarily advertises its services through the internet and in conjunction with partners. Advertising costs are expensed as incurred and were $29.4 million, $25.4 million and $31.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Commissions

Commissions consist of variable compensation earned by sales personnel and referral fees the Company pays to third parties. The Company defers all incremental commission costs to obtain the contract, and amortizes these costs over a period of benefit determined to be five years. Commission expense was $91.3 million, $77.0 million and $61.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Stock-Based Compensation

All stock-based compensation granted to employees and non-employee directors is measured at the grant date fair value of the award. The Company estimates the fair value of stock options under the Company’s Equity Incentive Plans and purchase rights under the Company’s 2014 Employee Stock Purchase Plan (“2014 ESPP Plan” or “ESPP”) using the Black-Scholes option-pricing model. The fair value of restricted stock units (“RSUs”), including performance-based restricted stock units (“PRSUs”) subject to performance conditions, is equal to the fair value of the Company’s common stock on the date of grant. The fair value of PRSUs subject to market conditions are determined using a Monte Carlo Simulation model. Compensation expense is recognized net of actual forfeitures over the service period, which is generally the vesting period.

Income Taxes

The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date. The Company records a valuation allowance to reduce its deferred tax assets to the amount of future tax benefit that is more likely than not to be realized. As of

December 31, 2025 and 2024, the Company recorded a full valuation allowance against the U.S. net deferred tax assets because of its history of operating losses in the United States. As of December 31, 2025, the Company recognized a net deferred tax asset balance of $2.7 million related to its operations in Australia, Germany, India and the U.K. As of December 31, 2024, the Company recognized a net deferred tax asset balance of $3.5 million related to its operations in Australia, Germany, India, Portugal and the U.K. The Company classifies interest and penalties on unrecognized tax benefits as income tax expense.

Comprehensive income (loss)

Comprehensive income (loss) consists of net income (loss), and unrealized gains or losses on available-for-sale marketable investments. The Company presents comprehensive income (loss) as part of the consolidated statements of operations and comprehensive income (loss). The changes in the accumulated balances of the components of other comprehensive income (loss) were not material for the periods presented.

Net income (loss) per share

Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period, and excludes any dilutive effects of employee stock-based awards and potential shares issuable upon conversion of the convertible senior notes. Diluted net income (loss) per share is computed giving effect to all potentially dilutive shares of common stock, including common stock issuable upon exercise of stock options, vesting of RSUs and PRSUs, and shares of common stock issuable upon conversion of convertible senior notes.

In periods of net loss, all potentially issuable shares of common stock are excluded from the diluted net loss per share computation because they are anti-dilutive.

Indemnification

The Company, in the ordinary course of business, enters into agreements of varying scope and terms pursuant to which it agrees to indemnify customers, vendors, lessors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, including breach of security, services to be provided by the Company or from intellectual property infringement claims made by third parties. To date, the Company has not incurred any material costs as a result of such indemnification provisions and the Company has not accrued any liabilities related to such obligations in the consolidated financial statements as of December 31, 2025 and 2024.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires disclosure of specific categories in the effective tax rate reconciliation and additional information on income taxes paid. This ASU is effective for the Company’s fiscal years beginning after December 15, 2024. Early adoption is permitted and may be adopted on a prospective or retrospective basis. The Company’s adoption of ASU 2023-09 did not have a material impact on its financial position and results of operations but did result in incremental disclosures. See Note 9 for further information on the impact of this adoption.

Recent Accounting Pronouncements Not Yet Effective

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date of ASU 2024-03. This ASU is intended to improve the decision-usefulness of expense information on public companies’ income statements through disaggregation of relevant expense captions in the notes to the financial statements. The guidance, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently assessing the impact of this ASU on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20), which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The ASU is effective for annual and interim reporting periods beginning after December 15, 2025. Early adoption is permitted for entities that have implemented

ASU 2020-06, with the option to apply the guidance prospectively or retrospectively. The Company will adopt this standard in the first quarter of 2026 on a prospective basis and will apply it to any future settlements of convertible debt instruments, if applicable. The Company does not expect this standard to have a material impact on its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The ASU provides a practical expedient to assume that conditions as of the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. This guidance is effective for reporting periods beginning after December 15, 2025, with early adoption permitted. The Company will adopt this standard in the first quarter of 2026 and will elect the practical expedient. The Company does not expect this standard to have a material impact on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments are intended to modernize the recognition and capitalization framework to reflect current software development practices, including iterative and agile methodologies, by removing references to development project stages. It requires that an entity capitalize software costs when both of the following occur: (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in ASU 2025-06 are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently assessing the impact of this ASU on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow Scope Improvements, which is intended to improve the navigability of the guidance in ASC 270 and clarity when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other codification topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the impact of this ASU on its consolidated financial statements and related disclosures.

Debt - Narrative (Details) $ / shares in Units, shares in Millions		1 Months Ended	2 Months Ended	3 Months Ended								12 Months Ended
	Mar. 01, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2025 USD ($) $ / shares Rate shares	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2025 USD ($) day $ / shares Rate shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Feb. 27, 2024 $ / shares	May 31, 2020 USD ($)
Debt Instrument [Line Items]
Gain on early extinguishment of debt				$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 6,615,000	$ 0	$ 6,615,000	$ 0
Convertible Senior Notes, Due 2025 \| Convertible Debt
Debt Instrument [Line Items]
Extinguishment of debt	$ 313,100,000	$ 313,100,000
Aggregate consideration to repurchase note	$ 304,900,000
Gain on early extinguishment of debt												6,600,000
Cash received from unwound capped call settlement												$ 500,000
Stated interest rate on debt (percent)		0.50%		0.50%							0.50%	0.50%
Proceeds from issuance of debt			$ 728,800,000
Conversion ratio on convertible debt \| Rate												0.74437%
Closing price of common stock (in dollars per share) \| $ / shares				$ 20.05								$ 20.05
Stock price trigger (in dollars per share) \| $ / shares												$ 134.34
Number of shares covered in the capped call transactions (in shares) \| shares				3.2								3.2
Net carrying amount								433,500,000					433,500,000
Convertible Senior Notes, Due 2025 \| Convertible Debt \| On or After June 6, 2023
Debt Instrument [Line Items]
Number of trading days \| day												20
Number of consecutive trading days \| day												30
Threshold percentage of stock price trigger												130.00%
Convertible Senior Notes, Due 2025 \| Convertible Debt \| Private Placement
Debt Instrument [Line Items]
Aggregate principal amount of debt			747,500,000													$ 747,500,000
Option to purchase additional debt through private offering			$ 97,500,000													$ 97,500,000
Convertible Senior Notes, Due 2029 \| Convertible Debt
Debt Instrument [Line Items]
Extinguishment of debt		$ 313,100,000
Stated interest rate on debt (percent)		1.00%									1.00%
Proceeds from issuance of debt		$ 728,800,000
Conversion ratio on convertible debt \| Rate												0.12592%
Conversion price on convertible debt (in USD per share) \| $ / shares				$ 79.42								$ 79.42
Premium on conversion price in relation to closing price (percentage)															30.00%
Closing price of common stock (in dollars per share) \| $ / shares															$ 61.09
Share price of common stock with conversion premium (in dollars per share) \| $ / shares				$ 103.24								$ 103.24
Minimum amount required for redemption				$ 100,000,000.0								$ 100,000,000.0
Sinking fund payment												$ 0
Effective interest rate				1.49%								1.49%
Stock price trigger (in dollars per share) \| $ / shares												$ 79.42
Cap price of the capped call transactions (in dollars per share) \| $ / shares												$ 122.18
Number of shares covered in the capped call transactions (in shares) \| shares				9.4								9.4
Net carrying amount				$ 735,490,000				$ 731,855,000				$ 735,490,000	$ 731,855,000
Convertible Senior Notes, Due 2029 \| Convertible Debt \| Fundamental Change Event
Debt Instrument [Line Items]
Debt redemption price as percentage of principal amount												100.00%
Convertible Senior Notes, Due 2029 \| Convertible Debt \| On or After June 6, 2023
Debt Instrument [Line Items]
Number of trading days \| day												20
Number of consecutive trading days \| day												30
Threshold percentage of stock price trigger												130.00%
Debt redemption price as percentage of principal amount												100.00%
Convertible Senior Notes, Due 2029 \| Convertible Debt \| Convertible, Term One
Debt Instrument [Line Items]
Number of trading days \| day												20
Number of consecutive trading days \| day												30
Threshold percentage of stock price trigger												130.00%
Convertible Senior Notes, Due 2029 \| Convertible Debt \| Convertible, Term Two
Debt Instrument [Line Items]
Number of trading days \| day												5
Number of consecutive trading days \| day												5
Threshold percentage of stock price trigger												98.00%
Convertible Senior Notes, Due 2029 \| Convertible Debt \| Private Placement
Debt Instrument [Line Items]
Aggregate principal amount of debt		747,500,000									$ 747,500,000
Option to purchase additional debt through private offering		$ 97,500,000									$ 97,500,000

Stockholders' Equity - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 02, 2026	Nov. 12, 2025	Dec. 31, 2025	Oct. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award
Share repurchase program, aggregate amount				$ 150.0
Payment received an initial delivery of its common stock		$ 50.0
Payment received an initial delivery of its common stock (in shares)		1,926,782
Initial Price (in USD per share)		$ 20.76
Percentage of shares to be purchased (as percent)		80.00%
Share repurchase program, remaining authorized, amount			$ 100.0
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award
Payment received an initial delivery of its common stock (in shares)	701,517

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

Repurchase Transaction

In connection with the issuance of the 2029 convertible senior notes on March 1, 2024, the Company used part of the net proceeds from the issuance to repurchase approximately $313.1 million aggregate principal amount of the outstanding 2025 convertible senior notes in privately-negotiated transactions for aggregate cash consideration of approximately $304.9 million (the “Repurchase Transaction”).

The Repurchase Transaction was accounted for as a debt extinguishment. The difference between the consideration used to extinguish the 2025 convertible senior notes and the carrying value of the 2025 convertible senior notes (including unamortized debt discount and issuance costs) resulted in an extinguishment gain of approximately $6.6 million recorded in Other income (expense), net on the Company’s consolidated statements of operations and comprehensive income (loss).

In connection with the Repurchase Transaction, the Company also entered into a partial termination agreement with each bank counterparty and unwound a corresponding portion of the previously purchased capped call instruments entered into in connection with the issuance of the 2025 convertible senior notes (the “2025 Capped Calls”). The Company received approximately $0.5 million in cash in connection with these partial terminations, representing the fair value at the date of settlement of the unwound 2025 Capped Calls.

2029 Convertible Senior Notes and Related Capped Call Transactions

In March 2024, the Company issued $747.5 million aggregate principal amount of 2029 convertible senior notes in a private offering, which aggregate principal amount included the exercise in full of the initial purchasers’ option to purchase up to an additional $97.5 million principal amount of the 2029 convertible senior notes. The 2029 convertible senior notes mature on March 15, 2029 and bear interest at a fixed rate of 1.00% per annum, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2024. The total net proceeds from the issuance of the 2029 convertible senior notes, after deducting initial purchasers' discounts and commissions and estimated debt issuance costs, were approximately $728.8 million.

Each $1,000 principal amount of the 2029 convertible senior notes is initially convertible into 12.5918 shares of the Company’s common stock (the “2029 Conversion Option”), which is equivalent to an initial conversion price of approximately $79.42 per share of common stock, subject to adjustment upon the occurrence of specified events. The initial conversion price represents a premium of approximately 30% to the $61.09 per share closing price of the Company’s common stock on The Nasdaq Global Market on February 27, 2024. There have been no changes to the initial conversion price of the 2029 convertible senior notes since issuance. The 2029 convertible senior notes are convertible, in multiples of $1,000 principal amount, at the option of the holders prior to the close of business on the business day immediately preceding December 15, 2028, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2024 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable

trading day; (2) during the five business day period after any five consecutive trading day period (the “2029 Measurement Period”) in which the trading price (as defined in the 2029 Indenture governing the 2029 convertible senior notes) per $1,000 principal amount of the 2029 convertible senior notes for each trading day of the 2029 Measurement Period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate in effect on each such trading day; (3) if the Company calls any or all of the 2029 convertible senior notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after December 15, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2029 convertible senior notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances.

Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. If the Company undergoes a fundamental change (as defined in the indenture governing the 2029 convertible senior notes), subject to certain conditions, holders may require the Company to repurchase for cash all or any portion of their 2029 convertible senior notes, in principal amounts of $1,000 or a multiple thereof, at a fundamental change repurchase price equal to 100% of the principal amount of the 2029 convertible senior notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their notes in connection with such corporate event or during the relevant redemption period.

The closing market price of the Company's common stock of $20.05 per share on December 31, 2025, the last trading day during the three months ended December 31, 2025, was below $103.24 per share, which represents 130% of the initial conversion price of $79.42 per share. Additionally, the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day, December 31, 2025, was not greater than or equal to 130% of the initial conversion price. As such, during the three months ended December 31, 2025, the conditions allowing holders of the 2029 convertible senior notes to convert were not met. The 2029 convertible senior notes are therefore not convertible during the three months ending March 31, 2026.

The Company may not redeem the 2029 convertible senior notes prior to March 22, 2027. The Company may redeem for cash all or any portion of the 2029 convertible senior notes, at its option, on or after March 22, 2027 and prior to December 15, 2028, if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2029 convertible senior notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. However, the Company may not redeem less than all of the outstanding 2029 convertible senior notes unless at least $100.0 million aggregate principal amount of 2029 convertible senior notes are outstanding and not called for redemption at the time the redemption notice is sent. No sinking fund is provided for the 2029 convertible senior notes.

The 2029 convertible senior notes are the Company’s senior unsecured obligations and rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 2029 convertible senior notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated (including the 2025 convertible senior notes); effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities.

The net carrying amount of the 2029 convertible senior notes as of December 31, 2025 and 2024 was as follows (in thousands):



	December 31, 2025		December 31, 2024
Principal	$	747,500	$	747,500
Unamortized issuance costs	(12,010)		(15,645)
Net carrying amount	$	735,490	$	731,855

Interest expense related to the 2029 convertible senior notes was as follows (in thousands):


	Year Ended
	December 31, 2025		December 31, 2024
Contractual interest expense	$	7,475	$	6,229
Amortization of issuance costs	3,635		3,013
Total interest expense	$	11,110	$	9,242

The debt issuance costs are amortized into interest expense over the term of the 2029 convertible senior notes at an effective interest rate of 1.49%.

In connection with the issuance of the 2029 convertible senior notes, the Company entered into privately negotiated capped call transactions (each a “2029 Capped Call,” and collectively the "2029 Capped Calls") with certain financial institutions. The 2029 Capped Call has an initial strike price of approximately $79.42, subject to certain adjustments, which corresponds to the initial conversion price of the 2029 convertible senior notes. The 2029 Capped Calls have an initial cap price of $122.18 per share, subject to certain adjustments. The 2029 Capped Calls are expected to partially offset the potential dilution to the Company’s common stock upon any conversion of the 2029 convertible senior notes, with such offset subject to a cap based on the cap price. Each 2029 Capped Call covers, subject to anti-dilution adjustments, approximately 9.4 million shares of the Company’s common stock. The 2029 Capped Call is subject to adjustment upon the occurrence of specified extraordinary events affecting the Company, including merger events, tender offers, and announcement events. In addition, each 2029 Capped Call is subject to certain specified additional disruption events that may give rise to a termination of the 2029 Capped Calls, including nationalization, insolvency or delisting, changes in law, failures to deliver, insolvency filings, and hedging disruptions. For accounting purposes, each 2029 Capped Call is treated as a separate transaction from, and not part of the terms of the 2029 convertible senior notes. As these transactions meet certain accounting criteria, the 2029 Capped Calls are recorded in stockholders' equity and are not accounted for as derivatives. The 2029 Capped Calls will not be remeasured as long as they continue to meet the conditions for equity classification.

2025 Convertible Senior Notes and Related Capped Call Transactions

In May and June 2020, the Company issued $747.5 million aggregate principal amount of 2025 convertible senior notes in a private offering, which aggregate principal amount included the exercise in full of the initial purchasers’ option to purchase up to an additional $97.5 million principal amount of the 2025 convertible senior notes. The total net proceeds from the issuance of the 2025 convertible senior notes, after deducting initial purchasers' discounts and commissions and estimated debt issuance costs, were approximately $728.8 million.

In March 2024, the Company used part of the net proceeds from the issuance of the 2029 convertible senior notes to repurchase $313.1 million aggregate principal amount of the 2025 convertible senior notes in privately-negotiated transactions.

The 2025 convertible senior notes matured on June 1, 2025, and the Company settled its obligations with respect to the 2025 convertible senior notes in cash in connection therewith. Prior to maturity, the 2025 convertible senior notes bore interest at a fixed rate of 0.500% per annum, payable semiannually in arrears on June 1 and December 1 of each year.

The net carrying amount of the 2025 convertible senior notes as of December 31, 2024 was $433.5 million. There were no 2025 convertible senior notes outstanding as of December 31, 2025.

Interest expense related to the 2025 convertible senior notes was as follows (in thousands):


	Year Ended
		December 31, 2025		December 31, 2024		December 31, 2023
Contractual interest expense		$	905	$	2,433	$	3,737

Amortization of issuance costs		915		2,465		3,749
Total interest expense		$	1,820	$	4,898	$	7,486

In connection with the issuance of the 2025 convertible senior notes, the Company entered into privately negotiated capped call transactions (each a “2025 Capped Call,” and collectively the "2025 Capped Calls") with certain financial institutions. The 2025 Capped Calls each had an initial strike price of approximately $134.34, which corresponded to the initial conversion price of the 2025 convertible senior notes. In connection with the

Repurchase Transaction, the Company unwound a portion of the 2025 Capped Calls. Refer to the Repurchase Transaction section above for further information. The remaining 2025 Capped Calls covered, subject to anti-dilution adjustments, approximately 3.2 million shares of the Company’s common stock. For accounting purposes, each 2025 Capped Call was a separate transaction from, and not part of the terms of the 2025 convertible senior notes. As these transactions met certain accounting criteria, the 2025 Capped Calls were recorded in stockholders' equity and were not accounted for as derivatives. Upon maturity, the outstanding 2025 Capped Calls associated with the 2025 convertible senior notes were settled with no consideration received since their strike prices were in excess of the Company's stock price at that time.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Financial Statement Components - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 24,550	$ 30,822
Accrued compensation and benefits	52,387	44,002
Accrued federal fees	3,911	4,913
Sales and other tax liabilities	3,272	3,983
Accrued and other current liabilities	$ 84,120	$ 83,720

Restructuring	12 Months Ended
Restructuring	Dec. 31, 2025
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring On August 20, 2024, the Company announced a reduction in force plan (the “2024 Plan”) as part of its broader efforts to drive balanced, profitable growth, further supporting its positive, long-term outlook and focus on increasing stockholder value. The 2024 Plan reduced the Company’s global full-time employees by approximately 6%. For the year ended December 31, 2024, the Company incurred a total of $9.6 million in restructuring costs under the 2024 Plan, primarily consisting of notice period payments, severance payments, employee benefits and related costs, all of which are cash expenditures, of which $2.1 million was recorded in cost of revenue, $1.9 million was recorded in research and development expenses, $4.4 million was recorded in sales and marketing expenses, and $1.2 million was recorded in general and administrative expenses on the consolidated statements of operations and comprehensive income (loss). As of December 31, 2025, $9.6 million in total restructuring costs under the 2024 Plan had been paid. The Company does not expect to incur any additional costs under the 2024 Plan. On March 31, 2025, the Board of Directors of the Company approved a reduction in force plan (the “2025 Plan”) as part of its broader efforts to prioritize investments in key strategic areas, including artificial intelligence, as well as to drive profitable growth in supporting its positive, long-term outlook and increasing stockholder value. On April 3, 2025, the Company commenced execution of the 2025 Plan, which resulted in the reduction of the Company’s global full-time employees by approximately 4%. During the year ended December 31, 2025, the Company incurred a total of $7.9 million in restructuring costs under the 2025 Plan, primarily consisting of notice period payments, severance payments, employee benefits and related costs, all of which are cash expenditures, of which $1.6 million was recorded in cost of revenue, $1.9 million was recorded in research and development expenses, $3.4 million was recorded in sales and marketing expenses, and $1.0 million was recorded in general and administrative expenses on the consolidated statements of operations and comprehensive income (loss). As of December 31, 2025, $7.8 million had been paid and the remaining $0.1 million was recorded within accrued and other current liabilities in the consolidated balance sheets and was paid in the first quarter of 2026. During the year ended December 31, 2025, the Company also incurred an additional $2.1 million in stock-based compensation costs related to the 2025 Plan due to additional vesting of share-based awards, of which $0.3 million was recorded in cost of revenue, $0.5 million was recorded in research and development expenses, $1.1 million was recorded in sales and marketing expenses, and $0.2 million was recorded in general and administrative expenses on the consolidated statements of operations and comprehensive income (loss). The Company does not expect to incur any additional costs under the 2025 Plan.

Commitments and Contingencies - Schedule of Future Minimum Lease Payments for Hosting, Telecommunication Usage Services (Details) - Telecommunication Usage Services $ in Thousands	Dec. 31, 2025 USD ($)
Telecommunication Usage Services
2026	$ 5,813
2027	3,332
2028	1,869
2029	998
2030	502
Thereafter	0
Total future minimum payment	$ 12,514

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Intangible Asset, Acquired, Finite-Lived
Gross Carrying Amount	$ 120,334	$ 120,334
Accumulated Amortization	(69,168)	(54,702)
Net Carrying Amount	$ 51,166	$ 65,632	$ 38,323
Weighted Average Remaining Amortization Period (Years)	5 years 4 months 24 days	5 years 8 months 12 days
Developed technology
Intangible Asset, Acquired, Finite-Lived
Gross Carrying Amount	$ 105,714	$ 105,714
Accumulated Amortization	(62,794)	(51,230)
Net Carrying Amount	$ 42,920	$ 54,484
Weighted Average Remaining Amortization Period (Years)	5 years 9 months 18 days	6 years
Acquired workforce
Intangible Asset, Acquired, Finite-Lived
Gross Carrying Amount	$ 470	$ 470
Accumulated Amortization	(470)	(470)
Net Carrying Amount	$ 0	$ 0
Weighted Average Remaining Amortization Period (Years)	0 years	0 years
Customer relationships
Intangible Asset, Acquired, Finite-Lived
Gross Carrying Amount	$ 12,850	$ 12,850
Accumulated Amortization	(5,150)	(2,681)
Net Carrying Amount	$ 7,700	$ 10,169
Weighted Average Remaining Amortization Period (Years)	3 years 6 months	4 years 4 months 24 days
Trademarks
Intangible Asset, Acquired, Finite-Lived
Gross Carrying Amount	$ 1,300	$ 1,300
Accumulated Amortization	(754)	(321)
Net Carrying Amount	$ 546	$ 979
Weighted Average Remaining Amortization Period (Years)	1 year 6 months	2 years 4 months 24 days

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination, Recognized Asset Acquired and Liability Assumed

The following table presents the final allocation of the purchase price at the acquisition date (in thousands):


Cash	$	6,661
Tangible assets acquired	3,559
Other assets acquired	7,382
Acquired technology	30,400
Customer relationships	8,700
Trademarks	800
Goodwill	138,984
Total assets acquired	196,486
Deferred tax liability	(4,534)
Liabilities assumed	(18,125)
Total	$	173,827

The following table presents the final allocation of the purchase price at the acquisition date (in thousands):


Cash	$	1,523
Tangible assets acquired	383
Other assets acquired	3,002
Acquired technology	19,100
Customer relationships	2,550
Trademarks	500
Goodwill	61,849
Total assets acquired	88,907

Liabilities assumed	(6,895)
Total	$	82,012

Leases - Schedule of Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 15,092
2027	12,520
2028	10,851
2029	10,602
2030	10,262
Thereafter	1,669
Total future minimum lease payments	60,996
Less: imputed interest	(5,958)
Total	55,038	$ 48,329
Finance Leases
2026	9,050
2027	5,906
2028	319
2029	0
2030	0
Thereafter	0
Total future minimum lease payments	15,275
Less: imputed interest	(705)
Total finance lease liabilities	$ 14,570	$ 19,456

Leases - Schedule of Weighted Average Remaining Terms and Discount Rates (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted average remaining lease term, operating leases (in years)	4 years 7 months 6 days	5 years
Weighted average remaining lease term, finance leases (in years)	1 year 8 months 12 days	2 years 6 months
Weighted average discount rate, operating leases	4.70%	4.20%
Weighted average discount rate, finance leases	5.80%	5.80%

Description of Business and Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details)	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period (Years)	5 years 4 months 24 days	5 years 8 months 12 days
Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period (Years)	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period (Years)	8 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Investments and Fair Value Measurements - Schedule of Marketable Investments by Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Due within one year	$ 271,187
Due after one year through two years	193,098
Cost	464,285	$ 643,067
Due within one year	271,619
Due after one year through two years	193,216
Fair Value	$ 464,835	$ 643,410

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Commitments and Contingencies - Universal Services Fund Liability (Details) $ in Millions	Dec. 31, 2025 USD ($)
Disputed Portion \| Year 2003 to Year 2007 \| USF Obligations
Loss Contingencies [Line Items]
Disputed liability related to reversal of interest and penalties	$ 0.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Financial Statement Components

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Financial Statement Components

Cash and cash equivalents consisted of the following (in thousands):


	December 31,
	2025		2024
Cash	$	127,700	$	162,902
Money market funds	103,637		114,370
Certificates of deposit	747		496
U.S. treasury securities	—		42,946
U.S. agency and government-sponsored securities	—		41,832


Total cash and cash equivalents	$	232,084	$	362,546

Accounts receivable, net consisted of the following (in thousands):


	December 31,
	2025		2024
Trade accounts receivable	$	112,918	$	99,551
Unbilled trade accounts receivable, net of advance customer deposits	18,501		15,962
Provision for credit losses	(435)		(341)
Accounts receivable, net	$	130,984	$	115,172

Prepaid expenses and other current assets consisted of the following (in thousands):


	December 31,
	2025		2024
Prepaid expenses	$	24,209	$	27,988
Other current assets	14,797		15,646
Contract assets	4,101		7,206
Prepaid expenses and other current assets	$	43,107	$	50,840

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2025		2024
Computer and network equipment	$	178,485	$	173,671
Computer software	63,547		66,455
Internal-use software development costs	98,542		49,340
Furniture and fixtures	4,561		5,127
Leasehold improvements	6,757		6,736
Property and equipment	351,892		301,329
Accumulated depreciation and amortization	(187,257)		(156,441)
Property and equipment, net	$	164,635	$	144,888

Depreciation and amortization expense associated with property and equipment was $47.3 million, $40.3 million and $36.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. During the years ended December 31, 2025 and 2024, the Company recorded impairment charges of property and equipment in the amount of $0.8 million and $0.3 million, respectively.

Other assets consisted of the following (in thousands):


	December 31,
	2025		2024
Other assets	$	7,136	$	8,984
Equity investment in a privately-held company	750		750
Deferred tax assets	2,839		3,650
Other assets	$	10,725	$	13,384

Accrued and other current liabilities consisted of the following (in thousands):


	December 31,
	2025		2024
Accrued expenses	$	24,550	$	30,822
Accrued compensation and benefits	52,387		44,002
Accrued federal fees	3,911		4,913
Sales and other tax liabilities	3,272		3,983

Accrued and other current liabilities	$	84,120	$	83,720

Other long-term liabilities consisted of the following (in thousands):


	December 31,
	2025		2024
Deferred revenue	$	1,545	$	865
Deferred tax liabilities	56		186
Sales and other tax liabilities	1,357		244
Other long-term liabilities	4,589		5,422
Other long-term liabilities	$	7,547	$	6,717

Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

The following table presents the calculation of basic and diluted net income (loss) per share (in thousands, except per share data):


	Year Ended December 31,
	2025		2024		2023
Net income (loss)	$	39,416	$	(12,795)	$	(81,764)
Weighted-average shares used in computing basic and diluted net income (loss) per share:
Basic	76,916		74,503		72,048
Diluted	88,002		74,503		72,048
Basic and diluted net income (loss) per share:
Basic	$	0.51	$	(0.17)	$	(1.13)
Diluted	$	0.45	$	(0.17)	$	(1.13)

Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share

The following securities were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive (in thousands):


	December 31,
	2025	2024	2023
Stock options	—	860	918
RSUs (including PRSUs)	—	5,829	4,076
Convertible senior notes	—	11,466	5,566
Total	—	18,155	10,560

Description of Business and Summary of Significant Accounting Policies - Concentration Risks (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) institution	Dec. 31, 2024 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of reputable cash and cash equivalents is held \| institution	3
Cash, uninsured amount \| $	$ 229.1	$ 360.2
One Customer \| Accounts Receivable \| Customer Concentration Risk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of total account receivable	11.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Segment and Geographical Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 300,282	$ 285,832	$ 283,269	$ 279,705	$ 278,660	$ 264,182	$ 252,086	$ 247,010	$ 1,149,088	$ 1,041,938	$ 910,488
Depreciation and amortization	(16,853)	(15,772)	(14,649)	(14,490)	(14,640)	(13,144)	(12,938)	(12,183)	(61,764)	(52,905)	(48,515)
Interest expense	(3,054)	(3,087)	(3,820)	(4,115)	(4,271)	(4,068)	(3,906)	(2,567)	(14,076)	(14,812)	(7,646)
Gain on early extinguishment of debt	0	0	0	0	0	0	0	6,615	0	6,615	0
Interest income and other	6,288	5,660	7,917	10,303	11,242	11,144	13,800	10,559	30,168	46,745	26,799
Provision for income taxes	(3,317)	(643)	(1,382)	(184)	426	3,868	(3,345)	(989)	(5,526)	(40)	(2,341)
Net income (loss)	$ 19,713	$ 17,973	$ 1,154	$ 576	$ 11,577	$ (4,479)	$ (12,816)	$ (7,077)	39,416	(12,795)	(81,764)
Reportable Segment
Segment Reporting Information [Line Items]
Revenue									1,149,088	1,041,938	910,488
Adjusted cost of revenue									(426,892)	(399,197)	(354,729)
Adjusted research and development									(110,950)	(122,053)	(99,418)
Adjusted sales and marketing									(266,037)	(256,193)	(230,419)
Adjusted general and administrative									(75,514)	(68,513)	(59,657)
Other segment items									(179,081)	(194,380)	(216,326)
Depreciation and amortization									(61,764)	(52,905)	(48,515)
Interest expense									(14,076)	(14,812)	(7,646)
Gain on early extinguishment of debt									0	6,615	0
Interest income and other									30,168	46,745	26,799
Provision for income taxes									(5,526)	(40)	(2,341)
Net income (loss)									$ 39,416	$ (12,795)	$ (81,764)

Income Taxes - Schedule of Unrecognized Tax Benefits Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits
Unrecognized benefit — beginning of period	$ 13,575	$ 11,124	$ 9,415
Gross increases — current year tax positions	490	2,502	1,413
Gross increases — prior year tax positions	0	40	299
Gross decreases — prior year tax positions	(83)	(91)	(3)
Settlements with tax authorities	0	0	0
Unrecognized benefit — end of period	$ 13,982	$ 13,575	$ 11,124

Leases - Schedule of Lease Cost and Supplemental Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 12,974	$ 13,270	$ 13,544
Finance lease cost:
Amortization of right-of-use assets	8,911	3,857	940
Interest on finance lease liabilities	1,033	552	155
Total finance lease cost	9,944	4,409	1,095
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used in operating leases	(12,130)	(12,259)	(10,966)
Financing cash used in finance leases	(9,770)	(4,012)	(989)
Right of use assets obtained in exchange for lease obligations:
Operating leases	19,121	9,448	6,454
Finance leases	$ 3,853	$ 18,559	$ 5,505

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Shares of common stock reserved for future issuance related to outstanding equity awards and employee equity incentive plans as of December 31, 2025, were as follows (in thousands):


						Common Stock Reserved
Stock options outstanding						390
RSUs (including PRSUs) outstanding						6,029
Shares available for future grant under 2014 Plan						13,061
Shares available for future issuance under ESPP						3,697
Total shares of common stock reserved						23,177

Schedule of Stock Option Activities

A summary of the Company’s stock option activity during the year ended December 31, 2025 is as follows (in thousands, except years and per share data):


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (1)
Outstanding as of December 31, 2024	860	$	55.34
Options granted	0	0.00

Options exercised	(156)	20.00
Options forfeited or expired	(314)	77.72
Outstanding as of December 31, 2025	390	51.62		2.4	$	1,355
Vested and expected to vest as of December 31, 2025	390	51.62		2.4	1,355
Exercisable as of December 31, 2025	389	51.42		2.4	1,355

(1) The aggregate intrinsic value amounts are computed based on the difference between the exercise price of the stock options and the fair market value of the Company’s common stock of $20.05 per share as of December 31, 2025 for all in-the-money stock options outstanding.

Following is additional information pertaining to the Company’s stock option activity (in thousands, except per share data):


	Year Ended December 31,
	2025		2024		2023
Weighted average grant date fair value per share of options granted	$	—	$	—	$	—

Intrinsic value of options exercised (1)	1,008		901		26,943
Total fair value of options vested during the period	1,095		3,249		5,602
Cash received from options exercised	3,137		481		9,127


(1) Intrinsic value of options exercised is the difference between the fair market value of the Company’s common stock at the time of exercise and the exercise price paid.

Schedule of RSU Activities

A summary of RSU activity (including PRSUs) during the year ended December 31, 2025 is as follows (in thousands, except per share data):


	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2024	5,829	$	57.27
RSUs granted	4,476	34.22
RSUs vested and released	(2,556)	56.92
RSUs forfeited or cancelled	(1,720)	51.63
Outstanding as of December 31, 2025	6,029	43.50

(1) Includes 324,165 PRSUs granted during 2025.

Following is additional information pertaining to the Company’s RSU activity (including PRSUs) (in thousands, except per share data):


	Year Ended December 31,
	2025		2024		2023
Weighted average grant date fair value per share of RSUs granted	$	34.22	$	46.32	$	69.84
Total fair value of RSUs vested during the period	145,500		167,115		184,443

Schedule of Stock-Based Compensation Expense

Stock-based compensation expenses for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	27,836	$	29,825	$	38,259
Research and development	31,764		37,260		50,430
Sales and marketing	42,209		51,214		66,229
General and administrative	46,259		48,016		51,374
Total	$	148,068	$	166,315	$	206,292

Schedule of Unrecognized Compensation Expense

As of December 31, 2025, unrecognized stock-based compensation expense by award type and their expected weighted-average recognition periods are summarized in the following table (in thousands, except years).


	Stock Option		RSU (excluding PRSUs)		PRSU		ESPP
Unrecognized stock-based compensation expense	$	1,096	$	216,132	$	9,721	$	2,018
Weighted-average amortization period (in years)	0.2 years		2.4 years		1.4 years		0.4 years

Schedule of Valuation Assumptions, Stock Option

The weighted average assumptions used to value PRSUs with market conditions granted during the periods presented were as follows:


PRSUs (Market Conditions)	Year Ended December 31,
	2025	2024	2023

Expected term (years)	2.8	2.9	2.8
Volatility	55.2%	49.4%	51.1%
Risk-free interest rate	4.0%	4.5%	4.5%
Dividend yield	—	—	—

Schedule of Valuation Assumptions for Stock Option Purchase Plan

The weighted average assumptions used to value purchase rights under the 2014 ESPP granted during the periods presented were as follows:


ESPP	Granted In
	November 2025	May 2025	November 2024	May 2024	November 2023	May 2023
Expected term (years)	0.5	0.5	0.5	0.5	0.5	0.5
Volatility	51%	47%	63%	41%	48%	75%
Risk-free interest rate	4.1%	3.7%	4.3%	5.1%	4.8%	4.6%
Dividend yield	—	—	—	—	—	—

Stockholders' Equity - Schedule of RSU Activities (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
RSUs (including PRSUs)
Number of Shares
Outstanding, beginning balance (in shares)	5,829
RSUs granted (in shares)	4,476
RSUs vested and released (in shares)	(2,556)
RSUs forfeited or cancelled (in shares)	(1,720)
Outstanding, ending balance (in shares)	6,029	5,829
Weighted Average Grant Date Fair Value Per Share
Outstanding, beginning balance, weighted-average grant date fair value per share (in USD per share)	$ 57.27
RSUs granted (in USD per share)	34.22	$ 46.32	$ 69.84
RSUs vested and released, weighted-average grant date fair value per share (in USD per share)	56.92
RSUs forfeited or cancelled, weighted-average grant date fair value per share (in USD per share)	51.63
Outstanding, ending balance, weighted-average grant date fair value per share (in USD per share)	$ 43.50	$ 57.27
Total fair value of RSUs vested during the period	$ 145,500	$ 167,115	$ 184,443
Performance-Based and Market Based Restricted Stock Units (PRSUs)
Number of Shares
RSUs granted (in shares)	324,165

Financial Statement Components - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents
Cash and cash equivalents	$ 232,084	$ 362,546	$ 143,201	$ 180,520
Cash
Cash and Cash Equivalents
Cash and cash equivalents	127,700	162,902
Money market funds
Cash and Cash Equivalents
Cash and cash equivalents	103,637	114,370
Certificates of deposit
Cash and Cash Equivalents
Cash and cash equivalents	747	496
U.S. treasury securities
Cash and Cash Equivalents
Cash and cash equivalents	0	42,946
U.S. agency and government-sponsored securities
Cash and Cash Equivalents
Cash and cash equivalents	$ 0	$ 41,832

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Cash flows from operating activities:
Net income (loss)	$ 39,416	$ (12,795)	$ (81,764)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	61,764	52,905	48,515
Reduction in the carrying amount of right-of-use assets	20,277	15,358	12,642
Amortization of deferred contract acquisition costs	86,006	71,483	55,384
Accretion of discount on marketable investments	(7,892)	(20,818)	(11,351)
Provision for credit losses	1,617	1,150	989
Stock-based compensation	148,068	166,315	206,292
Amortization of discount and issuance costs on convertible senior notes	4,550	5,478	3,749
Gain on early extinguishment of debt	0	(6,615)	0
Impairment charge of an equity investment	0	1,250	0
Impairment charge related to closure of operating lease facilities	835	2,202	0
Interest on finance lease obligations	1,033	264	150
Deferred taxes - excluding tax benefit from acquisition	446	647	53
Deferred taxes - tax benefit from acquisition	524	(5,482)	0
Other	45	(1,051)	657
Changes in operating assets and liabilities:
Accounts receivable	(17,430)	(14,645)	(9,844)
Prepaid expenses and other current assets	7,774	(12,148)	(3,532)
Deferred contract acquisition costs	(119,940)	(104,957)	(91,544)
Other assets	2,630	3,115	(3,988)
Accounts payable	3,190	1,057	2,932
Accrued and other current liabilities	(5,700)	2,839	(9,274)
Deferred revenue	(958)	(425)	4,958
Other long-term liabilities (including non-current portions of operating and finance lease liabilities)	(48)	(1,959)	3,814
Net cash provided by operating activities	226,207	143,168	128,838
Cash flows from investing activities:
Purchases of marketable investments	(745,378)	(1,289,357)	(795,002)
Proceeds from sales of marketable investments	127,976	122,138	1,211
Proceeds from maturities of marketable investments	804,091	1,132,332	655,588
Purchases of property and equipment	(24,963)	(42,388)	(31,234)
Capitalization of internal-use software development costs	(39,135)	(22,223)	(9,537)
Payments of initial direct lease costs	(286)	0	0
Net cash provided by (used in) investing activities	122,305	(266,550)	(259,562)
Cash flows from financing activities:
Proceeds from issuance of 2029 convertible senior notes	0	731,055	0
Payment of debt issuance costs	0	(2,212)	0
Payments for capped call transactions associated with the 2029 convertible senior notes	0	(93,438)	0
Repurchase of a portion of 2025 convertible senior notes	0	(304,485)	0
Cash received from the settlement at maturity of the outstanding capped calls associated with the 2023 convertible senior notes	0	0	74,453
Cash received from partial termination of capped calls associated with the 2025 convertible senior notes	0	539	0
Proceeds from exercise of common stock options	3,137	481	9,127
Proceeds from sale of common stock under ESPP	12,472	14,797	15,927
Payment of employee taxes related to vested RSUs	0	0	(3,270)
Cash paid for repurchase of the Company's common stock	(50,000)	0	0
Payment of holdbacks related to acquisitions	0	0	(500)
Payments of finance leases	(9,770)	(4,012)	(989)
Net cash (used in) provided by financing activities	(478,566)	342,725	94,579
Net (decrease) increase in cash, cash equivalents and restricted cash	(130,054)	219,343	(36,145)
Cash, cash equivalents and restricted cash:
Beginning of period	364,185	144,842	180,987
End of period	234,131	364,185	144,842
Supplemental disclosures of cash flow data:
Cash paid for interest	9,698	6,593	3,897
Cash paid for income taxes	4,843	3,751	1,589
Non-cash investing and financing activities:
Equipment purchased and unpaid at period-end	6,428	11,890	11,243
Capitalization of leasehold improvement through non-cash lease incentive	0	37	0
Acquisition and related transaction costs accrued at period-end	0	594	0
Stock-based compensation included in capitalized software development costs	10,272	8,153	4,085
Reconciliation of Cash, Cash Equivalents and Restricted Cash to the Consolidated Balance Sheets - Beginning of Period:
Cash and cash equivalents	232,084	362,546	143,201
Restricted cash in other assets	2,047	1,639	1,641
Total cash, cash equivalents and restricted cash	234,131	364,185	144,842
Convertible Senior Notes, Due 2023
Cash flows from financing activities:
Repayments of outstanding	0	0	(169)
Convertible Senior Notes, Due 2025
Cash flows from financing activities:
Repayments of outstanding	(434,405)	0	0
Acqueon Inc.
Cash flows from investing activities:
Cash paid to acquire Acqueon Inc.	0	(167,151)	0
Aceyus, Inc.
Cash flows from investing activities:
Cash settlement to acquire Aceyus, Inc.	$ 0	$ 99	$ (80,588)

Financial Statement Components (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents

Cash and cash equivalents consisted of the following (in thousands):


	December 31,
	2025		2024
Cash	$	127,700	$	162,902
Money market funds	103,637		114,370
Certificates of deposit	747		496
U.S. treasury securities	—		42,946
U.S. agency and government-sponsored securities	—		41,832


Total cash and cash equivalents	$	232,084	$	362,546

Schedule of Accounts Receivable

Accounts receivable, net consisted of the following (in thousands):


	December 31,
	2025		2024
Trade accounts receivable	$	112,918	$	99,551
Unbilled trade accounts receivable, net of advance customer deposits	18,501		15,962
Provision for credit losses	(435)		(341)
Accounts receivable, net	$	130,984	$	115,172

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	December 31,
	2025		2024
Prepaid expenses	$	24,209	$	27,988
Other current assets	14,797		15,646
Contract assets	4,101		7,206
Prepaid expenses and other current assets	$	43,107	$	50,840

Schedule of Property and Equipment

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2025		2024
Computer and network equipment	$	178,485	$	173,671
Computer software	63,547		66,455
Internal-use software development costs	98,542		49,340
Furniture and fixtures	4,561		5,127
Leasehold improvements	6,757		6,736
Property and equipment	351,892		301,329
Accumulated depreciation and amortization	(187,257)		(156,441)
Property and equipment, net	$	164,635	$	144,888

Schedule of Other Assets

Other assets consisted of the following (in thousands):


	December 31,
	2025		2024
Other assets	$	7,136	$	8,984
Equity investment in a privately-held company	750		750
Deferred tax assets	2,839		3,650
Other assets	$	10,725	$	13,384

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following (in thousands):


	December 31,
	2025		2024
Accrued expenses	$	24,550	$	30,822
Accrued compensation and benefits	52,387		44,002
Accrued federal fees	3,911		4,913
Sales and other tax liabilities	3,272		3,983

Accrued and other current liabilities	$	84,120	$	83,720

Schedule of Long-Term Liabilities

Other long-term liabilities consisted of the following (in thousands):


	December 31,
	2025		2024
Deferred revenue	$	1,545	$	865
Deferred tax liabilities	56		186
Sales and other tax liabilities	1,357		244
Other long-term liabilities	4,589		5,422
Other long-term liabilities	$	7,547	$	6,717

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Loss Before Income Taxes

The following table presents components of loss before income taxes for the periods presented (in thousands):


	Year Ended December 31,
	2025		2024		2023
United States	$	34,312	$	(22,903)	$	(80,348)
International	10,630		10,148		925
Income (loss) before income taxes	$	44,942	$	(12,755)	$	(79,423)

Schedule of Components of Provision for Income Taxes

Provision for (benefit from) income taxes for the periods presented consisted of (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current:
U.S. federal	$	16	$	519	$	—
U.S. state	1,866		2,728		2,531
Foreign	2,674		1,628		(243)
Total provision for income taxes - Current	4,556		4,875		2,288

Deferred:
U.S. federal	191		(4,308)		—
U.S. state	92		(1,174)		—
Foreign	687		647		53
Total provision for (benefit from) income taxes - Deferred	970		(4,835)		53
Total provision for income taxes	$	5,526	$	40	$	2,341

Schedule of Effective Income Tax Reconciliation

The Company recorded current income tax expense during 2025 principally due to U.S. state tax attribute utilization limitations and foreign income produced by the Company’s intercompany operating model. As a result of adopting ASU 2023-09 retroactively, the Company has revised certain disclosures to align with enacted requirements and has conformed prior year disclosures for comparability. Income tax expense (benefit) differed from the amount computed by applying the U.S. federal statutory income tax rate of 21% to pre-tax income (loss) for the periods presented as a result of the following (in thousands):



	2025				2024				2023
U.S. federal tax at statutory rate	$	9,438	21	%	$	(2,679)	21	%	$	(16,676)	21	%

Domestic federal reconciling items:
Tax credits
Research and Development tax credit	(224)		—	%	(2,766)		22	%	(1,681)		2	%

Nontaxable and Nondeductible Items:
Stock-based compensation	21,476		48	%	17,905		(140)	%	11,359		(14)	%
Officers’ compensation	2,196		5	%	4,473		(35)	%	6,417		(8)	%
Transaction costs	19		—	%	862		(7)	%	415		(1)	%
State taxes deduction	(509)		(1)	%	(277)		2	%	(94)		—	%
Other	(170)		—	%	303		(2)	%	322		—	%

Cross-Border Tax Laws:
Base Erosion Anti-Abuse Tax	—		—	%	(7,752)		61	%	7,752		(10)	%
Net Controlled Foreign Corporations Tested Income Exclusion	507		1	%	—		—	%	(3,831)		5	%
US Branch tax impact	898		2	%	381		(3)	%	132		—	%

Other Adjustments:
Tax expense (benefit) from acquisition / reorganizations	207		—	%	(4,308)		34	%	—		—	%
Net Operating Loss Carryforward adjustment	—		—	%	(1,241)		10	%	—		—	%
Fixed Assets deferred adjustments	158		—	%	(788)		6	%	(72)		—	%
Miscellaneous deferred adjustments	225		1	%	(1,013)		8	%	(525)		1	%
Return-to-Provision adjustments	(317)		(1)	%	35		—	%	(170)		—	%

Change in valuation allowance	(31,565)		(70)	%	(6,176)		48	%	(4,077)		5	%

Domestic state and local income taxes, net of federal effect (1)	1,601		4	%	252		(2)	%	1,386		(2)	%

Foreign Reconciling Items:
Australia
Return-to-Provision Adjustments	548		1	%	(161)		1	%	44		—	%
Other	57		—	%	185		(1)	%	(76)		—	%
United Kingdom
Stock-based compensation, net	716		2	%	593		(5)	%	(963)		1	%
Other	(274)		(1)	%	828		(6)	%	639		(1)	%
India
Write-off of Income Tax Receivables	831		2	%	—		—	%	—		—	%
Other	(385)		(1)	%	(580)		5	%	—		—	%
Other Foreign Jurisdictions	(1,228)		(3)	%	(530)		4	%	306		—	%
Foreign Withholding Taxes	866		2	%	—		—	%	—		—	%

Changes in Unrecognized Tax Benefits:	455		1	%	2,494		(20)	%	1,734		(2)	%

Tax provision for income taxes	5,526		12	%	40		—	%	2,341		(3)	%

(1) State taxes in Illinois, Texas, New Hampshire and Oregon made up the majority (greater than 50%) of the current tax effect in this category.

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024 related to the following (in thousands):


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss and credit carryforwards	$	97,816	$	91,826
Capitalized R&D costs	40,223		78,961
Accrued liabilities	1,781		872
Provision for credit losses	1,381		671
Property and equipment	103		35
Amortizable intangibles	—		—
Deferred revenue	3,148		3,687
Accrued compensation	6,396		5,797
Long-term lease liabilities	18,169		15,928
Stock-based compensation	6,697		10,224
Deferred interest expense	—		349
Other	1,259		755

Gross deferred tax assets	176,973		209,105
Valuation allowance	(75,701)		(123,141)
Net deferred tax assets	101,272		85,964
Deferred tax liabilities:
Property and equipment	(11,637)		(8,647)
Amortizable intangibles	(5,399)		(7,697)
Right of use assets	(15,663)		(13,493)
Deferred contract acquisition costs	(65,576)		(52,663)
Other	(214)		—
Gross deferred tax liabilities	(98,489)		(82,500)
Net deferred taxes	$	2,783	$	3,464

Schedule of Unrecognized Tax Benefits Rollforward

The table below shows the changes in the gross amount of unrecognized tax benefits for the periods presented (in thousands):


	Year Ended December 31,
	2025		2024		2023
Unrecognized benefit — beginning of period	$	13,575	$	11,124	$	9,415
Gross increases — current year tax positions	490		2,502		1,413
Gross increases — prior year tax positions	—		40		299
Gross decreases — prior year tax positions	(83)		(91)		(3)
Settlements with tax authorities	—		—		—
Unrecognized benefit — end of period	$	13,982	$	13,575	$	11,124

Schedule of Disaggregated by Material Jurisdiction

Cash paid for income taxes, net of refunds received, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 is as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
US Federal *	$	740	$	745	$	—

US State and Local:
Illinois	560		978		380
Pennsylvania *	—		368		200
Texas	247		295		205
New York *	—		—		114
Other states	1,282		765		251
Total State and Local	2,089		2,406		1,150

Foreign:
United Kingdom *	1,460		—		—
Canada *	—		317		178
Philippines *	—		—		118
Other foreign	554		283		143
Total Foreign	2,014		600		439

Total Worldwide	$	4,843	$	3,751	$	1,589

* Jurisdiction did not incur tax payments which exceeded the disclosure threshold for years with no payments shown.

Segment and Geographical Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 lease
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Stockholders' Equity - Schedule of Stock-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock-based Compensation Expense
Stock-based compensation expense	$ 148,068	$ 166,315	$ 206,292
Stock Option
Stock-based Compensation Expense
Unrecognized stock-based compensation expense	$ 1,096
Weighted-average amortization period (in years)	2 months 12 days
RSUs (including PRSUs)
Stock-based Compensation Expense
Unrecognized stock-based compensation expense	$ 216,132
Weighted-average amortization period (in years)	2 years 4 months 24 days
PRSU
Stock-based Compensation Expense
Unrecognized stock-based compensation expense	$ 9,721
Weighted-average amortization period (in years)	1 year 4 months 24 days
PRSU
Stock-based Compensation Expense
Unrecognized stock-based compensation expense	$ 2,018
Weighted-average amortization period (in years)	4 months 24 days
Cost of revenue
Stock-based Compensation Expense
Stock-based compensation expense	$ 27,836	29,825	38,259
Research and development
Stock-based Compensation Expense
Stock-based compensation expense	31,764	37,260	50,430
Sales and marketing
Stock-based Compensation Expense
Stock-based compensation expense	42,209	51,214	66,229
General and administrative
Stock-based Compensation Expense
Stock-based compensation expense	$ 46,259	$ 48,016	$ 51,374

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 1,149,088	$ 1,041,938	$ 910,488
Cost of revenue	516,234	477,540	432,690
Gross profit	632,854	564,398	477,798
Operating expenses:
Research and development	152,334	166,197	156,582
Sales and marketing	311,816	311,954	296,713
General and administrative	139,854	137,550	123,079
Total operating expenses	604,004	615,701	576,374
Income (loss) from operations	28,850	(51,303)	(98,576)
Other income (expense), net:
Interest expense	(14,076)	(14,812)	(7,646)
Gain on early extinguishment of debt	0	6,615	0
Interest income and other	30,168	46,745	26,799
Total other income (expense), net	16,092	38,548	19,153
Income (loss) before income taxes	44,942	(12,755)	(79,423)
Provision for income taxes	5,526	40	2,341
Net income (loss)	$ 39,416	$ (12,795)	$ (81,764)
Net income (loss) per share:
Basic (in USD per share)	$ 0.51	$ (0.17)	$ (1.13)
Diluted (in USD per share)	$ 0.45	$ (0.17)	$ (1.13)
Shares used in computing net income (loss) per share:
Basic (in shares)	76,916,000	74,503,000	72,048,000
Diluted (in shares)	88,002,000	74,503,000	72,048,000
Comprehensive Income (Loss):
Net income (loss)	$ 39,416	$ (12,795)	$ (81,764)
Other comprehensive income	261	54	3,270
Comprehensive income (loss)	$ 39,677	$ (12,741)	$ (78,494)

Investments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Marketable Investments

The Company’s marketable investments have been classified and accounted for as available-for-sale. The Company’s intent is that all marketable investments are available for use in its current operations, including marketable investments with maturity dates greater than one year from December 31, 2025. The Company’s marketable investments as of December 31, 2025 and 2024 were as follows (in thousands):



	December 31, 2025
Short-Term Marketable Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	1,066	$	1	$	—	$	1,067
U.S. treasury securities	266,671		459		—		267,130
U.S. agency and government-sponsored securities	166,170		81		(14)		166,237
Commercial paper	7,867		6		—		7,873

Corporate bonds	22,511		17		—		22,528
Total	$	464,285	$	564	$	(14)	$	464,835

	December 31, 2024
Short-Term Marketable Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	802	$	—	$	—	$	802
U.S. treasury securities	442,353		442		(223)		442,572
U.S. agency and government-sponsored securities	146,762		16		(18)		146,760
Commercial paper	9,600		8		—		9,608

Corporate bonds	43,550		124		(6)		43,668
Total	$	643,067	$	590	$	(247)	$	643,410

Schedule of Gross Unrealized Losses and Fair Value of Marketable Investments

The following table presents the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than 12 months as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025				December 31, 2024
	Less than 12 months				Less than 12 months
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value

U.S. treasury securities	$	—	$	—	$	(223)	$	104,716
U.S. agency and government-sponsored securities	(14)		33,935		(18)		76,484

Corporate bonds	—		—		(6)		4,219
Total	$	(14)	$	33,935	$	(247)	$	185,419

Schedule of Assets Carried at Fair Value

The amortized cost and fair value of the Company’s marketable investments by contractual maturity as of December 31, 2025 were as follows (in thousands):


	Cost		Fair Value
Due within one year	$	271,187	$	271,619
Due after one year through two years	193,098		193,216
Total	$	464,285	$	464,835

The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands):


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	103,637	$	—	$	—	$	103,637
Certificates of deposit	—		747		—		747



Total cash equivalents	$	103,637	$	747	$	—	$	104,384
Marketable investments
Certificates of deposit	$	—	$	1,067	$	—	$	1,067
U.S. treasury securities	267,130		—		—		267,130
U.S. agency and government-sponsored securities	—		166,237		—		166,237
Commercial paper	—		7,873		—		7,873

Corporate bonds	—		22,528		—		22,528
Total marketable investments	$	267,130	$	197,705	$	—	$	464,835




	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	114,370	$	—	$	—	$	114,370
Certificates of deposit	—		496		—		496
U.S. treasury securities	42,946		—		—		42,946
U.S. agency and government-sponsored securities	—		41,832		—		41,832
Commercial paper	—		—		—		—
Total cash equivalents	$	157,316	$	42,328	$	—	$	199,644
Marketable investments
Certificates of deposit	$	—	$	802	$	—	$	802
U.S. treasury securities	442,572		—		—		442,572
U.S. agency and government-sponsored securities	—		146,760		—		146,760
Commercial paper	—		9,608		—		9,608

Corporate bonds	—		43,668		—		43,668
Total marketable investments	$	442,572	$	200,838	$	—	$	643,410

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Net Income (Loss) Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net income (loss)	$ 19,713	$ 17,973	$ 1,154	$ 576	$ 11,577	$ (4,479)	$ (12,816)	$ (7,077)	$ 39,416	$ (12,795)	$ (81,764)
Weighted-average shares used in computing basic and diluted net income (loss) per share:
Basic (in shares)	77,509,000	77,528,000	76,654,000	75,949,000	75,430,000	74,876,000	74,203,000	73,488,000	76,916,000	74,503,000	72,048,000
Diluted (in shares)	87,037,000	87,295,000	88,523,000	89,275,000	88,645,000	74,876,000	74,203,000	73,488,000	88,002,000	74,503,000	72,048,000
Basic and diluted net income (loss) per share:
Basic (in USD per share)	$ 0.25	$ 0.23	$ 0.02	$ 0.01	$ 0.15	$ (0.06)	$ (0.17)	$ (0.10)	$ 0.51	$ (0.17)	$ (1.13)
Diluted (in USD per share)	$ 0.23	$ 0.21	$ 0.01	$ 0.01	$ 0.13	$ (0.06)	$ (0.17)	$ (0.10)	$ 0.45	$ (0.17)	$ (1.13)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments

As of December 31, 2025, (i) no 2025 convertible senior notes were outstanding since they matured on June 1, 2025 and the Company settled its obligations with respect to the 2025 convertible senior notes in cash in connection therewith, and (ii) $747.5 million of aggregate principal of the 2029 convertible senior notes was outstanding, which 2029 convertible senior notes have a maturity date of March 15, 2029. See Note 6 for more information concerning the convertible senior notes.

The Company had outstanding operating lease and finance lease obligations of $61.0 million and $15.3 million, respectively, as of December 31, 2025. See Note 13 for further details. As of December 31, 2025, the Company also had outstanding cloud services and software and maintenance agreement commitments totaling $167.0 million, of which $55.4 million is expected to be purchased in 2026, $56.2 million is expected to be purchased in 2027, $51.9 million is expected to be purchased in 2028, and $3.5 million is expected to be purchased in 2029. The Company entered into equipment finance lease arrangements that resulted in a $13.7 million additional reduction of its outstanding cloud services commitment as of December 31, 2025.

Hosting and Telecommunication Usage Services

The Company has agreements with third parties to provide co-location hosting and telecommunication usage services. The agreements require payments per month for a fixed period of time in exchange for certain guarantees of network and telecommunication availability.

As of December 31, 2025, future minimum payments under these arrangements were as follows in thousands):


Year Ending December 31,	Telecommunication Usage Services
2026	$	5,813
2027	3,332
2028	1,869
2029	998
2030	502
Thereafter	—
Total future minimum payment	$	12,514

Universal Services Fund Liability

The Company is classified as a telecommunications service provider for regulatory purposes and is required to make contributions to the USF based on the revenue the Company receives from the resale of interstate and some international telecommunications services. In order to comply with the obligation to make direct contributions, the Company is registered with the USAC, which is charged by the FCC with administering the USF, and has been remitting the required contributions to USAC since its registration with the USAC in April 2013. The Company also made retroactive USF contributions based on its revenues for the period from 2008 to 2012. The Company, however, has an unresolved and arguably dormant dispute with the FCC regarding whether the Company is liable for USF contributions related to the period from 2003 through 2007. As of December 31, 2025, the Company had accrued $0.1 million in interest related to the disputed assessments for the period of 2003 through 2007.

State and Local Taxes and Surcharges

The Company, based on analysis of its activities, has determined that it is obligated to collect and remit U.S. state or local sales, use, gross receipts, excise and utility user taxes, as well as fees or surcharges as a communications service provider in certain U.S. states, municipalities or local tax jurisdictions. The Company is registered for, collecting and remitting applicable taxes where such a determination has been made. Prior to the Company’s making such determination, the Company neither collected nor remitted these taxes, fees or surcharges to applicable local, municipal or state jurisdictions. The Company continues to analyze its activities to determine if it is subject to these taxes in additional jurisdictions and based on the Company’s ongoing assessment of its U.S. state and local tax collection and remittance obligations, the Company registers for tax and regulatory purposes in such jurisdictions and commences collecting and remitting applicable state and local taxes and surcharges to these jurisdictions.

As of December 31, 2025 and 2024, the Company had total accrued liabilities of $1.7 million and $1.1 million, respectively, for such contingent sales taxes and surcharges that were not being collected from its customers but may be imposed by various taxing authorities, of which $0.4 million and $0.9 million, respectively, were included in Accrued and other current liabilities on the consolidated balance sheets, and the remaining were included in Other long-term liabilities on the consolidated balance sheets. The Company’s estimate of the probable loss incurred under this contingency is based on its analysis of the source location of its usage-based fees and the regulations and rules in each tax jurisdiction.

Legal Matters

The Company is involved in various legal and regulatory matters arising in the normal course of business. In management’s opinion, resolution of these matters is not expected to have a material impact on the Company’s consolidated results of operations, cash flows, or its financial position. However, due to the uncertain nature of legal matters, an unfavorable resolution of a matter could materially affect the Company’s future consolidated results of operations, cash flows or financial position in a particular period. The Company expenses legal fees as incurred. The Company is currently party to the following action:

On December 4, 2024, a purported holder of the Company’s securities filed a putative class action complaint against the Company, its then-current Chief Executive Officer, and its then-current Chief Financial Officer in the United States District Court for the Northern District of California alleging violations of Section 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, promulgated thereunder, based on alleged false and/or

misleading statements or omissions regarding the Company and its business and seeking unspecified damages on behalf of all persons and entities (subject to specified exceptions) that purchased or otherwise acquired the Company’s securities, including call options, from June 4, 2024, through the close of trading on August 8, 2024. On February 3, 2025, Lucid Alternative Fund, LP moved to be appointed lead plaintiff of this action pursuant to the Private Securities Litigation Reform Act of 1995. On March 18, 2025, the court appointed Lucid Alternative Fund, LP as lead plaintiff and approved lead plaintiff’s selection of lead counsel. Per the court’s subsequent order on March 27, 2025, Lucid Alternative Fund, LP filed an amended complaint on May 30, 2025. The Company moved to dismiss the amended complaint on July 29, 2025, and the court took the motion under submission after oral argument on December 18, 2025. The Company cannot predict the duration or outcome of this lawsuit at this time. As a result, the Company is unable to estimate the reasonably possible loss or range of reasonably possible losses arising from this lawsuit. The Company intends to vigorously defend this lawsuit.

On March 18, 2025, a related shareholder derivative action was filed in the United States District Court for the Northern District of California on behalf of nominal defendant Five9, Inc. and against its directors and certain of its officers seeking to assert claims for breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets, and for contribution under Sections 10(b) and 21D of the Securities Exchange Act of 1934. The Company was served with the complaint on March 20, 2025. On April 4, 2025, the parties to the derivative action jointly filed a stipulation with the court to stay the derivative action until the resolution of the motion to dismiss in the securities action, as well as any subsequent motion to dismiss any further amended complaint in the securities action. On April 8, 2025, the court approved the stay stipulation.

Indemnification Agreements

In the ordinary course of business, the Company enters into agreements of varying scope and terms pursuant to which it agrees to indemnify customers, vendors, lessors, business partners and other parties with respect to certain matters, including losses arising out of breach of such agreements, including breach of security, services to be provided by the Company or from intellectual property infringement claims made by third parties. The Company has received indemnification demands, and will likely continue to receive demands, from customers regarding its intellectual property indemnification obligations under these contracts. In addition, the Company has entered into indemnification agreements with its directors, officers and certain employees that requires it, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. There are no claims that the Company is aware of that could have a material effect on the consolidated balance sheets, consolidated statements of operations and comprehensive income (loss), or consolidated statements of cash flows.

Restructuring (Details) - USD ($)		9 Months Ended	12 Months Ended
Restructuring (Details) - USD ($)	Aug. 20, 2024	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]
Percent of estimated positions eliminated	6.00%
Restructuring charges				$ 9,600,000
Restructuring and related cost, expected cost remaining		$ 0	$ 0
2024 Plan
Restructuring Cost and Reserve [Line Items]
Payments for restructuring			9,600,000
2025 Plan
Restructuring Cost and Reserve [Line Items]
Percent of estimated positions eliminated		4.00%
Restructuring charges			7,900,000
Payments for restructuring			7,800,000
Restructuring reserve		$ 100,000	100,000
2025 Plan \| Share-Based Payment Arrangement
Restructuring Cost and Reserve [Line Items]
Share based compensation			2,100,000
Cost of revenue
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 2,100,000
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]				Cost of revenue
Cost of revenue \| 2025 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 1,600,000
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]			Cost of revenue
Cost of revenue \| 2025 Plan \| Share-Based Payment Arrangement
Restructuring Cost and Reserve [Line Items]
Share based compensation			$ 300,000
Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 1,900,000
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]				Research and development
Research and development \| 2025 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 1,900,000
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]			Research and development
Research and development \| 2025 Plan \| Share-Based Payment Arrangement
Restructuring Cost and Reserve [Line Items]
Share based compensation			$ 500,000
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 4,400,000
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]				Sales and marketing
Sales and marketing \| 2025 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 3,400,000
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]			Sales and marketing
Sales and marketing \| 2025 Plan \| Share-Based Payment Arrangement
Restructuring Cost and Reserve [Line Items]
Share based compensation			$ 1,100,000
General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 1,200,000
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]				General and administrative
General and administrative \| 2025 Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 1,000,000.0
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]			General and administrative
General and administrative \| 2025 Plan \| Share-Based Payment Arrangement
Restructuring Cost and Reserve [Line Items]
Share based compensation			$ 200,000

Goodwill and Intangible Assets - Schedule of Expected Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Period
2026	$ 13,008
2027	8,612
2028	8,246
2029	7,328
2030	6,188
Thereafter	7,784
Net Carrying Amount	$ 51,166	$ 65,632	$ 38,323

Description of Business and Summary of Significant Accounting Policies - Commissions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Amortization period of capitalized contract cost (in years)	5 years
Commission expense	$ 91.3	$ 77.0	$ 61.5

Description of Business and Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Advertising expense	$ 29.4	$ 25.4	$ 31.3

Acquisition - Narrative (Details) - USD ($)			12 Months Ended
Acquisition - Narrative (Details) - USD ($)	Aug. 27, 2024	Aug. 14, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Goodwill			$ 366,253,000	$ 365,436,000	$ 227,412,000
Acqueon
Business Combination [Line Items]
Cash consideration	$ 173,800,000
Goodwill	$ 138,984,000
Adjustment to goodwill			800,000	100,000
Business combination, acquisition related costs			0	7,900,000
Acqueon \| Developed technology
Business Combination [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)		8 years
Acqueon \| Customer relationships
Business Combination [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)		5 years
Acqueon \| Trademarks
Business Combination [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)		3 years
Aceyus, Inc.
Business Combination [Line Items]
Cash consideration		$ 82,000,000.0
Goodwill		$ 61,849,000	$ 61,800,000
Adjustment to goodwill				$ 100,000
Aceyus, Inc. \| Developed technology
Business Combination [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)		8 years
Aceyus, Inc. \| Customer relationships
Business Combination [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)		5 years
Aceyus, Inc. \| Trademarks
Business Combination [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)		3 years

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 232,084	$ 362,546
Marketable investments	464,835	643,410
Accounts receivable, net	130,984	115,172
Prepaid expenses and other current assets	43,107	50,840
Deferred contract acquisition costs, net	88,714	76,600
Total current assets	959,724	1,248,568
Property and equipment, net	164,635	144,888
Operating lease right-of-use assets	46,375	38,880
Finance lease right-of-use assets	14,216	19,269
Intangible assets, net	51,166	65,632
Goodwill	366,253	365,436
Other assets	10,725	13,384
Deferred contract acquisition costs, net — less current portion	176,976	155,157
Total assets	1,790,070	2,051,214
Current liabilities:
Accounts payable	29,973	26,282
Accrued and other current liabilities	84,120	83,720
Operating lease liabilities	12,922	11,258
Finance lease liabilities	8,480	7,768
Deferred revenue	77,515	79,173
Convertible senior notes	0	433,490
Total current liabilities	213,010	641,691
Convertible senior notes — less current portion	735,490	731,855
Operating lease liabilities — less current portion	42,116	37,071
Finance lease liabilities — less current portion	6,090	11,688
Other long-term liabilities	7,547	6,717
Total liabilities	1,004,253	1,429,022
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized, no shares issued and outstanding as of December 31, 2025 and 2024	0	0
Common stock, $0.001 par value; 450,000 shares authorized, 77,194 shares and 75,808 shares issued and outstanding as of December 31, 2025 and 2024, respectively	77	76
Additional paid-in capital	1,163,072	1,039,125
Accumulated other comprehensive income	897	636
Accumulated deficit	(378,229)	(417,645)
Total stockholders’ equity	785,817	622,192
Total liabilities and stockholders’ equity	$ 1,790,070	$ 2,051,214

Segment and Geographical Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment and Geographical Information

The Company has a single operating and reportable segment and manages its business activities on a consolidated basis. The Company’s single segment provides its solution through a SaaS business model. The Company generates subscription revenue from its Intelligent CX Platform, and also generates usage-based telephony revenue. The Company charges its customers monthly subscription fees for access to its solution, primarily based on the number of licenses. The Company’s AI solutions are sold to its customers on a consumption or capacity basis. The Company’s reliable, secure, and scalable Intelligent CX Platform, powered by Five9 Genius AI, delivers a comprehensive suite of easy-to-use applications that enable the breadth of customer service, sales, and marketing related functions. The Company’s chief operating decision maker (“CODM”) is its chief executive officer. The Company’s CODM reviews financial information presented on a consolidated basis for purposes of assessing financial performance and making operating decisions on how to allocate resources based on net income (loss) that is also reported on its consolidated statements of operations and comprehensive income (loss) as consolidated net

income (loss). The measure of segment assets is reported on its consolidated balance sheets as total consolidated assets.

Revenue by Geographic Areas

The following table summarizes revenues by geographic region based on customer billing address (in thousands):


	Year Ended December 31,
	2025		2024		2023
United States	$	1,017,415	$	927,788	$	812,708
International	131,673		114,150		97,780
Total revenue	$	1,149,088	$	1,041,938	$	910,488

Long-Lived Assets, Net by Geographic Areas

The following table summarizes total property and equipment, net in the respective locations (in thousands):


	December 31,
	2025		2024
United States	$	154,855	$	136,382
International	9,780		8,506
Property and equipment, net	$	164,635	$	144,888

Total purchases of property and equipment for the years ended December 31, 2025, 2024 and 2023 are disclosed in the Company’s Consolidated Statements of Cash Flows.

Segment Information - Consolidated Statements of Operations


	Year Ended December 31,
	2025		2024		2023
Revenue	$	1,149,088	$	1,041,938	$	910,488
Adjusted cost of revenue(1)	(426,892)		(399,197)		(354,729)
Adjusted research and development(2)	(110,950)		(122,053)		(99,418)
Adjusted sales and marketing(3)	(266,037)		(256,193)		(230,419)
Adjusted general and administrative(4)	(75,514)		(68,513)		(59,657)
Other segment items(5)	(179,081)		(194,380)		(216,326)
Depreciation and amortization	(61,764)		(52,905)		(48,515)
Interest expense	(14,076)		(14,812)		(7,646)
Gain on early extinguishment of debt	—		6,615		—
Interest income and other	30,168		46,745		26,799
Provision for income taxes(6)	(5,526)		(40)		(2,341)
Net income (loss)	$	39,416	$	(12,795)	$	(81,764)

___________________________

(1) Adjusted cost of revenue includes cost of revenue in accordance with GAAP, adjusted for depreciation and amortization, stock-based compensation, acquisition and related transaction costs and one-time integration costs, lease amortization for finance leases, and costs related to reduction in force plans.

(2) Adjusted research and development includes research and development in accordance with GAAP, adjusted for depreciation and amortization, stock-based compensation, exit costs related to the closure and relocation of the Company’s Russian operations, acquisition and related transaction costs and one-time integration costs, lease amortization for finance leases, and costs related to reduction in force plans.

(3) Adjusted sales and marketing includes sales and marketing expense in accordance with GAAP, adjusted for depreciation and amortization, stock-based compensation, and costs related to reduction in force plans.

(4) Adjusted general and administrative included general and administrative expense in accordance with GAAP, adjusted for depreciation and amortization, stock-based compensation, exit costs related to the closure and relocation of the Company’s Russian operations, acquisition and related transaction costs and one-time integration costs, one-time expenses related to strategic consulting services for operational review, other

cost-reduction and productivity initiatives, legal fees related to the securities class action, costs related to reduction in force plans, and office closure lease termination costs.

(5) Other segment items included in segment net income (loss) includes stock-based compensation, exit costs related to the closure and relocation of the Company’s Russian operations, acquisition and related transaction costs and one-time integration costs, lease amortization for finance leases, one-time expenses related to strategic consulting services for operational review, other cost-reduction and productivity initiatives, legal fees related to the securities class action, costs related to reduction in force plans, and office closure lease termination costs.

(6) Non-GAAP adjustments do not have a material impact on our worldwide income tax provision due to the tax treatment of the non-GAAP adjustments reported, and our domestic valuation allowance position.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Description of Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Consolidation

All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

Foreign Currency

Cash and Cash Equivalents

Marketable Investments

Concentration Risks

Provision for Credit Losses

Property and Equipment, Net

Property and equipment is stated at cost less accumulated depreciation and amortization, and is depreciated using the straight-line method over the estimated useful lives of the assets as follows:


Asset Category						Estimated Useful Lives
Computer and network equipment						3 to 5 years
Computer software						3 years
Internal-use software development costs						3 years
Furniture and fixtures						7 years
Leasehold improvements						Shorter of useful life or lease term

Business Combinations

Goodwill and Intangible Assets

Revenue Recognition

Deferred Revenue

Cost of Revenue

Research and Development

Advertising Costs

The Company primarily advertises its services through the internet and in conjunction with partners.

Commissions

Stock-Based Compensation

Income Taxes

Comprehensive income (loss)

Net income (loss) per share

In periods of net loss, all potentially issuable shares of common stock are excluded from the diluted net loss per share computation because they are anti-dilutive.

Indemnification

Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Effective

Recently Adopted Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Effective

Receivable

The Company receives payments from customers based upon billing cycles. Invoice payment terms are usually 30 days or less. Accounts receivable are recorded when the right to consideration becomes unconditional.

Deferred Policy Acquisition Costs

Deferred contract acquisition costs are recorded when incurred and are amortized over an estimated customer benefit period of five years.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

In 2024, goodwill and intangible assets were recorded as a result of the Company's acquisition of Acqueon, Inc. (“Acqueon”). See Note 14 for further details. The following table summarizes the activity in the Company's goodwill and intangible asset balances during the years ended December 31, 2025 and 2024 (in thousands):


	Goodwill		Intangible Assets





Beginning of the period, January 1, 2024	$	227,412	$	38,323
Addition (Acqueon)	138,181		39,900
Measurement period adjustment (Acqueon)	(14)		—
Measurement period adjustment (Aceyus)	(143)		—
Amortization	—		(12,591)
End of the period, December 31, 2024	365,436		65,632
Measurement period adjustment (Acqueon)	817		—
Amortization	—		(14,466)
End of the period, December 31, 2025	$	366,253	$	51,166

During the fourth quarter of 2025, the Company completed its annual goodwill impairment test. Based on the Company’s assessment, it concluded that it is more likely than not that the fair values were more than their carrying values. Accordingly, there was no indication of impairment of goodwill, and further quantitative testing was not required. Subsequent to the 2025 annual impairment test, the Company believes there have been no significant events or circumstances negatively affecting the valuation of goodwill. As of December 31, 2025 and 2024, there was no impairment to the carrying value of the Company’s goodwill.

The components of intangible assets were as follows (in thousands):


	December 31, 2025							December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Amortization Period (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Amortization Period (Years)
Developed technology	$	105,714	$	(62,794)	$	42,920	5.8	$	105,714	$	(51,230)	$	54,484	6.0
Acquired workforce	470		(470)		—		0.0	470		(470)		—		0.0
Customer relationships	12,850		(5,150)		7,700		3.5	12,850		(2,681)		10,169		4.4
Trademarks	1,300		(754)		546		1.5	1,300		(321)		979		2.4
Total	$	120,334	$	(69,168)	$	51,166	5.4	$	120,334	$	(54,702)	$	65,632	5.7

Amortization expense related to intangible assets was $14.5 million, $12.6 million and $12.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025, the expected future amortization expense for intangible assets was as follows (in thousands):


Period	Expected Future Amortization Expense
2026	$	13,008
2027	8,612
2028	8,246
2029	7,328
2030	6,188
Thereafter	7,784
Total	$	51,166

Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. The Company concluded that there were no indicators of impairment of its intangible assets as of December 31, 2025 and 2024.

Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
U.S. federal									$ 16	$ 519	$ 0
U.S. state									1,866	2,728	2,531
Foreign									2,674	1,628	(243)
Total provision for income taxes - Current									4,556	4,875	2,288
Deferred:
U.S. federal									191	(4,308)	0
U.S. state									92	(1,174)	0
Foreign									687	647	53
Total provision for (benefit from) income taxes - Deferred									970	(4,835)	53
Tax provision for income taxes	$ 3,317	$ 643	$ 1,382	$ 184	$ (426)	$ (3,868)	$ 3,345	$ 989	$ 5,526	$ 40	$ 2,341

Acquisitions

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

Acqueon

On August 27, 2024, the Company acquired all of the issued and outstanding shares of capital stock of Acqueon for total consideration of approximately $173.8 million. This acquisition, which was accounted for as a business combination, is intended to build on the pre-existing partnership between the companies, and to extend the Company's AI-powered CX platform by adding omnichannel proactive customer engagement to expand the Company’s outbound capabilities.

The excess of the purchase price over identifiable intangible assets and net tangible assets in the amount of $139.0 million was allocated to goodwill, which is not deductible for tax purposes. The fair values assigned to assets acquired and liabilities assumed are based on management’s best estimates and assumptions as of the acquisition date and are considered final. The Company recorded adjustments of less than $0.1 million and $0.8 million within the one year from acquisition date measurement period for 2024 and for the year ended December 31, 2025, respectively.

The following table presents the final allocation of the purchase price at the acquisition date (in thousands):


Cash	$	6,661
Tangible assets acquired	3,559
Other assets acquired	7,382
Acquired technology	30,400
Customer relationships	8,700
Trademarks	800
Goodwill	138,984
Total assets acquired	196,486
Deferred tax liability	(4,534)
Liabilities assumed	(18,125)
Total	$	173,827

The acquired technology, customer relationships, and trademarks will be amortized on a straight-line basis over their estimated useful lives of eight years, five years, and three years, respectively. The Company used the income approach to estimate the fair value of intangible assets acquired.

In connection with this acquisition, the Company incurred total acquisition-related transaction costs of $7.9 million during 2024, and incurred no additional costs during the year ended December 31, 2025, that have been expensed as incurred and included in general and administrative expenses in the consolidated statements of operations and comprehensive income (loss).

The results of operations of this acquisition are included in the accompanying consolidated statements of operations and comprehensive income (loss) from the date of acquisition and are not material to the Company's consolidated financial statements.

Aceyus

On August 14, 2023, the Company acquired all of the issued and outstanding shares of capital stock of Aceyus for total cash consideration of approximately $82.0 million. This acquisition, which was accounted for as a business combination, is intended to accelerate the Company's ability to capitalize on two business opportunities, namely facilitating the migration of large enterprise customers from on-premises to cloud and leveraging contextual data to deliver personalized experiences throughout the customer journey, including using this contextual data in the Company's AI & Automation solutions.

The excess of the purchase price over identifiable intangible assets and net tangible assets in the amount of $61.8 million was allocated to goodwill, which is not deductible for tax purposes. The fair values assigned to assets acquired and liabilities assumed were based on management’s best estimates and assumptions as of the reporting date and are considered final. The Company recorded an adjustment of $0.1 million during the one year from acquisition date measurement period for the year ended December 31, 2024.

The following table presents the final allocation of the purchase price at the acquisition date (in thousands):


Cash	$	1,523
Tangible assets acquired	383
Other assets acquired	3,002
Acquired technology	19,100
Customer relationships	2,550
Trademarks	500
Goodwill	61,849
Total assets acquired	88,907

Liabilities assumed	(6,895)
Total	$	82,012

In connection with this acquisition, the Company incurred no additional costs during the years ended December 31, 2024 and 2025, which were expensed as incurred and included in general and administrative expenses in the consolidated statements of operations and comprehensive income (loss).

- Definition

The entire disclosure for business combination.

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+ Details

Investments and Fair Value Measurements - Narrative (Details) - USD ($)		1 Months Ended	12 Months Ended
	Mar. 01, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2025	Feb. 28, 2022	Jun. 30, 2020	May 31, 2020
Debt Instrument [Line Items]
Equity investment in a privately-held company			$ 750,000	$ 750,000	$ 2,000,000.0
Impairment charge of an equity investment			1,300,000
Nonrecurring
Debt Instrument [Line Items]
Assets and liabilities measured at fair value on nonrecurring basis			0	0
Convertible Senior Notes, Due 2029 \| Convertible Debt
Debt Instrument [Line Items]
Stated interest rate on debt (percent)		1.00%
Extinguishment of debt		$ 313,100,000
Convertible Senior Notes, Due 2029 \| Convertible Debt \| Level 2
Debt Instrument [Line Items]
Fair value of long-term debt			674,800,000	$ 674,100,000
Convertible Senior Notes, Due 2029 \| Convertible Debt \| Private Placement
Debt Instrument [Line Items]
Aggregate principal amount of debt		$ 747,500,000
Convertible Senior Notes, Due 2025 \| Convertible Debt
Debt Instrument [Line Items]
Stated interest rate on debt (percent)		0.50%		0.50%
Extinguishment of debt	$ 313,100,000	$ 313,100,000
Convertible Senior Notes, Due 2025 \| Convertible Debt \| Level 2
Debt Instrument [Line Items]
Fair value of long-term debt			$ 423,200,000
Convertible Senior Notes, Due 2025 \| Convertible Debt \| Private Placement
Debt Instrument [Line Items]
Aggregate principal amount of debt						$ 747,500,000	$ 747,500,000

Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period, and excludes any dilutive effects of employee stock-based awards and potential shares upon conversion of the convertible senior notes. Diluted net income (loss) per share is computed giving effect to all potentially dilutive shares of common stock, including common stock issuable upon exercise of stock options, vesting of RSUs and PRSUs, and shares of common stock issuable upon conversion of convertible senior notes.

The following table presents the calculation of basic and diluted net income (loss) per share (in thousands, except per share data):


	Year Ended December 31,
	2025		2024		2023
Net income (loss)	$	39,416	$	(12,795)	$	(81,764)
Weighted-average shares used in computing basic and diluted net income (loss) per share:
Basic	76,916		74,503		72,048
Diluted	88,002		74,503		72,048
Basic and diluted net income (loss) per share:
Basic	$	0.51	$	(0.17)	$	(1.13)
Diluted	$	0.45	$	(0.17)	$	(1.13)

The following securities were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive (in thousands):


	December 31,
	2025	2024	2023
Stock options	—	860	918
RSUs (including PRSUs)	—	5,829	4,076
Convertible senior notes	—	11,466	5,566
Total	—	18,155	10,560

The Company used the if-converted method for calculating any potential dilutive effect of its convertible senior notes for the years ended December 31, 2025, 2024 and 2023. Under this method, the Company calculates diluted earnings per share under both the cash and share settlement assumptions to determine which is more dilutive. If share settlement is more dilutive, the Company calculates diluted earnings per share assuming that all of the convertible senior notes were converted solely into shares of common stock at the beginning of the reporting period. The potential impact upon the conversion of the convertible senior notes were included in the calculation of diluted net income per share for the year ended December 31, 2025 and were excluded in the calculation of diluted net loss per share for the years ended December 31, 2024 and 2023 because the effect would have been anti-dilutive.

Debt - Schedule of Interest Expense Related to the Notes (Details) - Convertible Debt - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Convertible Senior Notes, Due 2029
Debt Instrument [Line Items]
Contractual interest expense	$ 7,475	$ 6,229
Amortization of issuance costs	3,635	3,013
Total interest expense	11,110	9,242
Convertible Senior Notes, Due 2025
Debt Instrument [Line Items]
Contractual interest expense	905	2,433	$ 3,737
Amortization of issuance costs	915	2,465	3,749
Total interest expense	$ 1,820	$ 4,898	$ 7,486

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

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+ Details

Investments and Fair Value Measurements - Schedule of Gross Unrealized Losses and Fair Value of Marketable Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	$ (14)	$ (247)
Fair Value	33,935	185,419
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	0	(223)
Fair Value	0	104,716
U.S. agency and government-sponsored securities
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	(14)	(18)
Fair Value	33,935	76,484
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	0	(6)
Fair Value	$ 0	$ 4,219

- Definition

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The following table presents components of loss before income taxes for the periods presented (in thousands):


	Year Ended December 31,
	2025		2024		2023
United States	$	34,312	$	(22,903)	$	(80,348)
International	10,630		10,148		925
Income (loss) before income taxes	$	44,942	$	(12,755)	$	(79,423)

Provision for (benefit from) income taxes for the periods presented consisted of (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current:
U.S. federal	$	16	$	519	$	—
U.S. state	1,866		2,728		2,531
Foreign	2,674		1,628		(243)
Total provision for income taxes - Current	4,556		4,875		2,288

Deferred:
U.S. federal	191		(4,308)		—
U.S. state	92		(1,174)		—
Foreign	687		647		53
Total provision for (benefit from) income taxes - Deferred	970		(4,835)		53
Total provision for income taxes	$	5,526	$	40	$	2,341



	2025				2024				2023
U.S. federal tax at statutory rate	$	9,438	21	%	$	(2,679)	21	%	$	(16,676)	21	%

Domestic federal reconciling items:
Tax credits
Research and Development tax credit	(224)		—	%	(2,766)		22	%	(1,681)		2	%

Nontaxable and Nondeductible Items:
Stock-based compensation	21,476		48	%	17,905		(140)	%	11,359		(14)	%
Officers’ compensation	2,196		5	%	4,473		(35)	%	6,417		(8)	%
Transaction costs	19		—	%	862		(7)	%	415		(1)	%
State taxes deduction	(509)		(1)	%	(277)		2	%	(94)		—	%
Other	(170)		—	%	303		(2)	%	322		—	%

Cross-Border Tax Laws:
Base Erosion Anti-Abuse Tax	—		—	%	(7,752)		61	%	7,752		(10)	%
Net Controlled Foreign Corporations Tested Income Exclusion	507		1	%	—		—	%	(3,831)		5	%
US Branch tax impact	898		2	%	381		(3)	%	132		—	%

Other Adjustments:
Tax expense (benefit) from acquisition / reorganizations	207		—	%	(4,308)		34	%	—		—	%
Net Operating Loss Carryforward adjustment	—		—	%	(1,241)		10	%	—		—	%
Fixed Assets deferred adjustments	158		—	%	(788)		6	%	(72)		—	%
Miscellaneous deferred adjustments	225		1	%	(1,013)		8	%	(525)		1	%
Return-to-Provision adjustments	(317)		(1)	%	35		—	%	(170)		—	%

Change in valuation allowance	(31,565)		(70)	%	(6,176)		48	%	(4,077)		5	%

Domestic state and local income taxes, net of federal effect (1)	1,601		4	%	252		(2)	%	1,386		(2)	%

Foreign Reconciling Items:
Australia
Return-to-Provision Adjustments	548		1	%	(161)		1	%	44		—	%
Other	57		—	%	185		(1)	%	(76)		—	%
United Kingdom
Stock-based compensation, net	716		2	%	593		(5)	%	(963)		1	%
Other	(274)		(1)	%	828		(6)	%	639		(1)	%
India
Write-off of Income Tax Receivables	831		2	%	—		—	%	—		—	%
Other	(385)		(1)	%	(580)		5	%	—		—	%
Other Foreign Jurisdictions	(1,228)		(3)	%	(530)		4	%	306		—	%
Foreign Withholding Taxes	866		2	%	—		—	%	—		—	%

Changes in Unrecognized Tax Benefits:	455		1	%	2,494		(20)	%	1,734		(2)	%

Tax provision for income taxes	5,526		12	%	40		—	%	2,341		(3)	%

(1) State taxes in Illinois, Texas, New Hampshire and Oregon made up the majority (greater than 50%) of the current tax effect in this category.

Cash paid for income taxes, net of refunds received, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 is as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
US Federal *	$	740	$	745	$	—

US State and Local:
Illinois	560		978		380
Pennsylvania *	—		368		200
Texas	247		295		205
New York *	—		—		114
Other states	1,282		765		251
Total State and Local	2,089		2,406		1,150

Foreign:
United Kingdom *	1,460		—		—
Canada *	—		317		178
Philippines *	—		—		118
Other foreign	554		283		143
Total Foreign	2,014		600		439

Total Worldwide	$	4,843	$	3,751	$	1,589

* Jurisdiction did not incur tax payments which exceeded the disclosure threshold for years with no payments shown.


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss and credit carryforwards	$	97,816	$	91,826
Capitalized R&D costs	40,223		78,961
Accrued liabilities	1,781		872
Provision for credit losses	1,381		671
Property and equipment	103		35
Amortizable intangibles	—		—
Deferred revenue	3,148		3,687
Accrued compensation	6,396		5,797
Long-term lease liabilities	18,169		15,928
Stock-based compensation	6,697		10,224
Deferred interest expense	—		349
Other	1,259		755

Gross deferred tax assets	176,973		209,105
Valuation allowance	(75,701)		(123,141)
Net deferred tax assets	101,272		85,964
Deferred tax liabilities:
Property and equipment	(11,637)		(8,647)
Amortizable intangibles	(5,399)		(7,697)
Right of use assets	(15,663)		(13,493)
Deferred contract acquisition costs	(65,576)		(52,663)
Other	(214)		—
Gross deferred tax liabilities	(98,489)		(82,500)
Net deferred taxes	$	2,783	$	3,464

With the exception of Russia, the Company has not provided for U.S. income taxes on undistributed earnings of its foreign subsidiaries because it intends to permanently re-invest those earnings outside the United States. The Company has plans to liquidate its Russian subsidiary. As such, the Company no longer asserts an intention to permanently re-invest those earnings.

A valuation allowance is provided for deferred tax assets where the recoverability of the assets is uncertain. The determination to provide a valuation allowance is dependent upon the assessment of whether it is more likely than not that sufficient future taxable income will be generated to utilize the deferred tax assets. Based on the weight of the available evidence, which includes the Company’s historical operating losses, lack of taxable income and the accumulated deficit for the year ended December 31, 2025, the Company has provided a valuation allowance against its U.S. net deferred tax assets. The Company has recorded net foreign deferred tax assets associated with its Australia, Germany, India and the U.K. operations totaling $2.8 million since management has assessed it is more likely than not that the results of future operations within these jurisdictions will generate sufficient taxable income to realize the deferred tax assets. The foreign deferred tax assets cannot increase its U.S. valuation allowance. The net change in the valuation allowance for the years ended December 31, 2025 and 2024 were decreases of $47.4 million and $11.7 million, respectively. The decrease of the valuation allowance in the current year was primarily attributed to the acceleration of domestic research and development expenditures under H.R. 1 (“OBBBA”), historically capitalized under Section 174.

As of December 31, 2025, the Company had net operating loss carryforwards for federal, state and foreign income tax purposes of $344.1 million, $247.1 million and $5.5 million, respectively, available to reduce future income subject to income taxes. If not utilized, various amounts of state net operating loss carryforwards will begin to expire in 2026. The federal and foreign net operating losses will not expire. As of December 31, 2025, the

Company also had gross research credit carryforwards for federal and California state tax purposes of $14.3 million and $8.2 million, available to reduce future income subject to income taxes. The federal research credit carryforwards will expire between 2026 and 2045. The California state research credits do not expire. The IRC imposes restrictions on the utilization of net operating losses and credits in the event of an “ownership change” of a corporation. Accordingly, a company’s ability to use net operating losses and credits may be subject to substantial limitation as prescribed under the IRC Sections 382 and 383 and similar state provisions. Events that may cause limitations in the amount of the net operating losses and credits that the Company may use in any one year include, but are not limited to, a cumulative ownership change of more than 50% over a three-year period. In the event the Company has changes in ownership, net operating losses and research and development credit carryforwards, which are fully reserved by the deferred tax asset valuation allowance, could be limited and may expire unutilized.

Unrecognized Tax Benefits

The table below shows the changes in the gross amount of unrecognized tax benefits for the periods presented (in thousands):


	Year Ended December 31,
	2025		2024		2023
Unrecognized benefit — beginning of period	$	13,575	$	11,124	$	9,415
Gross increases — current year tax positions	490		2,502		1,413
Gross increases — prior year tax positions	—		40		299
Gross decreases — prior year tax positions	(83)		(91)		(3)
Settlements with tax authorities	—		—		—
Unrecognized benefit — end of period	$	13,982	$	13,575	$	11,124

As of each of December 31, 2025 and 2024, the Company had unrecognized tax benefits that, if recognized, would impact its effective tax rate by $1.0 million. The Company recognizes interest and penalties related to uncertain tax positions as income tax expense, which has cumulatively been immaterial to the financial statements.

The Company is subject to taxation in the United States, various states and several foreign jurisdictions. Due to the Company’s net carryover of unused tax attributes, all years from 2003 forward remain subject to future examination by the U.S. federal and state tax authorities. The Company’s foreign tax returns are open to audit under the statutes of limitation of the respective foreign countries in which the subsidiaries are located.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss and credit carryforwards	$ 97,816	$ 91,826
Capitalized R&D costs	40,223	78,961
Accrued liabilities	1,781	872
Provision for credit losses	1,381	671
Property and equipment	103	35
Amortizable intangibles	0	0
Deferred revenue	3,148	3,687
Accrued compensation	6,396	5,797
Long-term lease liabilities	18,169	15,928
Stock-based compensation	6,697	10,224
Deferred interest expense	0	349
Other	1,259	755
Gross deferred tax assets	176,973	209,105
Valuation allowance	(75,701)	(123,141)
Net deferred tax assets	101,272	85,964
Deferred tax liabilities:
Property and equipment	(11,637)	(8,647)
Amortizable intangibles	(5,399)	(7,697)
Right of use assets	(15,663)	(13,493)
Deferred contract acquisition costs	(65,576)	(52,663)
Other	(214)	0
Gross deferred tax liabilities	(98,489)	(82,500)
Net deferred taxes	$ 2,783	$ 3,464

Description of Business and Summary of Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance, beginning of period	$ 341	$ 264
Add: bad debt expense	1,617	1,150	$ 989
Less: write-offs, net of recoveries	(1,523)	(1,073)
Balance, end of period	$ 435	$ 341	$ 264

Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Dec. 31, 2025	Apr. 03, 2014
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	23,177,000
Shares available for future grant under 2014 Plan
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	13,061,000
Stock options outstanding
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	390,000
RSUs (including PRSUs) outstanding
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	6,029,000
Shares available for future issuance under ESPP
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	3,697,000	880,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Retirement Plans	12 Months Ended
Retirement Plans	Dec. 31, 2025
Retirement Benefits [Abstract]
Retirement Plans	Retirement Plans The Company has a 401(k) plan to provide tax deferred salary deductions for all eligible employees. Participants may make voluntary contributions to the 401(k) plan, limited by certain Internal Revenue Service restrictions. The Company is responsible for the administrative costs of the 401(k) plan. The Company began matching employee contributions in cash in the fourth quarter of 2019. The contribution expense for the years ended December 31, 2025, 2024, and 2023 was $2.5 million,$2.7 million and $2.4 million, respectively. The Company complies with the requirement of maintaining a retirement plan for employees in the Philippines. This plan is a non-contributory and defined benefit plan that provides retirement to employees equal to approximately one month salary for every year of credited service for employees who attain the normal retirement age of 60 with at least five years of service. The benefits are paid in a lump sum amount upon retirement from the Company. Total defined benefit liability under this plan was $1.3 million and $1.1 million as of each of December 31, 2025 and 2024, respectively. Total retirement expense for this plan were $0.4 million, $0.3 million, and $0.3 million for the years ended December 31, 2025, 2024, and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have developed, implemented and maintain a formal “risk based" Information Security Management System, or ISMS, that is designed to protect the confidentiality, integrity, and availability of the information contained within our systems. ISMS complies with a number of internationally recognized standards for information security, including the ISO 27001:2022 Standard for Information Security, AICPA System and Organization Controls 2 (SOC 2) for the criteria of Security and Availability; the Payment Card Industry Data Security Standard v4.0.1, or PCI DSS v4.0.1, the global standard for the payment card industry. In accordance with these international standards, and included in the ISMS, is our cybersecurity incident response process and plan. In the event of a potential cybersecurity incident, our Chief Information Security Officer, or CISO, is notified of the incident and assembles an Incident Response Team, which is comprised of individuals who have the necessary technical, operational, and regulatory knowledge to assist the CISO. Typically, senior members of our engineering, operations, security, compliance/data protection office, and legal functions comprise the Incident Response Team. The Incident Response Team will conduct an assessment to determine the nature and scope of the incident and manages the incident in accordance with our incident response procedures until the incident is contained and resolved. The Incident Response Team will document findings and make them available to the Incident Classification Team, which is comprised of our CISO, Executive Vice President of Production Engineering, Chief Information Officer, Chief Administrative & Legal Officer, or CALO, Chief Operating Officer, Chief Financial Officer, and their respective delegates. The Incident Classification Team is responsible for assessing the incident and notifying members of our management and our Board. Our Chief Executive Officer, CALO, CISO and CFO, in conjunction with their delegates and third-party experts, including outside legal counsel, are responsible for coordinating external communications and disclosures, including with the Securities and Exchange Commission and impacted third parties. Our ISMS has a risk based formulation. The cybersecurity risk process within the ISMS is an integral component of our enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Cybersecurity incidents and their associated risks are integrated into the enterprise risk management program, where appropriate mitigating strategies are determined and acted upon to mitigate cyber security risks. Our ISMS and cybersecurity risk management program includes: •risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment; •a security team principally responsible for (1) recommending and implementing appropriate technologies to mitigate the cyber security risks; (2) monitoring internal systems and taking appropriate action in the event of alerts; (3) monitoring the threat landscape; and (4) our response to cybersecurity incidents and management of the incident response process and the Incident Response Team; •the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls, including but not limited to outside legal counsel, reputable third-party firms for 24/7 threat monitoring, detection and response, and third-party experts for conducting periodic process assessments to help us evaluate and enhance our cybersecurity practices; •cybersecurity awareness training of our employees, incident response personnel, and senior management, which covers a variety of topics designed to educate our employees about the importance of cybersecurity awareness, highlight typical cybersecurity-related risks and issues, such as phishing attacks and other methods used to attempt to infiltrate our systems, and test that awareness using knowledge assessments and simulations; •external cybersecurity consultants, supervised by our Incident Response Team and Incident Classification Team; •a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; •a third-party risk management process for service providers, suppliers, and vendors, pursuant to which we require such third parties to maintain certain security controls and assess their compliance with these requirements; and •independent third-party assessments and audits of our Information Security Management System, or ISMS, to monitor compliance with globally recognized information security standards, including ISO 27001:2022, ISO 27017:2015 (cloud security best practices), PCI DSS v4.0.1, HIPAA, and the AICPA SOC 2 criteria for Security and Availability.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Cybersecurity incidents and their associated risks are integrated into the enterprise risk management program, where appropriate mitigating strategies are determined and acted upon to mitigate cyber security risks.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and the full Board has direct oversight of cybersecurity and other information technology risks as well as oversees management’s implementation of our cybersecurity risk management program. Several of our Board members have cybersecurity experience, including Michael Burdiek, Sue Barsamian, Julie Iskow, Sudhakar Ramakrishna and Maria Walker. Our Board receives quarterly reports from management on our cybersecurity processes and risks. In addition, management updates the Board, as necessary, regarding cybersecurity incidents, including those that are immaterial.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and the full Board has direct oversight of cybersecurity and other information technology risks as well as oversees management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board receives quarterly reports from management on our cybersecurity processes and risks. In addition, management updates the Board, as necessary, regarding cybersecurity incidents, including those that are immaterial. Our Board also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our CISO and internal security staff as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Role of Management [Text Block]	Our management, including our CISO, oversees cybersecurity threats using our Incident Response Team and Incident Classification Team. Our management is responsible for assessing and managing our material risks from cybersecurity threats and incidents and has the primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management, including our CISO, oversees cybersecurity threats using our Incident Response Team and Incident Classification Team. Our management is responsible for assessing and managing our material risks from cybersecurity threats and incidents and has the primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our management, including our CISO, brings a wealth of knowledge and expertise to our company. Our CISO has experience in roles including VP Product Security at Palo Alto Networks, VP Product Security at SAP Ariba as well as CISO for SAP Sales Cloud, which demonstrates a proven track record in developing and implementing robust cybersecurity strategies, managing large-scale security operations, and leading incident response initiatives. Our CISO has a deep understanding of emerging cyber threats and technological advancements and is adept at ensuring compliance with regulatory requirements and industry standards, while fostering a culture of security awareness throughout the organization.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our ISMS and cybersecurity risk management program includes: •risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment; •a security team principally responsible for (1) recommending and implementing appropriate technologies to mitigate the cyber security risks; (2) monitoring internal systems and taking appropriate action in the event of alerts; (3) monitoring the threat landscape; and (4) our response to cybersecurity incidents and management of the incident response process and the Incident Response Team; •the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls, including but not limited to outside legal counsel, reputable third-party firms for 24/7 threat monitoring, detection and response, and third-party experts for conducting periodic process assessments to help us evaluate and enhance our cybersecurity practices; •cybersecurity awareness training of our employees, incident response personnel, and senior management, which covers a variety of topics designed to educate our employees about the importance of cybersecurity awareness, highlight typical cybersecurity-related risks and issues, such as phishing attacks and other methods used to attempt to infiltrate our systems, and test that awareness using knowledge assessments and simulations; •external cybersecurity consultants, supervised by our Incident Response Team and Incident Classification Team; •a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; •a third-party risk management process for service providers, suppliers, and vendors, pursuant to which we require such third parties to maintain certain security controls and assess their compliance with these requirements; and •independent third-party assessments and audits of our Information Security Management System, or ISMS, to monitor compliance with globally recognized information security standards, including ISO 27001:2022, ISO 27017:2015 (cloud security best practices), PCI DSS v4.0.1, HIPAA, and the AICPA SOC 2 criteria for Security and Availability.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Revenue - Schedule of Contract Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 130,984	$ 115,172
Deferred contract acquisition costs, net:
Current	88,714	76,600
Non-current	176,976	155,157
Total deferred contract acquisition costs, net	265,690	231,757
Contract assets and contract liabilities:
Contract assets (included in prepaid expenses and other current assets)	4,101	7,206
Contract liabilities (deferred revenue)	(77,515)	(79,173)
Noncurrent contract liabilities (deferred revenue) (included in other long term liabilities)	(1,545)	(865)
Net contract liabilities	$ (74,959)	$ (72,832)

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment, accumulated	$ 0	$ 0
Amortization of intangible assets	14,466,000	12,591,000	$ 12,000,000.0
Impairment of intangible assets	$ 0	$ 0

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Financial Statement Components - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred revenue	$ 1,545	$ 865
Deferred tax liabilities	56	186
Sales and other tax liabilities	1,357	244
Other long-term liabilities	4,589	5,422
Other long-term liabilities	$ 7,547	$ 6,717

Debt - Schedule of Net Carrying Amount of Notes (Details) - Convertible Senior Notes, Due 2029 - Convertible Debt - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Principal	$ 747,500	$ 747,500
Unamortized issuance costs	(12,010)	(15,645)
Net carrying amount	$ 735,490	$ 731,855

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Selected Quarterly Financial Data (Unaudited) - Schedule of Allocation of Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Quarterly Financial Information [Line Items]
Total depreciation and amortization	$ 16,853	$ 15,772	$ 14,649	$ 14,490	$ 14,640	$ 13,144	$ 12,938	$ 12,183	$ 61,764	$ 52,905	$ 48,515
Cost of revenue
Quarterly Financial Information [Line Items]
Total depreciation and amortization	14,421	13,381	12,161	11,883	12,087	10,414	10,421	9,613
Research and development
Quarterly Financial Information [Line Items]
Total depreciation and amortization	833	731	799	680	620	721	741	890
Sales and marketing
Quarterly Financial Information [Line Items]
Total depreciation and amortization	10	11	27	36	38	32	26	27
General and administrative
Quarterly Financial Information [Line Items]
Total depreciation and amortization	$ 1,589	$ 1,649	$ 1,662	$ 1,891	$ 1,895	$ 1,977	$ 1,750	$ 1,653

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Financial Statement Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 24,209	$ 27,988
Other current assets	14,797	15,646
Contract assets	4,101	7,206
Prepaid expenses and other current assets	$ 43,107	$ 50,840

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Obligations

The components of lease expenses were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	12,974	$	13,270	$	13,544
Finance lease cost:
Amortization of right-of-use assets	$	8,911	$	3,857	$	940
Interest on finance lease liabilities	1,033		552		155
Total finance lease cost	$	9,944	$	4,409	$	1,095

Supplemental cash flow information related to leases was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used in operating leases	$	(12,130)	$	(12,259)	$	(10,966)
Financing cash used in finance leases	(9,770)		(4,012)		(989)
Right of use assets obtained in exchange for lease obligations:
Operating leases	19,121		9,448		6,454
Finance leases	3,853		18,559		5,505

Weighted average remaining terms were as follows (in years):

December 31,

2025

2024

Weighted average remaining lease term

Operating leases

4.6 years

5.0 years

Finance leases

1.7 years

2.5 years

Weighted average discount rates were as follows:


	December 31,
	2025		2024
Weighted average discount rate
Operating leases	4.7	%	4.2	%
Finance leases	5.8	%	5.8	%

Schedule of Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows (in thousands):


	December 31,
	2025		2024
Operating leases
Operating lease right-of-use assets	$	46,375	$	38,880

Operating lease liabilities	$	12,922	$	11,258
Operating lease liabilities — less current portion	42,116		37,071
Total operating lease liabilities	$	55,038	$	48,329
Finance leases
Finance lease right-of-use assets	$	14,216	$	19,269

Property and equipment, gross	$	14,354	$	21,708
Less: accumulated depreciation and amortization	(14,354)		(21,708)
Property and equipment, net	$	—	$	—

Finance lease liabilities	$	8,480	$	7,768
Finance lease liabilities — less current portion	6,090		11,688
Total finance lease liabilities	$	14,570	$	19,456

Schedule of Operating Lease Maturities

Maturities of lease liabilities were as follows (in thousands):


Year Ending December 31,	Operating Leases		Finance Leases
2026	$	15,092	$	9,050
2027	12,520		5,906
2028	10,851		319
2029	10,602		—
2030	10,262		—
Thereafter	1,669		—
Total future minimum lease payments	60,996		15,275
Less: imputed interest	(5,958)		(705)
Total	$	55,038	$	14,570

Schedule of Finance Lease Maturities

Maturities of lease liabilities were as follows (in thousands):


Year Ending December 31,	Operating Leases		Finance Leases
2026	$	15,092	$	9,050
2027	12,520		5,906
2028	10,851		319
2029	10,602		—
2030	10,262		—
Thereafter	1,669		—
Total future minimum lease payments	60,996		15,275
Less: imputed interest	(5,958)		(705)
Total	$	55,038	$	14,570

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill
Goodwill, beginning balance	$ 365,436	$ 227,412
Addition (Aceyus)		138,181
Goodwill, ending balance	366,253	365,436	$ 227,412
Intangible Assets
Intangible assets, beginning balance	65,632	38,323
Addition (Aceyus)		39,900
Amortization	(14,466)	(12,591)	(12,000)
Intangible assets, ending balance	51,166	65,632	$ 38,323
Acqueon
Goodwill
Measurement period adjustment	817	(14)
Aceyus, Inc.
Goodwill
Measurement period adjustment		$ 143
Goodwill, ending balance	$ 61,800

Income Taxes - Schedule of Components of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States									$ 34,312	$ (22,903)	$ (80,348)
International									10,630	10,148	925
Income (loss) before income taxes	$ 23,030	$ 18,616	$ 2,536	$ 760	$ 11,151	$ (8,347)	$ (9,471)	$ (6,088)	$ 44,942	$ (12,755)	$ (79,423)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Santa Clara, California

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Contract Balances

The following table provides information about accounts receivable, net, deferred contract acquisition costs, net, contract assets and contract liabilities from contracts with customers (in thousands):


	December 31, 2025		December 31, 2024
Accounts receivable, net	$	130,984	$	115,172

Deferred contract acquisition costs, net:
Current	$	88,714	$	76,600
Non-current	176,976		155,157
Total deferred contract acquisition costs, net	$	265,690	$	231,757

Contract assets and contract liabilities:
Contract assets (included in prepaid expenses and other current assets)	$	4,101	$	7,206
Contract liabilities (deferred revenue)	(77,515)		(79,173)
Noncurrent contract liabilities (deferred revenue) (included in other long term liabilities)	(1,545)		(865)
Net contract liabilities	$	(74,959)	$	(72,832)

Investments and Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Investments and Fair Value Measurements

Marketable Investments



	December 31, 2025
Short-Term Marketable Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	1,066	$	1	$	—	$	1,067
U.S. treasury securities	266,671		459		—		267,130
U.S. agency and government-sponsored securities	166,170		81		(14)		166,237
Commercial paper	7,867		6		—		7,873

Corporate bonds	22,511		17		—		22,528
Total	$	464,285	$	564	$	(14)	$	464,835

	December 31, 2024
Short-Term Marketable Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	802	$	—	$	—	$	802
U.S. treasury securities	442,353		442		(223)		442,572
U.S. agency and government-sponsored securities	146,762		16		(18)		146,760
Commercial paper	9,600		8		—		9,608

Corporate bonds	43,550		124		(6)		43,668
Total	$	643,067	$	590	$	(247)	$	643,410


	December 31, 2025				December 31, 2024
	Less than 12 months				Less than 12 months
	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value

U.S. treasury securities	$	—	$	—	$	(223)	$	104,716
U.S. agency and government-sponsored securities	(14)		33,935		(18)		76,484

Corporate bonds	—		—		(6)		4,219
Total	$	(14)	$	33,935	$	(247)	$	185,419

Although the Company had certain available-for-sale debt securities in an unrealized loss position as of December 31, 2025, no impairment loss was recorded since it did not intend to sell them, did not anticipate a need to sell them, and the decline in fair value was not due to any credit-related factors.

The amortized cost and fair value of the Company’s marketable investments by contractual maturity as of December 31, 2025 were as follows (in thousands):


	Cost		Fair Value
Due within one year	$	271,187	$	271,619
Due after one year through two years	193,098		193,216
Total	$	464,285	$	464,835

Fair Value Measurements

The Company carries cash equivalents and marketable investments at fair value. Fair value is based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1 — Observable inputs, which include unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than Level 1 inputs, such as quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined by using pricing models, discounted cash flow methodologies or similar techniques.

The Company determined the fair value of its Level 1 financial instruments, which are traded in active markets, using quoted market prices for identical instruments.

Marketable investments classified within Level 2 of the fair value hierarchy are valued based on other observable inputs, including broker or dealer quotations or alternative pricing sources. When quoted prices in active markets for identical assets or liabilities are not available, the Company relies on non-binding quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, historical pricing trends of a security as relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. The Company performs routine procedures such as comparing prices obtained from independent sources to ensure that appropriate fair values are recorded.

The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands):


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	103,637	$	—	$	—	$	103,637
Certificates of deposit	—		747		—		747



Total cash equivalents	$	103,637	$	747	$	—	$	104,384
Marketable investments
Certificates of deposit	$	—	$	1,067	$	—	$	1,067
U.S. treasury securities	267,130		—		—		267,130
U.S. agency and government-sponsored securities	—		166,237		—		166,237
Commercial paper	—		7,873		—		7,873

Corporate bonds	—		22,528		—		22,528
Total marketable investments	$	267,130	$	197,705	$	—	$	464,835




	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	114,370	$	—	$	—	$	114,370
Certificates of deposit	—		496		—		496
U.S. treasury securities	42,946		—		—		42,946
U.S. agency and government-sponsored securities	—		41,832		—		41,832
Commercial paper	—		—		—		—
Total cash equivalents	$	157,316	$	42,328	$	—	$	199,644
Marketable investments
Certificates of deposit	$	—	$	802	$	—	$	802
U.S. treasury securities	442,572		—		—		442,572
U.S. agency and government-sponsored securities	—		146,760		—		146,760
Commercial paper	—		9,608		—		9,608

Corporate bonds	—		43,668		—		43,668
Total marketable investments	$	442,572	$	200,838	$	—	$	643,410

In March 2024, the Company issued $747.5 million aggregate principal amount of 1.00% convertible senior notes due 2029 (the "2029 convertible senior notes") in a private offering. In connection with the issuance of the 2029 convertible senior notes, the Company used part of the net proceeds from the issuance to repurchase approximately $313.1 million aggregate principal amount of its 0.50% convertible senior notes due 2025 (the "2025 convertible senior notes").

As of December 31, 2024, the estimated fair value of the outstanding 2025 convertible senior notes was $423.2 million. The 2025 convertible senior notes matured on June 1, 2025, and the Company settled its obligations with respect to the 2025 convertible senior notes in cash in connection therewith.

As of December 31, 2025 and December 31, 2024, the estimated fair value of the outstanding 2029 convertible senior notes was $674.1 million and $674.8 million, respectively. The fair values were determined based on the quoted price of the convertible senior notes in an inactive market on the last trading day of the reporting period and have been classified as Level 2 in the fair value hierarchy. See Note 6 for further information on the Company’s convertible senior notes.

In February 2022, the Company made a $2.0 million equity investment in a privately-held company that the Company does not have the ability to exercise significant influence over. The Company elected to utilize the measurement alternative for an equity security without a readily determinable fair value. Accordingly, this investment is accounted for at its cost minus impairment, if any, and is classified within Level 3. If the Company identifies observable price changes in orderly transactions for such investment or a similar investment, it will measure the investment at fair value as of the date that the observable transactions or events occurred. During 2024, the Company noted an indicator of impairment of this investment and recorded a $1.3 million impairment charge. The Company concluded that there was no further indicator of impairment of this investment as of December 31, 2025.

Except for the equity investment described above, there were no assets or liabilities measured at fair value on a non-recurring basis as of December 31, 2025 and 2024.

The fair value of the Company’s other financial instruments, including accounts receivable, accounts payable and other current liabilities, approximate their carrying value due to the relatively short maturity of those instruments. The carrying amounts of the Company’s operating and finance leases approximate their fair value, which is the present value of expected future cash payments based on assumptions about current interest rates and the creditworthiness of the Company.

Stockholders' Equity - Schedule of Stock Option Activities (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Vested and expected to vest
Fair market value of common stock (in usd per share)	$ 20.05
Stock Option
Number of Shares
Outstanding, beginning balance (in shares)	860
Options granted (in shares)	0
Options exercised (in shares)	(156)
Options forfeited or expired (in shares)	(314)
Outstanding, ending balance (in shares)	390	860
Vested and expected to vest (in shares)	390
Exercisable (in shares)	389
Weighted Average Exercise Price
Outstanding, beginning balance, weighted-average exercise price (in USD per share)	$ 55.34
Options granted, weighted-average exercise price (in USD per share)	0.00
Options exercised, weighted-average exercise price (in USD per share)	20.00
Options forfeited or expired, weighted-average exercise price (in USD per share)	77.72
Outstanding, ending balance, weighted-average exercise price (in USD per share)	51.62	$ 55.34
Outstanding, weighted-average exercise price (in USD per share)	51.62
Exercisable, weighted-average exercise price (in USD per share)	$ 51.42
Weighted average remaining contractual life	2 years 4 months 24 days
Outstanding, aggregate intrinsic value	$ 1,355
Vested and expected to vest
Outstanding, weighted average remaining contractual life	2 years 4 months 24 days
Exercisable, weighted average remaining contractual life	2 years 4 months 24 days
Vested and expected to vest, aggregate intrinsic value	$ 1,355
Exercisable, aggregate intrinsic value	$ 1,355
Additional information pertaining to stock options
Weighted average grant date fair value per share of options granted, excluding assumed stock options (in USD per share)	$ 0	$ 0	$ 0
Intrinsic value of options exercised	$ 1,008	$ 901	$ 26,943
Total fair value of options vested during the period	1,095	3,249	5,602
Cash received from options exercised	$ 3,137	$ 481	$ 9,127

Segment and Geographical Information - Schedule of Revenue and Property and Equipment by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets
Revenue	$ 300,282	$ 285,832	$ 283,269	$ 279,705	$ 278,660	$ 264,182	$ 252,086	$ 247,010	$ 1,149,088	$ 1,041,938	$ 910,488
Property and equipment, net	164,635				144,888				164,635	144,888
United States
Revenues from External Customers and Long-Lived Assets
Revenue									1,017,415	927,788	812,708
Property and equipment, net	154,855				136,382				154,855	136,382
International
Revenues from External Customers and Long-Lived Assets
Revenue									131,673	114,150	$ 97,780
Property and equipment, net	$ 9,780				$ 8,506				$ 9,780	$ 8,506

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company has leases for offices, data centers and computer and networking equipment that expire at various dates through 2031. The Company’s leases have remaining terms of one to seven years, some of the leases include a Company option to extend the leases for up to one to five years, and some of the leases include the option to terminate the leases upon 30-days’ notice. The Company does not separate lease and non-lease components for real estate operating leases.

As the Company’s leases do not provide an implicit rate, the net present value of future minimum lease payments is determined using the Company’s incremental borrowing rate. Operating leases with a duration of 12 months or less are excluded from right-of-use assets and operating lease liabilities, and related lease payments are generally recognized on a straight-line basis over the lease term and variable lease payments are recognized as incurred.

The Company entered into three-year equipment finance lease agreements and recognized $18.6 million right of use assets during 2024, which were reported within Finance lease right-of-use assets on the consolidated balance sheets and are being depreciated on a straight-line basis over the lease term. As a result, the Company also recognized short-term lease liabilities of $5.9 million within Finance lease liabilities and long-term lease liabilities of $12.7 million within Finance lease liabilities - less current portion on the consolidated balance sheets for the year ended December 31, 2024. The Company also entered into additional three-year equipment finance lease agreements and recognized $3.9 million right of use assets during 2025, which were reported within Finance lease right-of-use assets and are being depreciated on a straight-line basis over the lease term. As a result, the Company also recognized short-term lease liabilities of $1.3 million within Finance lease liabilities and long-term lease liabilities of $2.6 million within Finance lease liabilities - less current portion for the year ended December 31, 2025.

The components of lease expenses were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	12,974	$	13,270	$	13,544
Finance lease cost:
Amortization of right-of-use assets	$	8,911	$	3,857	$	940
Interest on finance lease liabilities	1,033		552		155
Total finance lease cost	$	9,944	$	4,409	$	1,095

Supplemental cash flow information related to leases was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used in operating leases	$	(12,130)	$	(12,259)	$	(10,966)
Financing cash used in finance leases	(9,770)		(4,012)		(989)
Right of use assets obtained in exchange for lease obligations:
Operating leases	19,121		9,448		6,454
Finance leases	3,853		18,559		5,505

Supplemental balance sheet information related to leases was as follows (in thousands):


	December 31,
	2025		2024
Operating leases
Operating lease right-of-use assets	$	46,375	$	38,880

Operating lease liabilities	$	12,922	$	11,258
Operating lease liabilities — less current portion	42,116		37,071
Total operating lease liabilities	$	55,038	$	48,329
Finance leases
Finance lease right-of-use assets	$	14,216	$	19,269

Property and equipment, gross	$	14,354	$	21,708
Less: accumulated depreciation and amortization	(14,354)		(21,708)
Property and equipment, net	$	—	$	—

Finance lease liabilities	$	8,480	$	7,768
Finance lease liabilities — less current portion	6,090		11,688
Total finance lease liabilities	$	14,570	$	19,456

During 2024, the Company recognized a $1.9 million impairment loss as a result of its commitment to close two operating lease facilities and a $0.3 million impairment loss related to the associated leasehold improvements and property and equipment.

Weighted average remaining terms were as follows (in years):

December 31,

2025

2024

Weighted average remaining lease term

Operating leases

4.6 years

5.0 years

Finance leases

1.7 years

2.5 years

Weighted average discount rates were as follows:


	December 31,
	2025		2024
Weighted average discount rate
Operating leases	4.7	%	4.2	%
Finance leases	5.8	%	5.8	%

Maturities of lease liabilities were as follows (in thousands):


Year Ending December 31,	Operating Leases		Finance Leases
2026	$	15,092	$	9,050
2027	12,520		5,906
2028	10,851		319
2029	10,602		—
2030	10,262		—
Thereafter	1,669		—
Total future minimum lease payments	60,996		15,275
Less: imputed interest	(5,958)		(705)
Total	$	55,038	$	14,570

Leases

The components of lease expenses were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	12,974	$	13,270	$	13,544
Finance lease cost:
Amortization of right-of-use assets	$	8,911	$	3,857	$	940
Interest on finance lease liabilities	1,033		552		155
Total finance lease cost	$	9,944	$	4,409	$	1,095

Supplemental cash flow information related to leases was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used in operating leases	$	(12,130)	$	(12,259)	$	(10,966)
Financing cash used in finance leases	(9,770)		(4,012)		(989)
Right of use assets obtained in exchange for lease obligations:
Operating leases	19,121		9,448		6,454
Finance leases	3,853		18,559		5,505

Supplemental balance sheet information related to leases was as follows (in thousands):


	December 31,
	2025		2024
Operating leases
Operating lease right-of-use assets	$	46,375	$	38,880

Operating lease liabilities	$	12,922	$	11,258
Operating lease liabilities — less current portion	42,116		37,071
Total operating lease liabilities	$	55,038	$	48,329
Finance leases
Finance lease right-of-use assets	$	14,216	$	19,269

Property and equipment, gross	$	14,354	$	21,708
Less: accumulated depreciation and amortization	(14,354)		(21,708)
Property and equipment, net	$	—	$	—

Finance lease liabilities	$	8,480	$	7,768
Finance lease liabilities — less current portion	6,090		11,688
Total finance lease liabilities	$	14,570	$	19,456

Weighted average remaining terms were as follows (in years):

December 31,

2025

2024

Weighted average remaining lease term

Operating leases

4.6 years

5.0 years

Finance leases

1.7 years

2.5 years

Weighted average discount rates were as follows:


	December 31,
	2025		2024
Weighted average discount rate
Operating leases	4.7	%	4.2	%
Finance leases	5.8	%	5.8	%

Maturities of lease liabilities were as follows (in thousands):


Year Ending December 31,	Operating Leases		Finance Leases
2026	$	15,092	$	9,050
2027	12,520		5,906
2028	10,851		319
2029	10,602		—
2030	10,262		—
Thereafter	1,669		—
Total future minimum lease payments	60,996		15,275
Less: imputed interest	(5,958)		(705)
Total	$	55,038	$	14,570

Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plans (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Contribution expense	$ 2.5	$ 2.7	$ 2.4
Requisite service period (in years)	5 years
Defined benefit liability	$ 1.3	1.1
Retirement expense	$ 0.4	$ 0.3	$ 0.3

Leases - Schedule of Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating leases
Operating lease right-of-use assets	$ 46,375	$ 38,880
Operating lease liabilities
Operating lease liabilities	12,922	11,258
Operating lease liabilities — less current portion	42,116	37,071
Total operating lease liabilities	55,038	48,329
Finance leases
Property and equipment, net	$ 14,216	$ 19,269
Finance lease, right-of-use asset, Balance Sheet location [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Finance lease liabilities	$ 8,480	$ 7,768
Finance lease liabilities — less current portion	6,090	11,688
Total finance lease liabilities	14,570	19,456
Fixed Assets, Excluding New Finance Lease
Finance leases
Property and equipment, net	0	0
Property and equipment, gross	14,354	21,708
Less: accumulated depreciation and amortization	$ (14,354)	$ (21,708)

Segment and Geographical Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Revenues and Property and Equipment by Geographic Region

The following table summarizes revenues by geographic region based on customer billing address (in thousands):


	Year Ended December 31,
	2025		2024		2023
United States	$	1,017,415	$	927,788	$	812,708
International	131,673		114,150		97,780
Total revenue	$	1,149,088	$	1,041,938	$	910,488

Long-Lived Assets, Net by Geographic Areas

The following table summarizes total property and equipment, net in the respective locations (in thousands):


	December 31,
	2025		2024
United States	$	154,855	$	136,382
International	9,780		8,506
Property and equipment, net	$	164,635	$	144,888

Reconciliation of Revenue from Segments to Consolidated

Segment Information - Consolidated Statements of Operations


	Year Ended December 31,
	2025		2024		2023
Revenue	$	1,149,088	$	1,041,938	$	910,488
Adjusted cost of revenue(1)	(426,892)		(399,197)		(354,729)
Adjusted research and development(2)	(110,950)		(122,053)		(99,418)
Adjusted sales and marketing(3)	(266,037)		(256,193)		(230,419)
Adjusted general and administrative(4)	(75,514)		(68,513)		(59,657)
Other segment items(5)	(179,081)		(194,380)		(216,326)
Depreciation and amortization	(61,764)		(52,905)		(48,515)
Interest expense	(14,076)		(14,812)		(7,646)
Gain on early extinguishment of debt	—		6,615		—
Interest income and other	30,168		46,745		26,799
Provision for income taxes(6)	(5,526)		(40)		(2,341)
Net income (loss)	$	39,416	$	(12,795)	$	(81,764)

___________________________

cost-reduction and productivity initiatives, legal fees related to the securities class action, costs related to reduction in force plans, and office closure lease termination costs.

Investments and Fair Value Measurements - Schedule of Marketable Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Cost	$ 464,285	$ 643,067
Gross Unrealized Gains	564	590
Gross Unrealized Losses	(14)	(247)
Fair Value	464,835	643,410
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Cost	1,066	802
Gross Unrealized Gains	1	0
Gross Unrealized Losses	0	0
Fair Value	1,067	802
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Cost	266,671	442,353
Gross Unrealized Gains	459	442
Gross Unrealized Losses	0	(223)
Fair Value	267,130	442,572
U.S. agency and government-sponsored securities
Debt Securities, Available-for-sale [Line Items]
Cost	166,170	146,762
Gross Unrealized Gains	81	16
Gross Unrealized Losses	(14)	(18)
Fair Value	166,237	146,760
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Cost	7,867	9,600
Gross Unrealized Gains	6	8
Gross Unrealized Losses	0	0
Fair Value	7,873	9,608
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Cost	22,511	43,550
Gross Unrealized Gains	17	124
Gross Unrealized Losses	0	(6)
Fair Value	$ 22,528	$ 43,668

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Convertible Senior Notes, Due 2029

Debt Instrument [Line Items]

Schedule of Net Carrying Amount of Notes

The net carrying amount of the 2029 convertible senior notes as of December 31, 2025 and 2024 was as follows (in thousands):



	December 31, 2025		December 31, 2024
Principal	$	747,500	$	747,500
Unamortized issuance costs	(12,010)		(15,645)
Net carrying amount	$	735,490	$	731,855

Schedule of Interest Expense Related to the Notes

Interest expense related to the 2029 convertible senior notes was as follows (in thousands):


	Year Ended
	December 31, 2025		December 31, 2024
Contractual interest expense	$	7,475	$	6,229
Amortization of issuance costs	3,635		3,013
Total interest expense	$	11,110	$	9,242

Convertible Senior Notes, Due 2025

Debt Instrument [Line Items]

Schedule of Interest Expense Related to the Notes

Interest expense related to the 2025 convertible senior notes was as follows (in thousands):


	Year Ended
		December 31, 2025		December 31, 2024		December 31, 2023
Contractual interest expense		$	905	$	2,433	$	3,737

Amortization of issuance costs		915		2,465		3,749
Total interest expense		$	1,820	$	4,898	$	7,486

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.4-08(f))
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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+ Details

Selected Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 300,282	$ 285,832	$ 283,269	$ 279,705	$ 278,660	$ 264,182	$ 252,086	$ 247,010	$ 1,149,088	$ 1,041,938	$ 910,488
Cost of revenue	133,844	128,552	127,865	125,973	122,663	121,933	118,414	114,530	516,234	477,540	432,690
Gross profit	166,438	157,280	155,404	153,732	155,997	142,249	133,672	132,480	632,854	564,398	477,798
Operating expenses:
Research and development	36,104	35,218	39,912	41,100	41,480	42,482	40,717	41,518	152,334	166,197	156,582
Sales and marketing	76,636	71,657	80,668	82,855	73,898	78,615	78,332	81,109	311,816	311,954	296,713
General and administrative	33,902	34,362	36,385	35,205	36,439	36,575	33,988	30,548	139,854	137,550	123,079
Total operating expenses	146,642	141,237	156,965	159,160	151,817	157,672	153,037	153,175	604,004	615,701	576,374
Income (loss) from operations	19,796	16,043	(1,561)	(5,428)	4,180	(15,423)	(19,365)	(20,695)	28,850	(51,303)	(98,576)
Other income (expense), net:
Interest expense	(3,054)	(3,087)	(3,820)	(4,115)	(4,271)	(4,068)	(3,906)	(2,567)	(14,076)	(14,812)	(7,646)
Gain on early extinguishment of debt	0	0	0	0	0	0	0	6,615	0	6,615	0
Interest income and other	6,288	5,660	7,917	10,303	11,242	11,144	13,800	10,559	30,168	46,745	26,799
Total other income (expense), net	3,234	2,573	4,097	6,188	6,971	7,076	9,894	14,607	16,092	38,548	19,153
Income (loss) before income taxes	23,030	18,616	2,536	760	11,151	(8,347)	(9,471)	(6,088)	44,942	(12,755)	(79,423)
Provision for income taxes	3,317	643	1,382	184	(426)	(3,868)	3,345	989	5,526	40	2,341
Net income (loss)	$ 19,713	$ 17,973	$ 1,154	$ 576	$ 11,577	$ (4,479)	$ (12,816)	$ (7,077)	$ 39,416	$ (12,795)	$ (81,764)
Net income (loss) per share:
Basic (in USD per share)	$ 0.25	$ 0.23	$ 0.02	$ 0.01	$ 0.15	$ (0.06)	$ (0.17)	$ (0.10)	$ 0.51	$ (0.17)	$ (1.13)
Diluted (in USD per share)	$ 0.23	$ 0.21	$ 0.01	$ 0.01	$ 0.13	$ (0.06)	$ (0.17)	$ (0.10)	$ 0.45	$ (0.17)	$ (1.13)
Shares used in computing net income (loss) per share:
Basic (in shares)	77,509,000	77,528,000	76,654,000	75,949,000	75,430,000	74,876,000	74,203,000	73,488,000	76,916,000	74,503,000	72,048,000
Diluted (in shares)	87,037,000	87,295,000	88,523,000	89,275,000	88,645,000	74,876,000	74,203,000	73,488,000	88,002,000	74,503,000	72,048,000

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Capital Structure

Common Stock

The Company is authorized to issue 450,000,000 shares of common stock with a par value of $0.001 per share. As of December 31, 2025 and 2024, the Company had 77,194,499 and 75,807,505 shares of common stock issued and outstanding, respectively.

Holders of the Company’s common stock are entitled to dividends, if and when declared by the board of directors. In the event of liquidation, dissolution or winding up, subject to the rights of the holders of any then outstanding shares of preferred stock, holders of common stock will be entitled to receive the assets and funds of the Company that are legally available for distribution.

Preferred Stock

The Company is authorized to designate and issue up to 5,000,000 shares of preferred stock with a par value of $0.001 per share in one or more series without stockholder approval and to fix the rights, preferences, privileges and restrictions thereof. As of December 31, 2025 and 2024, there were no shares of preferred stock issued and outstanding.

Share Repurchase Program

In October 2025, the Company’s Board of Directors approved the 2025 Repurchase Program, which authorized the repurchase of up to $150.0 million of the Company’s common stock through December 31, 2027. The shares may be repurchased at management’s discretion, either on the open market or in privately negotiated block transactions. Management’s decision to repurchase shares will depend on price, blackout periods and other corporate developments. Purchases may occur from time to time and no maximum purchase price has been set.

As part of the Company’s Share Repurchase Program, on November 11, 2025, the Company entered into the ASR program with JPM. Under the terms of the ASR program, on November 12, 2025, the Company made an aggregate payment of $50 million and received an initial delivery of 1,926,782 shares of the Company’s common at an initial price of $20.76 per share, representing approximately 80% of the total number of shares of the Company’s common stock expected to be purchased under the ASR program. The shares received were immediately retired and recorded as a reduction to additional paid-in-capital within stockholders’ equity. Given the Company’s ability to settle in shares, as described below, the remaining prepaid forward contract amount was classified as a reduction to additional-paid-in-capital upon issuance and as of December 31, 2025.

Under the ASR program, upon settlement, the Company either receives additional shares of common stock from JPM or is required to deliver additional shares of common stock or cash to JPM, at the Company’s election. The final number of shares the Company repurchased was based on the average of the daily volume-weighted average prices of the Company’s common stock during the term of the ASR program, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR program. Cash settlement is not mandatory pursuant to the terms of the ASR program. The ASR program was completed on February 2, 2026, which resulted in delivery of 701,517 additional shares. The final share settlement was based on the average daily volume-weighted average price of our shares, netted against the initial delivery.

As of December 31, 2025, approximately $100.0 million remained available under the Share Repurchase Program.

Common Stock Reserved for Future Issuance

Shares of common stock reserved for future issuance related to outstanding equity awards and employee equity incentive plans as of December 31, 2025, were as follows (in thousands):


						Common Stock Reserved
Stock options outstanding						390
RSUs (including PRSUs) outstanding						6,029
Shares available for future grant under 2014 Plan						13,061
Shares available for future issuance under ESPP						3,697
Total shares of common stock reserved						23,177

Equity Incentive Plans

In March 2014, the Company’s board of directors and stockholders approved the 2014 Equity Incentive Plan (“2014 Plan”) and 5,300,000 shares of common stock were authorized for issuance under the 2014 Plan. In addition, on the first day of each year beginning in 2015 and ending in 2024, the 2014 Plan provides for an annual automatic increase to the shares reserved for issuance in an amount equal to 5% of the total number of shares outstanding on December 31st of the preceding calendar year or a lesser number as determined by the Company’s board of directors. The 2014 Plan replaced the Amended and Restated 2004 Equity Incentive Plan, as amended (“2004 Plan”), and no further grants were made under the 2004 Plan once the 2014 Plan became effective on April 3, 2014. Upon the effectiveness of the 2014 Plan, all shares reserved for future issuance under the 2004 Plan became available for issuance under the 2014 Plan. Additionally, any forfeited or expired shares that would have otherwise returned to the 2004 Plan, instead return to the 2014 Plan. The 2014 Plan allows the Company to grant stock options, RSUs, restricted stock awards, performance stock awards, stock appreciation rights, performance cash awards, and other stock awards. To date, the Company has granted stock options and RSUs (including PRSUs) under the 2014 Plan. Stock options granted under the 2014 Plan are in general at a price equal to the fair market value of the common stock on the date of grant and vest over four years. The Company’s stock options expire 10 years from the date of grant. Each RSU granted under the 2014 Plan represents a right to receive one share of the Company’s common stock when the RSU vests. RSUs generally vest over one to four years. Vested options generally expire three months after termination of the optionee’s employment or relationship as a consultant or director, unless otherwise extended by the terms of the stock option agreement.

In connection with the Company’s acquisition of Inference in 2020, the Company assumed unvested stock options that had been granted under the Inference Technologies Group Inc. 2018 Equity Incentive Plan. Each of the assumed stock options are subject to substantially the same terms and conditions as applied to the assumed stock options immediately prior to the acquisition date, except that the number of shares of the Company’s common stock subject to each assumed stock option and the exercise price has been adjusted in accordance with the terms of the acquisition agreement. If these assumed stock options are cancelled, forfeited or expire unexercised, the underlying shares do not become available for future grant.

Stock Options

A summary of the Company’s stock option activity during the year ended December 31, 2025 is as follows (in thousands, except years and per share data):


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (1)
Outstanding as of December 31, 2024	860	$	55.34
Options granted	0	0.00

Options exercised	(156)	20.00
Options forfeited or expired	(314)	77.72
Outstanding as of December 31, 2025	390	51.62		2.4	$	1,355
Vested and expected to vest as of December 31, 2025	390	51.62		2.4	1,355
Exercisable as of December 31, 2025	389	51.42		2.4	1,355

Following is additional information pertaining to the Company’s stock option activity (in thousands, except per share data):


	Year Ended December 31,
	2025		2024		2023
Weighted average grant date fair value per share of options granted	$	—	$	—	$	—

Intrinsic value of options exercised (1)	1,008		901		26,943
Total fair value of options vested during the period	1,095		3,249		5,602
Cash received from options exercised	3,137		481		9,127


(1) Intrinsic value of options exercised is the difference between the fair market value of the Company’s common stock at the time of exercise and the exercise price paid.

Restricted Stock Units (including PRSUs)

A summary of RSU activity (including PRSUs) during the year ended December 31, 2025 is as follows (in thousands, except per share data):


	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2024	5,829	$	57.27
RSUs granted	4,476	34.22
RSUs vested and released	(2,556)	56.92
RSUs forfeited or cancelled	(1,720)	51.63
Outstanding as of December 31, 2025	6,029	43.50

(1) Includes 324,165 PRSUs granted during 2025.

PRSUs with Market and Service Conditions. In 2022, the Company granted 284,282 market-based PRSUs subject to market and service conditions (“market-based PRSUs”) with a grant date fair value of $30.6 million as part of its annual grant of equity incentive awards to certain executives and in connection with the appointment of Michael Burkland as its Chief Executive Officer in 2022. In 2023, the Company granted 35,921 market-based PRSUs with a grant date fair value of $3.1 million. In 2024, the Company granted an additional 159,016 market-based PRSUs with a grant date fair value of $9.6 million. In 2025, the Company granted 324,165 market-based PRSUs with a grant date fair value of $15.0 million. The amount that may be earned pursuant to the market-based PRSUs ranges from 0% to 200% of the target number based on the Company’s relative total shareholder return

(“RTSR”) performance as compared to the companies in the S&P Software and Services Select Index during the performance period. The 2024-2026 and 2025-2027 performance periods contain three overlapping measurement periods—a one-year period, a two-year period, and a three-year period. The 2022-2024 and 2023-2025 performance periods contain three one-year measurement periods. One-third of the total market-based PRSUs may be earned and settled in shares following the end of each measurement period based on RTSR performance and subject to continued employment through the payment date. If the Company’s absolute total shareholder return for any measurement period is negative, then no more than 100% of the target amount of market-based PRSUs for such period may be earned. If an executive's employment with the Company terminates before the end of the final measurement period due to death or disability, 100% (if due to death) or 50% (if due to disability) of the unvested market-based PRSUs may be earned subject to ultimate RTSR performance in each remaining performance period. Upon a qualifying termination of employment in connection with a change in control of the Company, the unvested market-based PRSUs subject to the 2023-2025, 2024-2026 and 2025-2027 performance periods will vest on a double-trigger basis (i) at the target level for the uncompleted portions of the performance periods and (ii) at the actual level of performance measured through the date of the change in control of the Company, based on the price per share paid in such change in control. The fair value of the market-based PRSUs is determined on their grant date using a Monte Carlo Simulation model based upon assumptions presented below. The Company recognizes the fair value of the market-based PRSUs ratably over their requisite service period.

Under the market-based PRSU agreements for the 2022-2024 performance period, the TSR payout percentage ranges from —% to 200%, with a 50% payout at the 25th TSR percentile (threshold), 100% payout at the 55th TSR percentile (target), 200% payout at the 90th percentile or greater (maximum) and no payout below the threshold performance level. Under the market-based PRSU agreements for the 2023-2025, 2024-2026 and 2025-2027 performance periods, the TSR payout percentage ranges from —% to 200%, with a 50% payout at the 25th TSR percentile (threshold), 100% payout at the 55th TSR percentile (target), 200% payout at the 75th percentile or greater (maximum) and no payout below the threshold performance level.

During the first quarter of 2023, the Company certified the performance results for the first measurement period for the market-based PRSUs subject to the 2022-2024 performance period. The Company determined that its actual total shareholder return for such measurement period was (52.64)%, and that its relative total shareholder return ranking was in the 30.2 percentile relative to companies in the S&P Software & Services Select Index, which resulted in a payout percentage of 58.7% of target. During the first quarter of 2024, the Company certified the performance results for the second measurement period for the market-based PRSUs subject to the 2022-2024 performance period. The Company determined that its actual total shareholder return for such performance period was 19.95%, and that its relative total shareholder return ranking was in the 53.8 percentile relative to companies in the S&P Software & Services Select Index, which resulted in a payout percentage of 98.0% of target. During the first quarter of 2024, the Company also certified the performance results for the first measurement period for the market-based PRSUs subject to the 2023-2025 performance period. The Company determined that its actual total shareholder return for such performance period was 19.95%, and that its relative total shareholder return ranking was in the 50.5 percentile relative to companies in the S&P Software & Services Select Index, which resulted in a payout percentage of 92.5% of target. During the first quarter of 2025, the Company certified the performance results for the final measurement period for the market-based PRSUs subject to the 2022-2024 performance period. The Company determined that its actual total shareholder return for such measurement period was (47.25)%, and that its relative total shareholder return ranking was in the 3.7 percentile relative to companies in the S&P Software & Services Select Index, which resulted in a payout percentage of 0.00% of target. During the first quarter of 2025, the Company also certified the performance results for the second measurement period for the market-based PRSUs subject to the 2023-2025 performance period. The Company determined that its actual total shareholder return for such measurement period was (47.25)%, and that its relative total shareholder return ranking was in the 2.9 percentile relative to companies in the S&P Software & Services Select Index, which resulted in a payout percentage of 0.0% of target. During the first quarter of 2025, the Company also certified the performance results for the first measurement period for the market-based PRSUs subject to the 2024-2026 performance period. The Company determined that its actual total shareholder return for such measurement period was (47.25)%, and that its relative total shareholder return ranking was in the 1.5 percentile relative to companies in the S&P Software & Services Select Index, which resulted in a payout percentage of 0.0% of target. During the first quarter of 2026, the Company certified the performance results for the final measurement period for the market-based PRSUs subject to the 2023-2025 performance period. The Company determined that its actual total shareholder return for such measurement period was (51.28)%, and that its relative total shareholder return ranking was in the 10.0 percentile relative to companies in the S&P Software & Services Select Index, which resulted in a payout percentage of 0.0% of target. During the first quarter of 2026, the Company also certified the performance results for the second measurement period for the market-based PRSUs subject to the 2024-2026 performance period. The Company determined that its actual total shareholder return for such measurement period was (78.31)%, and that its relative total shareholder return ranking was in the 1.0 percentile relative to companies in the S&P Software & Services

Select Index, which resulted in a payout percentage of 0.0% of target. During the first quarter of 2026, the Company also certified the performance results for the first measurement period for the market-based PRSUs subject to the 2025-2027 performance period. The Company determined that its actual total shareholder return for such measurement period was (51.28)%, and that its relative total shareholder return ranking was in the 9.0% percentile relative to companies in the S&P Software & Services Select Index, which resulted in a payout percentage of 0.0% of target.

Following is additional information pertaining to the Company’s RSU activity (including PRSUs) (in thousands, except per share data):


	Year Ended December 31,
	2025		2024		2023
Weighted average grant date fair value per share of RSUs granted	$	34.22	$	46.32	$	69.84
Total fair value of RSUs vested during the period	145,500		167,115		184,443

Employee Stock Purchase Plan

In March 2014, the Company’s board of directors and stockholders adopted the 2014 ESPP and the shares authorized for issuance thereunder. The 2014 ESPP became effective on April 3, 2014.

The 2014 ESPP permits eligible employees to purchase shares of the Company’s common stock through payroll deductions with up to 15% of their pre-tax earnings subject to certain Internal Revenue Code limitations. The purchase price of the shares is 85% of the lower of the fair market value of the Company’s common stock on the first day of a six month offering period, except for the initial offering period, or the relevant purchase date. In addition, no participant may purchase more than 1,500 shares of common stock in each purchase period.

The number of shares of common stock originally reserved for issuance under the 2014 ESPP was 880,000 shares, which increases automatically each year, beginning on January 1, 2015 and continuing through January 1, 2024, by the lesser of (i) 1% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year; (ii) 1,000,000 shares of common stock (subject to adjustment to reflect any split or combination of its common stock); or (iii) such lesser number as determined by its board of directors.

During 2025 and 2024, 600,877 and 372,046 shares were purchased by employees under the 2014 ESPP at a weighted average price of $20.76 and $39.77 per share, respectively.

Stock-Based Compensation

Stock-based compensation expenses for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	27,836	$	29,825	$	38,259
Research and development	31,764		37,260		50,430
Sales and marketing	42,209		51,214		66,229
General and administrative	46,259		48,016		51,374
Total	$	148,068	$	166,315	$	206,292


	Stock Option		RSU (excluding PRSUs)		PRSU		ESPP
Unrecognized stock-based compensation expense	$	1,096	$	216,132	$	9,721	$	2,018
Weighted-average amortization period (in years)	0.2 years		2.4 years		1.4 years		0.4 years

The Company recognizes stock-based compensation expense that is calculated based upon awards that have vested, reduced for actual forfeitures. All stock-based compensation for equity awards granted to employees and non-employee directors is measured based on the grant date fair value of the award.

The Company values RSUs, including PRSUs subject to performance conditions, at the closing market price of its common stock on the date of grant. The Company estimates the fair value of each stock option and purchase right under the 2014 ESPP granted to employees on the date of grant using the Black-Scholes option-pricing model using the assumptions disclosed in the table below. The Company estimates the fair value of PRSUs subject to market conditions using a Monte Carlo Simulation model using the assumptions disclosed in the table below. Expected volatility is based upon the weighting of the Company’s historical volatility. The expected term of options granted is estimated using the simplified method by taking the average of the vesting term and the contractual term of the option. The expected volatility assumption for purchase rights under the 2014 ESPP is based on the historical volatility of the Company’s common stock. The risk-free rate for the expected term of the awards is based on U.S. Treasury zero-coupon issues at the time of grant. The Company has not paid, and does not anticipate paying, cash dividends on its shares of common stock. Accordingly, the expected dividend yield is zero.

The weighted average assumptions used to value PRSUs with market conditions granted during the periods presented were as follows:


PRSUs (Market Conditions)	Year Ended December 31,
	2025	2024	2023

Expected term (years)	2.8	2.9	2.8
Volatility	55.2%	49.4%	51.1%
Risk-free interest rate	4.0%	4.5%	4.5%
Dividend yield	—	—	—

The weighted average assumptions used to value purchase rights under the 2014 ESPP granted during the periods presented were as follows:


ESPP	Granted In
	November 2025	May 2025	November 2024	May 2024	November 2023	May 2023
Expected term (years)	0.5	0.5	0.5	0.5	0.5	0.5
Volatility	51%	47%	63%	41%	48%	75%
Risk-free interest rate	4.1%	3.7%	4.3%	5.1%	4.8%	4.6%
Dividend yield	—	—	—	—	—	—

Financial Statement Components - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment	$ 351,892	$ 301,329
Accumulated depreciation and amortization	(187,257)	(156,441)
Property and equipment, net	164,635	144,888
Computer and network equipment
Property, Plant and Equipment [Line Items]
Property and equipment	178,485	173,671
Computer Software
Property, Plant and Equipment [Line Items]
Property and equipment	63,547	66,455
Internal-use software development costs
Property, Plant and Equipment [Line Items]
Property and equipment	98,542	49,340
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	4,561	5,127
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 6,757	$ 6,736

Description of Business and Summary of Significant Accounting Policies - Property and Equipment, Net (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) facility
Finite-Lived Intangible Assets [Line Items]
Number of lease facilities closed \| facility		2
Asset impairment charges	$ 0.8	$ 0.3
Internal-use software development costs
Finite-Lived Intangible Assets [Line Items]
Useful life, in years	3 years
Building
Finite-Lived Intangible Assets [Line Items]
Operating lease impairment loss		1.9
Leasehold Improvements and Property and Equipment
Finite-Lived Intangible Assets [Line Items]
Operating lease impairment loss		$ 0.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stockholders' Equity - Capital Structure (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Equity [Abstract]
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	77,194,499	75,807,505
Common stock, shares outstanding (in shares)	77,194,499	75,807,505
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	77,194,499	75,807,505
Common stock, shares outstanding (in shares)	77,194,499	75,807,505

Commitments and Contingencies - Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Other Commitments [Line Items]
Outstanding operating lease obligations	$ 60,996
Total future minimum lease payments	15,275
Commitment reduction	13,700
Purchase Commitment - Cloud Services and Software and Maintenance Agreement
Other Commitments [Line Items]
Expiring commercial commitment balance	167,000
Commercial commitment to be paid year one	55,400
Commercial commitment to be paid year two	56,200
Commercial commitment to be paid year three	51,900
Commercial commitment, to be paid, year four	3,500
Convertible Senior Notes, Due 2029 \| Convertible Debt
Other Commitments [Line Items]
Principal	$ 747,500	$ 747,500

Stockholders' Equity - Schedule of Option and ESPP Valuation Assumptions (Details)	1 Months Ended						12 Months Ended
	Nov. 30, 2025	May 31, 2025	Nov. 30, 2024	May 31, 2024	Nov. 30, 2023	May 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Dividend yield							0.00%
Performance-Based Restricted Stock Units (PRSUs)
Class of Stock [Line Items]
Expected term (years)							2 years 9 months 18 days	2 years 10 months 24 days	2 years 9 months 18 days
Volatility							55.20%	49.40%	51.10%
Risk-free interest rate							4.00%	4.50%	4.50%
Dividend yield							0.00%	0.00%	0.00%
PRSU
Class of Stock [Line Items]
Expected term (years)	6 months	6 months	6 months	6 months	6 months	6 months
Volatility	51.00%	47.00%	63.00%	41.00%	48.00%	75.00%
Risk-free interest rate	4.10%	3.70%	4.30%	5.10%	4.80%	4.60%
Dividend yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Financial Statement Components - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation and amortization of property and equipment	$ 47.3	$ 40.3	$ 36.5
Asset impairment charges	$ 0.8	$ 0.3

Stockholders' Equity - Performance-Based Restricted Stock Units (Details) $ in Millions	3 Months Ended			12 Months Ended
	Mar. 31, 2026 Rate	Mar. 31, 2024 Rate	Mar. 31, 2023 Rate	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) Rate shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares
Market-Based PRSUs
Stockholders' Equity Capital Structure [Line Items]
Equity instruments granted (in shares) \| shares				324,165	159,016	35,921	284,282
Equity instruments granted, weighted average grant date fair value \| $				$ 15.0	$ 9.6	$ 3.1	$ 30.6
Actual total shareholder return (as a percent)					(47.25%)
Relative total shareholder return ranking (as a percent)					2.90%
Performance-Based Restricted Stock Units (PRSUs)
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)		98.00%	58.70%	0.3333	0.00%
Actual total shareholder return (as a percent)		19.95%	(52.64%)		(47.25%)
Relative total shareholder return ranking (as a percent)		53.80%	30.20%		1.50%
Performance-Based Restricted Stock Units (PRSUs) \| Forecast
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)	0.00%
Actual total shareholder return (as a percent)	(51.28%)
Relative total shareholder return ranking (as a percent)	9.00%
Performance-Based Restricted Stock Units (PRSUs) \| Payout At The 25th TSR Percentile
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				0.50
Performance-Based Restricted Stock Units (PRSUs) \| Payout At The 55th TSR Percentile
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				1
Performance-Based Restricted Stock Units (PRSUs) \| Payout At The 75th TSR Percentile
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				2
Performance-Based Restricted Stock Units (PRSUs) \| Minimum
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				0
Performance-Based Restricted Stock Units (PRSUs) \| Maximum
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				2
Performance-Based Restricted Stock Units (PRSUs) \| Maximum \| Shareholder for Performance Any Period is Negative
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				1
Performance-Based Restricted Stock Units (PRSUs) \| Maximum \| Executive Employment Terminates due to Death by end of 2024
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				1
Performance-Based Restricted Stock Units (PRSUs) \| Maximum \| Executive Employment Terminates due to Disability by end of 2024
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				0.50
Performance-Based Restricted Stock Units (PRSUs) 2022-2024
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)					0.00%
Actual total shareholder return (as a percent)					(47.25%)
Relative total shareholder return ranking (as a percent)					3.70%
Performance-Based Restricted Stock Units (PRSUs) 2022-2024 \| Payout At The 25th TSR Percentile
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				0.50
Performance-Based Restricted Stock Units (PRSUs) 2022-2024 \| Payout At The 55th TSR Percentile
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				1
Performance-Based Restricted Stock Units (PRSUs) 2022-2024 \| Payout At The 90th TSR Percentile
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				2
Performance-Based Restricted Stock Units (PRSUs) 2022-2024 \| Minimum
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				0
Performance-Based Restricted Stock Units (PRSUs) 2022-2024 \| Maximum
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				2
Performance-Based Restricted Stock Units 2023-2025 (PRSUs)
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)		92.50%
Actual total shareholder return (as a percent)		19.95%
Relative total shareholder return ranking (as a percent)		50.50%
Performance-Based Restricted Stock Units 2023-2025 (PRSUs) \| Forecast
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)	0.00%
Actual total shareholder return (as a percent)	(51.28%)
Relative total shareholder return ranking (as a percent)	1000.00%
Performance-Based Restricted Stock Units (PRSUs) 2024-2026 \| Forecast
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)	0.00%
Actual total shareholder return (as a percent)	(78.31%)
Relative total shareholder return ranking (as a percent)	100.00%
Revenue-Based PRSUs
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				0.6666

Description of Business and Summary of Significant Accounting Policies - Schedule of Property and Equipment, Net (Details)	Dec. 31, 2025
Computer Software
Property, Plant and Equipment [Line Items]
Useful life, in years	3 years
Internal-use software development costs
Property, Plant and Equipment [Line Items]
Useful life, in years	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful life, in years	7 years
Minimum \| Computer and network equipment
Property, Plant and Equipment [Line Items]
Useful life, in years	3 years
Maximum \| Computer and network equipment
Property, Plant and Equipment [Line Items]
Useful life, in years	5 years

Acquisition - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Aug. 27, 2024	Dec. 31, 2023	Aug. 14, 2023
Business Combination [Line Items]
Goodwill	$ 366,253	$ 365,436		$ 227,412
Acqueon
Business Combination [Line Items]
Cash			$ 6,661
Tangible assets acquired			3,559
Other assets acquired			7,382
Goodwill			138,984
Total assets acquired			196,486
Deferred tax liability			(4,534)
Liabilities assumed			(18,125)
Total			173,827
Acqueon \| Acquired technology
Business Combination [Line Items]
Finite-lived intangibles acquired			30,400
Acqueon \| Customer relationships
Business Combination [Line Items]
Finite-lived intangibles acquired			8,700
Acqueon \| Trademarks
Business Combination [Line Items]
Finite-lived intangibles acquired			$ 800
Aceyus, Inc.
Business Combination [Line Items]
Cash					$ 1,523
Tangible assets acquired					383
Other assets acquired					3,002
Goodwill	$ 61,800				61,849
Total assets acquired					88,907
Liabilities assumed					(6,895)
Total					82,012
Aceyus, Inc. \| Acquired technology
Business Combination [Line Items]
Finite-lived intangibles acquired					19,100
Aceyus, Inc. \| Customer relationships
Business Combination [Line Items]
Finite-lived intangibles acquired					2,550
Aceyus, Inc. \| Trademarks
Business Combination [Line Items]
Finite-lived intangibles acquired					$ 500

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2025

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

Selected quarterly financial information for 2025 and 2024 is as follows:


	Quarter Ended
	Dec. 31, 2025		Sept. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sept. 30, 2024		Jun. 30, 2024		Mar. 31, 2024

	(unaudited, in thousands, except per share data)
Revenue	$	300,282	$	285,832	$	283,269	$	279,705	$	278,660	$	264,182	$	252,086	$	247,010
Cost of revenue (1)(2)	133,844		128,552		127,865		125,973		122,663		121,933		118,414		114,530
Gross profit	166,438		157,280		155,404		153,732		155,997		142,249		133,672		132,480
Operating expenses:
Research and development (1)(2)	36,104		35,218		39,912		41,100		41,480		42,482		40,717		41,518
Sales and marketing (1)(2)	76,636		71,657		80,668		82,855		73,898		78,615		78,332		81,109
General and administrative (1)(2)	33,902		34,362		36,385		35,205		36,439		36,575		33,988		30,548
Total operating expenses	146,642		141,237		156,965		159,160		151,817		157,672		153,037		153,175
Income (loss) from operations	19,796		16,043		(1,561)		(5,428)		4,180		(15,423)		(19,365)		(20,695)
Other (expense) income, net:
Interest expense	(3,054)		(3,087)		(3,820)		(4,115)		(4,271)		(4,068)		(3,906)		(2,567)
Gain on early extinguishment of debt	—		—		—		—		—		—		—		6,615
Interest income and other	6,288		5,660		7,917		10,303		11,242		11,144		13,800		10,559
Total other income (expense), net	3,234		2,573		4,097		6,188		6,971		7,076		9,894		14,607
Income (loss) before income taxes	23,030		18,616		2,536		760		11,151		(8,347)		(9,471)		(6,088)
Provision for (benefit from) income taxes	3,317		643		1,382		184		(426)		(3,868)		3,345		989
Net income (loss)	$	19,713	$	17,973	$	1,154	$	576	$	11,577	$	(4,479)	$	(12,816)	$	(7,077)
Net income (loss) per share:
Basic	$	0.25	$	0.23	$	0.02	$	0.01	$	0.15	$	(0.06)	$	(0.17)	$	(0.10)
Diluted	$	0.23	$	0.21	$	0.01	$	0.01	$	0.13	$	(0.06)	$	(0.17)	$	(0.10)
Shares used in computing net income (loss) per share:
Basic	77,509		77,528		76,654		75,949		75,430		74,876		74,203		73,488
Diluted	87,037		87,295		88,523		89,275		88,645		74,876		74,203		73,488

(1) Included stock-based compensation as follows:


	Quarter Ended
	Dec. 31, 2025		Sept. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sept. 30, 2024		Jun. 30, 2024		Mar. 31, 2024

	(unaudited, in thousands)
Cost of revenue	$	6,504	$	6,852	$	7,296	$	7,184	$	6,921	$	7,512	$	7,789	$	7,603
Research and development	7,349		6,896		8,829		8,690		8,259		8,244		9,827		10,930
Sales and marketing	8,879		8,401		13,355		11,574		10,880		12,490		13,824		14,020
General and administrative	10,893		11,190		12,379		11,797		12,383		11,310		12,192		12,131
Total stock-based compensation	$	33,625	$	33,339	$	41,859	$	39,245	$	38,443	$	39,556	$	43,632	$	44,684

(2) Included depreciation and amortization expenses as follows:


	Quarter Ended
	Dec. 31, 2025		Sept. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sept. 30, 2024		Jun. 30, 2024		Mar. 31, 2024

	(unaudited, in thousands)
Cost of revenue	$	14,421	$	13,381	$	12,161	$	11,883	$	12,087	$	10,414	$	10,421	$	9,613
Research and development	833		731		799		680		620		721		741		890
Sales and marketing	10		11		27		36		38		32		26		27
General and administrative	1,589		1,649		1,662		1,891		1,895		1,977		1,750		1,653
Total depreciation and amortization	$	16,853	$	15,772	$	14,649	$	14,490	$	14,640	$	13,144	$	12,938	$	12,183

Revenue - Narrative (Details) $ in Millions	12 Months Ended
Revenue - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Amortization period of capitalized contract cost (in years)	5 years
Contract revenue recognized	$ 68.8
Performance obligation	$ 1,190.5
Performance obligation, description of timing	The Company expects to recognize revenue on approximately three-fourths of the remaining performance obligations over the next 24 months, with the balance recognized thereafter. The Company excludes amounts for remaining performance obligations that are part of contracts with an original expected duration of one year or less. Such remaining performance obligations represent unsatisfied or partially unsatisfied performance obligations.
Contract Acquisition Costs
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Amortization period of capitalized contract cost (in years)	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Performance obligation satisfaction period (in months)	24 months
Remaining performance obligation, percentage	75.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Performance obligation satisfaction period (in months)
Remaining performance obligation, percentage	25.00%

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments for Hosting, Telecommunication Usage Services

As of December 31, 2025, future minimum payments under these arrangements were as follows in thousands):


Year Ending December 31,	Telecommunication Usage Services
2026	$	5,813
2027	3,332
2028	1,869
2029	998
2030	502
Thereafter	—
Total future minimum payment	$	12,514

Income Taxes - Schedule of Effective Income Tax Amount Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. federal tax at statutory rate									$ 9,438	$ (2,679)	$ (16,676)
Stock-based compensation									21,476	17,905	11,359
Officers’ compensation									2,196	4,473	6,417
Transaction costs									19	862	415
State taxes deduction									(509)	(277)	(94)
Other									(170)	303	322
Base Erosion Anti-Abuse Tax									0	(7,752)	7,752
Net Controlled Foreign Corporations Tested Income Exclusion									507	0	(3,831)
US Branch tax impact									898	381	132
Tax expense (benefit) from acquisition / reorganizations									207	(4,308)	0
Net Operating Loss Carryforward adjustment									0	(1,241)	0
Fixed Assets deferred adjustments									158	(788)	(72)
Net Operating Loss Carryforward adjustment									225	(1,013)	(525)
Domestic state and local income taxes, net of federal effect									1,601	252	1,386
Foreign Withholding Taxes									866	0	0
Changes in Unrecognized Tax Benefits:									455	2,494	1,734
Tax provision for income taxes	$ 3,317	$ 643	$ 1,382	$ 184	$ (426)	$ (3,868)	$ 3,345	$ 989	$ 5,526	$ 40	$ 2,341
Percent
U.S. federal tax at statutory rate									21.00%	21.00%	21.00%
Stock-based compensation									48.00%	(140.00%)	(14.00%)
Officers’ compensation									5.00%	(35.00%)	(8.00%)
Transaction costs									0.00%	(7.00%)	(1.00%)
State taxes deduction									(1.00%)	2.00%	0.00%
Other									0.00%	(2.00%)	0.00%
Base Erosion Anti-Abuse Tax									0.00%	61.00%	(10.00%)
Net Controlled Foreign Corporations Tested Income Exclusion									1.00%	0.00%	5.00%
US Branch tax impact									2.00%	(3.00%)	0.00%
Tax expense (benefit) from acquisition / reorganizations									0.00%	34.00%	0.00%
Net Operating Loss Carryforward adjustment									0.00%	10.00%	0.00%
Fixed Assets deferred adjustments									0.00%	6.00%	0.00%
Net Operating Loss Carryforward adjustment									1.00%	8.00%	1.00%
Domestic state and local income taxes, net of federal effect (1)									4.00%	(2.00%)	(2.00%)
Foreign Withholding Taxes									2.00%	0.00%	0.00%
Changes in Unrecognized Tax Benefits:									1.00%	(20.00%)	(2.00%)
Tax provision for income taxes									12.00%	0.00%	(3.00%)
United States
Amount
Research and Development tax credit									$ (224)	$ (2,766)	$ (1,681)
Return to Provision Adjustments									(317)	35	(170)
Change in valuation allowance									$ (31,565)	$ (6,176)	$ (4,077)
Percent
Research and Development tax credit									0.00%	22.00%	2.00%
Return-to-Provision adjustments									(1.00%)	0.00%	0.00%
Change in valuation allowance									(70.00%)	48.00%	5.00%
Australia
Amount
Return to Provision Adjustments									$ 548	$ (161)	$ 44
Other									$ 57	$ 185	$ (76)
Percent
Return-to-Provision adjustments									1.00%	1.00%	0.00%
Return-to-Provision adjustments									0.00%	(1.00%)	0.00%
United Kingdom
Amount
Stock-based compensation									$ 716	$ 593	$ (963)
Other									$ (274)	$ 828	$ 639
Percent
Stock-based compensation									2.00%	(5.00%)	1.00%
Return-to-Provision adjustments									(1.00%)	(6.00%)	(1.00%)
India
Amount
Other									$ (385)	$ (580)	$ 0
Write-off of Income Tax Receivables									$ 831	$ 0	$ 0
Percent
Return-to-Provision adjustments									(1.00%)	5.00%	0.00%
Write-off of Income Tax Receivables									2.00%	0.00%	0.00%
Other Foreign Jurisdictions
Amount
Other									$ (1,228)	$ (530)	$ 306
Percent
Return-to-Provision adjustments									(3.00%)	4.00%	0.00%

Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Allowance for Doubtful Accounts

The following table presents the changes in the provision for credit losses (in thousands):


	Year Ended December 31,
	2025		2024
Balance, beginning of period	$	341	$	264
Add: bad debt expense	1,617		1,150
Less: write-offs, net of recoveries	(1,523)		(1,073)
Balance, end of period	$	435	$	341

Schedule of Estimated Useful Lives

Property and equipment is stated at cost less accumulated depreciation and amortization, and is depreciated using the straight-line method over the estimated useful lives of the assets as follows:


Asset Category						Estimated Useful Lives
Computer and network equipment						3 to 5 years
Computer software						3 years
Internal-use software development costs						3 years
Furniture and fixtures						7 years
Leasehold improvements						Shorter of useful life or lease term

Stockholders' Equity - Equity Incentive Plans (Details) - 2014 Equity Incentive Plan - shares	12 Months Ended
	Dec. 31, 2025	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized for issuance (in shares)		5,300,000
Automatic annual increase in common stock reserved for issuance, percentage	5.00%
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)	4 years
Award expiration period (in years)	10 years
Expiration period, after termination of employment or relationship of consultant or director	3 months
RSUs (including PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation, shares per units granted (in shares)	1
RSUs (including PRSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)	1 year
RSUs (including PRSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)	4 years

Stockholders' Equity - ESPP (Details) - $ / shares	1 Months Ended	12 Months Ended
Stockholders' Equity - ESPP (Details) - $ / shares	Mar. 31, 2014	Dec. 31, 2025	Dec. 31, 2024	Apr. 03, 2014
Share-based Compensation Arrangement by Share-based Payment Award
Shares of common stock reserved for future issuance (in shares)		23,177,000
PRSU
Share-based Compensation Arrangement by Share-based Payment Award
Maximum employee subscription rate, percentage of pre-tax earnings	15.00%
Purchase price of shares, percentage of the fair market value of the Company's common stock	85.00%
Offering period (in months)	6 months
Maximum number of shares per employee per purchase period (in shares)	1,500
Shares of common stock reserved for future issuance (in shares)		3,697,000		880,000
Automatic annual increase in common stock reserved for issuance, percentage		1.00%
Maximum annual increase of shares reserved (in shares)		1,000,000
Issuance of common stock under ESPP (in shares)		600,877	372,046
Weighted-average price per share (in USD per share)		$ 20.76	$ 39.77

Financial Statement Components - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Feb. 28, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other assets	$ 7,136	$ 8,984
Equity investment in a privately-held company	750	750	$ 2,000
Deferred tax assets	2,839	3,650
Other assets	$ 10,725	$ 13,384

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in share) at Dec. 31, 2022		71,047
Beginning balance at Dec. 31, 2022	$ 309,965	$ 71	$ 635,668	$ (2,688)	$ (323,086)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon partial conversion of the 2023 convertible senior notes (in shares)		2
Partial unwind of capped calls and retirement of common stock related to the 2023 convertible senior notes (in shares)		(371)
Partial unwind of capped calls and retirement of common stock related to the 2023 convertible senior notes	74,453		74,453
Issuance of common stock upon exercise of stock options (in shares)		491
Issuance of common stock upon exercise of stock options	9,127		9,127
Issuance of common stock upon vesting of restricted stock units (in shares)		1,844
Issuance of common stock upon vesting of restricted stock units	$ 0	$ 2	(2)
Shares held for tax withholdings (in shares)	(40)
Shares held for tax withholdings	$ (3,270)		(3,270)
Issuance of common stock under ESPP (in shares)		344
Issuance of common stock under ESPP	15,927		15,927
Stock-based compensation	210,377		210,377
Other comprehensive income	3,270			3,270
Net income (loss)	(81,764)				(81,764)
Ending balance (in shares) at Dec. 31, 2023		73,317
Ending balance at Dec. 31, 2023	538,085	$ 73	942,280	582	(404,850)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of new capped calls associated with the 2029 convertible senior notes	(93,438)		(93,438)
Partial unwind of capped calls and retirement of common stock related to the 2023 convertible senior notes	539		539
Issuance of common stock upon exercise of stock options (in shares)		26
Issuance of common stock upon exercise of stock options	481		481
Issuance of common stock upon vesting of restricted stock units (in shares)		2,093
Issuance of common stock upon vesting of restricted stock units	0	$ 2	(2)
Issuance of common stock under ESPP (in shares)		372
Issuance of common stock under ESPP	14,798	$ 1	14,797
Stock-based compensation	174,468		174,468
Other comprehensive income	54			54
Net income (loss)	(12,795)				(12,795)
Ending balance (in shares) at Dec. 31, 2024		75,808
Ending balance at Dec. 31, 2024	622,192	$ 76	1,039,125	636	(417,645)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases (in shares)		(1,927)
Share repurchases	(50,000)	$ (2)	(49,998)
Issuance of common stock upon exercise of stock options (in shares)		156
Issuance of common stock upon exercise of stock options	3,137		3,137
Issuance of common stock upon vesting of restricted stock units (in shares)		2,556
Issuance of common stock upon vesting of restricted stock units	(1)	$ 2	(3)
Issuance of common stock under ESPP (in shares)		601
Issuance of common stock under ESPP	12,472	$ 1	12,471
Stock-based compensation	158,340		158,340
Other comprehensive income	261			261
Net income (loss)	39,416				39,416
Ending balance (in shares) at Dec. 31, 2025		77,194
Ending balance at Dec. 31, 2025	$ 785,817	$ 77	$ 1,163,072	$ 897	$ (378,229)

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Deferred tax assets	$ 2,783	$ 3,464
Limitation on use of net operating loss, cumulative ownership change, more than	50.00%
Limitation on use of net operating loss, cumulative ownership change, period of change (in years)	3 years
Unrecognized tax benefits that would impact effective tax rate	$ 1,000
Australia and Portugal
Operating Loss Carryforwards [Line Items]
Deferred tax assets	2,800
US State and Local:
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance for deferred tax assets	47,400	$ 11,700
Net operating loss carryforwards	344,100
US State and Local: \| Research and Development Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Research and development credit carryforwards	14,300
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	247,100
State \| Research and Development Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Research and development credit carryforwards	8,200
Foreign:
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 5,500

Investments and Fair Value Measurements - Schedule of Assets Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash equivalents	$ 104,384	$ 199,644
Marketable investments	464,835	643,410
Certificates of deposit
Assets
Marketable investments	1,067	802
U.S. treasury securities
Assets
Marketable investments	267,130	442,572
U.S. agency and government-sponsored securities
Assets
Marketable investments	166,237	146,760
Commercial paper
Assets
Marketable investments	7,873	9,608
Corporate bonds
Assets
Marketable investments	22,528	43,668
Level 1
Assets
Cash equivalents	103,637	157,316
Marketable investments	267,130	442,572
Level 1 \| Certificates of deposit
Assets
Marketable investments	0	0
Level 1 \| U.S. treasury securities
Assets
Marketable investments	267,130	442,572
Level 1 \| U.S. agency and government-sponsored securities
Assets
Marketable investments	0	0
Level 1 \| Commercial paper
Assets
Marketable investments	0	0
Level 1 \| Corporate bonds
Assets
Marketable investments	0	0
Level 2
Assets
Cash equivalents	747	42,328
Marketable investments	197,705	200,838
Level 2 \| Certificates of deposit
Assets
Marketable investments	1,067	802
Level 2 \| U.S. treasury securities
Assets
Marketable investments	0	0
Level 2 \| U.S. agency and government-sponsored securities
Assets
Marketable investments	166,237	146,760
Level 2 \| Commercial paper
Assets
Marketable investments	7,873	9,608
Level 2 \| Corporate bonds
Assets
Marketable investments	22,528	43,668
Level 3
Assets
Cash equivalents	0	0
Marketable investments	0	0
Level 3 \| Certificates of deposit
Assets
Marketable investments	0	0
Level 3 \| U.S. treasury securities
Assets
Marketable investments	0	0
Level 3 \| U.S. agency and government-sponsored securities
Assets
Marketable investments	0	0
Level 3 \| Commercial paper
Assets
Marketable investments	0	0
Level 3 \| Corporate bonds
Assets
Marketable investments	0	0
Money market funds
Assets
Cash equivalents	103,637	114,370
Money market funds \| Level 1
Assets
Cash equivalents	103,637	114,370
Money market funds \| Level 2
Assets
Cash equivalents	0	0
Money market funds \| Level 3
Assets
Cash equivalents	0	0
Certificates of deposit
Assets
Cash equivalents	747	496
Certificates of deposit \| Level 1
Assets
Cash equivalents	0	0
Certificates of deposit \| Level 2
Assets
Cash equivalents	747	496
Certificates of deposit \| Level 3
Assets
Cash equivalents	$ 0	0
U.S. treasury securities
Assets
Cash equivalents		42,946
U.S. treasury securities \| Level 1
Assets
Cash equivalents		42,946
U.S. treasury securities \| Level 2
Assets
Cash equivalents		0
U.S. treasury securities \| Level 3
Assets
Cash equivalents		0
U.S. agency and government-sponsored securities
Assets
Cash equivalents		41,832
U.S. agency and government-sponsored securities \| Level 1
Assets
Cash equivalents		0
U.S. agency and government-sponsored securities \| Level 2
Assets
Cash equivalents		41,832
U.S. agency and government-sponsored securities \| Level 3
Assets
Cash equivalents		0
Commercial paper
Assets
Cash equivalents		0
Commercial paper \| Level 1
Assets
Cash equivalents		0
Commercial paper \| Level 2
Assets
Cash equivalents		0
Commercial paper \| Level 3
Assets
Cash equivalents		$ 0

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets

The following table summarizes the activity in the Company's goodwill and intangible asset balances during the years ended December 31, 2025 and 2024 (in thousands):


	Goodwill		Intangible Assets





Beginning of the period, January 1, 2024	$	227,412	$	38,323
Addition (Acqueon)	138,181		39,900
Measurement period adjustment (Acqueon)	(14)		—
Measurement period adjustment (Aceyus)	(143)		—
Amortization	—		(12,591)
End of the period, December 31, 2024	365,436		65,632
Measurement period adjustment (Acqueon)	817		—
Amortization	—		(14,466)
End of the period, December 31, 2025	$	366,253	$	51,166

Schedule of Intangible Assets

The components of intangible assets were as follows (in thousands):


	December 31, 2025							December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Amortization Period (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Amortization Period (Years)
Developed technology	$	105,714	$	(62,794)	$	42,920	5.8	$	105,714	$	(51,230)	$	54,484	6.0
Acquired workforce	470		(470)		—		0.0	470		(470)		—		0.0
Customer relationships	12,850		(5,150)		7,700		3.5	12,850		(2,681)		10,169		4.4
Trademarks	1,300		(754)		546		1.5	1,300		(321)		979		2.4
Total	$	120,334	$	(69,168)	$	51,166	5.4	$	120,334	$	(54,702)	$	65,632	5.7

Schedule of Expected Future Amortization Expense of Intangible Assets

As of December 31, 2025, the expected future amortization expense for intangible assets was as follows (in thousands):


Period	Expected Future Amortization Expense
2026	$	13,008
2027	8,612
2028	8,246
2029	7,328
2030	6,188
Thereafter	7,784
Total	$	51,166

Financial Statement Components - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable
Provision for credit losses	$ (435)	$ (341)	$ (264)
Accounts receivable, net	130,984	115,172
Trade accounts receivable
Accounts Receivable
Trade accounts receivable	112,918	99,551
Unbilled trade accounts receivable, net of advance customer deposits
Accounts Receivable
Trade accounts receivable	$ 18,501	$ 15,962

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2025	Feb. 13, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36383
Entity Registrant Name	Five9, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3394123
Entity Address, Address Line One	3001 Bishop Drive
Entity Address, Address Line Two	Suite 350
Entity Address, City or Town	San Ramon
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94583
City Area Code	925
Local Phone Number	201-2000
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	FIVN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1,158.5
Entity Common Stock, Shares Outstanding		76,495,680
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the 2026 Annual Stockholders’ Meeting, which the registrant expects to file with the Securities and Exchange Commission within 120 days of December 31, 2025, are incorporated by reference into Part III (Items 10, 11,12, 13 and 14) of this Annual Report on Form 10-K.
Entity Central Index Key	0001288847
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Contract Balances


	December 31, 2025		December 31, 2024
Accounts receivable, net	$	130,984	$	115,172

Deferred contract acquisition costs, net:
Current	$	88,714	$	76,600
Non-current	176,976		155,157
Total deferred contract acquisition costs, net	$	265,690	$	231,757

Contract assets and contract liabilities:
Contract assets (included in prepaid expenses and other current assets)	$	4,101	$	7,206
Contract liabilities (deferred revenue)	(77,515)		(79,173)
Noncurrent contract liabilities (deferred revenue) (included in other long term liabilities)	(1,545)		(865)
Net contract liabilities	$	(74,959)	$	(72,832)

Deferred contract acquisition costs are recorded when incurred and are amortized over an estimated customer benefit period of five years.

The Company’s contract assets consist of unbilled amounts typically resulting from professional services where revenue is recognized in excess of total amounts billed to the customer. The Company’s contract liabilities consist of advance payments and billings in excess of revenue recognized.

In the year ended December 31, 2025, the Company recognized revenue of $68.8 million related to its contract liabilities at December 31, 2024.

Remaining Performance Obligations

As of December 31, 2025, the aggregate amount of the total transaction price allocated in contracts with original duration of greater than one year to the remaining performance obligations was $1,190.5 million. The Company expects to recognize revenue on approximately three-fourths of the remaining performance obligations over the next 24 months, with the balance recognized thereafter. The Company excludes amounts for remaining performance obligations that are part of contracts with an original expected duration of one year or less. Such remaining performance obligations represent unsatisfied or partially unsatisfied performance obligations.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2025

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

Selected quarterly financial information for 2025 and 2024 is as follows:


	Quarter Ended
	Dec. 31, 2025		Sept. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sept. 30, 2024		Jun. 30, 2024		Mar. 31, 2024

	(unaudited, in thousands, except per share data)
Revenue	$	300,282	$	285,832	$	283,269	$	279,705	$	278,660	$	264,182	$	252,086	$	247,010
Cost of revenue (1)(2)	133,844		128,552		127,865		125,973		122,663		121,933		118,414		114,530
Gross profit	166,438		157,280		155,404		153,732		155,997		142,249		133,672		132,480
Operating expenses:
Research and development (1)(2)	36,104		35,218		39,912		41,100		41,480		42,482		40,717		41,518
Sales and marketing (1)(2)	76,636		71,657		80,668		82,855		73,898		78,615		78,332		81,109
General and administrative (1)(2)	33,902		34,362		36,385		35,205		36,439		36,575		33,988		30,548
Total operating expenses	146,642		141,237		156,965		159,160		151,817		157,672		153,037		153,175
Income (loss) from operations	19,796		16,043		(1,561)		(5,428)		4,180		(15,423)		(19,365)		(20,695)
Other (expense) income, net:
Interest expense	(3,054)		(3,087)		(3,820)		(4,115)		(4,271)		(4,068)		(3,906)		(2,567)
Gain on early extinguishment of debt	—		—		—		—		—		—		—		6,615
Interest income and other	6,288		5,660		7,917		10,303		11,242		11,144		13,800		10,559
Total other income (expense), net	3,234		2,573		4,097		6,188		6,971		7,076		9,894		14,607
Income (loss) before income taxes	23,030		18,616		2,536		760		11,151		(8,347)		(9,471)		(6,088)
Provision for (benefit from) income taxes	3,317		643		1,382		184		(426)		(3,868)		3,345		989
Net income (loss)	$	19,713	$	17,973	$	1,154	$	576	$	11,577	$	(4,479)	$	(12,816)	$	(7,077)
Net income (loss) per share:
Basic	$	0.25	$	0.23	$	0.02	$	0.01	$	0.15	$	(0.06)	$	(0.17)	$	(0.10)
Diluted	$	0.23	$	0.21	$	0.01	$	0.01	$	0.13	$	(0.06)	$	(0.17)	$	(0.10)
Shares used in computing net income (loss) per share:
Basic	77,509		77,528		76,654		75,949		75,430		74,876		74,203		73,488
Diluted	87,037		87,295		88,523		89,275		88,645		74,876		74,203		73,488

(1) Included stock-based compensation as follows:


	Quarter Ended
	Dec. 31, 2025		Sept. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sept. 30, 2024		Jun. 30, 2024		Mar. 31, 2024

	(unaudited, in thousands)
Cost of revenue	$	6,504	$	6,852	$	7,296	$	7,184	$	6,921	$	7,512	$	7,789	$	7,603
Research and development	7,349		6,896		8,829		8,690		8,259		8,244		9,827		10,930
Sales and marketing	8,879		8,401		13,355		11,574		10,880		12,490		13,824		14,020
General and administrative	10,893		11,190		12,379		11,797		12,383		11,310		12,192		12,131
Total stock-based compensation	$	33,625	$	33,339	$	41,859	$	39,245	$	38,443	$	39,556	$	43,632	$	44,684

(2) Included depreciation and amortization expenses as follows:


	Quarter Ended
	Dec. 31, 2025		Sept. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sept. 30, 2024		Jun. 30, 2024		Mar. 31, 2024

	(unaudited, in thousands)
Cost of revenue	$	14,421	$	13,381	$	12,161	$	11,883	$	12,087	$	10,414	$	10,421	$	9,613
Research and development	833		731		799		680		620		721		741		890
Sales and marketing	10		11		27		36		38		32		26		27
General and administrative	1,589		1,649		1,662		1,891		1,895		1,977		1,750		1,653
Total depreciation and amortization	$	16,853	$	15,772	$	14,649	$	14,490	$	14,640	$	13,144	$	12,938	$	12,183

Leases - Narrative (Details) $ in Thousands	12 Months Ended
Leases - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) facility	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, termination notice, period (in days)	30 days
Term of lease	3 years	3 years
Finance leases	$ 3,853	$ 18,559	$ 5,505
Current finance lease liability	1,300	5,900
Noncurrent finance lease liability	$ 2,600	$ 12,700
Number of lease facilities closed \| facility		2
Building
Lessee, Lease, Description [Line Items]
Operating lease impairment loss		$ 1,900
Leasehold Improvements and Property and Equipment
Lessee, Lease, Description [Line Items]
Operating lease impairment loss		$ 300
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract (in years)	1 year
Operating lease, extension term (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract (in years)	7 years
Operating lease, extension term (in years)	5 years