0001288847-26-000079 | 10-Q | XBRL Viewer

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Stockholders' Equity - Capital Structure (Narrative) (Details) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Equity [Abstract]
Common stock shares authorized (in shares)	450,000,000
Common stock par value (in USD per share)	$ 0.001
Common stock shares issued (in shares)	76,563,988	77,194,499
Common stock shares outstanding (in shares)	76,563,988	77,194,499
Preferred stock shares authorized (up to) (in shares)	5,000,000
Preferred stock par value (in USD per share)	$ 0.001
Preferred stock shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0

Financial Statement Components - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 22,977	$ 24,550
Accrued compensation and benefits	47,981	52,387
Financing liability	10,779	0
Accrued federal fees	3,822	3,911
Sales and other tax liabilities	2,402	3,272
Accrued and other current liabilities	$ 87,961	$ 84,120

Restructurings	3 Months Ended
Restructurings	Mar. 31, 2026
Restructuring and Related Activities [Abstract]
Restructurings	Restructuring 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 and support 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 cash 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, $7.9 million in total restructuring costs under the 2025 Plan had been paid. 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.

Financial Statement Components (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents

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


	March 31, 2026		December 31, 2025
Cash	$	204,317	$	127,700
Money market funds	14,106		103,637
Certificates of deposit	2,081		747
U.S. treasury securities	52,507		—



Total cash and cash equivalents	$	273,011	$	232,084

Schedule of Accounts Receivable

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


	March 31, 2026		December 31, 2025
Trade accounts receivable	$	119,049	$	112,918
Unbilled trade accounts receivable, net of advance customer deposits	17,934		18,501
Provision for credit losses	(442)		(435)
Accounts receivable, net	$	136,541	$	130,984

Schedule of Prepaid Expenses and Other Current Assets

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


	March 31, 2026		December 31, 2025
Prepaid expenses	$	36,089	$	24,209
Other current assets	12,804		14,797
Contract assets	5,806		4,101

Prepaid expenses and other current assets	$	54,699	$	43,107

Schedule of Property and Equipment

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


	March 31, 2026		December 31, 2025
Computer and network equipment	$	182,030	$	178,485
Computer software	63,669		63,547
Internal-use software development costs	109,893		98,542
Furniture and fixtures	4,620		4,561
Leasehold improvements	7,652		6,757
Property and equipment	367,864		351,892
Accumulated depreciation and amortization	(200,666)		(187,257)
Property and equipment, net	$	167,198	$	164,635

Schedule of Other Assets

Other assets consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Other assets	$	42,397	$	7,136
Equity investment in a privately-held company	750		750
Deferred tax assets	2,960		2,839
Other assets	$	46,107	$	10,725

Schedule of Accrued and Other Current Liabilities

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


	March 31, 2026		December 31, 2025
Accrued expenses	$	22,977	$	24,550
Accrued compensation and benefits	47,981		52,387
Financing liability	10,779		—
Accrued federal fees	3,822		3,911
Sales and other tax liabilities	2,402		3,272

Accrued and other current liabilities	$	87,961	$	84,120

Schedule of Other Long-term Liabilities

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


	March 31, 2026		December 31, 2025
Deferred revenue	$	1,333	$	1,545
Deferred tax liabilities	53		56
Sales and other tax liabilities	1,467		1,357
Financing liability	26,904		—
Other long-term liabilities	3,730		4,589

Other long-term liabilities	$	33,487	$	7,547

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

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):


	March 31, 2026		December 31, 2025
Accounts receivable, net	$	136,541	$	130,984

Deferred contract acquisition costs, net:
Current	$	90,241	$	88,714
Non-current	177,379		176,976
Total deferred contract acquisition costs, net	$	267,620	$	265,690

Contract assets and contract liabilities:
Contract assets (included in prepaid expenses and other current assets)	$	5,806	$	4,101
Contract liabilities (deferred revenue)	(83,334)		(77,515)
Noncurrent contract liabilities (deferred revenue) (included in other long-term liabilities)	(1,333)		(1,545)
Net contract liabilities	$	(78,861)	$	(74,959)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 305,319	$ 279,705
Cost of revenue	134,792	125,973
Gross profit	170,527	153,732
Operating expenses:
Research and development	39,676	41,100
Sales and marketing	79,489	82,855
General and administrative	32,869	35,205
Total operating expenses	152,034	159,160
Income (loss) from operations	18,493	(5,428)
Other income (expense), net:
Interest expense	(3,142)	(4,115)
Interest income and other	5,212	10,303
Total other income (expense), net	2,070	6,188
Income before income taxes	20,563	760
Provision for income taxes	2,151	184
Net income	$ 18,412	$ 576
Net income per share:
Basic (in USD per share)	$ 0.24	$ 0.01
Diluted (in USD per share)	$ 0.21	$ 0.01
Shares used in computing net income per share:
Basic (in shares)	76,823,000	75,949,000
Diluted (in shares)	86,298,000	89,275,000
Comprehensive Income (Loss):
Net income	$ 18,412	$ 576
Other comprehensive loss	(25)	(139)
Comprehensive income	$ 18,387	$ 437

Financial Statement Components - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounts Receivable [Line Items]
Provision for credit losses	$ (442)	$ (435)
Accounts receivable, net	136,541	130,984
Trade accounts receivable
Accounts Receivable [Line Items]
Trade accounts receivable	119,049	112,918
Unbilled trade accounts receivable, net of advance customer deposits
Accounts Receivable [Line Items]
Trade accounts receivable	$ 17,934	$ 18,501

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Intangible Asset, Acquired, Finite-Lived
Gross Carrying Amount	$ 120,334	$ 120,334
Accumulated Amortization	(72,578)	(69,168)
Net Carrying Amount	$ 47,756	$ 51,166
Weighted Average Remaining Amortization period (Years)	5 years 2 months 12 days	5 years 4 months 24 days
Developed technology
Intangible Asset, Acquired, Finite-Lived
Gross Carrying Amount	$ 105,714	$ 105,714
Accumulated Amortization	(65,532)	(62,794)
Net Carrying Amount	$ 40,182	$ 42,920
Weighted Average Remaining Amortization period (Years)	5 years 8 months 12 days	5 years 9 months 18 days
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	(5,713)	(5,150)
Net Carrying Amount	$ 7,137	$ 7,700
Weighted Average Remaining Amortization period (Years)	3 years 2 months 12 days	3 years 6 months
Trademarks
Intangible Asset, Acquired, Finite-Lived
Gross Carrying Amount	$ 1,300	$ 1,300
Accumulated Amortization	(863)	(754)
Net Carrying Amount	$ 437	$ 546
Weighted Average Remaining Amortization period (Years)	1 year 3 months 18 days	1 year 6 months

Leases - Lease Cost and Supplemental Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating lease cost	$ 3,627	$ 3,171
Finance lease cost:
Amortization of right-of-use assets	2,282	2,008
Interest on finance lease liabilities	187	261
Total finance lease cost	2,469	2,269
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used in operating leases	(3,253)	(2,942)
Financing cash used in finance leases	(2,482)	(2,166)
Right of use assets obtained in exchange for lease obligations:
Operating leases	0	803
Finance leases	$ 0	$ 3,853

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Convertible Senior Notes, Due 2029

Debt Instrument [Line Items]

Schedule of Net Carrying Amount of Notes and Impact to Additional Paid-in Capital

The net carrying amount of the 2029 convertible senior notes as of March 31, 2026 and December 31, 2025 was as follows (in thousands):


	March 31, 2026		December 31, 2025
Principal	$	747,500	$	747,500
Unamortized issuance costs	(11,130)		(12,010)
Net carrying amount	$	736,370	$	735,490

Schedule of Interest Expense Related to the Notes

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


	Three Months Ended
	March 31, 2026		March 31, 2025
Contractual interest expense	$	1,869	$	1,869
Amortization of issuance costs	879		866
Total interest expense	$	2,748	$	2,735

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):


	Three Months Ended
	March 31, 2026		March 31, 2025
Contractual interest expense	$	—	$	543

Amortization of issuance costs	—		541
Total interest expense	$	—	$	1,084

- 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

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 27, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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, par value $0.001 per share
Trading Symbol	FIVN
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		76,563,988
Entity Central Index Key	0001288847
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Financial Statement Components

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Financial Statement Components

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


	March 31, 2026		December 31, 2025
Cash	$	204,317	$	127,700
Money market funds	14,106		103,637
Certificates of deposit	2,081		747
U.S. treasury securities	52,507		—



Total cash and cash equivalents	$	273,011	$	232,084

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


	March 31, 2026		December 31, 2025
Trade accounts receivable	$	119,049	$	112,918
Unbilled trade accounts receivable, net of advance customer deposits	17,934		18,501
Provision for credit losses	(442)		(435)
Accounts receivable, net	$	136,541	$	130,984

There was one customer that represented 18% of accounts receivable and no single customer accounted for more than 10% of the Company's total revenue as of March 31, 2026.

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


	March 31, 2026		December 31, 2025
Prepaid expenses	$	36,089	$	24,209
Other current assets	12,804		14,797
Contract assets	5,806		4,101

Prepaid expenses and other current assets	$	54,699	$	43,107

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


	March 31, 2026		December 31, 2025
Computer and network equipment	$	182,030	$	178,485
Computer software	63,669		63,547
Internal-use software development costs	109,893		98,542
Furniture and fixtures	4,620		4,561
Leasehold improvements	7,652		6,757
Property and equipment	367,864		351,892
Accumulated depreciation and amortization	(200,666)		(187,257)
Property and equipment, net	$	167,198	$	164,635

Depreciation and amortization expense associated with property and equipment was $14.4 million and $10.4 million for the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2026 and 2025, the Company recorded impairment charges of property and equipment in the amount of $0.1 million and $0.3 million, respectively.

Other assets consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Other assets	$	42,397	$	7,136
Equity investment in a privately-held company	750		750
Deferred tax assets	2,960		2,839
Other assets	$	46,107	$	10,725

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


	March 31, 2026		December 31, 2025
Accrued expenses	$	22,977	$	24,550
Accrued compensation and benefits	47,981		52,387
Financing liability	10,779		—
Accrued federal fees	3,822		3,911
Sales and other tax liabilities	2,402		3,272

Accrued and other current liabilities	$	87,961	$	84,120

During the first quarter of 2026, the Company entered into a $53.9 million five-year agreement for data center support and maintenance services, which was financed through a non-interest bearing financing arrangement. In accordance with ASC 835-30, the financing arrangement was recorded as a liability at its present value of $48.3 million using an imputed interest rate. The current and long-term portions of this obligation were $10.8 million and $26.9 million, respectively, as of March 31, 2026.

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


	March 31, 2026		December 31, 2025
Deferred revenue	$	1,333	$	1,545
Deferred tax liabilities	53		56
Sales and other tax liabilities	1,467		1,357
Financing liability	26,904		—
Other long-term liabilities	3,730		4,589

Other long-term liabilities	$	33,487	$	7,547

Financial Statement Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 36,089	$ 24,209
Other current assets	12,804	14,797
Contract assets	5,806	4,101
Prepaid expenses and other current assets	$ 54,699	$ 43,107

Debt - Narrative (Details) - Convertible Debt $ / shares in Units, shares in Millions	1 Months Ended	2 Months Ended	3 Months Ended
	Mar. 31, 2024 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2026 USD ($) day $ / shares Rate shares	Mar. 31, 2025 USD ($)	Feb. 27, 2024 $ / shares	May 31, 2020 USD ($)
Convertible Senior Notes, Due 2029
Debt Instrument [Line Items]
Stated interest rate on debt (as a percent)	1.00%			1.00%
Proceeds from issuance of debt	$ 728,800,000
Conversion ratio on convertible debt \| Rate			1.25918%
Conversion price on convertible debt (in USD per share) \| $ / shares			$ 79.42
Premium on conversion price in relation to closing price (as a percent)					30.00%
Closing price of common stock (in USD per share) \| $ / shares					$ 61.09
Share price of common stock with conversion premium (in USD per share) \| $ / shares			$ 103.24
Minimum aggregate principal amount outstanding			$ 100,000,000.0
Sinking fund payment			$ 0
Effective interest rate on debt (as a percent)			1.49%
Cap initial strike price (in USD per share) \| $ / shares			$ 79.42
Cap price of the capped call transactions (in USD per share) \| $ / shares			$ 122.18
Number of shares covered in the capped call transactions (in shares) \| shares			9.4
Extinguishment of debt, amount	313,100,000
Convertible Senior Notes, Due 2029 \| Fundamental Change Event
Debt Instrument [Line Items]
Debt redemption price as percentage of principal amount (as a percent)			100.00%
Convertible Senior Notes, Due 2029 \| On or After September 30, 2024
Debt Instrument [Line Items]
Number of trading days (in days) \| day			20
Number of consecutive trading days (in days) \| day			30
Threshold percentage of stock price trigger (as a percent)			130.00%
Debt redemption price as percentage of principal amount (as a percent)			100.00%
Convertible Senior Notes, Due 2029 \| Convertible, Term One
Debt Instrument [Line Items]
Number of trading days (in days) \| day			20
Number of consecutive trading days (in days) \| day			30
Threshold percentage of stock price trigger (as a percent)			130.00%
Convertible Senior Notes, Due 2029 \| Convertible, Term Two
Debt Instrument [Line Items]
Number of trading days (in days) \| day			5
Number of consecutive trading days (in days) \| day			5
Threshold percentage of stock price trigger (as a percent)			98.00%
Convertible Senior Notes, Due 2029 \| Private Placement
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 747,500,000
Option to purchase additional debt through private offering				$ 97,500,000
Convertible Senior Notes, Due 2025
Debt Instrument [Line Items]
Stated interest rate on debt (as a percent)	0.50%		0.50%
Proceeds from issuance of debt		$ 728,800,000
Closing price of common stock (in USD per share) \| $ / shares			$ 15.17
Cap initial strike price (in USD per share) \| $ / shares			$ 134.34
Number of shares covered in the capped call transactions (in shares) \| shares			3.2
Extinguishment of debt, amount	$ 313,100,000
Convertible Senior Notes, Due 2025 \| On or After September 30, 2024
Debt Instrument [Line Items]
Number of trading days (in days) \| day			20
Number of consecutive trading days (in days) \| day			30
Threshold percentage of stock price trigger (as a percent)			130.00%
Convertible Senior Notes, Due 2025 \| 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

Revenue - Schedule of Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 136,541	$ 130,984
Deferred contract acquisition costs, net:
Current	90,241	88,714
Non-current	177,379	176,976
Total deferred contract acquisition costs, net	267,620	265,690
Contract assets and contract liabilities:
Contract assets (included in prepaid expenses and other current assets)	5,806	4,101
Contract liabilities (deferred revenue)	(83,334)	(77,515)
Noncurrent contract liabilities (deferred revenue) (included in other long-term liabilities)	(1,333)	(1,545)
Net contract liabilities	$ (78,861)	$ (74,959)

Investments and Fair Value Measurements - Schedule of Marketable Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]
Cost	$ 451,184	$ 464,285
Gross Unrealized Gains	113	564
Gross Unrealized Losses	(432)	(14)
Fair Value	450,865	464,835
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Cost	1,978	1,066
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(1)	0
Fair Value	1,977	1,067
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Cost	313,973	266,671
Gross Unrealized Gains	106	459
Gross Unrealized Losses	(154)	0
Fair Value	313,925	267,130
U.S. agency and government sponsored securities
Debt Securities, Available-for-sale [Line Items]
Cost	105,106	166,170
Gross Unrealized Gains	7	81
Gross Unrealized Losses	(181)	(14)
Fair Value	104,932	166,237
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Cost	7,476	7,867
Gross Unrealized Gains	0	6
Gross Unrealized Losses	(7)	0
Fair Value	7,469	7,873
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Cost	227
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	227
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Cost	22,424	22,511
Gross Unrealized Gains	0	17
Gross Unrealized Losses	(89)	0
Fair Value	$ 22,335	$ 22,528

Segment and Geographical Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenue	$ 305,319	$ 279,705
Depreciation and amortization	(17,842)	(14,490)
Interest expense	(3,142)	(4,115)
Interest income and other	5,212	10,303
Provision for income taxes	(2,151)	(184)
Net income	18,412	576
Reportable Segment
Segment Reporting Information [Line Items]
Revenue	305,319	279,705
Adjusted cost of revenue	(111,007)	(105,089)
Adjusted research and development	(29,645)	(31,072)
Adjusted sales and marketing	(70,920)	(71,245)
Adjusted general and administrative	(19,265)	(19,596)
Other segment items	(38,147)	(43,641)
Depreciation and amortization	(17,842)	(14,490)
Interest expense	(3,142)	(4,115)
Interest income and other	5,212	10,303
Provision for income taxes	(2,151)	(184)
Net income	$ 18,412	$ 576

Leases - Lease Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Operating Leases
Remaining 2026	$ 11,228
2027	12,489
2028	10,817
2029	10,574
2030	10,233
Thereafter	1,665
Total future minimum lease payments	57,006
Less: imputed interest	(5,341)
Total	51,665	$ 55,038
Finance Leases
Remaining 2026	6,568
2027	5,906
2028	319
2029	0
2030	0
Thereafter	0
Total future minimum lease payments	12,793
Less: imputed interest	(517)
Total	$ 12,276	$ 14,570

Stockholders' Equity - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended
	Feb. 02, 2026	Nov. 12, 2025	Mar. 31, 2026	Oct. 31, 2025
Equity [Abstract]
Share repurchase program, aggregate amount				$ 150.0
Payment received an initial delivery of its common stock		$ 50.0	$ 10.0
Payment received an initial delivery of its common stock (in shares)	701,517	1,926,782	578,742
Initial Price (in USD per share)		$ 20.76	$ 17.28
Percentage of shares to be purchased (as percent)		80.00%
Share repurchase program, remaining authorized, amount			$ 90.0

- 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

Description of Business and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	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 condensed 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 interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of condensed 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 condensed 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. Significant Accounting Policies There have been no material changes from the significant accounting policies previously disclosed in Part II, Item 8, of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the SEC on February 20, 2026. Recently Adopted Accounting Pronouncements 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's adoption of ASU 2025-05 electing the practical expedient method did not have a material impact on its financial position and results of operations. 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's adoption of ASU 2024-04 on a prospective basis did not have an impact on its financial position and results of operations. 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 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 clarify the guidance in ASC 270. 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.

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 3,410	$ 4,100

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Financial Statement Components - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	$ 273,011	$ 232,084	$ 370,344	$ 362,546
Cash
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	204,317	127,700
Money market funds
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	14,106	103,637
Certificates of deposit
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	2,081	747
U.S. treasury securities
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	$ 52,507	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income	$ 18,412	$ 576
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,842	14,490
Reduction in the carrying amount of right-of-use assets	5,311	5,084
Amortization of deferred contract acquisition costs	23,888	20,362
Accretion of discount on marketable investments	(1,233)	(3,313)
Provision for credit losses	365	423
Stock-based compensation	32,664	39,245
Amortization of discount and issuance costs on convertible senior notes	879	1,407
Impairment charge of long-lived assets	136	322
Interest on finance lease obligations	187	266
Deferred taxes - excluding tax benefit from acquisition	15	192
Other	851	(163)
Changes in operating assets and liabilities:
Accounts receivable	(5,923)	(3,866)
Prepaid expenses and other current assets	(1,935)	3,008
Deferred contract acquisition costs	(25,818)	(25,429)
Other assets	3,239	843
Accounts payable	1,159	2,731
Accrued and other current liabilities	(10,990)	(3,208)
Deferred revenue	5,607	(4,561)
Other liabilities (including non-current portions of operating and finance lease liabilities)	(740)	(25)
Net cash provided by operating activities	63,916	48,384
Cash flows from investing activities:
Purchases of marketable investments	(114,064)	(275,939)
Proceeds from sales of marketable investments	58,372	0
Proceeds from maturities of marketable investments	70,021	251,292
Purchases of property and equipment	(5,265)	(4,724)
Capitalization of internal-use software development costs	(9,210)	(8,732)
Net cash used in investing activities	(146)	(38,103)
Cash flows from financing activities:
Proceeds from exercise of common stock options	445	3
Cash paid for repurchase of the Company's common stock	(10,012)	0
Principal repayment on financing liability	(10,779)	0
Payment of finance lease liabilities	(2,482)	(2,166)
Net cash used in financing activities	(22,828)	(2,163)
Net increase in cash, cash equivalents and restricted cash	40,942	8,118
Cash, cash equivalents and restricted cash:
Beginning of period	234,131	364,185
End of period	275,073	372,303
Supplemental disclosures of cash flow data:
Cash paid for interest	4,131	4,026
Cash paid for income taxes	17	0
Non-cash investing and financing activities:
Maintenance services purchased through financing	48,276	0
Equipment purchased and unpaid at period-end	6,754	9,330
Stock-based compensation included in capitalized software development costs	2,330	2,409
Reconciliation of Cash, Cash Equivalents and Restricted Cash to the Condensed Consolidated Balance Sheets - Beginning of Period:
Cash and cash equivalents	273,011	370,344
Restricted cash in other assets	2,062	1,959
Total cash, cash equivalents and restricted cash	$ 275,073	$ 372,303

Leases - Weighted Average Remaining Terms and Discount Rates (Details)	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
Operating leases (in years)	4 years 4 months 24 days	4 years 7 months 6 days
Finance leases (in years)	1 year 6 months	1 year 8 months 12 days
Operating leases (in percent)	4.60%	4.70%
Finance leases (in percent)	5.80%	5.80%

Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026. The Company’s marketable investments as of March 31, 2026 and December 31, 2025 were as follows (in thousands):



	March 31, 2026
Marketable Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	1,978	$	—	$	(1)	$	1,977
U.S. treasury securities	313,973		106		(154)		313,925
U.S. agency and government-sponsored securities	105,106		7		(181)		104,932
Commercial paper	7,476		—		(7)		7,469
Municipal bonds	227		—		—		227
Corporate bonds	22,424		—		(89)		22,335
Total	$	451,184	$	113	$	(432)	$	450,865



	December 31, 2025
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

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 March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026				December 31, 2025

	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	(1)	$	667	$	—	$	—
U.S. treasury securities	(154)		160,598		—		—
U.S. agency and government-sponsored securities	(181)		93,912		(14)		33,935
Commercial paper	(7)		7,469		—		—

Corporate bonds	(89)		22,335		—		—
Total	$	(432)	$	284,981	$	(14)	$	33,935

Schedule of Assets Carried at Fair Value

The amortized cost and fair value of the Company’s marketable investments by contractual maturity as of March 31, 2026 were as follows (in thousands):


	Cost		Fair Value
Due within one year	$	316,374	$	316,370
Due after one year through two years	134,810		134,495
Total	$	451,184	$	450,865

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


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	14,106	$	—	$	—	$	14,106
Certificates of deposit	—		2,081		—		2,081
U.S. treasury securities	52,507		—		—		52,507




Total cash equivalents	$	66,613	$	2,081	$	—	$	68,694

Marketable investments
Certificates of deposit	$	—	$	1,977	$	—	$	1,977
U.S. treasury securities	313,925		—		—		313,925
U.S. agency and government sponsored securities	—		104,932		—		104,932
Commercial paper	—		7,469		—		7,469
Municipal bonds	—		227		—		227
Corporate bonds	—		22,335		—		22,335
Total marketable investments	$	313,925	$	136,940	$	—	$	450,865



	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

- 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).

+ References

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+ Details

Description of Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed 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 interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation.
Consolidation	All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of condensed 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 condensed 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.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Effective	Recently Adopted Accounting Pronouncements 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's adoption of ASU 2025-05 electing the practical expedient method did not have a material impact on its financial position and results of operations. 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's adoption of ASU 2024-04 on a prospective basis did not have an impact on its financial position and results of operations. 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 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 clarify the guidance in ASC 270. 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.
Receivables	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 Contract Acquisition	Deferred contract acquisition costs are recorded when incurred and are amortized over an estimated customer benefit period of five years.
Revenue	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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Debt - Schedule of Net Carrying Amount of the Liability Component of the Notes (Details) - Convertible Senior Notes, Due 2029 - Convertible Debt - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Principal	$ 747,500	$ 747,500
Unamortized issuance costs	(11,130)	(12,010)
Net carrying amount	$ 736,370	$ 735,490

- 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

- Definition

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

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+ Details

Stockholders' Equity - Stock Option (Narrative) (Details)	Mar. 31, 2025 $ / shares
Equity [Abstract]
Fair market value of common stock (in USD per share)	$ 15.17

CONDENSED 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 shares) at Dec. 31, 2024		75,808
Beginning balance at Dec. 31, 2024	$ 622,192	$ 76	$ 1,039,125	$ 636	$ (417,645)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options	3		3
Issuance of common stock upon vesting of restricted stock units (in shares)		435
Issuance of common stock upon vesting of restricted stock units		$ 0
Stock-based compensation	41,654		41,654
Other comprehensive loss	(139)			(139)
Net income	576				576
Ending balance (in shares) at Mar. 31, 2025		76,243
Ending balance at Mar. 31, 2025	664,286	$ 76	1,080,782	497	(417,069)
Beginning balance (in shares) at Dec. 31, 2025		77,194
Beginning balance at Dec. 31, 2025	785,817	$ 77	1,163,072	897	(378,229)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases (in shares)		(1,280)
Share repurchases	(10,012)	$ (1)	(10,011)
Issuance of common stock upon exercise of stock options (in shares)		55
Issuance of common stock upon exercise of stock options	445		445
Issuance of common stock upon vesting of restricted stock units (in shares)		595
Issuance of common stock upon vesting of restricted stock units	0	$ 1	(1)
Stock-based compensation	34,994		34,994
Other comprehensive loss	(25)			(25)
Net income	18,412				18,412
Ending balance (in shares) at Mar. 31, 2026		76,564
Ending balance at Mar. 31, 2026	$ 829,631	$ 77	$ 1,188,499	$ 872	$ (359,817)

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 were as follows (in thousands):


						March 31, 2026
Stock options outstanding						333
RSUs (including PRSUs) outstanding						9,515
Shares available for future grant under 2014 Plan						8,983
Shares available for future issuance under ESPP						3,697

Total shares of common stock reserved						22,528

Schedule of Stock Option Activity

A summary of the Company’s stock option activity during the three months ended March 31, 2026 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
Outstanding as of December 31, 2025	390	$	51.62
Options granted	—	—
Options exercised	(55)	8.15
Options forfeited or expired	(2)	117.31
Outstanding as of March 31, 2026	333	58.17		2.0	$	1.757
Vested and expected to vest as of March 31, 2026	333	58.17		2.0	1.757
Exercisable as of March 31, 2026	333	58.16		2.0	1.757

Schedule of RSU Activity

A summary of the Company’s restricted stock unit ("RSU") activity, including PRSUs, during the three months ended March 31, 2026 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, 2025	6,029	$	43.50
RSUs granted(1)	4,466	19.68
RSUs vested and released	(595)	49.05
RSUs forfeited or cancelled	(385)	66.07
Outstanding as of March 31, 2026	9,515	31.06

(1) Includes 1,100,055 PRSUs granted during the three months ended March 31, 2026.

Schedule of Stock-based Compensation Expense

Stock-based compensation expense was as follows (in thousands):



	Three Months Ended
	March 31, 2026		March 31, 2025
Cost of revenue	$	6,307	$	7,184
Research and development	7,515		8,690
Sales and marketing	8,564		11,574
General and administrative	10,278		11,797
Total stock-based compensation expense	$	32,664	$	39,245

Schedule of Unrecognized Compensation Expense

As of March 31, 2026, unrecognized stock-based compensation expense by award type and 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	$	2	$	240,389	$	33,570	$	669
Weighted-average amortization period	0.1 years		2.4 years		2.1 years		0.1 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)	Three Months Ended
	March 31, 2026		March 31, 2025
Expected term (years)	2.9		2.8
Volatility	59.9	%	56.0	%
Risk-free interest rate	3.4	%	4.0	%
Dividend yield (1)	—		—

(1)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.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments The Company’s principal commitments consist of future payment obligations under its convertible senior notes, finance leases to finance data centers and other computer and networking equipment, operating leases for office facilities, cloud services and software and maintenance agreements, and agreements with third parties to provide co-location hosting and telecommunication services. These commitments as of December 31, 2025 are disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and material updates to these commitments during the three months ended March 31, 2026 are disclosed herein, including in this Note 10 and in Note 12. As of March 31, 2026, the Company’s commitments under various co-location hosting and telecommunication usage service agreements totaled $13.1 million for terms ranging up to approximately five years. These agreements require the Company to make payments over the service term in exchange for certain network services. As of March 31, 2026, the Company had outstanding cloud services and software and maintenance agreement commitments totaling $149.0 million, of which $37.1 million is expected to be purchased in 2026, $56.2 million is expected to be purchased in 2027, $52.3 million is expected to be purchased in 2028, and the remaining $3.4 million is expected to be purchased in 2029. During the first quarter of 2026, the Company executed a reseller agreement with a total commitment of $9.0 million, a term from March 31, 2026 to March 31, 2027, and total remaining commitment of $8.7 million as of March 31, 2026. During the first quarter of 2026, the Company entered into a $53.9 million five-year agreement for data center support and maintenance services, which was financed through a non-interest bearing financing arrangement. In accordance with ASC 835-30, the financing arrangement was recorded as a liability at its present value of $48.3 million using an imputed interest. The Company is obligated to pay five installment payments of $10.8 million annually, with the first payment made upon execution of the agreement in March 2026, and the remaining four annual payments due from March 2027 through March 2030. The current and long-term portions of this obligation were $10.8 million and $26.9 million, respectively, as of March 31, 2026. As of March 31, 2026, (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. 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 actions: 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. On February 23, 2026, the court granted in part and denied in part Defendants’ motion to dismiss. 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. The action was stayed pending the resolution of the motion to dismiss in the securities action. On February 27, 2026, a separate and related shareholder derivative action was filed again 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. On March 9, 2026, all parties filed a stipulation with the court to consolidate the two derivative actions, which the court so-ordered on March 17, 2026. On March 24, 2026, a related shareholder derivative action was filed in the United States District Court of Delaware on behalf of nominal defendant Five9, Inc. and against its directors and certain of its officers seeking to assert claims for breaches of fiduciary duties, gross mismanagement, waste of corporate assets, unjust enrichment, and violation of Section 14(a) of the Securities Exchange Act of 1934. On April 15, 2026, the parties to this derivative action jointly filed a stipulation with the court to stay the derivative action. 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.

Revenue - Narrative (Details) $ in Millions	3 Months Ended
Revenue - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract revenue recognized	$ 45.5
Performance obligation	$ 1,198.0
Performance obligation, description of timing	The Company expects to recognize revenue on approximately four-fifths 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]: 2026-04-01
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Performance obligation satisfaction period (in months)	24 months
Remaining performance obligation expected to be recognized (as a percent)	80.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-04-01
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Performance obligation satisfaction period (in months)
Remaining performance obligation expected to be recognized (as a percent)	20.00%

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 273,011	$ 232,084
Marketable investments	450,865	464,835
Accounts receivable, net	136,541	130,984
Prepaid expenses and other current assets	54,699	43,107
Deferred contract acquisition costs, net	90,241	88,714
Total current assets	1,005,357	959,724
Property and equipment, net	167,198	164,635
Operating lease right-of-use assets	43,321	46,375
Finance lease right-of-use assets	11,939	14,216
Intangible assets, net	47,756	51,166
Goodwill	366,253	366,253
Other assets	46,107	10,725
Deferred contract acquisition costs, net — less current portion	177,379	176,976
Total assets	1,865,310	1,790,070
Current liabilities:
Accounts payable	30,586	29,973
Accrued and other current liabilities	87,961	84,120
Operating lease liabilities	12,806	12,922
Finance lease liabilities	8,117	8,480
Deferred revenue	83,334	77,515
Total current liabilities	222,804	213,010
Convertible senior notes - less current portion	736,370	735,490
Operating lease liabilities — less current portion	38,859	42,116
Finance lease liabilities — less current portion	4,159	6,090
Other long-term liabilities	33,487	7,547
Total liabilities	1,035,679	1,004,253
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock	77	77
Additional paid-in capital	1,188,499	1,163,072
Accumulated other comprehensive income	872	897
Accumulated deficit	(359,817)	(378,229)
Total stockholders’ equity	829,631	785,817
Total liabilities and stockholders’ equity	$ 1,865,310	$ 1,790,070

Segment and Geographical Information - Schedule of Revenue and Property and Equipment by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Revenues from External Customers and Long-Lived Assets
Total revenue	$ 305,319	$ 279,705
Property and equipment, net	167,198		$ 164,635
United States
Revenues from External Customers and Long-Lived Assets
Total revenue	269,577	247,057
Property and equipment, net	157,138		154,855
International
Revenues from External Customers and Long-Lived Assets
Total revenue	35,742	$ 32,648
Property and equipment, net	$ 10,060		$ 9,780

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

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 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Financial Statement Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Concentration Risk [Line Items]
Depreciation and amortization associated with property and equipment	$ 14,400	$ 10,400
Impairment charge of long-lived assets	136	$ 322
Financing arrangement amount	$ 53,900
Financing arrangement term	5 years
Net present value	$ 48,300
Financing liability, current	10,779		$ 0
Financing liability, noncurrent	$ 26,904		$ 0
One Client \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of total account receivable	18.00%

Financial Statement Components - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred revenue	$ 1,333	$ 1,545
Deferred tax liabilities	53	56
Sales and other tax liabilities	1,467	1,357
Financing liability	26,904	0
Other long-term liabilities	3,730	4,589
Other long-term liabilities	$ 33,487	$ 7,547

Leases

3 Months Ended

Mar. 31, 2026

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


	Three Months Ended
	March 31, 2026		March 31, 2025
Operating lease cost	$	3,627	$	3,171
Finance lease cost:
Amortization of right-of-use assets	$	2,282	$	2,008
Interest on finance lease liabilities	187		261
Total finance lease cost	$	2,469	$	2,269

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


	Three Months Ended
	March 31, 2026		March 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used in operating leases	$	(3,253)	$	(2,942)
Financing cash used in finance leases	(2,482)		(2,166)
Right of use assets obtained in exchange for lease obligations:
Operating leases	—		803
Finance leases	—		3,853

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


	March 31, 2026		December 31, 2025
Operating leases
Operating lease right-of-use assets	$	43,321	$	46,375

Operating lease liabilities	$	12,806	$	12,922
Operating lease liabilities — less current portion	38,859		42,116
Total operating lease liabilities	$	51,665	$	55,038
Finance leases
Finance lease right-of-use assets	$	11,939	$	14,216

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

Finance lease liabilities	$	8,117	$	8,480
Finance lease liabilities — less current portion	4,159		6,090
Total finance lease liabilities	$	12,276	$	14,570

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


	March 31, 2026	December 31, 2025
Weighted average remaining lease term
Operating leases	4.4	4.6
Finance leases	1.5	1.7

Weighted average discount rates were as follows:


	March 31, 2026		December 31, 2025
Weighted average discount rate
Operating leases	4.6	%	4.7	%
Finance leases	5.8	%	5.8	%

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


Year Ending December 31,	Operating Leases		Finance Leases
Remaining 2026	$	11,228	$	6,568
2027	12,489		5,906
2028	10,817		319
2029	10,574		—
2030	10,233		—
Thereafter	1,665		—
Total future minimum lease payments	57,006		12,793
Less: imputed interest	(5,341)		(517)
Total	$	51,665	$	12,276

As of March 31, 2026, the Company had entered into an additional operating lease to commence in May 2026, representing a total commitment over its term of approximately $7.2 million.

Leases

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


	Three Months Ended
	March 31, 2026		March 31, 2025
Operating lease cost	$	3,627	$	3,171
Finance lease cost:
Amortization of right-of-use assets	$	2,282	$	2,008
Interest on finance lease liabilities	187		261
Total finance lease cost	$	2,469	$	2,269

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


	Three Months Ended
	March 31, 2026		March 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used in operating leases	$	(3,253)	$	(2,942)
Financing cash used in finance leases	(2,482)		(2,166)
Right of use assets obtained in exchange for lease obligations:
Operating leases	—		803
Finance leases	—		3,853

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


	March 31, 2026		December 31, 2025
Operating leases
Operating lease right-of-use assets	$	43,321	$	46,375

Operating lease liabilities	$	12,806	$	12,922
Operating lease liabilities — less current portion	38,859		42,116
Total operating lease liabilities	$	51,665	$	55,038
Finance leases
Finance lease right-of-use assets	$	11,939	$	14,216

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

Finance lease liabilities	$	8,117	$	8,480
Finance lease liabilities — less current portion	4,159		6,090
Total finance lease liabilities	$	12,276	$	14,570

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


	March 31, 2026	December 31, 2025
Weighted average remaining lease term
Operating leases	4.4	4.6
Finance leases	1.5	1.7

Weighted average discount rates were as follows:


	March 31, 2026		December 31, 2025
Weighted average discount rate
Operating leases	4.6	%	4.7	%
Finance leases	5.8	%	5.8	%

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


Year Ending December 31,	Operating Leases		Finance Leases
Remaining 2026	$	11,228	$	6,568
2027	12,489		5,906
2028	10,817		319
2029	10,574		—
2030	10,233		—
Thereafter	1,665		—
Total future minimum lease payments	57,006		12,793
Less: imputed interest	(5,341)		(517)
Total	$	51,665	$	12,276

As of March 31, 2026, the Company had entered into an additional operating lease to commence in May 2026, representing a total commitment over its term of approximately $7.2 million.

Net Income Per Share - Schedule of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net income	$ 18,412	$ 576
Weighted-average shares used in computing basic and diluted net income per share:
Basic (in shares)	76,823,000	75,949,000
Diluted (in shares)	86,298,000	89,275,000
Basic and diluted net income per share:
Basic (in USD per share)	$ 0.24	$ 0.01
Diluted (in USD per share)	$ 0.21	$ 0.01

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

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-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

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-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
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+ Details

Investments and Fair Value Measurements - Schedule of Marketable Investments by Contractual Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Due within one year	$ 316,374
Due after one year through two years	134,810
Cost	451,184	$ 464,285
Due within one year	316,370
Due after one year through two years	134,495
Fair Value	$ 450,865	$ 464,835

- Definition

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

+ References

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+ Details

Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill
Beginning of the period, December 31, 2025	$ 366,253
End of the period, March 31, 2026	366,253
Intangible Assets
Beginning of the period, December 31, 2025	51,166
Amortization	(3,410)	$ (4,100)
End of the period, March 31, 2026	$ 47,756

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The following table summarizes the activity in the Company's goodwill and intangible asset balances during the three months ended March 31, 2026 (in thousands):


	Goodwill		Intangible Assets
Beginning of the period, December 31, 2025	$	366,253	$	51,166

Amortization	—		(3,410)
End of the period, March 31, 2026	$	366,253	$	47,756

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



	March 31, 2026							December 31, 2025
	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	$	(65,532)	$	40,182	5.7	$	105,714	$	(62,794)	$	42,920	5.8
Acquired workforce	470		(470)		—		0.0	470		(470)		—		0.0
Customer relationships	12,850		(5,713)		7,137		3.2	12,850		(5,150)		7,700		3.5
Trademarks	1,300		(863)		437		1.3	1,300		(754)		546		1.5
Total	$	120,334	$	(72,578)	$	47,756	5.2	$	120,334	$	(69,168)	$	51,166	5.4

Amortization expense related to intangible assets was $3.4 million and $4.1 million for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, the expected future amortization expense for intangible assets was as follows (in thousands):


Period	Expected Future Amortization Expense
Remaining 2026	$	9,599
2027	8,612
2028	8,246
2029	7,328
2030	6,188
Thereafter	7,783
Total	$	47,756

Leases - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Operating leases
Operating lease right-of-use assets	$ 43,321	$ 46,375
Operating lease liabilities	12,806	12,922
Operating lease liabilities — less current portion	38,859	42,116
Total operating lease liabilities	51,665	55,038
Finance leases
Finance lease right-of-use assets	11,939	14,216
Finance lease liabilities	8,117	8,480
Finance lease liabilities — less current portion	4,159	6,090
Total finance lease liabilities	$ 12,276	$ 14,570
Finance Lease, Right-of-Use Asset, Balance Sheet Location [Extensible List]	Property and equipment, net	Property and equipment, net
Fixed Assets, Excluding New Finance Lease
Finance leases
Finance lease right-of-use assets	$ 0	$ 0
Property and equipment, gross	14,354	14,354
Less: accumulated depreciation and amortization	$ (14,354)	$ (14,354)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Lessee, Lease, Description [Line Items]
Operating lease termination notice, period (in days)	30 days
Operating lease liability	$ 51,665	$ 55,038
Commenced May 2026
Lessee, Lease, Description [Line Items]
Operating lease liability	$ 7,200
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract (in months)	1 year
Operating lease, extension term (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract (in months)	7 years
Operating lease, extension term (in years)	5 years

Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details) shares in Thousands	Mar. 31, 2026 shares
Class of Stock
Shares of common stock reserved for future issuance (in shares)	22,528
Shares available for future grant under 2014 Plan
Class of Stock
Shares of common stock reserved for future issuance (in shares)	8,983
Stock options outstanding
Class of Stock
Shares of common stock reserved for future issuance (in shares)	333
RSUs (including PRSUs) outstanding
Class of Stock
Shares of common stock reserved for future issuance (in shares)	9,515
Shares available for future issuance under ESPP
Class of Stock
Shares of common stock reserved for future issuance (in shares)	3,697

- 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

Investments and Fair Value Measurements - Schedule of Gross Unrealized Losses and Fair Value of Marketable Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	$ (432)	$ (14)
Fair Value	284,981	33,935
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	(1)	0
Fair Value	667	0
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	(154)	0
Fair Value	160,598	0
U.S. agency and government sponsored securities
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	(181)	(14)
Fair Value	93,912	33,935
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	(7)	0
Fair Value	7,469	0
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	(89)	0
Fair Value	$ 22,335	$ 0

- 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 320
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-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Segment and Geographical Information (Tables)

3 Months Ended

Mar. 31, 2026

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):



	Three Months Ended
	March 31, 2026		March 31, 2025
United States	$	269,577	$	247,057
International	35,742		32,648
Total revenue	$	305,319	$	279,705

Long-Lived Assets, Net by Geographic Areas

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



	March 31, 2026		December 31, 2025
United States	$	157,138	$	154,855
International	10,060		9,780
Property and equipment, net	$	167,198	$	164,635

Reconciliation of Revenue from Segments to Consolidated

Segment Information - Consolidated Statements of Operations


	Three Months Ended,
	2026		2025
Revenue	$	305,319	$	279,705
Adjusted cost of revenue(1)	(111,007)		(105,089)
Adjusted research and development(2)	(29,645)		(31,072)
Adjusted sales and marketing(3)	(70,920)		(71,245)
Adjusted general and administrative(4)	(19,265)		(19,596)
Other segment items(5)	(38,147)		(43,641)
Depreciation and amortization	(17,842)		(14,490)
Interest expense	(3,142)		(4,115)

Interest income and other	5,212		10,303
Provision for income taxes(6)	(2,151)		(184)
Net income	$	18,412	$	576

___________________

(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, and lease amortization for finance leases.

(2) Adjusted research and development includes research and development in accordance with GAAP, adjusted for depreciation and amortization, stock-based compensation, acquisition and related transaction costs and one-time integration costs, and lease amortization for finance leases.

(3) Adjusted sales and marketing includes sales and marketing expense in accordance with GAAP, adjusted for depreciation and amortization, and stock-based compensation.

(4) Adjusted general and administrative included general and administrative expense in accordance with GAAP, adjusted for depreciation and amortization, stock-based compensation, 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, one-time expenses related to advisory services for long-term strategy and growth, and legal fees related to the securities class action.

(5) Other segment items included in segment net income include stock-based compensation, 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, one-time expenses related to advisory services for long-term strategy and growth, and legal fees related to the securities class action.

(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.

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Lease Expenses and Terms

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


	Three Months Ended
	March 31, 2026		March 31, 2025
Operating lease cost	$	3,627	$	3,171
Finance lease cost:
Amortization of right-of-use assets	$	2,282	$	2,008
Interest on finance lease liabilities	187		261
Total finance lease cost	$	2,469	$	2,269

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


	Three Months Ended
	March 31, 2026		March 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used in operating leases	$	(3,253)	$	(2,942)
Financing cash used in finance leases	(2,482)		(2,166)
Right of use assets obtained in exchange for lease obligations:
Operating leases	—		803
Finance leases	—		3,853

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


	March 31, 2026	December 31, 2025
Weighted average remaining lease term
Operating leases	4.4	4.6
Finance leases	1.5	1.7

Weighted average discount rates were as follows:


	March 31, 2026		December 31, 2025
Weighted average discount rate
Operating leases	4.6	%	4.7	%
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):


	March 31, 2026		December 31, 2025
Operating leases
Operating lease right-of-use assets	$	43,321	$	46,375

Operating lease liabilities	$	12,806	$	12,922
Operating lease liabilities — less current portion	38,859		42,116
Total operating lease liabilities	$	51,665	$	55,038
Finance leases
Finance lease right-of-use assets	$	11,939	$	14,216

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

Finance lease liabilities	$	8,117	$	8,480
Finance lease liabilities — less current portion	4,159		6,090
Total finance lease liabilities	$	12,276	$	14,570

Schedule of Operating Lease Maturities

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


Year Ending December 31,	Operating Leases		Finance Leases
Remaining 2026	$	11,228	$	6,568
2027	12,489		5,906
2028	10,817		319
2029	10,574		—
2030	10,233		—
Thereafter	1,665		—
Total future minimum lease payments	57,006		12,793
Less: imputed interest	(5,341)		(517)
Total	$	51,665	$	12,276

Schedule of Finance Lease Maturities

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


Year Ending December 31,	Operating Leases		Finance Leases
Remaining 2026	$	11,228	$	6,568
2027	12,489		5,906
2028	10,817		319
2029	10,574		—
2030	10,233		—
Thereafter	1,665		—
Total future minimum lease payments	57,006		12,793
Less: imputed interest	(5,341)		(517)
Total	$	51,665	$	12,276

Net Income Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Income Per Share

Basic net income per share is calculated by dividing net income 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 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 per share (in thousands, except per share data):



	Three Months Ended
	March 31, 2026		March 31, 2025
Net income	$	18,412	$	576
Weighted-average shares used in computing basic and diluted net income per share:
Basic	76,823		75,949
Diluted	86,298		89,275
Basic and diluted net income per share:
Basic	$	0.24	$	0.01
Diluted	$	0.21	$	0.01

The Company used the if-converted method for calculating any potential dilutive effect of its convertible senior notes for the three months ended March 31, 2026 and 2025. 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 was included in the calculation of diluted net income per share for the three months ended March 31, 2026 and 2025.

Stockholders' Equity - Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock-based Compensation Expense
Total stock-based compensation expense	$ 32,664	$ 39,245
Stock Option
Stock-based Compensation Expense
Unrecognized stock-based compensation expense	$ 2
Weighted-average amortization period	1 month 6 days
RSU (excluding PRSUs)
Stock-based Compensation Expense
Unrecognized stock-based compensation expense	$ 240,389
Weighted-average amortization period	2 years 4 months 24 days
PRSU
Stock-based Compensation Expense
Unrecognized stock-based compensation expense	$ 33,570
Weighted-average amortization period	2 years 1 month 6 days
ESPP
Stock-based Compensation Expense
Unrecognized stock-based compensation expense	$ 669
Weighted-average amortization period	1 month 6 days
Cost of revenue
Stock-based Compensation Expense
Total stock-based compensation expense	$ 6,307	7,184
Research and development
Stock-based Compensation Expense
Total stock-based compensation expense	7,515	8,690
Sales and marketing
Stock-based Compensation Expense
Total stock-based compensation expense	8,564	11,574
General and administrative
Stock-based Compensation Expense
Total stock-based compensation expense	$ 10,278	$ 11,797

Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Expected Future Amortization Expense
Remaining 2026	$ 9,599
2027	8,612
2028	8,246
2029	7,328
2030	6,188
Thereafter	7,783
Net Carrying Amount	$ 47,756	$ 51,166

Financial Statement Components - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment	$ 367,864	$ 351,892
Accumulated depreciation and amortization	(200,666)	(187,257)
Property and equipment, net	167,198	164,635
Computer and network equipment
Property, Plant and Equipment [Line Items]
Property and equipment	182,030	178,485
Computer Software
Property, Plant and Equipment [Line Items]
Property and equipment	63,669	63,547
Internal-use software development costs
Property, Plant and Equipment [Line Items]
Property and equipment	109,893	98,542
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	4,620	4,561
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 7,652	$ 6,757

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

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 $15.17 per share on March 31, 2026, the last trading day during the three months ended March 31, 2026, 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, March 31, 2026, was not greater than or equal to 130% of the initial conversion price. As such, during the three months ended March 31, 2026, 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 June 30, 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 March 31, 2026 and December 31, 2025 was as follows (in thousands):


	March 31, 2026		December 31, 2025
Principal	$	747,500	$	747,500
Unamortized issuance costs	(11,130)		(12,010)
Net carrying amount	$	736,370	$	735,490

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


	Three Months Ended
	March 31, 2026		March 31, 2025
Contractual interest expense	$	1,869	$	1,869
Amortization of issuance costs	879		866
Total interest expense	$	2,748	$	2,735

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.

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


	Three Months Ended
	March 31, 2026		March 31, 2025
Contractual interest expense	$	—	$	543

Amortization of issuance costs	—		541
Total interest expense	$	—	$	1,084

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: 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 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: 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 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Income Per Share

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



	Three Months Ended
	March 31, 2026		March 31, 2025
Net income	$	18,412	$	576
Weighted-average shares used in computing basic and diluted net income per share:
Basic	76,823		75,949
Diluted	86,298		89,275
Basic and diluted net income per share:
Basic	$	0.24	$	0.01
Diluted	$	0.21	$	0.01

Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Contract Balances


	March 31, 2026		December 31, 2025
Accounts receivable, net	$	136,541	$	130,984

Deferred contract acquisition costs, net:
Current	$	90,241	$	88,714
Non-current	177,379		176,976
Total deferred contract acquisition costs, net	$	267,620	$	265,690

Contract assets and contract liabilities:
Contract assets (included in prepaid expenses and other current assets)	$	5,806	$	4,101
Contract liabilities (deferred revenue)	(83,334)		(77,515)
Noncurrent contract liabilities (deferred revenue) (included in other long-term liabilities)	(1,333)		(1,545)
Net contract liabilities	$	(78,861)	$	(74,959)

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 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 three months ended March 31, 2026, the Company recognized revenue of $45.5 million related to its contract liabilities at December 31, 2025.

Remaining Performance Obligations

As of March 31, 2026, 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 $1,198 million. The Company expects to recognize revenue on approximately four-fifths 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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
-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
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-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

Stockholders' Equity - Performance-Based Restricted Stock Units (Narrative) (Details) - 3 months ended Mar. 31, 2026 $ in Millions	Total	shares	USD ($)	Total	Rate	measurement
Market-Based PRSUs
Stockholders' Equity Capital Structure [Line Items]
Equity instruments granted (in shares) \| shares		1,100,055
Equity instruments granted, weighted average grant date fair value \| $			$ 27.9
Market-Based PRSUs \| Chief Executive Officer
Stockholders' Equity Capital Structure [Line Items]
Equity instruments granted (in shares) \| shares		802,752
Equity instruments granted, weighted average grant date fair value \| $			21.8
Market-Based PRSUs \| Certain Executives
Stockholders' Equity Capital Structure [Line Items]
Equity instruments granted (in shares) \| shares		297,303
Equity instruments granted, weighted average grant date fair value \| $			$ 6.1
PRSUs
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				0.3333	0.00%
Actual total shareholder return (as a percent)					(51.28%)
Relative total shareholder return ranking (as a percent)					9.00%
PRSUs \| Chief Executive Officer
Stockholders' Equity Capital Structure [Line Items]
Number of overlapping measurement periods \| measurement						2
Number of overlapping measurement term one	2 years
Number of overlapping measurement term two	3 years
Percent of award overlapping measurement period one (as a percent)				0.60
Percent of award overlapping measurement period two (as a percent)				0.40
Maximum percent of award (as a percent)				0.33
PRSUs \| Chief Executive Officer \| Minimum
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				0
PRSUs \| Chief Executive Officer \| Maximum
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				2
PRSUs \| Chief Executive Officer \| Maximum \| Shareholder for Performance Any Period is Negative
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				1
PRSUs \| Chief Executive Officer \| Maximum \| Executive Employment Terminates due to Death by end of 2024
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				1
PRSUs \| Chief Executive Officer \| 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
PRSUs \| Certain Executives
Stockholders' Equity Capital Structure [Line Items]
Number of overlapping measurement periods \| measurement						2
Number of overlapping measurement term one	2 years
Number of overlapping measurement term two	3 years
Percent of award overlapping measurement period one (as a percent)				0.60
Percent of award overlapping measurement period two (as a percent)				0.40
Weighted percentage of subscription revenue growth rate (as a percent)				0.70
Weighted percentage of relative total shareholder return (as a percent)				30.00%
PRSUs \| Certain Executives \| Minimum
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				0
PRSUs \| Certain Executives \| Maximum
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				2
PRSUs \| Certain Executives \| Maximum \| Shareholder for Performance Any Period is Negative
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				1
PRSUs \| Certain Executives \| Maximum \| Executive Employment Terminates due to Death by end of 2024
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)				1
PRSUs \| Certain Executives \| 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) 2023-2025
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)					10.00%
Performance-Based Restricted Stock Units (PRSUs) 2024-2026
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%

Stockholders' Equity - Schedule of Stock Option Activities (Details) - Stock Option $ / shares in Units, shares in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Number of Shares
Outstanding, beginning balance (in shares) \| shares	390
Options granted (in shares) \| shares	0
Options exercised (in shares) \| shares	(55)
Options forfeited or expired (in shares) \| shares	(2)
Outstanding, ending balance (in shares) \| shares	333
Vested and expected to vest (in shares) \| shares	333
Exercisable (in shares) \| shares	333
Weighted Average Exercise Price
Outstanding, beginning balance, weighted average exercise price (in USD per share) \| $ / shares	$ 51.62
Options granted, weighted average exercise price (in USD per share) \| $ / shares	0
Options exercised, weighted average exercise price (in USD per share) \| $ / shares	8.15
Options forfeited or expired, weighted average exercise price (in USD per share) \| $ / shares	117.31
Outstanding, ending balance, weighted average exercise price (in USD per share) \| $ / shares	58.17
Vested and expected to vest, weighted-average exercise price (in USD per share) \| $ / shares	58.17
Exercisable, weighted-average exercise price (in USD per share) \| $ / shares	$ 58.16
Outstanding, ending balance, weighted average remaining contractual life (years)	2 years
Outstanding, ending balance, aggregate intrinsic value \| $	$ 1,757
Vested and expected to vest
Vested and expected to vest, weighted average remaining contractual life	2 years
Exercisable, weighted average remaining contractual life	2 years
Vested and expected to vest, aggregate intrinsic value \| $	$ 1,757
Exercisable, aggregate intrinsic value \| $	$ 1,757

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and December 31, 2025, the Company had 76,563,988 and 77,194,499 shares of common stock issued and outstanding, respectively.

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 March 31, 2026 and December 31, 2025, there were no shares of preferred stock issued and outstanding.

2025 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 2025 Repurchase Program, on November 11, 2025, the Company entered into the ASR program with JPMorgan Chase Bank, National Association ("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 stock 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 was permitted to either receive additional shares of common stock from JPM or was 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 was 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 to the Company. The final share settlement was based on the average daily volume-weighted average price of the Company's shares, netted against the initial delivery.

In March 2026, the Company repurchased 578,742 shares under the 2025 Repurchase Program at an average share price of $17.28 for an aggregate payment of $10.0 million.

As of March 31, 2026, approximately $90.0 million remained available under the 2025 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 March 31, 2026 were as follows (in thousands):


						March 31, 2026
Stock options outstanding						333
RSUs (including PRSUs) outstanding						9,515
Shares available for future grant under 2014 Plan						8,983
Shares available for future issuance under ESPP						3,697

Total shares of common stock reserved						22,528

Stock Options

A summary of the Company’s stock option activity during the three months ended March 31, 2026 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
Outstanding as of December 31, 2025	390	$	51.62
Options granted	—	—
Options exercised	(55)	8.15
Options forfeited or expired	(2)	117.31
Outstanding as of March 31, 2026	333	58.17		2.0	$	1.757
Vested and expected to vest as of March 31, 2026	333	58.17		2.0	1.757
Exercisable as of March 31, 2026	333	58.16		2.0	1.757

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 $15.17 per share as of March 31, 2026 for all in-the-money stock options outstanding.

Restricted Stock Units (including PRSUs)

A summary of the Company’s restricted stock unit ("RSU") activity, including PRSUs, during the three months ended March 31, 2026 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, 2025	6,029	$	43.50
RSUs granted(1)	4,466	19.68
RSUs vested and released	(595)	49.05
RSUs forfeited or cancelled	(385)	66.07
Outstanding as of March 31, 2026	9,515	31.06

(1) Includes 1,100,055 PRSUs granted during the three months ended March 31, 2026.

PRSUs. During the three months ended March 31, 2026, the Company granted a total of 1,100,055 PRSUs with a grant date fair value of $27.9 million as part of its annual grant of equity incentive awards to certain executives and in connection with the appointment of Amit Mathradas as its new Chief Executive Officer.

For the 802,752 market-based PRSUs with a grant date fair value of $21.8 million granted to Mr. Mathradas, 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 2026-2028 performance period contains two overlapping measurement periods— a two-year period and a three-year period. 60% of the total market-based PRSUs may be earned and settled in shares following the end of the two-year measurement period and

40% of the total market-based PRSUs may be earned and settled in shares following the end of the three-year measurement period, in each case based on RTSR performance and subject to continued employment through the payment date; provided that upon a qualifying termination of employment that occurs between January 1, 2027 and December 31, 2027, up to 33% of the maximum number of PRSUs may be earned and settled in shares following such qualifying termination, based on RTSR performance during the period consisting of January 1, 2026 through December 31, 2026. 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 measurement 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 2026-2028 performance period will vest on a double-trigger basis (i) at the target level for the uncompleted portions of the measurement 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.

For the 297,303 PRSUs with a grant date fair value of $6.1 million granted as part of the Company’s annual grant of equity incentive awards to certain executives, the amount that may be earned pursuant to the PRSUs ranges from 0% to 200% of the target number based on the achievement of the following performance metrics (the “Performance Metrics”) during the performance period: (i) the Company’s Subscription Revenue Growth Rate (“CAGR”), which is weighted 70%, and (ii) the Company’s RTSR performance as compared to the companies in the S&P Software and Services Select Index, which is weighted 30%. The 2026-2028 performance period contains two overlapping measurement periods—a two-year period and a three-year period. 60% of the total PRSUs may be earned and settled in shares following the end of the two-year measurement period and 40% of the total PRSUs may be earned and settled in shares following the end of the three-year measurement period, in each case based on the achievement of the Performance Metrics 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 that vest based on the Company’s RTSR 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 PRSUs may be earned subject to actual achievement of the Performance Metrics in each remaining measurement period. Upon a qualifying termination of employment in connection with a change in control of the Company, the unvested PRSUs subject to the 2026-2028 performance period will vest on a double-trigger basis (i) at the target level for the uncompleted portions of the measurement periods and (ii) for the completed portions of the measurement periods, (A) at the actual level of performance for the RTSR metric measured through the date of the change in control of the Company, based on the price per share paid in such change in control, and (B) at the greater of target or actual level of performance, if measurable, for the CAGR metric measured through the date of the change in control.

The fair value of 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.

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 as of January 1, 2023, 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 as of January 1, 2024, 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 as of January 1, 2025, which resulted in a payout percentage of 0.0% of target.

Stock-Based Compensation

Stock-based compensation expense was as follows (in thousands):



	Three Months Ended
	March 31, 2026		March 31, 2025
Cost of revenue	$	6,307	$	7,184
Research and development	7,515		8,690
Sales and marketing	8,564		11,574
General and administrative	10,278		11,797
Total stock-based compensation expense	$	32,664	$	39,245

As of March 31, 2026, unrecognized stock-based compensation expense by award type and 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	$	2	$	240,389	$	33,570	$	669
Weighted-average amortization period	0.1 years		2.4 years		2.1 years		0.1 years

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










PRSUs (Market Conditions)	Three Months Ended
	March 31, 2026		March 31, 2025
Expected term (years)	2.9		2.8
Volatility	59.9	%	56.0	%
Risk-free interest rate	3.4	%	4.0	%
Dividend yield (1)	—		—

(1)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.

Investments and Fair Value Measurements - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2024	Mar. 31, 2026	Dec. 31, 2025	Mar. 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 (as a percent)	1.00%				1.00%
Extinguishment of debt, amount	$ 313,100,000
Convertible Senior Notes, Due 2029 \| Convertible Debt \| Level 2
Debt Instrument [Line Items]
Fair value of long-term debt			$ 650,300,000	$ 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 (as a percent)	0.50%		0.50%
Extinguishment of debt, amount	$ 313,100,000
Convertible Senior Notes, Due 2025 \| Convertible Debt \| Private Placement
Debt Instrument [Line Items]
Aggregate principal amount of debt							$ 747,500,000	$ 747,500,000

Debt - Schedule of Interest Expense Related to the Notes (Details) - Convertible Debt - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Convertible Senior Notes, Due 2029
Debt Instrument [Line Items]
Contractual interest expense	$ 1,869	$ 1,869
Amortization of issuance costs	879	866
Total interest expense	2,748	2,735
Convertible Senior Notes, Due 2025
Debt Instrument [Line Items]
Contractual interest expense	0	543
Amortization of issuance costs	0	541
Total interest expense	$ 0	$ 1,084

- 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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Financial Statement Components - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Feb. 28, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other assets	$ 42,397	$ 7,136
Equity investment in a privately-held company	750	750	$ 2,000
Deferred tax assets	2,960	2,839
Other assets	$ 46,107	$ 10,725

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes for the three months ended March 31, 2026 and 2025 was approximately $2.2 million and $0.2 million, respectively. The provision for income taxes for the three months ended March 31, 2026 consisted primarily of U.S. state tax expense incurred as a result of increased federal taxable income flowing to the states due to an increase in projected profit before tax, state tax attribute utilization limitations, and exhaustion of tax attributes in certain state jurisdictions. The provision for income taxes for the three months ended March 31, 2025 consisted primarily of year-to-date withholding taxes incurred as a result of the Company's activity in foreign jurisdictions. For the three months ended March 31, 2026, the provision for income taxes differed from the statutory amount primarily due to non-deductible stock based compensation, accelerated capitalized R&D deductions, state and foreign income taxes, net operating loss and research and development credit utilization, and the Company maintaining a full valuation allowance against its U.S. net deferred tax assets. For the three months ended March 31, 2025, the provision for income taxes differed from the statutory amount primarily due to non-deductible stock based compensation, IRC Section 174 research and experimental capitalization requirements, state and foreign income taxes, research and development credits and the Company maintaining a full valuation allowance against its U.S. net deferred tax assets. The realization of tax benefits from deferred tax assets is dependent upon future levels of taxable income, of an appropriate character, to be recognized in the periods the items are expected to be deductible or taxable. Based on the weight of the available objective evidence, the Company does not believe it is more likely than not that the U.S. net deferred tax assets will be realizable. Accordingly, the Company has provided a full valuation allowance against such net deferred tax assets as of March 31, 2026 and December 31, 2025. The Company intends to maintain the valuation allowance until sufficient positive evidence exists to support a reversal of, or decrease in, the valuation allowance. During the three months ended March 31, 2026, there were no material changes to the total amount of unrecognized tax benefits.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Stockholders' Equity - Schedule of RSU Activity (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
RSU (excluding PRSUs)
Number of Shares
Outstanding, beginning balance (in shares)	6,029,000
RSUs granted (in shares)	4,466,000
RSUs vested and released (in shares)	(595,000)
RSUs forfeited or cancelled (in shares)	(385,000)
Outstanding, ending balance (in shares)	9,515,000
Weighted Average Grant Date Fair Value Per Share
Outstanding, beginning balance, weighted-average grant date fair value per share (in USD per share) \| $ / shares	$ 43.50
RSUs granted, weighted average grant date fair value (in USD per share) \| $ / shares	19.68
RSUs vested and released, weighted average grant date fair value (in USD per share) \| $ / shares	49.05
RSUs forfeited or cancelled, weighted average grant date fair value (in USD per share) \| $ / shares	66.07
Outstanding, ending balance, weighted-average grant date fair value per share (in USD per share) \| $ / shares	$ 31.06
Performance Based And Market Based Restricted Stock Units PRSUs
Number of Shares
RSUs granted (in shares)	1,100,055

Stockholders' Equity - Valuation Assumptions (Details)	3 Months Ended
Stockholders' Equity - Valuation Assumptions (Details)	Mar. 31, 2026	Mar. 31, 2025
Class of Stock
Dividend yield	0.00%	0.00%
PRSUs
Class of Stock
Expected term (years)	2 years 10 months 24 days	2 years 9 months 18 days
Volatility	59.90%	56.00%
Risk-free interest rate	3.40%	4.00%
Dividend yield	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

Segment and Geographical Information

3 Months Ended

Mar. 31, 2026

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 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 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):



	Three Months Ended
	March 31, 2026		March 31, 2025
United States	$	269,577	$	247,057
International	35,742		32,648
Total revenue	$	305,319	$	279,705

Long-Lived Assets, Net by Geographic Areas

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



	March 31, 2026		December 31, 2025
United States	$	157,138	$	154,855
International	10,060		9,780
Property and equipment, net	$	167,198	$	164,635

Total purchases of property and equipment for the three months ended March 31, 2026 and 2025 are disclosed in the Company’s Consolidated Statements of Cash Flows.

Segment Information - Consolidated Statements of Operations


	Three Months Ended,
	2026		2025
Revenue	$	305,319	$	279,705
Adjusted cost of revenue(1)	(111,007)		(105,089)
Adjusted research and development(2)	(29,645)		(31,072)
Adjusted sales and marketing(3)	(70,920)		(71,245)
Adjusted general and administrative(4)	(19,265)		(19,596)
Other segment items(5)	(38,147)		(43,641)
Depreciation and amortization	(17,842)		(14,490)
Interest expense	(3,142)		(4,115)

Interest income and other	5,212		10,303
Provision for income taxes(6)	(2,151)		(184)
Net income	$	18,412	$	576

___________________

(3) Adjusted sales and marketing includes sales and marketing expense in accordance with GAAP, adjusted for depreciation and amortization, and stock-based compensation.

- 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

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

The following table summarizes the activity in the Company's goodwill and intangible asset balances during the three months ended March 31, 2026 (in thousands):


	Goodwill		Intangible Assets
Beginning of the period, December 31, 2025	$	366,253	$	51,166

Amortization	—		(3,410)
End of the period, March 31, 2026	$	366,253	$	47,756

Schedule of Intangible Assets

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



	March 31, 2026							December 31, 2025
	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	$	(65,532)	$	40,182	5.7	$	105,714	$	(62,794)	$	42,920	5.8
Acquired workforce	470		(470)		—		0.0	470		(470)		—		0.0
Customer relationships	12,850		(5,713)		7,137		3.2	12,850		(5,150)		7,700		3.5
Trademarks	1,300		(863)		437		1.3	1,300		(754)		546		1.5
Total	$	120,334	$	(72,578)	$	47,756	5.2	$	120,334	$	(69,168)	$	51,166	5.4

Schedule of Expected Future Amortization Expense of Intangible Assets

As of March 31, 2026, the expected future amortization expense for intangible assets was as follows (in thousands):


Period	Expected Future Amortization Expense
Remaining 2026	$	9,599
2027	8,612
2028	8,246
2029	7,328
2030	6,188
Thereafter	7,783
Total	$	47,756

Subsequent Event	3 Months Ended
Subsequent Event	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Event	Subsequent Events 2025 Repurchase Program On April 30, 2026, the Company announced its intent to enter into an ASR program (the “2026 ASR Program”) of $90 million with JPM to repurchase the remaining authorized amount under the 2025 Repurchase Program. The Company intends to enter into the new 2026 ASR Program in May 2026 with a completion date by September 30, 2026. 2026 Repurchase Program On April 30, 2026, the Company also announced that its Board of Directors approved of a new share repurchase program (the “2026 Repurchase Program”), which authorized the repurchase of up to an additional $200.0 million of the Company’s common stock and has no expiration date. Repurchases under the 2026 Share Repurchase Program will be made pursuant to open market purchases, solicited or unsolicited privately negotiated transactions, accelerated share repurchase transactions, including pursuant to 10b5-1 plans, and in compliance with applicable securities laws and other requirements. The 2026 Share Repurchase Program will be funded using the Company's cash on hand and future cash flow generation. The timing, manner, price, and amount of repurchases under the 2026 Share Repurchase Program is subject to the discretion of the Company’s management. The Company is not obligated to acquire a specified number of shares under the 2026 Share Repurchase Program, which may be suspended, modified, or terminated at any time, without prior notice. The shares received will be immediately retired and recorded as a reduction to additional paid-in-capital within stockholders’ equity. Corporate Headquarter Consolidation On April 27, 2026, management initiated a plan to consolidate its corporate headquarters in San Ramon, California by reducing the facility space it occupies from two floors to a single floor by May 2026 (the "Plan"). The Plan will result in excess facility space that the Company intends to sublease. Consequently, the Company expects to record an impairment loss on its operating lease right-of-use assets and related leasehold improvements of between $8.0 to $9.0 million in the second quarter of 2026. The impairment loss that it expects to incur in connection with the Plan will be estimated based on a review and analysis of real estate market conditions, its projected sublease income and sublease commencement assumptions. The impairment loss will be reflected in the Company’s operating expenses in its condensed consolidated statements of income. See Item 5. Other Information for further information.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 2,151	$ 184

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Segment and Geographical Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Investments and Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Investments and Fair Value Measurements

Marketable Investments



	March 31, 2026
Marketable Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	1,978	$	—	$	(1)	$	1,977
U.S. treasury securities	313,973		106		(154)		313,925
U.S. agency and government-sponsored securities	105,106		7		(181)		104,932
Commercial paper	7,476		—		(7)		7,469
Municipal bonds	227		—		—		227
Corporate bonds	22,424		—		(89)		22,335
Total	$	451,184	$	113	$	(432)	$	450,865



	December 31, 2025
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


	March 31, 2026				December 31, 2025

	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	(1)	$	667	$	—	$	—
U.S. treasury securities	(154)		160,598		—		—
U.S. agency and government-sponsored securities	(181)		93,912		(14)		33,935
Commercial paper	(7)		7,469		—		—

Corporate bonds	(89)		22,335		—		—
Total	$	(432)	$	284,981	$	(14)	$	33,935

Although the Company had certain available-for-sale debt securities in an unrealized loss position as of March 31, 2026, 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 March 31, 2026 were as follows (in thousands):


	Cost		Fair Value
Due within one year	$	316,374	$	316,370
Due after one year through two years	134,810		134,495
Total	$	451,184	$	450,865

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):


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	14,106	$	—	$	—	$	14,106
Certificates of deposit	—		2,081		—		2,081
U.S. treasury securities	52,507		—		—		52,507




Total cash equivalents	$	66,613	$	2,081	$	—	$	68,694

Marketable investments
Certificates of deposit	$	—	$	1,977	$	—	$	1,977
U.S. treasury securities	313,925		—		—		313,925
U.S. agency and government sponsored securities	—		104,932		—		104,932
Commercial paper	—		7,469		—		7,469
Municipal bonds	—		227		—		227
Corporate bonds	—		22,335		—		22,335
Total marketable investments	$	313,925	$	136,940	$	—	$	450,865



	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

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"). 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 March 31, 2026 and December 31, 2025, the estimated fair value of the outstanding 2029 convertible senior notes was $650.3 million and $674.1 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 March 31, 2026.

Except for the equity investment described above, there were no assets or liabilities measured at fair value on a non-recurring basis as of March 31, 2026 and December 31, 2025.

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.

Commitments and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) installment_payment annual_payment	Dec. 31, 2025 USD ($)
Other Commitments [Line Items]
Financing arrangement amount	$ 53,900
Financing arrangement term	5 years
Net present value	$ 48,300
Obligated installment payments \| installment_payment	5
Annual obligated installment payments	$ 10,800
Remaining obligated annual payments \| annual_payment	4
Financing liability, current	$ 10,779	$ 0
Financing liability, noncurrent	26,904	0
Convertible Senior Notes, Due 2029 \| Convertible Debt
Other Commitments [Line Items]
Principal	747,500	$ 747,500
Hosting and telecommunications agreement
Other Commitments [Line Items]
Total commitments under agreements	$ 13,100
Hosting and telecommunications agreement \| Maximum
Other Commitments [Line Items]
Period for various agreements (in months)	5 years
Purchase Commitment - Cloud Services And Software And Maintenance Agreement
Other Commitments [Line Items]
Expiring commercial commitment balance	$ 149,000
Commercial commitment to be paid remainder of 2026	37,100
Commercial commitment to be paid in year 2027	56,200
Commercial commitment to be paid in year 2028	52,300
Commercial commitment to be paid in year 2029	3,400
Reseller Agreement
Other Commitments [Line Items]
Total commitment	9,000
Total remaining commitment	$ 8,700

Restructurings (Details) - 2025 Plan - USD ($) $ in Millions		12 Months Ended
	Dec. 31, 2025	Mar. 31, 2026	Dec. 31, 2025
Restructuring Cost and Reserve [Line Items]
Percent of estimated positions eliminated		4.00%
Restructuring charges			$ 7.9
Payments for restructuring	$ 7.9
Share-Based Payment Arrangement
Restructuring Cost and Reserve [Line Items]
Share based compensation			2.1
Cost of revenue
Restructuring Cost and Reserve [Line Items]
Restructuring charges			1.6
Cost of revenue \| Share-Based Payment Arrangement
Restructuring Cost and Reserve [Line Items]
Share based compensation			0.3
Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring charges			1.9
Research and development \| Share-Based Payment Arrangement
Restructuring Cost and Reserve [Line Items]
Share based compensation			0.5
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring charges			3.4
Sales and marketing \| Share-Based Payment Arrangement
Restructuring Cost and Reserve [Line Items]
Share based compensation			1.1
General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges			1.0
General and administrative \| Share-Based Payment Arrangement
Restructuring Cost and Reserve [Line Items]
Share based compensation			$ 0.2

Investments and Fair Value Measurements - Schedule of Assets Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Marketable investments	$ 450,865	$ 464,835
Certificates of deposit
Assets
Marketable investments	1,977	1,067
U.S. treasury securities
Assets
Marketable investments	313,925	267,130
Commercial paper
Assets
Marketable investments	7,469	7,873
Municipal bonds
Assets
Marketable investments	227
Corporate bonds
Assets
Marketable investments	22,335	22,528
Fair Value, Recurring
Assets
Cash equivalents	68,694	104,384
Marketable investments	450,865	464,835
Fair Value, Recurring \| Certificates of deposit
Assets
Marketable investments	1,977	1,067
Fair Value, Recurring \| U.S. treasury securities
Assets
Marketable investments	313,925	267,130
Fair Value, Recurring \| U.S. agency and government sponsored securities
Assets
Marketable investments	104,932	166,237
Fair Value, Recurring \| Commercial paper
Assets
Marketable investments	7,469	7,873
Fair Value, Recurring \| Municipal bonds
Assets
Marketable investments	227
Fair Value, Recurring \| Corporate bonds
Assets
Marketable investments	22,335	22,528
Fair Value, Recurring \| Level 1
Assets
Cash equivalents	66,613	103,637
Marketable investments	313,925	267,130
Fair Value, Recurring \| Level 1 \| Certificates of deposit
Assets
Marketable investments	0	0
Fair Value, Recurring \| Level 1 \| U.S. treasury securities
Assets
Marketable investments	313,925	267,130
Fair Value, Recurring \| Level 1 \| U.S. agency and government sponsored securities
Assets
Marketable investments	0	0
Fair Value, Recurring \| Level 1 \| Commercial paper
Assets
Marketable investments	0	0
Fair Value, Recurring \| Level 1 \| Municipal bonds
Assets
Marketable investments	0
Fair Value, Recurring \| Level 1 \| Corporate bonds
Assets
Marketable investments	0	0
Fair Value, Recurring \| Level 2
Assets
Cash equivalents	2,081	747
Marketable investments	136,940	197,705
Fair Value, Recurring \| Level 2 \| Certificates of deposit
Assets
Marketable investments	1,977	1,067
Fair Value, Recurring \| Level 2 \| U.S. treasury securities
Assets
Marketable investments	0	0
Fair Value, Recurring \| Level 2 \| U.S. agency and government sponsored securities
Assets
Marketable investments	104,932	166,237
Fair Value, Recurring \| Level 2 \| Commercial paper
Assets
Marketable investments	7,469	7,873
Fair Value, Recurring \| Level 2 \| Municipal bonds
Assets
Marketable investments	227
Fair Value, Recurring \| Level 2 \| Corporate bonds
Assets
Marketable investments	22,335	22,528
Fair Value, Recurring \| Level 3
Assets
Cash equivalents	0	0
Marketable investments	0	0
Fair Value, Recurring \| Level 3 \| Certificates of deposit
Assets
Marketable investments	0	0
Fair Value, Recurring \| Level 3 \| U.S. treasury securities
Assets
Marketable investments	0	0
Fair Value, Recurring \| Level 3 \| U.S. agency and government sponsored securities
Assets
Marketable investments	0	0
Fair Value, Recurring \| Level 3 \| Commercial paper
Assets
Marketable investments	0	0
Fair Value, Recurring \| Level 3 \| Municipal bonds
Assets
Marketable investments	0
Fair Value, Recurring \| Level 3 \| Corporate bonds
Assets
Marketable investments	0	0
Fair Value, Recurring \| Money market funds
Assets
Cash equivalents	14,106	103,637
Fair Value, Recurring \| Money market funds \| Level 1
Assets
Cash equivalents	14,106	103,637
Fair Value, Recurring \| Money market funds \| Level 2
Assets
Cash equivalents	0	0
Fair Value, Recurring \| Money market funds \| Level 3
Assets
Cash equivalents	0	0
Fair Value, Recurring \| Certificates of deposit
Assets
Cash equivalents	2,081	747
Fair Value, Recurring \| Certificates of deposit \| Level 1
Assets
Cash equivalents	0	0
Fair Value, Recurring \| Certificates of deposit \| Level 2
Assets
Cash equivalents	2,081	747
Fair Value, Recurring \| Certificates of deposit \| Level 3
Assets
Cash equivalents	0	$ 0
Fair Value, Recurring \| U.S. treasury securities
Assets
Cash equivalents	52,507
Fair Value, Recurring \| U.S. treasury securities \| Level 1
Assets
Cash equivalents	52,507
Fair Value, Recurring \| U.S. treasury securities \| Level 2
Assets
Cash equivalents	0
Fair Value, Recurring \| U.S. treasury securities \| Level 3
Assets
Cash equivalents	$ 0

Subsequent Event (Details) - USD ($) $ in Thousands	3 Months Ended
Subsequent Event (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Apr. 30, 2026	Mar. 31, 2026	Oct. 31, 2025
Subsequent Event [Line Items]
Share repurchase program, remaining authorized, amount			$ 90,000
Share repurchase program, aggregate amount				$ 150,000
Minimum \| Forecast \| Operating Lease Right of Use Assets and Leasehold Improvements
Subsequent Event [Line Items]
Impairment loss	$ 8,000
Maximum \| Forecast \| Operating Lease Right of Use Assets and Leasehold Improvements
Subsequent Event [Line Items]
Impairment loss	$ 9,000
2025 Repurchase Program
Subsequent Event [Line Items]
Share repurchase program, remaining authorized, amount		$ 90,000
2026 Repurchase Program
Subsequent Event [Line Items]
Share repurchase program, aggregate amount		$ 200,000