RINGCENTRAL, INC., 10-K filed on 2/27/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 20, 2026
Jun. 30, 2025
Document And Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-36089    
Entity Registrant Name RingCentral, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 94-3322844    
Entity Address, Address Line One 20 Davis Drive    
Entity Address, City or Town Belmont    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94002    
City Area Code 650    
Local Phone Number 472-4100    
Title of 12(b) Security Class A Common Stock    
Trading Symbol RNG    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 2.3
Documents Incorporated by Reference [Text Block]
Information required in response to Part III of Form 10-K (Items 10, 11, 12, 13 and 14) is hereby incorporated by reference from portions of the Registrant’s 10-K/A in lieu of our Proxy Statement for the Annual Meeting of Stockholders to be held in 2026. Such 10-K/A will be filed by the Registrant with the Securities and Exchange Commission no later than 120 days after the end of the Registrant’s fiscal year ended December 31, 2025.
    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001384905    
Class A common stock      
Document And Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   74,268,033  
Class B common stock      
Document And Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   9,804,538  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Santa Clara, California
Auditor Firm ID 185
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 132,564 $ 242,811
Accounts receivable, net 384,100 386,252
Deferred and prepaid sales commission costs 167,304 182,615
Prepaid expenses and other current assets 81,190 59,444
Total current assets 765,158 871,122
Property and equipment, net 186,570 180,650
Operating lease right-of-use assets 30,855 46,463
Deferred and prepaid sales commission costs, non-current 252,504 325,198
Goodwill 97,792 82,986
Acquired intangibles, net 135,410 258,526
Other assets 13,166 14,928
Total assets 1,481,455 1,779,873
Current liabilities    
Accounts payable 27,677 21,866
Accrued liabilities 297,633 283,799
Current portion of long-term debt, net 624,216 181,252
Deferred revenue 269,122 261,882
Total current liabilities 1,218,648 748,799
Long-term debt, net 629,580 1,347,881
Operating lease liabilities 14,372 29,733
Other long-term liabilities 7,525 4,930
Total liabilities 1,870,125 2,131,343
Commitments and contingencies (Note 10)
Stockholders’ deficit    
Additional paid-in capital 1,123,447 1,215,377
Accumulated other comprehensive income (loss) 2,458 (8,881)
Accumulated deficit (1,714,033) (1,757,424)
Total stockholders’ deficit (588,119) (550,919)
Total liabilities, temporary equity and stockholders’ deficit 1,481,455 1,779,873
Series A convertible preferred stock    
Current liabilities    
Series A convertible preferred stock, $0.0001 par value; 200 shares authorized at December 31, 2025 and 2024; 200 shares issued and outstanding at December 31, 2025 and 2024 199,449 199,449
Class A common stock    
Stockholders’ deficit    
Common stock 8 8
Class B common stock    
Stockholders’ deficit    
Common stock $ 1 $ 1
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Series A convertible preferred stock    
Convertible preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Convertible preferred stock, shares authorized (in shares) 200,000 200,000
Convertible preferred stock, shares issued (in shares) 200,000 200,000
Convertible preferred stock, shares outstanding (in shares) 200,000 200,000
Common Class A    
Stockholders’ deficit    
Common stock, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 75,394,000 80,913,000
Common stock, shares outstanding (in shares) 75,394,000 80,913,000
Class B Common Stock    
Stockholders’ deficit    
Common stock, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 250,000,000 250,000,000
Common stock, shares issued (in shares) 9,805,000 9,805,000
Common stock, shares outstanding (in shares) 9,805,000 9,805,000
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Total revenues $ 2,515,142 $ 2,400,395 $ 2,202,429
Cost of revenues      
Total cost of revenues 723,233 705,507 664,291
Gross profit 1,791,909 1,694,888 1,538,138
Operating expenses      
Research and development 316,993 329,323 335,851
Sales and marketing 1,095,947 1,096,448 1,068,050
General and administrative 258,418 266,447 333,048
Total operating expenses 1,671,358 1,692,218 1,736,949
Income (loss) from operations 120,551 2,670 (198,811)
Other (expense) income, net      
Interest expense (60,279) (64,995) (35,997)
Other (expense) income (4,035) 15,100 77,963
Other (expense) income, net (64,314) (49,895) 41,966
Income (loss) before income taxes 56,237 (47,225) (156,845)
Provision for income taxes 12,846 11,063 8,395
Net income (loss) $ 43,391 $ (58,288) $ (165,240)
Net income (loss) per common share      
Basic (in dollars per share) $ 0.48 $ (0.63) $ (1.74)
Diluted (in dollars per share) $ 0.48 $ (0.63) $ (1.74)
Weighted-average number of shares used in computing net income (loss) per share      
Basic (in shares) 89,481 92,110 94,912
Diluted (in shares) 91,214 92,110 94,912
Subscriptions      
Revenues      
Total revenues $ 2,426,879 $ 2,297,192 $ 2,100,329
Cost of revenues      
Total cost of revenues 616,190 593,294 557,050
Other      
Revenues      
Total revenues 88,263 103,203 102,100
Cost of revenues      
Total cost of revenues $ 107,043 $ 112,213 $ 107,241
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net (loss) income $ 43,391 $ (58,288) $ (165,240)
Other comprehensive income (loss)      
Foreign currency translation adjustments 16,603 (5,537) 3,070
Unrealized (loss) gain on derivative instruments (5,264) 4,879 (2,512)
Total other comprehensive income (loss) 11,339 (658) 558
Comprehensive income (loss) $ 54,730 $ (58,946) $ (164,682)
v3.25.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT - 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, 2022   95,385      
Beginning balance at Dec. 31, 2022 $ (482,787) $ 10 $ 1,059,880 $ (8,781) $ (1,533,896)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock in connection with Equity Incentive and Employee Stock Purchase plans, net of tax withholdings, and other commercial arrangements (in shares)   6,337      
Issuance of common stock in connection with Equity Incentive and Employee Stock Purchase plans, net of tax withholdings, and other commercial arrangements 7,625   7,625    
Issuance of common stock in connection with strategic partnership arrangement (in shares)   1,693      
Issuance of common stock in connection with strategic partnership arrangement 55,015   55,015    
Repurchases of common stock (in shares)   (9,948)      
Repurchases of common stock (316,322) $ (1) (316,321)    
Share-based compensation 398,582   398,582    
Other comprehensive income (loss) 558     558  
Net (loss) income (165,240)       (165,240)
Ending balance (in shares) at Dec. 31, 2023   93,467      
Ending balance at Dec. 31, 2023 (502,569) $ 9 1,204,781 (8,223) (1,699,136)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock in connection with Equity Incentive and Employee Stock Purchase plans, net of tax withholdings, and other commercial arrangements (in shares)   6,714      
Issuance of common stock in connection with Equity Incentive and Employee Stock Purchase plans, net of tax withholdings, and other commercial arrangements 10,729 $ 1 10,728    
Issuance of common stock in connection with strategic partnership arrangement (in shares)   255      
Issuance of common stock in connection with strategic partnership arrangement 7,972   7,972    
Repurchases of common stock (in shares)   (9,718)      
Repurchases of common stock (317,964) $ (1) (317,963)    
Share-based compensation 309,859   309,859    
Other comprehensive income (loss) (658)     (658)  
Net (loss) income (58,288)       (58,288)
Ending balance (in shares) at Dec. 31, 2024   90,718      
Ending balance at Dec. 31, 2024 (550,919) $ 9 1,215,377 (8,881) (1,757,424)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock in connection with Equity Incentive and Employee Stock Purchase plans, net of tax withholdings, and other commercial arrangements (in shares)   6,279      
Issuance of common stock in connection with Equity Incentive and Employee Stock Purchase plans, net of tax withholdings, and other commercial arrangements 2,155   2,155    
Repurchases of common stock (in shares)   (11,798)      
Repurchases of common stock (335,185)   (335,185)    
Share-based compensation 241,100   241,100    
Other comprehensive income (loss) 11,339     11,339  
Net (loss) income 43,391       43,391
Ending balance (in shares) at Dec. 31, 2025   85,199      
Ending balance at Dec. 31, 2025 $ (588,119) $ 9 $ 1,123,447 $ 2,458 $ (1,714,033)
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net (loss) income $ 43,391 $ (58,288) $ (165,240)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 222,603 222,609 233,940
Share-based compensation 269,658 339,059 426,679
Unrealized loss on investments 0 0 1,506
Asset write-down and other charges 11,440 0 0
Amortization of deferred and prepaid sales commission costs 163,550 162,552 138,134
Amortization of debt discount and issuance costs 4,627 4,272 4,566
Loss (gain) on early extinguishment of debt 4,988 0 (53,400)
Reduction of operating lease right-of-use assets 24,800 20,723 20,469
Provision for bad debt 17,470 8,667 6,852
Other 1,729 (8,428) 1,486
Changes in assets and liabilities:      
Accounts receivable (13,815) (30,481) (57,819)
Deferred and prepaid sales commission costs (111,563) (130,730) (156,734)
Prepaid expenses and other assets (18,963) 19,811 14,492
Accounts payable 4,100 (29,793) (21,213)
Accrued and other liabilities 10,462 (37,433) 9,101
Deferred revenue 6,746 19,592 17,681
Operating lease liabilities (23,796) (18,856) (20,838)
Net cash provided by operating activities 617,427 483,276 399,662
Cash flows from investing activities      
Purchases of property and equipment (30,104) (24,994) (23,513)
Capitalized internal-use software (57,110) (55,534) (52,227)
Cash paid for business combination, net of cash acquired (20,754) (26,291) (14,709)
Purchases of intangible assets and long-term investments 0 (2,540) 0
Net cash used in investing activities (107,968) (109,359) (90,449)
Cash flows from financing activities      
Proceeds from issuance of stock in connection with stock plans 14,718 16,693 16,687
Payments for taxes related to net share settlement of equity awards (12,563) (5,965) (9,062)
Payments for repurchase of common stock, including excise tax (334,446) (322,356) (311,088)
Proceeds from issuance of long-term debt, net of issuance costs 0 0 785,749
Payments for the settlement of convertible notes (161,326) 0 (820,960)
Repayments of principal on term loan (67,750) (20,000) (10,000)
Repurchases of principal on senior notes (53,903) 0 0
Payments for fees on long-term debt (7,517) (4,851) 0
Repayment of financing obligations (633) (4,257) (5,777)
Payment for contingent consideration 0 (10,345) (3,567)
Net cash used in financing activities (623,420) (351,081) (358,018)
Effect of exchange rate changes 3,714 (2,220) 1,016
Net (decrease) increase in cash, cash equivalents, and restricted cash (110,247) 20,616 (47,789)
Cash, cash equivalents, and restricted cash      
Beginning of year 242,811 222,195 269,984
End of year 132,564 242,811 222,195
Supplemental disclosure of cash flow data:      
Cash paid for interest, net of interest rate swap 54,021 59,045 16,629
Cash paid for income taxes, net of refunds 12,435 17,752 10,940
Non-cash investing and financing activities      
Common stock issued in connection with strategic partnership arrangement 0 7,972 55,014
Acquisition related measurement period adjustment 0 9,147 0
Indemnity holdback consideration 3,000 0 0
Contingent consideration 2,000 0 7,461
Equipment and capitalized internal-use software purchased and unpaid at period end 3,221 3,091 3,953
Acquisition of intangibles $ 0 $ 0 $ 3,629
v3.25.4
Description of Business and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Summary of Significant Accounting Policies
Note 1. Description of Business and Summary of Significant Accounting Policies
Description of Business
RingCentral, Inc. (the “Company”) is an agentic voice AI–powered cloud business communication services provider, delivering an integrated platform for business phone, SMS, contact center, workforce engagement management, video collaboration, and messaging. The Company was incorporated in California in 1999 and was reincorporated in Delaware on September 26, 2013.
Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the consolidated accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The significant estimates made by management affect revenues, the allowance for doubtful accounts, deferred and prepaid sales commission costs, goodwill, useful lives of intangible assets, share-based compensation, capitalization of internally developed software, return reserves, derivative instruments, provision for income taxes, uncertain tax positions, change in the fair value of contingent consideration, loss contingencies, sales tax liabilities and accrued liabilities. Management periodically evaluates these estimates and will make adjustments prospectively based upon the results of such periodic evaluations. Actual results may differ from these estimates.
Foreign Currency
The functional currency of the Company’s foreign subsidiaries is generally the local currency. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are recorded as part of a separate component of stockholders’ equity and reported in the Consolidated Statements of Comprehensive Loss. Foreign currency transaction gains and losses are included in net loss for the period. All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenues and expenses are translated at the average exchange rate during the period. Equity transactions are translated using historical exchange rates.
Cash and Cash Equivalents
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are stated at fair value.
Allowance for Doubtful Accounts
For the years ended December 31, 2025 and 2024, a portion of revenues were realized from credit card transactions while the remaining revenues generated accounts receivable. The Company determines provisions based on historical loss patterns, the number of days that billings are past due, and an evaluation of the potential risk of loss associated with delinquent accounts.
Below is a summary of the changes in allowance for doubtful accounts for the years ended December 31, 2025, 2024 and 2023 (in thousands):
Balance at
beginning of
year		Provision,
net of
recoveries		Write-offsBalance at
end of
year
Year ended December 31, 2025
Allowance for doubtful accounts$15,131 $17,470 $14,510 $18,091 
Year ended December 31, 2024
Allowance for doubtful accounts$12,472 $8,667 $6,008 $15,131 
Year ended December 31, 2023
Allowance for doubtful accounts$9,581 $6,852 $3,961 $12,472 
Derivative Instruments and Hedging
The Company measures its derivative financial instruments at fair value and recognizes them as assets and liabilities in the Consolidated Balance Sheets. The Company records changes in the fair value of derivative financial instruments designated as cash flow hedges in other comprehensive income (loss). When a hedged transaction affects earnings, the Company subsequently reclassifies the net derivative gain or loss within earnings into the same line as the hedged item on the Consolidated Statements of Operations to offset the changes in the hedged transaction.
The cash flow effects related to derivative financial instruments designated as cash flow hedges are included within operating activities on the Consolidated Statements of Cash Flows.
Internal-Use Software Development Costs
The Company capitalizes qualifying internal-use software development costs that are incurred during the application development stage, provided that management with the relevant authority authorizes and commits to the funding of the project, it is probable the project will be completed, and the software will be used to perform the function intended. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Capitalized internal-use software development costs are included in property and equipment and are amortized on a straight-line basis over their estimated useful lives.
For the years ended December 31, 2025 and 2024, the Company capitalized $62.8 million and $59.3 million, net of impairment, of internal-use software development costs, respectively. The carrying value of internal-use software development costs was $138.2 million and $135.2 million as of December 31, 2025 and 2024, respectively.
Property and Equipment, net
Property and equipment, net is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are calculated on a straight-line basis over the estimated useful lives of those assets as follows:
Computer hardware and software
3 to 5 years
Internal-use software development costs
3 to 5 years
Furniture and fixtures
3 to 5 years
Leasehold improvementsShorter of the estimated lease term or useful life
The Company evaluates the recoverability of property and equipment and intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets or asset groups may not be recoverable. Recoverability of these assets or asset groups is measured by comparing the carrying amounts of such assets or asset groups to the future undiscounted cash flows that such assets or asset groups are expected to generate. If this evaluation indicates that the carrying amount of the assets or asset groups is not recoverable, the carrying amount of such assets or asset groups is reduced to its estimated fair value.
Maintenance and repairs are charged to expense as incurred.
Business Combinations
The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed as of the acquisition date. The excess of the fair value of purchase consideration over the fair values of the tangible and intangible assets acquired and liabilities assumed is recorded as goodwill. If applicable, we estimate the fair value of contingent consideration payments in determining the purchase price. These estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of operations. Contingent consideration is adjusted to fair value in subsequent periods as an increase or decrease to operating expenses. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred.
Leases
The Company determines if a contract is a lease or contains a lease at the inception of the contract and reassesses that conclusion if the contract is modified. All leases are assessed for classification as an operating lease or a finance lease. Operating lease right-of-use (“ROU”) assets are presented separately on the Company’s Consolidated Balance Sheets. Operating lease liabilities are separated into a current portion, included within accrued liabilities on the Company’s Consolidated Balance Sheets, and a non-current portion included within operating lease liabilities on the Company’s Consolidated Balance Sheets. The Company does not have significant finance lease ROU assets or liabilities. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. The Company does not obtain and control its right to use the identified asset until the lease commencement date.
The Company’s lease liabilities are recognized at the applicable lease commencement date based on the present value of the lease payments required to be paid over the lease term. Because the rate implicit in the lease is not readily determinable, the Company generally uses an incremental borrowing rate to discount the lease payments to present value. The estimated incremental borrowing rate is derived from information available at the lease commencement date. The Company factors in publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates. The Company’s ROU assets are also recognized at the applicable lease commencement date. The ROU asset equals the carrying amount of the related lease liability, adjusted for any lease payments made prior to lease commencement and lease incentives provided by the lessor. Variable lease payments are expensed as incurred and do not factor into the measurement of the applicable ROU asset or lease liability.
The term of the Company’s leases is equal to the non-cancellable period of the lease, including any rent-free periods provided by the lessor, and also include options to renew or extend the lease (including by not terminating the lease) that the Company is reasonably certain to exercise. The Company establishes the term of each lease at lease commencement and reassesses that term in subsequent periods when one of the triggering events outlined in Topic 842, Leases, occurs. Operating lease cost for lease payments is recognized on a straight-line basis over the lease term.
The Company’s lease contracts often include lease and non-lease components. For facility leases, the Company has elected the practical expedient offered by the standard to not separate lease from non-lease components and accounts for them as a single lease component. For the Company’s other contracts that include leases, the Company accounts for the lease and non-lease components separately.
The Company has elected, for all classes of underlying assets, not to recognize ROU assets and lease liabilities for leases with a term of twelve months or less. Lease cost for short-term leases is recognized on a straight-line basis over the lease term.
Goodwill and Intangible Assets
Goodwill is tested for impairment at the reporting unit level at a minimum on an annual basis or more frequently when an event occurs or circumstances change that indicate that the carrying value may not be recoverable. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value. The Company conducted its annual impairment test of goodwill in the fourth quarter of 2025 and 2024 and determined that no adjustment to the carrying value of goodwill was required.
Intangible assets consist of purchased customer relationships and developed technology. Intangible assets are amortized over the period of estimated benefit using the straight-line method and estimated useful lives ranging from two to five years. No residual value is estimated for intangible assets.
Convertible Debt
Convertible senior notes, net are accounted as a liability and measured at amortized cost. The carrying amount of the convertible senior notes is calculated as the proceeds at issuance, net of debt discounts and debt issuance costs. The difference between the principal amount and carrying amount is amortized to interest expense over the term of the convertible senior notes using the effective interest rate method and is included in other (expense) income in the Consolidated Statements of Operations.
Revenue Recognition
The Company derives its revenues primarily from subscriptions, sale of products, and professional services. Revenues are recognized when control is transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or products.
The Company determines revenue recognition through the following steps:
•identification of the contract, or contracts, with a customer;
•identification of the performance obligations in the contract;
•determination of the transaction price;
•allocation of the transaction price to the performance obligations in the contract; and
•recognition of revenue when, or as, the Company satisfies a performance obligation.
The Company recognizes revenues as follows:
Subscriptions revenue
Subscriptions revenue is generated from fees that provide customers access to one or more of the Company’s software applications and related services. These arrangements have contractual terms typically ranging from one month to five years and include recurring fixed plan subscription fees, usage-based fees, one-time fees, recurring license and other fees, derived from sales through our direct and indirect sales channels, including resellers and distributors, strategic partners and global service providers.
The Company generally bills its subscription fees in advance.
Arrangements with customers do not provide the customer with the right to take possession of the Company’s software at any time. Instead, customers are granted continuous access to the services over the contractual period. The Company transfers control evenly over the contractual period by providing stand-ready service. Accordingly, the fixed consideration related to subscription is recognized over time on a straight-line basis over the contract term beginning on the date the Company’s service is made available to the customer. The Company may offer its customer services for no consideration during the initial months. Such discounts are recognized ratably over the term of the contract.
Fees for additional minutes of usage in excess of plan limits are deemed to be variable consideration that meet the allocation exception for variable consideration as they are specific to the month that the usage occurs.
The Company’s subscription contracts typically allow the customers to terminate their services within the first 30 to 60 days and receive a refund for any amounts paid for the remaining contract period. After the end of the termination period, the contract is non-cancellable and the customer is obligated to pay for the remaining term of the contract. Accordingly, the Company considers the non-cancellable term of the contract to begin after the expiration of the termination period.
The Company records reductions to revenue for estimated sales returns and customer credits at the time the related revenue is recognized. Sales returns and customer credits are estimated based on the Company’s historical experience, current trends and the Company’s expectations regarding future experience. The Company monitors the accuracy of its sales reserve estimates by reviewing actual returns and credits and adjusts them for its future expectations to determine the adequacy of its current and future reserve needs. If actual future returns and credits differ from past experience, additional reserves may be required.
Other revenue
Other revenue primarily includes revenue generated from sale of pre-configured phones and professional implementation services.
Phone revenue is recognized upon transfer of control to the customer which is generally upon shipment from the Company’s or its designated agents’ warehouse.
The Company offers professional services to support implementation and deployment of its subscription services. Professional services do not result in significant customization of the product and are generally short-term in duration. The majority of the Company’s professional services contracts are on a fixed price basis and revenue is recognized as and when services are delivered.
Principal vs. Agent
A portion of the Company’s subscriptions and product revenues are generated through sales by resellers, strategic partners, and global service providers. When the Company controls the performance of contractual obligations to the customer, it records these revenues at the gross amount paid by the customer with amounts retained by the resellers recognized as sales and marketing expenses. The Company assesses control of goods or services when it is primarily responsible for fulfilling the promise to provide the good or service, has inventory risk and has discretion in establishing the price.
Deferred and prepaid sales commission costs
The Company capitalizes sales commission expenses and associated payroll taxes paid to internal sales personnel and resellers, who sell the Company’s offerings. The resellers are selling agents for the Company and earn sales commissions which are directly tied to the value of the contracts that the Company enters with the end-user customers. These sales commissions are incremental costs the Company incurs to obtain contracts with its end-user customers. The Company pays sales commissions on initial contracts and contracts for increased purchases with existing customers (expansion contracts). The Company generally does not pay sales commissions for contract renewals.
These sales commission costs are deferred and then amortized over the expected period of benefit, which is estimated to be five years. The Company has determined the period of benefit taking into consideration the expected subscription term and expected renewal periods of its customer contracts, the duration of its relationships with its customers considering historical and expected customer retention, technology life-cycle and other factors. Amortization expense is included in sales and marketing expenses in the accompanying Consolidated Statements of Operations. The Company evaluates its deferred and prepaid sales commission costs for possible recoverability whenever events or changes in circumstances have occurred that could indicate the carrying amount of such assets may not be recoverable.
Cost of Revenues
Cost of subscriptions revenue primarily consists of costs of network capacity purchased from third-party telecommunications providers, network operations, costs to build out and maintain data centers, including co-location fees for the right to place the Company’s servers in data centers owned by third parties, depreciation of the servers and equipment, along with related utilities and maintenance costs, amortization of acquired technology related intangible assets, integrated third-party services, personnel costs associated with customer care and support of the functionality of the Company’s platform and data center operations, including share-based compensation expenses, and allocated costs of facilities and information technology. Cost of subscriptions revenue is expensed as incurred.
Cost of other revenue is comprised primarily of the cost associated with purchased phones, personnel costs for employees and contractors, including share-based compensation expenses, shipping costs, costs of professional services, and allocated costs of facilities and information technology related to the procurement, management and shipment of phones. Cost of other revenue is expensed in the period product is delivered to the customer.
Asset Write-down Charges
Asset write-down charges consist of write-offs related to our assets, including deferred and prepaid sales commission. The Company performs periodic reviews to assess the recoverability of such assets, whenever events or changes in circumstances have occurred that could indicate the carrying amount of such assets may not be recoverable. An impairment loss is recognized if the carrying value of deferred commission asset exceeds the amount of consideration that the Company expects to receive in the future in exchange for goods or services to which the asset relates, less the costs that relate directly to providing those goods or services that have not yet been recognized. Asset write-down charges are included in sales and marketing expenses in the Consolidated Statements of Operations.
Share-Based Compensation
Share-based compensation expense resulting from options, restricted stock units (“RSUs”), performance-based awards (“PSUs”), and employee stock purchase plan (“ESPP”) rights granted is measured at the grant date fair value of the award and is generally recognized using the straight-line attribution method over the requisite service period of the award, which is generally the vesting period. The Company estimates the fair value of stock options and ESPP rights using the Black-Scholes-Merton option-pricing model. The Company estimates the fair value of RSUs as the closing market value of its Class A
Common Stock on the grant date. The Company estimates the fair value of its market condition performance stock units (“PSUs”) using the Monte Carlo simulation model. For awards with performance-based and service-based conditions, compensation cost is recognized using the graded attribution method over the requisite service period if it is probable that the performance condition will be satisfied. The expense for performance-based awards is evaluated each quarter based on the achievement of the performance conditions. The effect of a change in the estimated number of performance-based awards expected to be earned is recognized in the period those estimates are revised. Compensation expense is recognized net of estimated forfeiture activity, which is based on historical forfeiture rates.
Research and Development
Research and development expenses consist primarily of third-party contractor costs, personnel costs, technology license expenses, and depreciation associated with research and development equipment. Research and development costs are expensed as incurred.
Advertising Costs
Advertising costs, which include various forms of e-commerce such as search engine marketing, search engine optimization and online display advertising, as well as more traditional forms of media advertising such as radio and billboards, are expensed as incurred and were $93.8 million, $96.0 million, and $97.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Restructuring Costs
Restructuring costs generally include employee-related severance charges which are largely based upon substantive severance plans, while some are mandated requirements in certain foreign jurisdictions. Severance costs generally include severance payments, outplacement services, health insurance coverage and legal costs. One-time employee termination benefits are recognized when the plan of termination has been communicated to employees and certain other criteria are met. Other severance and employee costs, primarily pertaining to ongoing employee benefit arrangements, are recognized when it is probable that the employees are entitled to the severance benefits and the amounts can be reasonably estimated.
Income Taxes
The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. The Company records a valuation allowance to reduce its deferred tax assets to the amount of future tax benefit that is more likely than not to be realized. As of December 31, 2025, except for deferred tax assets associated with certain foreign subsidiaries, the Company recorded a full valuation allowance against substantially all of its net deferred tax assets due to its history of operating losses. The Company classifies interest and penalties on unrecognized tax benefits as income tax expense.
Related Party Transactions
In the ordinary course of business, the Company purchased health insurance services from UnitedHealthcare, a subsidiary of UnitedHealth Group, a provider of health insurance services to the Company. One of the Company’s directors, who was recently added to the Board in December 2025, serves as Senior Vice President and Chief Technology Officer of UnitedHealth Group. There were no material amounts payable to or receivable from UnitedHealthcare as of December 31, 2025. During the year ended December 31, 2025, the Company incurred total expenses of $29.2 million with UnitedHealthcare.
Recent Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued Accounting Standards Update No. 2024-03: Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which requires disaggregation of certain costs in a separate note to the financial statements, such as the amounts of employee compensation, depreciation and intangible asset amortization, included in each relevant expense caption in annual and interim financial statements. This ASU also requires disclosure of the total amount of selling expenses and our definition of selling expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and for interim periods beginning after December 15, 2027 on a retrospective or prospective basis, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on its financial statement disclosures.
In July 2025, the FASB issued Accounting Standards Update No. 2025-05: Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05), providing a practical expedient to calculating current expected credit losses for current accounts receivable and contract assets by assuming that the current conditions as of the balance sheet date will not change for the remaining life of the asset. This update is effective for annual reporting periods beginning after December 15, 2025 and for interim periods within those annual periods, and is applied prospectively. The adoption of ASU 2025-05 is not expected to have a material impact on the Company’s results of operations, financial position or liquidity or its related financial statement disclosures.
In September 2025, the FASB issued Accounting Standards Update No. 2025-06: Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which simplifies the capitalization guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The amendments in this update permit an entity to apply the new guidance using a prospective, retrospective or modified transition approach. The Company is currently evaluating the impact of adopting ASU 2025-06 on its financial statements.
Recently Adopted Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 effective January 1, 2025 and applied the guidance prospectively. The adoption of ASU 2023-09 did not have a material impact on the Company’s consolidated financial statements, as the amendments primarily affect income tax disclosures. For more details, refer to Note 13 - Income Taxes of this Annual Report on Form 10-K.
v3.25.4
Revenue
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue
Note 2. Revenue
The Company derives its revenues primarily from subscriptions, sale of products, and professional services. Revenues are recognized when control is transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or products.
Disaggregation of revenue
Revenue by geographic location is based on the billing address of the customer. The following table provides information about disaggregated revenue by primary geographical markets:
Year ended December 31,
202520242023
Primary geographical markets
North America (1)
89 %90 %90 %
Others11 %10 %10 %
Total revenues100 %100 %100 %
(1)Total revenues attributed to the United States were 93% of North America total revenues for the years ended December 31, 2025 and 2024, and 94% for the year ended December 31, 2023.
The Company derived over 90% of subscription revenues from RingEX and RingCentral contact center solutions for the years ended December 31, 2025, 2024, and 2023. For the years ended December 31, 2025 and 2024 and 2023, RingCentral contact center solutions represented over 10% of total revenues.
Deferred revenue
During the year ended December 31, 2025, the Company recognized approximately all of the corresponding deferred revenue balance at the beginning of the year as revenue.
Remaining performance obligations
The typical subscription term ranges from one month to five years. Contract revenue as of December 31, 2025 that has not yet been recognized was approximately $2.6 billion. This excludes contracts with an original expected length of less than one year. Of these remaining performance obligations, the Company expects to recognize revenue of 55% of this balance over the next 12 months and 45% thereafter.
Other revenues
Other revenues are primarily comprised of product revenue from the sale of pre-configured phones, and professional services. Product revenues from the sale of pre-configured phones were $46.4 million, $51.9 million, and $44.8 million for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
Financial Statement Components
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Financial Statement Components
Note 3. Financial Statement Components
Cash and cash equivalents consisted of the following (in thousands):
December 31,
2025		December 31,
2024
Cash$127,140 $128,308 
Money market funds5,424 114,503 
Total cash and cash equivalents$132,564 $242,811 
As of December 31, 2025 and 2024, $8.4 million and $7.4 million in the cash balance above, respectively, represents restricted cash, which is held in the form of a bank deposit for issuance of a foreign bank guarantee.
Accounts receivable, net consisted of the following (in thousands):
December 31,
2025		December 31,
2024
Accounts receivable$303,256 $300,805 
Unbilled accounts receivable98,935 100,578 
Allowance for doubtful accounts(18,091)(15,131)
Accounts receivable, net$384,100 $386,252 
Prepaid expenses and other current assets consisted of the following (in thousands):
December 31,
2025		December 31,
2024
Prepaid expenses$43,142 $39,858 
Inventory929 1,243 
Other current assets37,119 18,343 
Total prepaid expenses and other current assets$81,190 $59,444 
Property and equipment, net consisted of the following (in thousands):
December 31,
2025		December 31,
2024
Computer hardware and software$274,700 $252,961 
Internal-use software development costs377,785 314,944 
Furniture and fixtures8,990 8,965 
Leasehold improvements10,041 12,367 
Property and equipment, gross671,516 589,237 
Less: accumulated depreciation and amortization(484,946)(408,587)
Property and equipment, net$186,570 $180,650 
Total depreciation and amortization expense related to property and equipment was $87.2 million, $86.1 million, and $82.9 million for the years ended December 31, 2025, 2024 and 2023, respectively.
The carrying value of goodwill is as follows (in thousands):
Balance at December 31, 2024$82,986 
Acquisitions (Note 8)
12,273 
Foreign currency translation adjustments2,533 
Balance at December 31, 2025$97,792 
The carrying values of intangible assets are as follows (in thousands):
December 31, 2025December 31, 2024
Weighted-Average Remaining Useful LifeCostAccumulated
Amortization And Impairment		Acquired
Intangibles,
Net		CostAccumulated
Amortization And Impairment		Acquired
Intangibles,
Net
Customer relationships
3.1 years
$60,660 $34,745 $25,915 $51,312 $25,833 $25,479 
Developed technology
1.0 year
784,130 674,635 109,495 779,794 546,747 233,047 
Total acquired intangible assets$844,790 $709,380 $135,410 $831,106 $572,580 $258,526 
For the year ended December 31, 2024, the Company recognized a gross reduction of $50.6 million related to its developed technology assets. This reduction included $28.5 million due to an amended agreement with a strategic partner and $22.1 million attributed to the retirement of fully amortized developed technology. See Note 5 - Strategic Partnerships for additional information regarding our amended agreement with a strategic partner. During the year ended December 31, 2024, the Company purchased certain intangible assets including customer relationships, developed technology, trademarks and domain names amounting to $29.8 million.
Amortization expense from acquired intangible assets for the years ended December 31, 2025, 2024 and 2023 was $135.4 million, $136.5 million, and $151.1 million, respectively. Amortization of developed technology is included in cost of revenues and amortization of customer relationships is included in sales and marketing expenses in the Consolidated Statements of Operations.
Estimated amortization expense for acquired intangible assets for the following fiscal years is as follows (in thousands):
2026$114,632 
20279,515 
20288,015 
20292,711 
2030 onwards537 
Total estimated amortization expense$135,410 
Accrued liabilities consisted of the following (in thousands):
December 31,
2025		December 31,
2024
Accrued compensation and benefits$54,715 $47,415 
Accrued sales, use, and telecom related taxes54,182 55,699 
Accrued marketing and sales commissions37,102 36,391 
Operating lease liabilities, short-term21,293 20,445 
Other accrued expenses130,341 123,849 
Total accrued liabilities$297,633 $283,799 
Deferred and Prepaid Sales Commission Costs
Amortization expense for the deferred and prepaid sales commission costs for the years ended December 31, 2025, 2024 and 2023 were $163.6 million, $162.6 million, and $138.1 million, respectively. There was no asset write-off or impairment loss in relation to the deferred commission costs capitalized for the periods presented.
The Company evaluates the recoverability of its deferred and prepaid sales commission balance whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. During the year ended December 31, 2025, the Company recorded a non-cash asset write-down charge of $11.4 million pursuant to an amended partner arrangement, in sales and marketing expense in the accompanying Consolidated Statements of Operations.
v3.25.4
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
Note 4. Fair Value of Financial Instruments
The Company measures and reports certain cash equivalents, including money market funds and certificates of deposit, derivative interest rate swap agreement, and contingent consideration at fair value in accordance with the provisions of the authoritative accounting guidance that addresses fair value measurements. This guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.
The hierarchy is broken down into three levels based on the reliability of the inputs as follows:
Level 1:    Observable inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2:    Other inputs, such as quoted prices for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.
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 financial assets carried at fair value were determined using the following inputs (in thousands):
Fair Value at
December 31, 2025		Level 1Level 2Level 3
Cash equivalents:
Money market funds$5,424 $5,424 $— $— 
Accrued liabilities:
Interest rate swap derivatives
$1,285 $— $1,285 $— 
Contingent consideration$911 $— $— $911 
Other long-term liabilities:
Interest rate swap derivatives
$2,133 $— $2,133 $— 
Contingent consideration $1,136 $— $— $1,136 
Fair Value at
December 31, 2024		Level 1Level 2Level 3
Cash equivalents:
Money market funds$114,503 $114,503 $— $— 
Other assets:
Interest rate swap derivatives
$2,367 $— $2,367 $— 
Other long-term liabilities:
Contingent consideration$3,000 $— $— $3,000 
The Company’s other financial instruments, including accounts receivable, other current assets, accounts payable, accrued liabilities and other liabilities, are carried at cost, which approximates fair value due to the relatively short maturity of those instruments.
Fair Value of Long-Term Debt
As of December 31, 2025, the fair value of the 0% convertible senior notes due 2026 (the “2026 Convertible Notes”) was approximately $602.1 million. The fair value for the 2026 Convertible Notes was determined based on the quoted price for such notes in an inactive market on the last trading day of the reporting period and is considered as Level 2 in the fair value hierarchy.
As of December 31, 2025, the carrying amount of the Term Loan was $302.3 million. As there are no embedded features or other variable features, the fair value of the Term Loan approximated its carrying value.
As of December 31, 2025, the fair value of the 8.5% senior notes due 2030 (the “2030 Senior Notes”) was approximately $371.7 million. The fair value for the 2030 Senior Notes was determined based on the quoted price for such notes in an inactive market on the last trading day of the reporting period and is considered as Level 2 in the fair value hierarchy.
Fair Value of Derivative Instruments
The Company’s interest rate swap derivative, which is considered as Level 2 in the fair value hierarchy, is valued using a discounted cash flow model that utilizes observable inputs including forward interest rate data at the measurement date.
Fair Value of Contingent Consideration
The contingent consideration as presented in the fair value table above is related to the Company’s acquisition in the third quarter of 2025, and represents the future potential earn-out payments based on the achievement of specified performance targets. The fair value of the contingent consideration liability was determined using significant unobservable inputs including the discount rate and projected revenues. This liability is also classified as Level 3 within the fair value hierarchy.
v3.25.4
Strategic Partnerships
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Strategic Partnerships
Note 5. Strategic Partnerships
Other Strategic Partnerships
During the year ended December 31, 2024, the Company and Mitel amended certain terms of their prior strategic arrangement, pursuant to which Mitel became a non-exclusive partner of the Company. In connection with the transaction, there was a release of $28.5 million of unpaid contingent consideration, which was recorded as a reduction to the developed technology intangible assets.
During the year ended December 31, 2024 and 2023, the Company recorded a gain of $7.7 million, and $11.5 million, respectively, in other (expense) income in the Consolidated Statements of Operations, pursuant to an amended agreement with one of its strategic partners.
v3.25.4
Long-Term Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt Note 6. Long-Term Debt
The following table sets forth the net carrying amount of the Company’s long-term debt (in thousands):
Debt InstrumentMaturity DateDecember 31, 2025December 31, 2024
2030 Senior Notes
August 15, 2030$350,000 $400,000 
Term Loan under Credit Agreement (1)
September 11, 2030302,250 370,000 
Revolving Credit Facility under Credit Agreement (2)
September 11, 2030— — 
2026 Convertible NotesMarch 15, 2026609,065 609,065 
2025 Convertible Notes (3)
March 1, 2025— $161,326 
Total principal amount1,261,315 $1,540,391 
Less: unamortized debt discount and issuance costs on long-term debt(7,519)$(11,258)
Less: current portion of long-term debt, net (4)
(624,216)$(181,252)
Net carrying amount of long-term debt$629,580 $1,347,881 
(1)The Company has $650.0 million available for drawdown under the Term Loan as of December 31, 2025.
(2)The Company has $305.0 million available for borrowing under the Revolving Credit Facility as of December 31, 2025.
(3)The Company settled the remaining $161.3 million principal of the 2025 Convertible Notes in cash on the original maturity date in March 2025.
(4)As of December 31, 2025, the current portion of long-term debt, net, consists of the $608.7 million net carrying amount of the 2026 Convertible Notes and $15.5 million in expected principal payments due on the Term Loan. The Term Loan requires quarterly principal payments of 1.25% of the refinanced $310.0 million principal amount drawn, with balance due at maturity.
The following table sets forth the future minimum principal payments for long-term debt as of December 31, 2025 (in thousands):
2026 Convertible NotesTerm Loan2030 Senior NotesTotal
2026$609,065 $15,500 $— $624,565 
2027— 15,500 — 15,500 
2028— 15,500 — 15,500 
2029— 15,500 — 15,500 
2030 onwards— 240,250 350,000 590,250 
Total principal amount$609,065 $302,250 $350,000 $1,261,315 
2030 Senior Notes
In August 2023, the Company issued $400.0 million aggregate principal amount of the 2030 Senior Notes in a private offering. The 2030 Senior Notes are senior unsecured obligations of the Company and bear interest at a fixed rate of 8.5% per annum payable semi-annually in arrears on February 15th and August 15th of each year. The 2030 Senior Notes are guaranteed by the Company’s domestic subsidiaries and are subject to certain covenants and redemption provisions outlined in the indenture governing the 2030 Senior Notes (the “Senior Notes Indenture”).
In June 2025, the Company repurchased $50.0 million of principal on its 2030 Senior Notes for an aggregate repurchase price of $53.9 million. This repurchase resulted in the recognition of a $4.7 million loss on debt extinguishment, which includes the call premium and the write-off of related unamortized debt discount and issuance costs. The loss is recorded in Other (expense) income, net in the Consolidated Statements of Operations.
As of December 31, 2025, the carrying value of the outstanding 2030 Senior Notes, net of unamortized debt discount and issuance costs, was $344.9 million, and the Company was in compliance with all covenants under the Senior Notes Indenture. The effective interest rate on the 2030 Senior Notes was 8.9% as of December 31, 2025.
Credit Agreement
In February 2023, the Company entered into a credit agreement with certain lenders, from time to time party thereto and Bank of America, N.A., as administrative agent and as collateral agent (as amended from time to time, the “Credit Agreement”), providing for a $400.0 million Term Loan (the “Term Loan”) and $200.0 million revolving credit facility (the “Revolving Credit Facility”). In the second quarter of 2023, the Company drew down the initial $400.0 million Term Loan and used the proceeds to repurchase a portion of the Company’s 0% convertible senior notes that were due in 2025 (the “2025 Convertible Notes”). The credit facilities were subsequently amended in 2023 and 2024 to increase the Term Loan by $350.0 million and the Revolving Credit Facility from $200.0 million to $225.0 million. The Company made an early principal repayment of $50.0 million of the drawn Term Loan during the quarter ended June 30, 2025, in addition to the required quarterly principal payments, reducing the outstanding Term Loan balance to $310.0 million at the beginning of the third quarter of 2025.
The credit facilities were amended in September 2025 to refinance the outstanding $310.0 million Term Loan and increase the delayed draw Term Loan commitments by $300.0 million to a total of $650.0 million, and to increase the Revolving Credit Facility to a total of $305.0 million. The proceeds from the undrawn Term Loan and Revolving Credit Facility can be used for the repurchase or repayment of the Company’s convertible notes, share repurchases, working capital and general corporate purposes.
The $650.0 million of the Term Loan remains available for draw until March 15, 2026, thereafter, the amount available to be drawn under the Term Loan shall be reduced to $325.0 million through June 30, 2026, thereafter, the amount available to be drawn under the Term Loan shall be reduced to $162.5 million through September 30, 2026. Additionally, the $305.0 million Revolving Credit Facility commitments remain available for draw until September 11, 2030, at which time it will terminate, and all outstanding revolving loans under the facility will be due and payable. The Company will continue to pay a quarterly ticking fee of 0.30% per annum on the daily unused amount of the Term Loan until the earlier of the funding or the end of the availability period. Any drawdown under the Credit Agreement would be subject to compliance with the restrictive covenants in the Senior Notes Indenture. The Company also pays a fee of up to 0.35% per annum on the daily unused amount of the Revolving Credit Facility commitments.
The credit facilities are guaranteed by certain material domestic subsidiaries of the Company, and secured by substantially all of the personal property of the Company and such subsidiary guarantors. If on the date that was 91 days prior to the final scheduled maturity date of the 2026 Convertible Notes, the 2026 Convertible Notes were in an aggregate principal amount outstanding that exceeds an amount equal to 50% of last twelve months EBITDA, calculated as set forth in the Credit Agreement and available liquidity, calculated as the sum of Company unrestricted cash and undrawn commitments under the Credit Agreement, as of such date was less than 125% of the aggregate principal amount of the Convertible Notes that were outstanding on such date, the maturity date of both the Revolving Credit Facility and Term Loan would have automatically been modified to be such date. No such modification occurred during the year ended December 31, 2025.
Borrowings under the Credit Agreement will bear interest, at the Company’s option, at either: (a) the fluctuating rate per annum equal to the greatest of (i) the prime rate then in effect, (ii) the federal funds rate then in effect, plus 0.5% per annum, (iii) an adjusted term Secured Overnight Financing Rate (“SOFR”) determined on the basis of a one-month interest period plus 1.0% and (iv) 1.0%, in each case, plus a margin of between 0.375% and 1.375%; and (b) an adjusted term SOFR rate (based on one, three or six month interest periods), plus a margin of between 1.375% and 2.375%. The applicable margin in each case is determined based on the Company’s total net leverage ratio and varies between tranches of Term Loans. Interest is payable quarterly in arrears with respect to borrowings bearing interest at the alternate base rate or on the last day of an interest period, but at least every three months, with respect to borrowings bearing interest at the term SOFR rate.
As of December 31, 2025, the carrying value of the Term Loan, net of unamortized debt discount and issuance costs, was $300.2 million. As of December 31, 2025, the Company incurred $17.4 million of debt issuance costs in connection with the Credit Agreement, of which $12.1 million was capitalized in the Consolidated Balance Sheets and amortized primarily using the effective interest rate over the term of the Credit Agreement, while the remaining amount was expensed in the period incurred. As of December 31, 2025, the effective interest rate on the Term Loan was 5.7%. As of December 31, 2025, the Company was in compliance with all covenants under the Credit Agreement.
Convertible Notes
In March 2020, the Company issued $1.0 billion of the 2025 Convertible Notes, and in September 2020, it issued $650.0 million of the 2026 Convertible Notes. In March 2025, the Company repaid the remaining $161.3 million of principal of the 2025 Convertible Notes in cash upon maturity. The 2026 Convertible Notes are senior, unsecured obligations that do not bear regular interest and the principal amount of the 2026 Convertible Notes does not accrete.
As of December 31, 2025, the carrying value of the 2026 Convertible Notes, net of unamortized debt issuance costs, was $608.7 million, and the Company was in compliance with all covenants under the indenture governing the 2026 Convertible Notes (“2026 Convertible Notes Indenture”).
Other Terms of the Notes
2026 Convertible Notes
$1,000 principal amount initially convertible into number of the Company’s Class A Common Stock par value $0.0001
2.3583 shares
Equivalent initial approximate conversion price per share
$424.03 

Beginning on December 15, 2025, holders have the right to elect to convert their 2026 Convertible Notes at any time until March 13, 2026, the scheduled trading day immediately prior to the maturity date of the 2026 Convertible Notes.
The following table sets forth the interest expense recognized related to long-term debt (in thousands):
Twelve Months Ended December 31,
202520242023
Contractual interest expense$52,857 $59,138 $29,285 
Amortization of debt discount and issuance costs4,627 4,272 4,566 
Total interest expense related to long-term debt$57,484 $63,410 $33,851 
The following table sets forth the future minimum contractual interest for long-term debt as of December 31, 2025 (in thousands):
Term Loan (1)
2030 Senior NotesTotal
2026$17,954 $29,750 $47,704 
202717,748 29,750 47,498 
202815,152 29,750 44,902 
202914,054 29,750 43,804 
2030 onwards9,261 29,750 39,011 
Total contractual interest amount$74,169 $148,750 $222,919 
(1)Includes the impact of interest rate swap. Refer to Note 7 - Derivative Instruments in this Annual Report on Form 10-K for additional information.
v3.25.4
Derivative Instruments
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
Note 7. Derivative Instruments
In May 2023, the Company entered into a five-year floating-to-fixed interest rate swap agreement with the objective of reducing exposure to the fluctuating interest rates associated with the Company’s variable rate borrowing program by paying quarterly a fixed interest rate of 3.79%, plus a margin of 2% to 3%. The interest rate swap agreement became effective on June 30, 2023, and terminates on February 14, 2028.
The Company’s interest rate swap agreement is designated as a cash flow hedge under ASC 815, Derivatives and Hedging (“ASC 815”). These hedges are highly effective in offsetting changes in the Company’s future expected cash flows due to the fluctuation of the Company’s variable rate debt. The Company monitors the effectiveness of its hedges on a quarterly basis. The Company does not hold its interest rate swap agreement for trading or speculative purposes. The Company recognizes its interest rate derivative designated as a cash flow hedge on a gross basis as an asset and a liability at fair value in the Consolidated Balance Sheets. The unrealized gains and losses on the interest rate swap agreement are included in other comprehensive income (loss) and are subsequently recognized in earnings within or against interest expense when the hedged interest payments are accrued.
As of December 31, 2025, the interest rate swap agreement had a notional amount of $350.0 million, of which $300.0 million remained designated as a cash flow hedge of the Company’s floating-rate debt. During the quarter ended June 30, 2025, $50 million of the swap was dedesignated from hedge accounting following the early repayment of $50.0 million of the Term Loan under the Credit Agreement.
During the year ended December 31, 2025, the Company reclassified $1.1 million from accumulated other comprehensive loss to earnings as an offset and reduction to interest expense. As of December 31, 2025, the Company estimates the net amount related to the interest rate swaps under the interest rate swap agreement expected to be reclassified into earnings over the next 12 months is approximately $1.1 million as interest expense.
v3.25.4
Business Combinations
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combinations
Note 8. Business Combinations
On August 20, 2025, the Company completed its acquisition of 100% of the equity interests of CommunityWFM (“Community”), a cloud-based workforce management platform. The acquisition strengthens RingCentral’s RingCX contact center platform with advanced AI-driven workforce management capabilities and streamlines contact center operations. The total purchase price of $25.2 million, net of cash acquired, of which $20.8 million was paid in cash at closing, $2.4 million was designated as indemnity holdback consideration payable in January 2028, and $2.0 million as acquisition-date fair value of contingent consideration, payable in cash based on the achievement of specified performance targets through January 2028. The transaction was accounted for as a business combination. The preliminary allocation of purchase price based on the estimated fair values included $8.3 million for acquired customer relationships, $4.1 million for developed technology, and $0.5 million for net acquired assets, with the remaining $12.3 million allocated to goodwill. The amortizable intangible assets have a weighted-average useful life of three years. The goodwill recognized is attributable primarily to enhancements to the Company’s contact center product offerings and assembled workforce.
As part of the transaction above, additional contingent consideration of up to $4 million, payable in cash over three years is based on the achievement of specified performance targets and are contingent upon the continued service of the key employees. This potential obligation is accounted for as post-combination compensation expense and is therefore not included in the total purchase price. The expense will primarily be recognized in research and development within the Consolidated Statements of Operations over the requisite service period.
On June 21, 2024, the Company acquired certain customer relationships, intellectual property assets, and supporting operations and personnel for Mitel’s MiCloud Connect & Sky UCaaS offerings for a cash consideration of $26.3 million. The transaction was accounted for as a business combination. The purchase price allocation was based on the estimated fair value of the acquired customer relationships and developed technology intangible assets of $25.3 million and $2.0 million, respectively, net acquired liabilities of $17.8 million, and goodwill of $16.8 million. The amortizable intangible assets have a weighted-average useful life of approximately five years. The goodwill recognized was attributable primarily to the assembled workforce and synergies. Transaction costs related to the acquisition of $3.6 million were expensed as incurred as general and administrative expenses. The Company included the results of operations from the acquisition date, which were not material, in the consolidated financial statements.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases
Note 9. Leases
The Company primarily leases facilities for office and data center space under non-cancelable operating leases for its U.S. and international locations. As of December 31, 2025, non-cancelable leases expire on various dates between 2026 and 2029.
Generally, the non-cancelable leases include one or more options to renew, with renewal terms that can extend the lease term from one to six years. The Company has the right to exercise or forego the lease renewal options. The lease agreements do not contain any material residual value guarantees or material restrictive covenants.
As of December 31, 2025 and 2024, the balance sheet components of leases were as follows (in thousands):
December 31, 2025December 31, 2024
Operating lease right-of-use assets$30,855 $46,463 
Accrued liabilities$21,293 $20,445 
Operating lease liabilities14,372 29,733 
Total operating lease liabilities$35,665 $50,178 
The components of operating lease expense were as follows (in thousands):
Twelve Months Ended December 31,
202520242023
Operating lease cost (1)
$28,891 $25,167 $23,315 
Variable lease cost (2)
5,398 4,560 4,412 
Total lease cost$34,289 $29,727 $27,727 
(1)Includes short-term lease costs, which were not material in the years ended December 31, 2025, 2024, and 2023.
(2)Variable lease cost includes common area maintenance, property taxes, utilities and fluctuations in rent due to a change in an index or rate.
As of December 31, 2025, maturities of operating lease liabilities were as follows (in thousands):
Year Ending December 31,
2026$22,737 
20279,578 
20284,652 
2029 onwards831 
Total future minimum lease payments37,798 
Less: Imputed interest(2,133)
Present value of lease liabilities$35,665 
The supplemental cash flow information related to operating leases for the twelve months ended December 31, 2025 and 2024 were as follows (in thousands):
Year ended December 31,
20252024
Operating cash flows resulting from operating leases:
Cash paid for amounts included in the measurement of lease liabilities$26,070 $21,876 
New ROU assets obtained in exchange of lease liabilities:
Operating leases$8,229 $24,966 
Other information related to operating leases were as follows:
December 31, 2025December 31, 2024
Weighted-average remaining operating lease term (years)2.02.6
Weighted-average operating lease discount rate6.3 %6.6 %
The lease for our corporate headquarters located at 20 Davis Drive, Belmont, California, comprising approximately 84,148 rentable square feet, is scheduled to expire on July 31, 2026. The terms of the renewal are currently being negotiated and have not been finalized as of the date of issuance of these financial statements.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 10. Commitments and Contingencies
Legal Matters
The Company is subject to certain legal proceedings described below, and from time to time may be involved in a variety of claims, lawsuits, investigations, and proceedings relating to contractual disputes, intellectual property rights, employment matters, regulatory compliance matters, and other litigation matters relating to various claims that arise in the normal course of business.
The Company determines whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. The Company assesses its potential liability by analyzing specific litigation and regulatory matters using reasonably available information. The Company develops its views on estimated losses in consultation with inside and outside counsel, which involves a subjective analysis of potential results and outcomes, assuming various combinations of appropriate litigation and settlement strategies. Actual claims could settle or be adjudicated against the Company in the future for materially different amounts than the Company has accrued due to the inherently unpredictable nature of litigation. Legal fees are expensed in the period in which they are incurred.
Employee Agreements
The Company has signed various employment agreements with executives and key employees pursuant to which if the Company terminates their employment without cause or if the employee terminates his or her employment for good reason following a change of control of the Company, the employees are entitled to receive certain benefits, including severance payments, accelerated vesting of stock options and RSUs, and continued COBRA coverage.
Indemnification
Certain of the Company’s agreements with resellers and customers include provisions for indemnification against liabilities if their subscriptions infringe upon a third-party’s intellectual property rights. At least quarterly, the Company assesses the status of any significant matters and its potential financial statement exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount or the range of loss can be estimated, the Company accrues a liability for the estimated loss. The Company has not incurred any material costs as a result of such indemnification provisions. The Company has not accrued any material liabilities related to such obligations as of December 31, 2025 and 2024.
Purchase Obligations
Our purchase obligations are primarily related to third-party managed hosting services and represent our non-cancellable open purchase orders and contractual obligations for which we have not received the goods or services.
The following table sets forth our non-cancellable open purchase obligations for each of the next five years and thereafter as of December 31, 2025 (in thousands):
Purchase Obligations
2026$63,111 
202740,033 
202829,933 
20294,646 
2030511 
Total$138,234 
v3.25.4
Stockholders’ Deficit and Convertible Preferred Stock
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders’ Deficit and Convertible Preferred Stock
Note 11. Stockholders’ Deficit and Convertible Preferred Stock
In connection with the Company’s initial public offering, the Company reincorporated in Delaware on September 26, 2013. The Delaware certificate of incorporation provides for two classes of common stock: Class A and Class B Common Stock, both with a par value of $0.0001 per share. In addition, the certificate of incorporation authorizes shares of undesignated preferred stock with a par value of $0.0001 per share, pursuant to which on November 9, 2021, the Company filed a certificate of designations authorizing the issuance of 200,000 shares of Series A Convertible Preferred Stock. The terms of preferred stock are described below.
Preferred Stock
The board of directors may, without further action by the stockholders, fix the powers, designations, preferences, or relative participating, optional, or other rights, and the qualifications, limitations, and restrictions of up to an aggregate of 100,000,000 shares of preferred stock in one or more series and authorizes their issuance. These rights, preferences, and privileges could include dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences, sinking fund terms and the number of shares constituting any series or the designation of such series, any or all of which may be greater than the rights of the Class A and Class B Common Stock. As of December 31, 2025 and 2024, there were 100,000,000 shares of preferred stock authorized, 200,000 shares of which are issued and outstanding as Series A Convertible Preferred Stock.
Class A and Class B Common Stock
The Company has authorized 1,000,000,000 and 250,000,000 shares of Class A Common Stock and Class B Common Stock for issuance, respectively. Holders of Class A Common Stock and Class B Common Stock have identical rights for matters submitted to a vote of the Company’s stockholders. Holders of Class A Common Stock are entitled to one vote per share of Class A Common Stock and holders of Class B Common Stock are entitled to 10 votes per share of Class B Common Stock. Holders of shares of Class A Common Stock and Class B Common Stock vote together as a single class on all matters (including the election of directors) except for specific circumstances that would adversely affect the powers, preferences, or rights of a particular class of Common Stock. Subject to preferences that may apply to any shares of preferred stock outstanding at the time, holders of Class A and Class B Common Stock share equally, identically and ratably, on a per share basis, with respect to any dividend or distribution of cash, property or shares of the Company’s capital stock. Holders of Class A and Class B Common Stock also share equally, identically, and ratably in all assets remaining after the payment of any liabilities and liquidation preferences and any accrued or declared but unpaid dividends, if any, with respect to any outstanding preferred stock at the time. Each share of Class B Common Stock is convertible at any time at the option of the holder into one share of Class A Common Stock. In addition, each share of Class B Common Stock will convert automatically to Class A Common Stock upon: (i) the date specified by an affirmative vote or written consent of holders of at least 67% of the outstanding shares of Class B Common Stock, (ii) the date on which the number of outstanding shares of Class B Common Stock represents less than 10% of the aggregate combined number of outstanding shares of Class A Common Stock and Class B Common Stock, or (iii) any time seven years after the Company’s initial public offering (October 2, 2020), when a stockholder owns less than 50% of the shares of Class B Common Stock that such holder owned immediately prior to completion of the initial public offering.
Shares of Class A Common Stock reserved for future issuance were as follows (in thousands):
December 31, 2025
Preferred stock100,000 
Class B Common Stock9,805 
2013 Employee stock purchase plan6,855 
2013 Equity incentive plan:
Outstanding options and restricted stock unit awards6,275 
Available for future grants14,229 
137,164 
Share Repurchase Programs
Under the Company’s share repurchase programs, share repurchases may be made at the Company’s discretion from time to time in open market transactions, privately negotiated transactions, or other means, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934. The programs do not obligate the Company to repurchase any specific dollar amount or to acquire any specific number of shares of its Class A Common Stock. The timing and number of any shares repurchased under the programs will depend on a variety of factors, including stock price, trading volume, and general business and market conditions.
The following tables summarizes the share repurchase activity of the Company’s Class A Common Stock (in thousands):
Year Ended December 31,
202520242023
SharesAmountSharesAmountSharesAmount
Repurchases under share repurchase programs11,798 $333,386 9,600 $316,923 10,066 $314,964 
Amounts for excise tax withholdings and broker’s commissions
— 1,799 — 1,040 — 1,357 
Total repurchases of common stock11,798 $335,185 9,600 $317,963 10,066 $316,321 
As of December 31, 2025, approximately $248.8 million remained authorized and available under the Company’s share repurchase programs for future share repurchases. The Inflation Reduction Act of 2022 imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. During the year ended December 31, 2025, 2024 and 2023, the Company included the applicable excise tax withholdings and/or broker’s commissions in additional paid-in capital as part of the cost basis of repurchased stock. A corresponding liability for excise taxes payable was recorded in accrued liabilities on the Consolidated Balance Sheets.
On January 29, 2026, our Board of Directors increased our remaining share repurchase authorization to $400.0 million, subject to certain limitations and inclusive of repurchases since December 31, 2025. On February 18, 2026, our Board of Directors further increased our remaining share repurchase authorization to $500.0 million, subject to certain limitations and inclusive of repurchases since December 31, 2025. The share repurchase authorizations do not expire.
The following table summarizes the number of shares of the Company’s Class A Common Stock repurchased and settled under share repurchase programs (in thousands):
Year Ended December 31,
202520242023
Repurchases under share repurchase programs11,798 9,600 10,066 
Repurchases unsettled during period— — (118)
Prior-period share repurchases settled during period— 118 — 
Total repurchases of common stock settled11,798 9,718 9,948 
Dividend
On February 19, 2026, the Company announced the initiation of its first quarterly cash dividend program. Under the program, the Company’s Board of Directors approved a cash dividend of $0.075 per share to be paid on March 16, 2026, to stockholders of record as of March 9, 2026, on each of the Company’s Class A common stock, Class B common stock, and Series A Convertible Preferred Stock (on an as-converted basis).
The declaration, payment, and amount of any future dividends will be at the discretion of our Board of Directors and will depend on, among other factors, our results of operations, financial condition, liquidity, capital requirements, and other factors deemed relevant by our Board.
Series A Convertible Preferred Stock
On November 8, 2021, the Company entered into the Investment Agreement, pursuant to which the Company sold to Searchlight Investor, in a private placement exempt from registration under the Securities Act of 1933, as amended, 200,000 shares of newly issued Series A Convertible Preferred Stock, par value $0.0001 per share, for an aggregate purchase price of $200 million. The Series A Convertible Preferred Stock issued to Searchlight Investor pursuant to the Investment Agreement is
convertible into shares of the Company’s Class A Common Stock, par value $0.0001 per share, at a conversion price of $269.22 per share, subject to adjustment as provided in the certificate of designations specifying the terms of such shares. The transactions contemplated by the Investment Agreement closed on November 9, 2021. The Series A Convertible Preferred Stock ranks senior to the shares of the Company’s Class A Common Stock and Class B Common Stock with respect to rights on the distribution of assets on any voluntary or involuntary liquidation or winding up of the affairs of the Company. The Series A Convertible Preferred Stock is a zero coupon, perpetual preferred stock, with a liquidation preference of $1,000 per share and other customary terms, including with respect to mandatory conversion and change of control premium under certain circumstances. The shares of Series A Convertible Preferred Stock shall not be redeemable or otherwise mature, other than for a liquidation or a specified change in control event as provided in the certificate of designations specifying the terms of such shares. Holders of Series A Convertible Preferred Stock will be entitled to vote with the holders of the Class A Common Stock and Class B Common Stock on an as-converted basis. Holders of the Series A Convertible Preferred Stock will be entitled to a separate class vote with respect to, among other things, certain amendments to the Company’s organizational documents that have an adverse impact on the rights, preferences, privileges or voting power of the Series A Convertible Preferred Stock, authorizations or issuances of Company capital stock, or other securities convertible into capital stock, that is senior to, or equal in priority with, the Series A Convertible Preferred Stock, and increases or decreases in the number of authorized shares of Series A Convertible Preferred Stock.
As the liquidation or specified change in control event is not solely within the Company’s control, the Series A Convertible Preferred Stock is therefore classified as temporary equity and recorded outside of stockholders’ equity on the Consolidated Balance Sheet. As of December 31, 2025 and 2024, there were 200,000 shares of the Company’s Series A Convertible Preferred Stock issued and outstanding, and the carrying value, net of issuance costs, was $199.4 million.
v3.25.4
Share-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation
Note 12. Share-Based Compensation
A summary of share-based compensation expense recognized in the Company’s Consolidated Statements of Operations is as follows (in thousands):
Year ended December 31,
202520242023
Cost of revenues$18,447 $30,322 $36,484 
Research and development61,705 76,971 93,961 
Sales and marketing113,959 134,659 151,221 
General and administrative75,547 97,107 145,013 
Total share-based compensation expense$269,658 $339,059 $426,679 
A summary of share-based compensation expense by award type is as follows (in thousands):
Year ended December 31,
202520242023
Employee stock purchase plan rights (“ESPP”)$5,262 $6,338 $7,574 
Performance stock units (“PSUs”)27,234 20,624 27,035 
Restricted stock units (“RSUs”)237,162 312,097 392,070 
Total share-based compensation expense$269,658 $339,059 $426,679 
Equity Incentive Plans
In September 2013, the Board adopted and the Company’s stockholders approved the 2013 Equity Incentive Plan, which became effective on September 26, 2013, and the stockholders approved an amended and restated 2013 Equity Plan on December 15, 2022 (together, “2013 Plan”). In connection with the adoption of the 2013 Plan, the Company terminated the 2010 Equity Incentive Plan (“2010 Plan”), under which stock options had been granted prior to September 26, 2013. The 2010 Plan was established in September 2010, when the 2003 Equity Incentive Plan (“2003 Plan”) was terminated. After the termination of the 2003 and 2010 Plans, no additional options were granted under these plans; however, options previously granted under these plans will continue to be governed by these plans and were exercisable into shares of Class B Common Stock. In addition, options authorized to be granted under the 2003 and 2010 Plans, including forfeitures of previously granted awards, are authorized for grant under the 2013 Plan.
A total of 6,200,000 shares of Class A Common Stock were originally reserved for issuance under the 2013 Plan. The 2013 Plan includes an annual increase on the first day of each fiscal year beginning in 2014, equal to the least of: (i) 6,200,000 shares of Class A Common Stock; (ii) 5% of the outstanding shares of all classes of common stock as of the last day of the Company’s immediately preceding fiscal year; or (iii) such other amount as the board of directors may determine. During the year ended December 31, 2025, a total of 4,535,897 shares of Class A Common Stock were added to the 2013 Plan in connection with the annual automatic increase provision. As of December 31, 2025, a total of 14,229,173 shares remain available for grant under the 2013 Plan.
The plans permit the grant of stock options and other share-based awards, such as restricted stock units, to employees, officers, directors, and consultants by the board of directors. Option awards are generally granted with an exercise price equal to the fair market value of the Company’s Class A Common Stock at the date of grant. Option awards generally vest according to a graded vesting schedule based on four years of continuous service. On January 29, 2014, the board of directors approved an amendment to decrease the contractual term of all equity awards issued from the 2013 Plan from 10 years to 7 years for all awards granted after January 29, 2014. Certain option awards provide for accelerated vesting if there is a change in control (as defined in the option agreement) and early exercise of options prior to vesting (subject to the Company’s repurchase right).
A summary of option activity under all of the Company’s equity incentive plans and changes during the period then ended December 31, 2025, 2024, and 2023 is presented in the following table:
Number of
Options
Outstanding
(in thousands)		Weighted-
Average
Exercise Price
Per Share		Weighted-
Average
Contractual
Term
(in Years)		Aggregate
Intrinsic
Value
(in thousands)
Outstanding at December 31, 202222 $12.53 0.5$509 
Exercised(22)12.53 
Canceled/Forfeited— — 
Outstanding at December 31, 2023— $— 0.0$— 
Exercised— — 
Canceled/Forfeited— — 
Outstanding at December 31, 2024— $— 0.0$— 
Exercised— — 
Canceled/Forfeited— — 
Outstanding at December 31, 2025— $— 0.0$— 
Vested and expected to vest as of December 31, 2025— $— 0.0$— 
Exercisable as of December 31, 2025— $— 0.0$— 

No options were granted during the years ended December 31, 2025 and 2024. There is no remaining unamortized share-based compensation expense related to these options.
Employee Stock Purchase Plan
The Company’s Employee Stock Purchase Plan (“ESPP”) allows eligible employees to purchase shares of the Company’s Class A Common Stock at a discounted price, through payroll deductions of up to the lesser of 15% of their eligible compensation or the IRS allowable limit per calendar year. A participant may purchase a maximum of 3,000 shares during an offering period. The offering periods are for a period of six months and generally start on the first trading day on or after May 13th and November 13th of each year. At the end of the offering period, the purchase price is set at the lower of: (i) 85% of the fair value of the Company’s common stock at the beginning of the six-month offering period and (ii) 85% of the fair value of the Company’s Class A Common Stock at the end of the six-month offering period.
The ESPP provides for annual increases in the number of shares available for issuance under the ESPP on the first day of each fiscal year beginning in fiscal 2014, equal to the least of: (i) 1% of the outstanding shares of all classes of common stock on the last day of the immediately preceding year; (ii) 1,250,000 shares; or (iii) such other amount as may be determined by the board of directors. During the year ended December 31, 2025, a total of 907,179 shares of Class A Common Stock were added to the ESPP Plan in connection with the annual increase provision. As of December 31, 2025, a total of 6,854,792 shares were available for issuance under the ESPP.
The weighted-average assumptions used to value ESPP rights under the Black-Scholes-Merton option-pricing model and the resulting offering grant date fair value of ESPP rights granted in the periods presented were as follows:
Year ended December 31,
202520242023
Expected term (in years)0.50.50.5
Expected volatility50 %46 %67 %
Risk-free interest rate4.02 %4.89 %5.36 %
Expected dividend yield0 %0 %0 %
Offering grant date fair value of ESPP rights$8.16 $10.59 $9.38 
As of December 31, 2025 and 2024, there was approximately $2.7 million and $2.5 million of unrecognized share-based compensation expense, net of estimated forfeitures, related to ESPP, which will be recognized on a straight-line basis over the remaining weighted-average vesting periods of approximately 0.4 years.
Restricted and Performance Stock Units
A summary of activity of restricted and performance-based stock units as of December 31, 2025, and changes during the period then ended is presented in the following table:
Number of
RSUs/PSUs
Outstanding
(in thousands)		Weighted-
Average
Grant Date Fair
Value Per Share		Aggregate
Intrinsic
Value
(in thousands)
Outstanding at December 31, 20225,100 $119.55 $180,577 
Granted13,666 32.16 
Released(5,891)61.12 
Canceled/Forfeited(2,828)57.29 
Outstanding at December 31, 202310,047 $52.47 $325,153 
Granted6,947 36.34 
Released(6,226)53.15 
Canceled/Forfeited(2,462)40.28 
Outstanding at December 31, 20248,306 $42.09 $290,799 
Granted5,519 29.22 
Released(6,107)39.76 
Canceled/Forfeited(1,443)36.64 
Outstanding at December 31, 20256,275 $34.30 $181,227 
Restricted Stock Units
The 2013 Plan provides for the issuance of RSUs to employees, directors, and consultants. RSUs issued under the 2013 Plan generally vest over two or four years.
As of December 31, 2025 and 2024, there was a total of $147.4 million and $250.4 million of unrecognized share-based compensation expense, net of estimated forfeitures, related to RSUs, which will be recognized on a straight-line basis over the remaining weighted-average vesting periods of approximately 1.5 years and 2.1 years, respectively.
Performance Stock Units
The 2013 Plan provides for the issuance of PSUs. The PSUs granted under the 2013 Plan are contingent upon the achievement of predetermined market, performance, and service conditions. The Company uses a Monte Carlo simulation model to determine the fair value of its market condition PSUs. PSU expense is recognized using the graded vesting method over the requisite service period. For performance-based metrics, the compensation expense is based on a probability of achievement of the performance conditions. For market-based conditions, if the market conditions are not met but the service conditions are met, the PSUs will not vest; however, any stock-based compensation expense recognized will not be reversed.
For the majority of the PSUs granted, the number of shares of common stock to be issued at vesting will range from 0% to 200% of the target number based on the achievement of the different performance and market conditions over the respective measurement period. The PSUs generally vest over a two- or three-year period.
As of December 31, 2025 and 2024, there was a total of $18.9 million and $22.5 million unrecognized share-based compensation expense, net of estimated forfeitures, related to these PSUs, which will be recognized over the remaining service period of approximately 0.8 years and 0.9 years, respectively.
Employee Equity Compensation Plans
The Company’s Board of Directors adopted employee equity bonus plans (“Plans”), which allow the recipients to earn fully vested shares of the Company’s Class A Common Stock upon the achievement of quarterly service and/or performance conditions. During the year ended December 31, 2025 and 2024, the Company issued 1,465,154 and 1,395,903 RSUs, respectively, under these Plans. The shares under these Plans are issued from the reserve of shares available for issuance under the 2013 Plan. The total requisite service period for these Plans is approximately 0.4 years.
The unrecognized share-based compensation expense as of December 31, 2025 was approximately $3.9 million, which will be recognized over the remaining service period of 0.1 years. The shares issued under these Plans are issued from the reserve of shares available for issuance under the 2013 Plan.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
Note 13. Income Taxes
Income (loss) before provision for income taxes consisted of the following (in thousands):
Year ended December 31,
202520242023
United States$14,948 $(88,910)$(190,912)
International41,289 41,685 34,067 
Total income (loss) before provision for income taxes$56,237 $(47,225)$(156,845)
The provision for income taxes consisted of the following (in thousands):
Year ended December 31,
202520242023
Current
Federal$248 $2,930 $— 
State4,516 5,919 1,792 
Foreign5,916 5,849 5,972 
Total current$10,680 $14,698 $7,764 
Deferred
Federal$— $— $— 
State— — — 
Foreign2,166 (3,635)631 
Total deferred2,166 (3,635)631 
Total income tax provision$12,846 $11,063 $8,395 
Beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminated the right to deduct research and development expenditures for tax purposes in the period the expenses were incurred and instead requires all U.S. and foreign research and
development expenditures to be amortized over five and fifteen tax years, respectively. The One Big Beautiful Bill Act (or “OBBB Act”), enacted on July 4, 2025, revised these rules, permitting the deduction of certain U.S. research and development expenditures incurred in tax years beginning on or after January 1, 2025 but expenditures attributable to research and development conducted outside the U.S. must continue to be capitalized and amortized over fifteen years. The OBBB Act also provides the option to accelerate the amortization of any remaining unamortized U.S. research and development expenditures incurred in tax years beginning on or after January 1, 2022, and before January 1, 2025, over a one or two year period beginning with the first taxable year beginning after December 31, 2024. The current income tax provision is primarily for federal, state and foreign taxes currently payable that we anticipate paying as a result of statutory limitations on our ability to offset expected taxable income with net operating loss carry forwards.
The table below provides the updated requirements of ASU 2023-09 for 2025. For more details, refer to Note 1 - Description of Business and Summary of Significant Accounting Policies of this Annual Report on Form 10-K.
The effective income tax rate for the year ended December 31, 2025 differs from the statutory federal income tax rate as follows (in thousands, except percentages):
Year Ended December 31, 2025
$%
U.S. Federal Statutory Tax Rate$11,810 21.00 %
State and local income tax, net of federal (national) income tax effect (1)
4,516 8.03 
Foreign Tax Effects:
United Kingdom
Share-based payment awards(710)(1.26)
Other493 0.88 
China(697)(1.24)
Canada747 1.33 
Spain
R&D Tax Credits(1,071)(1.90)
Other190 0.34 
Other Non-US Jurisdictions502 0.89 
Effect of changes in tax laws or rates enacted in the current period— — 
Effect of cross-border tax laws:
Foreign derived intangible income (FDII)(78)(0.14)
Global Intangible Low-taxed Income (GILTI)2,203 3.92 
Tax Credits(1,393)(2.48)
Changes in valuation allowance(29,808)(53.00)
Nontaxable or Nondeductible Items:
Share-based payment awards24,172 42.98 
Non-deductible Meals and Entertainment Expenses687 1.22 
Other245 0.44 
Changes in unrecognized tax benefits745 1.32 
Other Adjustments293 0.52 
Total income tax provision$12,846 22.85 %
(1)State taxes in Illinois, Pennsylvania, and Texas made up the majority (greater than 50%) of the tax effect in this category
As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:
 Year ended December 31,
 20242023
Federal tax benefit at statutory rate$(9,917)$(32,937)
State tax, net of federal tax benefit4,676 1,415 
Research and development credits6,650 (11,574)
Share-based compensation34,227 10,956 
Global Intangible Low-Taxed Income (“GILTI”)— 3,035 
Foreign derived intangible income (“FDII”)(2,143)— 
Other permanent differences(983)1,674 
Foreign tax rate differential(2,624)548 
Net operating (gains) losses not recognized(18,823)35,278 
Total income tax provision$11,063 $8,395 
In general, it is the Company’s practice and intention to reinvest the earnings of its non-U.S. subsidiaries in those operations. Because the Company’s non-U.S. subsidiary earnings have previously been subject to the one-time transition tax on foreign earnings required by the 2017 Tax Act, any additional taxes due with respect to such earnings or the excess of the amount for financial reporting over the tax basis of its foreign investments would generally be limited to foreign withholding taxes and/or U.S. state income taxes.
The following table presents income taxes paid (net of refunds received) for the year ended December 31, 2025 (in thousands):
2025
Federal$1,361 
State4,756 
Foreign6,318 
$12,435 

Income taxes paid (net of refunds) exceeded five percent of total income taxes paid (net of refunds) in the following jurisdictions:
2025
State
Texas$851 
Illinois$1,357 
Pennsylvania$578 
Foreign
Canada$1,853 
India$1,497 
Spain$1,130 
The types of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities are as follows (in thousands):
Year ended December 31,
20252024
Deferred tax assets
Net operating loss carryforward$382,887 $407,235 
Research and development credits74,496 73,352 
Research and development expenditure capitalization148,870 201,814 
Basis difference in investments416 138 
Sales tax accrual139 67 
Share-based compensation5,668 5,926 
Acquired intangibles111,750 91,943 
Accrued liabilities11,847 15,141 
Gross deferred tax assets736,073 795,616 
Valuation allowance(607,853)(644,379)
Total deferred tax assets128,220 151,237 
Deferred tax liabilities
Deferred sales commissions(85,101)(104,236)
Lease right of use assets(4,247)(6,948)
Property and equipment(36,802)(35,837)
Net deferred tax assets$2,070 $4,216 
As of December 31, 2025, the Company has federal net operating loss carryforwards of approximately $1.3 billion, which does not expire. As of December 31, 2025, the Company had foreign net operating loss carryforwards of approximately $7.0 million that will carryforward indefinitely. As of December 31, 2025, the Company had state net operating loss carryforwards of approximately $1.0 billion that will begin to expire in 2026. The Company also has research credit carryforwards for federal and California tax purposes of approximately $69.6 million and $56.2 million, respectively, available to reduce future income subject to income taxes. The federal research credit carry-forwards will begin to expire in 2028 and the California research credits carry forward indefinitely.
The Internal Revenue Code of 1986, as amended, imposes restrictions on the utilization of net operating losses in the event of an “ownership change” of a corporation. Accordingly, a company’s ability to use net operating losses may be limited as prescribed under Internal Revenue Code Section 382 (“IRC Section 382”). Events which may cause limitations in the amount of the net operating losses that the Company may use in any one year include, but are not limited to, a cumulative ownership change of more than 50% over a three-year period. Utilization of the federal and state net operating losses may be subject to substantial annual limitation due to the ownership change limitations provided by the IRC Section 382 and similar state provisions.
The Company’s management believes that, based on a number of factors, it is more likely than not, that all or some portion of the deferred tax assets will not be realized; and accordingly, for the year ended December 31, 2025, the Company has provided a valuation allowance against the Company’s U.S. net deferred tax assets. The net change in the valuation allowance for the years ended December 31, 2025 and 2024 was a decrease of $36.5 million and $30.3 million, respectively.
The following shows the changes in the gross amount of unrecognized tax benefits as of December 31, 2025 (in thousands):
202520242023
Unrecognized tax benefits, beginning of the year$30,193 $31,976 $26,412 
Increases related to prior year tax positions400 — — 
Decreases related to prior year tax positions(462)(3,088)(418)
Increases related to current year tax positions608 1,305 5,982 
Unrecognized tax benefits, end of year$30,739 $30,193 $31,976 
In accordance with ASC 740-10, Income Taxes, the Company has adopted the accounting policy that interest and penalties recognized are classified as part of its income taxes.
Included in the balance of unrecognized tax benefits as of December 31, 2025 are $0.2 million of tax benefit that, if recognized, would affect the effective tax rate. Otherwise, as a result of the full valuation allowance as of December 31, 2025, current adjustments to the unrecognized tax benefit will not have an impact on our effective income tax rate. Any adjustments made after the valuation allowance is released will have an impact on the tax rate.
The Company files U.S. and foreign income tax returns with varying statutes of limitations. Due to the Company’s net carry-over of unused operating losses and tax credits, all years from 2003 forward remain subject to future examination by tax authorities.
v3.25.4
Basic and Diluted Net Loss Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Basic and Diluted Net Loss Per Share
Note 14. Basic and Diluted Net Loss Per Share
Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by giving effect to all potential shares of common stock, stock options, restricted stock units, performance stock units, ESPP, convertible notes, and convertible preferred stock, to the extent dilutive. For the years ended December 31, 2024 and 2023, all such common stock equivalents have been excluded from diluted net loss per share as the effect to net loss per share would be anti-dilutive.
The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share of common stock (in thousands, except per share data):
Year Ended December 31,
202520242023
Numerator
Net income (loss)$43,391 $(58,288)$(165,240)
Denominator
Weighted-average common shares outstanding for basic net income (loss) per share89,481 92,110 94,912 
Effect of dilutive securities:
Shares of common stock issuable under equity incentive awards outstanding990 — — 
Shares of common stock related to convertible preferred stock743 — — 
Weighted-average common shares outstanding for diluted net income (loss) per share91,214 92,110 94,912 
Basic net income (loss) per share$0.48 $(0.63)$(1.74)
Diluted net income (loss) per share$0.48 $(0.63)$(1.74)
The following table summarizes the potentially dilutive common shares that were excluded from diluted weighted-average common shares outstanding because including them would have had an anti-dilutive effect (in thousands):
Year Ended December 31,
202520242023
Shares of common stock issuable under equity incentive plans outstanding6,910 9,860 9,999 
Shares of common stock related to convertible preferred stock— 743 743 
Potential common shares excluded from diluted net loss per share6,910 10,603 10,742 
Pursuant to the terms of the 2026 Convertible Notes Indenture, effective January 1, 2022, the Company made an irrevocable election to, upon conversions of the 2026 Convertible Notes, settle the principal portion of such converted 2026 Convertible Notes only in cash, with the conversion premium to be settled in cash or shares at the Company’s election.
The Company calculates the potential dilutive effect of the 2026 Convertible Notes under the if-converted method. Under this method, only the amounts settled in excess of the principal will be considered in diluted earnings per share, in line with the terms of the 2026 Convertible Notes Indenture.
v3.25.4
401(k) Plan
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
401(k) Plan
Note 15. 401(k) Plan
The Company has a qualified defined contribution plan under Section 401(k) of the Internal Revenue Code covering eligible employees. Substantially all of the U.S. employees are eligible to make contributions to the 401(k) plan. The Company matches 401(k) based on the amount of the employees’ contributions subject to certain limitations. Employer contributions were $5.5 million, $6.0 million, and $6.2 million for the years ended December 31, 2025, 2024 and 2023.
v3.25.4
Restructuring Activities
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Activities
Note 16. Restructuring Activities
During the year ended December 31, 2025 and 2024, the Company incurred restructuring costs of $18.1 million, and $12.6 million, respectively, as part of the broader efforts to optimize the Company’s cost structure. The restructuring costs primarily consisted of severance payments, employee benefits, contract termination costs, exit charges associated with the closure of facilities and related costs. The Company expects to substantially complete these actions in 2026, subject to local law and consultation requirements in certain countries. The Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur as a result of or in connection with the implementation of these actions.
The following table summarizes the Company’s restructuring costs that were recorded as an operating expense in the accompanying Consolidated Statement of Operations for the year ended December 31, 2025, 2024 and 2023 (in thousands):
Year Ended December 31,
202520242023
Cost of revenues$4,179 $1,334 $876 
Research and development4,793 3,215 4,457 
Sales and marketing5,662 5,885 8,758 
General and administrative3,483 2,201 6,277 
Total restructuring costs$18,117 $12,635 $20,368 
The following table summarizes the Company’s restructuring liability that is included in accrued liabilities in the accompanying Consolidated Balance Sheets (in thousands):
Balance as of December 31, 2023$3,191 
Restructuring costs12,635 
Cash payments(14,209)
Balance as of December 31, 2024$1,617 
Restructuring costs18,117 
Cash payments(15,560)
Non-cash and other adjustments(1,340)
Balance as of December 31, 2025$2,834 
v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information
Note 17. Segment Information
The Chief Executive Officer, who functions as the chief operating decision maker (“CODM”), oversees the Company’s business activities at the consolidated level as a single operating and reportable segment. The factors used to identify the Company’s single operating segment include the organizational structure of the Company and the financial information available for evaluation by the CODM. The CODM uses consolidated net income (or loss) and operating margin to evaluate financial performance and make decisions regarding resource allocation, including setting target revenue growth and distributing the budget across cost of revenues, research and development, sales and marketing, and general and administrative expenses.
The following table presents selected financial information for the Company’s single operating segment for the years ended December 31, 2025, 2024 and 2023:
Twelve Months Ended December 31,
202520242023
Revenue$2,515,142 $2,400,395 $2,202,429 
Less:
Share-based compensation expense269,658 339,059 426,679 
Depreciation and amortization222,603 222,609 233,940 
Other segment items (1)
1,902,330 1,836,057 1,740,621 
Income (loss) from operations120,551 2,670 (198,811)
Operating margin as % of revenue4.8 %0.1 %(9.0)%
Other (expense) income, net
Interest expense(60,279)(64,995)(35,997)
Other (expense) income (2)
(4,035)15,100 77,963 
Other (expense) income, net(64,314)(49,895)41,966 
Income (loss) before income taxes56,237 (47,225)(156,845)
Provision for income taxes12,846 11,063 8,395 
Net income (loss)$43,391 $(58,288)$(165,240)
(1)Other segment items mainly consist of personnel costs, third-party commissions, and advertising and marketing costs.
(2)Includes interest income of $2.7 million, $8.0 million and $12.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.
See the consolidated financial statements for other financial information regarding the Company’s operating segment.
Refer to Note 2 - Revenue in this Annual Report on Form 10-K for information about revenue by geographic location.
Concentrations
Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Although the Company deposits its cash with multiple financial institutions, its deposits, at times, may exceed federally insured limits. The Company’s accounts receivable are primarily derived from sales by resellers and to direct customers. The Company maintains an allowance for doubtful accounts for estimated potential credit losses. As of December 31, 2025 and 2024 and 2023, and for the years then ended, none of the Company’s customers accounted for more than 10% of total accounts receivable, total revenues, or subscription revenues.
Long-lived assets by geographic location is based on the location of the legal entity that owns the asset. As of December 31, 2025 and 2024, approximately 87% and 90%, of the Company’s consolidated long-lived assets, respectively, were located in the U.S. No other single country outside of the U.S. represented more than 10% of the Company’s consolidated long-lived assets as of December 31, 2025 and 2024.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have an enterprise-wide information security program designed to protect, identify, detect, respond to and manage reasonably foreseeable cybersecurity risks and threats. Furthermore, to protect our information systems and data from cybersecurity threats, we use various security tools that help prevent, identify, investigate, resolve and recover from identified vulnerabilities and security incidents in a timely manner. These include, but are not limited to, internal reporting, monitoring and detection tools, and a bug bounty program to allow security researchers to assist us in identifying vulnerabilities in our products before they are exploited by malicious threat actors. We also maintain a third-party risk management program to identify, prioritize, assess, mitigate and remediate third-party risks; however, we rely on the third parties we use to implement security programs commensurate with their risks, and we cannot ensure in all circumstances that their efforts will be successful.
We recognize the critical importance of maintaining the safety and security of our systems and data and have a holistic process for overseeing and managing cybersecurity and related risks. Cybersecurity risk management is supported by management and overseen by our board of directors.
The Chief Information Security Officer (“CISO”) is responsible for management of cybersecurity risk and the protection and defense of our networks, systems and data. The CISO manages a team of cybersecurity professionals with broad experience and expertise, including in cybersecurity threat assessments and detection, mitigation technologies, cybersecurity training, incident response, cyber forensics, insider threats and regulatory compliance. This program was led by a CISO who departed in December 2025. To ensure continuity, our SVP of Global Operations and Security, a veteran with over 25 years of specialized experience, has assumed the CISO responsibilities in an interim capacity. Supported by a dedicated team of experts in threat detection, incident response, and regulatory compliance, the interim CISO provides the strategic and tactical guidance necessary to maintain a robust security posture while we actively recruit a permanent CISO.
Our board of directors oversees our enterprise risk management activities in general, and receives regular updates on the company’s risk management process and the risk trends related to cybersecurity. The audit committee specifically assists the board of directors in its oversight of risks related to cybersecurity. To help ensure effective oversight, the audit committee receives regular reports on information security and cybersecurity from senior management.
We have an established process and playbook led by senior members of management governing our assessment, containment, mitigation, response and internal and external disclosures upon the occurrence of a cybersecurity incident. Depending on the nature and severity of an incident, this process provides for escalating notification to our CEO and the board of directors (including our lead independent director and the audit committee chair).
Our approach to cybersecurity risk management includes the following key elements:
•Multi-Layered Defense and Continuous Monitoring - We work to protect our computing environments and products from cybersecurity threats through multi-layered defenses and apply lessons learned from our defense and monitoring efforts to help prevent future attacks. We utilize data analytics to detect anomalies and search for cyber threats. Our Cybersecurity Operations Center provides comprehensive cyber threat detection and response capabilities and maintains a 24 hour, seven day per week monitoring system which complements the technology, processes, and threat detection techniques we use to monitor, manage, and mitigate cybersecurity threats. From time to time, we engage third-party consultants or other advisors to assist in assessing, identifying and/or managing cybersecurity threats. We also periodically use our internal audit function to conduct additional reviews and assessments.
•Insider Threats - We maintain an insider threat program designed to identify, assess, and address potential risks from within our company. Our program evaluates potential risks consistent with industry practices, customer requirements and applicable law, including privacy and other considerations.
•Information Sharing and Collaboration - We work with government and local law enforcement, customers, industry and/or supplier partners to gather and develop best practices and share information to address cyber threats. These relationships enable the rapid sharing of threat and vulnerability mitigation information.
•Third-Party Risk Assessments - We conduct information security assessments before sharing or allowing the hosting of sensitive data in computing environments managed by third parties, and our standard terms and conditions contain contractual provisions requiring certain security protections.
•Training and Awareness - We provide on at least an annual basis awareness training to our employees to help identify, avoid and mitigate cybersecurity threats. Our employees with network access participate quarterly in required training, including spear phishing, social engineering and other awareness training. We also periodically host tabletop exercises with management and other employees to practice rapid cyber incident response.
•Supplier Engagement - We require our suppliers to comply with our standard information security terms and conditions, in addition to any requirements from our customers, as a condition of doing business with us, and require them to complete information security questionnaires to review and assess any potential cyber-related risks depending on the nature of the services being provided.
Although the “Risk Factors” section includes further detail about the material cybersecurity risks we face, we believe that risks from prior cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected our business to date.
We continue to invest in the cybersecurity and resiliency of our networks and to enhance our internal controls and processes, which are designed to help protect our systems and infrastructure, and the information they contain. For more information regarding the risks we face from cybersecurity threats, please see “Risk Factors.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We have an enterprise-wide information security program designed to protect, identify, detect, respond to and manage reasonably foreseeable cybersecurity risks and threats.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
We have an enterprise-wide information security program designed to protect, identify, detect, respond to and manage reasonably foreseeable cybersecurity risks and threats. Furthermore, to protect our information systems and data from cybersecurity threats, we use various security tools that help prevent, identify, investigate, resolve and recover from identified vulnerabilities and security incidents in a timely manner. These include, but are not limited to, internal reporting, monitoring and detection tools, and a bug bounty program to allow security researchers to assist us in identifying vulnerabilities in our products before they are exploited by malicious threat actors. We also maintain a third-party risk management program to identify, prioritize, assess, mitigate and remediate third-party risks; however, we rely on the third parties we use to implement security programs commensurate with their risks, and we cannot ensure in all circumstances that their efforts will be successful.
We recognize the critical importance of maintaining the safety and security of our systems and data and have a holistic process for overseeing and managing cybersecurity and related risks. Cybersecurity risk management is supported by management and overseen by our board of directors.
The Chief Information Security Officer (“CISO”) is responsible for management of cybersecurity risk and the protection and defense of our networks, systems and data. The CISO manages a team of cybersecurity professionals with broad experience and expertise, including in cybersecurity threat assessments and detection, mitigation technologies, cybersecurity training, incident response, cyber forensics, insider threats and regulatory compliance. This program was led by a CISO who departed in December 2025. To ensure continuity, our SVP of Global Operations and Security, a veteran with over 25 years of specialized experience, has assumed the CISO responsibilities in an interim capacity. Supported by a dedicated team of experts in threat detection, incident response, and regulatory compliance, the interim CISO provides the strategic and tactical guidance necessary to maintain a robust security posture while we actively recruit a permanent CISO.
Our board of directors oversees our enterprise risk management activities in general, and receives regular updates on the company’s risk management process and the risk trends related to cybersecurity. The audit committee specifically assists the board of directors in its oversight of risks related to cybersecurity. To help ensure effective oversight, the audit committee receives regular reports on information security and cybersecurity from senior management.
We have an established process and playbook led by senior members of management governing our assessment, containment, mitigation, response and internal and external disclosures upon the occurrence of a cybersecurity incident. Depending on the nature and severity of an incident, this process provides for escalating notification to our CEO and the board of directors (including our lead independent director and the audit committee chair).
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
We have an enterprise-wide information security program designed to protect, identify, detect, respond to and manage reasonably foreseeable cybersecurity risks and threats. Furthermore, to protect our information systems and data from cybersecurity threats, we use various security tools that help prevent, identify, investigate, resolve and recover from identified vulnerabilities and security incidents in a timely manner. These include, but are not limited to, internal reporting, monitoring and detection tools, and a bug bounty program to allow security researchers to assist us in identifying vulnerabilities in our products before they are exploited by malicious threat actors. We also maintain a third-party risk management program to identify, prioritize, assess, mitigate and remediate third-party risks; however, we rely on the third parties we use to implement security programs commensurate with their risks, and we cannot ensure in all circumstances that their efforts will be successful.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Chief Information Security Officer (“CISO”) is responsible for management of cybersecurity risk and the protection and defense of our networks, systems and data. The CISO manages a team of cybersecurity professionals with broad experience and expertise, including in cybersecurity threat assessments and detection, mitigation technologies, cybersecurity training, incident response, cyber forensics, insider threats and regulatory compliance. This program was led by a CISO who departed in December 2025. To ensure continuity, our SVP of Global Operations and Security, a veteran with over 25 years of specialized experience, has assumed the CISO responsibilities in an interim capacity. Supported by a dedicated team of experts in threat detection, incident response, and regulatory compliance, the interim CISO provides the strategic and tactical guidance necessary to maintain a robust security posture while we actively recruit a permanent CISO.
Our board of directors oversees our enterprise risk management activities in general, and receives regular updates on the company’s risk management process and the risk trends related to cybersecurity. The audit committee specifically assists the board of directors in its oversight of risks related to cybersecurity. To help ensure effective oversight, the audit committee receives regular reports on information security and cybersecurity from senior management.
We have an established process and playbook led by senior members of management governing our assessment, containment, mitigation, response and internal and external disclosures upon the occurrence of a cybersecurity incident. Depending on the nature and severity of an incident, this process provides for escalating notification to our CEO and the board of directors (including our lead independent director and the audit committee chair).
Cybersecurity Risk Role of Management [Text Block]
We recognize the critical importance of maintaining the safety and security of our systems and data and have a holistic process for overseeing and managing cybersecurity and related risks. Cybersecurity risk management is supported by management and overseen by our board of directors.
The Chief Information Security Officer (“CISO”) is responsible for management of cybersecurity risk and the protection and defense of our networks, systems and data. The CISO manages a team of cybersecurity professionals with broad experience and expertise, including in cybersecurity threat assessments and detection, mitigation technologies, cybersecurity training, incident response, cyber forensics, insider threats and regulatory compliance. This program was led by a CISO who departed in December 2025. To ensure continuity, our SVP of Global Operations and Security, a veteran with over 25 years of specialized experience, has assumed the CISO responsibilities in an interim capacity. Supported by a dedicated team of experts in threat detection, incident response, and regulatory compliance, the interim CISO provides the strategic and tactical guidance necessary to maintain a robust security posture while we actively recruit a permanent CISO.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
The Chief Information Security Officer (“CISO”) is responsible for management of cybersecurity risk and the protection and defense of our networks, systems and data. The CISO manages a team of cybersecurity professionals with broad experience and expertise, including in cybersecurity threat assessments and detection, mitigation technologies, cybersecurity training, incident response, cyber forensics, insider threats and regulatory compliance. This program was led by a CISO who departed in December 2025. To ensure continuity, our SVP of Global Operations and Security, a veteran with over 25 years of specialized experience, has assumed the CISO responsibilities in an interim capacity. Supported by a dedicated team of experts in threat detection, incident response, and regulatory compliance, the interim CISO provides the strategic and tactical guidance necessary to maintain a robust security posture while we actively recruit a permanent CISO.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] This program was led by a CISO who departed in December 2025. To ensure continuity, our SVP of Global Operations and Security, a veteran with over 25 years of specialized experience, has assumed the CISO responsibilities in an interim capacity. Supported by a dedicated team of experts in threat detection, incident response, and regulatory compliance, the interim CISO provides the strategic and tactical guidance necessary to maintain a robust security posture while we actively recruit a permanent CISO.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our board of directors oversees our enterprise risk management activities in general, and receives regular updates on the company’s risk management process and the risk trends related to cybersecurity. The audit committee specifically assists the board of directors in its oversight of risks related to cybersecurity. To help ensure effective oversight, the audit committee receives regular reports on information security and cybersecurity from senior management.
We have an established process and playbook led by senior members of management governing our assessment, containment, mitigation, response and internal and external disclosures upon the occurrence of a cybersecurity incident. Depending on the nature and severity of an incident, this process provides for escalating notification to our CEO and the board of directors (including our lead independent director and the audit committee chair).
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Description of Business and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Principles of Consolidation
Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the consolidated accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The significant estimates made by management affect revenues, the allowance for doubtful accounts, deferred and prepaid sales commission costs, goodwill, useful lives of intangible assets, share-based compensation, capitalization of internally developed software, return reserves, derivative instruments, provision for income taxes, uncertain tax positions, change in the fair value of contingent consideration, loss contingencies, sales tax liabilities and accrued liabilities. Management periodically evaluates these estimates and will make adjustments prospectively based upon the results of such periodic evaluations. Actual results may differ from these estimates.
Foreign Currency
Foreign Currency
The functional currency of the Company’s foreign subsidiaries is generally the local currency. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are recorded as part of a separate component of stockholders’ equity and reported in the Consolidated Statements of Comprehensive Loss. Foreign currency transaction gains and losses are included in net loss for the period. All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenues and expenses are translated at the average exchange rate during the period. Equity transactions are translated using historical exchange rates.
Cash and Cash Equivalents
Cash and Cash Equivalents
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are stated at fair value.
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts
For the years ended December 31, 2025 and 2024, a portion of revenues were realized from credit card transactions while the remaining revenues generated accounts receivable. The Company determines provisions based on historical loss patterns, the number of days that billings are past due, and an evaluation of the potential risk of loss associated with delinquent accounts.
Derivative Instruments and Hedging
Derivative Instruments and Hedging
The Company measures its derivative financial instruments at fair value and recognizes them as assets and liabilities in the Consolidated Balance Sheets. The Company records changes in the fair value of derivative financial instruments designated as cash flow hedges in other comprehensive income (loss). When a hedged transaction affects earnings, the Company subsequently reclassifies the net derivative gain or loss within earnings into the same line as the hedged item on the Consolidated Statements of Operations to offset the changes in the hedged transaction.
The cash flow effects related to derivative financial instruments designated as cash flow hedges are included within operating activities on the Consolidated Statements of Cash Flows.
The Company’s interest rate swap agreement is designated as a cash flow hedge under ASC 815, Derivatives and Hedging (“ASC 815”). These hedges are highly effective in offsetting changes in the Company’s future expected cash flows due to the fluctuation of the Company’s variable rate debt. The Company monitors the effectiveness of its hedges on a quarterly basis. The Company does not hold its interest rate swap agreement for trading or speculative purposes. The Company recognizes its interest rate derivative designated as a cash flow hedge on a gross basis as an asset and a liability at fair value in the Consolidated Balance Sheets. The unrealized gains and losses on the interest rate swap agreement are included in other comprehensive income (loss) and are subsequently recognized in earnings within or against interest expense when the hedged interest payments are accrued.
Internal-Use Software Development Costs
Internal-Use Software Development Costs
The Company capitalizes qualifying internal-use software development costs that are incurred during the application development stage, provided that management with the relevant authority authorizes and commits to the funding of the project, it is probable the project will be completed, and the software will be used to perform the function intended. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Capitalized internal-use software development costs are included in property and equipment and are amortized on a straight-line basis over their estimated useful lives.
Property and Equipment, Net
Property and Equipment, net
Property and equipment, net is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are calculated on a straight-line basis over the estimated useful lives of those assets as follows:
Computer hardware and software
3 to 5 years
Internal-use software development costs
3 to 5 years
Furniture and fixtures
3 to 5 years
Leasehold improvementsShorter of the estimated lease term or useful life
The Company evaluates the recoverability of property and equipment and intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets or asset groups may not be recoverable. Recoverability of these assets or asset groups is measured by comparing the carrying amounts of such assets or asset groups to the future undiscounted cash flows that such assets or asset groups are expected to generate. If this evaluation indicates that the carrying amount of the assets or asset groups is not recoverable, the carrying amount of such assets or asset groups is reduced to its estimated fair value.
Maintenance and repairs are charged to expense as incurred.
Business Combinations
Business Combinations
The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed as of the acquisition date. The excess of the fair value of purchase consideration over the fair values of the tangible and intangible assets acquired and liabilities assumed is recorded as goodwill. If applicable, we estimate the fair value of contingent consideration payments in determining the purchase price. These estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of operations. Contingent consideration is adjusted to fair value in subsequent periods as an increase or decrease to operating expenses. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred.
Leases
Leases
The Company determines if a contract is a lease or contains a lease at the inception of the contract and reassesses that conclusion if the contract is modified. All leases are assessed for classification as an operating lease or a finance lease. Operating lease right-of-use (“ROU”) assets are presented separately on the Company’s Consolidated Balance Sheets. Operating lease liabilities are separated into a current portion, included within accrued liabilities on the Company’s Consolidated Balance Sheets, and a non-current portion included within operating lease liabilities on the Company’s Consolidated Balance Sheets. The Company does not have significant finance lease ROU assets or liabilities. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. The Company does not obtain and control its right to use the identified asset until the lease commencement date.
The Company’s lease liabilities are recognized at the applicable lease commencement date based on the present value of the lease payments required to be paid over the lease term. Because the rate implicit in the lease is not readily determinable, the Company generally uses an incremental borrowing rate to discount the lease payments to present value. The estimated incremental borrowing rate is derived from information available at the lease commencement date. The Company factors in publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates. The Company’s ROU assets are also recognized at the applicable lease commencement date. The ROU asset equals the carrying amount of the related lease liability, adjusted for any lease payments made prior to lease commencement and lease incentives provided by the lessor. Variable lease payments are expensed as incurred and do not factor into the measurement of the applicable ROU asset or lease liability.
The term of the Company’s leases is equal to the non-cancellable period of the lease, including any rent-free periods provided by the lessor, and also include options to renew or extend the lease (including by not terminating the lease) that the Company is reasonably certain to exercise. The Company establishes the term of each lease at lease commencement and reassesses that term in subsequent periods when one of the triggering events outlined in Topic 842, Leases, occurs. Operating lease cost for lease payments is recognized on a straight-line basis over the lease term.
The Company’s lease contracts often include lease and non-lease components. For facility leases, the Company has elected the practical expedient offered by the standard to not separate lease from non-lease components and accounts for them as a single lease component. For the Company’s other contracts that include leases, the Company accounts for the lease and non-lease components separately.
The Company has elected, for all classes of underlying assets, not to recognize ROU assets and lease liabilities for leases with a term of twelve months or less. Lease cost for short-term leases is recognized on a straight-line basis over the lease term.
Goodwill and Intangible Assets
Goodwill and Intangible Assets
Goodwill is tested for impairment at the reporting unit level at a minimum on an annual basis or more frequently when an event occurs or circumstances change that indicate that the carrying value may not be recoverable. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value. The Company conducted its annual impairment test of goodwill in the fourth quarter of 2025 and 2024 and determined that no adjustment to the carrying value of goodwill was required.
Intangible assets consist of purchased customer relationships and developed technology. Intangible assets are amortized over the period of estimated benefit using the straight-line method and estimated useful lives ranging from two to five years. No residual value is estimated for intangible assets.
Convertible Debt
Convertible Debt
Convertible senior notes, net are accounted as a liability and measured at amortized cost. The carrying amount of the convertible senior notes is calculated as the proceeds at issuance, net of debt discounts and debt issuance costs. The difference between the principal amount and carrying amount is amortized to interest expense over the term of the convertible senior notes using the effective interest rate method and is included in other (expense) income in the Consolidated Statements of Operations.
Revenue Recognition
Revenue Recognition
The Company derives its revenues primarily from subscriptions, sale of products, and professional services. Revenues are recognized when control is transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or products.
The Company determines revenue recognition through the following steps:
•identification of the contract, or contracts, with a customer;
•identification of the performance obligations in the contract;
•determination of the transaction price;
•allocation of the transaction price to the performance obligations in the contract; and
•recognition of revenue when, or as, the Company satisfies a performance obligation.
The Company recognizes revenues as follows:
Subscriptions revenue
Subscriptions revenue is generated from fees that provide customers access to one or more of the Company’s software applications and related services. These arrangements have contractual terms typically ranging from one month to five years and include recurring fixed plan subscription fees, usage-based fees, one-time fees, recurring license and other fees, derived from sales through our direct and indirect sales channels, including resellers and distributors, strategic partners and global service providers.
The Company generally bills its subscription fees in advance.
Arrangements with customers do not provide the customer with the right to take possession of the Company’s software at any time. Instead, customers are granted continuous access to the services over the contractual period. The Company transfers control evenly over the contractual period by providing stand-ready service. Accordingly, the fixed consideration related to subscription is recognized over time on a straight-line basis over the contract term beginning on the date the Company’s service is made available to the customer. The Company may offer its customer services for no consideration during the initial months. Such discounts are recognized ratably over the term of the contract.
Fees for additional minutes of usage in excess of plan limits are deemed to be variable consideration that meet the allocation exception for variable consideration as they are specific to the month that the usage occurs.
The Company’s subscription contracts typically allow the customers to terminate their services within the first 30 to 60 days and receive a refund for any amounts paid for the remaining contract period. After the end of the termination period, the contract is non-cancellable and the customer is obligated to pay for the remaining term of the contract. Accordingly, the Company considers the non-cancellable term of the contract to begin after the expiration of the termination period.
The Company records reductions to revenue for estimated sales returns and customer credits at the time the related revenue is recognized. Sales returns and customer credits are estimated based on the Company’s historical experience, current trends and the Company’s expectations regarding future experience. The Company monitors the accuracy of its sales reserve estimates by reviewing actual returns and credits and adjusts them for its future expectations to determine the adequacy of its current and future reserve needs. If actual future returns and credits differ from past experience, additional reserves may be required.
Other revenue
Other revenue primarily includes revenue generated from sale of pre-configured phones and professional implementation services.
Phone revenue is recognized upon transfer of control to the customer which is generally upon shipment from the Company’s or its designated agents’ warehouse.
The Company offers professional services to support implementation and deployment of its subscription services. Professional services do not result in significant customization of the product and are generally short-term in duration. The majority of the Company’s professional services contracts are on a fixed price basis and revenue is recognized as and when services are delivered.
Principal vs. Agent
A portion of the Company’s subscriptions and product revenues are generated through sales by resellers, strategic partners, and global service providers. When the Company controls the performance of contractual obligations to the customer, it records these revenues at the gross amount paid by the customer with amounts retained by the resellers recognized as sales and marketing expenses. The Company assesses control of goods or services when it is primarily responsible for fulfilling the promise to provide the good or service, has inventory risk and has discretion in establishing the price.
Deferred and prepaid sales commission costs
The Company capitalizes sales commission expenses and associated payroll taxes paid to internal sales personnel and resellers, who sell the Company’s offerings. The resellers are selling agents for the Company and earn sales commissions which are directly tied to the value of the contracts that the Company enters with the end-user customers. These sales commissions are incremental costs the Company incurs to obtain contracts with its end-user customers. The Company pays sales commissions on initial contracts and contracts for increased purchases with existing customers (expansion contracts). The Company generally does not pay sales commissions for contract renewals.
These sales commission costs are deferred and then amortized over the expected period of benefit, which is estimated to be five years. The Company has determined the period of benefit taking into consideration the expected subscription term and expected renewal periods of its customer contracts, the duration of its relationships with its customers considering historical and expected customer retention, technology life-cycle and other factors. Amortization expense is included in sales and marketing expenses in the accompanying Consolidated Statements of Operations. The Company evaluates its deferred and prepaid sales commission costs for possible recoverability whenever events or changes in circumstances have occurred that could indicate the carrying amount of such assets may not be recoverable.
Cost of Revenues
Cost of Revenues
Cost of subscriptions revenue primarily consists of costs of network capacity purchased from third-party telecommunications providers, network operations, costs to build out and maintain data centers, including co-location fees for the right to place the Company’s servers in data centers owned by third parties, depreciation of the servers and equipment, along with related utilities and maintenance costs, amortization of acquired technology related intangible assets, integrated third-party services, personnel costs associated with customer care and support of the functionality of the Company’s platform and data center operations, including share-based compensation expenses, and allocated costs of facilities and information technology. Cost of subscriptions revenue is expensed as incurred.
Cost of other revenue is comprised primarily of the cost associated with purchased phones, personnel costs for employees and contractors, including share-based compensation expenses, shipping costs, costs of professional services, and allocated costs of facilities and information technology related to the procurement, management and shipment of phones. Cost of other revenue is expensed in the period product is delivered to the customer.
Asset Write-down Charges
Asset Write-down Charges
Asset write-down charges consist of write-offs related to our assets, including deferred and prepaid sales commission. The Company performs periodic reviews to assess the recoverability of such assets, whenever events or changes in circumstances have occurred that could indicate the carrying amount of such assets may not be recoverable. An impairment loss is recognized if the carrying value of deferred commission asset exceeds the amount of consideration that the Company expects to receive in the future in exchange for goods or services to which the asset relates, less the costs that relate directly to providing those goods or services that have not yet been recognized. Asset write-down charges are included in sales and marketing expenses in the Consolidated Statements of Operations.
Share-Based Compensation
Share-Based Compensation
Share-based compensation expense resulting from options, restricted stock units (“RSUs”), performance-based awards (“PSUs”), and employee stock purchase plan (“ESPP”) rights granted is measured at the grant date fair value of the award and is generally recognized using the straight-line attribution method over the requisite service period of the award, which is generally the vesting period. The Company estimates the fair value of stock options and ESPP rights using the Black-Scholes-Merton option-pricing model. The Company estimates the fair value of RSUs as the closing market value of its Class A
Common Stock on the grant date. The Company estimates the fair value of its market condition performance stock units (“PSUs”) using the Monte Carlo simulation model. For awards with performance-based and service-based conditions, compensation cost is recognized using the graded attribution method over the requisite service period if it is probable that the performance condition will be satisfied. The expense for performance-based awards is evaluated each quarter based on the achievement of the performance conditions. The effect of a change in the estimated number of performance-based awards expected to be earned is recognized in the period those estimates are revised. Compensation expense is recognized net of estimated forfeiture activity, which is based on historical forfeiture rates.
Research and Development
Research and Development
Research and development expenses consist primarily of third-party contractor costs, personnel costs, technology license expenses, and depreciation associated with research and development equipment. Research and development costs are expensed as incurred.
Advertising Costs
Advertising Costs
Advertising costs, which include various forms of e-commerce such as search engine marketing, search engine optimization and online display advertising, as well as more traditional forms of media advertising such as radio and billboards, are expensed as incurred
Restructuring Costs
Restructuring Costs
Restructuring costs generally include employee-related severance charges which are largely based upon substantive severance plans, while some are mandated requirements in certain foreign jurisdictions. Severance costs generally include severance payments, outplacement services, health insurance coverage and legal costs. One-time employee termination benefits are recognized when the plan of termination has been communicated to employees and certain other criteria are met. Other severance and employee costs, primarily pertaining to ongoing employee benefit arrangements, are recognized when it is probable that the employees are entitled to the severance benefits and the amounts can be reasonably estimated.
Income Taxes
Income Taxes
The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. The Company records a valuation allowance to reduce its deferred tax assets to the amount of future tax benefit that is more likely than not to be realized. As of December 31, 2025, except for deferred tax assets associated with certain foreign subsidiaries, the Company recorded a full valuation allowance against substantially all of its net deferred tax assets due to its history of operating losses. The Company classifies interest and penalties on unrecognized tax benefits as income tax expense.
Recent Accounting Pronouncements Not Yet Adopted and Recently Adopted Accounting Pronouncements
Recent Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued Accounting Standards Update No. 2024-03: Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which requires disaggregation of certain costs in a separate note to the financial statements, such as the amounts of employee compensation, depreciation and intangible asset amortization, included in each relevant expense caption in annual and interim financial statements. This ASU also requires disclosure of the total amount of selling expenses and our definition of selling expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and for interim periods beginning after December 15, 2027 on a retrospective or prospective basis, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on its financial statement disclosures.
In July 2025, the FASB issued Accounting Standards Update No. 2025-05: Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05), providing a practical expedient to calculating current expected credit losses for current accounts receivable and contract assets by assuming that the current conditions as of the balance sheet date will not change for the remaining life of the asset. This update is effective for annual reporting periods beginning after December 15, 2025 and for interim periods within those annual periods, and is applied prospectively. The adoption of ASU 2025-05 is not expected to have a material impact on the Company’s results of operations, financial position or liquidity or its related financial statement disclosures.
In September 2025, the FASB issued Accounting Standards Update No. 2025-06: Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which simplifies the capitalization guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The amendments in this update permit an entity to apply the new guidance using a prospective, retrospective or modified transition approach. The Company is currently evaluating the impact of adopting ASU 2025-06 on its financial statements.
Recently Adopted Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 effective January 1, 2025 and applied the guidance prospectively. The adoption of ASU 2023-09 did not have a material impact on the Company’s consolidated financial statements, as the amendments primarily affect income tax disclosures. For more details, refer to Note 13 - Income Taxes of this Annual Report on Form 10-K.
Fair Value of Financial Instruments
The hierarchy is broken down into three levels based on the reliability of the inputs as follows:
Level 1:    Observable inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2:    Other inputs, such as quoted prices for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.
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.
v3.25.4
Description of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Changes in Allowance for Doubtful Accounts
Below is a summary of the changes in allowance for doubtful accounts for the years ended December 31, 2025, 2024 and 2023 (in thousands):
Balance at
beginning of
year		Provision,
net of
recoveries		Write-offsBalance at
end of
year
Year ended December 31, 2025
Allowance for doubtful accounts$15,131 $17,470 $14,510 $18,091 
Year ended December 31, 2024
Allowance for doubtful accounts$12,472 $8,667 $6,008 $15,131 
Year ended December 31, 2023
Allowance for doubtful accounts$9,581 $6,852 $3,961 $12,472 
Schedule of Estimated Useful Lives of Assets
Property and equipment, net is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are calculated on a straight-line basis over the estimated useful lives of those assets as follows:
Computer hardware and software
3 to 5 years
Internal-use software development costs
3 to 5 years
Furniture and fixtures
3 to 5 years
Leasehold improvementsShorter of the estimated lease term or useful life
v3.25.4
Revenue (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue by Geographical Markets The following table provides information about disaggregated revenue by primary geographical markets:
Year ended December 31,
202520242023
Primary geographical markets
North America (1)
89 %90 %90 %
Others11 %10 %10 %
Total revenues100 %100 %100 %
(1)Total revenues attributed to the United States were 93% of North America total revenues for the years ended December 31, 2025 and 2024, and 94% for the year ended December 31, 2023.
v3.25.4
Financial Statement Components (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Components of Cash and Cash Equivalents
Cash and cash equivalents consisted of the following (in thousands):
December 31,
2025		December 31,
2024
Cash$127,140 $128,308 
Money market funds5,424 114,503 
Total cash and cash equivalents$132,564 $242,811 
Schedule of Components of Accounts Receivable, Net
Accounts receivable, net consisted of the following (in thousands):
December 31,
2025		December 31,
2024
Accounts receivable$303,256 $300,805 
Unbilled accounts receivable98,935 100,578 
Allowance for doubtful accounts(18,091)(15,131)
Accounts receivable, net$384,100 $386,252 
Schedule of Components of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
December 31,
2025		December 31,
2024
Prepaid expenses$43,142 $39,858 
Inventory929 1,243 
Other current assets37,119 18,343 
Total prepaid expenses and other current assets$81,190 $59,444 
Schedule of Components of Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
December 31,
2025		December 31,
2024
Computer hardware and software$274,700 $252,961 
Internal-use software development costs377,785 314,944 
Furniture and fixtures8,990 8,965 
Leasehold improvements10,041 12,367 
Property and equipment, gross671,516 589,237 
Less: accumulated depreciation and amortization(484,946)(408,587)
Property and equipment, net$186,570 $180,650 
Schedule of Carrying Value of Goodwill
The carrying value of goodwill is as follows (in thousands):
Balance at December 31, 2024$82,986 
Acquisitions (Note 8)
12,273 
Foreign currency translation adjustments2,533 
Balance at December 31, 2025$97,792 
Schedule of Carrying Values of Intangible Assets
The carrying values of intangible assets are as follows (in thousands):
December 31, 2025December 31, 2024
Weighted-Average Remaining Useful LifeCostAccumulated
Amortization And Impairment		Acquired
Intangibles,
Net		CostAccumulated
Amortization And Impairment		Acquired
Intangibles,
Net
Customer relationships
3.1 years
$60,660 $34,745 $25,915 $51,312 $25,833 $25,479 
Developed technology
1.0 year
784,130 674,635 109,495 779,794 546,747 233,047 
Total acquired intangible assets$844,790 $709,380 $135,410 $831,106 $572,580 $258,526 
Schedule of Estimated Amortization Expense for Acquired Intangible Assets
Estimated amortization expense for acquired intangible assets for the following fiscal years is as follows (in thousands):
2026$114,632 
20279,515 
20288,015 
20292,711 
2030 onwards537 
Total estimated amortization expense$135,410 
Schedule of Components of Accrued Liabilities
Accrued liabilities consisted of the following (in thousands):
December 31,
2025		December 31,
2024
Accrued compensation and benefits$54,715 $47,415 
Accrued sales, use, and telecom related taxes54,182 55,699 
Accrued marketing and sales commissions37,102 36,391 
Operating lease liabilities, short-term21,293 20,445 
Other accrued expenses130,341 123,849 
Total accrued liabilities$297,633 $283,799 
v3.25.4
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets Carried at Fair Value
The financial assets carried at fair value were determined using the following inputs (in thousands):
Fair Value at
December 31, 2025		Level 1Level 2Level 3
Cash equivalents:
Money market funds$5,424 $5,424 $— $— 
Accrued liabilities:
Interest rate swap derivatives
$1,285 $— $1,285 $— 
Contingent consideration$911 $— $— $911 
Other long-term liabilities:
Interest rate swap derivatives
$2,133 $— $2,133 $— 
Contingent consideration $1,136 $— $— $1,136 
Fair Value at
December 31, 2024		Level 1Level 2Level 3
Cash equivalents:
Money market funds$114,503 $114,503 $— $— 
Other assets:
Interest rate swap derivatives
$2,367 $— $2,367 $— 
Other long-term liabilities:
Contingent consideration$3,000 $— $— $3,000 
v3.25.4
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Net Carrying Amount of the Outstanding Long-Term Debt
The following table sets forth the net carrying amount of the Company’s long-term debt (in thousands):
Debt InstrumentMaturity DateDecember 31, 2025December 31, 2024
2030 Senior Notes
August 15, 2030$350,000 $400,000 
Term Loan under Credit Agreement (1)
September 11, 2030302,250 370,000 
Revolving Credit Facility under Credit Agreement (2)
September 11, 2030— — 
2026 Convertible NotesMarch 15, 2026609,065 609,065 
2025 Convertible Notes (3)
March 1, 2025— $161,326 
Total principal amount1,261,315 $1,540,391 
Less: unamortized debt discount and issuance costs on long-term debt(7,519)$(11,258)
Less: current portion of long-term debt, net (4)
(624,216)$(181,252)
Net carrying amount of long-term debt$629,580 $1,347,881 
(1)The Company has $650.0 million available for drawdown under the Term Loan as of December 31, 2025.
(2)The Company has $305.0 million available for borrowing under the Revolving Credit Facility as of December 31, 2025.
(3)The Company settled the remaining $161.3 million principal of the 2025 Convertible Notes in cash on the original maturity date in March 2025.
(4)As of December 31, 2025, the current portion of long-term debt, net, consists of the $608.7 million net carrying amount of the 2026 Convertible Notes and $15.5 million in expected principal payments due on the Term Loan. The Term Loan requires quarterly principal payments of 1.25% of the refinanced $310.0 million principal amount drawn, with balance due at maturity.
Schedule of Future Minimum Principal Payments of the Term Facility
The following table sets forth the future minimum principal payments for long-term debt as of December 31, 2025 (in thousands):
2026 Convertible NotesTerm Loan2030 Senior NotesTotal
2026$609,065 $15,500 $— $624,565 
2027— 15,500 — 15,500 
2028— 15,500 — 15,500 
2029— 15,500 — 15,500 
2030 onwards— 240,250 350,000 590,250 
Total principal amount$609,065 $302,250 $350,000 $1,261,315 
Schedule of Debt Terms
2026 Convertible Notes
$1,000 principal amount initially convertible into number of the Company’s Class A Common Stock par value $0.0001
2.3583 shares
Equivalent initial approximate conversion price per share
$424.03 
Schedule of Interest Expense on Long-Term Debt
The following table sets forth the interest expense recognized related to long-term debt (in thousands):
Twelve Months Ended December 31,
202520242023
Contractual interest expense$52,857 $59,138 $29,285 
Amortization of debt discount and issuance costs4,627 4,272 4,566 
Total interest expense related to long-term debt$57,484 $63,410 $33,851 
Schedule Of Future Minimum Contractual Interest For Long-term Debt
The following table sets forth the future minimum contractual interest for long-term debt as of December 31, 2025 (in thousands):
Term Loan (1)
2030 Senior NotesTotal
2026$17,954 $29,750 $47,704 
202717,748 29,750 47,498 
202815,152 29,750 44,902 
202914,054 29,750 43,804 
2030 onwards9,261 29,750 39,011 
Total contractual interest amount$74,169 $148,750 $222,919 
(1)Includes the impact of interest rate swap. Refer to Note 7 - Derivative Instruments in this Annual Report on Form 10-K for additional information.
The following table sets forth our non-cancellable open purchase obligations for each of the next five years and thereafter as of December 31, 2025 (in thousands):
Purchase Obligations
2026$63,111 
202740,033 
202829,933 
20294,646 
2030511 
Total$138,234 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Components of Leases
As of December 31, 2025 and 2024, the balance sheet components of leases were as follows (in thousands):
December 31, 2025December 31, 2024
Operating lease right-of-use assets$30,855 $46,463 
Accrued liabilities$21,293 $20,445 
Operating lease liabilities14,372 29,733 
Total operating lease liabilities$35,665 $50,178 
Schedule of Lease Cost
The components of operating lease expense were as follows (in thousands):
Twelve Months Ended December 31,
202520242023
Operating lease cost (1)
$28,891 $25,167 $23,315 
Variable lease cost (2)
5,398 4,560 4,412 
Total lease cost$34,289 $29,727 $27,727 
(1)Includes short-term lease costs, which were not material in the years ended December 31, 2025, 2024, and 2023.
(2)Variable lease cost includes common area maintenance, property taxes, utilities and fluctuations in rent due to a change in an index or rate.
The supplemental cash flow information related to operating leases for the twelve months ended December 31, 2025 and 2024 were as follows (in thousands):
Year ended December 31,
20252024
Operating cash flows resulting from operating leases:
Cash paid for amounts included in the measurement of lease liabilities$26,070 $21,876 
New ROU assets obtained in exchange of lease liabilities:
Operating leases$8,229 $24,966 
Other information related to operating leases were as follows:
December 31, 2025December 31, 2024
Weighted-average remaining operating lease term (years)2.02.6
Weighted-average operating lease discount rate6.3 %6.6 %
Schedule of Future Operating Lease Maturities
As of December 31, 2025, maturities of operating lease liabilities were as follows (in thousands):
Year Ending December 31,
2026$22,737 
20279,578 
20284,652 
2029 onwards831 
Total future minimum lease payments37,798 
Less: Imputed interest(2,133)
Present value of lease liabilities$35,665 
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Non-Cancellable Purchase Obligations
The following table sets forth the future minimum contractual interest for long-term debt as of December 31, 2025 (in thousands):
Term Loan (1)
2030 Senior NotesTotal
2026$17,954 $29,750 $47,704 
202717,748 29,750 47,498 
202815,152 29,750 44,902 
202914,054 29,750 43,804 
2030 onwards9,261 29,750 39,011 
Total contractual interest amount$74,169 $148,750 $222,919 
(1)Includes the impact of interest rate swap. Refer to Note 7 - Derivative Instruments in this Annual Report on Form 10-K for additional information.
The following table sets forth our non-cancellable open purchase obligations for each of the next five years and thereafter as of December 31, 2025 (in thousands):
Purchase Obligations
2026$63,111 
202740,033 
202829,933 
20294,646 
2030511 
Total$138,234 
v3.25.4
Stockholders’ Deficit and Convertible Preferred Stock (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Common Stock Reserved for Future Issuance
Shares of Class A Common Stock reserved for future issuance were as follows (in thousands):
December 31, 2025
Preferred stock100,000 
Class B Common Stock9,805 
2013 Employee stock purchase plan6,855 
2013 Equity incentive plan:
Outstanding options and restricted stock unit awards6,275 
Available for future grants14,229 
137,164 
Schedule Of Share Repurchase Activity
The following tables summarizes the share repurchase activity of the Company’s Class A Common Stock (in thousands):
Year Ended December 31,
202520242023
SharesAmountSharesAmountSharesAmount
Repurchases under share repurchase programs11,798 $333,386 9,600 $316,923 10,066 $314,964 
Amounts for excise tax withholdings and broker’s commissions
— 1,799 — 1,040 — 1,357 
Total repurchases of common stock11,798 $335,185 9,600 $317,963 10,066 $316,321 
Schedule of Share Repurchased and Settled
The following table summarizes the number of shares of the Company’s Class A Common Stock repurchased and settled under share repurchase programs (in thousands):
Year Ended December 31,
202520242023
Repurchases under share repurchase programs11,798 9,600 10,066 
Repurchases unsettled during period— — (118)
Prior-period share repurchases settled during period— 118 — 
Total repurchases of common stock settled11,798 9,718 9,948 
v3.25.4
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense Recognized to Statements of Operations
A summary of share-based compensation expense recognized in the Company’s Consolidated Statements of Operations is as follows (in thousands):
Year ended December 31,
202520242023
Cost of revenues$18,447 $30,322 $36,484 
Research and development61,705 76,971 93,961 
Sales and marketing113,959 134,659 151,221 
General and administrative75,547 97,107 145,013 
Total share-based compensation expense$269,658 $339,059 $426,679 
Schedule of Share-Based Compensation Expense by Award Type
A summary of share-based compensation expense by award type is as follows (in thousands):
Year ended December 31,
202520242023
Employee stock purchase plan rights (“ESPP”)$5,262 $6,338 $7,574 
Performance stock units (“PSUs”)27,234 20,624 27,035 
Restricted stock units (“RSUs”)237,162 312,097 392,070 
Total share-based compensation expense$269,658 $339,059 $426,679 
Schedule of Stock Option Activity Plans
A summary of option activity under all of the Company’s equity incentive plans and changes during the period then ended December 31, 2025, 2024, and 2023 is presented in the following table:
Number of
Options
Outstanding
(in thousands)		Weighted-
Average
Exercise Price
Per Share		Weighted-
Average
Contractual
Term
(in Years)		Aggregate
Intrinsic
Value
(in thousands)
Outstanding at December 31, 202222 $12.53 0.5$509 
Exercised(22)12.53 
Canceled/Forfeited— — 
Outstanding at December 31, 2023— $— 0.0$— 
Exercised— — 
Canceled/Forfeited— — 
Outstanding at December 31, 2024— $— 0.0$— 
Exercised— — 
Canceled/Forfeited— — 
Outstanding at December 31, 2025— $— 0.0$— 
Vested and expected to vest as of December 31, 2025— $— 0.0$— 
Exercisable as of December 31, 2025— $— 0.0$— 
Schedule of Assumptions Used to Value ESPP Rights Under the Black-Scholes Option-Pricing Model
The weighted-average assumptions used to value ESPP rights under the Black-Scholes-Merton option-pricing model and the resulting offering grant date fair value of ESPP rights granted in the periods presented were as follows:
Year ended December 31,
202520242023
Expected term (in years)0.50.50.5
Expected volatility50 %46 %67 %
Risk-free interest rate4.02 %4.89 %5.36 %
Expected dividend yield0 %0 %0 %
Offering grant date fair value of ESPP rights$8.16 $10.59 $9.38 
Schedule of RSUs Activity
A summary of activity of restricted and performance-based stock units as of December 31, 2025, and changes during the period then ended is presented in the following table:
Number of
RSUs/PSUs
Outstanding
(in thousands)		Weighted-
Average
Grant Date Fair
Value Per Share		Aggregate
Intrinsic
Value
(in thousands)
Outstanding at December 31, 20225,100 $119.55 $180,577 
Granted13,666 32.16 
Released(5,891)61.12 
Canceled/Forfeited(2,828)57.29 
Outstanding at December 31, 202310,047 $52.47 $325,153 
Granted6,947 36.34 
Released(6,226)53.15 
Canceled/Forfeited(2,462)40.28 
Outstanding at December 31, 20248,306 $42.09 $290,799 
Granted5,519 29.22 
Released(6,107)39.76 
Canceled/Forfeited(1,443)36.64 
Outstanding at December 31, 20256,275 $34.30 $181,227 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) Before Provision for Income Taxes
Income (loss) before provision for income taxes consisted of the following (in thousands):
Year ended December 31,
202520242023
United States$14,948 $(88,910)$(190,912)
International41,289 41,685 34,067 
Total income (loss) before provision for income taxes$56,237 $(47,225)$(156,845)
Schedule of Provision for Income Taxes
The provision for income taxes consisted of the following (in thousands):
Year ended December 31,
202520242023
Current
Federal$248 $2,930 $— 
State4,516 5,919 1,792 
Foreign5,916 5,849 5,972 
Total current$10,680 $14,698 $7,764 
Deferred
Federal$— $— $— 
State— — — 
Foreign2,166 (3,635)631 
Total deferred2,166 (3,635)631 
Total income tax provision$12,846 $11,063 $8,395 
Schedule of Effective Income Tax Rate Reconciliation
The effective income tax rate for the year ended December 31, 2025 differs from the statutory federal income tax rate as follows (in thousands, except percentages):
Year Ended December 31, 2025
$%
U.S. Federal Statutory Tax Rate$11,810 21.00 %
State and local income tax, net of federal (national) income tax effect (1)
4,516 8.03 
Foreign Tax Effects:
United Kingdom
Share-based payment awards(710)(1.26)
Other493 0.88 
China(697)(1.24)
Canada747 1.33 
Spain
R&D Tax Credits(1,071)(1.90)
Other190 0.34 
Other Non-US Jurisdictions502 0.89 
Effect of changes in tax laws or rates enacted in the current period— — 
Effect of cross-border tax laws:
Foreign derived intangible income (FDII)(78)(0.14)
Global Intangible Low-taxed Income (GILTI)2,203 3.92 
Tax Credits(1,393)(2.48)
Changes in valuation allowance(29,808)(53.00)
Nontaxable or Nondeductible Items:
Share-based payment awards24,172 42.98 
Non-deductible Meals and Entertainment Expenses687 1.22 
Other245 0.44 
Changes in unrecognized tax benefits745 1.32 
Other Adjustments293 0.52 
Total income tax provision$12,846 22.85 %
(1)State taxes in Illinois, Pennsylvania, and Texas made up the majority (greater than 50%) of the tax effect in this category
As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:
 Year ended December 31,
 20242023
Federal tax benefit at statutory rate$(9,917)$(32,937)
State tax, net of federal tax benefit4,676 1,415 
Research and development credits6,650 (11,574)
Share-based compensation34,227 10,956 
Global Intangible Low-Taxed Income (“GILTI”)— 3,035 
Foreign derived intangible income (“FDII”)(2,143)— 
Other permanent differences(983)1,674 
Foreign tax rate differential(2,624)548 
Net operating (gains) losses not recognized(18,823)35,278 
Total income tax provision$11,063 $8,395 
Schedule of Deferred Income Tax Assets and Liabilities
The types of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities are as follows (in thousands):
Year ended December 31,
20252024
Deferred tax assets
Net operating loss carryforward$382,887 $407,235 
Research and development credits74,496 73,352 
Research and development expenditure capitalization148,870 201,814 
Basis difference in investments416 138 
Sales tax accrual139 67 
Share-based compensation5,668 5,926 
Acquired intangibles111,750 91,943 
Accrued liabilities11,847 15,141 
Gross deferred tax assets736,073 795,616 
Valuation allowance(607,853)(644,379)
Total deferred tax assets128,220 151,237 
Deferred tax liabilities
Deferred sales commissions(85,101)(104,236)
Lease right of use assets(4,247)(6,948)
Property and equipment(36,802)(35,837)
Net deferred tax assets$2,070 $4,216 
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits
The following shows the changes in the gross amount of unrecognized tax benefits as of December 31, 2025 (in thousands):
202520242023
Unrecognized tax benefits, beginning of the year$30,193 $31,976 $26,412 
Increases related to prior year tax positions400 — — 
Decreases related to prior year tax positions(462)(3,088)(418)
Increases related to current year tax positions608 1,305 5,982 
Unrecognized tax benefits, end of year$30,739 $30,193 $31,976 
Schedule of Income Taxes Paid
The following table presents income taxes paid (net of refunds received) for the year ended December 31, 2025 (in thousands):
2025
Federal$1,361 
State4,756 
Foreign6,318 
$12,435 

Income taxes paid (net of refunds) exceeded five percent of total income taxes paid (net of refunds) in the following jurisdictions:
2025
State
Texas$851 
Illinois$1,357 
Pennsylvania$578 
Foreign
Canada$1,853 
India$1,497 
Spain$1,130 
v3.25.4
Basic and Diluted Net Loss Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Company's Basic and Diluted Net Income (Loss) Per Share of Common Stock
The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share of common stock (in thousands, except per share data):
Year Ended December 31,
202520242023
Numerator
Net income (loss)$43,391 $(58,288)$(165,240)
Denominator
Weighted-average common shares outstanding for basic net income (loss) per share89,481 92,110 94,912 
Effect of dilutive securities:
Shares of common stock issuable under equity incentive awards outstanding990 — — 
Shares of common stock related to convertible preferred stock743 — — 
Weighted-average common shares outstanding for diluted net income (loss) per share91,214 92,110 94,912 
Basic net income (loss) per share$0.48 $(0.63)$(1.74)
Diluted net income (loss) per share$0.48 $(0.63)$(1.74)
Schedule of Potential Shares of Common Stock Excluded from Diluted Weighted-Average Common Shares Outstanding
The following table summarizes the potentially dilutive common shares that were excluded from diluted weighted-average common shares outstanding because including them would have had an anti-dilutive effect (in thousands):
Year Ended December 31,
202520242023
Shares of common stock issuable under equity incentive plans outstanding6,910 9,860 9,999 
Shares of common stock related to convertible preferred stock— 743 743 
Potential common shares excluded from diluted net loss per share6,910 10,603 10,742 
v3.25.4
Restructuring Activities (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Costs and Liability
The following table summarizes the Company’s restructuring costs that were recorded as an operating expense in the accompanying Consolidated Statement of Operations for the year ended December 31, 2025, 2024 and 2023 (in thousands):
Year Ended December 31,
202520242023
Cost of revenues$4,179 $1,334 $876 
Research and development4,793 3,215 4,457 
Sales and marketing5,662 5,885 8,758 
General and administrative3,483 2,201 6,277 
Total restructuring costs$18,117 $12,635 $20,368 
The following table summarizes the Company’s restructuring liability that is included in accrued liabilities in the accompanying Consolidated Balance Sheets (in thousands):
Balance as of December 31, 2023$3,191 
Restructuring costs12,635 
Cash payments(14,209)
Balance as of December 31, 2024$1,617 
Restructuring costs18,117 
Cash payments(15,560)
Non-cash and other adjustments(1,340)
Balance as of December 31, 2025$2,834 
v3.25.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Reconciliation of Net Income
The following table presents selected financial information for the Company’s single operating segment for the years ended December 31, 2025, 2024 and 2023:
Twelve Months Ended December 31,
202520242023
Revenue$2,515,142 $2,400,395 $2,202,429 
Less:
Share-based compensation expense269,658 339,059 426,679 
Depreciation and amortization222,603 222,609 233,940 
Other segment items (1)
1,902,330 1,836,057 1,740,621 
Income (loss) from operations120,551 2,670 (198,811)
Operating margin as % of revenue4.8 %0.1 %(9.0)%
Other (expense) income, net
Interest expense(60,279)(64,995)(35,997)
Other (expense) income (2)
(4,035)15,100 77,963 
Other (expense) income, net(64,314)(49,895)41,966 
Income (loss) before income taxes56,237 (47,225)(156,845)
Provision for income taxes12,846 11,063 8,395 
Net income (loss)$43,391 $(58,288)$(165,240)
(1)Other segment items mainly consist of personnel costs, third-party commissions, and advertising and marketing costs.
(2)Includes interest income of $2.7 million, $8.0 million and $12.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
Description of Business and Summary of Significant Accounting Policies - Changes in Allowance for Doubtful Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at beginning of year $ 15,131 $ 12,472 $ 9,581
Provision, net of recoveries 17,470 8,667 6,852
Write-offs 14,510 6,008 3,961
Balance at end of year $ 18,091 $ 15,131 $ 12,472
v3.25.4
Description of Business and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Description Of Business And Summary Of Significant Accounting Policies [Line Items]          
Software development cost, net of impairment     $ 62,800,000 $ 59,300,000  
Carrying value of internal-use software development costs $ 138,200,000 $ 135,200,000 $ 138,200,000 135,200,000  
Adjustment to goodwill 0 0      
Deferred contract costs, expected amortization period of benefit (in years)     5 years    
Advertising expense     $ 93,800,000 96,000,000.0 $ 97,000,000.0
Accounts payable 27,677,000 21,866,000 27,677,000 21,866,000  
Accounts receivable, net 384,100,000 $ 386,252,000 384,100,000 $ 386,252,000  
Total expenses incurred from related party     29,200,000    
Related Party          
Description Of Business And Summary Of Significant Accounting Policies [Line Items]          
Accounts payable 0   0    
Accounts receivable, net $ 0   $ 0    
Minimum          
Description Of Business And Summary Of Significant Accounting Policies [Line Items]          
Useful life (in years) 2 years   2 years    
Contractual arrangement subscriptions period     1 month    
Subscription contracts services termination period (in days)     30 days    
Maximum          
Description Of Business And Summary Of Significant Accounting Policies [Line Items]          
Useful life (in years) 5 years   5 years    
Contractual arrangement subscriptions period     5 years    
Subscription contracts services termination period (in days)     60 days    
v3.25.4
Description of Business and Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)
Dec. 31, 2025
Computer hardware and software | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 3 years
Computer hardware and software | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 5 years
Internal-use software development costs | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 3 years
Internal-use software development costs | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 5 years
Furniture and fixtures | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 3 years
Furniture and fixtures | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 5 years
v3.25.4
Revenue - Schedule of Revenue by Geographical Markets (Details) - Geographic Concentration Risk - Revenue from Contract with Customer Benchmark
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total revenues 100.00% 100.00% 100.00%
North America      
Disaggregation of Revenue [Line Items]      
Total revenues 89.00% 90.00% 90.00%
United States      
Disaggregation of Revenue [Line Items]      
Total revenues 93.00% 93.00% 94.00%
Others      
Disaggregation of Revenue [Line Items]      
Total revenues 11.00% 10.00% 10.00%
v3.25.4
Revenue - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenue, remaining performance obligation, amount $ 2,600,000    
Revenues $ 2,515,142 $ 2,400,395 $ 2,202,429
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01      
Disaggregation of Revenue [Line Items]      
Revenue, remaining performance obligation, expected timing of satisfaction, period 12 months    
Revenue, remaining performance obligation, percentage 55.00%    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01      
Disaggregation of Revenue [Line Items]      
Revenue, remaining performance obligation, expected timing of satisfaction, period    
Revenue, remaining performance obligation, percentage 45.00%    
Minimum      
Disaggregation of Revenue [Line Items]      
Subscription term 1 month    
Maximum      
Disaggregation of Revenue [Line Items]      
Subscription term 5 years    
Product      
Disaggregation of Revenue [Line Items]      
Revenues $ 46,400 $ 51,900 $ 44,800
Product Concentration Risk | Revenue from Contract with Customer Benchmark | RingEX And RingCentral Contact Center Solutions      
Disaggregation of Revenue [Line Items]      
Concentration risk, percentage 90.00% 90.00% 90.00%
Product Concentration Risk | Revenue from Contract with Customer Benchmark | RingCentral Contact Center Solutions      
Disaggregation of Revenue [Line Items]      
Concentration risk, percentage 10.00% 10.00% 10.00%
v3.25.4
Financial Statement Components - Schedule of Components of Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Cash $ 127,140 $ 128,308
Money market funds 5,424 114,503
Total cash and cash equivalents $ 132,564 $ 242,811
v3.25.4
Financial Statement Components - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Restricted cash $ 8,400,000 $ 7,400,000  
Depreciation and amortization 87,200,000 86,100,000 $ 82,900,000
Amortization expense of intangible assets 135,400,000 136,500,000 151,100,000
Amortization of deferred and prepaid sales commission costs 163,550,000 162,552,000 138,134,000
Impairment loss in relation to costs capitalized 0 0 $ 0
Asset write-down charge $ 11,400,000    
Developed technology      
Property, Plant and Equipment [Line Items]      
Gross reduction of intangible assets   50,600,000  
Reduction of intangible assets   28,500,000  
Amortization expense of intangible assets   22,100,000  
Cash consideration   29,800,000  
Trademarks and Trade Names      
Property, Plant and Equipment [Line Items]      
Cash consideration   29,800,000  
Customer relationships      
Property, Plant and Equipment [Line Items]      
Cash consideration   $ 29,800,000  
v3.25.4
Financial Statement Components - Schedule of Components of Accounts Receivable, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Accounts receivable $ 303,256 $ 300,805    
Unbilled accounts receivable 98,935 100,578    
Allowance for doubtful accounts (18,091) (15,131) $ (12,472) $ (9,581)
Accounts receivable, net $ 384,100 $ 386,252    
v3.25.4
Financial Statement Components - Schedule of Components of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid expenses $ 43,142 $ 39,858
Inventory 929 1,243
Other current assets 37,119 18,343
Total prepaid expenses and other current assets $ 81,190 $ 59,444
v3.25.4
Financial Statement Components - Schedule of Components of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 671,516 $ 589,237
Less: accumulated depreciation and amortization (484,946) (408,587)
Property and equipment, net 186,570 180,650
Computer hardware and software    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 274,700 252,961
Internal-use software development costs    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 377,785 314,944
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 8,990 8,965
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 10,041 $ 12,367
v3.25.4
Financial Statement Components - Schedule of Carrying Value of Goodwill (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Goodwill [Roll Forward]  
Goodwill, Beginning balance $ 82,986
Acquisitions (Note 8) 12,273
Foreign currency translation adjustments 2,533
Goodwill, Ending balance $ 97,792
v3.25.4
Financial Statement Components - Schedule of Carrying Values of Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Cost $ 844,790 $ 831,106
Accumulated Amortization And Impairment 709,380 572,580
Total estimated amortization expense $ 135,410 258,526
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Weighted-Average Remaining Useful Life 3 years 1 month 6 days  
Cost $ 60,660 51,312
Accumulated Amortization And Impairment 34,745 25,833
Total estimated amortization expense $ 25,915 25,479
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Weighted-Average Remaining Useful Life 1 year  
Cost $ 784,130 779,794
Accumulated Amortization And Impairment 674,635 546,747
Total estimated amortization expense $ 109,495 $ 233,047
v3.25.4
Financial Statement Components - Schedule of Estimated Amortization Expense for Acquired Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
2026 $ 114,632  
2027 9,515  
2028 8,015  
2029 2,711  
2030 onwards 537  
Total estimated amortization expense $ 135,410 $ 258,526
v3.25.4
Financial Statement Components - Schedule of Components of Accrued Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued compensation and benefits $ 54,715 $ 47,415
Accrued sales, use, and telecom related taxes 54,182 55,699
Accrued marketing and sales commissions 37,102 36,391
Operating lease liabilities, short-term 21,293 20,445
Other accrued expenses 130,341 123,849
Total accrued liabilities $ 297,633 $ 283,799
v3.25.4
Fair Value of Financial Instruments - Schedule of Financial Assets Carried at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Other assets:    
Interest rate swap derivatives   $ 2,367
Derivative asset, statement of financial position   Other assets
Accrued liabilities:    
Interest rate swap derivatives $ 1,285  
Contingent consideration $ 911  
Other long-term liabilities:    
Derivative liability, statement of financial position Other long-term liabilities  
Interest rate swap derivatives $ 2,133  
Contingent consideration 1,136 $ 3,000
Level 1    
Other assets:    
Interest rate swap derivatives   0
Accrued liabilities:    
Interest rate swap derivatives 0  
Contingent consideration 0  
Other long-term liabilities:    
Interest rate swap derivatives 0  
Contingent consideration 0 0
Level 2    
Other assets:    
Interest rate swap derivatives   2,367
Accrued liabilities:    
Interest rate swap derivatives 1,285  
Contingent consideration 0  
Other long-term liabilities:    
Interest rate swap derivatives 2,133  
Contingent consideration 0 0
Level 3    
Other assets:    
Interest rate swap derivatives   0
Accrued liabilities:    
Interest rate swap derivatives 0  
Contingent consideration 911  
Other long-term liabilities:    
Interest rate swap derivatives 0  
Contingent consideration 1,136 3,000
Money market funds    
Cash equivalents:    
Money market funds 5,424 114,503
Money market funds | Level 1    
Cash equivalents:    
Money market funds 5,424 114,503
Money market funds | Level 2    
Cash equivalents:    
Money market funds 0 0
Money market funds | Level 3    
Cash equivalents:    
Money market funds $ 0 $ 0
v3.25.4
Fair Value of Financial Instruments - Additional Information (Details)
$ in Millions
Dec. 31, 2025
USD ($)
2025 Convertible Notes | Level 2  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Debt instrument, interest rate (as percent) 0.00%
2026 Convertible Notes | Level 2  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Estimated fair value of convertible senior notes $ 602.1
Credit Agreement | Secured Debt | Line of Credit  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Carrying amount of debt $ 302.3
2030 Senior Notes | Senior Notes  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Debt instrument, interest rate (as percent) 8.50%
2030 Senior Notes | Level 2 | Senior Notes  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Debt instrument, interest rate (as percent) 8.50%
Estimated fair value of convertible senior notes $ 371.7
v3.25.4
Strategic Partnerships (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Developed technology    
Business Combination [Line Items]    
Reduction of intangible assets $ 28.5  
Mitel US Holdings    
Business Combination [Line Items]    
Gain from strategic partnership $ 7.7 $ 11.5
v3.25.4
Long-Term Debt - Schedule of Net Carrying Amount of the Outstanding Long-Term Debt (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Total principal amount   $ 1,261,315 $ 1,540,391
Less: unamortized debt discount and issuance costs on long-term debt   (7,519) (11,258)
Less: current portion of long-term debt   (624,216) (181,252)
Long-term debt, net   629,580 1,347,881
2030 Senior Notes | Senior Notes      
Debt Instrument [Line Items]      
Total principal amount   350,000 400,000
Long-term debt, net   344,900  
Term Loan | Secured Debt | Line of Credit      
Debt Instrument [Line Items]      
Total principal amount   302,250 370,000
Available borrowing   650,000  
Long-term debt, net   310,000  
Debt instrument, periodic payment, principal   $ 15,500  
Debt instrument, quarterly payment, principal interest rate (in percent)   1.25%  
Term Loan | Revolving Credit Facility | Line of Credit      
Debt Instrument [Line Items]      
Total principal amount   $ 0 0
Available borrowing   305,000  
2026 Convertible Notes | Convertible Debt      
Debt Instrument [Line Items]      
Total principal amount   609,065 609,065
Long-term debt, net   608,700  
2025 Convertible Notes (3) | Convertible Debt      
Debt Instrument [Line Items]      
Total principal amount   $ 0 $ 161,326
Repayments of debt $ 161,300    
v3.25.4
Long-Term Debt - Schedule of Future Minimum Principal Payments of the Term Facility (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
2026 $ 624,565  
2027 15,500  
2028 15,500  
2029 15,500  
2030 onwards 590,250  
Total principal amount 1,261,315 $ 1,540,391
2026 Convertible Notes | Convertible Debt    
Debt Instrument [Line Items]    
2026 609,065  
2027 0  
2028 0  
2029 0  
2030 onwards 0  
Total principal amount 609,065 609,065
Term Loan | Line of Credit | Secured Debt    
Debt Instrument [Line Items]    
2026 15,500  
2027 15,500  
2028 15,500  
2029 15,500  
2030 onwards 240,250  
Total principal amount 302,250 370,000
2030 Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
2026 0  
2027 0  
2028 0  
2029 0  
2030 onwards 350,000  
Total principal amount $ 350,000 $ 400,000
v3.25.4
Long-Term Debt - Additional Information (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2025
USD ($)
day
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Aug. 31, 2023
USD ($)
Feb. 28, 2023
USD ($)
Sep. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Debt Instrument [Line Items]                    
Gain (loss) on early debt extinguishment       $ (4,988,000) $ 0 $ 53,400,000        
Convertible Debt                    
Debt Instrument [Line Items]                    
Debt instrument, convertible, threshold before maturity (in days) | day       91            
Percentage of EBITDA       50.00%            
Threshold percentage of unrestricted cash and undrawn commitments       125.00%            
2030 Senior Notes | Senior Notes                    
Debt Instrument [Line Items]                    
Debt instrument, face amount             $ 400,000,000.0      
Debt instrument, interest rate (as percent)       8.50%            
Debt instrument, repurchased face amount $ 50,000,000.0                  
Debt instrument, repurchase amount 53,900,000                  
Gain (loss) on early debt extinguishment $ (4,700,000)                  
Long-term debt, net       $ 344,900,000            
Effective interest rate (as percent)       8.90%            
Credit Agreement | Line of Credit | Fed Funds Effective Rate Overnight Index Swap Rate                    
Debt Instrument [Line Items]                    
Debt instrument, basis spread on variable rate (in percent)       0.50%            
Credit Agreement | Line of Credit | Fed Funds Effective Rate Overnight Index Swap Rate | Minimum                    
Debt Instrument [Line Items]                    
Debt instrument, basis spread on variable rate (in percent)       0.375%            
Credit Agreement | Line of Credit | Fed Funds Effective Rate Overnight Index Swap Rate | Maximum                    
Debt Instrument [Line Items]                    
Debt instrument, basis spread on variable rate (in percent)       1.375%            
Credit Agreement | Line of Credit | SOFR                    
Debt Instrument [Line Items]                    
Debt instrument, basis spread on variable rate (in percent)       1.00%            
Credit Agreement | Line of Credit | SOFR | Minimum                    
Debt Instrument [Line Items]                    
Debt instrument, basis spread on variable rate (in percent)       1.375%            
Credit Agreement | Line of Credit | SOFR | Maximum                    
Debt Instrument [Line Items]                    
Debt instrument, basis spread on variable rate (in percent)       2.375%            
Credit Agreement | Line of Credit | Secured Debt                    
Debt Instrument [Line Items]                    
Long-term debt, net       $ 310,000,000.0            
Effective interest rate (as percent)       5.70%            
Credit agreement               $ 400,000,000.0    
Line of credit increase       $ 300,000,000.0 350,000,000.0          
Available borrowing       $ 650,000,000.0            
Unused capacity, commitment fee percentage       0.30%            
Convertible senior notes       $ 300,200,000            
Debt issuance costs, net       17,400,000            
Amortization of debt issuance cost       12,100,000            
Credit Agreement | Line of Credit | Revolving Credit Facility                    
Debt Instrument [Line Items]                    
Credit agreement         $ 225,000,000.0     $ 200,000,000.0    
Available borrowing       $ 305,000,000.0            
Unused capacity, commitment fee percentage       0.35%            
Credit Agreement, Draw Until June 30, 2026 | Line of Credit | Secured Debt                    
Debt Instrument [Line Items]                    
Available borrowing       $ 325,000,000.0            
Credit Agreement, Draw Until September 30, 2026 | Line of Credit | Secured Debt                    
Debt Instrument [Line Items]                    
Available borrowing       $ 162,500,000            
2025 Convertible Notes | Convertible Debt                    
Debt Instrument [Line Items]                    
Debt instrument, face amount                   $ 1,000,000,000.0
Debt instrument, interest rate (as percent)       0.00%            
Repayments of debt   $ 161,300,000                
2025 Convertible Notes | Convertible Debt | Proceeds From Term Loan                    
Debt Instrument [Line Items]                    
Repayments of debt     $ 400,000,000.0              
2026 Convertible Notes | Convertible Debt                    
Debt Instrument [Line Items]                    
Debt instrument, face amount                 $ 650,000,000.0  
Long-term debt, net       $ 608,700,000            
v3.25.4
Long-Term Debt - Schedule of Conversion of the Notes (Details) - Common Class A
 1 Months Ended
Sep. 30, 2020
$ / shares
Dec. 31, 2025
$ / shares
Dec. 31, 2024
$ / shares
Nov. 08, 2021
$ / shares
Debt Instrument [Line Items]        
Common stock, par or stated value per share (in dollars per share)   $ 0.0001 $ 0.0001 $ 0.0001
2026 Convertible Notes        
Debt Instrument [Line Items]        
Common stock, par or stated value per share (in dollars per share)   $ 0.0001    
Initial cap price per share, subject to certain adjustments (in dollars per share) $ 424.03      
Debt conversion, converted instrument, shares issued 0.0023583      
v3.25.4
Long-Term Debt - Schedule of Interest Expense on Long-Term Debt (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]      
Contractual interest expense $ 52,857 $ 59,138 $ 29,285
Amortization of debt discount and issuance costs 4,627 4,272 4,566
Total interest expense related to long-term debt $ 57,484 $ 63,410 $ 33,851
v3.25.4
Long-Term Debt - Schedule of Future Minimum Contractual Interest for Long-Term Debt (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]  
2026 $ 47,704
2027 47,498
2028 44,902
2029 43,804
2030 onwards 39,011
Total contractual interest amount 222,919
Credit Agreement | Line of Credit | Secured Debt  
Debt Instrument [Line Items]  
2026 17,954
2027 17,748
2028 15,152
2029 14,054
2030 onwards 9,261
Total contractual interest amount 74,169
2030 Senior Notes | Senior Notes  
Debt Instrument [Line Items]  
2026 29,750
2027 29,750
2028 29,750
2029 29,750
2030 onwards 29,750
Total contractual interest amount $ 148,750
v3.25.4
Derivative Instruments (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
May 31, 2023
Dec. 31, 2025
Jun. 30, 2025
2030 Senior Notes | Senior Notes      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Debt instrument, repurchased face amount     $ 50.0
Interest Rate Swap      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Derivative, term of contract (in years) 5 years    
Derivative, fixed interest rate (in percent) 3.79%    
Derivative, notional amount   $ 350.0  
Reclassified into earnings over next 12 months   (1.1)  
Interest Rate Swap | Designated as Hedging Instrument      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Derivative, notional amount   300.0  
Interest Rate Swap | Not Designated as Hedging Instrument      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Derivative, notional amount     $ 50.0
Interest Rate Swap | Interest Expense      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Accumulated other comprehensive loss reclassified to earnings   $ 1.1  
Interest Rate Swap | Minimum      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Derivative, basis spread on variable interest rate (in percent) 2.00%    
Interest Rate Swap | Maximum      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Derivative, basis spread on variable interest rate (in percent) 3.00%    
v3.25.4
Business Combinations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 20, 2025
Jun. 21, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]          
Indemnity holdback consideration     $ 3,000 $ 0 $ 0
Goodwill     $ 97,792 $ 82,986  
Customer relationships          
Business Combination [Line Items]          
Weighted-average useful life (in years)     3 years 1 month 6 days    
Developed technology          
Business Combination [Line Items]          
Weighted-average useful life (in years)     1 year    
CommunityWFM          
Business Combination [Line Items]          
Equity interest acquired (as percent) 100.00%        
Total purchase price $ 25,200        
Cash consideration 20,800        
Indemnity holdback consideration 2,400        
Contingent consideration 2,000        
Net acquired liabilities assumed 500        
Goodwill 12,300        
CommunityWFM | Post-Combination Compensation Compensation Expense          
Business Combination [Line Items]          
Contingent consideration $ 4,000        
Performance target period 3 years        
CommunityWFM | Customer relationships          
Business Combination [Line Items]          
Liabilities assumed $ 8,300        
Weighted-average useful life (in years) 3 years        
CommunityWFM | Developed technology          
Business Combination [Line Items]          
Liabilities assumed $ 4,100        
Weighted-average useful life (in years) 3 years        
Mitel US Holdings          
Business Combination [Line Items]          
Cash consideration   $ 26,300      
Net acquired liabilities assumed   17,800      
Goodwill   $ 16,800      
Weighted-average useful life (in years)   5 years      
Transaction costs   $ 3,600      
Mitel US Holdings | Customer relationships          
Business Combination [Line Items]          
Liabilities assumed   25,300      
Mitel US Holdings | Developed technology          
Business Combination [Line Items]          
Liabilities assumed   $ 2,000      
v3.25.4
Leases - Additional Information (Details) - ft²
Dec. 31, 2025
Jul. 31, 2025
Lessee, Lease, Description [Line Items]    
Net rentable area (in sq.ft)   84,148
Minimum    
Lessee, Lease, Description [Line Items]    
Renewal term (in years) 1 year  
Maximum    
Lessee, Lease, Description [Line Items]    
Renewal term (in years) 6 years  
v3.25.4
Leases - Schedule of Components of Leases and Lease Costs (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Operating leases    
Operating lease right-of-use assets $ 30,855 $ 46,463
Accrued liabilities 21,293 20,445
Operating lease liabilities 14,372 29,733
Total operating lease liabilities $ 35,665 $ 50,178
Operating lease, liability, current, statement of financial position extensible list Accrued liabilities Accrued liabilities
v3.25.4
Leases - Schedule of Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 28,891 $ 25,167 $ 23,315
Variable lease cost 5,398 4,560 4,412
Total lease cost $ 34,289 $ 29,727 $ 27,727
v3.25.4
Leases - Schedule of Future Lease Maturities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Year Ending December 31,    
2026 $ 22,737  
2027 9,578  
2028 4,652  
2029 onwards 831  
Total future minimum lease payments 37,798  
Less: Imputed interest (2,133)  
Present value of lease liabilities $ 35,665 $ 50,178
v3.25.4
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating cash flows resulting from operating leases:    
Cash paid for amounts included in the measurement of lease liabilities $ 26,070 $ 21,876
New ROU assets obtained in exchange of lease liabilities:    
Operating leases $ 8,229 $ 24,966
v3.25.4
Leases - Schedule of Lease Term and Discount Rate (Details)
Dec. 31, 2025
Dec. 31, 2024
Lease, Cost [Abstract]    
Weighted-average remaining operating lease term (years) 2 years 2 years 7 months 6 days
Weighted-average operating lease discount rate 6.30% 6.60%
v3.25.4
Commitments and Contingencies (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2026 $ 63,111
2027 40,033
2028 29,933
2029 4,646
2030 511
Total $ 138,234
v3.25.4
Stockholders’ Deficit and Convertible Preferred Stock - Additional Information (Details)
 12 Months Ended
Feb. 19, 2026
$ / shares
Nov. 08, 2021
USD ($)
$ / shares
shares
Dec. 31, 2025
USD ($)
vote
$ / shares
shares
Feb. 18, 2026
USD ($)
Jan. 29, 2026
USD ($)
Dec. 31, 2024
USD ($)
$ / shares
shares
Stockholders Equity Note Disclosure [Line Items]            
Preferred stock, par value (in dollars per share) | $ / shares     $ 0.0001      
Preferred stock, shares authorized (in shares) | shares     100,000,000     100,000,000
Year of anniversary     7 years      
Remaining repurchase authorization amount | $     $ 248,800,000      
Subsequent Event            
Stockholders Equity Note Disclosure [Line Items]            
Remaining repurchase authorization amount | $       $ 500,000,000.0 $ 400,000,000.0  
Cash dividend declared (in dollar per share) | $ / shares $ 0.075          
Common Class A            
Stockholders Equity Note Disclosure [Line Items]            
Common stock, par or stated value per share (in dollars per share) | $ / shares   $ 0.0001 $ 0.0001     $ 0.0001
Common stock, shares authorized (in shares) | shares     1,000,000,000     1,000,000,000
Number of votes per share | vote     1      
Shares issued upon conversion (in shares) | shares     1      
Shares of common stock related to convertible preferred stock            
Stockholders Equity Note Disclosure [Line Items]            
Convertible preferred stock, shares authorized (in shares) | shares   200,000 200,000     200,000
Convertible preferred stock, shares issued (in shares) | shares     200,000     200,000
Convertible preferred stock, shares outstanding (in shares) | shares     200,000     200,000
Convertible preferred stock, par value (in dollars per share) | $ / shares   $ 0.0001 $ 0.0001     $ 0.0001
Convertible preferred stock, aggregate purchase price | $   $ 200,000,000        
Convertible preferred stock, conversion price (in dollars per share) | $ / shares   $ 269.22        
Liquidation preference per share (in dollars per share) | $ / shares   $ 1,000        
Value of convertible preferred stock | $     $ 199,449,000     $ 199,449,000
Class B Common Stock            
Stockholders Equity Note Disclosure [Line Items]            
Common stock, par or stated value per share (in dollars per share) | $ / shares     $ 0.0001     $ 0.0001
Common stock, shares authorized (in shares) | shares     250,000,000     250,000,000
Number of votes per share | vote     10      
Percentage of written consent of shareholders     67.00%      
Common stock, number of shares outstanding as a percentage of total shares outstanding (as percent)     10.00%      
Common stock, shares beneficially owned as a percentage of shares beneficially owned immediately prior to completion of the initial public offering (percent)     50.00%      
v3.25.4
Stockholders’ Deficit and Convertible Preferred Stock - Schedule of Common Stock Reserved for Future Issuance (Details)
Dec. 31, 2025
shares
Class of Stock [Line Items]  
Common stock reserved for future issuance (in shares) 137,164,000
2013 Equity incentive plan  
Class of Stock [Line Items]  
Outstanding options and restricted stock unit awards (in shares) 6,275,000
Available for future grants (in shares) 14,229,173
2013 Employee stock purchase plan  
Class of Stock [Line Items]  
Common stock reserved for future issuance (in shares) 6,855,000
Class B Common Stock  
Class of Stock [Line Items]  
Common stock reserved for future issuance (in shares) 9,805,000
Preferred stock  
Class of Stock [Line Items]  
Common stock reserved for future issuance (in shares) 100,000,000
v3.25.4
Stockholders’ Deficit and Convertible Preferred Stock - Schedule of Stock Repurchased Activity (Details) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity, Class of Treasury Stock [Line Items]      
Total repurchases of common stock $ 335,185 $ 317,964 $ 316,322
Common Class A      
Equity, Class of Treasury Stock [Line Items]      
Repurchases under share repurchase programs (in shares) 11,798 9,600 10,066
Repurchases under share repurchase programs $ 333,386 $ 316,923 $ 314,964
Amounts for excise tax withholdings and broker’s commissions 1,799 1,040 1,357
Total repurchases of common stock $ 335,185 $ 317,963 $ 316,321
v3.25.4
Stockholders’ Deficit and Convertible Preferred Stock - Schedule of Share Repurchased and Settled (Details) - Common Class A - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity, Class of Treasury Stock [Line Items]      
Repurchases under share repurchase programs (in shares) 11,798 9,600 10,066
Repurchases unsettled as of quarter end (in shares) 0 0 (118)
Prior quarter repurchases settled in current quarter (in shares) 0 118 0
Repurchases of common stock (in shares) 11,798 9,718 9,948
v3.25.4
Share-Based Compensation - Schedule of Share-Based Compensation Expense Recognized to Statements of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total share-based compensation expense $ 269,658 $ 339,059 $ 426,679
Cost of revenues      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total share-based compensation expense 18,447 30,322 36,484
Research and development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total share-based compensation expense 61,705 76,971 93,961
Sales and marketing      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total share-based compensation expense 113,959 134,659 151,221
General and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total share-based compensation expense $ 75,547 $ 97,107 $ 145,013
v3.25.4
Share-Based Compensation - Schedule of Share-Based Compensation Expense by Award Type (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total share-based compensation expense $ 269,658 $ 339,059 $ 426,679
Employee stock purchase plan rights (“ESPP”)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total share-based compensation expense 5,262 6,338 7,574
Performance stock units (“PSUs”)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total share-based compensation expense 27,234 20,624 27,035
Restricted stock units (“RSUs”)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total share-based compensation expense $ 237,162 $ 312,097 $ 392,070
v3.25.4
Share-Based Compensation - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 5 Months Ended 12 Months Ended
Jan. 29, 2014
Sep. 30, 2013
Jan. 29, 2014
Dec. 31, 2025
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of options granted (in shares)       0 0
2013 Employee stock purchase plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Available for future grants (in shares)       6,854,792  
Maximum employee subscription rate (percent)       15.00%  
Maximum number of share per employee (in shares)       3,000  
Offering period (in months)       6 months  
Additional shares reserved for future issuance (in shares)       907,179  
Unrecognized share-based compensation expense       $ 2.7 $ 2.5
Unrecognized share-based compensation expense, remaining weighted-average vesting periods (in years)       4 months 24 days  
Restricted Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unrecognized share-based compensation expense, remaining weighted-average vesting periods (in years)       1 year 6 months 2 years 1 month 6 days
Unrecognized share-based compensation expense       $ 147.4 $ 250.4
Restricted Stock Units | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period contractual term (in years)       2 years  
Restricted Stock Units | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period contractual term (in years)       4 years  
Performance stock units (“PSUs”)          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unrecognized share-based compensation expense, remaining weighted-average vesting periods (in years)       9 months 18 days 10 months 24 days
Unrecognized share-based compensation expense       $ 18.9 $ 22.5
Performance stock units (“PSUs”) | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period contractual term (in years)       2 years  
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage       0.00%  
Performance stock units (“PSUs”) | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period contractual term (in years)       3 years  
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage       200.00%  
Common Class A          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Common stock, shares reserved for future issuance (in shares)       75,394,000 80,913,000
Common Class A | 2013 Employee stock purchase plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Common stock, shares reserved for future issuance (in shares)       1,250,000  
Percentage of outstanding shares (percent)       1.00%  
Common Class A | Tranche One | 2013 Employee stock purchase plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Purchase price of common stock (as a percentage of fair value)       85.00%  
Common Class A | Tranche Two | 2013 Employee stock purchase plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Purchase price of common stock (as a percentage of fair value)       85.00%  
2013 Equity Incentive Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Percentage of outstanding shares (percent)   5.00%      
Available for future grants (in shares)       14,229,173  
Vesting period contractual term (in years) 7 years   4 years    
2013 Equity Incentive Plan | Post January 29, 2014 | Previously Reported          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period contractual term (in years)     10 years    
2013 Equity Incentive Plan | Common Class A          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Common stock, shares reserved for future issuance (in shares)   6,200,000      
Common stock, additional shares reserved (in shares)   6,200,000   4,535,897  
Key Employee Equity Bonus Plan | Restricted Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unrecognized share-based compensation expense, remaining weighted-average vesting periods (in years)       1 month 6 days  
Unrecognized share-based compensation expense       $ 3.9  
Number of shares issued (in shares)       1,465,154 1,395,903
Share based compensation requisite service period recognition (in years)       4 months 24 days  
v3.25.4
Share-Based Compensation - Schedule of Stock Option Activity Plans (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number of Options Outstanding (in thousands)        
Beginning balance (in shares) 0 0 22  
Exercised (in shares) 0 0 (22)  
Canceled/Forfeited (in shares) 0 0 0  
Ending balance (in shares) 0 0 0 22
Vested and expected to vest (in shares) 0      
Exercisable (in shares) 0      
Weighted- Average Exercise Price Per Share        
Beginning balance (in dollars per share) $ 0 $ 0 $ 12.53  
Exercised (in dollars per share) 0 0 12.53  
Canceled/Forfeited (in dollars per share) 0 0 0  
Ending balance (in dollars per share) 0 $ 0 $ 0 $ 12.53
Vested and expected to vest (in dollars per share) 0      
Exercisable (in dollars per share) $ 0      
Weighted- Average Contractual Term (in Years)        
Weighted-average contractual term 0 years 0 years 0 years 6 months
Vested and expected to vest 0 years      
Exercisable 0 years      
Aggregate Intrinsic Value (in thousands)        
Outstanding $ 0 $ 0 $ 0 $ 509
Vested and expected to vest 0      
Exercisable $ 0      
v3.25.4
Share-Based Compensation - Schedule of Assumptions Used to Value ESPP Rights Under the Black-Scholes Option-Pricing Model (Details) - 2013 Employee stock purchase plan - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (in years) 6 months 6 months 6 months
Expected volatility 50.00% 46.00% 67.00%
Risk-free interest rate 4.02% 4.89% 5.36%
Expected dividend yield 0.00% 0.00% 0.00%
Offering grant date fair value of ESPP rights (in dollars per share) $ 8.16 $ 10.59 $ 9.38
v3.25.4
Share-Based Compensation - Schedule of RSUs/PSUs Activity (Details) - Restricted Stock And Performance Shares - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number of RSUs/PSUs Outstanding (in thousands)        
Beginning balance (in shares) 8,306 10,047 5,100  
Granted (in shares) 5,519 6,947 13,666  
Released (in shares) (6,107) (6,226) (5,891)  
Canceled/Forfeited (in shares) (1,443) (2,462) (2,828)  
Ending balance (in shares) 6,275 8,306 10,047  
Weighted- Average Grant Date Fair Value Per Share        
Beginning balance (in dollars per share) $ 42.09 $ 52.47 $ 119.55  
Granted (in dollars per share) 29.22 36.34 32.16  
Released (in dollars per share) 39.76 53.15 61.12  
Canceled/Forfeited (in dollars per share) 36.64 40.28 57.29  
Ending balance (in dollars per share) $ 34.30 $ 42.09 $ 52.47  
Aggregate Intrinsic Value (in thousands)        
Outstanding $ 181,227 $ 290,799 $ 325,153 $ 180,577
v3.25.4
Income Taxes - Schedule of Income (Loss) Before Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
United States $ 14,948 $ (88,910) $ (190,912)
International 41,289 41,685 34,067
Income (loss) before income taxes $ 56,237 $ (47,225) $ (156,845)
v3.25.4
Income Taxes - Schedule of Provision for (Benefit from) Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current      
Federal $ 248 $ 2,930 $ 0
State 4,516 5,919 1,792
Foreign 5,916 5,849 5,972
Total current 10,680 14,698 7,764
Deferred      
Federal 0 0 0
State 0 0 0
Foreign 2,166 (3,635) 631
Total deferred 2,166 (3,635) 631
Total income tax provision $ 12,846 $ 11,063 $ 8,395
v3.25.4
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. Federal Statutory Tax Rate $ 11,810 $ (9,917) $ (32,937)
State and local income tax, net of federal (national) income tax effect 4,516 4,676 1,415
Share-based payment awards   34,227 10,956
Foreign tax rate differential   (2,624) 548
Research and development credits   6,650 (11,574)
Effect of changes in tax laws or rates enacted in the current period 0    
Foreign derived intangible income (“FDII”) (78) (2,143) 0
Global Intangible Low-Taxed Income (“GILTI”) 2,203 0 3,035
Tax Credits (1,393)    
Changes in valuation allowance (29,808)    
Non-deductible Meals and Entertainment Expenses 687    
Other 245 (983) 1,674
Changes in unrecognized tax benefits 745    
Net operating (gains) losses not recognized   (18,823) 35,278
Total income tax provision $ 12,846 $ 11,063 $ 8,395
Percent      
U.S. Federal Statutory Tax Rate 21.00%    
State and local income tax, net of federal (national) income tax effect 8.03%    
Effect of changes in tax laws or rates enacted in the current period 0.00%    
Foreign derived intangible income (FDII) (0.14%)    
Global Intangible Low-taxed Income (GILTI) 3.92%    
Tax Credits (2.48%)    
Changes in valuation allowance (53.00%)    
Non-deductible Meals and Entertainment Expenses 1.22%    
Other 0.44%    
Changes in unrecognized tax benefits 1.32%    
Total income tax provision 22.85%    
United Kingdom      
Amount      
Share-based payment awards $ (710)    
Other $ 493    
Percent      
Share-based payment awards (1.26%)    
Other 0.88%    
China      
Amount      
Foreign tax rate differential $ (697)    
Percent      
Foreign Tax Effects: (1.24%)    
Canada      
Amount      
Foreign tax rate differential $ 747    
Percent      
Foreign Tax Effects: 1.33%    
Spain      
Amount      
Other $ 190    
Research and development credits $ (1,071)    
Percent      
Other 0.34%    
R&D Tax Credits (1.90%)    
Other Non-US Jurisdictions      
Amount      
Foreign tax rate differential $ 502    
Percent      
Foreign Tax Effects: 0.89%    
United States      
Amount      
Share-based payment awards $ 24,172    
Other $ 293    
Percent      
Share-based payment awards 42.98%    
Other 0.52%    
v3.25.4
Income Taxes - Schedule of Income Taxes Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
Federal $ 1,361    
State 4,756    
Foreign 6,318    
Total 12,435 $ 17,752 $ 10,940
Texas      
Effective Income Tax Rate Reconciliation [Line Items]      
State 851    
Illinois      
Effective Income Tax Rate Reconciliation [Line Items]      
State 1,357    
Pennsylvania      
Effective Income Tax Rate Reconciliation [Line Items]      
State 578    
Canada      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign 1,853    
India      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign 1,497    
Spain      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign $ 1,130    
v3.25.4
Income Taxes - Schedule of Deferred Income Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets    
Net operating loss carryforward $ 382,887 $ 407,235
Research and development credits 74,496 73,352
Research and development expenditure capitalization 148,870 201,814
Basis difference in investments 416 138
Sales tax accrual 139 67
Share-based compensation 5,668 5,926
Acquired intangibles 111,750 91,943
Accrued liabilities 11,847 15,141
Gross deferred tax assets 736,073 795,616
Valuation allowance (607,853) (644,379)
Total deferred tax assets 128,220 151,237
Deferred tax liabilities    
Deferred sales commissions (85,101) (104,236)
Lease right of use assets (4,247) (6,948)
Property and equipment (36,802) (35,837)
Net deferred tax assets $ 2,070 $ 4,216
v3.25.4
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Tax Examination [Line Items]    
Unrecognized tax benefits that would impact effective tax rate $ 0.2  
Federal    
Income Tax Examination [Line Items]    
Net operating loss carryforwards 1,300.0  
Federal | Research Credit Carry-forward    
Income Tax Examination [Line Items]    
Research credit carryforwards for tax purposes 69.6  
Foreign Tax Jurisdiction    
Income Tax Examination [Line Items]    
Deferred tax assets, operating loss carryforwards, not subject to expiration 7.0  
State    
Income Tax Examination [Line Items]    
Net operating loss carryforwards 1,000.0  
Valuation allowances, deferred tax asset, decrease 36.5 $ 30.3
State | Research Credit Carry-forward    
Income Tax Examination [Line Items]    
Research credit carryforwards for tax purposes $ 56.2  
v3.25.4
Income Taxes - Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized tax benefits, beginning of the year $ 30,193 $ 31,976 $ 26,412
Increases related to prior year tax positions 400 0 0
Decreases related to prior year tax positions (462) (3,088) (418)
Increases related to current year tax positions 608 1,305 5,982
Unrecognized tax benefits, end of year $ 30,739 $ 30,193 $ 31,976
v3.25.4
Basic and Diluted Net Loss Per Share - Schedule of Computation of Company's Basic and Diluted Net Income (Loss) per Share of Common Stock (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator      
Net income (loss) $ 43,391 $ (58,288) $ (165,240)
Denominator      
Weighted-average common shares outstanding for basic net income (loss) per share (in shares) 89,481 92,110 94,912
Effect of dilutive securities:      
Shares of common stock issuable under equity incentive awards outstanding (in shares) 990 0 0
Shares of common stock related to convertible preferred stock (in shares) 743 0 0
Weighted-average common shares outstanding for diluted net income (loss) per share (in shares) 91,214 92,110 94,912
Basic net income (loss) per share (in dollars per share) $ 0.48 $ (0.63) $ (1.74)
Diluted net income (loss) per share (in dollars per share) $ 0.48 $ (0.63) $ (1.74)
v3.25.4
Basic and Diluted Net Loss Per Share - Potential Shares of Common Stock Excluded from Diluted Weighted-Average Common Shares Outstanding (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common shares excluded from diluted net loss per share (in shares) 6,910 10,603 10,742
Shares of common stock issuable under equity incentive plans outstanding      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common shares excluded from diluted net loss per share (in shares) 6,910 9,860 9,999
Shares of common stock related to convertible preferred stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common shares excluded from diluted net loss per share (in shares) 0 743 743
v3.25.4
401(k) Plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
401(k) Plan      
Defined Contribution Plan Disclosure [Line Items]      
Employer contributions $ 5.5 $ 6.0 $ 6.2
v3.25.4
Restructuring Activities - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Restructuring and Related Activities [Abstract]    
Restructuring and related costs $ 18.1 $ 12.6
v3.25.4
Restructuring Activities - Schedule of Restructuring Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]      
Restructuring costs $ 18,117 $ 12,635 $ 20,368
Cost of revenues      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 4,179 1,334 876
Research and development      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 4,793 3,215 4,457
Sales and marketing      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 5,662 5,885 8,758
General and administrative      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs $ 3,483 $ 2,201 $ 6,277
v3.25.4
Restructuring Activities - Schedule of Restructuring Liability (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Reserve [Roll Forward]      
Beginning balance $ 1,617 $ 3,191  
Restructuring costs 18,117 12,635 $ 20,368
Cash payments (15,560) (14,209)  
Non-cash and other adjustments (1,340)    
Ending balance $ 2,834 $ 1,617 $ 3,191
v3.25.4
Segment Information - Schedule of Reconciliation of Net Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenues $ 2,515,142 $ 2,400,395 $ 2,202,429
Less:      
Share-based compensation 269,658 339,059 426,679
Income (loss) from operations 120,551 2,670 (198,811)
Other (expense) income, net      
Interest expense (60,279) (64,995) (35,997)
Other (expense) income (4,035) 15,100 77,963
Other (expense) income, net (64,314) (49,895) 41,966
Income (loss) before income taxes 56,237 (47,225) (156,845)
Provision for income taxes 12,846 11,063 8,395
Net income (loss) 43,391 (58,288) (165,240)
Reportable Segment      
Segment Reporting Information [Line Items]      
Revenues 2,515,142 2,400,395 2,202,429
Less:      
Share-based compensation 269,658 339,059 426,679
Depreciation and amortization 222,603 222,609 233,940
Other segment items 1,902,330 1,836,057 1,740,621
Income (loss) from operations $ 120,551 $ 2,670 $ (198,811)
Operating margin as % of revenue 4.80% 0.10% (9.00%)
Other (expense) income, net      
Interest expense $ (60,279) $ (64,995) $ (35,997)
Other (expense) income (4,035) 15,100 77,963
Other (expense) income, net (64,314) (49,895) 41,966
Income (loss) before income taxes 56,237 (47,225) (156,845)
Provision for income taxes 12,846 11,063 8,395
Net income (loss) 43,391 (58,288) (165,240)
Interest income $ 2,700 $ 8,000 $ 12,500
v3.25.4
Segment Information - Additional Information (Details) - segment
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Number of reportable segment 1  
Number of operating segments 1  
U.S. | Long-lived Assets | Geographic Concentration Risk    
Segment Reporting Information [Line Items]    
Concentration risk, percentage 87.00% 90.00%