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STOCK-BASED COMPENSATION | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | NOTE 12. STOCK-BASED COMPENSATION Expense
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Cost of revenue | $ | 7,092 |  |  | $ | 7,174 |  |  | $ | 13,664 |  |  | $ | 16,087 |
Selling and marketing | 13,564 |  |  | 15,349 |  |  | 27,452 |  |  | 33,009 |
Research and development | 7,825 |  |  | 7,851 |  |  | 15,471 |  |  | 16,911 |
General and administrative | 7,743 |  |  | 5,853 |  |  | 14,418 |  |  | 12,777 |
| $ | 36,224 |  |  | $ | 36,227 |  |  | $ | 71,005 |  |  | $ | 78,784 |
Income tax benefit | $ | (554) |  |  | $ | (581) |  |  | $ | (865) |  |  | $ | (1,253) |
As of June 30, 2024, the Company had $149.7 million of unrecognized stock-based compensation expense, net of estimated forfeitures, which is expected to be recognized over a weighted-average period of 1.7 years. Grants
| Six Months Ended June 30, 2024
(in thousands) | Quantity |  | Total Fair Value
Restricted stock units (1) | 1,266 |  |  | $ | 78,071 |
Non-qualified stock options | 1,738 |  |  | $ | 44,874 |
Performance stock options (2) | 566 |  |  | $ | 13,921 |
(1) Includes units issued when employees elect to receive 50% of the employee’s target incentive compensation under the Company’s Corporate Incentive Compensation Plan (the “CICP”) in the form of RSUs instead of cash. (2) Performance stock options allow the holder to purchase a specified number of common stock shares at an exercise price equal to or greater than the shares' fair market value at the grant date. For the performance stock options granted in the six months ended June 30, 2024, 25% can vest on the first anniversary of the grant date, and 75% can vest on the second anniversary of the grant date, based on the achievement of specific performance conditions. The options expire ten years from the grant date.

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