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STOCKHOLDERS' EQUITY | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
STOCKHOLDERS' EQUITY | NOTE 12. STOCKHOLDERS' EQUITY Stock-based compensation Expense
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Cost of revenue | $ | 6,894 |  |  | $ | 6,410 |  |  | $ | 20,558 |  |  | $ | 22,497 |
Selling and marketing | 14,169 |  |  | 10,401 |  |  | 41,621 |  |  | 43,410 |
Research and development | 7,308 |  |  | 7,375 |  |  | 22,779 |  |  | 24,286 |
General and administrative | 8,842 |  |  | 7,113 |  |  | 23,260 |  |  | 19,890 |
| $ | 37,213 |  |  | $ | 31,299 |  |  | $ | 108,218 |  |  | $ | 110,083 |
Income tax benefit | $ | (512) |  |  | $ | (316) |  |  | $ | (1,377) |  |  | $ | (1,569) |
As of September 30, 2024, the Company had $119.6 million of unrecognized stock-based compensation expense, net of estimated forfeitures, which is expected to be recognized over a weighted-average period of 1.6 years. Grants
| Nine Months Ended September 30, 2024
(in thousands) | Quantity |  | Total Fair Value
Restricted stock units (1) | 1,306 |  |  | $ | 80,642 |
Non-qualified stock options | 1,789 |  |  | $ | 46,365 |
Performance stock options (2) | 566 |  |  | $ | 13,921 |
Common stock | 11 |  |  | $ | 750 |
(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 nine months ended September 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. Stock repurchase program On April 23, 2024, the Company’s Board of Directors extended the expiration date of the share repurchase program from June 30, 2024 to June 30, 2025. On October 22, 2024, the Company’s Board of Directors extended the expiration date of the share repurchase program from June 30, 2025 to December 31, 2025 and increased the authorized repurchase by $250 million to $310 million as of that date. During the nine months ended September 30, 2024, the Company repurchased 0.2 million of its common stock for $11.7 million at an average price per share of $68.84. All purchases under this program have been made on the open market. As of September 30, 2024, the Company was authorized to purchase an additional $48.3 million of its common stock under the share repurchase program.

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