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STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
STOCKHOLDERS' EQUITY
NOTE 14. STOCKHOLDERS' EQUITY
Stock-based Compensation Expense
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2025202420252024
Cost of revenue
$7,288 $7,092 $15,111 $13,664 
Selling and marketing
14,378 13,564 30,159 27,452 
Research and development
7,490 7,825 15,875 15,471 
General and administrative
7,574 7,743 17,010 14,418 
$36,730 $36,224 $78,155 $71,005 
Income tax benefit
$(566)$(554)$(1,153)$(865)
As of June 30, 2025, the Company had $134.4 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
Six Months Ended
June 30, 2025
(in thousands)
Quantity
Total Fair Value
Restricted stock units (1)
1,963$76,969 
Non-qualified stock options
3,152 $49,730 
Performance stock options (2)
1,346 $34,924 
Common stock
1$52 
(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. The performance stock options granted in the six months ended June 30, 2025 vest quarterly over two years, beginning after the achievement of specific performance conditions. The options expire ten years from the grant date.
Stock repurchase program
On April 22, 2025, the Company’s Board of Directors extended the expiration date of the share repurchase program from December 31, 2025 to June 30, 2026 and increased the authorized repurchase amount by $500 million, bringing the total repurchase authorization to $810 million, of which $489.3 million remains available as of June 30, 2025.
During the six months ended June 30, 2025, the Company repurchased 6.1 million of its common stock for $251.2 million at an average price per share of $41.39. All purchases under this program have been made on the open market.
Stock Split
On June 20, 2025, the Company effected the Stock Split of the Company’s Common Stock described above in “Note 1. Basis of Presentation”. All share and per share amounts in the Company’s unaudited condensed consolidated financial statements and in the accompanying notes for all prior periods presented have been recast to reflect the effect of the Stock Split.