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STOCKHOLDERS' EQUITY | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
STOCKHOLDERS' EQUITY | NOTE 14. STOCKHOLDERS' EQUITY Stock-based Compensation Expense
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Cost of revenue | $ | 6,626 |  |  | $ | 6,894 |  |  | $ | 21,737 |  |  | $ | 20,558 |
Selling and marketing | 15,009 |  |  | 14,169 |  |  | 45,168 |  |  | 41,621 |
Research and development | 7,914 |  |  | 7,308 |  |  | 23,789 |  |  | 22,779 |
General and administrative | 13,492 |  |  | 8,842 |  |  | 30,502 |  |  | 23,260 |
| $ | 43,041 |  |  | $ | 37,213 |  |  | $ | 121,196 |  |  | $ | 108,218 |
Income tax benefit | $ | (547) |  |  | $ | (512) |  |  | $ | (1,700) |  |  | $ | (1,377) |
As of September 30, 2025, the Company had $129 million of unrecognized stock-based compensation expense, net of estimated forfeitures, which is expected to be recognized over a weighted-average period of 1.8 years. Grants
| Nine Months Ended September 30, 2025
(in thousands) | Quantity |  | Total Fair Value
Restricted stock units (1) | 2,055 |  | $ | 82,098 |
Non-qualified stock options | 3,296 |  |  | $ | 53,132 |
Performance stock options (2) | 1,362 |  |  | $ | 35,324 |
Common stock | 18 |  | $ | 928 |
(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 nine months ended September 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 $347.3 million remains available as of September 30, 2025. During the nine months ended September 30, 2025, the Company repurchased 8.7 million of its common stock for $393.2 million at an average price per share of $44.97. The share repurchase and authorization amounts disclosed within this Form 10-Q exclude the U.S. excise tax on share repurchases. 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.

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