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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stockholders' Equity | Stockholders' Equity Share Repurchase Programs In February 2024, the Company’s Board of Directors authorized a share repurchase program of up to $100 million in shares of common stock (the “February 2024 share repurchase program”). In May 2024, the Company’s Board of Directors authorized an additional share repurchase program of up to $100 million in shares of common stock (the “May 2024 share repurchase program”). During the six months ended June 30, 2024, the Company repurchased a total of 6,316,705 shares of common stock under the share repurchase programs at an average price per share of $29.45 and a total cost of $187.9 million, inclusive of excise taxes and trading fees. As of July 2024, the February share repurchase program and the May 2024 share repurchase program were completed, and no amounts remained available for repurchase under the programs. In August 2024, the Company’s Board of Directors authorized an additional share repurchase program of up to $100 million in shares of common stock (the “August 2024 share repurchase program”). Repurchases under the program may be made in the form of open market repurchases, including through plans complying with Rule 10b5-1 under the Exchange Act, depending on stock price, market conditions, and other factors, as determined by the Company. There can be no assurance as to the number of shares to be repurchased by the Company under the August 2024 share repurchase program. Stock-based Compensation Expense The following table summarizes stock-based compensation expense, which was included in the statements of operations as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost of services | $ | 9,448 |  |  | $ | 8,812 |  |  | $ | 18,481 |  |  | $ | 17,026 |
Sales and marketing | 7,911 |  |  | 6,883 |  |  | 15,414 |  |  | 13,451 |
General and administrative | 15,677 |  |  | 16,058 |  |  | 30,193 |  |  | 32,084 |
Total stock-based compensation expense | $ | 33,036 |  |  | $ | 31,753 |  |  | $ | 64,088 |  |  | $ | 62,561 |
Accumulated Other Comprehensive Income Accumulated other comprehensive income consisted of the following (in thousands):
| Three Months Ended June 30, 2024 |  | Three Months Ended June 30, 2023
| Unrealized gains on marketable securities |  | Foreign currency translation adjustments |  | Total |  | Unrealized gains on marketable securities |  | Foreign currency translation adjustments |  | Total
Balance at beginning of period | $ | 2,739 |  |  | $ | 11 |  |  | $ | 2,750 |  |  | $ | 719 |  |  | $ | 5 |  |  | $ | 724 |
Other comprehensive income before reclassifications, net of tax(1) | 1,915 |  |  | (10) |  |  | 1,905 |  |  | 1,191 |  |  | (11) |  |  | 1,180 |
Amounts reclassified from accumulated other comprehensive income, net of tax(3) | (2,630) |  |  | — |  |  | (2,630) |  |  | (822) |  |  | — |  |  | (822) |
Net current period other comprehensive (loss) income | (715) |  |  | (10) |  |  | (725) |  |  | 369 |  |  | (11) |  |  | 358 |
Balance at end of period | $ | 2,024 |  |  | $ | 1 |  |  | $ | 2,025 |  |  | $ | 1,088 |  |  | $ | (6) |  |  | $ | 1,082 |
| Six Months Ended June 30, 2024 |  | Six Months Ended June 30, 2023
| Unrealized gains on marketable securities |  | Foreign currency translation adjustments |  | Total |  | Unrealized gains on marketable securities |  | Foreign currency translation adjustments |  | Total
Balance at beginning of period | $ | 2,829 |  |  | $ | (10) |  |  | $ | 2,819 |  |  | $ | 496 |  |  | $ | 5 |  |  | $ | 501 |
Other comprehensive income before reclassifications, net of tax(2) | 4,313 |  |  | 11 |  |  | 4,324 |  |  | 1,916 |  |  | (11) |  |  | 1,905 |
Amounts reclassified from accumulated other comprehensive income, net of tax(3) | (5,118) |  |  | — |  |  | (5,118) |  |  | (1,324) |  |  | — |  |  | (1,324) |
Net current period other comprehensive (loss) income | (805) |  |  | 11 |  |  | (794) |  |  | 592 |  |  | (11) |  |  | 581 |
Balance at end of period | $ | 2,024 |  |  | $ | 1 |  |  | $ | 2,025 |  |  | $ | 1,088 |  |  | $ | (6) |  |  | $ | 1,082 |
________________________________ (1) Represents unrealized gains of $2.6 million, net of tax expense of $0.7 million, for the three months ended June 30, 2024 and unrealized gains of $1.2 million, net of tax expense of $0, for the three months ended June 30, 2023 (2) Represents unrealized gains of $5.9 million, net of tax expense of $1.6 million, for the six months ended June 30, 2024 and unrealized gains of $1.9 million, net of tax expense of $0, for the six months ended June 30, 2023 (3) The effects on net income of amounts reclassified from accumulated other comprehensive income were as follows (in thousands):
Details about Accumulated Other Comprehensive Income Component |  | Three Months Ended June 30, |  | Six Months Ended June 30, |  | Affected Line Item in Statement of Operations
| 2024 |  | 2023 |  | 2024 |  | 2023 |
Gains on marketable securities |  | $ | 3,593 |  |  | $ | 822 |  |  | $ | 6,988 |  |  | $ | 1,324 |  |  | Other income, net
|  | 3,593 |  |  | 822 |  |  | 6,988 |  |  | 1,324 |  |  | Income before income taxes
|  | 963 |  |  | — |  |  | 1,870 |  | — |  | Provision for income taxes
|  | $ | 2,630 |  |  | $ | 822 |  |  | $ | 5,118 |  |  | $ | 1,324 |  |  | Net income

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