The following two tables show stock-based compensation expense by award type and where the stock-based compensation expense is recorded in the Company’s consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)				(in thousands)
Options	$	1,215	$	1,822	$	2,509	$	4,392
RSUs		128,488		116,913		234,428		216,743
PSUs		7,306		6,340		12,204		11,167
Employee stock purchase plan		3,966		3,919		8,527		7,814
Total stock-based compensation expense	$	140,975	$	128,994	$	257,668	$	240,116


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)				(in thousands)
Cost of revenue, subscription	$	8,190	$	5,444	$	15,887	$	10,404
Cost of revenue, professional services and other		1,051		1,128		1,980		2,215
Research and development		70,807		64,693		127,604		115,318
Sales and marketing		36,587		36,168		68,192		71,325
General and administrative		24,340		21,561		44,005		40,854
Total stock-based compensation expense	$	140,975	$	128,994	$	257,668	$	240,116

Capitalized software development costs excluded from stock-based compensation expense were $17.0 million for the three months ended June 30, 2025, $28.8 million for the six months ended June 30, 2025, $10.2 million for the three months ended June 30, 2024, and $19.0 million for the six months ended June 30, 2024.

On May 6, 2025, the Company’s Board of Directors authorized a share repurchase program for the repurchase of shares of the Company’s common stock, in an aggregate amount of up to $500 million (the “2025 Share Repurchase Program”) over a period of up to 12 months. All repurchases under the Share Repurchase Program are made through open market trades pursuant to 10b5-1 plans. The 2025 Share Repurchase Program does not obligate the Company to acquire a specified number of shares, and may be suspended, modified, or terminated at any time and will be funded using the Company's cash and cash equivalents. Consideration paid for the shares repurchased is recorded as a reduction to stockholders’ equity on the consolidated balance sheets.

During the three months ended June 30, 2025, the Company repurchased 0.2 million shares of its common stock at an average price of $577.13 per share, for an aggregate repurchase amount of $125.0 million. As of June 30, 2025, $375.0 million remained available for future stock repurchases under the 2025 Share Repurchase Program.