STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

NOTE 13. STOCKHOLDERS' EQUITY

Stock-based Compensation Expense


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Cost of revenue	$	6,752	$	7,288	$	14,628	$	15,111
Selling and marketing	14,555		14,378		33,009		30,159
Research and development	7,943		7,490		17,962		15,875
General and administrative	6,976		7,574		16,442		17,010
	$	36,226	$	36,730	$	82,041	$	78,155
Income tax benefit	$	(7,091)	$	(566)	$	(16,255)	$	(1,153)

As of June 30, 2026, the Company had $166.8 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


	Six Months Ended June 30, 2026
(in thousands)	Quantity	Total Fair Value
Restricted stock units (1)	2,080	$	92,716
Non-qualified stock options	3,159	$	55,302
Performance stock options (2)	1,497	$	25,804

(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. Performance stock options granted in the six months ended June 30, 2026 vest on the second anniversary of the grant date, up to 200%, subject to the achievement of specified performance metrics over fiscal years 2026 and 2027. The options expire ten years from the grant date.

Stock repurchase program

On February 10, 2026, the Company’s Board of Directors extended the expiration date of the share repurchase program from June 30, 2026 to June 30, 2027 and increased the authorized repurchase amount by $1 billion, of which $0.9 billion remains available as of June 30, 2026.

During the six months ended June 30, 2026, the Company repurchased 8.9 million shares of its common stock for $367.2 million at an average price per share of $41.46. 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.