STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

NOTE 13. STOCKHOLDERS' EQUITY

Stock-based Compensation Expense


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025		2026		2025
Cost of revenue	$	6,124	$	6,626	$	20,751	$	21,737
Selling and marketing	9,499		15,009		42,509		45,168
Research and development	6,010		7,914		23,972		23,789
General and administrative	7,046		13,492		23,488		30,502
	$	28,679	$	43,041	$	110,720	$	121,196
Income tax benefit	$	(5,466)	$	(547)	$	(21,720)	$	(1,700)

As of September 30, 2026, the Company had $116.1 million of unrecognized stock-based compensation expense, net of estimated forfeitures, which is expected to be recognized over a weighted-average period of 1.7 years.

Grants


	Nine Months Ended September 30, 2026
(in thousands)	Quantity	Total Fair Value
Restricted stock units (1)	2,222	$	97,287
Non-qualified stock options	3,423	$	58,826
Performance stock options (2)	1,497	$	25,804
Common stock	27	$	875

(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 nine months ended September 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 $810.1 million remains available as of September 30, 2026.

During the nine months ended September 30, 2026, the Company repurchased 10.9 million shares of its common stock for $432.2 million at an average price per share of $39.73. 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.