Stockholders' Equity

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

Stockholders’ Equity

Share Repurchase Program

Effective November 2018, the Board of Directors of the Company authorized a $1.1 billion share repurchase program through December 2021. During the three and nine months ended September 30, 2020, the Company repurchased 0.1 million and 1.3 million shares of its common stock, respectively, for $13.2 million and $121.1 million, respectively. The Company's goals for the share repurchase program are to offset the dilution created by its employee equity compensation programs over time and provide the flexibility to return capital to shareholders as business and market conditions warrant.

Stock-Based Compensation

The following table summarizes stock-based compensation included in the Company’s consolidated statements of income for the three and nine months ended September 30, 2020 and 2019 (in thousands):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Cost of revenue	$	6,384	$	5,555	$	18,374	$	16,917
Research and development	12,722		12,842		36,336		36,943
Sales and marketing	16,809		15,593		48,555		46,384
General and administrative	14,302		12,825		43,636		40,018
Total stock-based compensation	50,217		46,815		146,901		140,262
Provision for income taxes	(15,604)		(14,867)		(45,063)		(41,658)
Total stock-based compensation, net of income taxes	$	34,613	$	31,948	$	101,838	$	98,604

In addition to the amounts of stock-based compensation reported in the table above, the Company’s consolidated statements of income for the three and nine months ended September 30, 2020 include stock-based compensation reflected as a component of amortization of capitalized internal-use software of $7.1 million and $21.9 million, respectively, before taxes, and for the three and nine months ended September 30, 2019, include stock-based compensation reflected as a component of amortization of capitalized internal-use software of $7.5 million and $22.9 million, respectively, before taxes.