Stockholders' Equity

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note [Abstract]

Stockholders' Equity

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. In October 2021, the board of directors authorized a new $1.8 billion share repurchase program, effective January 1, 2022 through December 31, 2024. As of September 30, 2021, the Company had $320.6 million remaining on its prior authorization which is expiring on December 31, 2021. The Company's goals for the share repurchase programs 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, while still preserving its ability to pursue other strategic opportunities.

During the three and nine months ended September 30, 2021, the Company repurchased 0.8 million and 2.3 million shares of its common stock, respectively, for $96.8 million and $251.3 million, respectively.

Stock-Based Compensation

The following table summarizes stock-based compensation included in the Company’s condensed consolidated statements of income for the three and nine months ended September 30, 2021 and 2020 (in thousands):

 

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Cost of revenue	$	6,738	$	6,384	$	20,708	$	18,374
Research and development	16,329		12,722		50,635		36,336
Sales and marketing	10,973		16,809		34,998		48,555
General and administrative	14,978		14,302		47,463		43,636
Total stock-based compensation	49,018		50,217		153,804		146,901
Provision for income taxes	(11,683)		(15,604)		(40,245)		(45,063)
Total stock-based compensation, net of income taxes	$	37,335	$	34,613	$	113,559	$	101,838

In addition to the amounts of stock-based compensation reported in the table above, the Company’s condensed consolidated statements of income for the three and nine months ended September 30, 2021 include stock-based compensation reflected as a component of amortization of capitalized internal-use software of $7.9 million and $24.5 million, respectively, before taxes, and 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.