Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchase Program

Effective January 2022, the board of directors of the Company authorized a $1.8 billion share repurchase program through December 31, 2024. During the three months ended March 31, 2022, the Company repurchased 0.9 million shares of its common stock for $102.9 million. 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 stockholders as business and market conditions warrant, while still preserving its ability to pursue other strategic opportunities.

Stock-Based Compensation

The following table summarizes stock-based compensation included in the Company’s condensed consolidated statements of income for the three months ended March 31, 2022 and 2021 (in thousands):

 

	For the Three Months Ended March 31,
	2022		2021
Cost of revenue	$	6,233	$	7,096
Research and development	20,232		18,369
Sales and marketing	12,326		12,478
General and administrative	17,436		16,362
Total stock-based compensation	56,227		54,305
Provision for income taxes	(14,043)		(13,044)
Total stock-based compensation, net of income taxes	$	42,184	$	41,261

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 months ended March 31, 2022 and 2021, include stock-based compensation reflected as a component of amortization of capitalized internal-use software of $7.6 million, and $7.7 million, respectively, before taxes.