Stockholders' Equity

9 Months Ended

Sep. 30, 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 2024. During the three and nine months ended September 30, 2022, the Company repurchased 1.8 million and 4.3 million shares of its common stock, respectively, for $162.6 million and $430.3 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 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 and nine months ended September 30, 2022 and 2021 (in thousands):

 

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of revenue	$	7,237	$	6,738	$	20,604	$	20,708
Research and development	18,698		16,329		56,338		50,635
Sales and marketing	11,375		10,973		35,153		34,998
General and administrative	13,392		14,978		46,716		47,463
Total stock-based compensation	50,702		49,018		158,811		153,804
Provision for income taxes	(10,076)		(11,683)		(36,980)		(40,245)
Total stock-based compensation, net of income taxes	$	40,626	$	37,335	$	121,831	$	113,559

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, 2022 include stock-based compensation reflected as a component of amortization of capitalized internal-use software of $7.6 million, and $22.9 million, respectively, before taxes, and 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.