XML 26 R14.htm IDEA: XBRL DOCUMENT v3.24.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity Stockholders' Equity
Share Repurchase Programs
In February 2024, the Company's Board of Directors authorized a share repurchase program of up to $100 million in shares of common stock (the “February 2024 share repurchase program”). In May 2024, the Company's Board of Directors authorized an additional share repurchase program of up to $100 million in shares of common stock (the “May 2024 share repurchase program”). In August 2024, the Company's Board of Directors authorized an additional share repurchase program of up to $100 million in shares of common stock (the “August 2024 share repurchase program”).
During the nine months ended September 30, 2024, the Company repurchased a total of 9,133,895 shares of common stock under the share repurchase programs at an average price per share of $27.09 and a total cost of $249.8 million, inclusive of excise taxes and trading fees. As of October 2024, the authorized share repurchase programs were completed, and no amounts remained available for repurchase under the programs.
Stock-based Compensation Expense
The following table summarizes stock-based compensation expense, which was included in the statements of operations as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Cost of services$9,528 $8,941 $28,009 $25,967 
Sales and marketing8,101 6,938 23,515 20,389 
General and administrative15,554 15,372 45,747 47,456 
Total stock-based compensation expense$33,183 $31,251 $97,271 $93,812 
Accumulated Other Comprehensive Income
Accumulated other comprehensive income consisted of the following (in thousands):
Three Months Ended September 30, 2024Three Months Ended September 30, 2023
Unrealized gains on marketable securitiesForeign currency translation adjustmentsTotalUnrealized gains on marketable securitiesForeign currency translation adjustmentsTotal
Balance at beginning of period$2,024 $1 $2,025 $1,088 $(6)$1,082 
Other comprehensive income before reclassifications, net of tax(1)
271 227 498 2,131 12 2,143 
Amounts reclassified from accumulated other comprehensive income, net of tax(3)
(2,193)— (2,193)(1,377)— (1,377)
Net current period other comprehensive (loss) income(1,922)227 (1,695)754 12 766 
Balance at end of period$102 $228 $330 $1,842 $6 $1,848 
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
Unrealized gains on marketable securitiesForeign currency translation adjustmentsTotalUnrealized gains on marketable securitiesForeign currency translation adjustmentsTotal
Balance at beginning of period$2,829 $(10)$2,819 $496 $5 $501 
Other comprehensive income before reclassifications, net of tax(2)
4,584 238 4,822 4,047 1 4,048 
Amounts reclassified from accumulated other comprehensive income, net of tax(3)
(7,311)— (7,311)(2,701)— (2,701)
Net current period other comprehensive (loss) income(2,727)238 (2,489)1,346 1 1,347 
Balance at end of period$102 $228 $330 $1,842 $6 $1,848 
________________________________
(1) Represents unrealized gain of $0.4 million, net of tax expense of $0.1 million, for the three months ended September 30, 2024 and unrealized gains of $2.1 million, net of tax expense of $0, for the three months ended September 30, 2023
(2) Represents unrealized gains of $6.3 million, net of tax expense of $1.7 million, for the nine months ended September 30, 2024 and unrealized gains of $4.0 million, net of tax expense of $0, for the nine months ended September 30, 2023
(3) The effects on net income of amounts reclassified from accumulated other comprehensive income were as follows (in thousands):

Details about Accumulated Other Comprehensive Income ComponentThree Months Ended
September 30,		Nine Months Ended
September 30,		Affected Line Item in Statement of Operations
2024202320242023
Gains on marketable securities$2,994 $1,377 $9,982 $2,701 Interest and other income, net
2,994 1,377 9,982 2,701 Income before income taxes
801 — 2,671—Provision for income taxes
$2,193 $1,377 $7,311 $2,701 Net income