Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchase Program

In July 2020, the Company’s board of directors authorized an open market stock repurchase program (the “Program”) of up to $75 million to allow for the repurchase of shares of the Company’s common stock through September 30, 2022. In May 2021, the Company’s board of directors increased the authorization of the Program by an additional $75 million, bringing the total authorization to $150 million. In July 2022, the Company’s board of directors extended the expiration of the Program until September 30, 2024. In February 2024, the Program had a remaining authorization of $45.8 million and the Company’s board of directors increased the authorization of the Program by $54.2 million, bringing the total remaining authorization to $100 million, as well as extended the expiration of the program until December 31, 2026. Following this increase, the Company had $100 million of remaining authorization for future repurchases. The timing and amount of any repurchases will be determined by Company management based on its evaluation of market conditions and other factors. Repurchases of the Company’s common stock may be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws, open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws. The Program may be suspended or discontinued at any time and does not obligate the Company to purchase any minimum number of shares. During the years ended December 31, 2024, 2023 and 2022 the Company repurchased and retired a total of 6.1 million, zero and 9.8 million shares under the Program for $20.0 million, zero and $29.7 million respectively, which excludes excise tax imposed under the Inflation Reduction Act of $0.1 million, zero, and zero respectively. As of December 31, 2024, the Company had a remaining authorization of $80.0 million for future share repurchases.

Reserve for Unissued Shares of Common Stock

The Company is required to reserve and keep available out of its authorized but unissued shares of common stock such number of shares sufficient for the exercise of all outstanding awards, plus shares available for grant under the Company’s equity incentive plan.

The number of shares of the Company’s common stock reserved for these purposes at December 31, 2024 is as follows:

	Number of Shares
Outstanding stock options	1,318,123
Outstanding restricted stock units	5,482,977
Outstanding performance stock units	3,253,741
Additional shares reserved for maximum payout of outstanding performance stock units	2,440,294
Additional shares available for grant under the equity plan	20,451,887
Total	32,947,022