Stockholders' Equity and Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stockholders' Equity and Stock-Based Compensation

13. Stockholders' Equity and Stock-Based Compensation

On July 31, 2025, the Board of Directors (“Board”) authorized a program to repurchase up to $400.0 million of shares of the Company’s common stock through December 31, 2027 (the “2025 Program”). The 2025 Program replaces the program authorized in November 2024 to repurchase up to $250.0 million of shares of the Company’s common stock (the “2024 Program”), including the remaining unused amounts under the 2024 Program, so there can be no additional repurchases under the 2024 Program. During the three months ended September 30, 2025, the Company repurchased 1.8 million shares for approximately $100.0 million under the 2025 Program. During the nine months ended September 30, 2025, the Company also repurchased 1.3 million shares for approximately $100.0 million under the 2024 Program. As of September 30, 2025, the Company had repurchased a total of approximately 1.8 million shares under the 2025 Program and 2.4 million shares under the 2024 Program for a total of approximately $300.0 million. A total of approximately $300.0 million of shares of the Company’s common stock remain available for repurchase under the 2025 Program.

The following table presents stock-based compensation expense recognized in the Company’s accompanying condensed consolidated statements of operations:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Cost of goods sold	$	3,897	$	3,614	$	10,133	$	9,116
Sales and marketing		4,471		3,813		12,514		9,681
General and administrative		12,609		9,926		35,793		27,457
Research and development		3,524		3,013		9,580		7,975
Total stock-based compensation expense	$	24,501	$	20,366	$	68,020	$	54,229