v3.25.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Common Stock

We are authorized to issue a total of 600 million shares of common stock as of March 31, 2025. Holders of our common stock are not entitled to receive dividends unless declared by our board of directors. As of March 31, 2025, we had 207 million shares of common stock, net of treasury stock, outstanding and had reserved shares of common stock for future issuance as follows (in thousands): 
 March 31, 2025
Stock plans:
Options outstanding946 
RSUs(1)
6,825 
Shares of common stock available for future grants:
Amended and Restated 2021 Equity Incentive Plan(2)
7,624 
Amended and Restated 2012 Employee Stock Purchase Plan(2)
7,898 
Total shares of common stock reserved for future issuance23,293 
(1)Represents the number of shares issuable upon settlement of outstanding restricted stock units (“RSUs”) and performance-based RSUs (“PRSUs”), as discussed in Note 13.
(2)Refer to Note 13 for a description of these plans.

During the three months ended March 31, 2025 and 2024, we issued a total of 0.8 million and 0.9 million shares, respectively, from stock option exercises, vesting of RSUs, net of employee payroll taxes, and purchases from the employee stock purchase plan (“ESPP”).
Treasury Stock

In May 2023, our board of directors authorized a program to repurchase up to $1.5 billion of our common stock (the “Share Repurchase Program”). In January 2025, our board of directors authorized an additional $3.0 billion in repurchases under the Share Repurchase Program. Under the program, we may repurchase our common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The Share Repurchase Program does not have a fixed expiration date, may be suspended or discontinued at any time, and does not obligate us to acquire any amount of common stock. The timing, manner, price, and amount of any repurchases will be determined by us at our discretion and will depend on a variety of factors, including business, economic and market conditions, prevailing stock prices, corporate and regulatory requirements, and other considerations.

During the three months ended March 31, 2025, the Company repurchased 0.3 million shares of its common stock for $298 million. During the three months ended March 31, 2024, the Company repurchased 0.2 million shares of its common stock for $175 million. All repurchases were made in open market transactions. Repurchases of common stock are recognized as treasury stock and held for future issuance. As of March 31, 2025, approximately $3.0 billion of the authorized amount under the Share Repurchase Program remained available for future repurchases.