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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Share-based Payment Arrangement, Option, Activity

A summary of stock option activity under the Plans was as follows:

(In thousands, except prices and years)			Number of options						Weighted- average exercise price						Weighted- average remaining contractual life (years)						Aggregate intrinsic value
Options outstanding at January 1, 2023			4,410						$	14.04					6.25						$	251,832
Granted (1)			—
Exercised			(1,396)						9.76
Forfeited and expired			(29)						14.09
Options outstanding at December 31, 2023			2,985						$	16.04					5.60						$	629,865
Options exercisable at December 31, 2023			2,817						$	15.54					5.54						$	594,157

________________

(1) There were no stock options granted during the years ended December 31, 2023 and 2022.

Share-based Payment Arrangement, Option, Valuation Assumptions

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:

2023

2022

2021

Risk-free interest rate

n/a

n/a

1.04 – 1.14%

Expected life

n/a

n/a

5.90 years

Expected volatility

n/a

n/a

48.90 – 49.12%

Dividend yield

n/a

n/a

—%

Fair value of common stock

n/a

n/a

$38.08 – $52.80

Share-based Payment Arrangement, RSU, Activity

A summary of RSU activity under the Plans was as follows:

(In thousands, except prices)			Restricted stock units						Weighted- average grant date fair value per share
Outstanding at January 1, 2023			2,036						$	85.74
Granted			873						138.99
Released			(673)						89.58
Forfeited			(209)						96.23
Outstanding at December 31, 2023			2,027						$	106.32

Share-based Payment Arrangement, Payment Award

Tranche						Company Stock Price Hurdle						Number of RSUs Eligible to Vest
1						$	127.50					90
2						$	153.00					90
3						$	178.50					90
4						$	204.00					180
5						$	255.00					180
6						$	306.00					180
7						$	357.00					180
8						$	408.00					180
9						$	612.00					270
10						$	816.00					360

The weighted-average grant date fair value of the Founder Awards was estimated to be $61.56 per share using the below inputs.

Input			Assumption
Valuation Date			June 28, 2021
Risk-free interest rate			1.48%
Expected life			9.98
Expected volatility			51.67%
Dividend yield			0.00%
Fair value of common stock			$95.00

Share-based Payment Arrangement, Expensed, Amount

Stock based compensation expense is included in the Consolidated Statements of Operations and Comprehensive Income (Loss) as shown in the following table:

						Year Ended December 31,
(In thousands)												2023						2022						2021
Cost of revenues												$	55					$	38					$	8
Research and development												45,119						26,373						9,298
Sales and marketing												3,908						2,540						881
General and administrative												46,139						44,869						30,617
Total												$	95,221					$	73,820					$	40,804

X

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Tabular disclosure of share-based payment arrangement.

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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