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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of non-cash stock-based compensation expense by department

A summary of non-cash stock-based compensation expense by expense category included in the Company's consolidated statements of operations for the years ended December 31, 2023, 2022, and 2021 is as follows:

						Year Ended December 31,
(In thousands)						2023						2022						2021
Cost of sales						$	20,761					$	19,218					$	16,835
Research and development						41,242						33,825						49,723
Sales and marketing						65,552						62,568						55,716
General and administrative						103,757						91,212						216,952
Total stock-based compensation						$	231,312					$	206,823					$	339,226

Schedule of valuation assumptions

The fair value of ESPP shares is based on the assumptions in the following table:

						Year Ended December 31,
						2023						2022						2021
Risk-free interest rates						4.68% - 4.71%						1.49% - 4.71%						0.04% - 0.16%
Expected term (in years)						1.25						0.5 - 2						0.5 - 2
Expected volatility						63.13% - 67.30%						50.94% - 63.13%						43.00% - 68.51%
Dividend yield						0%						0%						0%

Summary of stock option activity under the Stock Plans

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

Options						Shares						Weighted Average Exercise Price						Weighted Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value (1)
(Aggregate intrinsic value in thousands)
Outstanding, January 1, 2023						1,517,876						$	44.82					4.7
Exercised						(194,629)						16.44
Forfeited						(37,074)						95.02
Outstanding, December 31, 2023						1,286,173						$	47.67					3.8						$	42,878
Vested and expected to vest, December 31, 2023						1,286,173						$	47.67					3.8						$	42,878
Exercisable, December 31, 2023						1,228,594						$	45.32					3.7						$	42,878

_________________________________

(1)     The total intrinsic value of options exercised during the years ended December 31, 2023, 2022, and 2021 was $11.7 million, $36.4 million, and $155.8 million, respectively, determined as of the date of exercise.

Summary of restricted stock and restricted stock unit activity under the Stock Plans

A summary of restricted stock and restricted stock unit activity is as follows:

						Restricted Shares						Weighted Average Grant Date Fair Value (1)
Outstanding, January 1, 2023						5,254,709						$	85.87
Granted						3,510,373						62.36
Released (2)						(1,797,915)						88.28
Forfeited						(694,404)						73.54
Outstanding, December 31, 2023						6,272,763						$	73.39

_________________________________

(1)     The weighted average grant date fair value of the restricted stock units granted during the years ended December 31, 2022 and 2021 was $68.18 and $129.16, respectively.

(2)     The fair value of restricted stock units vested and converted to shares of the Company's common stock was $158.2 million, $117.6 million, and $219.4 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Share-based Payment Arrangement, Performance Shares, Activity

A summary of performance share unit activity is as follows:

						Performance Share Units (1)						Weighted Average Grant Date Fair Value (2)
Outstanding, January 1, 2023						967,846						$	102.58
Granted						782,966						80.50
Released (3)						(12,284)						78.32
Forfeited						(140,727)						93.73
Outstanding, December 31, 2023						1,597,801						$	92.73

_________________________________

(1)     The performance share units listed above assumes attainment of maximum payout rates as set forth in the performance criteria. Applying actual or expected payout rates, the number of outstanding performance share units as of December 31, 2023 was 772,906.

(2)     The weighted average grant date fair value of the performance share units granted during the years ended December 31, 2022 and 2021 was $89.43 and $138.09, respectively.

(3)     The fair value of performance share units vested and converted to shares of the Company's common stock was $1.0 million and $27.2 million for the years ended December 31, 2023 and 2022, respectively. There were no performance share units vested and converted to shares of the Company's common stock during the year ended December 31, 2021.

Schedule of shares of common stock issued

A summary of ESPP activity is as follows:

						Year Ended December 31,
(in thousands, except share and per share amounts)						2023						2022						2021
Shares issued under the 2010 Purchase Plan						924,448						668,605						331,769
Cash received under the 2010 Purchase Plan						$	28,344					$	25,491					$	23,070
Weighted average fair value per share of stock purchase rights granted during the period						$	16.32					$	17.52					$	34.93

Schedule of Common Stock Issued

The 924,448 shares issued during the year ended December 31, 2023 were as follows:

Offering period ended						Number of Shares						Weighted Average price per Share
April 30, 2023						544,453						$	30.02
October 31, 2023						379,995						$	31.57

Summary of shares of authorized common stock reserved for issuance

The Company has reserved shares of its authorized common stock for issuance pursuant to its employee stock purchase and equity plans, including all outstanding stock option grants noted above at December 31, 2023, as follows:

Shares reserved for issuance
2019 Stock Plan						16,046,161
2010 Purchase Plan						1,834,193
						17,880,354

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