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STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity Under the Stock Plans

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

						Option Shares						Weighted Average Exercise Price						Weighted Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value (1)
(Aggregate intrinsic value in thousands)
Outstanding, January 1, 2024						1,286,173						$	47.67					3.8
Exercised						(141,503)						15.44
Forfeited						(17,164)						94.85
Outstanding, June 30, 2024						1,127,506						$	51.00					3.6						$	11,834
Vested and expected to vest, June 30, 2024						1,127,506						$	51.00					3.6						$	11,834
Exercisable, June 30, 2024						1,127,506						$	51.00					3.6						$	11,834

______________

(1)The total intrinsic value of options exercised, net of shares withheld for taxes, during the six months ended June 30, 2024 and 2023 was $3.3 million and $7.0 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 RSU activity during the six months ended June 30, 2024 is as follows:

						Restricted Shares						Weighted Average Grant Date Fair Value (1)
Outstanding, January 1, 2024						6,272,763						$	73.39
Granted						3,937,097						57.38
Released (2)						(1,924,514)						79.93
Forfeited						(504,123)						64.23
Outstanding, June 30, 2024						7,781,223						$	63.97

______________

(1)The weighted average grant date fair value of the RSUs granted during the six months ended June 30, 2023 was $60.94.

(2)The fair value of RSUs vested and converted to shares of the Company’s common stock was $153.4 million and $130.5 million during the six months ended June 30, 2024 and 2023, respectively.

Share-based Payment Arrangement, Performance Shares, Activity

A summary of PSU activity during the six months ended June 30, 2024 is as follows:

						Performance Share Units (1)						Weighted Average Grant Date Fair Value (2)
Outstanding, January 1, 2024						1,597,801						$	92.73
Granted						913,533						63.68
Released (3)						(70,662)						140.20
Forfeited						(336,852)						106.06
Outstanding, June 30, 2024						2,103,820						$	74.25

______________

(1)The PSUs 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 PSUs as of June 30, 2024 was 1,037,206.

(2)The weighted average grant date fair value of the PSUs granted during the six months ended June 30, 2023 was $79.17.

(3)The fair value of PSUs vested and converted to shares of the Company’s common stock was $9.9 million and $1.0 million for the six months ended June 30, 2024 and 2023, respectively.

Schedule of Share-Based Compensation, Employee Stock Purchase Plan, Activity

The fair value of shares purchased during the three and six months ended June 30, 2024 and 2023 under the ESPP is based on the assumptions in the following table:

						Three Months Ended June 30,												Six Months Ended June 30,
						2024						2023						2024						2023
ESPP Shares
Risk-free interest rates						4.71% - 5.30%						4.68%						4.71% - 5.30%						4.68%
Expected term (in years)						1.17						1.25						1.17						1.25
Expected volatility						55.67% - 63.13%						67.30%						55.67% - 63.13%						67.30%
Dividend yield						—%						—%						—%						—%

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