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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024, 2023, and 2022 is as follows:

						Year Ended December 31,
(In thousands)						2024						2023						2022
Cost of sales						$	20,518					$	20,761					$	19,218
Research and development						39,684						41,242						33,825
Sales and marketing						68,236						73,016						69,267
General and administrative						86,447						96,293						84,513
Total stock-based compensation						$	214,885					$	231,312					$	206,823

Schedule of valuation assumptions

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

						Year Ended December 31,
						2024						2023						2022
Risk-free interest rates						4.71% - 5.30%						4.68% - 4.71%						1.49% - 4.71%
Expected term (in years)						1.17 - 1.25						1.25						0.5 - 2
Expected volatility						44.40% - 63.13%						63.13% - 67.30%						50.94% - 63.13%
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, 2024						1,286,173						$	47.67					3.8
Exercised						(265,816)						19.57
Forfeited						(37,615)						91.46
Outstanding, December 31, 2024						982,742						$	53.60					3.1						$	17,639
Vested and expected to vest, December 31, 2024						982,742						$	53.60					3.1						$	17,639
Exercisable, December 31, 2024						982,742						$	53.60					3.1						$	17,639

_________________________________

(1)     The total intrinsic value of options exercised, net of shares withheld for taxes, during the years ended December 31, 2024, 2023, and 2022 was $7.8 million, $11.7 million, and $36.4 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 is as follows:

						Restricted Shares						Weighted Average Grant Date Fair Value (1)
Outstanding, January 1, 2024						6,272,763						$	73.39
Granted						4,331,532						56.94
Released (2)						(2,396,874)						75.76
Forfeited						(962,625)						62.44
Outstanding, December 31, 2024						7,244,796						$	63.18

_________________________________

(1)     The weighted average grant date fair value of the RSUs granted during the years ended December 31, 2023 and 2022 was $62.36 and $68.18, respectively.

(2)     The fair value of RSUs vested and converted to shares of the Company’s common stock was $184.2 million, $158.2 million, and $117.6 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Share-based Payment Arrangement, Performance Shares, Activity

A summary of PSU activity 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						(419,464)						100.62
Outstanding, December 31, 2024						2,021,208						$	75.86

_________________________________

(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 December 31, 2024 was 773,824.

(2)     The weighted average grant date fair value of the PSUs granted during the years ended December 31, 2023 and 2022 was $80.50 and $89.43, respectively.

(3)     The fair value of PSUs vested and converted to shares of the Company’s common stock was $9.9 million, $1.0 million, and $27.2 million for the years ended December 31, 2024, 2023, and 2022, respectively.

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)						2024						2023						2022
Shares issued under the 2010 Purchase Plan						955,392						924,448						668,605
Cash received under the 2010 Purchase Plan						$	31,227					$	28,344					$	25,491
Weighted average fair value per share of stock purchase rights granted during the period						$	16.26					$	16.32					$	17.52

Schedule of Common Stock Issued

The 955,392 shares issued during the year ended December 31, 2024 were as follows:

Offering period ended						Number of Shares						Weighted Average price per Share
April 30, 2024						604,226						$	32.11
October 31, 2024						351,166						$	33.68

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, 2024, as follows:

Shares reserved for issuance
2019 Stock Plan						9,840,015
2010 Purchase Plan						878,801
						10,718,816

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