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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Based Compensation Expense |
(in thousands) | 2023 |  | 2022 |  | 2021
Cost of revenue | $ | 28,994 |  |  | $ | 26,400 |  |  | $ | 21,822 |
Selling and marketing | 57,675 |  |  | 46,769 |  |  | 54,182 |
Research and development | 31,039 |  |  | 29,266 |  |  | 25,413 |
General and administrative | 25,644 |  |  | 19,775 |  |  | 14,530 |
| $ | 143,352 |  |  | $ | 122,210 |  |  | $ | 115,947 |
Income tax benefit | $ | (2,187) |  |  | $ | (1,881) |  |  | $ | (23,410) |
Schedule of Compensating Balances |
(in thousands) | 2023 |  | 2022 |  | 2021
Compensation expense from 2006 ESPP | $ | 1,367 |  |  | $ | 1,614 |  |  | $ | 1,860 |
Schedule of Weighted-Average Assumptions Used in Black-Scholes Option Valuation Model | The following table summarizes the Company’s fair value assumptions for stock options:
| 2023 |  | 2022 |  | 2021
Weighted-average grant-date fair value | $ | 20.55 |  |  | $ | 17.49 |  |  | $ | 37.74 |
Assumptions used in the Black-Scholes option-pricing model: |  |  |  |  |
Expected annual volatility (1) | 48 | % |  | 42 | % |  | 35 | %
Expected term in years (2) | 3.5 |  | 3.9 |  | 4.4
Risk-free interest rate (3) | 4.2 | % |  | 3.4 | % |  | 0.6 | %
Expected annual dividend yield (4) | 0.1 | % |  | 0.1 | % |  | 0.2 | %
(1) The expected annual volatility for each grant is determined based on the average of historic daily price changes of the Company’s common stock over a period, which approximates the expected option term. (2) The expected option term for each grant is determined based on the historical exercise behavior of employees and post-vesting employment termination behavior. (3) The risk-free interest rate is based on the yield of U.S. Treasury securities with a commensurate maturity with the expected option term at the time of grant. (4) The expected annual dividend yield is based on the weighted-average dividend yield assumptions used for options granted during the applicable period.
Schedule of Combined Stock Option Activity | The following table summarizes the combined stock option activity under the Company’s stock option plans for 2023:
| Shares (in thousands) |  | Weighted-average Exercise Price |  | Weighted-average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands) (1)
Options outstanding as of January 1, 2023 | 14,911 |  |  | $ | 59.67 |  |  |  |  |
Granted | 1,847 |  |  | 46.97 |  |  |  |  |
Exercised | (380) |  |  | 31.56 |  |  |  |  |
Forfeited | (1,289) |  |  | 55.90 |  |  |  |  |
Expired | (350) |  |  | 81.62 |  |  |  |  |
Options outstanding as of December 31, 2023 | 14,739 |  |  | $ | 58.60 |  |  |  |  |
Vested and expected to vest as of December 31, 2023 | 12,786 |  |  | $ | 58.58 |  |  | 7.3 |  | $ | 73,407 |
Exercisable as of December 31, 2023 | 6,761 |  |  | $ | 63.54 |  |  | 6.1 |  | $ | 32,594 |
(1) The aggregate intrinsic value of stock options as of December 31, 2023 is based on the difference between the closing price of the Company’s stock of $48.86 and the exercise price of the applicable stock options.
Schedule of Combined Restricted Stock Units Activity | The following table summarizes the combined RSU activity for all grants, including the CICP, under the 2004 Plan for 2023:
| Shares (in thousands) |  | Weighted- Average Grant-Date Fair Value |  | Aggregate Intrinsic Value (in thousands)
Nonvested as of January 1, 2023 | 2,351 |  |  | $ | 85.52 |  |  |
Granted | 1,545 |  |  | 46.57 |  |  |
Vested | (890) |  |  | 84.74 |  |  |
Forfeited | (390) |  |  | 71.56 |  |  |
Nonvested as of December 31, 2023 | 2,616 |  |  | $ | 64.85 |  |  | $ | 127,805 |
Expected to vest as of December 31, 2023 | 1,968 |  |  | $ | 62.86 |  |  | $ | 96,168 |

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