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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Based Compensation Expense |
(in thousands) | 2024 |  | 2023 |  | 2022
Cost of revenue | $ | 27,353 |  |  | $ | 28,994 |  |  | $ | 26,400 |
Selling and marketing | 55,084 |  |  | 57,675 |  |  | 46,769 |
Research and development | 29,838 |  |  | 31,039 |  |  | 29,266 |
General and administrative | 30,443 |  |  | 25,644 |  |  | 19,775 |
| $ | 142,718 |  |  | $ | 143,352 |  |  | $ | 122,210 |
Income tax benefit | $ | (1,799) |  |  | $ | (2,187) |  |  | $ | (1,881) |
Schedule of Compensating Balances |
(in thousands) | 2024 |  | 2023 |  | 2022
Compensation expense from 2006 ESPP | $ | 1,184 |  |  | $ | 1,367 |  |  | $ | 1,614 |
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:
| 2024 |  | 2023 |  | 2022
Weighted-average grant-date fair value | $ | 25.82 |  |  | $ | 20.55 |  |  | $ | 17.49 |
Assumptions used in the Black-Scholes option-pricing model: |  |  |  |  |
Expected annual volatility (1) | 49 | % |  | 48 | % |  | 42 | %
Expected term in years (2) | 3.9 |  | 3.5 |  | 3.9
Risk-free interest rate (3) | 4.2 | % |  | 4.2 | % |  | 3.4 | %
Expected annual dividend yield (4) | 0.2 | % |  | 0.1 | % |  | 0.1 | %
(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 Time-Based Vesting Stock Option Performance Stock Option Activity | The following table summarizes the time-based vesting stock option activity under the Company’s stock option plans for 2024:
| 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, 2024 | 13,853 |  |  | $ | 59.32 |  |  |  |  |
Granted | 1,857 |  |  | 62.90 |  |  |  |  |
Exercised | (1,937) |  |  | 43.94 |  |  |  |  |
Forfeited | (515) |  |  | 54.91 |  |  |  |  |
Expired | (284) |  |  | 90.16 |  |  |  |  |
Options outstanding as of December 31, 2024 | 12,974 |  |  | $ | 61.63 |  |  |  |  |
Vested and expected to vest as of December 31, 2024 | 11,477 |  |  | $ | 62.04 |  |  | 6.7 |  | $ | 391,228 |
Exercisable as of December 31, 2024 | 7,351 |  |  | $ | 65.37 |  |  | 5.8 |  | $ | 232,270 |
(1) The aggregate intrinsic value of stock options as of December 31, 2024 is based on the difference between the closing price of the Company’s stock of $93.20 and the exercise price of the applicable stock options. The following table summarizes the Company’s performance stock option activity for 2024:
| Shares (in thousands) |  | Weighted-average Exercise Price |  | Weighted-average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands) (1)
Performance options outstanding as of January 1, 2024 | 886 |  |  | $ | 47.27 |  |  |  |  |
Granted | 566 |  |  | 62.10 |  |  |  |  |
Exercised | (39) |  |  | 47.27 |  |  |  |  |
Forfeited | (23) |  |  | 53.86 |  |  |  |  |
Performance options outstanding as of December 31, 2024 | 1,390 |  |  | $ | 53.20 |  |  |  |  |
Vested and expected to vest as of December 31, 2024 | 1,173 |  |  | $ | 53.12 |  |  | 8.6 |  | $ | 47,001 |
Exercisable as of December 31, 2024 | 181 |  |  | $ | 47.27 |  |  | 8.2 |  | $ | 8,304 |
(1) The aggregate intrinsic value of stock options as of December 31, 2024 is based on the difference between the closing price of the Company’s stock of $93.20 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 2024:
| Shares (in thousands) |  | Weighted- Average Grant-Date Fair Value |  | Aggregate Intrinsic Value (in thousands)
Nonvested as of January 1, 2024 | 2,616 |  |  | $ | 64.85 |  |  |
Granted | 1,366 |  |  | 62.57 |  |  |
Vested | (1,160) |  |  | 67.39 |  |  |
Forfeited | (209) |  |  | 63.78 |  |  |
Nonvested as of December 31, 2024 | 2,613 |  |  | $ | 64.21 |  |  | $ | 243,516 |
Expected to vest as of December 31, 2024 | 1,962 |  |  | $ | 63.39 |  |  | $ | 182,854 |

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