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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stock-based Compensation Expense

Stock-based compensation related to our stock-based awards and employee stock purchase plan for the year ended December 31, 2023, 2022 and 2021 is as follows (in thousands):

						Year Ended December 31,
						2023						2022						2021
Cost of net revenues						$	7,462					$	6,438					$	5,633
Selling, general and administrative						115,992						103,134						90,659
Research and development						30,572						23,795						18,044
Total stock-based compensation						$	154,026					$	133,367					$	114,336

Fair value assumptions using the Monte Carlo simulation

The weighted average assumptions used in the Monte Carlo simulation were as follows: 

						Year Ended December 31,
						2023						2022						2021
Expected term (in years)						3.0						3.0						3.0
Expected volatility						59.1		%				53.8		%				56.3		%
Risk-free interest rate						4.3		%				1.7		%				0.2		%
Expected dividends						—						—						—
Weighted average fair value per share at grant date						$	629.53					$	915.22					$	1,102.09

Schedule of ESPP share activity

The following table summarizes the ESPP shares issued:

						Year Ended December 31,
						2023						2022						2021
Number of shares issued (in thousands)						114						86						131
Weighted average price						$	234.19					$	305.24					$	195.44

Schedule of Weighted Average Assumptions

The fair value of the option component of the 2010 Purchase Plan shares was estimated at the grant date using the Black-Scholes option pricing model with the following weighted average assumptions:

						Year Ended December 31,
						2023						2022						2021
Expected term (in years)						1.2						1.5						1.1
Expected volatility						56.4		%				50.2		%				52.7		%
Risk-free interest rate						4.9		%				1.8		%				0.1		%
Expected dividends						—						—						—
Weighted average fair value at grant date						$	132.94					$	159.44					$	246.84

Restricted Stock Units (RSUs)

Summary of Nonvested Shares

A summary for the year ended December 31, 2023 is as follows:

						Number of Shares Underlying RSUs (in thousands)						Weighted Average Grant Date Fair Value						Weighted Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value (in thousands)
Unvested as of December 31, 2022						489						$	427.23
Granted						509						316.16
Vested and released						(201)						376.41
Forfeited						(61)						386.66
Unvested as of December 31, 2023						736						$	367.63					1.4						$	201,789

Market Performance Based Restricted Stock Units

Summary of Nonvested Shares

The following table summarizes MSU activity for the year ended December 31, 2023:

						Number of Shares Underlying MSUs (in thousands)						Weighted Average Grant Date Fair Value						Weighted Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value (in thousands)
Unvested as of December 31, 2022						144						$	725.73
Granted						82						629.53
Vested and released						(25)						392.67
Forfeited						(43)						423.87
Unvested as of December 31, 2023						158						$	811.06					1.4						$	43,197

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