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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Stock-based Compensation Expense

The stock-based compensation related to our stock-based awards and employee stock purchase plan for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands):

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
Cost of net revenues						$	3,070					$	1,974					$	7,716					$	5,682
Selling, general and administrative						34,937						29,739						97,705						87,432
Research and development						11,032						7,889						29,434						22,083
Total stock-based compensation						$	49,039					$	39,602					$	134,855					$	115,197

Summary Of Restricted Stock Units

A summary for the nine months ended September 30, 2024 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, 2023			736						$	367.63
Granted			638						309.22
Vested and released			(254)						370.69
Forfeited			(56)						345.74
Unvested as of September 30, 2024			1,064						$	333.03					1.6						$	270,565

Summary of MSU Performance Activity

The following table summarizes the MSU performance activity for the nine months ended September 30, 2024: 

			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, 2023			158						$	811.06
Granted			83						617.79
Vested and released 1			(32)						1,102.09
Forfeited			(5)						1,102.09
Unvested as of September 30, 2024			204						$	679.52					1.6						$	51,876

1    Includes MSUs vested during the period below 100% of the original grant as actual shares released is based on Align’s stock performance relative to a market index over the vesting period.

Summary of PSU Performance Activity

The following table summarizes the PSU performance activity for the nine months ended September 30, 2024:

			Number of Shares Underlying PSUs (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, 2023			$	5					$	201.63
Granted			6						206.36
Vested and released			—						—
Forfeited			—						—
Unvested as of September 30, 2024			$	11					$	204.33					1.4						$	2,805

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation 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:

												Nine Months Ended September 30,
																		2024						2023
Expected term (in years)																		1.3						1.2
Expected volatility																		49.2		%				56.2		%
Risk-free interest rate																		4.6		%				4.9		%
Expected dividends																		—						—
Weighted average fair value at grant date																		$	94.70					$	133.53

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