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Stockholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2024
Stockholders' Equity Note [Abstract] |
Stock-based Compensation Expense | Stock-based compensation related to our stock-based awards and employee stock purchase plan for the year ended December 31, 2024, 2023 and 2022 is as follows (in thousands):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Cost of net revenues |  | $ | 6,995 |  |  | $ | 7,462 |  |  | $ | 6,438 |
Selling, general and administrative |  | 123,979 |  |  | 115,992 |  |  | 103,134 |
Research and development |  | 42,729 |  |  | 30,572 |  |  | 23,795 |
Total stock-based compensation |  | $ | 173,703 |  |  | $ | 154,026 |  |  | $ | 133,367 |
Summary of Nonvested Shares | A summary for the year ended December 31, 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 |  | 657 |  |  | 307.12 |  |  |  |  |
Vested and released |  | (256) |  |  | 370.36 |  |  |  |  |
Forfeited |  | (118) |  |  | 340.47 |  |  |  |  |
Unvested as of December 31, 2024 |  | 1,019 |  |  | $ | 331.10 |  |  | 1.4 |  | $ | 212,468 |
Summary of Nonvested Shares | The following table summarizes MSU activity for the year ended December 31, 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 |  | (32) |  |  | 1,102.09 |  |  |  |  |
Forfeited |  | (16) |  |  | 809.22 |  |  |  |  |
Unvested as of December 31, 2024 |  | 193 |  |  | $ | 679.14 |  |  | 1.4 |  | $ | 40,272 |
Summary of Weighted Average Assumptions Used for MSUs | The weighted average assumptions used in the Monte Carlo simulation were as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Expected term (in years) |  | 3.0 |  | 3.0 |  | 3.0
Expected volatility |  | 52.0 | % |  | 59.1 | % |  | 53.8 | %
Risk-free interest rate |  | 4.3 | % |  | 4.3 | % |  | 1.7 | %
Expected dividends |  | — |  |  | — |  |  | — |
Weighted average fair value per share at grant date |  | $ | 617.79 |  |  | $ | 629.53 |  |  | $ | 915.22 |
Summary of PSU Activity | The following table summarizes the PSU performance activity for the year ended December 31, 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 December 31, 2024 |  | $ | 11 |  |  | $ | 204.33 |  |  | 1.2 |  | $ | 2,299 |
Schedule of ESPP Share Activity | The following table summarizes the ESPP shares issued:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Number of shares issued (in thousands) |  | 120 |  |  | 114 |  |  | 86 |
Weighted average price |  | $ | 213.11 |  |  | $ | 234.19 |  |  | $ | 305.24 |
Summary of Weighted Average Assumptions Used for ESPP | 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,
|  | 2024 |  | 2023 |  | 2022
Expected term (in years) |  | 1.3 |  | 1.2 |  | 1.5
Expected volatility |  | 49.2 | % |  | 56.4 | % |  | 50.2 | %
Risk-free interest rate |  | 4.6 | % |  | 4.9 | % |  | 1.8 | %
Expected dividends |  | — |  |  | — |  |  | — |
Weighted average fair value at grant date |  | $ | 94.75 |  |  | $ | 132.94 |  |  | $ | 159.44 |

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