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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following table presents the weighted-average grant date fair value of options granted for the periods presented and the assumptions used to estimate those values using a Black-Scholes option pricing model.

Years Ended December 31,

2022

2021

2020

Weighted average grant date fair value

**

**

$

38.45

Expected term (in years)

**

**

3.8

Expected volatility

**

**

86.4%

Annual risk-free rate of return

**

**

0.1%

Dividend yield

**

**

—%

**    No stock options were granted during the years ended December 31, 2022 and 2021

Summary of the Components of Total Stock-Based Compensation Expense

The following table summarizes the components of total stock-based compensation expense included in the consolidated statements of operations for the periods presented:

									Years Ended December 31,
															2022						2021						2020
															(In thousands)
Cost of revenues															$	13,097					$	7,366					$	3,759
Research and development															69,082						33,927						12,701
Sales and marketing															78,819						37,434						11,548
General and administrative															55,804						35,559						14,495
Total															$	216,802					$	114,286					$	42,503
Income tax benefit included in the provision for income taxes															$	45,066					$	97,129					$	61,389

Summary of Stock-Based Compensation Associated with Each Type of Award

The following table summarizes the various types of stock-based compensation expense for the periods presented:

									Years Ended December 31,
															2022						2021						2020
															(In thousands)
Stock options, RSUs and PSUs															$	200,295					$	110,142					$	39,841
Employee stock purchase plan															5,475						4,144						2,662
Post combination expense accrual (Accrued liabilities)															11,032						—						—
Total															$	216,802					$	114,286					$	42,503

Summary of Stock Option Activity

The following table summarizes stock option activity:

			Number of Shares Outstanding						Weighted- Average Exercise Price per Share						Weighted- Average Remaining Contractual Term						Aggregate Intrinsic Value (1)
			(In thousands)												(Years)						(In thousands)
Outstanding at December 31, 2019			4,097						$	2.18
Granted			11						64.17
Exercised			(1,494)						2.74												$	114,089
Canceled			(82)						6.94
Outstanding at December 31, 2020			2,532						$	1.96
Granted			—						—
Exercised			(267)						2.44												$	42,091
Canceled			(1)						0.83
Outstanding at December 31, 2021			2,264						$	1.90
Granted			—						—
Exercised			(799)						2.02												$	197,334
Canceled			(1)						8.82
Outstanding at December 31, 2022			1,464						$	1.83					2.0						$	385,125
Vested and expected to vest at December 31, 2022			1,464						$	1.83					2.0						$	385,125
Exercisable at December 31, 2022			1,464						$	1.83					2.0						$	385,125

(1)    The intrinsic value of options exercised is based upon the value of the Company’s stock at exercise. The intrinsic value of options outstanding, vested and expected to vest, and exercisable as of December 31, 2022 is based on the closing price of the last trading day during the period ended December 31, 2022. The Company’s stock fair value used in this computation was $264.96 per share.

Summary of Stock Option Outstanding

The following table summarizes information about stock options outstanding at December 31, 2022:

						Options Outstanding																		Options Exercisable
Range of Exercise Prices						Number of Shares						Weighted- Average Remaining Life						Weighted- Average Exercise Price						Number of Shares						Weighted- Average Exercise Price
						(In thousands)						(Years)												(In thousands)
$0.70 —– $1.11						422						2.5						$	0.90					422						$	0.90
$1.29 —– $1.29						935						1.7						1.29						935						1.29
$1.31 —– $5.53						80						2.1						4.28						80						4.28
$14.58 —– $14.58						20						3.3						14.58						20						14.58
$64.17 —– $64.17						7						4.3						64.17						7						64.17
Total						1,464						2.0						$	1.83					1,464						$	1.83

Summary of Restricted Stock Unit Activity

The following table summarizes RSU activity:

			Number of Shares Outstanding						Weighted- Average Fair Value per Share at Grant Date						Weighted- Average Remaining Contractual Term						Aggregate Intrinsic Value (1)
			(In thousands)												(Years)						(In thousands)
Outstanding at December 31, 2019			4,263						$	7.19
Granted			1,550						55.66
Vested			(2,085)						7.26												$	125,578
Canceled			(140)						19.47
Outstanding at December 31, 2020			3,588						$	27.61
Granted			1,301						179.88
Vested			(1,979)						20.47												$	364,665
Canceled			(124)						88.50
Outstanding at December 31, 2021			2,786						$	100.73
Granted			1,159						228.88
Vested			(1,500)						72.87												$	321,274
Canceled			(192)						150.02
Outstanding at December 31, 2022			2,253						$	181.01					1.2						$	597,032
Expected to vest at December 31, 2022			2,253						$	181.01					1.2						$	596,995

(1)    The intrinsic value of RSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of RSUs outstanding and expected to vest as of December 31, 2022 is based on the closing price of the last trading day during the period ended December 31, 2022. The Company’s stock fair value used in this computation was $264.96 per share.

Share-based Compensation, Performance Shares Award Outstanding Activity

The following summarizes PSU activity:

			Number of Shares Outstanding						Weighted- Average Fair Value per Share at Grant Date						Weighted- Average Remaining Contractual Term						Aggregate Intrinsic Value (1)
			(In thousands)												(Years)						(In thousands)
Outstanding at December 31, 2019			955						$	9.83
Granted			989						31.12
Vested			(1,450)						10.20												$	52,144
Canceled			—						—
Outstanding at December 31, 2020			494						$	51.10
Granted			715						131.60
Vested			(494)						59.19												$	91,803
Canceled			(270)						52.75
Outstanding at December 31, 2021			445						$	169.82
Granted			413						195.29
Vested			(303)						168.88												$	51,393
Canceled			(179)						171.32
Outstanding at December 31, 2022			376						$	197.82					0.2						$	99,726
Expected to vest at December 31, 2022			376						$	197.82					0.2						$	99,726

(1)    The intrinsic value of PSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of PSUs outstanding and expected to vest as of December 31, 2022 is based on the closing price of the last trading day during the period ended December 31, 2022. The Company’s stock fair value used in this computation was $264.96 per share.

Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity

A summary of ESPP activity for the years presented is as follows: (in thousands, except per share data):

			Years Ended December 31,
			2022						2021						2020
Proceeds from common stock issued under ESPP			$	9,570					$	6,832					$	4,304
Shares of common stock issued			90						235						347
Weighted-average price per share			$	106.32					$	29.12					$	12.41

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