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STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

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 condensed consolidated statements of operations for the periods presented:

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
			(In thousands)
Cost of revenues			$	3,398					$	3,131					$	7,067					$	5,638
Research and development			23,765						16,266						45,243						29,995
Sales and marketing			14,515						22,176						35,934						35,233
General and administrative			12,488						11,491						25,577						29,995
Total			$	54,166					$	53,064					$	113,821					$	100,861

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:

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
			(In thousands)
Stock options, RSUs and PSUs			$	51,852					$	47,228					$	108,809					$	91,340
Employee stock purchase plan			1,803						1,014						3,843						2,396
Post combination expense accrual (Accrued liabilities)			511						4,822						1,169						7,125
Total			$	54,166					$	53,064					$	113,821					$	100,861

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, 2022			1,464						$	1.83
Granted			—						—
Exercised			(92)						1.64												$	15,375
Canceled			—						—
Outstanding at June 30, 2023			1,372						$	1.85					1.5						$	227,200
Vested and expected to vest at June 30, 2023			1,372						$	1.85					1.5						$	227,200
Exercisable at June 30, 2023			1,372						$	1.85					1.5						$	227,200

(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 June 30, 2023 is based on the closing price of the last trading day during the period ended June 30, 2023. The Company’s stock fair value used in this computation was $167.48 per share.

Summary of Stock Option Outstanding

The following table summarizes information about stock options outstanding at June 30, 2023:

						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						2.0						$	0.89					422						$	0.89
$1.29 —– $1.29						858						1.2						1.29						858						1.29
$1.31 —– $5.53						65						1.7						4.43						65						4.43
$14.58 —– $14.58						20						2.8						14.58						20						14.58
$64.17 —– $64.17						7						3.8						64.17						7						64.17
Total						1,372						1.5						$	1.85					1,372						$	1.85

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, 2022			2,253						$	181.01
Granted			423						214.80
Vested			(691)						142.41												$	140,740
Canceled			(147)						176.87
Outstanding at June 30, 2023			1,838						$	203.65					1.3						$	307,877
Expected to vest at June 30, 2023			1,838						$	203.65					1.3						$	307,865

(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 June 30, 2023 is based on the closing price of the last trading day during the period ended June 30, 2023. The Company’s stock fair value used in this computation was $167.48 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, 2022			376						$	197.82
Granted			383						240.72
Vested			(375)						195.81												$	79,438
Canceled			(19)						227.35
Outstanding at June 30, 2023			365						$	243.30					1.7						$	61,087
Expected to vest at June 30, 2023			365						$	243.30					1.7						$	61,087

(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 June 30, 2023 is based on the closing price of the last trading day during the period ended June 30, 2023. The Company’s stock fair value used in this computation was $167.48 per share.

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