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STOCK-BASED COMPENSATION | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Stock-based Compensation Expense Stock-based compensation expense for all stock-based awards, which includes shares purchased under the Company’s employee stock purchase plan (“ESPP”), restricted stock units (“RSUs”) and performance stock units (“PSUs”), expected to vest is measured at fair value on the date of grant and recognized ratably over the requisite service period. 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 March 31,
|  |  |  |  | 2025 |  | 2024 |  |
|  |  |  |  | (In thousands)
Cost of revenues |  |  |  |  | $ | 4,239 |  |  | $ | 4,182 |  |  |
Research and development |  |  |  |  | 21,647 |  |  | 24,550 |  |  |
Sales and marketing |  |  |  |  | 16,396 |  |  | 18,178 |  |  |
General and administrative |  |  |  |  | 12,842 |  |  | 13,923 |  |  |
Restructuring |  |  |  |  | 509 |  |  | — |  |  |
Total |  |  |  |  | $ | 55,633 |  |  | $ | 60,833 |  |  |
The following table summarizes the various types of stock-based compensation expense for the periods presented:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024 |  |
|  |  |  |  | (In thousands)
RSUs and PSUs |  |  |  |  | $ | 54,176 |  |  | $ | 58,787 |  |  |
ESPP |  |  |  |  | 1,457 |  |  | 2,046 |  |  |
Total |  |  |  |  | $ | 55,633 |  |  | $ | 60,833 |  |  |
As of March 31, 2025, there was approximately $376.4 million of total unrecognized stock-based compensation expense related to unvested equity awards, which are expected to be recognized over a weighted-average period of 2.2 years. Equity Awards Activity Stock Options No stock options were granted during the three months ended March 31, 2025 and 2024. Stock option activity during the period and stock options outstanding as of March 31, 2025 were immaterial Restricted Stock Units 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, 2024 | 2,283 |  |  | $ | 139.27 |  |  |  |  |
Granted | 615 |  |  | 65.27 |  |  |  |  |
Vested | (357) |  |  | 153.03 |  |  |  |  | $ | 21,716 |
Canceled | (158) |  |  | 140.43 |  |  |  |  |
Outstanding at March 31, 2025 | 2,383 |  |  | $ | 118.04 |  |  | 1.5 |  | $ | 147,824 |
Expected to vest at March 31, 2025 | 2,374 |  |  | $ | 117.79 |  |  | 1.5 |  | $ | 147,334 |
(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 March 31, 2025 is based on the closing price of the last trading day during the period ended March 31, 2025. The Company’s stock fair value used in this computation was $62.05 per share. Performance Stock Units 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, 2024 | 899 |  |  | $ | 154.67 |  |  |  |  |
Granted | 1,128 |  |  | 77.71 |  |  |  |  |
Vested | (175) |  |  | 110.20 |  |  |  |  | $ | 10,017 |
Canceled | (197) |  |  | 118.43 |  |  |  |  |
Outstanding at March 31, 2025 | 1,655 |  |  | $ | 111.23 |  |  | 1.8 |  | $ | 102,672 |
Expected to vest at March 31, 2025 | 1,655 |  |  | $ | 111.23 |  |  | 1.8 |  | $ | 102,672 |
(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 March 31, 2025 is based on the closing price of the last trading day during the period ended March 31, 2025. The Company’s stock fair value used in this computation was $62.05 per share.

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