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STOCK-BASED COMPENSATION | 9 Months Ended
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Sep. 30, 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
| (In thousands)
Cost of revenues | $ | 4,105 |  |  | $ | 2,948 |  |  | $ | 12,655 |  |  | $ | 10,860 |  |  |
Research and development | 20,488 |  |  | 19,790 |  |  | 62,616 |  |  | 64,550 |  |  |
Sales and marketing | 14,493 |  |  | 14,237 |  |  | 47,546 |  |  | 49,199 |  |  |
General and administrative | 12,383 |  |  | 8,965 |  |  | 37,593 |  |  | 34,921 |  |  |
Restructuring | — |  |  | — |  |  | 588 |  |  | — |  |  |
Total | $ | 51,469 |  |  | $ | 45,940 |  |  | $ | 160,998 |  |  | $ | 159,530 |  |  |
The following table summarizes the various types of stock-based compensation expense for the periods presented:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
| (In thousands)
RSUs and PSUs | $ | 50,138 |  |  | $ | 44,727 |  |  | $ | 156,980 |  |  | $ | 154,834 |  |  |
ESPP | 1,331 |  |  | 1,213 |  |  | 4,018 |  |  | 4,696 |  |  |
Total | $ | 51,469 |  |  | $ | 45,940 |  |  | $ | 160,998 |  |  | $ | 159,530 |  |  |
As of September 30, 2025, there was approximately $263.8 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 and nine months ended September 30, 2025 and 2024. Stock option activity during the period, as well as stock options outstanding as of September 30, 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 |  |  |  | Aggregate Intrinsic Value (1)
| (In thousands) |  |  |  |  |  | (In thousands)
Outstanding at December 31, 2024 | 2,283 |  |  | $ | 139.27 |  |  |  |  |
Granted | 843 |  |  | 59.23 |  |  |  |  |
Vested | (704) |  |  | 154.69 |  |  |  |  | $ | 36,610 |
Canceled | (295) |  |  | 131.70 |  |  |  |  |
Outstanding at September 30, 2025 | 2,127 |  |  | $ | 103.49 |  |  |  |  | $ | 75,260 |
Expected to vest at September 30, 2025 | 2,127 |  |  | $ | 103.49 |  |  |  |  | $ | 75,260 |
(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 September 30, 2025 is based on the closing price of the last trading day during the period ended September 30, 2025. The Company’s stock fair value used in this computation was $35.39 per share. Performance Stock Units The following summarizes PSU activity:
| Number of Shares Outstanding |  | Weighted- Average Fair Value per Share at Grant Date |  |  |  | Aggregate Intrinsic Value (1)
| (In thousands) |  |  |  |  |  | (In thousands)
Outstanding at December 31, 2024 | 899 |  |  | $ | 154.67 |  |  |  |  |
Granted | 1,128 |  |  | 77.71 |  |  |  |  |
Vested | (175) |  |  | 110.20 |  |  |  |  | $ | 10,017 |
Canceled | (220) |  |  | 119.53 |  |  |  |  |
Outstanding at September 30, 2025 | 1,632 |  |  | $ | 110.98 |  |  |  |  | $ | 57,758 |
Expected to vest at September 30, 2025 | 1,632 |  |  | $ | 110.98 |  |  |  |  | $ | 57,758 |
(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 September 30, 2025 is based on the closing price of the last trading day during the period ended September 30, 2025. The Company’s stock fair value used in this computation was $35.39 per share.

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