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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Share-Based Compensation Expense Recognized to Statements of Operations

A summary of share-based compensation expense recognized in the Company’s Consolidated Statements of Operations is as follows (in thousands):

			Year ended December 31,
			2023						2022						2021
Cost of revenues			$	36,484					$	34,269					$	29,307
Research and development			93,961						88,846						83,042
Sales and marketing			151,221						151,950						137,924
General and administrative			145,013						110,944						107,692
Total share-based compensation expense			$	426,679					$	386,009					$	357,965

Summary of Share-Based Compensation Expense by Award Type

A summary of share-based compensation expense by award type is as follows (in thousands):

			Year ended December 31,
			2023						2022						2021
Employee stock purchase plan rights (“ESPP”)			$	7,574					$	7,719					$	9,573
Performance stock units (“PSUs”)			27,035						1,737						298
Restricted stock units (“RSUs”)			392,070						376,553						348,094
Total share-based compensation expense			$	426,679					$	386,009					$	357,965

Summary of Stock Option Activity Plans

A summary of option activity under all of the Company’s equity incentive plans at December 31, 2023 and changes during the period then ended is presented in the following table:

			Number of Options Outstanding (in thousands)						Weighted- Average Exercise Price Per Share						Weighted- Average Contractual Term (in Years)						Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020			897						$	12.02					1.7						$	329,151
Exercised			(741)						12.58
Canceled/Forfeited			(2)						27.45
Outstanding at December 31, 2021			154						$	9.12					0.9						$	27,465
Exercised			(132)						8.54
Canceled/Forfeited			—						—
Outstanding at December 31, 2022			22						$	12.53					0.5						$	509
Exercised			(22)						12.53
Canceled/Forfeited			—						—
Outstanding at December 31, 2023			—						$	—					0.0						$	—
Vested and expected to vest as of December 31, 2023			—						$	—					0.0						$	—
Exercisable as of December 31, 2023			—						$	—					0.0						$	—

Summary of Assumptions Used to Value ESPP Rights Under the Black-Scholes Option-Pricing Model

The weighted-average assumptions used to value ESPP rights under the Black-Scholes-Merton option-pricing model and the resulting offering grant date fair value of ESPP rights granted in the periods presented were as follows:

			Year ended December 31,
			2023						2022						2021
Expected term (in years)			0.5						0.5						0.5
Expected volatility			67		%				81		%				48		%
Risk-free interest rate			5.36		%				3.01		%				0.05		%
Expected dividend yield			0		%				0		%				0		%
Offering grant date fair value of ESPP rights			$	9.38					$	20.18					$	71.27

Summary of RSUs Activity

A summary of activity of restricted and performance-based stock units as of December 31, 2023, and changes during the period then ended is presented in the following table:

			Number of RSUs/PSUs Outstanding (in thousands)						Weighted- Average Grant Date Fair Value Per Share						Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020			2,725						$	162.04					$	1,032,997
Granted			2,792						299.53
Released			(1,811)						185.55
Canceled/Forfeited			(855)						240.21
Outstanding at December 31, 2021			2,851						$	258.26					$	534,186
Granted			5,999						72.96
Released			(2,787)						131.18
Canceled/Forfeited			(963)						206.32
Outstanding at December 31, 2022			5,100						$	119.55					$	180,577
Granted			13,666						32.16
Released			(5,891)						61.12
Canceled/Forfeited			(2,828)						57.29
Outstanding at December 31, 2023			10,047						$	52.47					$	325,153

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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