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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
| 2024 |  | 2023 |  | 2022
Cost of revenues | $ | 30,322 |  |  | $ | 36,484 |  |  | $ | 34,269 |
Research and development | 76,971 |  |  | 93,961 |  |  | 88,846 |
Sales and marketing | 134,659 |  |  | 151,221 |  |  | 151,950 |
General and administrative | 97,107 |  |  | 145,013 |  |  | 110,944 |
Total share-based compensation expense | $ | 339,059 |  |  | $ | 426,679 |  |  | $ | 386,009 |
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,
| 2024 |  | 2023 |  | 2022
Employee stock purchase plan rights (“ESPP”) | $ | 6,338 |  |  | $ | 7,574 |  |  | $ | 7,719 |
Performance stock units (“PSUs”) | 20,624 |  |  | 27,035 |  |  | 1,737 |
Restricted stock units (“RSUs”) | 312,097 |  |  | 392,070 |  |  | 376,553 |
Total share-based compensation expense | $ | 339,059 |  |  | $ | 426,679 |  |  | $ | 386,009 |
Summary of Stock Option Activity Plans | A summary of option activity under all of the Company’s equity incentive plans and changes during the period then ended December 31, 2024, 2023, and 2022 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, 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 |  | $ | — |
Exercised | — |  |  | — |  |  |  |  |
Canceled/Forfeited | — |  |  | — |  |  |  |  |
Outstanding at December 31, 2024 | — |  |  | $ | — |  |  | 0.0 |  | $ | — |
Vested and expected to vest as of December 31, 2024 | — |  |  | $ | — |  |  | 0.0 |  | $ | — |
Exercisable as of December 31, 2024 | — |  |  | $ | — |  |  | 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,
| 2024 |  | 2023 |  | 2022
Expected term (in years) | 0.5 |  | 0.5 |  | 0.5
Expected volatility | 46 | % |  | 67 | % |  | 81 | %
Risk-free interest rate | 4.89 | % |  | 5.36 | % |  | 3.01 | %
Expected dividend yield | 0 | % |  | 0 | % |  | 0 | %
Offering grant date fair value of ESPP rights | $ | 10.59 |  |  | $ | 9.38 |  |  | $ | 20.18 |
Summary of RSUs Activity | A summary of activity of restricted and performance-based stock units as of December 31, 2024, 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, 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 |
Granted | 6,947 |  |  | 36.34 |  |  |
Released | (6,226) |  |  | 53.15 |  |  |
Canceled/Forfeited | (2,462) |  |  | 40.28 |  |  |
Outstanding at December 31, 2024 | 8,306 |  |  | $ | 42.09 |  |  | $ | 290,799 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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