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Employee Benefits and Share-Based Compensation | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Employee Benefits and Share-Based Compensation | Employee Benefits and Share-Based Compensation Share-Based Compensation Expense The following table sets forth the total share-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Operations:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  | (In thousands)
Cost of product and service revenues |  |  |  |  | $ | 1,718 |  |  | $ | 1,555 |
Research and development |  |  |  |  | 1,220 |  |  | 1,075 |
Selling, general, and administrative |  |  |  |  | 7,848 |  |  | 6,011 |
Total share-based compensation expense |  |  |  |  | $ | 10,786 |  |  | $ | 8,641 |
During the three months ended March 31, 2025 and 2024, the Company capitalized approximately $0.8 million and $0.7 million, respectively, of share-based compensation expense to internal-use and external-use software development costs related to internal labor. The Company did not capitalize any material share-based compensation expense to inventory during the three months ended March 31, 2025 and 2024. Employee Stock Purchase Plan (“ESPP”) The following assumptions were used to value shares under the ESPP for the three months ended March 31, 2025 and 2024:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Expected life, years | 0.5 - 2.0 |  | 0.5 - 2.0 |  |  |  |
Expected volatility, % | 45.8% - 58.7% |  | 33.7% - 57.0% |  |  |  |
Risk-free interest rate, % | 4.1% - 5.2% |  | 1.5% - 5.5% |  |  |  |
Dividend yield, % | — | % |  | — | % |  |  |  |
For the three months ended March 31, 2025 and 2024, employees purchased approximately 335,000 and 334,000 shares of common stock, respectively, under the ESPP at a weighted-average price of $24.57 and $24.06, respectively. Stock Options The following table summarizes the stock option activity under the 2009 Plan:
| Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Years |  | Aggregate Intrinsic Value
| (In thousands, except per share data)
Outstanding at December 31, 2024 | 1,760 |  |  | $ | 67.51 |  |  | 3.6 |  | $ | 2,619 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (1) |  |  | 30.92 |  |  |  |  |
Expired | (34) |  |  | 65.41 |  |  |  |  |
Forfeited | — |  |  | — |  |  |  |  |
Outstanding at March 31, 2025 | 1,725 |  |  | $ | 67.58 |  |  | 3.4 |  | $ | 426 |
Exercisable at March 31, 2025 | 1,723 |  |  | $ | 67.50 |  |  | 3.4 |  | $ | 426 |
Vested and expected to vest at March 31, 2025 and thereafter | 1,725 |  |  | $ | 67.58 |  |  | 3.4 |  | $ | 426 |
Restricted Stock Units (“RSUs”) The following table summarizes the RSU activity under the 2009 Plan:
| Number of Shares |  | Weighted-Average Grant Date Fair Value |  | Weighted-Average Remaining Years |  | Aggregate Intrinsic Value
| (In thousands, except per share data)
Outstanding at December 31, 2024 | 1,614 |  |  | $ | 54.58 |  |  | 1.6 |  | $ | 71,849 |
Granted | 160 |  |  | 33.87 |  |  |  |  |
Vested | (110) |  |  | 66.08 |  |  |  |  |
Forfeited | (139) |  |  | 55.85 |  |  |  |  |
Outstanding and unvested at March 31, 2025 | 1,525 |  |  | $ | 51.46 |  |  | 1.5 |  | $ | 53,326 |
As of March 31, 2025, total unrecognized compensation cost related to RSUs was $49.4 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.8 years. Performance-Based Stock Unit Awards (“PSUs”) The following table summarizes the PSU activity under the 2009 Plan:
| Number of Shares |  | Weighted-Average Grant Date Fair Value
| (In thousands, except per share data)
Outstanding at December 31, 2024 | 177 |  |  | $ | 28.67 |
Granted (Awarded) | 139 |  |  | 32.66 |
Additional granted based on performance achievement | 135 |  |  | 28.67 |
Vested (Released) | (78) |  |  | 28.67 |
Forfeited | — |  |  | — |
Outstanding and unvested at March 31, 2025 | 373 |  |  | $ | 30.16 |
As of March 31, 2025, total unrecognized compensation cost related to PSUs was approximately $5.6 million, which is expected to be recognized over the remaining weighted-average vesting period of 1.5 years. Summary of Shares Reserved for Future Issuance under Equity Incentive Plans The Company had the following ordinary shares reserved for future issuance under its equity incentive plans as of March 31, 2025:
| Number of Shares
| (In thousands)
Stock options outstanding | 1,725 |
Non-vested restricted stock awards | 1,947 |
Shares authorized for future issuance | 2,845 |
ESPP shares available for future issuance | 2,391 |
Total shares reserved for future issuance | 8,908 |
Stock Repurchase Programs On August 2, 2016, the Company’s Board of Directors (the “Board”) authorized a stock repurchase program, which does not expire, providing for the repurchase of up to $50.0 million of the Company’s common stock (the “2016 Repurchase Program”). As of March 31, 2025, the maximum dollar value of shares that may yet be purchased under the 2016 Repurchase Program was $2.7 million. The timing, price, and volume of repurchases are to be based on market conditions, relevant securities laws, and other factors. The stock repurchases may be made from time to time on the open market, in privately negotiated transactions, or pursuant to a Rule 10b-18 plan, subject to the terms and conditions of the Second A&R Credit Agreement, as amended. The 2016 Repurchase Program does not obligate the Company to repurchase any specific number of shares, and the Company may terminate or suspend the 2016 Repurchase Program at any time. During the three months ended March 31, 2025 and 2024, the Company did not repurchase any of its outstanding common stock under the 2016 Repurchase Program.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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