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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Stock Options Outstanding |
(in thousands, except per share amounts) | Number of Shares |  | Weighted-Average Exercise Price (per share)
Balance at December 31, 2020 | 1,453 |  |  | $ | 5.80 |
Exercised | (1,065) |  |  | 6.77 |
Canceled | — |  |  | — |
Balance at December 31, 2021 | 388 |  |  | $ | 3.15 |
Schedule of Restricted Stock Units Outstanding |
(in thousands, except per share amounts) | Number of Shares |  | Weighted Average Grant-Date Fair Value Per Share
Balance at December 31, 2020 | 3,268 |  |  | $ | 5.67 |
Granted | 3,621 |  |  | 7.90 |
Vested | (2,913) |  |  | 6.27 |
Forfeited | (98) |  |  | 6.71 |
Balance at December 31, 2021 | 3,878 |  |  | $ | 7.31 |
Schedule of Defined Benefit Plans Disclosures | The Company’s pension obligations as of December 31, 2021 and 2020, and the changes to the Company’s pension obligations for each of those years, were as follows:
(in thousands) | 2021 |  | 2020
Projected benefit obligation: |  |  |
Balance at January 1 | $ | 6,057 |  |  | $ | 5,259 |
Service cost | 272 |  |  | 252 |
Interest cost | 20 |  |  | 37 |
Actuarial losses | 233 |  |  | 159 |
Benefits paid | (94) |  |  | (173) |
Foreign currency translation adjustment | (485) |  |  | 523 |
Balance at December 31 | $ | 6,003 |  |  | $ | 6,057 |
Presented on the Consolidated Balance Sheets as: |  |  |
Current portion (included in “Accrued and other current liabilities”) | $ | 32 |  |  | $ | 47 |
Long-term portion (included in “Other non-current liabilities”) | $ | 5,971 |  |  | $ | 6,010 |
Schedule of Components of Net Periodic Benefit Costs | The table below presents the components of net periodic benefit costs:
| Year ended December 31,
(in thousands) | 2021 |  | 2020 |  | 2019
Service cost | $ | 272 |  |  | $ | 252 |  |  | $ | 227 |
Interest cost | 20 |  |  | 37 |  |  | 78 |
Net periodic benefit cost included in result of operations | $ | 292 |  |  | $ | 289 |  |  | $ | 305 |
Schedule of Pension Obligations Assumptions Used | The following assumptions were used in determining the Company’s pension obligation:
| As of December 31,
| 2021 |  | 2020
Discount rate | 0.9 | % |  | 0.4 | %
Mobility rate | 4.7 | % |  | 5.2 | %
Salary progression rate | 2.5 | % |  | 2.0 | %
Schedule of Expected Benefit Payments | As of December 31, 2021, future benefits expected to be paid in each of the next five years, and in the aggregate for the five-year period thereafter are as follows (in thousands):
Year ending December 31, |
2022 | $ | 32 |
2023 | 225 |
2024 | 248 |
2025 | 469 |
2026 | 698 |
2027 - 2031 | 3,491 |
Total | $ | 5,163 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table sets forth the detailed allocation of the share-based compensation expense which was included in the Company’s Consolidated Statements of Operations:
| Year ended December 31,
(in thousands) | 2021 |  | 2020 |  | 2019
Share-based compensation expense included in: |  |  |  |  |
Cost of revenue | $ | 2,345 |  |  | $ | 1,712 |  |  | $ | 1,124 |
Research and development expense | 7,164 |  |  | 4,850 |  |  | 3,261 |
Selling, general and administrative expense | 14,547 |  |  | 11,478 |  |  | 7,689 |
Total | $ | 24,056 |  |  | $ | 18,040 |  |  | $ | 12,074 |
Share-based compensation expense by type of award: |  |  |  |  |
Stock options | $ | — |  |  | $ | — |  |  | $ | 94 |
RSUs | 14,573 |  |  | 11,522 |  |  | 9,444 |
PRSUs | 6,231 |  |  | 4,022 |  |  | 924 |
MRSUs | 1,304 |  |  | 711 |  |  | 286 |
Employee stock purchase rights under ESPP | 1,948 |  |  | 1,785 |  |  | 1,326 |
Total | $ | 24,056 |  |  | $ | 18,040 |  |  | $ | 12,074 |
Schedule of Valuation Assumptions for Stock Options | At the date of grant, the Company estimated the fair value of each stock purchase right granted under the ESPP using the following weighted average assumptions:
|  |  | Year ended December 31,
|  |  |  |  |  |  |  | 2021 |  | 2020 |  | 2019
Expected term (in years) |  |  |  |  |  |  |  | 0.50 |  | 0.50 |  | 0.50
Volatility |  |  |  |  |  |  |  | 45 | % |  | 56 | % |  | 38 | %
Risk-free interest rate |  |  |  |  |  |  |  | 0.1 | % |  | 0.9 | % |  | 2.3 | %
Expected dividends |  |  |  |  |  |  |  | 0.0 | % |  | 0.0 | % |  | 0.0 | %

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