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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
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, 2023 |  | 3,242 |  |  | $ | 12.42 |
Granted |  | 3,180 |  |  | 13.22 |
Vested and issued |  | (2,107) |  |  | 12.16 |
Forfeited |  | (868) |  |  | 13.93 |
Balance at December 31, 2024 |  | 3,447 |  |  | $ | 12.95 |
Schedule of Allocation of the Share-Based Compensation Expense | 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) | 2024 |  | 2023 |  | 2022
Share-based compensation expense included in: |  |  |  |  |
Cost of revenue | $ | 1,091 |  |  | $ | 2,348 |  |  | $ | 2,233 |
Research and development expense | 8,015 |  |  | 7,889 |  |  | 7,519 |
Selling, general and administrative expense | 18,967 |  |  | 17,092 |  |  | 15,460 |
Total | $ | 28,073 |  |  | $ | 27,329 |  |  | $ | 25,212 |
Share-based compensation expense by type of award: |  |  |  |  |
RSUs | $ | 23,299 |  |  | $ | 19,863 |  |  | $ | 17,786 |
PRSUs | 1,044 |  |  | 3,398 |  |  | 3,865 |
MRSUs | 1,646 |  |  | 1,705 |  |  | 1,558 |
Employee stock purchase rights under ESPP | 2,084 |  |  | 2,363 |  |  | 2,003 |
Total | $ | 28,073 |  |  | $ | 27,329 |  |  | $ | 25,212 |
Schedule of Pension Obligations | The Company’s pension obligations as of December 31, 2024 and 2023, and the changes to the Company’s pension obligations for each of those years, were as follows:
(in thousands) | 2024 |  | 2023
Projected benefit obligation: |  |  |
Balance at January 1 | $ | 5,596 |  |  | $ | 5,283 |
Service cost | 242 |  |  | 217 |
Interest cost | 205 |  |  | 169 |
Actuarial losses (gains) | 330 |  |  | (25) |
Settlement | (1,612) |  |  | — |
Benefits paid | (28) |  |  | (275) |
Foreign currency translation adjustment | (201) |  |  | 227 |
Balance at December 31 | $ | 4,532 |  |  | $ | 5,596 |
Presented on the Consolidated Balance Sheets as: |  |  |
Current portion (included in “Accrued and other current liabilities”) | $ | — |  |  | $ | 33 |
Long-term portion (included in “Other non-current liabilities”) | $ | 4,532 |  |  | $ | 5,563 |
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) | 2024 |  | 2023 |  | 2022
Service cost | $ | 242 |  |  | $ | 217 |  |  | $ | 259 |
Interest cost | 205 |  |  | 169 |  |  | 50 |
Net periodic benefit cost included in result of operations | $ | 447 |  |  | $ | 386 |  |  | $ | 309 |
Schedule of Pension Obligations Assumptions Used | The following assumptions were used in determining the Company’s pension obligation:
|  | As of December 31,
|  | 2024 |  | 2023
Discount rate |  | 3.2 | % |  | 3.8 | %
Mobility rate |  | 6.3 | % |  | 6.2 | %
Salary progression rate |  | 3.0 | % |  | 3.0 | %
Schedule of Expected Benefit Payments | As of December 31, 2024, 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, |
2025 | $ | — |
2026 | 74 |
2027 | 195 |
2028 | 349 |
2029 | 273 |
2030 – 2034 | 3,436 |
Total | $ | 4,327 |
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,
|  |  |  |  |  |  | 2024 |  | 2023 |  | 2022
Expected term (in years) |  |  |  |  |  |  | 0.50 |  | 0.50 |  | 0.50
Volatility |  |  |  |  |  |  | 50 | % |  | 46 | % |  | 47 | %
Risk-free interest rate |  |  |  |  |  |  | 5.3 | % |  | 5.2 | % |  | 1.4 | %
Expected dividends |  |  |  |  |  |  | 0.0 | % |  | 0.0 | % |  | 0.0 | %

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