v3.25.0.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of non-cash stock-based compensation expense by department A summary of non-cash stock-based compensation expense by expense category included in the Company’s consolidated statements of operations for the years ended December 31, 2024, 2023, and 2022 is as follows:
Year Ended December 31,
(In thousands)202420232022
Cost of sales$20,518 $20,761 $19,218 
Research and development39,684 41,242 33,825 
Sales and marketing68,236 73,016 69,267 
General and administrative86,447 96,293 84,513 
Total stock-based compensation$214,885 $231,312 $206,823 
Schedule of valuation assumptions
The fair value of shares purchased under the ESPP is based on the assumptions in the following table:
Year Ended December 31,
202420232022
Risk-free interest rates
4.71% - 5.30%
4.68% - 4.71%
1.49% - 4.71%
Expected term (in years)
1.17 - 1.25
1.25
0.5 - 2
Expected volatility
44.40% - 63.13%
63.13% - 67.30%
50.94% - 63.13%
Dividend yield0%0%0%
Summary of stock option activity under the Stock Plans
A summary of stock option activity under the Stock Plans is as follows:
OptionsSharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (Years)Aggregate Intrinsic Value (1)
(Aggregate intrinsic value in thousands)
Outstanding, January 1, 2024
1,286,173 $47.67 3.8
Exercised(265,816)19.57 
Forfeited(37,615)91.46 
Outstanding, December 31, 2024
982,742 $53.60 3.1$17,639 
Vested and expected to vest, December 31, 2024
982,742 $53.60 3.1$17,639 
Exercisable, December 31, 2024
982,742 $53.60 3.1$17,639 
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(1)     The total intrinsic value of options exercised, net of shares withheld for taxes, during the years ended December 31, 2024, 2023, and 2022 was $7.8 million, $11.7 million, and $36.4 million, respectively, determined as of the date of exercise.
Summary of restricted stock and restricted stock unit activity under the Stock Plans
A summary of restricted stock and RSU activity is as follows:
Restricted SharesWeighted Average Grant Date Fair Value (1)
Outstanding, January 1, 2024
6,272,763 $73.39 
Granted4,331,532 56.94 
Released (2)(2,396,874)75.76 
Forfeited(962,625)62.44 
Outstanding, December 31, 2024
7,244,796 $63.18 
_________________________________
(1)     The weighted average grant date fair value of the RSUs granted during the years ended December 31, 2023 and 2022 was $62.36 and $68.18, respectively.
(2)     The fair value of RSUs vested and converted to shares of the Company’s common stock was $184.2 million, $158.2 million, and $117.6 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Share-based Payment Arrangement, Performance Shares, Activity
A summary of PSU activity is as follows:
Performance Share Units (1)Weighted Average Grant Date Fair Value (2)
Outstanding, January 1, 20241,597,801 $92.73 
Granted913,533 63.68 
Released (3)(70,662)140.20 
Forfeited(419,464)100.62 
Outstanding, December 31, 20242,021,208 $75.86 
_________________________________
(1)     The PSUs listed above assumes attainment of maximum payout rates as set forth in the performance criteria. Applying actual or expected payout rates, the number of outstanding PSUs as of December 31, 2024 was 773,824.
(2)     The weighted average grant date fair value of the PSUs granted during the years ended December 31, 2023 and 2022 was $80.50 and $89.43, respectively.
(3)     The fair value of PSUs vested and converted to shares of the Company’s common stock was $9.9 million, $1.0 million, and $27.2 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Schedule of shares of common stock issued
A summary of ESPP activity is as follows:
Year Ended December 31,
(in thousands, except share and per share amounts)202420232022
Shares issued under the 2010 Purchase Plan955,392 924,448668,605
Cash received under the 2010 Purchase Plan$31,227 $28,344 $25,491 
Weighted average fair value per share of stock purchase rights granted during the period$16.26 $16.32 $17.52 
Schedule of Common Stock Issued
The 955,392 shares issued during the year ended December 31, 2024 were as follows:
Offering period endedNumber of SharesWeighted Average price per Share
April 30, 2024604,226 $32.11 
October 31, 2024351,166 $33.68 
Summary of shares of authorized common stock reserved for issuance
The Company has reserved shares of its authorized common stock for issuance pursuant to its employee stock purchase and equity plans, including all outstanding stock option grants noted above at December 31, 2024, as follows:
Shares reserved for issuance
2019 Stock Plan9,840,015 
2010 Purchase Plan878,801 
10,718,816