v3.25.1
STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Stock-based Compensation Expense
Stock-based compensation expense for all stock-based awards, which includes shares purchased under the Company’s employee stock purchase plan (“ESPP”), restricted stock units (“RSUs”) and performance stock units (“PSUs”), expected to vest is measured at fair value on the date of grant and recognized ratably over the requisite service period.
The following table summarizes the components of total stock-based compensation expense included in the condensed consolidated statements of operations for the periods presented:
Three Months Ended
March 31,
20252024
(In thousands)
Cost of revenues$4,239 $4,182 
Research and development21,647 24,550 
Sales and marketing16,396 18,178 
General and administrative12,842 13,923 
Restructuring509 — 
Total$55,633 $60,833 
The following table summarizes the various types of stock-based compensation expense for the periods presented:
Three Months Ended
March 31,
20252024
(In thousands)
RSUs and PSUs$54,176 $58,787 
ESPP1,457 2,046 
Total$55,633 $60,833 
As of March 31, 2025, there was approximately $376.4 million of total unrecognized stock-based compensation expense related to unvested equity awards, which are expected to be recognized over a weighted-average period of 2.2 years.
Equity Awards Activity
Stock Options
No stock options were granted during the three months ended March 31, 2025 and 2024. Stock option activity during the period and stock options outstanding as of March 31, 2025 were immaterial
Restricted Stock Units
The following table summarizes RSU activity:
Number of
Shares
Outstanding		Weighted-
Average
Fair Value
per Share at
Grant Date		Weighted-
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value (1)
(In thousands)(Years)(In thousands)
Outstanding at December 31, 20242,283 $139.27 
Granted615 65.27 
Vested(357)153.03 $21,716 
Canceled(158)140.43 
Outstanding at March 31, 20252,383 $118.04 1.5$147,824 
Expected to vest at March 31, 20252,374 $117.79 1.5$147,334 
(1)    The intrinsic value of RSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of RSUs outstanding and expected to vest as of March 31, 2025 is based on the closing price of the last trading day during the period ended March 31, 2025. The Company’s stock fair value used in this computation was $62.05 per share.
Performance Stock Units
The following summarizes PSU activity:
Number of
Shares
Outstanding		Weighted-
Average
Fair Value
per Share at
Grant Date		Weighted-
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value (1)
(In thousands)(Years)(In thousands)
Outstanding at December 31, 2024899 $154.67 
Granted1,128 77.71 
Vested(175)110.20 $10,017 
Canceled(197)118.43 
Outstanding at March 31, 20251,655 $111.23 1.8$102,672 
Expected to vest at March 31, 20251,655 $111.23 1.8$102,672 
(1)    The intrinsic value of PSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of PSUs outstanding and expected to vest as of March 31, 2025 is based on the closing price of the last trading day during the period ended March 31, 2025. The Company’s stock fair value used in this computation was $62.05 per share.