STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Based Compensation Expense

(in thousands)	2023		2022		2021
Cost of revenue	$	28,994	$	26,400	$	21,822
Selling and marketing	57,675		46,769		54,182
Research and development	31,039		29,266		25,413
General and administrative	25,644		19,775		14,530
	$	143,352	$	122,210	$	115,947
Income tax benefit	$	(2,187)	$	(1,881)	$	(23,410)

Schedule of Compensating Balances

(in thousands)	2023		2022		2021
Compensation expense from 2006 ESPP	$	1,367	$	1,614	$	1,860

Schedule of Weighted-Average Assumptions Used in Black-Scholes Option Valuation Model

The following table summarizes the Company’s fair value assumptions for stock options:

	2023			2022			2021
Weighted-average grant-date fair value	$	20.55		$	17.49		$	37.74
Assumptions used in the Black-Scholes option-pricing model:
Expected annual volatility (1)	48		%	42		%	35		%
Expected term in years (2)	3.5			3.9			4.4
Risk-free interest rate (3)	4.2		%	3.4		%	0.6		%
Expected annual dividend yield (4)	0.1		%	0.1		%	0.2		%

(1) The expected annual volatility for each grant is determined based on the average of historic daily price changes of the Company’s common stock over a period, which approximates the expected option term.

(2) The expected option term for each grant is determined based on the historical exercise behavior of employees and post-vesting employment termination behavior.

(3) The risk-free interest rate is based on the yield of U.S. Treasury securities with a commensurate maturity with the expected option term at the time of grant.

(4) The expected annual dividend yield is based on the weighted-average dividend yield assumptions used for options granted during the applicable period.

Schedule of Combined Stock Option Activity

The following table summarizes the combined stock option activity under the Company’s stock option plans for 2023:

	Shares (in thousands)	Weighted-average Exercise Price		Weighted-average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands) (1)
Options outstanding as of January 1, 2023	14,911	$	59.67
Granted	1,847	46.97
Exercised	(380)	31.56
Forfeited	(1,289)	55.90
Expired	(350)	81.62
Options outstanding as of December 31, 2023	14,739	$	58.60
Vested and expected to vest as of December 31, 2023	12,786	$	58.58	7.3	$	73,407
Exercisable as of December 31, 2023	6,761	$	63.54	6.1	$	32,594

(1) The aggregate intrinsic value of stock options as of December 31, 2023 is based on the difference between the closing price of the Company’s stock of $48.86 and the exercise price of the applicable stock options.

Schedule of Combined Restricted Stock Units Activity

The following table summarizes the combined RSU activity for all grants, including the CICP, under the 2004 Plan for 2023:

	Shares (in thousands)	Weighted- Average Grant-Date Fair Value		Aggregate Intrinsic Value (in thousands)
Nonvested as of January 1, 2023	2,351	$	85.52
Granted	1,545	46.57
Vested	(890)	84.74
Forfeited	(390)	71.56
Nonvested as of December 31, 2023	2,616	$	64.85	$	127,805
Expected to vest as of December 31, 2023	1,968	$	62.86	$	96,168