STOCKHOLDERS’ DEFICIT (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Share-Based Payment Arrangement [Abstract] |
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| Stock-based Compensation Expenses Included in Operating Costs and Expenses |
The following table summarizes stock-based compensation expenses included in operating costs and expenses: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | (In thousands) | 2023 | | 2022 | | 2021 | | Research and development | $ | 97,273 | | | $ | 92,161 | | | $ | 68,415 | | | Selling, general and administrative | 124,407 | | | 138,488 | | | 97,302 | | | Total | $ | 221,680 | | | $ | 230,649 | | | $ | 165,717 | |
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| Summary of Stock-Based Compensation Expense |
The following table summarizes stock-based compensation expense by type of award: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | (In thousands) | 2023 | | 2022 | | 2021 | | | | | | | | Time-based restricted stock units | $ | 55,169 | | | $ | 12,791 | | | $ | 4,231 | | | Performance-based restricted stock units | 63,879 | | | 102,925 | | | 39,943 | | | Time-based stock options | 99,165 | | | 114,901 | | | 118,635 | | | Other equity programs | 7,652 | | | 4,057 | | | 6,235 | | | Less: Stock-based compensation expense capitalized to inventory | (4,185) | | | (4,025) | | | (3,327) | | | Total | $ | 221,680 | | | $ | 230,649 | | | $ | 165,717 | |
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| Summary of Unrecognized Stock-Based Compensation Expense, Net of Estimated Forfeitures |
The following table summarizes our unrecognized stock-based compensation expense, net of estimated forfeitures, by type of awards, and the weighted-average period over which that expense is expected to be recognized: | | | | | | | | | | | | | As of December 31, 2023 | | Unrecognized Expense, Net of Estimated Forfeitures (in thousands) | | Weighted-average Recognition Period (in years) | | Type of award: | | | | | Time-based restricted stock units | $ | 125,118 | | | 2.14 | | Performance-based restricted stock units * | $ | 1,792 | | | 0.13 | | Time-based stock options | $ | 124,825 | | | 2.04 | | Other equity programs | $ | 3,306 | | | 0.55 |
__________________________________________ *Excludes performance-based restricted stock units for which the associated vesting events are not yet determined to be probable.
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| Restricted Stock Units and Performance-Based Restricted Stock Units Activity |
The following table summarizes the activity of our time-based restricted stock units and awards, excluding performance-based restricted stock units: | | | | | | | | | | | | | Number of Units (in thousands) | | Weighted-average Grant Date Fair Value (per share) | | Outstanding as of December 31, 2022 | 292 | | | $ | 165.27 | | | Awarded | 922 | | | $ | 188.78 | | | Released | (126) | | | $ | 164.47 | | | Cancelled | (63) | | | $ | 186.25 | | | Outstanding as of December 31, 2023 | 1,025 | | | $ | 185.24 | |
Performance-Based Restricted Stock Units The following table summarizes the activity of our performance-based restricted stock units: | | | | | | | | | | | | | Number of Units (in thousands) | | Weighted-average Grant Date Fair Value (per share) | | Outstanding as of December 31, 2022 | 1,195 | | | $ | 144.77 | | | Awarded | 439 | | | $ | 190.01 | | | Released | (472) | | | $ | 139.38 | | | Cancelled | (129) | | | $ | 150.02 | | | Outstanding as of December 31, 2023 | 1,033 | | | $ | 165.82 | |
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| Stock Option Activity |
The following table summarizes the activity of our time-based stock options, excluding performance-based stock options: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Options (in thousands) | | Weighted-average Exercise Price (per share) | | Weighted-average Remaining Contractual Term (in years) | | Aggregate Intrinsic Value (in thousands) | | Outstanding as of December 31, 2022 | 7,868 | | | $ | 120.59 | | | | | | | Granted | 412 | | | $ | 192.68 | | | | | | | Exercised | (1,068) | | | $ | 99.43 | | | | | | | Cancelled | (252) | | | $ | 148.27 | | | | | | | Outstanding as of December 31, 2023 | 6,960 | | | $ | 127.11 | | | 5.96 | | $ | 451,402 | | | Exercisable as of December 31, 2023 | 5,042 | | | $ | 114.14 | | | 5.21 | | $ | 390,672 | | | Vested or expected to vest as of December 31, 2023 | 6,803 | | | $ | 126.23 | | | 5.90 | | $ | 447,000 | |
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| Stock Purchase Rights Granted Under the Employee Stock Purchase Plan |
The following table summarizes the activity of our performance-based stock options granted under our equity plans: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Options (in thousands) | | Weighted-average Exercise Price (per share) | | Weighted-average Remaining Contractual Term (in years) | | Aggregate Intrinsic Value (in thousands) | | Outstanding as of December 31, 2022 | 556 | | | $ | 97.28 | | | | | | | Granted | — | | | $ | — | | | | | | | Exercised | (94) | | | $ | 88.01 | | | | | | | Cancelled | — | | | $ | — | | | | | | | Outstanding as of December 31, 2023 | 462 | | | $ | 99.16 | | | 3.04 | | $ | 42,632 | | | Exercisable as of December 31, 2023 | 462 | | | $ | 99.16 | | | 3.04 | | $ | 42,632 | |
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| Valuation Assumptions for Stock Options |
The following table summarizes the Black-Scholes valuation assumption inputs for employee stock options granted: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2023 | | 2022 | | 2021 | | Risk-free interest rate | 3.5 - 4.1% | | 1.3 - 4.2% | | 0.4 - 1.4% | | Expected dividend yield | — | | | — | | | — | | | Expected option life | 5.1 - 7.0 years | | 5.1 - 7.0 years | | 5.4 - 6.8 years | | Expected volatility | 49 - 60% | | 50 - 60% | | 58 - 63% |
| | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2023 | | 2022 | | 2021 | | Risk-free interest rate | 5.1% - 5.4% | | 1.4% - 4.5% | | 0.03% - 0.06% | | Expected dividend yield | — | | | — | | | — | | | Expected option life | 6 months | | 6 months | | 6 months | | Expected volatility | 34% - 39% | | 53% - 71% | | 41% - 46% |
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