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STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of the Components of Total Stock-Based Compensation Expense
The following table summarizes the components of total stock-based compensation expense included in the consolidated statements of operations for the periods presented:
Years Ended December 31,
202320222021
(In thousands)
Cost of revenues$13,357 $13,097 $7,366 
Research and development88,367 69,082 33,927 
Sales and marketing65,703 78,819 37,434 
General and administrative45,430 55,804 35,559 
Total$212,857 $216,802 $114,286 
Income tax benefit included in the provision for income taxes$20,558 $45,066 $97,129 
Summary of Stock-Based Compensation Associated with Each Type of Award
The following table summarizes the various types of stock-based compensation expense for the periods presented:
Years Ended December 31,
202320222021
(In thousands)
Stock options, RSUs and PSUs$204,238 $200,295 $110,142 
Employee stock purchase plan7,450 5,475 4,144 
Post combination expense 1,169 11,032 — 
Total$212,857 $216,802 $114,286 
Summary of Stock Option Activity
The following table summarizes stock option activity:
Number of
Shares
Outstanding
Weighted-
Average
Exercise Price
per Share
Weighted-
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value
(1)
(In thousands)(Years)(In thousands)
Outstanding at December 31, 20202,532 $1.96 
Exercised(267)2.44 $42,091 
Canceled(1)0.83 
Outstanding at December 31, 20212,264 $1.90 
Exercised(799)2.02 $197,334 
Canceled(1)8.82 
Outstanding at December 31, 20221,464 $1.83 
Exercised(772)1.68 $100,390 
Canceled— — 
Outstanding at December 31, 2023692 $2.01 0.7$90,047 
Vested and expected to vest at December 31, 2023692 $2.01 0.7$90,047 
Exercisable at December 31, 2023692 $2.01 0.7$90,047 
(1)    The intrinsic value of options exercised is based upon the value of the Company’s stock at exercise. The intrinsic value of options outstanding, vested and expected to vest, and exercisable as of December 31, 2023 is based on the closing price of the last trading day during the period ended December 31, 2023. The Company’s stock fair value used in this computation was $132.14 per share.
Summary of Stock Option Outstanding
The following table summarizes information about stock options outstanding at December 31, 2023:
Options OutstandingOptions Exercisable
Range of Exercise PricesNumber of
Shares
Weighted-
Average
Remaining
Life
Weighted-
Average
Exercise
Price
Number of
Shares
Weighted-
Average
Exercise
Price
(In thousands)(Years)(In thousands)
$0.70 —– $0.84
79 0.5$0.76 79 $0.76 
$1.29 —– $1.29
558 0.71.29 558 1.29 
$1.31 —– $5.53
40 1.23.75 40 3.75 
$14.58 —– $14.58
10 2.314.58 10 14.58 
$64.17 —– $64.17
3.364.17 64.17 
Total692 0.7$2.01 692 $2.01 
Summary of Restricted Stock Unit Activity
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, 20203,588 $27.61 
Granted1,301 179.88 
Vested(1,979)20.47 $364,665 
Canceled(124)88.50 
Outstanding at December 31, 20212,786 $100.73 
Granted1,159 228.88 
Vested(1,500)72.87 $321,274 
Canceled(192)150.02 
Outstanding at December 31, 20222,253 $181.01 
Granted1,409 154.63 
Vested(1,061)152.47 $185,078 
Canceled(269)184.66 
Outstanding at December 31, 20232,332 $177.64 1.4$308,135 
Expected to vest at December 31, 20232,331 $177.64 1.4$308,126 
(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 December 31, 2023 is based on the closing price of the last trading day during the period ended December 31, 2023. The Company’s stock fair value used in this computation was $132.14 per share.
Share-based Compensation, Performance Shares Award Outstanding Activity
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, 2020494 $51.10 
Granted715 131.60 
Vested(494)59.19 $91,803 
Canceled(270)52.75 
Outstanding at December 31, 2021445 $169.82 
Granted413 195.29 
Vested(303)168.88 $51,393 
Canceled(179)171.32 
Outstanding at December 31, 2022376 $197.82 
Granted422 233.90 
Vested(380)196.24 $80,113 
Canceled(22)229.11 
Outstanding at December 31, 2023396 $235.99 1.2$52,322 
Expected to vest at December 31, 2023396 $235.99 1.2$52,322 
(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 December 31, 2023 is based on the closing price of the last trading day during the period ended December 31, 2023. The Company’s stock fair value used in this computation was $132.14 per share.
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity
A summary of ESPP activity for the years presented is as follows: (in thousands, except per share data):
Years Ended December 31,
202320222021
Proceeds from common stock issued under ESPP$12,897 $9,570 $6,832 
Shares of common stock issued133 90 235 
Weighted-average price per share$97.05 $106.32 $29.12