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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

The stock-based compensation related to our stock-based awards and employee stock purchase plan for the year ended December 31, 2022, 2021 and 2020 is as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Cost of net revenues	$	6,438	$	5,633	$	4,719
Selling, general and administrative	103,134		90,659		78,500

Research and development	23,795		18,044		15,208
Total stock-based compensation	$	133,367	$	114,336	$	98,427

Fair value assumptions using the Monte Carlo simulation

The weighted average assumptions used in the Monte Carlo simulation were as follows:


	Year Ended December 31,
	2022			2021			2020
Expected term (in years)	3.0			3.0			3.0
Expected volatility	53.8		%	56.3		%	44.4		%
Risk-free interest rate	1.7		%	0.2		%	1.4		%
Expected dividends	—			—			—
Weighted average fair value per share at grant date	$	915.22		$	1,102.09		$	392.67

Schedule of ESPP share activity

The following table summarizes the ESPP shares issued:


	Year Ended December 31,
	2022		2021		2020
Number of shares issued (in thousands)	86		131		116
Weighted average price	$	305.24	$	195.44	$	175.69

Weighted Average Assumptions Used for the Fair Value of Options Component of Purchase Plan Granted Estimated at Grant Date

The fair value of the option component of the 2010 Purchase Plan shares was estimated at the grant date using the Black-Scholes option pricing model with the following weighted average assumptions:


	Year Ended December 31,
	2022			2021			2020
Expected term (in years)	1.5			1.1			1.0
Expected volatility	50.2		%	52.7		%	55.0		%
Risk-free interest rate	1.8		%	0.1		%	0.9		%
Expected dividends	—			—			—
Weighted average fair value at grant date	$	159.44		$	246.84		$	96.94

Restricted Stock Units (RSUs)

Summary of Nonvested Shares

A summary for the year ended December 31, 2022 is as follows:


	Number of Shares Underlying RSUs (in thousands)	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)








Unvested as of December 31, 2021	492	$	369.17
Granted	248	469.12
Vested and released	(200)	333.76
Forfeited	(51)	437.05
Unvested as of December 31, 2022	489	$	427.23	1.2	$	103,138

Market Performance Based Restricted Stock Units

Summary of Nonvested Shares

The following table summarizes the MSU performance activity for the year ended December 31, 2022:


	Number of Shares Underlying MSUs (in thousands)	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)




Unvested as of December 31, 2021	174	$	551.57
Granted 1	101	607.96
Vested and released	(128)	396.10
Forfeited	(3)	744.39
Unvested as of December 31, 2022	144	$	725.73	1.0	$	30,384

1 Includes MSUs vested during the period above 100% of the grant as actual shares released is based on our stock performance over the vesting period