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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2022
Share-based Payment Arrangement [Abstract]  
Schedule of non-cash stock-based compensation expense by department A summary of non-cash stock-based compensation expense by expense category included in the Company's consolidated statements of operations for the years ended December 31, 2022, 2021, and 2020 is as follows:
Year Ended December 31,
(In thousands)
202220212020
Cost of sales
$19,218 $16,835 $12,852 
Research and development
33,825 49,723 19,976 
Sales and marketing
62,568 55,716 44,079 
General and administrative
91,212 216,952 75,999 
Total stock-based compensation$206,823 $339,226 $152,906 
Schedule of valuation assumptions
The Company determines the fair value of each service-based option award on the date of grant using the Black-Scholes option-pricing model, which utilizes several key assumptions which are disclosed in the following table:
Year Ended December 31
202220212020
Risk-free interest rates(1)(1)
1.26% - 1.47%
Expected term (in years)(1)(1)
6.15
Expected volatility(1)(1)
65.67% - 65.71%
Dividend yield(1)(1)0%
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(1)     The Company did not grant stock options under its 2010 Omnibus Long-Term Incentive Plan or 2019 Omnibus Long-Term Incentive Plan during the period.
The fair value of ESPP shares is based on the assumptions in the following table:
Year Ended December 31,
202220212020
Risk-free interest rates
1.49% - 4.71%
0.04% - 0.16%
0.11% - 0.20%
Expected term (in years)
0.5 - 2
0.5 - 2
0.5 - 2
Expected volatility
50.94% - 63.13%
43% - 68.51%
61.59% - 89.00%
Dividend yield0%0%0%
Summary of stock option activity under the Stock Plans
A summary of stock option activity under the Stock Plans is as follows:
OptionsSharesWeighted Average Exercise Price (1)Weighted Average Remaining Contractual Term (Years)Aggregate Intrinsic Value (2)
(Aggregate intrinsic value in thousands)
Outstanding, January 1, 2022
2,284,276 $34.65 5.5
Granted— — 
Exercised(706,593)9.27 
Forfeited(59,807)78.63 
Outstanding, December 31, 2022
1,517,876 $44.82 4.7$28,204 
Vested and expected to vest, December 31, 2022
1,517,876 $44.82 4.7$28,204 
Exercisable, December 31, 2022
1,345,998 $38.69 4.4$27,932 
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(1)     The weighted average grant date fair value of options granted during the year ended December 31, 2020 was $58.57.
(2)     The total intrinsic value of options exercised during the years ended December 31, 2022, 2021, and 2020 was $36.4 million, $155.8 million, and $40.6 million, respectively, determined as of the date of exercise.
Summary of restricted stock and restricted stock unit activity under the Stock Plans
A summary of restricted stock and restricted stock unit activity is as follows:
Restricted SharesWeighted Average Grant Date Fair Value (1)
Outstanding, January 1, 2022
4,320,910 $108.84 
Granted3,954,761 68.18 
Released (2)(1,896,223)91.22 
Forfeited(1,124,739)86.89 
Outstanding, December 31, 2022
5,254,709 $89.29 
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(1)     The weighted average grant date fair value of the restricted stock units granted during the years ended December 31, 2021 and 2020 was $129.16 and $92.55, respectively.
(2)     The fair value of restricted stock units vested and converted to shares of the Company's common stock was $117.6 million, $219.4 million, and $152.4 million for the years ended December 31, 2022, 2021, and 2020, respectively.
Share-based Payment Arrangement, Performance Shares, Activity
A summary of performance share unit activity is as follows:
Performance Share Units (1)Weighted Average Grant Date Fair Value (2)
Outstanding, January 1, 2022878,114 $107.18 
Granted805,782 89.43 
Released (3)(292,134)93.22 
Forfeited(423,916)92.02 
Outstanding, December 31, 2022967,846 $102.58 
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(1)     The performance share units listed above assumes attainment of maximum payout rates as set forth in the performance criteria. Applying actual or expected payout rates, the number of outstanding performance share units as of December 31, 2022 was 146,134.
(2)     The weighted average grant date fair value of the performance share units granted during the years ended December 31, 2021 and 2020 was $138.09 and $90.17, respectively.
(3)     The fair value of performance share units vested and converted to shares of the Company's common stock was $27.2 million for the year ended December 31, 2022. There were no performance share units vested and converted to shares of the Company's common stock during the years ended December 31, 2021 and 2020.
Schedule of shares of common stock issued
A summary of ESPP activity is as follows:
Year Ended December 31,
(in thousands, except share and per share amounts)202220212020
Shares issued under the 2010 Purchase Plan668,605 331,769301,064
Cash received under the 2010 Purchase Plan$25,491 $23,070 $18,355 
Weighted average fair value per share of stock purchase rights granted during the period$17.52 $34.93 $32.57 
Schedule of Common Stock Issued
The 668,605 shares issued during the year ended December 31, 2022 were as follows:
Offering period ended
Number of Shares
Weighted Average price per Share
April 30, 2022326,138 $47.41 
November 1, 2022342,467 $29.33 
Summary of shares of authorized common stock reserved for issuance
The Company has reserved shares of its authorized common stock for issuance pursuant to its employee stock purchase and equity plans, including all outstanding stock option grants noted above at December 31, 2022, as follows:
Shares reserved for issuance
2019 Stock Plan17,323,264 
2010 Purchase Plan
2,758,641 
20,081,905