Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Pay vs Performance Disclosure [Table]

Pay vs Performance [Table Text Block]

The following Pay Versus Performance information presents the compensation of our NEOs disclosed in the Summary Compensation Table (“SCT”), as well as compensation actually paid (“CAP”) to our NEOs and certain performance measures prepared in accordance with Item 402(v) of SEC Regulations S-K.

As discussed further below, the CAP amounts do not necessarily represent actual compensation earned or realized by our NEOs in a given year. The Compensation Committee did not consider the Pay Versus Performance information in making its compensation decisions for our NEOs. For additional information about our performance-based pay philosophy and how the Compensation Committee aligns executive compensation with our performance, refer to “Named Executive Officer Compensation — Compensation Discussion and Analysis.” 

											Value of Initial Fixed $100 Investment Based on:
Year	Summary Compensation Table Total for PEO ($)(1)		Compensation Actually Paid to PEO ($)(2)			Average Summary Compensation Table Total for Non-PEO NEOs ($)(1)		Average Compensation Actually Paid to Non-PEO NEOs ($)(2)			TSR ($)(3)		Peer Group TSR ($)(3)		Net Income   (in thousands)  ($)(4)		Company-Selected Measure: 90-Day Average Stock Price ($)(5)
2022		20,664,936		(66,596,378	)		8,578,977		(18,412,649	)		203.03		136.90		437,672		376.53
2021		20,254,831		114,053,034			7,227,671		35,989,415			281.12		213.35		242,023		504.76
2020		14,670,153		166,896,795			4,194,878		50,263,845			207.49		151.14		164,375		297.97

(1) For each of 2022, 2021 and 2020 (each, a “Covered Year”), Mr. Hsing served as our principal executive officer (“PEO”). For each Covered Year, our non-PEO NEOs were Mr. Blegen, Mr. Xiao, Mr. Sciammas and Ms. Tseng.

PEO Total Compensation Amount

$ 20,664,936

$ 20,254,831

$ 14,670,153

PEO Actually Paid Compensation Amount

$ (66,596,378)

114,053,034

166,896,795

Adjustment To PEO Compensation, Footnote [Text Block]

(2) The CAP amounts reflect the following adjustments to the SCT amounts for each Covered Year:

		FY 2022						FY 2021						FY 2020
Reconciliation of SCT amounts to CAP amounts (a)		PEO ($)			Average Non- PEO NEOs ($)			PEO ($)			Average Non- PEO NEOs ($)			PEO ($)			Average Non- PEO NEOs ($)
Total SCT amounts			20,664,936			8,578,977			20,254,831			7,227,671			14,670,153			4,194,878
-	“Stock Awards” amounts under the SCT		(13,865,090	)		(5,061,001	)		(13,782,908	)		(3,880,508	)		(12,395,153	)		(3,189,878	)
+	Fair value of awards granted in the Covered Year that are outstanding and unvested as of the end of the Covered Year		13,362,890			3,843,543			18,645,892			5,249,657			25,907,039			6,629,115
+	Vesting date fair value of awards granted in the Covered Year and vested in the Covered Year		-			-			-			-			-			-
+/-	Year-over-year change in fair value of awards granted in prior years that are outstanding and unvested as of the end of the Covered Year		(60,534,831	)		(19,793,194	)		73,338,316			23,214,310			118,265,198			36,946,829
+/-	Year-over-year change in fair value of awards granted in prior years that vested in the Covered Year		(26,224,283	)		(7,053,985	)		15,596,903			4,178,285			20,449,558			5,682,901
-	Fair value of awards granted in prior years that failed to vest in the Covered Year		-			-			-			-			-			-
+	Value of dividends paid on awards in the Covered Year (b)		-			-			-			-			-			-
+	Excess fair value for award modifications (c)		-			1,073,011			-			-			-			-
Total CAP amounts			(66,596,378	)		(18,412,649	)		114,053,034			35,989,415			166,896,795			50,263,845

(a) Our equity awards include PSUs with a purchase price condition, MSUs and MPSUs. The grant date fair value for these awards was determined using a Monte Carlo simulation model. Assumptions used in the grant date valuation are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022. For equity awards vested during the applicable Covered Year, the fair value was based on the closing stock price plus accumulated dividend equivalents at the vesting date. For outstanding equity awards for which the performance conditions have not been achieved, the year-end fair value was determined using a Monte Carlo simulation model. The increases or decreases in the year-end fair value were mainly driven by changes in our stock price. For outstanding awards for which all the performance conditions have been achieved but additional time-based service conditions are required, the year-end fair value was based on the closing stock price plus accumulated dividend equivalents.

(b) We do not pay dividend equivalents prior to the vesting date of the underlying equity awards. Dividend equivalents accumulated during the vesting periods are reflected in the fair value of the awards.

(c) The amount reflects the incremental fair value, if any, related to the October 2022 MSUs determined on the modification date. Refer to “Named Executive Officer Compensation - Compensation Discussion and Analysis” and “Grants of Plan-Based Awards for the Year Ended December 31, 2022” for further discussion.

(3) For purposes of this tabular disclosure, our peer group represents the PHLX Index, which we also disclose in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report on Form 10-K for the year ended December 31, 2022. For each Covered Year, our TSR and our peer group’s TSR were calculated as the cumulative TSR from December 31, 2019 through the last day of the applicable Covered Year, assuming that $100 was invested on December 31, 2019.

(4) The amounts represent GAAP net income.

(5) In our assessment, the Company-Selected Measure is the 90-day average trading price of our Common Stock as of December 31 of each Covered Year, which represents the most important financial performance measure used by us to link CAP to our NEOs for 2022 to our performance. Refer to “Named Executive Officer Compensation — Compensation Discussion and Analysis” for further discussion.

Non-PEO NEO Average Total Compensation Amount

$ 8,578,977

7,227,671

4,194,878

Non-PEO NEO Average Compensation Actually Paid Amount

$ (18,412,649)

35,989,415

50,263,845

Compensation Actually Paid vs. Total Shareholder Return [Text Block]

Relationship Between CAP and Performance Measures

Because our executive compensation program is significantly comprised of performance-based equity awards, the primary determinants of the CAP amounts, as calculated under SEC rules, are our stock price, actual payouts from awards vested during the applicable Covered Year, and the number of unvested awards based on projected and actual performance achievement. As shown in the table above, the CAP amounts include year-end revaluations of equity awards granted in the applicable Covered Year, plus the year-over-year changes in the fair value of vested and outstanding equity awards granted in multiple historical years, all of which are heavily impacted by the performance of our stock price.

Relationship Between CAP and TSR:

The following chart compares the CAP amounts to the cumulative TSR since December 31, 2019, measured as of the last day of each Covered Year.

Compensation Actually Paid vs. Net Income [Text Block]

Relationship Between CAP and Net Income:

The following chart compares the CAP amounts to our net income for each Covered Year.

Net income is not a direct performance measure in our executive compensation program. However, we use non-GAAP operating income as the performance measure in our short-term cash incentive plan. Net income and non-GAAP operating income metrics measure different levels of our profitability. The CAP amounts do not always correlate to our profitability because our executive compensation program is heavily weighted towards long-term equity awards, which could vary significantly in value with changes to our stock price.

Compensation Actually Paid vs. Company Selected Measure [Text Block]

Relationship Between CAP and Company-Selected Measure:

The following chart compares the CAP amounts to the Company-Selected Measure for each Covered Year.

Tabular List [Table Text Block]

Financial Performance Measures

The following list includes the financial performance measures that, in our assessment, represent the most important financial performance measures used by us to link CAP to our NEOs for 2022 to our performance. These measures are not ranked.

1. 90-day average stock price

2. TSR relative to the PHLX Index

3. Non-GAAP operating income

4. Revenue

Total Shareholder Return Amount

$ 203.03

281.12

207.49

Peer Group Total Shareholder Return Amount

136.90

213.35

151.14

Net Income (Loss)

$ 437,672,000

$ 242,023,000

$ 164,375,000

Company Selected Measure Amount

376.53

504.76

297.97

Adjustment to Compensation Amount

$ 0

$ 0

$ 0

Measure [Axis]: 1

Pay vs Performance Disclosure [Table]

Measure Name

90-day average stock price

Measure [Axis]: 2

Pay vs Performance Disclosure [Table]

Measure Name

TSR relative to the PHLX Index

Measure [Axis]: 3

Pay vs Performance Disclosure [Table]

Measure Name

Non-GAAP operating income

Measure [Axis]: 4

Pay vs Performance Disclosure [Table]

Measure Name

Revenue

PEO “Stock Awards” amounts under the SCT [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

$ (13,865,090)

(13,782,908)

(12,395,153)

NEO “Stock Awards” amounts under the SCT [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

(5,061,001)

(3,880,508)

(3,189,878)

PEO Fair value of awards granted in the Covered Year that are outstanding and unvested as of the end of the Covered Year [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

13,362,890

18,645,892

25,907,039

NEO Fair value of awards granted in the Covered Year that are outstanding and unvested as of the end of the Covered Year [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

3,843,543

5,249,657

6,629,115

PEO Vesting date fair value of awards granted in the Covered Year and vested in the Covered Year [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

0

0

0

NEO Vesting date fair value of awards granted in the Covered Year and vested in the Covered Year [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

0

0

0

PEO Year-over-year change in fair value of awards granted in prior years that are outstanding and unvested as of the end of the Covered Year [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

(60,534,831)

73,338,316

118,265,198

NEO Year-over-year change in fair value of awards granted in prior years that are outstanding and unvested as of the end of the Covered Year [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

(19,793,194)

23,214,310

36,946,829

PEO Year-over-year change in fair value of awards granted in prior years that vested in the Covered Year [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

(26,224,283)

15,596,903

20,449,558

NEO Year-over-year change in fair value of awards granted in prior years that vested in the Covered Year [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

(7,053,985)

4,178,285

5,682,901

PEO Value of dividends paid on awards in the Covered Year [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

0

0

0

NEO Value of dividends paid on awards in the Covered Year [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

0

0

0

PEO Excess fair value for award modifications [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

0

0

0

NEO Excess fair value for award modifications [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

$ 1,073,011

$ 0

$ 0