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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of offering activity

Number of

Total

Shares Purchased

Proceeds

Offering Period

(in thousands)

November 1, 2020 - April 30, 2021

106,435

$

6,085

May 1, 2021 - October 31, 2021

79,820

$

7,465

November 1, 2021 - April 30, 2022

284,583

$

8,496

May 1, 2022 - October 31, 2022

171,721

$

4,541

Summary of stock option activity

Outstanding Options

 

    

    

    

    

Weighted-

    

 

Weighted-

Average

 

Shares

Average

Remaining

Aggregate

 

Available for

Number of

Exercise

Contractual

Intrinsic

 

Grant

Shares

Price

Life

Value

 

(in thousands, except for contractual life and exercise price)

(in years)

 

Balance at December 31, 2021

 

4,319

 

5,900

$

17.54

 

5.40

$

451,505

Additional shares authorized

 

3,500

$

Options granted

 

(266)

 

266

$

61.30

Options exercised

 

 

(828)

$

7.74

Options forfeited/cancelled

 

38

 

(38)

$

39.92

RSUs granted

(5,039)

RSUs forfeited/cancelled

711

Balance at December 31, 2022

 

3,263

 

5,300

$

21.11

 

4.84

$

131,385

Exercisable at December 31, 2022

 

4,585

$

12.27

 

4.29

$

129,670

Vested and expected to vest at December 31, 2022

 

5,253

$

20.62

 

4.81

$

131,276

Schedule of performance-based awards

Period Granted

Options Granted

RSUs Granted

Options Vested

RSUs Vested

Milestone

Valuation Method

(in thousands)

Q1 2020

150

300

150

300

(1)

Monte-Carlo Simulation

Q1 2020

436

408

(3)

Grant Date Stock Price

Q1 2020

129

129

(3)

Black-Scholes-Merton

Q2 2020

21

21

(3)

Grant Date Stock Price

Q3 2020

10

10

(4)

Black-Scholes-Merton

Q3 2020

27

17

(3)

Grant Date Stock Price

Q4 2020

32

19

(1)

Monte-Carlo Simulation

Q4 2020

22

2

(5)

Grant Date Stock Price

Q1 2021

150

125

(1)

Monte-Carlo Simulation

Q1 2021

279

15

(3)

Grant Date Stock Price

Q2 2021

163

(1)

Monte-Carlo Simulation

Q2 2021

29

(3)

Black-Scholes-Merton

Q2 2021

7

2

(3)

Grant Date Stock Price

Q4 2021

20

(1)

Monte-Carlo Simulation

Q4 2021

205

37

(3)

Grant Date Stock Price

Q1 2022

110

(3)

Black-Scholes-Merton

Q1 2022

849

(3)

Grant Date Stock Price

Q2 2022

103

(3)

Grant Date Stock Price

Q3 2022

54

4

(2)

Grant Date Stock Price

Q4 2022

4

(2)

Grant Date Stock Price

(1)The awards vest based on the achievement of certain values of the Company’s common stock at multiple thresholds within certain periods and are contingent upon the completion of requisite service through the date of such vesting.
(2)The vesting of the awards will be triggered after the end of the achievement milestone, as measured by the Company.
(3)The awards vest based on achievement of certain revenue targets, units, and system implementation, contingent upon the completion of requisite service through the date of such vesting.
(4)The awards have vested based on a change of coverage.
(5)The awards will vest based on achievement of certain revenue and recruiting targets.
Restricted stock units

Weighted-

Average

Number of

Grant Date

Shares

Fair Value

(in thousands)

Balance at December 31, 2021

3,988

$

74.33

Granted

5,039

$

43.82

Vested

(1,480)

$

58.58

Cancelled/Forfeited

(711)

$

56.26

Balance at December 31, 2022

 

6,836

$

57.12

Summary of stock-based compensation expenses

Year ended December 31, 

 

2022

2021

2020

 

    

Employee

    

Non-Employee

    

Total

    

Employee

    

Non-Employee

    

Total

    

Employee

    

Non-Employee

    

Total

 

 

(in thousands)

Cost of revenues

$

7,905

$

$

7,905

$

4,811

$

$

4,811

$

1,691

$

$

1,691

Research and development

 

44,655

 

1,890

 

46,545

 

24,507

 

1,361

 

25,868

10,777

 

647

 

11,424

Selling, general and administrative

 

97,379

 

555

 

97,934

 

84,368

 

172

 

84,540

36,747

 

309

 

37,056

Total

$

149,939

$

2,445

$

152,384

$

113,686

$

1,533

$

115,219

$

49,215

$

956

$

50,171

Performance-based awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of assumptions used in valuation of fair value

December 31,

December 31,

2022

2021

Risk-free interest rate

0.80

%

1.52

%

Expected dividend yield

Expected volatility

60

%

Expected term (years)

7.25

10.00

Employee stock options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of assumptions used in valuation of fair value

Year ended December 31, 

   

2022

    

    

2021

    

    

2020

Expected term (years)

 

5.12

10.00

5.11

10.00

5.22

10.00

Expected volatility

 

55.91

%  

62.30

%

 

55.33

%  

63.30

%

49.94

%

61.96

%

Expected dividend rate

 

0

%

 

0

%

0

%

Risk-free interest rate

 

1.62

%  

4.16

%

 

0.81

%  

1.67

%

0.31

%

1.70

%