XML 32 R20.htm IDEA: XBRL DOCUMENT v3.23.1
SHARE OPTION PLANS AND ESPP (Tables)
3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement, Recognized Amount [Abstract]  
Schedule of Stock Option Plans
A summary of the status of the Company’s option plans as of March 31, 2023 and changes during the period then ended is presented below:
Three months ended March 31, 2023
Unaudited
Number
of options
Weighted
average
exercise
price
Outstanding at beginning of year8,786,364 $37.27 
Granted627,764 76.97 
Exercised(429,752)12.07 
Forfeited and canceled(63,147)96.06 
Outstanding as of March 31, 20238,921,229 $40.86 
Exercisable options7,204,441 $30.28 
Schedule of RSUs and PSUs
A summary of the status of the Company’s RSUs and PSUs as of March 31, 2023 and changes during the period then ended is presented below.
Three months ended March 31, 2023
Unaudited
Number
of RSU/PSUs
Weighted
average
grant date fair value
Unvested at beginning of year5,377,459 $66.87 
Granted1,133,373 76.97 
Vested(707,999)85.08 
Forfeited and cancelled(78,002)99.08 
Unvested as of March 31, 2023 (1)5,724,831 66.21 

(1) Includes PSUs that have a mix of service, market and other milestone performance vesting conditions which are vested upon achievements of performance milestones which are not probable, as of March 31, 2023, in accordance with ASC 718 as follows:
 March 31, 2023
Number of
PSUs
Fair value at grant date per PSUTotal fair value at grant date
2,703,852 $48.16 $130,218 
189,029 76.97 14,550 
124,701 80.59 10,050 
7,605 87.66 667 
10,532 94.94 1,000 
161,912 $114.26 18,500 
3,197,631 $174,985 
Schedule of Fair Value Assumptions Used for All Equity Based Awards Estimated Using Black-Scholes Option Pricing Model
The fair value of share-based awards was estimated using the Black-Scholes model for all equity grants. For market condition awards, the Company also applied the Monte-Carlo simulation model. We assessed fair value using the following underlying assumptions: 
Three months ended March 31,Year ended December 31,
2022
20232022
UnauditedAudited
Stock Option Plans
Expected term (years)
5.75-6.00
5.33-5.83
5.33-5.83
Expected volatility
63%-64%
60%-62%
60%-62%
Risk-free interest rate
4.08%-4.10%
1.58%-1.61%
1.58%-4.23%
Dividend yield0.00 %0.00 %0.00 %
ESPP
Expected term (years)0.500.500.50
Expected volatility56 %51 %
51%-77%
Risk-free interest rate4.76 %0.19 %
0.19%-2.52%
Dividend yield0.00 %0.00 %0.00 %
Schedule of Non-cash Share-based Compensation Expense Related to Company's Equity-Based Awards The total non-cash share-based compensation expense related to all of the Company’s equity-based awards recognized for the three months ended March 31, 2023 and 2022 and the year ended December 31, 2022 was:
Three months ended March 31,Year ended December 31,
2022
20232022
UnauditedAudited
Cost of revenues$2,006 $952 $4,690 
Research, development and clinical studies11,779 6,801 30,790 
Sales and marketing11,644 6,655 28,826 
General and administrative13,655 10,637 42,649 
Total share-based compensation expense$39,084 $25,045 $106,955