Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.22.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Expense The Company recognizes stock-based compensation in the consolidated statements of operations, based on the department to which the related employee reports, as follows:
Year Ended December 31,
2022 2021 2020
(in thousands)
Cost of net revenue $ 734  $ 620  $ 577 
Research and development 40,635  30,364  22,252 
Selling, general and administrative 40,335  28,374  24,172 
Restructuring expense —  —  596 
$ 81,704  $ 59,358  $ 47,597 
Summary of Restricted Stock Unit Activity A summary of the Company’s restricted stock unit activity is as follows:
Number of Shares
(in thousands)		 Weighted-Average Grant-Date Fair Value per Share
Outstanding at December 31, 2021 5,233  $ 25.14 
  Granted 3,516  49.64 
  Vested (2,183) 35.20 
  Canceled (486) 33.81 
Outstanding at December 31, 2022 6,080  $ 35.01 
Summary of Performance-Based Restricted Stock Unit Activity
A summary of the Company’s performance-based restricted stock unit activity is as follows:
Number of Shares
(in thousands)		 Weighted-Average Grant-Date Fair Value per Share
Outstanding at December 31, 2021 2,005  $ 19.80 
  Granted(1)
654  60.53 
  Vested (701) 17.85 
  Canceled (8) 40.51 
Outstanding at December 31, 2022 1,950  $ 34.07 
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(1) Number of shares granted is based on the maximum percentage achievable in the performance-based restricted stock unit award.
Employee Stock Purchase Plan, Valuation Assumptions The fair values of employee stock purchase rights were estimated using the Black-Scholes option pricing model at their respective grant date using the following assumptions:
Year Ended December 31,
2022 2021 2020
Weighted-average grant date fair value per share
$11.97 - 14.25
$10.85 - 18.82
$6.41 - 8.66
Risk-free interest rate
1.54 - 4.54%
0.04 - 0.06%
0.12% - 0.15%
Dividend yield —  % —  % —%
Expected life (in years) 0.50 0.50 0.50
Volatility
59.78 - 69.74%
43.83 - 61.1%
59.72 - 93.25%
Summary of Stock Option Activity A summary of the Company’s stock options activity is as follows:
Number of Options
(in thousands)		 Weighted-Average Exercise Price Weighted-Average Contractual Term (in years) Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021 417  $ 17.05 
Exercised (24) 14.25 
Outstanding at December 31, 2022 393  $ 17.22  2.43 $ 6,564 
Vested and expected to vest at December 31, 2022 393  $ 17.22  2.43 $ 6,564 
Exercisable at December 31, 2022 393  $ 17.22  2.43 $ 6,564