Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.23.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-Based Compensation Expense The Company recognizes stock-based compensation in the consolidated statements of income, based on the department to which the related employee reports, as follows:
Three Months Ended March 31,
2023 2022
(in thousands)
Cost of net revenue $ 210  $ 163 
Research and development 11,455  9,676 
Selling, general and administrative 4,783  8,715 
$ 16,448  $ 18,554 
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, 2022 6,080  $ 35.01 
  Granted 2,840  39.53 
  Vested (1,154) 43.78 
  Canceled (235) 38.44 
Outstanding at March 31, 2023 7,531  $ 35.26 
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, 2022 1,950  $ 34.07 
  Granted(1)
1,039  32.66 
  Vested (233) 20.89 
  Canceled (3) 48.24 
Outstanding at March 31, 2023 2,753  $ 34.64 
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(1) Number of shares granted is based on the maximum percentage achievable in the performance-based restricted stock unit award.
Summary of Employee Stock Purchase Plan, Valuation Assumptions The fair values of employee stock purchase rights for the latest ESPP offering period were estimated using the Black-Scholes option pricing model at their respective grant date using the following assumptions:
Three Months Ended March 31,
2023 2022
Weighted-average grant date fair value per share $ 11.97  $ 18.82 
Risk-free interest rate 4.54  % 0.06  %
Dividend yield —  % —  %
Expected life (in years) 0.50 0.50
Volatility 59.78  % 43.83  %
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, 2022 393  $ 17.22 
Exercised (4) 12.14 
Outstanding at March 31, 2023 389  $ 17.27  2.20 $ 6,972 
Vested and expected to vest at March 31, 2023 389  $ 17.27  2.20 $ 6,972 
Exercisable at March 31, 2023 389  $ 17.27  2.20 $ 6,972