v3.26.1
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
The Company recognized stock-based compensation expense as follows for the periods presented (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of revenue$1,764 $1,913 $3,238 $3,586 
Research and development (“R&D”)12,483 12,469 23,758 24,147 
Selling, general and administrative (“SG&A”)38,937 45,716 67,286 85,171 
Total stock-based compensation expense$53,184 $60,098 $94,282 $112,904 
Tax benefit related to stock-based compensation (1)
$606 $703 $1,364 $1,163 
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(1)Amount reflects the tax benefit related to stock-based compensation recorded for equity awards that are expected to generate tax deductions when they vest in future periods. Equity awards granted to the Company’s executive officers are subject to the tax deduction limitations set by Section 162(m) of the Internal Revenue Code.
Schedule of RSU Activity
A summary of RSU activity is presented in the table below (in thousands, except per-share amounts):
Total Time-based RSUs, PSUs and MSUs
Number of SharesWeighted-Average Grant Date Fair Value Per Share
Outstanding at January 1, 2026771$535.78 
Granted251
(1)
$1,005.72 
Vested(80)$430.30 
Forfeited(50)$571.38 
Outstanding at June 30, 2026892$687.48 
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(1)Amount reflects the number of awards that may ultimately be earned based on management’s probability assessment of the achievement of performance conditions at each reporting period.