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STOCK-BASED COMPENSATION (Tables) | 6 Months Ended
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Jun. 30, 2021
Share-based Payment Arrangement [Abstract] |
Summary of the Components of Total Stock-Based Compensation Expense | The following table summarizes the components of total stock-based compensation expense included in the condensed consolidated statements of operations for the periods presented.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020 |  |
| (In thousands)
Cost of revenues | $ | 1,060 |  |  | $ | 1,337 |  |  | $ | 2,042 |  |  | $ | 1,943 |  |  |
Research and development | 5,467 |  |  | 3,263 |  |  | 11,216 |  |  | 5,182 |  |  |
Sales and marketing | 5,335 |  |  | 3,610 |  |  | 8,872 |  |  | 5,552 |  |  |
General and administrative | 3,450 |  |  | 4,090 |  |  | 8,026 |  |  | 7,138 |  |  |
Total | $ | 15,312 |  |  | $ | 12,300 |  |  | $ | 30,156 |  |  | $ | 19,815 |  |  |
Summary of Stock-Based Compensation Associated with Each Type of Award | The following table summarizes the various types of stock-based compensation expense for the periods presented.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020 |  |
| (In thousands)
Stock options, RSUs, and PSUs | $ | 14,361 |  |  | $ | 11,557 |  |  | $ | 28,201 |  |  | $ | 18,634 |  |  |
Employee stock purchase plan | 951 |  |  | 743 |  |  | 1,955 |  |  | 1,181 |  |  |
Total | $ | 15,312 |  |  | $ | 12,300 |  |  | $ | 30,156 |  |  | $ | 19,815 |  |  |
Summary of Stock Option Activity | The following is a summary of stock option activity.
| Number of Shares Outstanding |  | Weighted- Average Exercise Price per Share |  | Weighted- Average Remaining Contractual Term |  | Aggregate Intrinsic Value (1)
| (In thousands) |  |  |  | (Years) |  | (In thousands)
Outstanding at December 31, 2020 | 2,532 |  |  | $ | 1.96 |  |  |  |  |
Granted | — |  |  | — |  |  |  |  |
Exercised | (199) |  |  | 2.01 |  |  |  |  | $ | 27,668 |
Canceled | (1) |  |  | 0.83 |  |  |  |  |
Outstanding at June 30, 2021 | 2,332 |  |  | $ | 1.96 |  |  | 3.3 |  | $ | 423,555 |
Vested and expected to vest at June 30, 2021 | 2,332 |  |  | $ | 1.96 |  |  | 3.3 |  | $ | 423,555 |
Exercisable at June 30, 2021 | 2,231 |  |  | $ | 1.97 |  |  | 3.3 |  | $ | 405,325 |
(1) The intrinsic value of options exercised is based upon the value of the Company’s stock at exercise. The intrinsic value of options outstanding, vested and expected to vest, and exercisable as of June 30, 2021 is based on the closing price of the last trading day during the period ended June 30, 2021. The Company’s stock fair value used in this computation was $183.63 per share.
Summary of Stock Option Outstanding | The following table summarizes information about stock options outstanding at June 30, 2021.
|  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices |  | Number of Shares |  | Weighted- Average Remaining Life |  | Weighted- Average Exercise Price |  | Number of Shares |  | Weighted- Average Exercise Price
|  | (In thousands) |  | (Years) |  |  |  | (In thousands) |  |
$0.70 —– $1.11 |  | 512 |  |  | 3.8 |  | $ | 0.85 |  |  | 501 |  |  | $ | 0.85 |
$1.29 —– $1.29 |  | 1,000 |  |  | 3.2 |  | 1.29 |  |  | 937 |  |  | 1.29 |
$1.31 —– $1.31 |  | 556 |  |  | 2.8 |  | 1.31 |  |  | 556 |  |  | 1.31 |
$1.39 —– $14.58 |  | 253 |  |  | 3.4 |  | 5.64 |  |  | 226 |  |  | 5.90 |
$64.17 —– $64.17 |  | 11 |  |  | 5.9 |  | 64.17 |  |  | 11 |  |  | 64.17 |
Total |  | 2,332 |  |  | 3.3 |  | $ | 1.96 |  |  | 2,231 |  |  | $ | 1.97 |
Summary of Restricted Stock Unit Activity | The following is a summary of RSU activity.
| Number of Shares Outstanding |  | Weighted- Average Fair Value per Share at Grant Date |  | Weighted- Average Remaining Contractual Term |  | Aggregate Intrinsic Value (1)
| (In thousands) |  |  |  | (Years) |  | (In thousands)
Outstanding at December 31, 2020 | 3,588 |  |  | $ | 27.61 |  |  |  |  |
Granted | 571 |  |  | 149.01 |  |  |  |  |
Vested | (1,254) |  |  | 15.65 |  |  |  |  | $ | 216,814 |
Canceled | (33) |  |  | 69.71 |  |  |  |  |
Outstanding at June 30, 2021 | 2,872 |  |  | $ | 56.66 |  |  | 1.2 |  | $ | 527,435 |
Expected to vest at June 30, 2021 | 2,872 |  |  | $ | 56.66 |  |  | 1.2 |  | $ | 527,435 |
(1) The intrinsic value of RSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of RSUs outstanding and expected to vest as of June 30, 2021 is based on the closing price of the last trading day during the period ended June 30, 2021. The Company’s stock fair value used in this computation was $183.63 per share.
Share-based Compensation, Performance Shares Award Outstanding Activity | The following is a summary of PSU activity.
| Number of Shares Outstanding |  | Weighted- Average Fair Value per Share at Grant Date |  | Weighted- Average Remaining Contractual Term |  | Aggregate Intrinsic Value (1)
| (In thousands) |  |  |  | (Years) |  | (In thousands)
Outstanding at December 31, 2020 | 494 |  |  | $ | 51.10 |  |  |  |  |
Granted | 367 |  |  | 82.93 |  |  |  |  |
Vested | (494) |  |  | 59.19 |  |  |  |  | $ | 91,803 |
Canceled | (247) |  |  | 42.00 |  |  |  |  |
Outstanding at June 30, 2021 | 120 |  |  | $ | 131.81 |  |  | 0.6 |  | $ | 22,025 |
(1) The intrinsic value of PSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of PSUs outstanding and expected to vest as of June 30, 2021 is based on the closing price of the last trading day during the period ended June 30, 2021. The Company’s stock fair value used in this computation was $183.63 per share.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table presents the weighted-average grant date fair value of options granted for the periods presented and the assumptions used to estimate those values using a Black-Scholes option pricing model.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020 |  |
Weighted average grant date fair value | ** |  | $ | 38.45 |  | ** |  | $ | 38.45 |  |
Expected term (in years) | ** |  | 3.8 |  | ** |  | 3.8 |  |
Expected volatility | ** |  | 86.4% |  | ** |  | 86.4% |  |
Annual risk-free rate of return | ** |  | 0.1% |  | ** |  | 0.1% |  |
Dividend yield | ** |  | —% |  | ** |  | —% |  |
** No stock options were granted during the three and six months ended June 30, 2021.

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