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STOCK-BASED COMPENSATION (Tables)

6 Months Ended

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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