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STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 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 September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
			(In thousands)
Cost of revenues			$	2,915					$	1,294					$	4,957					$	3,237
Research and development			10,999						4,248						22,215						9,430
Sales and marketing			15,472						3,952						24,344						9,504
General and administrative			17,568						4,905						25,594						12,043
Total			$	46,954					$	14,399					$	77,110					$	34,214

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 September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
			(In thousands)
Stock options, RSUs, and PSUs			$	45,992					$	13,781					$	74,193					$	32,415
Employee stock purchase plan			962						618						2,917						1,799
Total			$	46,954					$	14,399					$	77,110					$	34,214

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			(225)						1.98												$	32,144
Canceled			(1)						0.83
Outstanding at September 30, 2021			2,306						$	1.96					3.0						$	341,368
Vested and expected to vest at September 30, 2021			2,306						$	1.96					3.0						$	341,368
Exercisable at September 30, 2021			2,296						$	1.95					3.0						$	339,784

(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 September 30, 2021 is based on the closing price of the last trading day during the period ended September 30, 2021. The Company’s stock fair value used in this computation was $149.97 per share.

Summary of Stock Option Outstanding

The following table summarizes information about stock options outstanding at September 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						504						3.6						$	0.85					505						$	0.85
$1.29 —– $1.29						1,000						3.0						1.29						1,000						1.29
$1.31 —– $1.31						556						2.5						1.31						556						1.31
$1.39 —– $14.58						235						3.2						5.92						224						5.90
$64.17 —– $64.17						11						5.6						64.17						11						64.17
Total						2,306						3.0						$	1.96					2,296						$	1.95

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			957						160.39
Vested			(1,525)						16.82												$	263,402
Canceled			(95)						78.93
Outstanding at September 30, 2021			2,925						$	74.99					1.1						$	438,709
Expected to vest at September 30, 2021			2,925						$	74.99					1.1						$	438,709

(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 September 30, 2021 is based on the closing price of the last trading day during the period ended September 30, 2021. The Company’s stock fair value used in this computation was $149.97 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			694						130.14
Vested			(494)						59.19												$	91,803
Canceled			(264)						51.15
Outstanding at September 30, 2021			430						$	168.67					0.4						$	64,526

(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 September 30, 2021 is based on the closing price of the last trading day during the period ended September 30, 2021. The Company’s stock fair value used in this computation was $149.97 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 September 30,

Nine Months Ended September 30,

2021

2020

2021

2020

Weighted average grant date fair value

**

**

**

$

38.45

Expected term (in years)

**

**

**

3.8

Expected volatility

**

**

**

86.4%

Annual risk-free rate of return

**

**

**

0.1%

Dividend yield

**

**

**

—%

**    No stock options were granted during the three and nine months ended September 30, 2021.

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