STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31,
	2020		2019
	(In thousands)
Cost of revenues	$	606	$	231
Research and development	1,919		716
Sales and marketing	1,942		999
General and administrative	3,048		1,288
Restructuring	—		55
Total	$	7,515	$	3,289

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 March 31,
	2020		2019
	(In thousands)
Stock options, RSUs, and PSUs	$	7,077	$	3,222
Employee stock purchase plan	438		67
Total	$	7,515	$	3,289

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, 2019	4,097		$	2.18
Granted	—		—
Exercised	(541	)	2.58			$	28,263
Canceled	(73	)	7.44
Outstanding at March 31, 2020	3,483		$	2.01	4.2	$	105,469
Vested and expected to vest at March 31, 2020	3,483		$	2.01	4.2	$	105,469
Exercisable at March 31, 2020	2,518		$	2.22	4.1	$	75,706

(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 March 31, 2020 is based on the closing price of the Company’s stock fair value on March 31, 2020 or the earlier of the last trading day prior to March 31, 2020, if March 31, 2020 is a non-trading day. The Company’s stock fair value used in this computation was $32.29 per share.

Summary of Stock Option Outstanding

The following table summarizes information about stock options outstanding at March 31, 2020.

	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	751	4.8	$	0.82	565	$	0.80
$1.29 —– $1.29	1,000	4.5	1.29		625	1.29
$1.31 —– $1.31	1,037	4.0	1.31		765	1.31
$1.37 —– $12.57	653	3.3	4.78		527	5.34
$14.58 —– $14.58	42	6.1	14.58		36	14.58
Total	3,483	4.2	$	2.01	2,518	$	2.22

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, 2019	4,263		$	7.19
Granted	552		31.34
Vested	(951	)	6.13			$	34,095
Canceled	(34	)	16.92
Outstanding at March 31, 2020	3,830		$	10.85	1.3	$	123,672
Expected to vest at March 31, 2020	3,830		$	10.63	1.3	$	114,306

(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 March 31, 2020 is based on the closing price of the Company’s stock on March 31, 2020 or the earlier of the last trading day prior to March 31, 2020, if March 31, 2020 is a non-trading day. The Company’s stock fair value used in this computation was $32.29 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, 2019	955		$	9.83
Granted	482		11.52
Vested	(1,410	)	10.41			$	50,938
Canceled	—		—
Outstanding at March 31, 2020	27		$	4.40	0	$	872

(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 March 31, 2020 is based on the closing price of the Company’s stock on March 31, 2020 or the earlier of the last trading day prior to March 31, 2020, if March 31, 2020 is a non-trading day. The Company’s stock fair value used in this computation was $32.29 per share.