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STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 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
September 30,
 
Nine Months Ended
September 30,
 
2020
 
2019
 
2020
 
2019
 
(In thousands)
Cost of revenues
$
1,294

 
$
497

 
$
3,237

 
$
1,114

Research and development
4,248

 
1,411

 
9,430

 
3,255

Sales and marketing
3,952

 
1,541

 
9,504

 
3,900

General and administrative
4,905

 
1,996

 
12,043

 
5,013

Restructuring
—

 
331

 
—

 
718

Total
$
14,399

 
$
5,776

 
$
34,214

 
$
14,000
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,
 
2020
 
2019
 
2020
 
2019
 
(In thousands)
Stock options, RSUs, and PSUs
$
13,781

 
$
5,546

 
$
32,415

 
$
13,528

Employee stock purchase plan
618

 
230

 
1,799

 
472

Total
$
14,399

 
$
5,776

 
$
34,214

 
$
14,000
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,
 
2020
 
2019
 
2020
 
2019
Weighted average grant date fair value
**
 
**
 
$
38.45

 
$
9.16

Expected term (in years)
**
 
**
 
3.8

 
3.8

Expected volatility
**
 
**
 
86.4
%
 
89.1
%
Annual risk-free rate of return
**
 
**
 
0.1
%
 
2.1
%
Dividend yield
**
 
**
 
—
%
 
—
%
 
 
**
No stock options were granted during the three months ended September 30, 2020 and 2019.
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
989

 
31.12

 
 
 
 
Vested
(1,450
)
 
10.20

 
 
 
$
52,144

Canceled
—

 
—

 
 
 
 
Outstanding at September 30, 2020
494

 
$
51.10

 
0.4
 
$
40,793

 
 
(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, 2020 is based on the closing price of the last trading day during the period ended September 30, 2020. The Company’s stock fair value used in this computation was $82.59 per share.
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
11

 
64.17

 
 
 
 
Exercised
(1,062
)
 
2.41

 
 
 
$
56,357

Canceled
(82
)
 
6.94

 
 
 
 
Outstanding at September 30, 2020
2,964

 
$
2.19

 
3.8
 
$
238,224

Vested and expected to vest at September 30, 2020
2,964

 
$
2.19

 
3.8
 
$
238,224

Exercisable at September 30, 2020
2,349

 
$
2.22

 
3.7
 
$
188,809

 
 
(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, 2020 is based on the closing price of the last trading day during the period ended September 30, 2020. The Company’s stock fair value used in this computation was $82.59 per share.
Summary of Stock Option Outstanding
The following table summarizes information about stock options outstanding at September 30, 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
 
687

 
4.3
 
$
0.82

 
554

 
$
0.82

$1.29 —– $1.29
 
1,000

 
4.0
 
1.29

 
750

 
1.29

$1.31 —– $1.31
 
709

 
3.5
 
1.31

 
563

 
1.31

$1.37 —– $14.58
 
557

 
3.1
 
5.44

 
479

 
5.96

$64.17 —– $64.17
 
11

 
6.6
 
64.17

 
3

 
64.17

Total
 
2,964

 
3.8
 
$
2.19

 
2,349

 
$
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
1,262

 
40.76

 
 
 
 
Vested
(1,705
)
 
6.87

 
 
 
$
78,855

Canceled
(84
)
 
20.78

 
 
 
 
Outstanding at September 30, 2020
3,736

 
$
18.37

 
1.13
 
$
308,555

Expected to vest at September 30, 2020
3,736

 
$
18.37

 
1.13
 
$
308,555

 
 
(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, 2020 is based on the closing price of the last trading day during the period ended September 30, 2020. The Company’s stock fair value used in this computation was $82.59 per share.