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Stock-Based Compensation and Employee Benefit Plan (Tables)

9 Months Ended

Sep. 30, 2020

We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of option valuation:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019

Risk-free interest rate	—%	1.9%- 2.0%	0.6%	1.9% - 2.6%
Expected term (years)	—	6.4 - 6.7	6.6	6.4 - 6.7
Expected dividend yield	—	—	—	—
Expected volatility	—%	45.7%	71.0%	45.7% - 50.2%

We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the ESPP share valuation:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019

Risk-free interest rate	0.12% - 0.14%	1.90% - 2.00%	0.12% - 1.51%	1.9% - 2.6%
Expected term (years)	0.5 - 2.0	0.5 - 2.0	0.5 - 2.0	0.6 - 2.1
Expected dividend yield	—	—	—	—
Expected volatility	98.9% - 119.2%	45.7%	61.0% - 119.2%	47.0% - 50.2%

Employee and Non-Employee Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
			As Restated				As Restated

Cost of revenue	$	3,568	$	7,985	$	13,811	$	36,835
Research and development	4,103		6,589		14,913		33,037
Sales and marketing	2,234		5,823		8,358		26,270
General and administrative	5,830		20,650		20,303		64,091
	$	15,735	$	41,047	$	57,385	$	160,233

Stock Option and RSU Activity

The following table summarizes the stock option activity under our stock plans during the reporting period:


	Outstanding Options
	Number of Shares	Weighted Average Exercise Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value

					(in thousands)




December 31, 2019	17,837,316	$	20.76	6.94	$	14,964
Granted	200,000	7.30
Exercised	(443,929)	9.56
Cancelled	(988,360)	23.01
Balances at September 30, 2020	16,605,027	20.76		6.24	66,358
Vested and expected to vest at Current period end	16,188,459	21.08		6.18	62,085
Exercisable at Current period end	10,047,183	27.82		4.71	5,338

The following table presents the stock activity and the total number of RSUs available for grant under our stock plans as of September 30, 2020:


						Plan Shares Available for Grant







Balances at December 31, 2019						17,233,144
Added to plan						6,928,556
Granted						(4,621,528)

Cancelled						1,396,524
Expired						(949,280)
Balances at September 30, 2020						19,987,416

RSU Activity and Related Information

A summary of our RSUs activity and related information is as follows:


	Number of Awards Outstanding	Weighted Average Grant Date Fair Value





Unvested Balance at December 31, 2019	10,112,266	$	17.29
Granted	4,421,528	11.73
Vested	(6,524,088)	17.59
Forfeited	(415,991)	15.05
Balances at September 30, 2020	7,593,715	13.92