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Stock-Based Compensation and Employee Benefit Plan (Tables)
3 Months Ended
Mar. 31, 2021
Compensation Related Costs [Abstract]  
Schedule of 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
March 31,
 20212020
Cost of revenue$2,999 $5,507 
Research and development4,908 6,096 
Sales and marketing4,085 3,890 
General and administrative5,218 7,526 
$17,210 $23,019 
Schedule of 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)
Balances at December 31, 202015,354,271 $21.27 6.0$129,855 
Exercised(1,978,717)26.90 
Cancelled(328,971)10.64 
Balances at March 31, 202113,046,583 20.69 6.0106,497 
Vested and expected to vest at March 31, 202112,772,269 20.92 6.0101,777 
Exercisable at March 31, 20218,755,992 25.52 5.036,250 
The following table presents the stock activity and the total number of shares available for grant under our stock plans as of March 31, 2021:
 Plan Shares Available
for Grant
  
Balances at December 31, 202020,233,754 
Added to plan7,675,984 
Granted(2,628,268)
Exercised— 
Cancelled639,299 
Expired(65,694)
Balances at March 31, 202125,855,075 
Schedule of RSU Activity and Related Information
A summary of our stock awards activity and related information is as follows:
Number of
Awards
Outstanding
Weighted
Average Grant
Date Fair
Value
Unvested Balance at December 31, 20206,418,788 $13.71 
Granted2,897,260 29.59 
Vested(1,140,502)18.39 
Forfeited(310,328)11.37 
Unvested Balance at March 31, 20217,865,218 18.97 
Schedule of Weighted-Average Valuation Assumptions
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the 2018 ESPP share valuation:
Three Months Ended
March 31,
20212020
Risk-free interest rate
0.06% - 0.13%
1.51%
Expected term (years)
0.5 - 2.0
0.5 - 2.0
Expected dividend yield
Expected volatility
95.0% - 109.0%
61.0%