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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Assumptions Used to Estimate the Fair Value of Stock Options

The fair value of each option was estimated on the date of grant for the period presented using the following assumptions:

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2015

 

 

2014

 

2015

 

2014

 

Expected life (in years)

 

6.08

 

 

—

 

5.50 - 6.08

 

 

6.08

 

Risk-free interest rate

 

1.67%

 

 

—

 

1.67 - 1.89%

 

 

2.33%

 

Volatility

 

60%

 

 

—

 

55 - 60%

 

 

55%

 

Dividend yield

—

 

 

—

 

—

 

—

 

 
Summary of Stock Option and Restricted Stock Units Award Activity

A summary of the Company’s stock option and RSUs award activity under the 2013 Plan is as follows:

 

 

 

 

 

 

Options Outstanding

 

 

RSUs Outstanding

 

 

Shares

Available

for Grant

 

 

Number of

Shares

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Term (Years)

 

 

Aggregate

Intrinsic

Value

(in thousands)

 

 

Number of

Shares

 

 

Weighted

Average

Grant

Date Fair

Value

 

Balance as of December 31, 2014

 

1,825,112

 

 

 

9,494,763

 

 

$

7.00

 

 

 

6.57

 

 

$

107,913

 

 

 

6,809,415

 

 

$

12.66

 

Increase in shares authorized

 

3,255,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options granted

 

(328,680

)

 

 

328,680

 

 

 

10.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercised

 

—

 

 

 

(1,034,605

)

 

 

3.51

 

 

 

 

 

 

 

9,438

 

 

 

 

 

 

 

 

 

Options canceled or expired

 

49,829

 

 

 

(49,829

)

 

 

8.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RSUs granted

 

(3,155,953

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,155,953

 

 

 

13.48

 

RSUs released

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,687,983

)

 

 

11.75

 

RSUs canceled or expired

 

1,117,472

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,117,472

)

 

 

12.83

 

Balance as of September 30, 2015

 

2,762,980

 

 

 

8,739,009

 

 

$

7.52

 

 

 

6.12

 

 

$

31,768

 

 

 

7,159,913

 

 

$

13.14

 

Vested and expected to vest as of

  September 30, 2015

 

 

 

 

 

8,350,252

 

 

$

7.27

 

 

 

6.03

 

 

$

31,409

 

 

 

 

 

 

 

 

 

Vested and exercisable as of

   September 30, 2015

 

 

 

 

 

6,668,290

 

 

$

5.82

 

 

 

5.46

 

 

$

30,100

 

 

 

 

 

 

 

 

 

 
Summary of Assumptions Used to Estimate the Fair Value of Employee Stock Purchase Plan

The fair value of the option feature is estimated using the Black-Scholes model for the period presented based on the following assumptions:

 

 

Nine Months Ended

September 30,

 

 

2015

 

 

2014

 

Expected life (in years)

 

0.50

 

 

 

0.62

 

Risk-free interest rate

 

0.08%

 

 

 

0.08%

 

Volatility

 

63%

 

 

 

55%

 

Dividend yield

—

 

 

—

 

 
Schedule of Stock Based Compensation Expense

The following table sets forth the total stock-based compensation expense resulting from stock options, RSUs and ESPP included in the Company’s condensed consolidated statements of operations (in thousands):

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Cost of revenues

$

419

 

 

$

494

 

 

$

1,301

 

 

$

2,594

 

Sales and marketing

 

2,723

 

 

 

1,498

 

 

 

9,097

 

 

 

6,899

 

Research and development

 

2,411

 

 

 

2,147

 

 

 

7,460

 

 

 

9,417

 

General and administrative

 

2,521

 

 

 

2,335

 

 

 

7,655

 

 

 

8,817

 

Total stock-based compensation expense

$

8,074

 

 

$

6,474

 

 

$

25,513

 

 

$

27,727