Stockholders' Equity (Deficit) (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Schedule of Reserved Shares of Common Stock for Issuance |
At December 31, 2018, the Company had reserved shares of common stock for issuance as follows (in thousands):
|
|
|
As of December 31, 2018 |
|
|
Common stock awards granted under equity incentive plans |
|
|
20,057 |
|
|
Common stock awards available for grant under equity incentive plan |
|
|
13,239 |
|
|
Total reserved shares of common stock |
|
|
33,296 |
|
|
| Schedule of Activity Under Equity Incentive Plan |
The following table summarizes the Company’s stock option activities under the 2008 Plan and 2017 Plan (in thousands, except per share data):
|
|
|
Number of
Shares |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Life (Years) |
|
|
Weighted
Average
Grant Date
Fair Value
Per Share |
|
|
Aggregate
Intrinsic
Value |
|
|
Balance, December 31, 2017 |
|
|
26,336 |
|
|
$ |
4.59 |
|
|
|
6.4 |
|
|
|
— |
|
|
|
|
|
|
Granted |
|
|
1,040 |
|
|
|
52.32 |
|
|
|
— |
|
|
$ |
22.96 |
|
|
|
|
|
|
Exercised |
|
|
(10,315 |
) |
|
|
2.90 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
Forfeited and expired |
|
|
(690 |
) |
|
|
6.79 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
Balance, December 31, 2018 - outstanding |
|
|
16,371 |
|
|
$ |
8.59 |
|
|
|
6.8 |
|
|
|
— |
|
|
$ |
384,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options exercisable at December 31, 2018 |
|
|
8,849 |
|
|
$ |
4.72 |
|
|
|
5.6 |
|
|
|
— |
|
|
$ |
230,254 |
|
|
| Schedule of Share-based Compensation Expense Included in Consolidated Statements of Operations |
The following table shows total stock-based compensation expense included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2018, 2017 and 2016 (in thousands):
|
|
|
Years Ended December 31, |
|
|
|
|
2018 |
|
|
2017 |
|
|
2016 |
|
|
Cost of platform revenue |
|
$ |
97 |
|
|
$ |
81 |
|
|
$ |
224 |
|
|
Cost of player revenue |
|
|
469 |
|
|
|
145 |
|
|
|
136 |
|
|
Research and development |
|
|
18,538 |
|
|
|
4,714 |
|
|
|
2,766 |
|
|
Sales and marketing |
|
|
10,459 |
|
|
|
2,817 |
|
|
|
2,292 |
|
|
General and administrative |
|
|
8,111 |
|
|
|
3,196 |
|
|
|
2,788 |
|
|
Total stock-based compensation |
|
$ |
37,674 |
|
|
$ |
10,953 |
|
|
$ |
8,206 |
|
|
| Summary of Assumptions Used to Value Stock-Based Awards Granted |
The assumptions used to value stock-based awards granted during the years ended December 31, 2018, 2017 and 2016 are as follows:
|
|
|
Years Ended December 31, |
|
|
|
|
2018 |
|
|
2017 |
|
|
2016 |
|
|
Dividend rate |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Expected term (in years) |
|
5.3 - 6.8 |
|
|
5.3 - 6.5 |
|
|
5.3 - 6.5 |
|
|
Risk-free interest rate |
|
2.32 - 2.88% |
|
|
1.87 - 2.25% |
|
|
1.33 - 1.95% |
|
|
Expected volatility |
|
38 - 40% |
|
|
39 - 44% |
|
|
44 - 46% |
|
|
Fair value of common stock |
|
|
— |
|
|
$2.56 - $18.46 |
|
|
$5.64 - $6.60 |
|
The Company valued the convertible preferred stock warrants using the following assumptions:
|
| Summary of Restricted Stock Unit Activity |
Pursuant to the 2017 Plan, the Company issued restricted stock units to employees. Restricted stock unit activity for the year ended December 31, 2018 is as follows (in thousands, except per share data):
|
|
|
Number of
Shares |
|
|
Weighted
Average
Grant Date
Fair Value
Per Share |
|
|
Balance, December 31, 2017 |
|
|
272 |
|
|
$ |
43.55 |
|
|
Awarded |
|
|
3,827 |
|
|
|
48.26 |
|
|
Released |
|
|
(267 |
) |
|
|
42.95 |
|
|
Forfeited |
|
|
(146 |
) |
|
|
43.14 |
|
|
Balance, December 31, 2018 - outstanding |
|
|
3,686 |
|
|
$ |
48.50 |
|
|
| Convertible Preferred Stock Warrants |
|
| Summary of Assumptions Used to Value Stock-Based Awards Granted |
|
|
|
Years Ended December 31, |
|
|
|
|
2017 |
|
|
2016 |
|
|
Dividend rate |
|
|
— |
|
|
|
— |
|
|
Expected term (in years) |
|
3.0 - 9.7 |
|
|
3.2 - 3.9 |
|
|
Risk-free interest rate |
|
1.5 - 2.3% |
|
|
0.7 - 1.6% |
|
|
Expected volatility |
|
44 - 51% |
|
|
46 - 48% |
|
|