Stockholders' Equity (Tables)
|
6 Months Ended |
Jun. 30, 2019 |
|---|
| Equity [Abstract] |
|
| Schedule of Reserved Shares of Common Stock for Future Issuances |
The Company has reserved the following shares of common stock for future issuances (in thousands):
|
|
|
As of |
|
|
|
|
June 30, 2019 |
|
|
Common stock awards granted under equity incentive plans |
|
|
16,595 |
|
|
Common stock awards available for issuance under Employee Stock Purchase Plan |
|
|
2,089 |
|
|
Common stock awards available for issuance under the 2017 Equity Incentive Plan |
|
|
18,190 |
|
|
Total reserved shares of common stock |
|
|
36,874 |
|
|
| Summary of Stock-based Compensation Expense |
The following table shows total stock-based compensation expense for the three and six months ended June 30, 2019 and 2018 (in thousands):
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
|
June 30,
2019 |
|
|
June 30,
2018 |
|
|
June 30,
2019 |
|
|
June 30,
2018 |
|
|
Cost of platform revenue |
|
$ |
59 |
|
|
$ |
19 |
|
|
$ |
118 |
|
|
$ |
38 |
|
|
Cost of player revenue |
|
|
246 |
|
|
|
67 |
|
|
|
489 |
|
|
|
111 |
|
|
Research and development |
|
|
9,258 |
|
|
|
2,801 |
|
|
|
17,790 |
|
|
|
5,097 |
|
|
Sales and marketing |
|
|
4,974 |
|
|
|
1,286 |
|
|
|
10,140 |
|
|
|
2,396 |
|
|
General and administrative |
|
|
4,134 |
|
|
|
1,136 |
|
|
|
7,998 |
|
|
|
2,096 |
|
|
Total stock-based compensation |
|
$ |
18,671 |
|
|
$ |
5,309 |
|
|
$ |
36,535 |
|
|
$ |
9,738 |
|
|
| Schedule of Stock Option Activity |
The summary of the Company’s stock option activity is as follows (in thousands, except price 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, 2018 - outstanding |
|
|
16,371 |
|
|
$ |
8.59 |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
Granted |
|
|
26 |
|
|
|
80.25 |
|
|
|
— |
|
|
$ |
28.95 |
|
|
|
|
|
|
Exercised |
|
|
(3,625 |
) |
|
|
5.37 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
Forfeited and expired |
|
|
(339 |
) |
|
|
8.39 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
Balance, June 30, 2019 - outstanding |
|
|
12,433 |
|
|
$ |
9.68 |
|
|
|
6.5 |
|
|
|
— |
|
|
$ |
1,005,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options exercisable at June 30, 2019 |
|
|
6,860 |
|
|
$ |
5.12 |
|
|
|
5.2 |
|
|
|
— |
|
|
$ |
586,269 |
|
|
| Summary of Assumptions Used to Value Stock-Based Awards Granted |
The fair value of options granted under the equity incentive plans is estimated on the grant date using the Black-Scholes option-valuation model. The assumptions used in the Black-Scholes model are as follows:
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
|
June 30,
2019 |
|
|
June 30,
2018 |
|
|
June 30,
2019 |
|
|
June 30,
2018 |
|
|
Dividend rate |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Expected term (in years) |
|
5.0 - 5.27 |
|
|
5.3 - 6.1 |
|
|
5.0 - 5.27 |
|
|
5.3 - 6.1 |
|
|
Risk-free interest rate |
|
1.83 - 2.31% |
|
|
2.61 - 2.88% |
|
|
1.83 - 2.56% |
|
|
2.32 - 2.88% |
|
|
Expected volatility |
|
|
36 |
% |
|
38 - 39% |
|
|
|
36 |
% |
|
38 - 40% |
|
|
| Summary of Restricted Stock Unit Activity |
Pursuant to the 2017 Plan, the Company grants restricted stock units to employees. The fair value of restricted stock units is based on the Company’s closing stock price on the date of grant. The summary of the Company’s restricted stock unit activity is as follows (in thousands, except price per share data):
|
|
|
Number of
Shares |
|
|
Weighted Average
Grant Date Fair
Value Per Share |
|
|
Balance, December 31, 2018 - outstanding |
|
|
3,686 |
|
|
$ |
48.50 |
|
|
Awarded |
|
|
1,081 |
|
|
|
57.36 |
|
|
Released |
|
|
(381 |
) |
|
|
46.16 |
|
|
Forfeited |
|
|
(224 |
) |
|
|
53.46 |
|
|
Balance, June 30, 2019 - outstanding |
|
|
4,162 |
|
|
$ |
50.75 |
|
|