Stockholders' Equity (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Schedule of Reserved Shares of Common Stock for Issuance |
At December 31, 2019, the Company had reserved shares of common stock for issuance as follows (in thousands):
|
|
|
As of December 31, 2019 |
|
|
Common stock awards granted under equity incentive plans |
|
|
15,668 |
|
|
Common stock awards available for issuance under the 2017 Employee Stock Purchase Plan * |
|
|
2,089 |
|
|
Common stock awards available for issuance under the 2017 Equity Incentive Plan |
|
|
16,950 |
|
|
Total reserved shares of common stock |
|
|
34,707 |
|
|
| Summary of Restricted Stock Unit Activity |
Restricted stock unit activity for the year ended December 31, 2019 is as follows (in thousands, except per share data):
|
|
|
Number of
Shares |
|
|
Weighted
Average
Grant Date
Fair Value
Per Share |
|
|
Balance, December 31, 2018 |
|
|
3,686 |
|
|
$ |
48.50 |
|
|
Awarded |
|
|
2,228 |
|
|
|
87.60 |
|
|
Released |
|
|
(822 |
) |
|
|
49.26 |
|
|
Forfeited |
|
|
(548 |
) |
|
|
50.40 |
|
|
Balance, December 31, 2019 - outstanding |
|
|
4,544 |
|
|
$ |
67.30 |
|
|
| Schedule of Stock Option Activity |
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, 2018 |
|
|
16,371 |
|
|
$ |
8.59 |
|
|
|
6.8 |
|
|
|
— |
|
|
|
|
|
|
Granted |
|
|
572 |
|
|
|
100.06 |
|
|
|
— |
|
|
$ |
39.23 |
|
|
|
|
|
|
Exercised |
|
|
(5,352 |
) |
|
|
5.35 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
Forfeited and expired |
|
|
(467 |
) |
|
|
8.77 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
Balance, December 31, 2019 - outstanding |
|
|
11,124 |
|
|
$ |
14.84 |
|
|
|
6.2 |
|
|
|
— |
|
|
$ |
1,324,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options exercisable at December 31, 2019 |
|
|
6,603 |
|
|
$ |
5.84 |
|
|
|
5.1 |
|
|
|
— |
|
|
$ |
845,590 |
|
|
| 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, 2019, 2018 and 2017 (in thousands):
|
|
|
Years Ended December 31, |
|
|
|
|
2019 |
|
|
2018 |
|
|
2017 |
|
|
Cost of platform revenue |
|
$ |
342 |
|
|
$ |
97 |
|
|
$ |
81 |
|
|
Cost of player revenue |
|
|
1,072 |
|
|
|
469 |
|
|
|
145 |
|
|
Research and development |
|
|
40,036 |
|
|
|
18,538 |
|
|
|
4,714 |
|
|
Sales and marketing |
|
|
24,179 |
|
|
|
10,459 |
|
|
|
2,817 |
|
|
General and administrative |
|
|
19,546 |
|
|
|
8,111 |
|
|
|
3,196 |
|
|
Total stock-based compensation |
|
$ |
85,175 |
|
|
$ |
37,674 |
|
|
$ |
10,953 |
|
|
| 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, 2019, 2018 and 2017 are as follows:
|
|
|
Years Ended December 31, |
|
|
|
|
2019 |
|
|
2018 |
|
|
2017 |
|
|
Dividend rate |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Expected term (in years) |
|
5.0 - 6.7 |
|
|
5.3 - 6.8 |
|
|
5.3 - 6.5 |
|
|
Risk-free interest rate |
|
1.35 - 2.56% |
|
|
2.32 - 2.88% |
|
|
1.87 - 2.25% |
|
|
Expected volatility |
|
35 - 36% |
|
|
38 - 40% |
|
|
39 - 44% |
|
|
Fair value of common stock |
|
|
— |
|
|
|
— |
|
|
$2.56 - $18.46 |
|
|
| Convertible Preferred Stock Warrants |
|
| Summary of Assumptions Used to Value Stock-Based Awards Granted |
The Company valued the convertible preferred stock warrants using the following assumptions:
|
|
|
Year Ended |
|
|
|
|
December 31, 2017 |
|
|
Dividend rate |
|
|
— |
|
|
Expected term (in years) |
|
3.0 - 9.7 |
|
|
Risk-free interest rate |
|
1.5 - 2.3% |
|
|
Expected volatility |
|
44 - 51% |
|
|