Stockholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2020 |
|---|
| Equity [Abstract] |
|
| Schedule of Reserved Shares of Common Stock for Issuance |
As of September 30, 2020, the Company had reserved shares of common stock for issuance as follows (in thousands):
|
|
|
As of |
|
|
|
|
September 30, 2020 |
|
|
Common stock awards granted under equity incentive plans |
|
|
14,229 |
|
|
Common stock awards available for issuance under the 2017 Employee Stock Purchase Plan* |
|
|
5,089 |
|
|
Common stock awards available for issuance under the 2017 Equity Incentive Plan |
|
|
21,437 |
|
|
Total reserved shares of common stock |
|
|
40,755 |
|
* The Company has not issued any common stock pursuant to the 2017 Employee Stock Purchase Plan.
|
| Summary of Restricted Stock Unit Activity |
Restricted stock unit activity for the nine months ended September 30, 2020 is as follows (in thousands, except per share data):
|
|
|
Number of
Shares |
|
|
Weighted Average
Grant Date Fair
Value Per Share |
|
|
Balance, December 31, 2019 - outstanding |
|
|
4,544 |
|
|
$ |
67.30 |
|
|
Awarded |
|
|
1,286 |
|
|
|
137.52 |
|
|
Released |
|
|
(898 |
) |
|
|
65.89 |
|
|
Forfeited |
|
|
(283 |
) |
|
|
71.73 |
|
|
Balance, September 30, 2020 - outstanding |
|
|
4,649 |
|
|
$ |
86.73 |
|
|
| 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, 2019 - outstanding |
|
|
11,124 |
|
|
$ |
14.84 |
|
|
|
6.2 |
|
|
|
— |
|
|
|
|
|
|
Granted |
|
|
596 |
|
|
|
144.60 |
|
|
|
— |
|
|
$ |
54.22 |
|
|
|
|
|
|
Exercised |
|
|
(2,089 |
) |
|
|
5.37 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
Forfeited and expired |
|
|
(51 |
) |
|
|
8.36 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
Balance, September 30, 2020 - outstanding |
|
|
9,580 |
|
|
$ |
25.01 |
|
|
|
5.9 |
|
|
|
— |
|
|
$ |
1,569,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
Options exercisable at September 30, 2020 |
|
|
6,405 |
|
|
$ |
7.39 |
|
|
|
5.0 |
|
|
|
— |
|
|
$ |
1,162,018 |
|
|
| Summary of Stock-based Compensation Expense |
The following table shows total stock-based compensation expense for the three and nine months ended September 30, 2020 and 2019 (in thousands):
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
September 30,
2020 |
|
|
September 30,
2019 |
|
|
September 30,
2020 |
|
|
September 30,
2019 |
|
|
Cost of platform revenue |
|
$ |
206 |
|
|
$ |
120 |
|
|
$ |
649 |
|
|
$ |
238 |
|
|
Cost of player revenue |
|
|
362 |
|
|
|
287 |
|
|
|
1,010 |
|
|
|
776 |
|
|
Research and development |
|
|
14,873 |
|
|
|
10,230 |
|
|
|
41,476 |
|
|
|
28,020 |
|
|
Sales and marketing |
|
|
11,572 |
|
|
|
6,415 |
|
|
|
31,244 |
|
|
|
16,555 |
|
|
General and administrative |
|
|
7,894 |
|
|
|
5,566 |
|
|
|
20,969 |
|
|
|
13,564 |
|
|
Total stock-based compensation |
|
$ |
34,907 |
|
|
$ |
22,618 |
|
|
$ |
95,348 |
|
|
$ |
59,153 |
|
|
| 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 |
|
|
Nine Months Ended |
|
|
|
|
September 30,
2020 |
|
|
September 30,
2019 |
|
|
September 30,
2020 |
|
|
September 30,
2019 |
|
|
Dividend rate |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Expected term (in years) |
|
5.0 - 6.73 |
|
|
5.0 - 6.73 |
|
|
5.0 - 6.73 |
|
|
5.0 - 6.73 |
|
|
Risk-free interest rate |
|
0.22 - 0.46% |
|
|
1.35 - 1.79% |
|
|
0.22 - 1.67% |
|
|
1.35 - 2.56% |
|
|
Expected volatility |
|
36.9 - 38.2% |
|
|
35 - 36% |
|
|
35.8 - 38.6% |
|
|
35 - 36% |
|
|