Redeemable Convertible Preferred Stock, Common Stock, and Equity (Deficit) (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Redeemable Convertible Preferred Stock by Class

The following table summarizes the redeemable convertible preferred stock outstanding immediately prior to the conversion into common stock, and the rights and preferences of the Company’s respective series preceding the Company’s IPO in May 2019 (in millions, except share amounts which are reflected in thousands and per share amounts):



Series	Shares Authorized	Shares Issued and Outstanding	Per Share Liquidation Preference		Aggregate Liquidation Preference		Per Share Dividend Per Annum		Per Share Initial Conversion Price		Carrying Value, Net of Issuance Costs
Seed	174,030	152,591	$	0.00906	$	1	$	0.00073	$	0.00906	$	1
A	152,053	150,427	0.09248		14		0.00584		0.07303		11
B	123,646	122,721	0.35448		44		0.02836		0.35448		43
C-1	76,551	76,551	4.45438		341		0.28508		3.56350		273
C-2	31,004	31,004	3.56350		110		0.22806		2.85080		62
C-3	842	842	4.45438		4		0.28508		3.56350		3
D	87,193	82,443	15.51305		1,279		1.24105		15.51305		1,291
E	84,504	84,140	33.31758		2,803		2.66540		33.31758		2,793
F	25,228	21,262	39.63858		843		3.17109		39.63858		842
G	150,188	140,619	48.77223		6,858		3.90178		48.77223		6,858
G-1	35,881	35,881	48.77223		1,750		3.90178		48.77223		1,750
G-2	5,126	5,126	48.77223		250		3.90178		48.77223		250
	946,246	903,607			$	14,297					$	14,177

Summary of Activity in Restricted Common Stock

The following table summarizes the activity related to the Company’s restricted common stock for the year ended December 31, 2019. For purposes of this table, vested restricted common stock represents the shares for which the service condition had been fulfilled as of December 31, 2019 (in thousands, except per share amounts):



	Number of Shares		Weighted-average Grant-Date Fair Value per Share
Unvested restricted common stock as of December 31, 2018	898		$	34.81
Granted	—		$	—
Vested	(621	)	$	34.84
Canceled and forfeited	(66	)	$	34.59
Unvested restricted common stock as of December 31, 2019	211		$	34.73

Summary of Stock Options and SAR Activity

A summary of stock option and SAR activity for the year ended December 31, 2019 is as follows (in millions, except share amounts which are reflected in thousands, per share amounts, and years):



	SARs Outstanding Number of SARs		Options Outstanding Number of Shares		Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
As of December 31, 2018	758		42,936		$	9.22	5.74	$	1,456
Granted	86		250		$	43.00
Exercised	(417	)	(6,884	)	$	2.85
Canceled and forfeited	(36	)	(1,462	)	$	33.29
Expired	(54	)	(39	)	$	26.49
As of December 31, 2019	337		34,801		$	9.79	4.75	$	746
Vested and expected to vest as of December 31, 2019	203		29,585		$	4.97	4.49	$	745
Exercisable as of December 31, 2019	203		29,585		$	4.97	4.49	$	745

Schedule of Restricted Stock Units Activity

The following table summarizes the activity related to the Company’s RSUs for the year ended December 31, 2019. For purposes of this table, vested RSUs represent the shares for which the service condition had been fulfilled as of December 31, 2019 (in thousands, except per share amounts):



	Number of Shares		Weighted-Average Grant-Date Fair Value per Share
Unvested and outstanding as of December 31, 2018	75,835		$	37.20
Granted	62,830		$	41.55
Vested	(36,034	)	$	37.87
Canceled and forfeited	(17,888	)	$	40.53
Unvested and outstanding as of December 31, 2019	84,743		$	39.82

Schedule of Stock-Based Compensation Expense by Function

The following table summarizes total stock-based compensation expense by function for the years ended December 31, 2017, 2018 and 2019 (in millions):



	Year Ended December 31,
	2017		2018		2019
Operations and support	$	30	$	15	$	454
Sales and marketing	9		9		242
Research and development	25		65		2,958
General and administrative	73		83		942
Total	$	137	$	172	$	4,596

Schedule of Weighted Average Assumptions

The fair value of warrants granted during 2017 and 2018 was determined using the Black-Scholes option-pricing model using the weighted-average assumptions in the table below. During 2019, warrants vested were not material and no warrants were granted.



	Year Ended December 31,
	2017		2018
Contractual term (in years)	2.1		1.6
Risk-free interest rate	1.8	%	2.5	%
Expected volatility	28.3	%	34.7	%
Expected dividend yield	—	%	—	%

The fair value of stock options and SARs granted was determined using the Black-Scholes option-pricing model with the following weighted-average assumptions:



	Year Ended December 31,
	2017		2018		2019
Expected term (in years)	8.5		6.0		6.0
Risk-free interest rate	2.0	%	2.8	%	2.2	%
Expected volatility	35.9	%	32.9	%	33.9	%
Expected dividend yield	—	%	—	%	—	%

The fair value of Performance Awards with market-based targets granted was determined using a Monte Carlo model with the following weighted-average assumptions:



	Year Ended December 31,
	2017		2018		2019
Risk-free interest rate	2.1	%	2.8	%	2.7	%
Expected volatility	40.0	%	36.9	%	39.0	%
Expected dividend yield	—	%	—	%	—	%

Schedule of Common Stock Repurchases

The following table represents a summary of common stock repurchased in connection with discrete arrangements with selected current and former employees during the years ended December 31, 2017 and 2018. The common stock shares repurchased for the year ended December 31, 2019 were not material.



	Year Ended December 31,
(In millions, except share amounts which are reflected in thousands, and per share amounts)	2017		2018
Common stock shares repurchased	3,765		286
Common stock repurchase cost	$	142	$	11
Fair value of repurchase recorded as an increase in accumulated deficit	$	32	$	13
Excess of fair value recorded as stock-based compensation	$	13	$	1
Price range per common stock share	$ 5.00 - $ 41.65		$ 36.58 - $ 41.65

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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