|
Redeemable Convertible Preferred Stock and Stockholders' Deficit (Tables)
|
9 Months Ended |
|
Sep. 30, 2013
|
| Redeemable Convertible Preferred Stock and Stockholders' Deficit |
|
| Schedule of redeemable convertible preferred stock |
Redeemable convertible preferred stock consisted of the following at December 31, 2012 and August 7, 2013 (in thousands, except share data):
|
|
|
Shares
Authorized |
|
Shares
Issued and
Outstanding |
|
Aggregate
Liquidation
Preference |
|
|
Series A |
|
8,150,000 |
|
1,567,306 |
|
$ |
4,075 |
|
|
Series B |
|
18,124,230 |
|
3,485,425 |
|
14,735 |
|
|
Series C |
|
14,215,791 |
|
2,726,476 |
|
15,000 |
|
|
Series D |
|
7,789,215 |
|
1,497,921 |
|
15,890 |
|
|
Series E |
|
5,045,662 |
|
965,927 |
|
11,000 |
|
|
Series F |
|
5,988,024 |
|
1,151,542 |
|
20,000 |
|
|
Series G |
|
8,677,338 |
|
1,668,707 |
|
15,450 |
|
|
Series G-1 |
|
2,073,148 |
|
216,015 |
|
2,000 |
|
|
Series H |
|
13,100,000 |
|
2,014,641 |
|
20,000 |
|
|
|
|
83,163,408 |
|
15,293,960 |
|
$ |
118,150 |
| |
| Summary of warrants to purchase common and preferred stock |
Warrants to purchase common and preferred stock are summarized in the following table:
|
|
|
Number of Shares Subject to Warrant |
|
|
|
|
December 31,
2012 |
|
September 30,
2013 |
|
Exercise Price |
|
|
Warrants to purchase shares of common stock |
|
71,153 |
|
— |
|
$ |
7.49 |
|
|
Warrants to purchase shares of common stock |
|
470,082 |
|
— |
|
9.93 |
|
|
Warrants to purchase Series C redeemable convertible preferred stock (1) |
|
7,325 |
|
— |
|
5.50 |
|
|
Warrants to purchase Series E redeemable convertible preferred stock (1) |
|
4,390 |
|
— |
|
11.39 |
|
|
Warrants to purchase shares of common stock (1) |
|
— |
|
7,325 |
|
5.50 |
|
|
Warrants to purchase shares of common stock (1) |
|
— |
|
4,390 |
|
11.39 |
|
|
Warrants to purchase Series G-1 redeemable convertible preferred stock |
|
182,666 |
|
— |
|
9.26 |
|
|
|
|
735,616 |
|
11,715 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Warrants to purchase Series C and Series E redeemable convertible preferred stock were converted into warrants to purchase shares of common stock upon the closing of the Company’s initial public offering. |
| Summary of stock option activity |
|
|
|
Shares
Subject to
Options
Outstanding |
|
Weighted
Average
Grant Date
Fair Value |
|
Weighted
Average
Exercise
Price |
|
Weighted
Average
Remaining
Contractual
Life (Years) |
|
|
Balance at December 31, 2012 |
|
4,649,238 |
|
$ |
3.33 |
|
$ |
5.56 |
|
7.2 |
|
|
Granted |
|
456,098 |
|
10.28 |
|
13.63 |
|
|
|
|
Exercised |
|
(88,582 |
) |
2.39 |
|
4.14 |
|
|
|
|
Expired |
|
(31,722 |
) |
3.39 |
|
5.62 |
|
|
|
|
Forfeited |
|
(35,467 |
) |
4.60 |
|
7.33 |
|
|
|
|
Balance at September 30, 2013 |
|
4,949,565 |
|
3.99 |
|
6.36 |
|
6.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable options at September 30, 2013 |
|
3,061,051 |
|
$ |
2.79 |
|
$ |
4.65 |
|
5.5 |
|
|
Vested and expected to vest at September 30, 2013 |
|
4,607,844 |
|
3.85 |
|
6.19 |
|
|
|
|
| Summary of information about stock options outstanding and exercisable |
The following table summarizes information about stock options outstanding and exercisable at September 30, 2013:
|
|
|
Options Outstanding |
|
Options Exercisable |
|
|
Range of Exercise Prices |
|
Weighted
Average
Exercise
Price |
|
Number of
Underlying
Shares |
|
Weighted-
Average
Remaining
Contractual
Life (in
years) |
|
Number of
Underlying
Shares |
|
Weighted-
Average
Remaining
Contractual
Life (in
years) |
|
|
$0.26 - 1.30 |
|
$ |
0.56 |
|
190,939 |
|
1.2 |
|
190,939 |
|
1.2 |
|
|
1.35 - 2.60 |
|
2.18 |
|
473,347 |
|
2.7 |
|
473,347 |
|
2.7 |
|
|
2.65 - 3.90 |
|
3.23 |
|
325,523 |
|
3.8 |
|
325,523 |
|
3.8 |
|
|
3.95 - 5.20 |
|
4.87 |
|
954,522 |
|
5.5 |
|
926,448 |
|
5.5 |
|
|
5.25 - 6.50 |
|
6.19 |
|
1,734,885 |
|
8.0 |
|
933,316 |
|
7.9 |
|
|
6.55 - 7.80 |
|
7.49 |
|
118,947 |
|
6.8 |
|
95,260 |
|
6.8 |
|
|
7.85 - 9.10 |
|
8.84 |
|
239,893 |
|
8.7 |
|
81,075 |
|
8.7 |
|
|
9.15 – 22.77 |
|
11.40 |
|
911,509 |
|
8.9 |
|
35,143 |
|
9.1 |
|
|
|
|
|
|
4,949,565 |
|
|
|
3,061,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Summary of aggregate intrinsic-value of options exercised, outstanding and exercisable |
The following table summarizes the aggregate intrinsic-value of options exercised, outstanding and exercisable (in thousands):
|
|
|
For the nine months ended
and as of September 30, 2013 |
|
|
Options Exercised |
|
$ |
1,130 |
|
|
Options Outstanding |
|
55,147 |
|
|
Options Exercisable |
|
38,783 |
|
|
|
|
|
| |
| Schedule of assumptions used to estimate fair value of option awards |
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
|
2012 |
|
2013 |
|
2012 |
|
2013 |
|
|
Expected volatility |
|
61 |
% |
57 |
% |
61-63 |
% |
56-59 |
% |
|
Expected dividends |
|
0 |
% |
0 |
% |
0 |
% |
0 |
% |
|
Expected terms (in years) |
|
6.0-6.1 |
|
5.5-6.1 |
|
5.5-6.1 |
|
3.3-7.2 |
|
|
Risk-free rate |
|
0.8 |
% |
1.5-1.7 |
% |
0.8-0.9 |
% |
0.8-1.7 |
% |
|
Forfeiture rate |
|
7.9 |
% |
7.2 |
% |
7.9 |
% |
7.2 |
% |
|
| Schedule of total stock-based compensation expense classified in statements of operations |
Total stock-based compensation expense has been classified as follows in the accompanying statements of operations (in thousands):
|
|
|
Three Months
Ended
September 30, |
|
Nine Months
Ended
September 30, |
|
|
|
|
2012 |
|
2013 |
|
2012 |
|
2013 |
|
|
Cost of revenue |
|
$ |
18 |
|
$ |
15 |
|
$ |
53 |
|
$ |
46 |
|
|
Research and development |
|
202 |
|
419 |
|
461 |
|
974 |
|
|
Sales and marketing |
|
139 |
|
187 |
|
421 |
|
543 |
|
|
General and administrative |
|
363 |
|
319 |
|
1,159 |
|
1,085 |
|
|
Total stock-based compensation expense |
|
$ |
722 |
|
$ |
940 |
|
$ |
2,094 |
|
$ |
2,648 |
| |