Convertible and Redeemable Convertible Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2015

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Components of Convertible and Redeemable Convertible Preferred Stock

The convertible and redeemable convertible preferred stock consists of the following:

	June 30, 2015
	Shares Authorized		Shares Issued and Outstanding		Net Carrying Value		Liquidation Price Per Share		Aggregate Liquidation Preference		Redemption Value
	(in thousands, except share and per share data)
Convertible Preferred Stock:
Series A		1,843,894		224,564	$	2,543	$	11.324	$	2,543	$	—
Redeemable Convertible Preferred Stock:
Series B		13,134,880		1,752,634		42,688		12.755		22,355		42,688
Series B-1		16,283,343		1,478,328		24,596		3.742		5,532		24,596
Series C		19,812,349		2,493,017		41,493		5.865		14,621		41,493
Series D		85,000,000		11,409,360		186,332		5.728		65,359		186,332
Total redeemable convertible preferred stock		134,230,572		17,133,339	$	295,109			$	107,867	$	295,109
Total preferred stock		136,074,466		17,357,903	$	297,652			$	110,410	$	295,109

	December 31, 2014
	Shares Authorized		Shares Issued and Outstanding		Net Carrying Value		Liquidation Price Per Share		Aggregate Liquidation Preference		Redemption Value
	(in thousands, except share and per share data)
Convertible Preferred Stock:
Series A		1,843,894		224,564	$	2,543	$	11.324	$	2,543	$	—
Redeemable Convertible Preferred Stock:
Series B		13,134,880		1,752,634		19,504		12.268		21,502		19,504
Series B-1		16,122,618		1,392,300		6,979		3.656		5,091		6,979
Series C		19,812,349		2,487,770		21,052		5.642		14,035		21,052
Series D		85,000,000		11,409,360		94,297		5.510		62,865		94,297
Total redeemable convertible preferred stock		134,069,847		17,042,064	$	141,832			$	103,493	$	141,832
Total preferred stock		135,913,741		17,266,628	$	144,375			$	106,036	$	141,832

Adjustment to Redemption Value of each Series of Redeemable Convertible Preferred Stock Recognized

The following table sets forth the total adjustment to redemption value of each series of redeemable convertible preferred stock recognized during the following period:

	Six Months Ended June 30, 2015
Redeemable Convertible Preferred Stock
Series B	$	23,184
Series B-1		16,307
Series C		20,359
Series D		92,035
Total adjustment to redemption value on redeemable convertible preferred stock	$	151,885

Summary of Assumptions used to Determine Fair Value of Temporary Equity

As the redemption value for the redeemable convertible preferred stock may at times be based on fair market value at each reporting date, the Company determines the fair value of the redeemable convertible preferred stock using a combination of the OPM and/or the PWERM models and as of June 30, 2015, the IPO price of the Company’s common stock. The following assumptions were used in the OPM:

	As of June 30, 2015			As of December 31, 2014
Expected term (in years)		0.9		1.2 – 2.5
Expected volatility		66	%	69 – 86%
Risk-free interest rate		0.2	%	0.3 – 0.6%
Expected dividend rate		—	%	—  %