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Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Schedule of Unobservable Inputs
Significant unobservable inputs used in the determination of fair value of the Company’s redeemable convertible preferred stock, when outstanding, included the following:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2016
 
2017
 
2016
 
2017
 
 
 
 
 
 
 
 
Valuation methodology:
 
 
 
 
 
 
 
Income approach (private company)
15.0%
 
N/A
 
15.0%
 
12.5%
Market approach (private company)
15.0%
 
N/A
 
15.0%
 
12.5%
PWERM (IPO)
52.5%
 
N/A
 
52.5%
 
60.0%
PWERM (M&A)
17.5%
 
N/A
 
17.5%
 
15.0%
IPO revenue multiple
3.25x-3.5x
 
N/A
 
3.0x-4.5x
 
2.8x-3.0x
Forecasted revenue growth rate
28.0%-40.0%
 
N/A
 
28.0%-40.9%
 
31.1%-40.0%
Discount rate
20.0%-25.0%
 
N/A
 
20.0%-25.0%
 
20.0%
Schedule of Assets, Liabilities, and Equity Measured at Fair Value on a Recurring Basis
A summary of assets, liabilities, and mezzanine equity at December 31, 2016 and September 30, 2017, related to our financial instruments, measured at fair value on a recurring basis, is set forth below:
 
 
 
Fair Value
Financial Instrument
Fair Value Hierarchy
 
December 31,
 
September 30,
 
 
 
 
2016
 
2017
 
 
 
 
 
 
Money market funds (included in cash and cash equivalents)
Level I
 
46,357

 
191,738

Certificates of deposit (included in short-term investments)
Level II
 
1,749

 
1,258

Interest rate lock commitments
Level II
 

 
6

Forward loan commitments
Level II
 

 
(2
)
Redeemable convertible preferred stock (mezzanine equity)
Level III
 
(655,416
)