XML 38 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 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 for the years ended December 31, 2015 and 2016 included the following:

 
Year Ended
 December 31,
 
2015
 
2016
 
 
 
 
Valuation Methodology:
 
 
 
Income approach (private company)
12.5%
 
12.5%-15.0%
Market approach (private company)
12.5%
 
12.5%-15.0%
PWERM (IPO)
56.3%
 
52.5%-60.0%
PWERM (M&A)
18.8%
 
15.0%-17.5%
IPO revenue multiple
4.0x-5.0x
 
3.0x-4.5x
Forecasted revenue growth rate
30.0%-50.3%
 
28.0%-41.80%
Discount rate
20.0%-30.0%
 
20.0%-30.0%
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 2017, related to our financial instruments, measured at fair value on a recurring basis, is set forth below:
Financial Instrument
Fair Value Hierarchy
 
Fair Value
 
December 31,
 
2016
 
2017
 
 
 
 
 
 
Money market funds (included in cash and cash equivalents)
Level I
 
46,357

 
177,235

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

 

Interest rate lock commitments
Level II
 

 
29

Forward loan commitments
Level II
 

 
(4
)
Redeemable convertible preferred stock (mezzanine equity)
Level III
 
(655,416
)