Stockholders' Equity

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

Stockholders’ Equity

Preferred Stock

As of December 31, 2019 and 2018, the Company had authorized 100,000,000 shares of preferred stock, par value $0.001, of which no shares were issued and outstanding.

Common Stock

As of December 31, 2019 and 2018, the Company had authorized 1,000,000,000 shares of Class A common stock and 100,000,000 shares of Class B common stock, each par value $0.001 per share. As of December 31, 2019, 126,882,172 shares of Class A common stock and 11,530,627 shares of Class B common stock were issued and outstanding. As of December 31, 2018, 80,769,763 shares of Class A common stock and 19,310,465 shares of Class B common stock were issued and outstanding. Holders of Class A and Class B common stock are entitled to one vote per share and 10 votes per share, respectively, and the shares of Class A common stock and Class B common stock are identical, except for voting and conversion rights.

In June 2019, the Company completed a public equity offering in which the Company sold 8,064,515 shares of its Class A common stock, which included 1,051,893 shares sold pursuant to the exercise by the underwriters of an option to purchase additional shares, at a public offering price of $124.00 per share. The Company received aggregate proceeds of $979.0 million after deducting underwriting discounts and offering expenses paid and payable by the Company.

The Company had reserved shares of common stock for issuance as follows:



	As of December 31,
	2019	2018
Stock options issued and outstanding	7,705,848	7,978,369
Nonvested restricted stock units issued and outstanding	8,490,517	8,262,902
Class A common stock reserved for Twilio.org	795,673	572,676
Stock-based awards available for grant under 2016 Plan	14,957,734	9,313,354
Stock-based awards available for grant under 2016 ESPP	3,848,953	3,092,779
Class A common stock reserved for the convertible senior notes	10,472,165	10,472,165
Total	46,270,890	39,692,245