Common Stock

3 Months Ended

Mar. 31, 2020

The Company’s amended and restated certificate of incorporation authorizes the issuance of Class A common stock and Class B common stock. The holder of each share of Class A common stock is entitled to one vote per share, while the holder of each share of Class B common stock is entitled to 10 votes per share. As of March 31, 2020 and December 31, 2019, the Company was authorized to issue 2,250,000,000 shares of Class A common stock and 315,000,000 shares of Class B common stock, each with a par value of $0.001 per share. There were 154,622,397 and 87,071,783 shares of Class A common stock issued and outstanding as of March 31, 2020 and December 31, 2019, respectively. The number of shares of Class B common stock issued and outstanding was 148,734,859 and 213,101,364, as of March 31, 2020 and December 31, 2019, respectively.

Holders of the Company’s Class A common stock and Class B common stock are entitled to dividends when, as and if, declared by the Company’s Board of Directors, subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends. Any dividends paid to the holders of the Class A common stock and Class B common stock will be paid on a pro rata basis. As of March 31, 2020 and December 31, 2019, the Company had not declared any dividends. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Shares of the Company's Class B common stock are convertible into an equivalent number of shares of the Company's Class A common stock and generally convert into shares of the Company's Class A common stock upon cessation of employment or transfer, except for certain transfers described in the Company's amended and restated certificate of incorporation. Class A common stock and Class B common stock are referred to, collectively, as common stock throughout the notes to these condensed consolidated financial statements, unless otherwise indicated.

Common Stock Reserved for Future Issuance

Shares of common stock reserved for future issuance, on an as-if converted basis, are as follows:


	March 31, 2020	December 31, 2019

	(in thousands)
Stock options issued and outstanding	21,269	21,191
Remaining shares available for issuance under the 2019 Plan	26,936	29,048
Outstanding and unsettled restricted stock units (RSUs)	6,982	7,175
Shares available for issuance under the ESPP	5,870	5,870
Total shares of common stock reserved	61,057	63,284