Common Stock Warrant Liabilities

12 Months Ended

Dec. 31, 2019

Warrants and Rights Note Disclosure [Abstract]

Common Stock Warrant Liabilities

Common Stock Warrant Liabilities

We issued convertible preferred stock warrants in connection with debt agreements entered into on various dates as described in Note 7, "Debt Instruments". Immediately upon closing of the IPO, our warrants to purchase convertible preferred stock were automatically converted to warrants to purchase an equal number of shares of our Class B common stock. As a result, the warrant liability was remeasured a final time, immediately prior to the closing of the IPO, and reclassified to additional paid in capital within stockholders' equity. Changes in the fair value were recorded within other expense, net on the accompanying Consolidated Statements of Operations.

The fair value of the warrants as of May 17, 2019 was estimated using the following assumptions:

	Series B			Series C			Series D			Series F			Total
Fair value (in thousands)	$	1,818		$	792		$	668		$	2,387		$	5,665
Expected remaining term (in years)	4.46			5.47			7.21			9.62
Risk-free interest rate	2.17		%	2.20		%	2.27		%	2.37		%
Expected volatility	39.0		%	39.3		%	40.2		%	42.4		%
Dividend yield	—			—			—			—

The fair value of the warrants as of December 31, 2018 was estimated using the following assumptions:

	Series B			Series C			Series D			Series F			Total
Fair value (in thousands)	$	857		$	407		$	358		$	1,639		$	3,261
Expected remaining term (in years)	4.84			5.84			7.59			10.00
Risk-free interest rate	2.62		%	2.62		%	2.62		%	2.80		%
Expected volatility	50.0		%	50.0		%	50.0		%	50.0		%
Dividend yield	—			—			—			—

In the year ended December 31, 2019, Class B common stock warrants were exercised under the cashless exercise method pursuant to the corresponding warrant agreements. As a result of such exercises, we issued 224,102 shares of our Class B common stock in the year ended December 31, 2019.

As of December 31, 2019, the outstanding warrants are classified and recorded as additional paid-in capital on the Consolidated Balance Sheets. As of December 31, 2018, the warrants were classified and recorded as convertible preferred stock warrant liabilities on the Consolidated Balance Sheets.