Stock Plans (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Schedule of Stock-based Compensation Expense |
The stock-based compensation expense by type of award and by operating expense grouping are presented below:
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
Stock-based compensation expense by type of award:
|
|
|
|
|
|
|
|
|
|
Restricted stock units
|
|
$
|
952
|
|
|
$
|
427
|
|
|
Restricted stock awards
|
|
|
350
|
|
|
|
463
|
|
|
Machine Box contingent common stock issuances
|
|
|
1,255
|
|
|
|
1,110
|
|
|
Performance-based stock options
|
|
|
8,000
|
|
|
|
3,799
|
|
|
Stock options
|
|
|
9,610
|
|
|
|
8,940
|
|
|
Employee stock purchase plan
|
|
|
490
|
|
|
|
754
|
|
|
Total
|
|
$
|
20,657
|
|
|
$
|
15,493
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense by operating expense grouping:
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
$
|
1,035
|
|
|
$
|
1,018
|
|
|
Research and development
|
|
|
2,549
|
|
|
|
2,278
|
|
|
General and administrative
|
|
|
17,073
|
|
|
|
12,197
|
|
|
|
|
$
|
20,657
|
|
|
$
|
15,493
|
|
|
| Schedule of Restricted Stock Activity |
The Company’s restricted stock activity for the year ended December 31, 2019 was as follows:
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|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
Average Grant
|
|
|
|
|
Shares
|
|
|
Date Fair Value
|
|
|
Unvested at December 31, 2018
|
|
|
72,208
|
|
|
$
|
7.26
|
|
|
Forfeited
|
|
|
(150
|
)
|
|
$
|
7.50
|
|
|
Vested
|
|
|
(49,245
|
)
|
|
$
|
7.15
|
|
|
Unvested at December 31, 2019
|
|
|
22,813
|
|
|
$
|
7.50
|
|
|
| Schedule of Restricted Stock Unit Activity |
The Company’s restricted stock units activity for the year ended December 31, 2019 was as follows:
|
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
Average Grant
|
|
|
|
|
Shares
|
|
|
Date Fair Value
|
|
|
Unvested at December 31, 2018
|
|
|
49,143
|
|
|
$
|
12.57
|
|
|
Granted
|
|
|
162,211
|
|
|
$
|
6.97
|
|
|
Forfeited
|
|
|
(19,200
|
)
|
|
$
|
8.81
|
|
|
Vested
|
|
|
(50,009
|
)
|
|
$
|
12.51
|
|
|
Unvested at December 31, 2019
|
|
|
142,145
|
|
|
$
|
6.71
|
|
|
| Schedule of Stock Option Activity |
The activity related to all other stock options for the year ended December 31, 2019 was as follows:
|
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|
|
|
|
|
Weighted-Average
|
|
|
|
|
|
|
|
|
|
|
|
|
Remaining
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|
Aggregate
|
|
|
|
|
|
|
|
|
Exercise
|
|
|
Contractual
|
|
Intrinsic
|
|
|
|
|
Options
|
|
|
Price
|
|
|
Term
|
|
Value
|
|
|
Outstanding at December 31, 2018
|
|
|
5,154,691
|
|
|
$
|
13.78
|
|
|
|
|
|
|
|
|
Granted
|
|
|
672,096
|
|
|
$
|
5.59
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(57,212
|
)
|
|
$
|
2.99
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
(446,338
|
)
|
|
$
|
11.12
|
|
|
|
|
|
|
|
|
Expired
|
|
|
(126,459
|
)
|
|
$
|
13.03
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2019
|
|
|
5,196,778
|
|
|
$
|
13.09
|
|
|
7.51 years
|
|
$
|
255
|
|
|
Exercisable at December 31, 2019
|
|
|
3,771,201
|
|
|
$
|
13.98
|
|
|
7.13 years
|
|
$
|
254
|
|
|
| Employee Stock Purchase Plan [Member] |
|
| Summary of Fair Value Assumptions of Stock Purchase Plan |
The assumptions used in calculating the fair values of purchase rights granted under the ESPP during the years ended December 31, 2019 and 2018 are set forth in the table below:
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
Expected term (in years)
|
|
0.5 - 2.0
|
|
|
|
0.5
|
|
|
Expected volatility
|
|
62% - 71%
|
|
|
51% - 53%
|
|
|
Risk-free interest rate
|
|
1.7% - 2.5%
|
|
|
1.2% - 1.9%
|
|
|
Expected dividend yield
|
|
|
—
|
|
|
|
—
|
|
|
| Timebased Stock Option [Member] |
|
| Schedule of Fair Value Assumptions |
The assumptions used in calculating the fair values of time-based stock options granted during the years ended December 31, 2019 and 2018 are set forth in the table below:
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
Expected term (in years)
|
|
6.0 - 6.1
|
|
|
6.0 - 6.1
|
|
|
Expected volatility
|
|
65% - 68%
|
|
|
53% - 69%
|
|
|
Risk-free interest rate
|
|
1.5% - 2.6%
|
|
|
2.6% - 3.1%
|
|
|
Expected dividend yield
|
|
|
—
|
|
|
|
—
|
|
|
| Performance-based Stock Options [Member] |
|
| Summary of Fair Value Assumptions of Stock Purchase Plan |
The Company values Performance Options using a Monte Carlo simulation model. A fair value per share is determined for each of the three equal tranches of each Performance Option. The assumptions used in the Monte Carlo simulation model for computing the grant date fair values of the Performance Options granted to employees during the year ended December 31, 2019, and the Performance Options granted during the year ended December 31, 2018, which consisted entirely of the CEO Award and the President Award, are set forth in the table below:
|
|
|
Year Ended
|
|
|
Year Ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
Grant date stock price
|
|
$4.65 - $8.34
|
|
|
$
|
16.82
|
|
|
Dividend yield
|
|
|
—
|
%
|
|
|
—
|
%
|
|
Risk-free interest rate
|
|
|
2.7
|
%
|
|
|
2.9
|
%
|
|
Estimated volatility
|
|
|
65
|
%
|
|
|
73
|
%
|
|
| Schedule of Stock Option Activity |
The activity related to Performance Options for the year ended December 31, 2019 was as follows:
|
|
|
|
|
|
|
Weighted-Average
|
|
|
|
|
|
|
|
|
|
|
|
|
Remaining
|
|
|
Aggregate
|
|
|
|
|
|
|
|
|
Exercise
|
|
|
Contractual
|
|
|
Intrinsic
|
|
|
|
|
Options
|
|
|
Price
|
|
|
Term
|
|
|
Value
|
|
|
Outstanding at December 31, 2018
|
|
|
3,167,325
|
|
|
$
|
21.25
|
|
|
|
—
|
|
|
|
—
|
|
|
Granted
|
|
|
1,619,175
|
|
|
$
|
5.69
|
|
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
(301,761
|
)
|
|
$
|
5.66
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2019
|
|
|
4,484,739
|
|
|
$
|
16.68
|
|
|
8.59 years
|
|
|
$
|
—
|
|
|
Exercisable at December 31, 2019
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
—
|
|
|