Etsy 2015 Annual Report Download - page 95
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Etsy, Inc.
Notes to Consolidated Financial Statements
For 2013 and 2014, the Company determined the fair value of the convertible preferred stock warrants utilizing the Black-Scholes model with the following
weighted-average assumptions:
Risk-free interest rate 1.3%
1.1%
Expected term (in years) 4
3
Estimated dividend yield —%
—%
Weighted-average estimated volatility 41.0%
43.1%
Fair value (in thousands) $ 442
$ 579
Risk-free interest rate 0.3%
0.5%
Expected term (in years) 1.5
0.5
Estimated dividend yield —%
—%
Weighted-average estimated volatility 36.0%
38.9%
Fair value (in thousands) $ 859
$ 1,156
Risk-free interest rate 1.3%
1.1%
Expected term (in years) 4
3
Estimated dividend yield —%
—%
Weighted-average estimated volatility 41.0%
43.1%
Fair value (in thousands) $ 127
$ 185
For 2015, the Company determined the fair value of the convertible preferred stock warrants through April 21, 2015, the closing date of the IPO, utilizing the
opening stock price of $24.97 per share.
During the years ended December 31, 2013, 2014 and 2015, the Company recorded an unrealized loss of $0.4 million, $0.5 million and $3.1 million,
respectively, from the remeasurement of the warrants to fair value.
At December 31, 2014 and 2015, the authorized capital stock of the Company included 120,000,000 and 1,400,000,000 shares of common stock,
respectively. At December 31, 2014 and 2015 there were 21,165,473 shares of convertible preferred stock and 25,000,000 shares of preferred stock
authorized, respectively. The convertible preferred stock, with the exclusion of Series 1 preferred stock, is referred to as “senior preferred stock.”
Common Stock
At December 31, 2013, 2014 and 2015 there were 33,082,948, 44,180,939 and 112,563,354 shares of common stock issued and outstanding, respectively.
Holders of common stock are entitled to one vote per share. Holders of common stock are not entitled to receive dividends unless declared by the board of
directors. No dividends have been declared through December 31, 2015. The common stock has a $0.001 par value.
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