UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 31, 2019

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period ______ to ______    

Commission File Number: 001-38982

 

Medallia, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

73-0558353

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

575 Market Street, Suite 1850

San Francisco, California 94105

(Address of principal executive offices, including zip code)

(650) 321-3000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.001 par value per share

 

MDLA

 

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes     No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of November 29, 2019, the Registrant had 128,332,470 shares of common stock outstanding.

 

 

 

 


Table of Contents

 

 

 

Page

 

PART I. FINANCIAL INFORMATION

 

Item 1.

Financial Statements (Unaudited)

4

 

Condensed Consolidated Balance Sheets

4

 

Condensed Consolidated Statements of Operations

5

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

6

 

Condensed Consolidated Statements of Cash Flows

7

 

Condensed Consolidated Statements of Stockholder’s Equity (Loss)

8

 

Notes to Unaudited Condensed Consolidated Financial Statements

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

25

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

35

Item 4.

Controls and Procedures

36

 

PART II. OTHER INFORMATION

 

Item 1.

Legal Proceedings

37

Item 1A.

Risk Factors

37

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

67

Item 3

Defaults Upon Senior Securities

67

Item 4

Mine Safety Disclosures

67

Item 5

Other Information

67

Item 6.

Exhibits

68

Signatures

69

 

 

 

i


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risk and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

 

our ability to attract new customers;

 

our ability to retain customers;

 

our ability to maintain and improve our products;

 

our ability to up-sell and cross-sell within our existing customer base;

 

our future financial performance, including trends in revenue, cost of revenue, gross profit or gross margin, operating expenses and customers;

 

our expectations and management of future growth;

 

our ability to achieve or maintain profitability;

 

possible harm caused by significant disruption of service or loss or unauthorized access to users’ data;

 

our ability to prevent serious errors or defects in our products;

 

our ability to protect our brand;

 

our ability to attract and retain key personnel and highly qualified personnel;

 

our ability to manage our international expansion;

 

our ability to maintain, protect and enhance our intellectual property;

 

our ability to effectively integrate our products and solutions with others;

 

our ability to successfully identify, acquire and integrate companies and assets;

 

our ability to offer high-quality customer support;

 

the increased expenses associated with being a public company;

 

the demand for our platform or for customer experience market solutions in general; our ability to compete successfully in competitive markets; and

 

our ability to respond to rapid technological changes.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

2


 

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

3


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Medallia, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share and par value data)

(unaudited)

 

 

 

October 31,

 

 

January 31,

 

 

 

2019

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

296,651

 

 

$

44,876

 

Marketable securities

 

 

22,646

 

 

 

 

Trade and other receivables, net of allowance for doubtful accounts of $609

   and $253 as of October 31, 2019 and January 31, 2019, respectively

 

 

71,036

 

 

 

106,120

 

Deferred commissions, current

 

 

19,303

 

 

 

15,874

 

Prepaid expenses and other current assets

 

 

21,659

 

 

 

15,595

 

Total current assets

 

 

431,295

 

 

 

182,465

 

Property and equipment, net

 

 

31,363

 

 

 

42,989

 

Deferred commissions, noncurrent

 

 

42,710

 

 

 

35,727

 

Goodwill and intangible assets, net

 

 

101,139

 

 

 

17,050

 

Other noncurrent assets

 

 

4,602

 

 

 

1,953

 

Total assets

 

$

611,109

 

 

$

280,184

 

Liabilities and stockholders’ equity (deficit)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

4,220

 

 

$

1,007

 

Accrued expenses and other current liabilities

 

 

21,569

 

 

 

12,840

 

Accrued compensation

 

 

27,741

 

 

 

19,708

 

Deferred revenue, current

 

 

163,554

 

 

 

210,666

 

Total current liabilities

 

 

217,084

 

 

 

244,221

 

Deferred revenue, noncurrent

 

 

1,194

 

 

 

1,151

 

Deferred rent, noncurrent

 

 

2,633

 

 

 

37,182

 

Other liabilities

 

 

5,854

 

 

 

4,188

 

Total liabilities

 

 

226,765

 

 

 

286,742

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

 

Stockholders’ equity (deficit):

 

 

 

 

 

 

 

 

Convertible preferred stock, $0.001 par value:  no shares and 72,622,216 shares

   authorized as of October 31, 2019 and January 31, 2019, respectively; no shares and

   72,482,609 shares issued and outstanding as of October 31, 2019 and January 31, 2019,

   respectively; aggregate liquidation preference of nil and $276,853 as of October 31,

   2019 and January 31, 2019, respectively

 

 

 

 

 

72

 

Preferred stock, $0.001 par value: 100,000,000 shares and no shares authorized

   as of October 31, 2019 and January 31, 2019, respectively; no shares issued

   and outstanding as of October 31, 2019 and January 31, 2019, respectively

 

 

 

 

 

 

Common stock, Class A, $0.001 par value:  no shares and 200,000,000 shares

   authorized as of October 31, 2019 and January 31, 2019, respectively;

   no shares and 29,755,883 shares issued and outstanding as of

   October 31, 2019 and January 31, 2019, respectively

 

 

 

 

 

30

 

Common stock, Class B, $0.001 par value: no shares and 3,000 shares authorized

   as of October 31, 2019 and January 31, 2019, respectively; no shares and 3,000 shares

   issued and outstanding as of October 31, 2019 and January 31, 2019, respectively

 

 

 

 

 

 

Common stock, $0.001 par value: 1,000,000,000 shares and no shares authorized

   as of October 31, 2019 and January 31, 2019, respectively; 128,153,282 shares

   and no shares issued and outstanding as of October 31, 2019 and January 31, 2019,

   respectively

 

 

127

 

 

 

 

Additional paid-in capital

 

 

834,079

 

 

 

363,076

 

Accumulated other comprehensive loss

 

 

(759

)

 

 

(1,096

)

Accumulated deficit

 

 

(449,103

)

 

 

(368,640

)

Total stockholders’ equity (deficit)

 

 

384,344

 

 

 

(6,558

)

Total liabilities and stockholders’ equity (deficit)

 

$

611,109

 

 

$

280,184

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


 

Medallia, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended October 31,

 

 

Nine Months Ended October 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subscription

 

$

79,749

 

 

$

63,241

 

 

$

226,008

 

 

$

178,923

 

Professional services

 

 

23,325

 

 

 

17,925

 

 

 

66,355

 

 

 

48,335

 

Total revenue

 

 

103,074

 

 

 

81,166

 

 

 

292,363

 

 

 

227,258

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subscription

 

 

16,296

 

 

 

11,942

 

 

 

44,456

 

 

 

35,345

 

Professional services

 

 

22,299

 

 

 

17,459

 

 

 

61,617

 

 

 

51,235

 

Total cost of revenue

 

 

38,595

 

 

 

29,401

 

 

 

106,073

 

 

 

86,580

 

Gross profit

 

 

64,479

 

 

 

51,765

 

 

 

186,290

 

 

 

140,678

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

26,321

 

 

 

20,995

 

 

 

68,630

 

 

 

66,580

 

Sales and marketing

 

 

47,067

 

 

 

34,243

 

 

 

127,152

 

 

 

108,296

 

General and administrative

 

 

32,758

 

 

 

13,020

 

 

 

72,672

 

 

 

36,940

 

Total operating expenses

 

 

106,146

 

 

 

68,258

 

 

 

268,454

 

 

 

211,816

 

Loss from operations

 

 

(41,667

)

 

 

(16,493

)

 

 

(82,164

)

 

 

(71,138

)

Interest income and other income (expense), net

 

 

2,001

 

 

 

205

 

 

 

2,574

 

 

 

223

 

Loss before provision for (benefits from) income taxes

 

 

(39,666

)

 

 

(16,288

)

 

 

(79,590

)

 

 

(70,915

)

Provision for (benefits from) income taxes

 

 

(46

)

 

 

323

 

 

 

873

 

 

 

1,371

 

Net loss

 

$

(39,620

)

 

$

(16,611

)

 

$

(80,463

)

 

$

(72,286

)

Net loss per share attributable to common stockholders, basic and

   diluted

 

$

(0.31

)

 

$

(0.60

)

 

$

(1.19

)

 

$

(2.77

)

Weighted-average shares used in computing net loss per share

   attributable to common stockholders, basic and diluted

 

 

127,715

 

 

 

27,482

 

 

 

67,735

 

 

 

26,065

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


 

Medallia, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(in thousands)

(unaudited)

 

 

 

Three Months Ended October 31,

 

 

Nine Months Ended October 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net loss

 

$

(39,620

)

 

$

(16,611

)

 

$

(80,463

)

 

$

(72,286

)

Other comprehensive income (loss), net of taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

761

 

 

 

(108

)

 

 

375

 

 

 

(1,109

)

Change in unrealized gain (loss) on marketable securities

 

 

(1

)

 

 

1

 

 

 

45

 

 

 

11

 

Change in unrealized gain (loss) on cash flow hedges

 

 

608

 

 

 

471

 

 

 

(83

)

 

 

343

 

Other comprehensive income (loss), net of taxes

 

 

1,368

 

 

 

364

 

 

 

337

 

 

 

(755

)

Comprehensive loss

 

$

(38,252

)

 

$

(16,247

)

 

$

(80,126

)

 

$

(73,041

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

6


 

Medallia, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

Nine Months Ended October 31,

 

 

 

2019

 

 

2018

 

Operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(80,463

)

 

$

(72,286

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

10,812

 

 

 

10,440

 

Amortization of deferred commissions

 

 

13,616

 

 

 

9,481

 

Stock-based compensation expense

 

 

80,296

 

 

 

19,653

 

Impairment (gain) on property and equipment and lease termination

 

 

(13,783

)

 

 

 

Other

 

 

(1,463

)

 

 

(430

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

36,627

 

 

 

40,255

 

Deferred commissions

 

 

(24,108

)

 

 

(14,105

)

Prepaid expenses and other current assets

 

 

(5,849

)

 

 

4,452

 

Other noncurrent assets

 

 

92

 

 

 

(709

)

Accounts payable

 

 

2,655

 

 

 

1,835

 

Deferred revenue

 

 

(49,921

)

 

 

(37,130

)

Accrued expenses and other current liabilities

 

 

10,410

 

 

 

3,084

 

Other noncurrent liabilities

 

 

17

 

 

 

723

 

Net cash used in operating activities

 

 

(21,062

)

 

 

(34,737

)

Investing activities

 

 

 

 

 

 

 

 

Purchases of property, equipment and other

 

 

(14,250

)

 

 

(5,637

)

Purchase of marketable securities

 

 

(76,122

)

 

 

(18,684

)

Maturities of marketable securities

 

 

53,604

 

 

 

33,340

 

Proceeds from sale of marketable securities

 

 

511

 

 

 

1,296

 

Acquisitions, net of cash acquired

 

 

(75,238

)

 

 

 

Other

 

 

(1,500

)

 

 

 

Net cash (used in) provided by investing activities

 

 

(112,995

)

 

 

10,315

 

Financing activities

 

 

 

 

 

 

 

 

Proceeds from initial public offering net of issuance costs, underwriters discounts and

   commissions, and concurrent private placement

 

 

319,972

 

 

 

 

Proceeds from Series F convertible preferred stock, net of issuance costs

 

 

69,848

 

 

 

 

Proceeds from exercise of stock options

 

 

16,451

 

 

 

7,831

 

Payments for employee taxes withheld upon vesting of restricted stock units

 

 

(15,592

)

 

 

 

Payment of capital leases

 

 

(2,505

)

 

 

(224

)

Repayment of debt assumed in acquisition

 

 

(2,297

)

 

 

 

Net cash provided by financing activities

 

 

385,877

 

 

 

7,607

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(45

)

 

 

(222

)

Net increase (decrease) in cash and cash equivalents

 

 

251,775

 

 

 

(17,037

)

Cash and cash equivalents at beginning of period

 

 

44,876

 

 

 

42,699

 

Cash and cash equivalents at end of period

 

$

296,651

 

 

$

25,662

 

Supplemental disclosures of cash flow information

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

469

 

 

$

55

 

Cash paid for income taxes

 

$

1,208

 

 

$

1,905

 

Noncash investing and financing activities

 

 

 

 

 

 

 

 

Vesting of early exercised stock options

 

$

453

 

 

$

361

 

Accrued unpaid issuance costs related to initial public offering

 

$

400

 

 

$

 

Accrued unpaid purchase price related to acquisitions

 

$

2,729

 

 

$

 

Accrued unpaid capital expenditures

 

$

6,573

 

 

$

5,518

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

7


 

Medallia, Inc.

Condensed Consolidated Statements of Stockholders’ Equity (Deficit)

(in thousands, except share data)

(unaudited)

 

 

 

Three Months Ended October 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Total

 

 

 

Convertible

 

 

Class A

 

 

Class B

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Stockholders’

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Common Stock

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

(Deficit)

 

Balance at July 31,

   2019

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

 

$

 

 

 

126,920,943

 

 

$

127

 

 

$

809,014

 

 

$

(2,127

)

 

$

(409,483

)

 

$

397,531

 

Release of restricted

   stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

455,328

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments for employee

   taxes withheld upon

   vesting of restricted

   stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

(15,590

)

 

 

 

 

 

 

 

 

 

 

(15,592

)

Exercise of employee

   stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

728,593

 

 

 

2

 

 

 

3,431

 

 

 

 

 

 

 

 

 

3,433

 

Vesting of early

   exercised stock

   options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

69

 

 

 

 

 

 

 

 

 

69

 

Repurchase of early

   exercised stock

   options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(198

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants exercises

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,616

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based

   compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37,155

 

 

 

 

 

 

 

 

 

37,155

 

Other comprehensive

   gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,368

 

 

 

 

 

 

1,368

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,620

)

 

 

(39,620

)

Balance at October 31,

   2019

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

 

$

 

 

 

128,153,282

 

 

$

127

 

 

$

834,079

 

 

$

(759

)

 

$

(449,103

)

 

$

384,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended October 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Total

 

 

 

Convertible

 

 

Class A

 

 

Class B

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Stockholders’

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Common Stock

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

(Deficit)

 

Balance at July 31,

   2018

 

 

72,394,601

 

 

$

72

 

 

 

26,704,631

 

 

$

26

 

 

 

3,000

 

 

$

 

 

 

 

 

$

 

 

$

340,183

 

 

$

(2,239

)

 

$

(342,081

)

 

$

(4,039

)

Issuance of shares at

   end of escrow period

   in connection with

   prior period

   acquisitions

 

 

88,008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of employee

   stock options

 

 

 

 

 

 

 

 

1,680,296

 

 

 

2