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Stockholders' Equity (Deficit) (Tables)
 12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
Common Stock Reserved for Future Issuance

The Company has reserved the following shares of common stock for future issuance:

 

 

December 31, 2021

 

 

December 31, 2020

 

Series A redeemable convertible preferred stock

 

-

 

 

 

34,911,252

 

Series B redeemable convertible preferred stock

 

-

 

 

 

24,948,780

 

Series C redeemable convertible preferred stock

 

-

 

 

 

18,657,756

 

Series D redeemable convertible preferred stock

 

-

 

 

 

12,106,303

 

Series E redeemable convertible preferred stock

 

-

 

 

 

24,653,759

 

Convertible founder stock

 

-

 

 

 

635,818

 

2014 Stock Plan:

 

 

 

 

 

Options outstanding

 

61,903,883

 

 

 

71,213,150

 

Restricted stock units outstanding

 

3,495,540

 

 

 

-

 

Remaining shares available for future issuance under the 2014 Plan

 

-

 

 

 

4,722,481

 

2021 Equity Incentive Plan:

 

 

 

 

 

Options outstanding

 

22,500

 

 

 

-

 

Restricted stock units outstanding

 

2,938,968

 

 

 

-

 

Remaining shares available for future issuance under the 2021 Plan

 

32,797,245

 

 

 

-

 

2021 Employee Stock Purchase Plan

 

5,162,575

 

 

 

-

 

Total

 

106,320,711

 

 

 

191,849,299

 

 

 

 
Summary of Stock Equity Award Activity

The following table summarizes stock equity award activity and activity regarding shares available for grant under the 2014 Plan and the 2021 Plan:

 

 

 

 

 

 

Equity Awards Outstanding

 

 

 

Shares Available for Grant

 

 

Outstanding
Stock Options

 

 

Weighted-Average
Exercise Price

 

 

Weighted-Average Remaining Contractual Term
(in years)

 

 

Aggregate Intrinsic Value
(in thousands)

 

Balance as of January 1, 2019

 

 

5,645,652

 

 

 

48,361,074

 

 

$

1.12

 

 

 

8.71

 

 

$

98,241

 

Increase in authorized shares

 

 

23,873,281

 

 

 

-

 

 

$

-

 

 

 

 

 

 

 

Stock options granted

 

 

(32,867,335

)

 

 

32,867,335

 

 

$

3.24

 

 

 

 

 

 

 

Stock options exercised

 

 

-

 

 

 

(9,228,205

)

 

$

1.47

 

 

 

 

 

 

 

Stock options forfeited or expired

 

 

4,413,648

 

 

 

(4,413,648

)

 

$

1.78

 

 

 

 

 

 

 

Repurchases of unvested common stock

 

 

167,628

 

 

 

-

 

 

$

-

 

 

 

 

 

 

 

Balance as of December 31, 2019

 

 

1,232,874

 

 

 

67,586,556

 

 

$

2.06

 

 

 

8.54

 

 

$

202,315

 

Increase in authorized shares

 

 

17,927,565

 

 

 

-

 

 

$

-

 

 

 

 

 

 

 

Stock options granted

 

 

(22,829,471

)

 

 

22,829,471

 

 

$

6.20

 

 

 

 

 

 

 

Stock options exercised

 

 

-

 

 

 

(10,865,786

)

 

$

1.58

 

 

 

 

 

 

 

Stock options forfeited or expired

 

 

8,337,091

 

 

 

(8,337,091

)

 

$

2.65

 

 

 

 

 

 

 

Repurchases of unvested common stock

 

 

54,422

 

 

 

-

 

 

$

-

 

 

 

 

 

 

 

Balance as of December 31, 2020

 

 

4,722,481

 

 

 

71,213,150

 

 

$

3.39

 

 

 

8.26

 

 

$

677,503

 

Increase in authorized shares

 

 

48,412,876

 

 

 

-

 

 

$

-

 

 

 

 

 

 

 

Stock options granted

 

 

(17,232,871

)

 

 

17,232,871

 

 

$

16.38

 

 

 

 

 

 

 

Stock options exercised

 

 

-

 

 

 

(22,730,337

)

 

$

3.13

 

 

 

 

 

 

 

Stock options forfeited or expired

 

 

3,789,301

 

 

 

(3,789,301

)

 

$

5.31

 

 

 

 

 

 

 

Repurchases of unvested common stock

 

 

188,460

 

 

 

-

 

 

$

-

 

 

 

 

 

 

 

RSUs granted

 

 

(7,215,043

)

 

 

-

 

 

$

-

 

 

 

 

 

 

 

RSUs forfeited or cancelled

 

 

132,041

 

 

 

-

 

 

$

-

 

 

 

 

 

 

 

Balance as of December 31, 2021

 

 

32,797,245

 

 

 

61,926,383

 

 

$

6.97

 

 

 

7.88

 

 

$

4,289,643

 

Vested as of December 31, 2021

 

 

 

 

 

22,294,417

 

 

$

3.25

 

 

 

6.88

 

 

$

1,627,213

 

Vested and expected to vest as of December 31, 2021

 

 

 

 

 

61,926,383

 

 

$

6.97

 

 

 

7.88

 

 

$

4,289,643

 

 

 

 
Schedule of Restricted Stock Unit Activity

The following table summarizes RSU activity under the 2014 Plan and the 2021 Plan:

 

 

 

Number of Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

Unvested balances as of January 1, 2021

 

 

-

 

 

$

-

 

RSUs granted

 

 

7,215,043

 

 

$

44.87

 

RSUs vested

 

 

(648,494

)

 

$

34.25

 

RSUs forfeited or cancelled

 

 

(132,041

)

 

$

41.51

 

Unvested balances as of December 31, 2021

 

 

6,434,508

 

 

$

46.01

 

 

The total grant-date fair value of RSUs vested was $22.2 million during the year ended December 31, 2021.
Schedule of Weighted-Average Assumptions to Estimate Fair Value of Stock Options

The fair value of stock options granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 

 

Year Ended December 31,

 

 

2021

 

 

2020

 

 

2019

 

Expected term (in years)

 

6.17

 

 

 

6.17

 

 

 

6.04

 

Expected volatility

 

66.3

%

 

 

68.3

%

 

 

59.0

%

Risk-free interest rate

 

1.1

%

 

 

0.5

%

 

 

1.8

%

Expected dividend yield

 

0

%

 

 

0

%

 

 

0

%
Schedule of Weighted-Average Assumptions to Estimate Fair Value of Employee Stock Purchase Rights

The fair value of employee stock purchase rights for the initial offering period under the 2021 ESPP was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 

 

Year Ended December 31, 2021

Expected term (in years)

0.63 - 1.12

Expected volatility

54.6% - 56.7%

Risk-free interest rate

0.1%

Expected dividend yield

0%

 
Summary of Stock-Based Compensation Expense

Total stock-based compensation expense was as follows (in thousands):

 

 

Year Ended December 31,

 

 

2021

 

 

2020

 

 

2019

 

Cost of revenue - subscription

$

12,571

 

 

$

2,572

 

 

$

1,161

 

Cost of revenue - services

 

5,418

 

 

 

1,745

 

 

 

994

 

Research and development

 

49,051

 

 

 

33,755

 

 

 

6,268

 

Sales and marketing

 

55,506

 

 

 

14,734

 

 

 

6,545

 

General and administrative

 

33,078

 

 

 

90,535

 

 

 

3,649

 

Stock-based compensation, net of amounts capitalized

$

155,624

 

 

$

143,341

 

 

$

18,617

 

Capitalized stock-based compensation

 

2,625

 

 

 

547

 

 

 

69

 

Total stock-based compensation

$

158,249

 

 

$

143,888

 

 

$

18,686