XML 33 R19.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Stock-Based Compensation | 9 Months Ended
--- | ---
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 12. Stock-Based Compensation In May 2021, the Company’s board of directors adopted, and its stockholders approved, the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective in connection with the IPO. The 2021 Plan provides for the grant of incentive stock options, within the meaning of Section 422 of the Internal Revenue Code, to the Company's employees and any of its parent or subsidiary corporations’ employees, and for the grant of non-statutory stock options, restricted stock, restricted stock units, stock appreciation rights, and performance awards to the Company’s employees, directors and consultants and any of its parent or subsidiary corporations’ employees and consultants. A total of 10,459,000 shares of the Company’s Class A common stock have been reserved for issuance under the 2021 Plan in addition to (i) an annual increase of 4% of the outstanding shares of the Company's common stock, with Class A and Class B common stock taken together, on the first day of each fiscal year ( the "Evergreen Addition") and (ii) upon the expiration, forfeiture, cancellation, or reacquisition of any shares of Class B common stock underlying outstanding stock awards granted under the 2012 Equity Incentive Plan, an equal number of shares of Class A common stock, such number of shares not to exceed 7,563,990. On January 1, 2022, pursuant to the Evergreen Addition, 4,825,566 s hares of Class A common stock were added to the 2021 Plan issuance reserve. At September 30, 2022, there were 14,075,898 remaining shares available for the Company to grant under the 2021 Plan. Stock Options A summary of the Company’s option activity during the nine months ended September 30, 2022 was as follows (in thousands, except share and per share amounts):
|  |  |  |  |  |  |  | Weighted- |  |  |  |
|  |  |  |  | Weighted- |  |  | Average |  |  |  |
|  |  |  |  | Average |  |  | Remaining |  |  | Aggregate |
|  | Options |  |  | Exercise Price |  |  | Contractual |  |  | Intrinsic |
|  | Outstanding |  |  | per Share |  |  | Life (years) |  |  | Value |
Outstanding at December 31, 2021 |  |  | 6,849,910 |  |  | $ | 5.05 |  |  |  | 4.98 |  |  | $ | 205,010 |
Options granted |  |  | — |  |  |  |  |  |  |  |  |  |
Options exercised |  |  | (2,282,645 | ) |  |  | 0.64 |  |  |  |  |  |  |
Options forfeited |  |  | (210,104 | ) |  |  | 8.66 |  |  |  |  |  |  |
Outstanding at September 30, 2022 |  |  | 4,357,161 |  |  | $ | 7.19 |  |  |  | 5.88 |  |  | $ | 11,041 |
Exercisable at September 30, 2022 |  |  | 3,294,854 |  |  | $ | 6.72 |  |  |  | 5.61 |  |  | $ | 9,900 |
There were no options granted during the three or nine months ended September 30, 2022. There were no options granted during the three months ended September 30, 2021. The weighted average grant date fair value of options granted during the nine months ended September 30, 2021 was $7.21. Aggregate intrinsic value represents the difference between the exercise price of the options and the fair value of the Company’s common stock. There were no options granted during the three months ended September 30, 2021. The fair value of options granted during the nine months ended September 30, 2021 was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2021 |  | 2021 |
Dividend yield |  |  |  |  | 0.0 | %
Risk-free interest rate |  |  |  | 0.3 % - 0.8% |
Expected term (in years) |  |  |  |  | 5 |
Expected volatility |  |  |  |  | 38.0 | %
Restricted Stock Units (“RSUs”) A summary of the Company’s RSU activity during the nine months ended September 30, 2022 was as follows:
|  |  |  |  |  |  |  |  | Weighted- |
|  |  |  |  |  |  |  |  | Average |
|  |  |  |  |  | Number of |  |  | Grant Date |
|  |  |  |  |  | RSU's Outstanding |  |  | Fair Value |
Awarded and unvested at December 31, 2021 |  |  |  |  |  |  | 513,547 |  |  | $ | 25.93 |
Awards granted |  |  |  |  |  |  | 1,142,491 |  |  |  | 15.37 |
Awards vested |  |  |  |  |  |  | (68,096 | ) |  |  | 26.08 |
Awards forfeited |  |  |  |  |  |  | (150,076 | ) |  |  | 17.80 |
Awarded and unvested at September 30, 2022 |  |  |  |  |  |  | 1,437,866 |  |  | $ | 18.38 |
The fair value of RSU grants is determined based upon the market closing price of the Company's Class A common stock on the date of grant. RSUs vest over the requisite service period, which ranges between four years and five years from the date of grant, subject to continued employment for employees and provision of services for nonemployees. Stock-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands):
|  |  |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  |  |  |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Cost of revenue |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  |  |  |  |  |  | 507 |  |  |  | 110 |  |  |  | 1,080 |  |  |  | 141 |
Sales and marketing |  |  |  |  |  |  | 612 |  |  |  | 56 |  |  |  | 1,062 |  |  |  | 92 |
General and administrative |  |  |  |  |  |  | 883 |  |  |  | 588 |  |  |  | 2,480 |  |  |  | 1,652 |
Total stock-based compensation |  |  |  |  |  | $ | 2,002 |  |  | $ | 754 |  |  | $ | 4,622 |  |  | $ | 1,885 |
At September 30, 2022, t here was $2.8 million of total unrecognized compensation cost related to unvested stock options granted under the 2012 Equity Incentive Plan and the 2021 Plan, which is expected to be recognized over a remaining weighted-average period of 1.6 years. At September 30, 2022, there was $24.3 million of total unrecognized compensation cost related to unvested RSUs granted under the 2021 Plan, which is expected to be recognized over a remaining weighted-average period of 3.7 year s.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (l) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration