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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following is a summary of the Company’s stock option activity during the three months ended March 31, 2022:

			Stock Options
(in thousands, except share and per share amounts)			Number of Options Outstanding						Weighted-Average Exercise Price						Weighted-Average Remaining Contractual Life (Years)						Aggregate Intrinsic Value (1)
Balances as of January 1, 2022			23,386,942						$	3.70					7.66						$	395,676
Granted			—						—
Exercised			(1,491,515)						1.72												12,606
Forfeited			(299,023)						3.97
Balances as of March 31, 2022			21,596,404						3.84						7.52						133,570
Vested and exercisable as of March 31, 2022			10,179,554						2.02						6.43						79,746
Vested and expected to vest as of March 31, 2022			21,914,788						$	3.82					7.52						$	135,807

_________________

(1)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock.

Schedule of Stock Option Valuation Assumptions

The fair value of each employee stock option granted during the three months ended March 31, 2021 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:

Three Months Ended March 31,

2021

Risk-free interest rates

0.32% to 0.82%

Expected term

3.5 to 6.1 years

Volatility

38.0% to 41.4%

Dividend rate

—%

Schedule of Restricted Stock Award Activity

Restricted stock unit activity, including PRSUs, during the three months ended March 31, 2022 is as follows:

			Number of Shares						Weighted-Average Grant-Date Fair Value Per Share
Unvested at January 1, 2022			3,372,585						$	24.83
Granted			2,480,410						13.06
Vested			(81,060)						6.33
Cancelled/forfeited			(295,834)						14.36
Unvested at March 31, 2022			5,476,101						20.34

Schedule of ESPP Valuation Assumptions

The fair value of ESPP offerings was estimated at the date of each offering using the Black-Scholes option-pricing model with the following assumptions during the quarter ended March 31, 2022:

Three Months Ended March 31,

2022

Risk-free interest rates

0.60% to 1.31%

Expected term

0.5 to 2.0 years

Volatility

61.0% to 73.0%

Dividend rate

—

%

Schedule of Share-based Compensation Expense

Stock-based compensation expense for stock options, RSUs, PRSUs, and the ESPP, included in the condensed consolidated statements of operations, net of amounts capitalized to internal-use software, as described in Note 4, was as follows:

			Three Months Ended March 31,
(in thousands)			2022						2021
Customer support and operations			$	93					$	8
Marketing			1,032						285
Technology and development			4,072						590
General and administrative			4,397						639
Total			$	9,594					$	1,522

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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