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Stockholders' Equity and Equity Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Reserved Shares of Common Stock

The Company has reserved shares of its Class A common stock as follows:

 

 

 

As of
December 31,
2024

 

 

As of
December 31,
2023

 

 

 

 

 

 

 

 

2014 Stock Option and Grant Plan and 2021 Incentive Award Plan:

 

 

 

 

 

 

Equity plan stock options outstanding

 

 

11,501,725

 

 

 

14,268,055

 

RSUs outstanding

 

 

13,519,769

 

 

 

11,301,279

 

Shares available for future issuance

 

 

18,310,859

 

 

 

18,260,813

 

2021 Employee Stock Purchase Plan:

 

 

 

 

 

 

Shares available for future issuance

 

 

4,810,524

 

 

 

4,079,994

 

Total reserved shares

 

 

48,142,877

 

 

 

47,910,141

 

 

Summary of Stock Option Activity

Option activity under the Company's combined stock plans is set forth below:

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

Weighted

 

 

average

 

 

Aggregate

 

 

 

Outstanding

 

 

average

 

 

remaining

 

 

intrinsic

 

 

 

stock

 

 

exercise

 

 

contractual

 

 

value

 

 

 

options

 

 

price

 

 

life (years)

 

 

(in thousands)

 

Balances as of December 31, 2023

 

 

14,268,055

 

 

$

4.40

 

 

 

6.27

 

 

$

118,757

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

(2,256,288

)

 

 

2.89

 

 

 

 

 

 

 

Cancelled/forfeited

 

 

(510,042

)

 

 

10.81

 

 

 

 

 

 

 

Balances as of December 31, 2024(1)

 

 

11,501,725

 

 

$

4.41

 

 

 

5.25

 

 

$

70,628

 

Exercisable as of December 31, 2024(2)

 

 

10,998,001

 

 

$

4.05

 

 

 

5.16

 

 

$

71,436

 

 

(1)
As no forfeitures are estimated due to the Company's adoption of ASU No. 2016-09, all options are vested or expected to vest. As of December 31, 2024, no options were outstanding that were subject to a future performance condition
(2)
Exercisable shares include vested options as well as unvested shares that can be early exercised
Schedule of Assumptions and Data Inputs to Estimate Fair Value of Options

The following range of assumptions and data inputs were used in the Black-Scholes option-pricing model to estimate the fair value of the options granted under the 2021 Plan:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Fair value of common stock

 

 

 

 

$11.37 - $12.37

 

 

$14.62 - $15.63

 

Expected dividend yield

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

 

 

3.59% - 4.36%

 

 

3.01% - 3.36%

 

Expected volatility

 

 

 

 

56.5% - 56.8%

 

 

55.3% - 55.6%

 

Expected term (years)

 

 

 

 

5.5 - 6.0

 

 

6.0 - 6.3

 

Schedule of RSU Activity

RSU activity for the year ended December 31, 2024 was as follows:

 

 

 

Restricted stock
units

 

 

Weighted-average
grant date fair
value per share

 

Balance as of December 31, 2023

 

 

11,301,279

 

 

$

14.76

 

Granted

 

 

12,135,585

 

 

 

9.59

 

Vested

 

 

(6,794,806

)

 

 

13.59

 

Cancelled/forfeited

 

 

(3,122,289

)

 

 

13.45

 

Balance as of December 31, 2024

 

 

13,519,769

 

 

$

11.02

 

 

Schedule of Stock-based Compensation Expense

Stock-based compensation expense, net of actual forfeitures is reflected in the consolidated statement of operations and comprehensive loss (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Cost of revenue

 

$

6,472

 

 

$

7,300

 

 

$

6,468

 

Research and development

 

 

44,421

 

 

 

36,643

 

 

 

27,855

 

Sales and marketing

 

 

32,119

 

 

 

29,404

 

 

 

17,143

 

General and administrative

 

 

17,007

 

 

 

14,085

 

 

 

15,757

 

Restructuring and other related charges

 

 

 

 

 

853

 

 

 

 

Total stock-based compensation expense

 

$

100,019

 

 

$

88,285

 

 

$

67,223

 

Schedule of Fair Value of Shares To be Granted Under the ESPP

The following assumptions were used to calculate the fair value of shares to be granted under the ESPP during the period utilizing the Black-Scholes option-pricing model:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Fair value of common stock

 

$9.34 - $9.59

 

 

$9.98 - $10.76

 

 

$14.77 - $17.04

 

Expected dividend yield

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

4.34% - 5.43%

 

 

4.75% - 5.41%

 

 

1.54% - 4.63%

 

Expected volatility

 

44.4% - 56.0%

 

 

56.8% - 60.0%

 

 

60.0%

 

Expected term (years)

 

0.5 - 1.0

 

 

0.5 - 1.0

 

 

0.5 - 1.0