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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Costs | The following table shows the stock-based compensation cost by award type for the periods indicated:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
(in thousands) |  |  |  |  |  |  |
Equity classified awards |  |  |  |  |  |  |
Restricted stock units | $ | 9,798 |  |  | $ | 8,379 |  |  |  |  |
Stock options | 437 |  |  | 626 |  |  |  |  |
Class B common stock | 1,238 |  |  | 1,889 |  |  |  |  |
Liability classified awards | 7 |  |  | 12 |  |  |  |  |
Total stock-based compensation | $ | 11,480 |  |  | $ | 10,906 |  |  |  |  |
The following table sets forth the total stock-based compensation cost included in the Company’s condensed consolidated statements of operations and comprehensive income or capitalized to assets for the periods indicated:
| Three Months Ended March 31, |  |  |  |
| 2024 |  | 2023 |  |  |  |  |  |  |  |
(in thousands) |  |  |  |  |  |  |  |  |  |  |
Cost of revenue |  |  |  |  |  |  |  |  |  |  |
Platform | $ | 237 |  |  | $ | 115 |  |  |  |  |  |  |  |  |
Products | 186 |  |  | 458 |  |  |  |  |  |  |  |  |
Total cost of revenue | 423 |  |  | 573 |  |  |  |  |  |  |  |  |
Research and development | 3,713 |  |  | 3,906 |  |  |  |  |  |  |  |  |
Sales and marketing | 2,936 |  |  | 3,205 |  |  |  |  |  |  |  |  |
General and administrative | 3,685 |  |  | 2,737 |  |  |  |  |  |  |  |  |
Total stock-based compensation expense | $ | 10,757 |  |  | $ | 10,421 |  |  |  |  |  |  |  |  |
Capitalized for software development costs | 330 |  |  | 430 |  |  |  |  |  |  |  |  |
Capitalized to inventories | 393 |  |  | 55 |  |  |  |  |  |  |  |  |
Total stock-based compensation | $ | 11,480 |  |  | $ | 10,906 |  |  |  |  |  |  |  |  |
Schedule of Restricted Stock Unit Activity | A summary of the Company’s service-based restricted stock unit (“RSU”) activity under the 2021 Equity Incentive Plan is as follows:
| Number of RSUs |  | Weighted- Average Grant Date Fair Value (per share)
Outstanding at December 31, 2023 | 8,893,831 |  |  | $ | 14.38 |
Granted | 247,500 |  |  | $ | 4.91 |
Vested | (991,402) |  |  | $ | 11.33 |
Forfeited / cancelled | (406,288) |  |  | $ | 12.93 |
Outstanding at March 31, 2024 | 7,743,641 |  |  | $ | 14.54 |
A summary of the Company’s PRSU activity under the 2021 Equity Incentive Plan is as follows:
| Number of PRSUs (a) |  | Weighted- Average Grant Date Fair Value (per share)
Outstanding at December 31, 2023 | 6,766,001 |  |  | $ | 23.32 |
Forfeited / cancelled | (223,116) |  |  | $ | 23.37 |
Outstanding at March 31, 2024 | 6,542,885 |  |  | $ | 23.32 |
a.Represents the maximum number of PRSUs assuming all performance targets are achieved.
Schedule of Stock Option Activity | A summary of the Company’s stock option activity under the 2021 Equity Incentive Plan is as follows:
| Number of Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Term (Years) |  | Aggregate Intrinsic Value
|  |  |  |  |  |  | (in thousands)
Outstanding at December 31, 2023 | 2,999,085 |  |  | $ | 18.65 |  |  | 3.5 |  | $ | — |
Forfeited / cancelled | (4,065) |  |  | $ | 18.65 |  |  |  |  |
Outstanding at March 31, 2024 | 2,995,020 |  |  | $ | 18.65 |  |  | 3.1 |  | $ | — |
Vested and exercisable at March 31, 2024 | 2,680,069 |  |  | $ | 18.65 |  |  | 3.0 |  | $ | — |
The Company’s options to purchase Class B common stock resulted from the Corporate Reorganization and are not part of the 2021 Equity Incentive Plan. A summary of the Company stock option activity for the options to purchase shares of Class B common stock is as follows:
| Number of Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Term (Years) |  | Aggregate Intrinsic Value
|  |  |  |  |  |  | (in thousands)
Outstanding at December 31, 2023 | 259,425 |  |  | $ | 7.69 |  |  | 1.9 |  | $ | — |
Exercised | — |  |  | — |  |  |  |  |
Forfeited / cancelled | (6,000) |  |  | $ | 7.69 |  |  |  |  |
Outstanding at March 31, 2024 | 253,425 |  |  | $ | 7.69 |  |  | 1.5 |  | $ | — |
Vested and exercisable at March 31, 2024 | 253,425 |  |  | $ | 7.69 |  |  | 1.5 |  | $ | — |
Schedule of Nonvested Share Activity | The Company’s unvested Class B common stock resulted from the Corporate Reorganization and is not part of the 2021 Equity Incentive Plan. Activity related to Class B common stock subject to future vesting for the three months ended March 31, 2024 is as follows:
| Number of Unvested Shares |  | Weighted- Average Grant Date Fair Value (per share)
Outstanding at December 31, 2023 | 1,656,679 |  |  | $ | 20.00 |
Vested | (988,133) |  |  | $ | 20.00 |
Forfeited / cancelled | (64,001) |  |  | $ | 20.00 |
Outstanding at March 31, 2024 | 604,545 |  |  | $ | 20.00 |

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