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Stockholders' equity (Tables) | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Common Stock Reserved for Future Issuance | As of June 30, 2023 and December 31, 2022, the following shares of common stock were available for future issuance:
| June 30, |  | December 31,
| 2023 |  | 2022
2010 Equity Incentive Plan: |  |  |
Stock options outstanding | 8,836,101 |  |  | 10,333,771 |
2021 Equity Incentive Plan: |  |  |
RSUs outstanding and PSUs(1) | 18,667,968 |  |  | 16,178,101 |
Shares available for future issuance under: |  |  |
2021 Equity Incentive Plan | 4,865,969 |  |  | 2,814,126 |
2021 Employee Stock Purchase Plan | 2,754,604 |  |  | 1,929,578 |
Total shares of common stock reserved | 35,124,642 |  |  | 31,255,576 |
(1) The number of PSUs reserved for issuance is based on the maximum achievement of the corporate performance metric.
Summary of Option Activity | The following is a summary of activity for stock options having only service-based vesting conditions under the Equity Incentive Plans:
| Options Outstanding |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value (In Thousands)
Balance - December 31, 2022 | 10,283,771 |  |  | $ | 4.18 |  |  | 6.38 |  | $ | 66,234 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (1,362,403) |  |  | 3.51 |  |  |  |  |
Canceled | (135,267) |  |  | 9.32 |  |  |  |  |
Balance - June 30, 2023 | 8,786,101 |  |  | $ | 4.21 |  |  | 2.82 |  | $ | 57,714 |
Vested & expected to vest as of June 30, 2023 | 8,786,101 |  |  | $ | 4.21 |  |  | 2.82 |  | $ | 57,714 |
Exercisable as of June 30, 2023 | 8,202,806 |  |  | $ | 4.03 |  |  | 2.73 |  | $ | 55,236 |
Summary of Stock Appreciation Rights | The following is a summary of activity for SARs under the Equity Incentive Plans:
| SARs Outstanding |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value (In Thousands)
Balance - December 31, 2022 | 81,770 |  |  | $ | 5.44 |  |  | 6.90 |  | $ | 418 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (67,781) |  |  | 5.30 |  |  |  |  |
Canceled | (9,289) |  |  | 6.58 |  |  |  |  |
Balance - June 30, 2023 | 4,700 |  |  | $ | 5.11 |  |  | 6.48 |  | $ | 26 |
Vested & expected to vest as of June 30, 2023 | 4,700 |  |  | $ | 5.11 |  |  | 6.48 |  | $ | 26 |
Exercisable as of June 30, 2023 | 4,199 |  |  | $ | 4.95 |  |  | 6.45 |  | $ | 24 |
Summary of Restricted Stock Unit Activity | A summary of RSU and PSU activity under the 2021 Plan is as follows:
| RSUs Outstanding |  | Weighted Average Grant Date Fair Value |  | PSUs Outstanding |  | Weighted Average Grant Date Fair Value
Unvested - December 31, 2022 | 16,178,101 |  | $ | 17.37 |  |  | — |  |  | $ | — |
Granted | 5,908,855 |  | $ | 9.31 |  |  | 645,833 |  | $ | 8.89 |
Released | (2,844,246) |  | $ | 16.92 |  |  | — |  |  | $ | — |
Canceled | (1,543,474) |  | $ | 16.31 |  |  | — |  |  | $ | — |
Unvested - June 30, 2023 | 17,699,236 |  | $ | 14.84 |  |  | 645,833 |  | $ | 8.89 |
Summary of Performance-Based Options | A summary of RSU and PSU activity under the 2021 Plan is as follows:
| RSUs Outstanding |  | Weighted Average Grant Date Fair Value |  | PSUs Outstanding |  | Weighted Average Grant Date Fair Value
Unvested - December 31, 2022 | 16,178,101 |  | $ | 17.37 |  |  | — |  |  | $ | — |
Granted | 5,908,855 |  | $ | 9.31 |  |  | 645,833 |  | $ | 8.89 |
Released | (2,844,246) |  | $ | 16.92 |  |  | — |  |  | $ | — |
Canceled | (1,543,474) |  | $ | 16.31 |  |  | — |  |  | $ | — |
Unvested - June 30, 2023 | 17,699,236 |  | $ | 14.84 |  |  | 645,833 |  | $ | 8.89 |
Summary of Weighted Average Assumptions, Options | The following table summarizes the weighted-average assumptions used in the Black-Scholes option-pricing model to estimate the fair value of employee stock purchase rights granted under the new ESPP offering period:
| Three and Six Months Ended
| June 30, 2023
Risk-free interest rate | 4.5%
Expected volatility | 69.7%
Expected life (in years) | 1.6
Expected dividend yield | —%
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Cost of revenue | $ | 1,749 |  |  | $ | 989 |  |  | $ | 3,342 |  |  | $ | 1,829 |
Sales and marketing | 8,099 |  |  | 5,007 |  |  | 15,376 |  |  | 9,144 |
Research and development | 6,423 |  |  | 3,711 |  |  | 12,717 |  |  | 7,045 |
General and administrative | 6,890 |  |  | 5,025 |  |  | 16,801 |  |  | 10,056 |
Restructuring charges | — |  |  | — |  |  | 1,208 |  |  | — |
Total stock-based compensation expense | $ | 23,161 |  |  | $ | 14,732 |  |  | $ | 49,444 |  |  | $ | 28,074 |

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