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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Option Activity | A summary of the stock option activity is as follows:
| Number of options |  | Weighted average exercise price |  | Weighted average remaining contractual life |  | Aggregate intrinsic value
| (In thousands) |  |  |  | (In years) |  | (In thousands)
Balance as of December 31, 2020 | 33,750 |  |  | $ | 1.74 |  |  | 7.95 |  | $ | 175,444 |
Granted | 13,790 |  |  | 12.29 |  |  |  |  |
Exercised | (12,988) |  |  | 1.95 |  |  |  |  |
Cancelled and forfeited | (2,877) |  |  | 6.51 |  |  |  |  |
Balance as of December 31, 2021 | 31,675 |  |  | $ | 5.81 |  |  | 8.01 |  | $ | 108,826 |
Vested and exercisable as of December 31, 2021 | 11,067 |  |  | $ | 2.18 |  |  | 6.72 |  | $ | 61,011 |
Schedule of Valuation Assumptions | The estimated grant date fair values of the employee stock options granted under the 2012 and 2021 Plan were calculated using the Black-Scholes Merton Option pricing model, based on the following weighted average assumptions:
|  |  | Year Ended December 31,
|  |  |  |  | 2021 |  | 2020 |  | 2019
Expected term (years) |  |  |  |  | 5.93 |  | 5.90 |  | 6.24
Expected volatility |  |  |  |  | 32.85% |  | 35.14% |  | 38.83%
Risk-free interest rate |  |  |  |  | 1.04% |  | 0.58% |  | 1.97%
Expected dividend yield |  |  |  |  | — |  | — |  | —
The estimated fair value of the first tranche as of the modification date was determined using Black-Scholes Merton Option pricing model, which resulted in fair value of $12.27 per share based on the following assumptions:
Fair value of common stock | $18.00
Expected term (years) | 7.44
Expected volatility | 45.00%
Risk-free interest rate | 1.71%
Expected dividend yield | —
The remaining tranches were valued using a Monte Carlo simulation model. The weighted average estimated fair value of the remaining tranches as of the modification date was $3.80 per share based on the following assumptions:
Fair value of common stock | $18.00
Remaining contractual term (years) | 14.75
Expected volatility | 40.00%
Risk-free interest rate | 1.71%
Expected dividend yield | —
Schedule of RSU Activity | A summary of the Company’s RSU activity and related information is as follows:
| Number of RSUs |  | Weighted average grant date fair value per share
| (In thousands) |  |
Balance as of December 31, 2020 | — |  |  | $ | — |
Granted | 2,717 |  |  | 9.15 |
Vested | (108) |  |  | 13.94 |
Cancelled and forfeited | (20) |  |  | 13.89 |
Balance as of December 31, 2021 | 2,589 |  |  | $ | 8.91 |
Schedule of Stock Based Compensation Expense | The Company’s stock-based compensation expense was as follows:
|  |  | Year Ended December 31,
|  |  |  |  | 2021 |  | 2020 |  | 2019
|  |  |  |  | (In thousands)
Cost of revenue |  |  |  |  | $ | 753 |  |  | $ | 79 |  |  | $ | 46 |
Research and development |  |  |  |  | 13,184 |  |  | 4,250 |  |  | 3,431 |
Sales and marketing |  |  |  |  | 7,167 |  |  | 3,675 |  |  | 966 |
General and administrative |  |  |  |  | 49,740 |  |  | 2,120 |  |  | 5,446 |
Total |  |  |  |  | $ | 70,844 |  |  | $ | 10,124 |  |  | $ | 9,889 |
Included in stock-based compensation expense are amounts related to the sale of employee stock on the secondary market to existing investors at a price above fair market value at the time of the sale. Stock-based compensation related to the secondary sales, which represents the amount paid to purchase shares of the Company’s common stock in excess of fair value, was as follows:
|  |  | Year Ended December 31,
|  |  |  |  | 2021 |  | 2020 |  | 2019
|  |  |  |  | (In thousands)
Research and development |  |  |  |  | $ | 325 |  |  | $ | 1,524 |  |  | $ | 1,694 |
Sales and marketing |  |  |  |  | 300 |  |  | 1,607 |  |  | 96 |
General and administrative |  |  |  |  | 166 |  |  | 325 |  |  | 4,372 |
Total |  |  |  |  | $ | 791 |  |  | $ | 3,456 |  |  | $ | 6,162 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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