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Stockholders’ Equity (Deficit) and Equity Incentive Plan - (Tables) | 3 Months Ended
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Mar. 31, 2022
Equity [Abstract] |
Common Stock Reserved for Future Issuance | As of March 31, 2022, the Company had the following shares of common stock reserved for future issuance under its equity incentive plan and employee share purchase plan:
Stock options outstanding | 8,643,616 |
Restricted stock units outstanding | 3,855,788 |
Remaining shares available for future grant under 2021 Equity Incentive Plan(1) | 7,066,086 |
Remaining shares available for future issuance under ESPP(2) | 1,702,246 |
Total shares of common stock reserved as of March 31, 2022 | 21,267,736 |
(1)Includes the automatic annual increase of 2,386,367 additional shares under 2021 Equity Incentive Plan on January 1, 2022. (2)Includes the automatic annual increase of 477,273 ad ditional shares under ESPP on January 1, 2021.
Summary of Stock Options | A summary of stock option activity under the Company’s equity incentive plans and related information is as follows:
| Options Outstanding
| Number of Shares |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2021 | 9,341,242 |  |  | $ | 6.83 |  |  |  |  |
Granted | — |  |  | — |  |  |  |  |
Exercised | (545,248) |  |  | 2.45 |  |  |  |  | $ | 7,414 |
Cancelled and forfeited | (152,378) |  |  | 13.32 |  |  |  |  |
Balance as of March 31, 2022 | 8,643,616 |  |  | $ | 6.99 |  |  | 6.47 |  | $ | 68,121 |
Vested and exercisable | 5,677,728 |  |  | $ | 4.32 |  |  | 5.49 |  | $ | 54,332 |
Summary of RSU Activity Under Equity Incentive Plans and Related Information | A summary of RSU activity under the Company’s equity incentive plans and related information is as follows:
| RSUs Outstanding
| Number of Shares |  | Weighted-Average Grant Date Fair Value
Unvested balance as of December 31, 2021 | 3,737,565 |  |  | $ | 20.01 |
Granted | 564,350 |  |  | 15.00 |
Vested | (235,333) |  |  | 23.30 |
Cancelled and forfeited | (210,794) |  |  | 19.78 |
Unvested balance as of March 31, 2022 | 3,855,788 |  |  | $ | 19.09 |
Schedule of Black-Scholes Assumptions Used to Value the ESPP | Employee Stock Purchase Rights under ESPP
|  | Three Months Ended March 31,
|  | 2022 |  | 2021
Expected term |  | 0.50 years |  | 0.63 years
Expected volatility |  | 49.31 | % |  | 61.00 | %
Risk-free interest rate |  | 0.07 | % |  | 0.06 | %
Dividend yield |  | — | % |  | — | %
Summary of Share-based Compensation Expense by line item in the Condensed Consolidated Statements of Operations | The stock-based compensation expense by line item in the accompanying condensed consolidated statements of operations is summarized as follows (in thousands):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2022 |  | 2021 |  |
Cost of revenue |  |  |  |  |  |  |  |  |
Subscription and other platform |  |  |  |  | $ | 868 |  |  | $ | 237 |  |  |
Professional services |  |  |  |  | 174 |  |  | 62 |  |  |
Total cost of revenue |  |  |  |  | 1,042 |  |  | 299 |  |  |
Sales and marketing |  |  |  |  | 3,692 |  |  | 1,692 |  |  |
Research and development |  |  |  |  | 1,981 |  |  | 782 |  |  |
General and administrative |  |  |  |  | 2,792 |  |  | 2,221 |  |  |
Total stock-based compensation expense |  |  |  |  | $ | 9,507 |  |  | $ | 4,994 |  |  |
Summary of Unrecognized Stock-Based Compensation Expenses | As of March 31, 2022, unrecognized stock-based compensation expense by award type and their weighted-average recognition periods are as follows (in thousands, except years):
| Stock Option |  | RSU |  | ESPP
Unrecognized stock-based compensation expense | $ | 38,290 |  |  | $ | 67,929 |  |  | $ | 96 |
Weighted-average amortization period | 2.64 years |  | 3.18 years |  | 0.12 years
Schedule of Repurchase Agreements | The following table presents certain information regarding shares repurchased under the program during the three months ended March 31, 2022:
Number of shares repurchased | 964,895 |  |  |
Average price per share (including commissions) | $ | 14.81 |  |  |
Total repurchase costs (in million) | $ | 14.3 |  |  |

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