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Stockholders’ Equity (Deficit) and Equity Incentive Plan | 3 Months Ended
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Mar. 31, 2022
Equity [Abstract] |
Stockholders’ Equity (Deficit) and Equity Incentive Plan | Stockholders’ Equity (Deficit) and Equity Incentive Plan Preferred Stock The Company’s amended and restated certificate of incorporation authorized the issuance of 10,000,000 shares of undesignated preferred stock with a par value of $0.0001 per share. The Company’s board of directors is authorized to designate the rights, preferences, privileges and restrictions of the preferred stock from time to time. Common Stock The Company’s amended and restated certificate of incorporation authorized the issuance of 500,000,000 shares of common stock, $0.0001 par value per share. Holders of common stock are entitled to one vote per share. 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. Grant Activities 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 |
Restricted Stock Units 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 |
The total fair value of RSUs vested in the three months ended March 31, 2022 was $5.5 million. There were no RSUs vested in the three months ended March 31, 2021. Fair Value Determination The Black-Scholes assumptions used to value the employee stock purchase rights at the grant dates are as follows: 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 |  | — | % |  | — | %
Stock-Based Compensation 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 |  |  |
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
Repurchase of Common Stock On December 1, 2021, the Company’s Board of Directors authorized a $50.0 million share repurchase program. The timing and number of shares repurchased under the program will depend on a variety of factors, including stock price, trading volume, and general business and market conditions. The share repurchase program may be modified, suspended or discontinued at any time at the company’s discretion. When the Company has repurchased shares under the program, it reduced the common stock component of stockholder’s equity by the par value of the repurchased shares. The excess of the repurchase price over par value of the shares was charged to additional paid in capital as the Company is in an accumulated deficit position. All repurchased shares were retired and became authorized and unissued shares. As of March 31, 2022, the Company had $28.5 million available for future share buybacks under the repurchase program. 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 |  |  |
In the second quarter of 2022, the Company repurchased an additional 566,314 shares of common stock at an average per share price of $13.27 (including commissions). As of May 3, 2022, the Company has $21.0 million remaining for future share buyback under the repurchase program.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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