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Stockholders’ Equity (Deficit) and Equity Incentive Plan
 3 Months Ended
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 outstanding8,643,616 
Restricted stock units outstanding3,855,788 
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, 202221,267,736 
(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 additional 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 exercisable5,677,728 $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 
Granted564,350 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,
20222021
Expected term0.50 years0.63 years
Expected volatility49.31 %61.00 %
Risk-free interest rate0.07 %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,
20222021
Cost of revenue
Subscription and other platform$868 $237 
Professional services174 62 
Total cost of revenue1,042 299 
Sales and marketing3,692 1,692 
Research and development1,981 782 
General and administrative2,792 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 OptionRSUESPP
Unrecognized stock-based compensation expense$38,290 $67,929 $96 
Weighted-average amortization period2.64 years3.18 years0.12 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 repurchased964,895 
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.