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Stockholders’ Equity and Equity Incentive Plan | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Stockholders’ Equity and Equity Incentive Plan | Stockholders’ Equity and Equity Incentive Plan Common Stock Reserved for Future Issuance As of June 30, 2025, 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 | 4,981,514 |
Restricted stock outstanding | 6,291,375 |
Remaining shares available for future grant under 2021 Equity Incentive Plan(1) | 2,646,617 |
Remaining shares available for future issuance under 2021 Employee Stock Purchase Plan(2) | 2,470,187 |
Total shares of common stock reserved as of June 30, 2025 | 16,389,693 |
(1)Includes the automatic annual increase of 2,100,684 additional shares under the Company’s 2021 Equity Incentive Plan on January 1, 2025. (2)Includes the automatic annual increase of 420,136 additional shares under the Company’s 2021 Employee Stock Purchase Plan on January 1, 2025. Repurchase of Common Stock In February 2024, the Company completed its $75 million share repurchase program. In March 2024, the Company’s board of directors approved a $25 million share repurchase program (the “2024 Repurchase Program”) authorizing the discretionary repurchase of common stock over a 12-month period through open market purchases, privately negotiated transactions, or other means. The 2024 Repurchase Program concluded in March 2025. In May 2025, the Company’s board of directors approved a $50 million share repurchase program (the “2025 Repurchase Program”) authorizing the Company to repurchase common stock from time to time on a discretionary basis through similar methods. The 2025 Share Repurchase program does not obligate the Company to acquire any specific amount of common stock and may be modified, suspended, or discontinued at any time at the Company’s discretion. The following table presents certain information regarding shares repurchased during the periods presented:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Number of shares repurchased | 793,946 |  |  | 840,856 |  |  | 1,502,434 |  |  | 1,543,476 |  |  |
Average price per share, including commissions | $ | 5.48 |  |  | $ | 5.95 |  |  | $ | 5.88 |  |  | $ | 6.66 |  |  |
Total repurchase costs, including commissions (in millions) | $ | 4.3 |  |  | $ | 5.0 |  |  | $ | 8.8 |  |  | $ | 10.3 |  |  |
As of June 30, 2025, the Company has $45.7 million available for future share repurchases under the 2025 Repurchase Program. From July 1, 2025 through August 8, 2025, the Company repurchased 457,110 shares of common stock at an average per share price of $5.30 pursuant to the 2025 Repurchase Program. Grant Activities Restricted Stock Units A summary of restricted stock unit (“RSU”) activity, excluding RSUs with performance conditions, and related information is as follows:
| RSUs Outstanding
| Number of Shares |  | Weighted-Average Grant Date Fair Value
Unvested balance as of December 31, 2024 | 5,051,759 |  |  | $ | 8.20 |
Granted | 2,206,810 |  |  | 5.50 |
Vested | (1,775,739) |  |  | 8.72 |
Cancelled and forfeited | (398,577) |  |  | 7.78 |
Unvested balance as of June 30, 2025 | 5,084,253 |  |  | $ | 6.89 |
Restricted Stock Unit with Performance Conditions In the second quarter of 2025, the Company’s board of directors granted 245,000 performance-based restricted stock units (“PSUs”) to certain executive officers, with a grant date fair value of $1.4 million. These PSUs are subject to the achievement of specified financial performance targets and may be earned at levels ranging from 0% to 200% based on actual performance during the period from January 1, 2025 through December 31, 2025. Thirty-three percent of the earned PSUs will vest on January 1, 2026, with the remaining earned PSUs vesting in eight equal quarterly installments beginning in March 2026. Vesting of these PSUs is also subject to continued service by the award holders through each applicable vesting date. As of June 30, 2025, none of these PSUs have vested. In the second quarter of 2025, the Company’s board of directors also granted 245,000 market performance-based restricted stock units (“MPSU”) to certain executive officers, with a grant date fair value of $0.6 million. These MPSUs will vest if the average closing price of the Company’s common stock equals or exceeds specified target prices for 20 consecutive trading days during the performance period, which extends from the grant date through December 31, 2027. Vesting of these MPSUs is also subject to continued service by the award holders through each applicable vesting date. As of June 30, 2025, none of these MPSUs have vested. In the second quarter of 2024, the Company’s board of directors granted 805,494 market performance-based restricted stock units to certain executive officers with a grant date fair value of $6.8 million. These MPSUs vest following three annual performance periods beginning in 2024, each in an amount equal to one-third of the target number of MPSUs multiplied by a percentage determined by comparing the Company’s total stockholder return to a benchmark index during the performance period. The actual payout can range from 0% to 200% of the shares granted under this award, with the maximum earned MPSUs capped at 125% for the first two performance periods. Vesting of these MPSUs is also subject to continued service by the award holders through the end of each performance period. As of June 30, 2025, 99,652 of these MPSUs have vested. In the second quarter of 2023, the Company’s board of directors granted 203,000 market performance-based restricted stock units to certain executive officers with a grant date fair value of $2.5 million. These MPSUs vest following three annual performance periods beginning in 2023, each in an amount equal to one-third of the target number of MPSUs multiplied by a percentage determined by comparing the Company’s total stockholder return to a benchmark index during the performance period. The actual payout can range from 0% to 200% of the shares granted under this award, with the maximum earned MPSUs capped at 125% for the first two performance periods. Vesting of these MPSUs is also subject to continued service by the award holder through the end of each performance period. In May 2023, an additional 32,204 MPSUs were issued in connection with the anti-dilution adjustment. As of June 30, 2025, 47,819 of these MPSUs have vested. In the fourth quarter of 2022, the Company’s board of directors granted 341,404 market performance-based restricted stock units to an executive officer with a grant date fair value of $4.2 million. These MPSUs vest following three annual performance periods beginning in 2023, each in an amount equal to one-third of the target number of MPSUs multiplied by a percentage determined by comparing the Company’s total stockholder return to a benchmark index during the performance period. The actual payout can range from 0% to 200% of the shares granted under this award, with the maximum earned MPSUs capped at 125% for the first two performance periods. Vesting of these MPSUs is also subject to continued service by the award holder through the end of each performance period. In May 2023, an additional 54,167 MPSUs were issued in connection with the anti-dilution adjustment. As of June 30, 2025, 75,976 of these MPSUs have vested. Stock Options A total of 461,787 stock options were exercised and 104,258 stock options were cancelled and forfeited in the six months ended June 30, 2025. Stock-Based Compensation The stock-based compensation expense by line item in the condensed consolidated statements of operations is summarized as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Cost of revenue |  |  |  |  |  |  |  |  |
Subscription and other platform | $ | 394 |  |  | $ | 687 |  |  | $ | 819 |  |  | $ | 1,355 |  |  |
Professional services | 127 |  |  | 129 |  |  | 263 |  |  | 250 |  |  |
Total cost of revenue | 521 |  |  | 816 |  |  | 1,082 |  |  | 1,605 |  |  |
Sales and marketing | 2,100 |  |  | 3,338 |  |  | 4,247 |  |  | 6,396 |  |  |
Research and development | 1,373 |  |  | 2,246 |  |  | 2,726 |  |  | 4,374 |  |  |
General and administrative | 3,384 |  |  | 5,676 |  |  | 6,453 |  |  | 10,038 |  |  |
Total stock-based compensation expense | $ | 7,378 |  |  | $ | 12,076 |  |  | $ | 14,508 |  |  | $ | 22,413 |  |  |
The following table presents the unrecognized stock-based compensation expense and weighted-average recognition periods as of June 30, 2025 (in thousands, except years):
|  |  | Restricted Stock |  | ESPP
Unrecognized stock-based compensation expense |  |  | $ | 35,187 |  |  | $ | 60 |
Weighted-average amortization period |  |  | 1.73 years |  | 0.38 years

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