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Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2023
Stockholders' Equity Note [Abstract]  
Schedule of Common Stock As of June 30, 2023, the par value of the Class A, Class B and Class C shares was $2,503, $275, and $56, respectively.

 

 

 

Shares
Authorized

 

 

Shares
Issued

 

 

Shares
Outstanding

 

Class A

 

 

1,000,000,000

 

 

 

251,076,995

 

 

 

251,076,995

 

Class B

 

 

100,000,000

 

 

 

27,390,397

 

 

 

27,390,397

 

Class C

 

 

200,000,000

 

 

 

5,555,555

 

 

 

5,555,555

 

 

 

 

1,300,000,000

 

 

 

284,022,947

 

 

 

284,022,947

 
Activity under Plans

Activity under the Plans is as follows:

 

 

Number of
Shares

 

 

Weighted
Average
Exercise Price

 

 

Weighted Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic Value

 

Outstanding as of January 1, 2023

 

 

11,039,551

 

 

$

5.23

 

 

 

5.5

 

 

$

996

 

Granted

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Forfeited

 

 

(509,005

)

 

$

5.42

 

 

 

 

 

 

 

Expired

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Exercised

 

 

(286,599

)

 

$

1.99

 

 

 

 

 

 

 

Outstanding as of June 30, 2023

 

 

10,243,947

 

 

$

5.25

 

 

 

5.1

 

 

$

32

 

Vested and expected to vest as of December 31, 2022

 

 

10,951,967

 

 

$

5.02

 

 

 

5.5

 

 

$

996

 

Vested and expected to vest as of June 30, 2023

 

 

10,209,073

 

 

$

5.09

 

 

 

5.1

 

 

$

32

 

Options exercisable as of December 31, 2022

 

 

10,417,259

 

 

$

4.97

 

 

 

5.4

 

 

$

996

 

Options exercisable as of June 30, 2023

 

 

9,959,014

 

 

$

5.07

 

 

 

5.1

 

 

$

32

 
Summary of Unvested Restricted Stock Unit Activity

Activity for the restricted stock units is as follows:

 

 

 

Shares

 

 

Weighted Average
Grant Date
Fair Value

 

Unvested as of January 1, 2023

 

 

19,316,459

 

 

$

10.78

 

Granted

 

 

13,585,428

 

 

 

2.60

 

Vested

 

 

(5,202,007

)

 

 

7.03

 

Forfeited

 

 

(1,484,678

)

 

 

3.97

 

Unvested as of June 30, 2023

 

 

26,215,202

 

 

$

7.67

 
Summary of Performance-based Market Condition Share Awards

 

 

Shares

 

 

Weighted Average
Grant Date
Fair Value

 

Unvested as of January 1, 2023

 

 

25,602,405

 

 

$

2.30

 

Granted

 

 

2,654,598

 

 

 

2.19

 

Vested

 

 

(1,146,310

)

 

 

2.12

 

Cancelled/Forfeited

 

 

(77,168

)

 

 

2.19

 

Unvested as of June 30, 2023

 

 

27,033,525

 

 

$

2.29

 
Schedule of Weighted Average Assumptions used to Determine Estimated Fair Value of Performance-based Market Condition Share Awards Granted

The weighted average estimated fair value of the performance-based market condition share awards granted during the six months ended June 30, 2023 was determined using a Monte-Carlo valuation simulation, with the following most significant weighted-average assumptions:

 

 

 

Six Months Ended June 30,

 

 

 

2023

 

Risk-free rate

 

 

4.61

%

Term to end of performance period (yrs)

 

3 years

 

Valuation date stock price

 

$

2.76

 

Expected volatility

 

 

70

%

Expected dividend yield

 

 

0

%
Stock-Based Compensation Expense

Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Cost of revenues

 

$

435

 

 

$

426

 

 

$

833

 

 

$

761

 

Research and development

 

 

2,872

 

 

 

2,699

 

 

 

5,673

 

 

 

4,881

 

Selling and marketing

 

 

2,337

 

 

 

1,304

 

 

 

4,323

 

 

 

3,099

 

General and administrative

 

 

15,869

 

 

 

10,478

 

 

 

31,681

 

 

 

18,251

 

Total

 

$

21,513

 

 

$

14,907

 

 

$

42,510

 

 

$

26,992