XML 41 R29.htm IDEA: XBRL DOCUMENT v3.23.3
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2023
Stockholders' Equity Note [Abstract]  
Schedule of Common Stock As of September 30, 2023, the par value of the Class A, Class B and Class C shares was $2,533, $275, and $56, respectively.

 

 

 

Shares
Authorized

 

 

Shares
Issued

 

 

Shares
Outstanding

 

Class A

 

 

1,000,000,000

 

 

 

254,038,177

 

 

 

254,038,177

 

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

 

 

 

286,984,129

 

 

 

286,984,129

 
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

 

 

(581,830

)

 

$

5.46

 

 

 

 

 

 

 

Expired

 

 

(6,160

)

 

$

1.77

 

 

 

 

 

 

 

Exercised

 

 

(286,599

)

 

$

1.99

 

 

 

 

 

 

 

Outstanding as of September 30, 2023

 

 

10,164,962

 

 

$

5.25

 

 

 

4.9

 

 

$

—

 

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 September 30, 2023

 

 

10,145,752

 

 

$

5.09

 

 

 

4.9

 

 

$

—

 

Options exercisable as of December 31, 2022

 

 

10,417,259

 

 

$

4.97

 

 

 

5.4

 

 

$

996

 

Options exercisable as of September 30, 2023

 

 

9,988,146

 

 

$

5.07

 

 

 

4.9

 

 

$

—

 
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

 

 

14,811,194

 

 

 

2.55

 

Vested

 

 

(7,452,216

)

 

 

7.35

 

Forfeited

 

 

(3,054,608

)

 

 

4.15

 

Unvested as of September 30, 2023

 

 

23,620,829

 

 

$

7.56

 
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

 

 

(108,035

)

 

 

2.19

 

Unvested as of September 30, 2023

 

 

27,002,658

 

 

$

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 nine months ended September 30, 2023 was determined using a Monte-Carlo valuation simulation, with the following most significant weighted-average assumptions:

 

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

Risk-free rate

 

 

4.61

%

 

 

2.34

%

Term to end of performance period (yrs)

 

3 years

 

 

3 years

 

Valuation date stock price

 

$

2.76

 

 

$

3.50

 

Expected volatility

 

 

70

%

 

 

75

%

Expected dividend yield

 

 

0

%

 

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Cost of revenues

 

$

423

 

 

$

427

 

 

$

1,256

 

 

$

1,188

 

Research and development

 

 

2,407

 

 

 

2,750

 

 

 

8,080

 

 

 

7,631

 

Selling and marketing

 

 

2,406

 

 

 

2,045

 

 

 

6,729

 

 

 

5,144

 

General and administrative

 

 

11,663

 

 

 

16,090

 

 

 

43,344

 

 

 

34,341

 

Total

 

$

16,899

 

 

$

21,312

 

 

$

59,409

 

 

$

48,304