Stock-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Summary of Stock Option Activity |
The following table summarizes the stock option activity since December 31, 2022:
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Number of
Shares |
|
|
Weighted-
Average Exercise
Price Per Share |
|
|
Weighted-
Average
Remaining
Contractual
Term
(In Years) |
|
|
Aggregate Intrinsic
Value
(In Thousands) |
|
Outstanding as of December 31, 2022 |
|
|
12,160,560 |
|
|
$ |
6.25 |
|
|
|
6.39 |
|
|
$ |
229,349 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Exercised |
|
|
(3,797,612 |
) |
|
|
3.37 |
|
|
|
|
|
|
|
Cancelled |
|
|
(255,087 |
) |
|
|
20.41 |
|
|
|
|
|
|
|
Outstanding as of December 31, 2023 |
|
|
8,107,861 |
|
|
$ |
7.17 |
|
|
|
5.69 |
|
|
$ |
136,975 |
|
Exercisable as of December 31, 2023 |
|
|
6,585,645 |
|
|
|
5.84 |
|
|
|
5.34 |
|
|
$ |
118,100 |
|
Vested or expected to vest as of December 31, 2023 |
|
|
1,462,943 |
|
|
|
12.83 |
|
|
|
7.19 |
|
|
$ |
18,217 |
|
|
| Summary of Fair Value of Warrants Using Black Scholes Model |
The fair value of each option award was estimated on the date of grant using the Black-Scholes option-pricing model. The table below quantifies the weighted average of the most significant inputs to determine the fair value of stock options granted during the years ended December 31, 2022 and 2021.
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|
Year Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
Risk-free interest rate |
|
|
2.16 |
% |
|
|
0.87 |
% |
Expected dividend yield |
|
|
0 |
% |
|
|
0 |
% |
Expected volatility |
|
|
47.4 |
% |
|
|
42.6 |
% |
Expected terms (in years) |
|
|
6 |
|
|
|
6 |
|
|
| Summary of Restricted Stock Activity |
The following table summarizes the restricted stock units activity for the year ended December 31, 2023:
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Number of Shares |
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|
Weighted-Average
Grant Date Fair Value |
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|
Aggregate
Fair
Value
(In Thousands) |
|
Unvested as of December 31, 2022 |
|
|
2,934,442 |
|
|
$ |
24.94 |
|
|
|
|
Granted |
|
|
2,890,407 |
|
|
|
27.14 |
|
|
$ |
78,435 |
|
Vested |
|
|
(1,192,362 |
) |
|
|
24.88 |
|
|
$ |
29,670 |
|
Cancelled |
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|
(201,762 |
) |
|
|
27.30 |
|
|
|
|
Unvested as of December 31, 2023 |
|
|
4,430,725 |
|
|
$ |
26.28 |
|
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|
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| Summary of the Stock Based Compensation Expense for Stock Options, RSAs and RSUs Granted to Employees and Nonemployee |
The following table summarizes the stock-based compensation expense for stock options, restricted stock units and ESPP shares granted to employees and non-employee board members that was recorded in the Company’s consolidated statements of operations and comprehensive loss (in thousands):
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Year Ended December 31, |
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|
2023 |
|
|
2022 |
|
|
2021 |
|
Technology and development |
|
$ |
9,286 |
|
|
$ |
4,916 |
|
|
$ |
2,510 |
|
Selling and marketing |
|
|
11,982 |
|
|
|
7,856 |
|
|
|
5,161 |
|
General and administrative |
|
|
22,458 |
|
|
|
17,487 |
|
|
|
11,257 |
|
Total stock-based compensation expense |
|
$ |
43,726 |
|
|
$ |
30,259 |
|
|
$ |
18,928 |
|
|