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Stock-Based Compensation and Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2022
Summary of Stock Option Activity
The following table summarizes stock option activity under the Plans:
Number of
Options
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value
Outstanding as of December 31, 201927,806 $5.97 7.76$207,956 
Granted381 22.32 
Exercised(8,123)4.39 
Canceled(436)8.06 
Market-based stock options granted8,645 43.31 
Outstanding as of December 31, 202028,273 $18.03 8.20$724,339 
Granted5,013 13.91 
Exercised(4,284)5.32 
Canceled(690)14.01 
Outstanding as of December 31, 202128,312 $19.32 7.57$192,955 
Granted1,819 12.11 
Exercised(11,683)5.04 
Canceled(981)14.75 
Outstanding as of December 31, 202217,467 $28.38 7.68$45,467 
Options exercisable as of December 31, 20223,739 $12.26 6.71$25,747 
Options vested and expected to vest as of December 31, 20228,048 $7.93 3.97$16,813 
Schedule of Additional Information Relating to Tranche The following table presents additional information relating to each tranche of the Performance Stock Option:
TrancheStock Price MilestoneNumber of Options
Tranche 1
$55 per share
1,330
Tranche 2
$70 per share
1,995
Tranche 3
$90 per share
2,660
Tranche 4
$110 per share
2,660
Summary of Restricted Stock Unit Activity
The following table summarizes restricted stock unit activity under the Plans:
Number of
Shares
Grant Date
Fair Value
Unvested and outstanding as of December 31, 2019— $— 
Granted1,490 21.52 
Vested(65)15.00 
Canceled and forfeited(134)18.74 
Unvested and outstanding as of December 31, 20201,291 $22.14 
Granted2,697 30.44 
Vested(338)22.98 
Canceled and forfeited(401)30.62 
Unvested and outstanding as of December 31, 20213,249 $27.90 
Granted12,648 11.66 
Vested(996)26.72 
Canceled and forfeited(1,476)16.00 
Unvested and outstanding as of December 31, 202213,425 $14.00 
Summary of Stock-Based Compensation Expense
Stock-based compensation expense was classified in the consolidated statements of operations as follows:
 
Year Ended December 31,
 202220212020
Sales and marketing$3,618 $4,136 $2,385 
General and administrative143,298 108,162 32,710 
Total$146,916 $112,298 $35,095 
Service Based Vesting Conditions  
Schedule of Fair Value of Stock Options Granted Using Option Pricing Model
We estimated the fair value of stock option grants with service-based vesting conditions using a Black-Scholes option pricing model with the following assumptions presented on a weighted-average basis:
 
Year Ended December 31,
 202220212020
Expected term in years6.05.16.0
Expected stock price volatility55.2 %53.7 %57.4 %
Risk-free interest rate1.7 %0.9 %0.9 %
Expected dividend yield— %— %— %
Estimated fair value per option granted$6.38 $18.56 $11.88 
Performance Stock Option  
Schedule of Fair Value of Stock Options Granted Using Option Pricing Model
The grant date fair value of the Performance Stock Option is determined using a Monte Carlo simulation that incorporates estimates of the potential outcomes of the market condition on the grant with the following assumptions:
 
Year Ended December 31,
 2020
Derived service period in years
1.16 - 3.09
Expected stock price volatility55.0 %
Risk-free interest rate0.7 %
Expected dividend yield— %
Weighted-average fair value per option granted$22.84 
2020 ESPP  
Schedule of Fair Value of Stock Options Granted Using Option Pricing Model The following assumptions were used to calculate the stock-based compensation for each stock purchase right granted under the ESPP:
 
Year Ended December 31,
 202220212020
Expected term in years
0.5 - 0.5
0.5 - 0.5
0.3 - 0.5
Expected stock price volatility
44.5% - 73.6%
44.5% - 59.4%
53.7% - 63.5%
Risk-free interest rate
0.1% - 1.5%
—% - 0.1%
0.1% - 1.5%
Expected dividend yield— %— %— %