Stock-Based Compensation and Employee Benefit Plans (Tables)
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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, 2019 | 27,806 | | | $ | 5.97 | | | 7.76 | | $ | 207,956 | | Granted | 381 | | | 22.32 | | | | | | Exercised | (8,123) | | | 4.39 | | | | | | Canceled | (436) | | | 8.06 | | | | | | Market-based stock options granted | 8,645 | | | 43.31 | | | | | | Outstanding as of December 31, 2020 | 28,273 | | | $ | 18.03 | | | 8.20 | | $ | 724,339 | | Granted | 5,013 | | | 13.91 | | | | | | Exercised | (4,284) | | | 5.32 | | | | | | Canceled | (690) | | | 14.01 | | | | | | Outstanding as of December 31, 2021 | 28,312 | | | $ | 19.32 | | | 7.57 | | $ | 192,955 | | Granted | 1,819 | | | 12.11 | | | | | | Exercised | (11,683) | | | 5.04 | | | | | | Canceled | (981) | | | 14.75 | | | | | | Outstanding as of December 31, 2022 | 17,467 | | | $ | 28.38 | | | 7.68 | | $ | 45,467 | | | | | | | | | | Options exercisable as of December 31, 2022 | 3,739 | | | $ | 12.26 | | | 6.71 | | $ | 25,747 | | Options vested and expected to vest as of December 31, 2022 | 8,048 | | | $ | 7.93 | | | 3.97 | | $ | 16,813 | |
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Schedule of Additional Information Relating to Tranche |
The following table presents additional information relating to each tranche of the Performance Stock Option: | | | | | | | | | | | | | | | Tranche | | Stock Price Milestone | | Number 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 |
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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 | — | | | $ | — | | Granted | 1,490 | | | 21.52 | | Vested | (65) | | | 15.00 | | Canceled and forfeited | (134) | | | 18.74 | | Unvested and outstanding as of December 31, 2020 | 1,291 | | | $ | 22.14 | | Granted | 2,697 | | | 30.44 | | Vested | (338) | | | 22.98 | | Canceled and forfeited | (401) | | | 30.62 | | Unvested and outstanding as of December 31, 2021 | 3,249 | | | $ | 27.90 | | Granted | 12,648 | | | 11.66 | | Vested | (996) | | | 26.72 | | Canceled and forfeited | (1,476) | | | 16.00 | | Unvested and outstanding as of December 31, 2022 | 13,425 | | | $ | 14.00 | |
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Summary of Stock-Based Compensation Expense |
Stock-based compensation expense was classified in the consolidated statements of operations as follows: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2022 | | 2021 | | 2020 | Sales and marketing | $ | 3,618 | | | $ | 4,136 | | | $ | 2,385 | | General and administrative | 143,298 | | | 108,162 | | | 32,710 | | Total | $ | 146,916 | | | $ | 112,298 | | | $ | 35,095 | |
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Service Based Vesting Conditions |
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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, | | 2022 | | 2021 | | 2020 | Expected term in years | 6.0 | | 5.1 | | 6.0 | Expected stock price volatility | 55.2 | % | | 53.7 | % | | 57.4 | % | Risk-free interest rate | 1.7 | % | | 0.9 | % | | 0.9 | % | Expected dividend yield | — | % | | — | % | | — | % | Estimated fair value per option granted | $ | 6.38 | | | $ | 18.56 | | | $ | 11.88 | |
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Performance Stock Option |
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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 volatility | 55.0 | % | Risk-free interest rate | 0.7 | % | Expected dividend yield | — | % | Weighted-average fair value per option granted | $ | 22.84 | |
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2020 ESPP |
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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, | | 2022 | | 2021 | | 2020 | 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 | — | % | | — | % | | — | % |
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