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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Restricted Stock Unit, Activity
The following summarizes the activity for the unvested RSUs during the six months ended June 30, 2022:
SharesWeighted-
Average
Grant Date Fair Value
Unvested at December 31, 20211,082,980 $27.70 
Granted3,520,925 17.14 
Vested(336,400)20.51 
Forfeited and canceled(323,939)22.07 
Unvested at June 30, 20223,943,566 $19.34 
Schedule of Stock Options
The following summarizes our stock option activity for the six months ended June 30, 2022 (in thousands, except share and per share amounts):
Number of
options
outstanding
Weighted-
average
exercise
price
Weighted-
average
remaining
contractual
term
(In years)
Aggregate
intrinsic
value
As of December 31, 202136,716,816 $3.55 5.76$633,730 
Granted859,038 15.75 
Exercised(2,969,665)1.56 
Forfeited(505,440)7.11 
Vested and expected to vest as of June 30, 202234,100,749 $3.98 5.47$200,923 
Exercisable as of June 30, 202225,640,244 $2.49 4.52$189,281 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value
The following table summarizes the weighted-average grant date fair value of options granted, intrinsic value of options exercised, and fair value of options vested for the three and six months ended June 30, 2022 and 2021 (in thousands, except per share amounts):
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Weighted-average grant date fair value of options grantedN/A$17.64 $15.75 $10.70 
Intrinsic value of options exercised$10,289 $18,622 $41,138 $71,998 
Total fair value of options vested$11,026 $12,696 $24,725 $18,646 
Schedule of Black-Scholes Option Pricing Model Assumptions
We estimated the fair value of stock options granted using the Black-Scholes option pricing model with the following weighted-average assumptions:
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Expected term (in years)N/A6.005.24
5.48 - 6.07
VolatilityN/A65%32%
52% - 65%
Risk-free interest rateN/A1.06%1.62%
0.50% - 1.06%
Dividend yieldN/A0%0%0%
Fair value of underlying common stockN/A$30.02$15.75
$16.78 - $30.02
Schedule of Stock-based Compensation By Statement of Operations Line Item
The classification of stock-based compensation expense, which includes expense for stock options, RSUs, SARs, and ESPP charges, by line item within the condensed consolidated statements of operations and comprehensive (loss) income was as follows (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Cost of revenue - platform$1,432 $744 $2,902 $1,180 
Cost of revenue - professional services and other188 131 398 246 
Research and development3,413 2,500 6,811 5,952 
General and administrative5,087 4,237 10,125 8,095 
Sales and marketing1,357 536 2,949 924 
Total stock-based compensation expense$11,477 $8,148 $23,185 $16,397