Redeemable Convertible Preferred Stock

12 Months Ended

Dec. 31, 2022

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock

Redeemable Convertible Preferred Stock

In connection with the Company’s IPO which was completed on November 8, 2021, all 7.5 million shares of the Company’s then-outstanding Series A redeemable convertible preferred stock automatically converted into an equal number of shares of Class A common stock.

A summary of the Company’s Series A redeemable convertible preferred stock activity is as follows:

(in millions, except share amounts which are in thousands)	2021			2020
Year Ended December 31,	Shares	Amount		Shares	Amount
Balance as of beginning of year	7,687	$	68.8	7,687	$	68.8
Repurchase of Series A redeemable convertible preferred stock	(102)	(2.1)		—	—
Conversion of Series A redeemable convertible preferred stock to Class A common stock	(58)	(0.5)		—	—
Conversion of Series A redeemable convertible preferred stock to Class A common stock upon initial public offering	(7,527)	(66.2)		—	—
Balance as of end of year	—	$	—	7,687	$	68.8

In March 2021, the Company repurchased 0.1 million shares of Series A redeemable convertible preferred stock from an affiliated entity of a former member of its Board of Directors for $2.1 million.