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Stockholder's Equity and Employee Benefit Plans (Tables)
9 Months Ended
Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Stock Option Activity

The following is a summary of stock option activity for the current year period:

 

 

Stock Options

 

 

Number of
Shares

 

Weighted Average
Exercise Price

 

Aggregate
Intrinsic Value

(in thousands)

 

Weighted Average
Remaining
Contractual Term
(in years)

 

Outstanding at December 31, 2021

 

14,527,520

 

$

17.11

 

$

61,227

 

 

6.3

 

Granted

 

940,000

 

$

7.14

 

 

 

 

 

Exercised

 

(206,132

)

$

13.71

 

 

 

 

 

Forfeited

 

(597,459

)

$

20.09

 

 

 

 

 

Expired

 

(797,944

)

$

18.31

 

 

 

 

 

Outstanding, vested and expected to vest at September 30, 2022

 

13,865,985

 

$

16.29

 

$

2

 

 

4.9

 

Vested and exercisable at September 30, 2022

 

11,152,332

 

$

16.39

 

$

2

 

 

4.7

 

Summary of Estimated Fair Value of Stock Options Granted Using Weighted-average Assumptions

The Company used the Black-Scholes-Merton option pricing model to estimate the fair value of stock options granted using the following weighted-average assumptions:

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2022

 

2021

 

2022

 

2021

Expected life (in years)

 

2.0

 

5.7

 

2.0

 

5.8

Risk-free interest rate

 

3.4%

 

0.9%

 

3.4%

 

0.8%

Volatility

 

53%

 

50%

 

53%

 

52%

Dividend yield

 

—%

 

—%

 

—%

 

—%

Fair value of common stock

 

$7.14

 

$20.05

 

$7.14

 

$21.51

Summary of Estimated Fair Value of ESPP Purchase Rights Granted Using Weighted-average Assumptions

The Company used the Black-Scholes-Merton option pricing model to estimate the fair value of ESPP purchase rights granted using the following weighted-average assumptions:

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2022

 

2021

 

2022

 

2021

Expected life (in years)

 

n/a

 

n/a

 

1.3

 

1.3

Risk-free interest rate

 

n/a

 

n/a

 

2.2%

 

0.1%

Volatility

 

n/a

 

n/a

 

53%

 

53%

Dividend yield

 

n/a

 

n/a

 

—%

 

—%

Fair value of common stock

 

n/a

 

n/a

 

$12.09

 

$19.12

Summary of Stock-based Compensation Expense Recognized in Financial Statements

Stock-based compensation expense recognized in the condensed consolidated financial statements is as follows:

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

(in thousands)

 

2022

 

2021

 

2022

 

2021

 

Cost of revenue

 

$

1,580

 

$

1,639

 

$

4,613

 

$

4,701

 

Research and development

 

 

8,770

 

 

10,081

 

 

26,117

 

 

29,891

 

Sales and marketing

 

 

5,874

 

 

5,672

 

 

18,297

 

 

17,864

 

General and administrative

 

 

8,087

 

 

7,202

 

 

24,367

 

 

21,310

 

Restructuring

 

 

—

 

 

—

 

 

2,761

 

 

—

 

Stock-based compensation expense, net of amounts capitalized

 

 

24,311

 

 

24,594

 

 

76,155

 

 

73,766

 

Capitalized stock-based compensation expense

 

 

480

 

 

530

 

 

1,928

 

 

1,666

 

Total stock-based compensation expense

 

$

24,791

 

$

25,124

 

$

78,083

 

$

75,432

 

Summary of Unamortized Stock-based Compensation

As of September 30, 2022, unamortized stock-based compensation was as follows:

 

 

Unrecognized
stock-based
compensation

(in thousands)

 

Weighted
average
recognition
period
(in years)

 

Restricted stock units

$

133,221

 

 

2.2

 

Stock options

 

12,510

 

 

1.4

 

Restricted stock awards

 

13,985

 

 

2.3

 

ESPP

 

8,628

 

 

1.6

 

Total unrecognized stock-based compensation

$

168,344

 

 

 

Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Restricted Stock Units and Restricted Stock Awards

The following is a summary of restricted stock units for the current year period:

 

 

Restricted Stock Units

 

 

Number of
Shares

 

Weighted Average
Grant-Date
Fair Value

 

Weighted Average
Remaining
Contractual Term

(in years)

 

Unvested at December 31, 2021

 

5,996,059

 

$

21.33

 

 

1.1

 

Granted

 

7,735,288

 

$

14.26

 

 

 

Vested

 

(2,994,628

)

$

19.22

 

 

 

Forfeited/cancelled

 

(1,896,968

)

$

19.02

 

 

 

Unvested at September 30, 2022

 

8,839,751

 

$

16.36

 

 

1.2

 

Restricted Stock Awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Restricted Stock Units and Restricted Stock Awards

The following is a summary of restricted stock awards for the current year period:

 

 

Restricted Stock Awards

 

 

Number of
Shares

 

Weighted Average
Grant-Date
Fair Value

 

Weighted Average
Remaining
Contractual Term

(in years)

 

Unvested at December 31, 2021

 

241,765

 

$

24.17

 

 

2.0

 

Granted

 

1,392,871

 

$

16.72

 

 

 

Vested

 

(272,214

)

$

18.54

 

 

 

Forfeited/cancelled

 

(226,818

)

$

16.93

 

 

 

Unvested at September 30, 2022

 

1,135,604

 

$

17.83

 

 

2.2