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:
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|
|
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|
|
|
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:
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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:
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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:
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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:
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|
|
|
|
|
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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:
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|
|
|
|
|
|
|
|
|
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:
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|
|
|
|
|
|
|
|
|
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 |
|
|