Equity Incentive Plans and Stock-Based Compensation

9 Months Ended

Sep. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity Incentive Plans and Stock-Based Compensation

11. Equity Incentive Plans and Stock-Based Compensation

As of September 30, 2021, we have two active equity incentive plans: the 2020 Equity Incentive Plan and the Employee Stock Purchase Plan (“ESPP”).

The following table summarizes stock-based compensation expense by line item in the accompanying condensed combined consolidated statements of operations:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2021		2020			2021		2020
	(In thousands)
Cost of revenue	$	282	$	60		$	756	$	192
Sales, general and administrative		4,889		1,414			11,061		3,634
Product development		641		157			1,839		460
Stock-based compensation expense, net of amounts capitalized (1)		5,812		1,631			13,656		4,286
Income tax benefits (expense) related to stock-based           compensation expense	$	832	$	(140	)	$	5,987	$	(476	)

(1) Total stock-based compensation expense capitalized in inventory was not material for each of the periods presented.

As of September 30, 2021, we had $37.1 million of total unrecognized stock-based compensation relating to outstanding unvested awards which is expected to be amortized over a weighted-average period of 2.9 years.

The total intrinsic value of options exercised was $8.8 million and $62.4 million for the three and nine months ended September 30, 2021, respectively. The total intrinsic value of stock options exercises was $0.4 million for both the three and nine months ended September 30, 2020.