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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following is a summary of the Company’s stock option activity during the year ended December 31, 2021:
Stock Options
(in thousands, except share and per share amounts)Number of Options OutstandingWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Life (Years)
Aggregate Intrinsic Value (1)
Balances as of January 1, 2021
21,034,424 $1.88 7.82$64,604 
Granted8,219,753 7.26 
Exercised(4,495,889)1.85 72,208 
Forfeited(1,371,346)3.16 
Balances as of December 31, 2021
23,386,942 3.70 7.66395,676 
Vested and exercisable as of December 31, 2021
10,200,154 1.77 6.38192,296 
Vested and expected to vest as of December 31, 2021
23,788,236 $3.69 7.66$402,847 
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(1)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock.
Schedule of Stock Option Valuation Assumptions
The fair value of each employee stock option granted during the years ended December 31, 2021, 2020, and 2019 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
Years Ended December 31,
202120202019
Risk-free interest rates
0.32% to 1.19%
0.30% to 1.47%
1.51% to 2.47%
Expected term (in years)
3.5 to 6.8 years
5.0 to 6.6 years
5.0 to 10.0 years
Volatility
37.8% to 50.5%
37.3% to 54.0%
53.8% to 54.0%
Dividend rate— %— %— %
Schedule of Restricted Stock Award Activity
Restricted stock unit activity, including PRSUs, during the year ended December 31, 2021 was as follows:
Number of SharesWeighted-Average Grant-Date Fair Value Per Share
Unvested at January 1, 2021
437,369 $3.54 
Granted3,112,492 27.16 
Vested(124,026)5.07 
Cancelled/forfeited(53,250)32.11 
Unvested at December 31, 2021
3,372,585 24.83 
Schedule of ESPP Valuation Assumptions
The fair value of ESPP offerings was estimated at the date of each offering using the Black-Scholes option-pricing model with the following assumptions during the year ended December 31, 2021:
Year Ended December 31,
2021
Risk-free interest rates
0.06% to 0.30%
Expected term (in years)
0.4 to 1.9 years
Volatility
37.7% to 56.0%
Dividend rate— %
Schedule of Share-based Compensation Expense
Stock-based compensation expense for stock options, RSUs, PRSUs, and the ESPP, included in the consolidated statements of operations, net of amounts capitalized to internal-use software, as described in Note 4, were as follows:
Years Ended December 31,
(in thousands)202120202019
Customer support and operations$153 $22 $25 
Marketing2,325 869 541
Technology and development6,931 2,130 1,486 
General and administrative7,607 2,243 1,596 
Total$17,016 $5,264 $3,648