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Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2023
Share-based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following is a summary of the Company’s stock option activity during the three months ended March 31, 2023:
Stock Options
(in thousands, except share and per share data)Number of Options OutstandingWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Life (Years)
Aggregate Intrinsic Value (1)
Balances as of January 1, 2023
15,988,268 $4.11 6.79$119,467 
Exercised(1,659,193)2.87 19,007 
Forfeited(254,292)5.60 
Balances as of March 31, 2023
14,074,783 4.23 6.56179,001 
Vested and exercisable as of March 31, 2023
9,237,232 2.60 5.81132,531 
Vested and expected to vest as of March 31, 2023
14,091,466 $4.24 6.57$179,038 
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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 Restricted Stock Award Activity
Restricted stock unit activity during the three months ended March 31, 2023 was as follows:
Number of SharesWeighted-Average Grant-Date Fair Value Per Share
Unvested at January 1, 2023
23,366,355 $11.86 
Granted3,425,404 12.41 
Vested(1,930,772)12.53 
Cancelled/forfeited(950,126)14.10 
Unvested at March 31, 2023
23,910,861 $11.79 
Schedule of ESPP Valuation Assumptions
The fair value of the ESPP offerings described above were estimated using the Black-Scholes option-pricing model as of the respective offering dates, using the following assumptions. These assumptions represent the grant date fair value inputs for new offerings which commenced during the three months ended March 31, 2023 and 2022, as well as updated valuation information as of the modification date for any offerings for which a modification occurred during the periods presented herein:
Three Months Ended March 31,
20232022
Risk-free interest rates
4.83% to 5.13%
0.60% to 1.31%
Expected term (in years)
0.5 to 2.0 years
0.5 to 2.0 years
Volatility
48.9% to 59.5%
61.0% to 73.0%
Dividend rate— %— %
Schedule of Share-based Compensation Expense
Stock-based compensation expense for stock options, RSUs, and the ESPP, included within the Condensed Consolidated Statements of Operations, net of amounts capitalized to internal-use software, as described in Note 4. Property and Equipment, was as follows:
Three Months Ended March 31,
(in thousands)20232022
Customer support and operations$205 $93 
Marketing2,983 1,032 
Technology and development16,631 4,072 
General and administrative9,415 4,397 
Total$29,234 $9,594