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Stock Plan (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

The following table summarizes the stock option activities under the Company’s stock plans for three months ended March 31, 2022 (in thousands, except for per share data):


	Options Outstanding
	Number of Shares	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Balance—December 31, 2021	42,227	$	0.63	6.9	$	844,909

Expired or canceled	(750)	0.76
Exercised	(4,431)	0.49			$	42,698
Balance—March 31, 2022	37,046	$	0.64	6.8	$	276,916
Options vested and exercisable—March 31, 2022	26,981	$	0.60	6.5	$	202,862

Schedule of RSU and PRSU Activity

The following table summarizes the RSU activity under the Company’s stock plans for the three months ended March 31, 2022 (in thousands, except per share data):


	RSUs and PRSUs
	Number of Shares	Weighted- Average Grant-Date Fair Value Price Per Share
Balance—December 31, 2021	24,744	$	17.70
Granted	4,807	7.73
Vested	(1,659)	16.51
Canceled or forfeited	(568)	16.78
Balance—March 31, 2022	27,324	$	16.04

Schedule of Earn-out Award Activity

The following table summarizes the Earn-out Award activity under the Earn-out Arrangement pursuant to the Merger Agreement during the three months ended March 31, 2022 (in thousands, except for per share data):


	Earn-out Award Outstanding
	Number of Shares	Weighted-Average Grant-Date Fair Value Price Per Share
Balance—December 31, 2021	4,700	$	12.64
Granted	13	20.13
Forfeited or Canceled	(61)	13.07
Vested and Canceled (1)	(1,966)	5.35
Vested and Released	(2,686)	$	7.31
Balance—March 31, 2022	—

(1) Represents 2 million shares withheld for tax obligation upon issuances of the Earn-out Shares on February 1, 2022.

Earn-out Shares Valuation

The following table provides the assumptions used to estimate the fair value of the Private Warrants during the three months ended March 31, 2022:



	March 31, 2022
Current stock price	$	8.12
Strike price	$	11.50
Expected term (in years)	4.31
Expected volatility	68.0%
Risk-free interest rate	2.5%
Expected dividend yield	—%

Assumptions used in the valuation as of December 31, 2021 are described below:


	As of
	December 31, 2021
Current stock price	$	20.64
Expected term (in years)	5.1
Expected volatility	67.0		%
Risk-free interest rate	1.3		%
Expected dividend yield	0		%

The assumptions used to estimate the fair value of Earn-out Awards granted before the triggering events occurred were as follows. Upon the settlement of all tranches, the Earn-out Shares were issued into a fixed number of shares of common stock that was indexed to the Company's own stock price other than on an observable market price or index.


	December 31, 2021 to January 18,	Inception to December 31,
	2022	2021
Current stock price	$13.34 – $19.61	$13.93 – $27.86
Expected term	5.1 years	5.1 – 5.5 years
Expected volatility	67.0%	40.0% – 67.0%
Risk-free interest rate	1.3%	0.8% – 1.3%
Expected dividend yield	0%	0%

Employee Stock Option Valuation

The following table summarizes the assumptions used and the resulting grant-date fair values of our 2021 ESPP:


			March 31,
			2022
Grant-date fair value per share			$7.59 – $14.36
Expected term			0.5 – 2.0 years
Expected volatility			27.9 – 43.4%
Risk-free interest rate			0.1 – 0.6%
Expected dividend yield			0%

Stock-based Compensation Arrangement

The amount of stock-based compensation related to stock-based awards to employees in the Company’s condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021 were as follows (in thousands):


	Three Months Ended March 31,
	2022		2021
Costs of revenue	$	1,809	$	25
Research and development	12,943		138
Selling, general, and administrative	40,525		495
Stock-based compensation, net of amounts capitalized	55,277		658
Capitalized stock-based compensation	5,820		82
Total stock-based compensation	$	61,097	$	740