XML 38 R28.htm IDEA: XBRL DOCUMENT v3.23.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Costs
The following table shows the stock-based compensation cost by award type for the periods indicated:
Three Months Ended March 31,
20232022
(in thousands)
Equity classified awards
Restricted stock units$8,379 $6,826 
Stock options626 1,012 
Class B common stock 1,889 2,662 
Liability classified awards12 (230)
Total stock-based compensation$10,906 $10,270 
The following table sets forth the total stock-based compensation cost included in the Company’s condensed consolidated statements of operations and comprehensive income or capitalized to assets for the periods indicated:
Three Months Ended March 31,
20232022
(in thousands)
Cost of revenue
Connected machines$183 $3 
Subscriptions115 52 
Accessories and materials275 — 
Total cost of revenue573 55 
Research and development3,906 4,011 
Sales and marketing3,205 2,868 
General and administrative2,737 2,024 
Total stock-based compensation expense$10,421 $8,958 
Capitalized for software development costs430 541 
Capitalized to inventories55 771 
Total stock-based compensation$10,906 $10,270 
Schedule of Restricted Stock Unit Activity
A summary of the Company’s service-based restricted stock unit (“RSU”) activity under the 2021 Equity Incentive Plan is as follows:
Number of
RSUs
Weighted-
Average
Grant Date
Fair Value
(per share)
Outstanding at December 31, 20226,364,022 $18.16 
Granted3,331,500 $10.24 
Dividend equivalent grants223,415 — 
Vested(105,713)$19.69 
Forfeited / cancelled(125,056)$16.89 
Outstanding at March 31, 20239,688,168 $15.43 
A summary of the Company’s PRSU activity under the 2021 Equity Incentive Plan is as follows:

Number of
PRSUs (a)
Weighted-
Average
Grant Date
Fair Value
(per share)
Outstanding at December 31, 20226,295,000 $23.32 
Dividend equivalent grants224,351 $— 
Forfeited / cancelled(55,359)$23.37 
Outstanding at March 31, 20236,463,992 $23.32 
a.Represents the maximum number of PRSUs assuming all performance targets are achieved.
Schedule of Stock Option Activity
A summary of the Company’s stock option activity under the 2021 Equity Incentive Plan is as follows:
Number of
Options
Weighted-
Average
Exercise Price
Weighted-
Average
Remaining
Term
(Years)
Aggregate
Intrinsic
Value
(in thousands)
Outstanding at December 31, 20223,142,911 $20.00 4.6$— 
Forfeited / cancelled(33,499)$20.00 
Outstanding at March 31, 20233,109,412 $20.00 4.4$— 
Vested and exercisable at March 31, 20232,274,558 $20.00 4.1$— 
The Company’s options to purchase Class B common stock resulted from the Corporate Reorganization and are not part of the 2021 Equity Incentive Plan. A summary of the Company stock option activity for the options to purchase shares of Class B common stock is as follows:
Number of
Options
Weighted-
Average
Exercise Price
Weighted-
Average
Remaining
Term
(Years)
Aggregate
Intrinsic
Value
(in thousands)
Outstanding at December 31, 2022358,000 $9.04 2.8$82 
Exercised(6,000)9.04 
Forfeited / cancelled(8,000)$9.04 
Outstanding at March 31, 2023344,000 $9.04 2.3$399 
Vested and exercisable at March 31, 2023344,000 $9.04 2.3$399 
Schedule of Nonvested Share Activity
The Company’s unvested Class B common stock resulted from the Corporate Reorganization and is not part of the 2021 Equity Incentive Plan. Activity related to Class B common stock subject to future vesting for the three months ended March 31, 2023 is as follows:
Number of
Unvested Shares
Weighted-
Average
Grant Date Fair Value (per share)
Outstanding at December 31, 20224,655,214 $20.00 
Vested(1,803,656)$20.00 
Forfeited / cancelled(103,906)$20.00 
Outstanding at March 31, 20232,747,652 $20.00