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Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2024
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,
20242023
(in thousands)
Equity classified awards
Restricted stock units$9,798 $8,379 
Stock options437 626 
Class B common stock 1,238 1,889 
Liability classified awards7 12 
Total stock-based compensation$11,480 $10,906 
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,
20242023
(in thousands)
Cost of revenue
Platform$237 $115 
Products186 458 
Total cost of revenue423 573 
Research and development3,713 3,906 
Sales and marketing2,936 3,205 
General and administrative3,685 2,737 
Total stock-based compensation expense$10,757 $10,421 
Capitalized for software development costs330 430 
Capitalized to inventories393 55 
Total stock-based compensation$11,480 $10,906 
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, 20238,893,831 $14.38 
Granted247,500 $4.91 
Vested(991,402)$11.33 
Forfeited / cancelled(406,288)$12.93 
Outstanding at March 31, 20247,743,641 $14.54 
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, 20236,766,001 $23.32 
Forfeited / cancelled(223,116)$23.37 
Outstanding at March 31, 20246,542,885 $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, 20232,999,085 $18.65 3.5$— 
Forfeited / cancelled(4,065)$18.65 
Outstanding at March 31, 20242,995,020 $18.65 3.1$— 
Vested and exercisable at March 31, 20242,680,069 $18.65 3.0$— 
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, 2023259,425 $7.69 1.9$— 
Exercised— — 
Forfeited / cancelled(6,000)$7.69 
Outstanding at March 31, 2024253,425 $7.69 1.5$— 
Vested and exercisable at March 31, 2024253,425 $7.69 1.5$— 
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, 2024 is as follows:
Number of
Unvested Shares
Weighted-
Average
Grant Date Fair Value (per share)
Outstanding at December 31, 20231,656,679 $20.00 
Vested(988,133)$20.00 
Forfeited / cancelled(64,001)$20.00 
Outstanding at March 31, 2024604,545 $20.00