Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

In connection with the closing of the Business Combination, the Company authorized the issuance of 700,000,000 shares of Class A common stock, par value $0.0001 per share, 20,000,000 shares of Class B common stock, par value $0.0001 per share, and 10,000,000 shares of Class C common stock, par value $0.0001 per share. Each share of

Class A common stock is entitled to one vote and each share of Class B common stock is entitled to fifty votes. Class C common stock is non-voting.

Preferred Stock

In connection with the closing of the Business Combination, the Company authorized the issuance of 50,000,000 shares of preferred stock, par value $0.0001 per share. The Board of Directors is authorized, without further stockholder approval, to issue such preferred stock in one or more series, to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. There were no issued and outstanding shares of preferred stock as of March 31, 2023 or December 31, 2022.

Stock-Based Compensation

Stock Options

A summary of the stock option activity under the Company’s equity incentive plans is presented below:

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Term	Aggregate Intrinsic Value
Balance as of December 31, 2022	3,976	$	6.20	3.80	$	—
Granted	—	—		—	—
Exercised	(34)	0.86		—	—
Forfeited	(52)	4.97		—	—
Expired	(95)	4.06		—	—
Balance as of March 31, 2023	3,795	$	6.31	3.53	$	6
Expected to vest at March 31, 2023	3,795	$	6.31	3.53	$	6
Exercisable at March 31, 2023	3,216	$	6.47	2.59	$	6

As of March 31, 2023, the total share-based compensation costs not yet recognized related to unvested stock options was $1.4 million, which is expected to be recognized over the weighted-average remaining requisite service period of 1.2 years.

Restricted Stock Units

A summary of Restricted Stock Unit (“RSU”) activity is presented below:

	Shares	Weighted Average Grant- Date Fair Value
Outstanding as of December 31, 2022	7,495	$	3.59
Granted	—	—
Vested	(360)	4.65
Forfeited	(531)	5.03
Outstanding as of March 31, 2023	6,604	$	3.41

As of March 31, 2023, there were approximately $12.2 million of unrecognized compensation costs related to RSUs.

Stock-Based Compensation Expense

The following table summarizes stock-based compensation cost included in the condensed consolidated statements of operations:

	Three Months Ended March 31,
	2023		2022
Cost of revenue, excluding depreciation and amortization	$	356	$	460
Sales and marketing	569		722
General and administrative	542		2,598
Research and development1	(345)		160
Total	$	1,122	$	3,940

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(1) The negative stock-based compensation expense for the three months ended March 31, 2023 for Research and development was due to forfeitures.

RSUs settle into shares of common stock upon vesting. Upon the vesting of the RSUs, for certain employees, the Company net-settles the RSUs and withholds a portion of the shares to satisfy minimum statutory employee withholding tax requirements. Total payment of the employees’ tax obligations to the tax authorities is reflected as a financing activity within the condensed consolidated statements of cash flows.