Stockholders' Equity (Deficit)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders’ Equity (Deficit)

11. Stockholders’ Equity (Deficit)

Preferred Stock —The Company’s amended and restated certificate of incorporation authorizes the issuance of 100.0 million shares of convertible preferred stock with a par value of $0.0001 per share.

Common Stock —The Company’s amended and restated certificate of incorporation authorizes the issuance of Class A common stock and Class B common stock. As of December 31, 2023, the Company is authorized to issue 4,935.0 million shares of Class A common stock and 65.0 million shares of Class B common stock. Holders of Class A common stock and Class B common stock are entitled to dividends on a pro rata basis, when, as, and if declared by the Company’s Board of Directors, subject to the rights of the holders of the Company’s convertible preferred stock. Holders of Class A common stock are entitled to one vote per share, and holders of Class B common stock are entitled to 20 votes per share. Each share of our Class B common stock is convertible into one share of our Class A common stock at any time and will convert automatically upon certain transfers and upon the earliest of (i) the date that is specified by the affirmative vote of the holders of two-thirds of the then-outstanding shares of Class B common stock, (ii) the date on which less than 30% of the Class B common stock that was outstanding on March 2, 2021 continues to remain outstanding, (iii) March 10, 2036, (iv) nine months after the death or permanent disability of Mr. David Baszucki, and (v) nine months after the date on which Mr. Baszucki no longer serves as our CEO or as a member of our Board of Directors. Class A common stock and Class B common stock are not redeemable at the option of the holder.

During the years ended December 31, 2023 and 2021, 1.3 million and 6.0 million shares of Class B common stock held by entities affiliated with Mr. Baszucki, Founder, President, CEO, and Chair of our Board of Directors were converted to Class A common stock, respectively.

Class A and Class B common stock are referred to as common stock throughout the notes to the consolidated financial statements, unless otherwise noted.

The Company reserved shares of common stock for future issuance as follows (in thousands):

	As of December 31,
	2023	2022	2021
Stock options outstanding	40,159	51,591	63,267
RSUs outstanding	39,846	30,322	14,684
PSUs	905	415	—
CEO Long-Term Performance Award	11,500	11,500	11,500
2020 Equity Incentive Plan	66,114	59,945	52,811
2020 Employee Stock Purchase Plan	16,075	11,093	5,809
Stock warrants outstanding	264	264	324
RSAs outstanding	149	500	468
Total	175,012	165,630	148,863