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Stockholders' Equity
 6 Months Ended
Jun. 30, 2022
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Common Stock
As of June 30, 2022, the Company was authorized to issue 205,000,000 total shares of capital stock, consisting of 200,000,000 shares of common stock and 5,000,000 shares of preferred stock. As of June 30, 2022, there were 77,219,835 shares of common stock outstanding, and the Company had reserved a total of 31,098,418 of its authorized shares of common stock for future issuance as follows:
Shares Reserved for Future Issuance
Outstanding restricted stock units5,477,279 
Outstanding performance restricted stock units2,515,924 
Outstanding stock options5,964,973 
Reserved for convertible senior notes17,140,242 
Total shares of common stock reserved for future issuance31,098,418 
On August 6, 2020, the Company sold 6,800,000 shares of the Company’s common stock to the public. The Company received net proceeds of $299.8 million, which the Company uses for working capital and other general corporate purposes, which may include capital expenditures, potential acquisitions, growth opportunities and strategic transactions.
Stock-Based Compensation
The Company maintains two stock-based compensation plans: the Amended and Restated 2014 Equity Incentive Plan (the “2014 Plan”) and the 2008 Stock Incentive Plan (the “2008 Plan” and together with the 2014 Plan, the “Stock Plans”). Upon the effective date of the 2014 Plan in January 2014, the Company ceased using the 2008 Plan to grant new equity awards. The shares available for future issuance under the 2014 Plan increased by 3,782,719 and 3,619,344 on January 1, 2022 and 2021, respectively, pursuant to the automatic share reserve increase provision in the 2014 Plan.
The Company also has a 2017 Employee Stock Purchase Plan (the “ESPP”). As of June 30, 2022, 379,670 shares remained available for purchase under the ESPP.
The following table presents stock-based compensation expense related to the Stock Plans and the ESPP, contained on the following line items on the Company’s condensed consolidated statements of operations and comprehensive loss for each of the periods indicated.
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2022202120222021
 (in thousands)
Curriculum and teaching$49 $17 $96 $33 
Servicing and support4,321 3,964 8,680 7,813 
Technology and content development2,635 3,095 6,497 6,369 
Marketing and sales1,722 1,672 3,848 3,173 
General and administrative13,622 16,028 27,652 32,335 
Total stock-based compensation expense$22,349 $24,776 $46,773 $49,723 
Restricted Stock Units
The 2014 Plan provides for the issuance of restricted stock units (“RSUs”) to eligible participants. RSUs generally vest over a three- or four-year period. The following table presents a summary of the Company’s RSU activity for the period indicated.
 Number of
Units		Weighted-
Average Grant
Date Fair Value per Share
Outstanding balance as of December 31, 20212,613,063 $32.29 
Granted4,176,272 10.63 
Vested(1,081,341)28.17 
Forfeited(230,715)22.68 
Outstanding balance as of June 30, 20225,477,279 $16.99 
The total compensation expense related to the unvested RSUs not yet recognized as of June 30, 2022 was $64.3 million, and will be recognized over a weighted-average period of approximately 2.0 years.
Performance Restricted Stock Units
The 2014 Plan allows for the grant of performance restricted stock units (“PRSUs”) to eligible participants. The right to earn the PRSUs is subject to achievement of the defined performance metrics and continuous employment service. The performance metrics are defined and approved by the compensation committee of our board of directors. Earned PRSUs may be subject to additional time-based vesting.
During the first quarter of 2022, the PRSU awards granted as part of the Company’s 2020 annual equity award cycle with a performance period that began on January 1, 2021 and ended on December 31, 2021, which were subject to market-based vesting conditions, did not achieve the market-based targets for the second performance period, and 0% of the granted quantities vested. The PRSU awards granted as part of the Company’s 2021 annual equity award cycle with a performance period that began on January 1, 2021 and ended on December 31, 2021, which were subject to internal financial performance-based vesting targets, were earned at 112.7% of target.
The following tables present a summary of (i) the assumptions used for estimating the fair values of the PRSUs subject to market-based vesting conditions and (ii) the Company’s PRSU activity for the period indicated. As of June 30, 2022 and December 31, 2021, there were 1.3 million and 1.0 million outstanding PRSUs for which the performance metrics had not been defined as of each respective date. Accordingly, such awards are not considered granted for accounting purposes as of June 30, 2022 and December 31, 2021, and have been excluded from the tables below. No PRSUs were granted during each of the three months ended June 30, 2022 and 2021.
 Six Months Ended
June 30,
 20222021
Risk-free interest rate
0.39% – 1.88%
0.10% – 0.26%
Expected term (years)
1.00 – 3.00
1.00 – 3.00
Expected volatility
49% – 97%
85% – 89%
Dividend yield0%0%
Weighted-average grant date fair value per share$18.67$61.33

 Number of
Units		Weighted-
Average Grant
Date Fair Value per Share
Outstanding balance as of December 31, 20211,121,277 $48.62 
Granted2,081,647 16.63 
Vested(3,106)40.74 
Forfeited(683,894)52.98 
Outstanding balance as of June 30, 20222,515,924 $21.46 
The total compensation expense related to the unvested PRSUs not yet recognized as of June 30, 2022 was $23.8 million, and will be recognized over a weighted-average period of approximately 1.4 years.
Stock Options
The Stock Plans provide for the issuance of stock options to eligible participants. Stock options issued under the Stock Plans generally are exercisable for periods not to exceed 10 years and generally vest over a three- or four-year period.
The following table summarizes the assumptions used for estimating the fair value of the stock options granted for the period presented. No stock options were granted during the six months ended June 30, 2021.
 Three Months Ended
June 30, 2022		Six Months Ended
June 30, 2022
Risk-free interest rate
2.8% - 3.0%
1.9% - 3.0%
Expected term (years)
5.63 - 5.78
5.63 - 5.78
Expected volatility
75% - 77%
75% - 77%
Dividend yield0%0%
Weighted-average grant date fair value per share$7.03$6.99
The following table presents a summary of the Company’s stock option activity for the period indicated.
 Number of
Options		Weighted-Average
Exercise Price per
Share		Weighted-Average
Remaining
Contractual Term
(in years)		Aggregate
Intrinsic
Value
(in thousands)
Outstanding balance as of December 31, 20213,477,439 $36.13 3.87$16,246 
Granted3,043,789 10.76 8.86
Exercised(286,733)3.12 0.02
Forfeited(227,384)14.89 
Expired(42,138)60.02 
Outstanding balance as of June 30, 20225,964,973 25.41 6.581,806 
Exercisable as of June 30, 20223,187,768 $34.69 3.93$1,802 
The aggregate intrinsic value of options exercised during the six months ended June 30, 2022 and 2021 was $3.2 million and $5.2 million, respectively.
The total compensation expense related to the unvested options not yet recognized as of June 30, 2022 was $21.8 million, and will be recognized over a weighted-average period of approximately 2.5 years.