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Stockholders' Equity (Tables)
6 Months Ended
Jun. 30, 2022
Stockholders' Equity Note [Abstract]  
Schedule of shares of common stock reserved for future issuance 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 
Schedule of stock-based compensation expense included in the consolidated statements of operations and comprehensive loss 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 
Schedule of restricted and performance restricted stock unit activity 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 
 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 
Schedule of assumptions used for estimating the fair value of the stock options granted 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
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
Schedule of stock option activity
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