XML 49 R33.htm IDEA: XBRL DOCUMENT v3.22.4
Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Weighted Average Assumptions

The weighted average assumptions for the year ended December 31, 2022 and 2021 are provided in the following table.

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

Valuation assumptions:

 

 

 

 

 

 

Expected dividend yield

 

—%

 

 

—%

 

Expected volatility

 

 

67

%

 

 

53

%

Expected term (years)

 

 

5.9

 

 

 

6.1

 

Risk-free interest rate

 

 

2.2

%

 

 

1.1

%

Fair value of share

 

$

37.60

 

 

$

26.96

 
Summary of Stock Option Activity

A summary of the status of the Company’s stock option activity and the changes during the years then ended are as follows (in millions, except share and per share amounts):

 

 

 

Number of
Shares

 

 

Weighted
Average
Exercise Price
Per Share

 

 

Average
Remaining
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

 

2,620,527

 

 

$

2.16

 

 

 

8.3

 

 

 

 

Granted

 

 

1,144,457

 

 

 

3.98

 

 

 

9.1

 

 

 

 

Exercised

 

 

(465,668

)

 

 

1.16

 

 

 

4.8

 

 

 

 

Forfeited

 

 

(131,129

)

 

 

2.68

 

 

 

—

 

 

 

 

Expired

 

 

(15,413

)

 

 

1.46

 

 

 

—

 

 

 

 

Balance at December 31, 2020

 

 

3,152,774

 

 

 

2.97

 

 

 

8.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Exercisable at December 31, 2020

 

 

1,193,301

 

 

 

2.14

 

 

 

7.2

 

 

 

 

Balance at December 31, 2020

 

 

3,152,774

 

 

 

2.97

 

 

 

8.3

 

 

 

 

Granted

 

 

1,393,431

 

 

 

12.24

 

 

 

—

 

 

 

 

Exercised

 

 

(1,101,539

)

 

 

2.07

 

 

 

—

 

 

 

 

Forfeited

 

 

(148,304

)

 

 

7.88

 

 

 

—

 

 

 

 

Expired

 

 

(9,492

)

 

 

2.65

 

 

 

—

 

 

 

 

Balance at December 31, 2021

 

 

3,286,870

 

 

 

6.98

 

 

 

8.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Exercisable at December 31, 2021

 

 

987,622

 

 

 

3.35

 

 

 

7.5

 

 

 

 

Balance at December 31, 2021

 

 

3,286,870

 

 

 

6.98

 

 

 

8.4

 

 

$

145.5

 

Granted

 

 

377,253

 

 

 

37.60

 

 

 

—

 

 

 

—

 

Exercised

 

 

(682,958

)

 

 

5.53

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(137,413

)

 

 

8.18

 

 

 

—

 

 

 

—

 

Expired

 

 

(2,333

)

 

 

7.57

 

 

 

—

 

 

 

—

 

Balance at December 31, 2022

 

 

2,841,419

 

 

 

11.33

 

 

 

7.7

 

 

$

61.4

 

    Exercisable at December 31, 2022

 

 

1,391,047

 

 

 

6.09

 

 

 

7.2

 

 

$

36.4

 
Summary of Restricted Stock Unit Activity

A summary of the status of the Company’s restricted stock unit activity and the changes during the year ended are as follows (in millions, except share and per share amounts):

 

 

 

Number of
Shares

 

 

Weighted
Average
Grant Date fair value (per share)

 

 

Aggregate
Intrinsic
Value

 

Unvested RSUs as of December 31, 2020

 

 

—

 

 

$

—

 

 

$

—

 

Granted

 

 

193,722

 

 

 

64.02

 

 

 

—

 

Vested

 

 

(1,954

)

 

 

73.17

 

 

 

—

 

Forfeited and cancelled

 

 

(5,288

)

 

 

63.58

 

 

 

—

 

Unvested RSUs as of December 31, 2021

 

 

186,480

 

 

 

63.94

 

 

 

9.6

 

Granted

 

 

917,661

 

 

 

42.54

 

 

 

—

 

Vested

 

 

(73,018

)

 

 

59.02

 

 

 

—

 

Forfeited and cancelled

 

 

(155,221

)

 

 

50.15

 

 

 

—

 

Unvested RSUs as of December 31, 2022

 

 

875,902

 

 

 

44.37

 

 

 

28.2

 
At December 31, 2022 and 2021, there was approximately $31.2 million and $10.7 million, respectively of
Schedule of Total Stock-based Compensation Costs

Total stock-based compensation cost for the years ended December 31, 2022, 2021 and 2020 were as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

Sales and marketing

 

$

3,875

 

 

$

1,223

 

 

$

156

 

Operations and support

 

 

6,886

 

 

 

2,659

 

 

 

259

 

Product development

 

 

4,300

 

 

 

1,744

 

 

 

375

 

General and administrative

 

 

4,111

 

 

 

1,769

 

 

 

216

 

Total stock compensation expense

 

$

19,172

 

 

$

7,395

 

 

$

1,006