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Equity-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Equity-Based Compensation

The Company has included equity-based compensation expense as part of cost of revenue and operating expenses in the accompanying Consolidated Statements of Operations as follows:

 

 

Year Ended December 31,

 

 

2021

 

 

2020

 

 

2019

 

 

(in thousands)

 

Cost of revenue

$

3,563

 

 

$

1,452

 

 

$

676

 

Research and development

 

6,326

 

 

 

2,693

 

 

 

1,024

 

Selling and marketing

 

2,513

 

 

 

2,092

 

 

 

845

 

General and administrative

 

3,480

 

 

 

1,920

 

 

 

664

 

Total

$

15,882

 

 

$

8,157

 

 

$

3,209

 
Summary of Activity for Options to Acquire Common Shares

The following table summarizes activity for options to acquire shares of the Company’s common stock in the years ended December 31, 2021, 2020 and 2019:

 

 

 

Number

of Shares

Subject to

Options

(in thousands)

 

 

Weighted-

Average

Exercise Price

 

 

Weighted-

Average

Grant Date Fair Value

 

 

Weighted-

Average

Remaining

Contractual Life

(in years)

 

 

Aggregate

Intrinsic

Value

(in thousands) (1)

 

Balance at December 31, 2018

 

 

417

 

 

$

0.64

 

 

 

 

 

 

 

7.1

 

 

$

1,116

 

Granted

 

 

30

 

 

$

6.98

 

 

$

4.58

 

 

 

 

 

 

 

 

 

Exercised

 

 

(100

)

 

$

0.38

 

 

$

5.36

 

 

 

 

 

 

 

 

 

Canceled

 

 

(6

)

 

$

0.38

 

 

$

7.10

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

 

341

 

 

$

1.27

 

 

 

 

 

 

 

6.4

 

 

$

3,960

 

Granted

 

 

10

 

 

$

15.82

 

 

$

11.45

 

 

 

 

 

 

 

 

 

Exercised

 

 

(56

)

 

$

1.86

 

 

$

5.04

 

 

 

 

 

 

 

 

 

Canceled

 

 

(8

)

 

$

4.18

 

 

$

4.68

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

 

287

 

 

$

1.59

 

 

 

 

 

 

 

5.5

 

 

$

14,484

 

Granted

 

 

5

 

 

$

73.64

 

 

$

56.34

 

 

 

 

 

 

 

 

 

Exercised

 

 

(76

)

 

$

1.13

 

 

$

8.40

 

 

 

 

 

 

 

 

 

Canceled

 

 

—

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

 

 

216

 

 

$

3.42

 

 

 

 

 

 

 

4.6

 

 

$

20,965

 

Exercisable as of December 31, 2021

 

 

193

 

 

$

0.99

 

 

 

 

 

 

 

4.2

 

 

$

19,249

 

 

(1)

Aggregate intrinsic value is calculated as the difference between (i) the exercise price of options and (ii) the market value of the Company’s common stock as of the applicable date.
Summary of Activity for RSUs Relating to Shares of Company's Common Stock

The following table summarizes activity for RSUs relating to shares of the Company’s common stock in the years ended December 31, 2021, 2020, and 2019:

 

 

Number of

Shares

(in thousands)

 

 

Weighted-Average

Grant Date

Fair Value

 

Balance at December 31, 2018

 

1,086

 

 

$

5.94

 

Granted

 

982

 

 

$

7.00

 

Vested and settled

 

(434

)

 

$

6.39

 

Forfeited

 

(123

)

 

$

5.38

 

Balance at December 31, 2019

 

1,511

 

 

$

6.54

 

Granted

 

1,389

 

 

$

24.86

 

Vested and settled

 

(655

)

 

$

7.97

 

Forfeited

 

(160

)

 

$

11.17

 

Balance at December 31, 2020

 

2,085

 

 

$

17.93

 

Granted

 

477

 

 

$

95.33

 

Vested and settled

 

(836

)

 

$

15.43

 

Forfeited

 

(107

)

 

$

37.83

 

Balance at December 31, 2021

 

1,619

 

 

$

40.74

 
Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Options to Acquire Shares of Company's Common Stock

The table below sets forth the weighted-average assumptions used in the Black-Scholes option-pricing model to estimate the fair value of options to acquire shares of the Company’s common stock granted to employees during the years ended December 31, 2021, 2020 and 2019.

 

 

Year Ended December 31,

 

 

2021

 

 

2020

 

 

2019

 

Expected term (in years)

 

6.1

 

 

 

6.1

 

 

 

6.1

 

Risk-free interest rates

 

1.1

%

 

 

0.4

%

 

 

1.8

%

Dividend yield

 

—

 

 

 

—

 

 

 

—

 

Expected volatility

 

94.6

%

 

 

87.5

%

 

 

73.6

%