Stockholders' Equity and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Share-based Payment Arrangement, Option, Activity

Stock option activity for the year ended December 31, 2021 is presented below (in thousands, except per share and contractual life amounts):

	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2020	16,170	$	2.69
Granted	8,599	16.49
Exercised	(3,957)	1.52
Forfeited	(787)	11.33
Outstanding at December 31, 2021	20,025	$	8.51	7.8	$	60,223
Vested and expected to vest at December 31, 2021	17,572	$	7.92	7.7	$	57,115
Exercisable at December 31, 2021	8,534	$	4.63	6.6	$	39,718

Share-based Payment Arrangement, Restricted Stock Unit, Activity

Restricted stock unit activity for the year ended December 31, 2021 is presented below (in thousands, except per share amounts):

	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested at December 31, 2020	—	$	—
Granted (1)	986	15.53
Vested	(301)	16.43
Forfeited (2)	(72)	16.80
Unvested at December 31, 2021	613	$	15.08

(1)No RSUs were granted prior to the Business Combination. 836,208 of the granted shares represent the Earnout RSUs issued as part of the Business Combination (refer to Note 3 - Business Combination & Acquisitions for further discussion).

(2)Includes 47,240 shares of Common Stock withheld from employees to satisfy the mandatory tax withholding requirements, for which the Company remitted cash of $0.5 million to the appropriate tax authorities.

Share-based Compensation Expense

Stock-based compensation expense for the periods indicated was recorded in the following financial statement lines on the Consolidated Statements of Operations (in thousands):

	Year Ended December 31,
	2021		2020		2019
Cost of subscription, transaction, and services	$	1,710	$	263	$	133
Research and development	4,749		697		384
Sales and marketing	4,048		465		296
General and administrative	15,644		1,638		1,301
Total	$	26,151	$	3,063	$	2,114

Stock Option Valuation Assumptions

The fair values of the Company’s stock options granted and purchase rights to the ESPP were estimated using the Black-Scholes valuation model with the following assumptions:

	Year Ended December 31,
	2021			2020			2019
Stock Options:
Risk-free interest rate	0.6% - 1.5%			0.4% - 1.6%			1.7% - 2.6%
Expected dividend yield	—		%	—		%	—		%
Expected volatility	40% - 42%			39% - 45%			38% - 40%
Expected life (in years)	5.5			6.9			6.9
Weighted average grant date fair value	$	6.43		$	1.47		$	1.45
Employee Stock Purchase Plan:
Risk-free interest rate	0.1% - 1.2%			—			—
Expected dividend yield	—		%	—			—
Expected volatility	40% - 41%			—			—
Expected life (in years)	0.5			—			—
Weighted average grant date fair value	$	3.19		—			—

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The fair values of the Company’s stock options granted and purchase rights to the ESPP were estimated using the Black-Scholes valuation model with the following assumptions:

	Year Ended December 31,
	2021			2020			2019
Stock Options:
Risk-free interest rate	0.6% - 1.5%			0.4% - 1.6%			1.7% - 2.6%
Expected dividend yield	—		%	—		%	—		%
Expected volatility	40% - 42%			39% - 45%			38% - 40%
Expected life (in years)	5.5			6.9			6.9
Weighted average grant date fair value	$	6.43		$	1.47		$	1.45
Employee Stock Purchase Plan:
Risk-free interest rate	0.1% - 1.2%			—			—
Expected dividend yield	—		%	—			—
Expected volatility	40% - 41%			—			—
Expected life (in years)	0.5			—			—
Weighted average grant date fair value	$	3.19		—			—