Equity and Warrants (Tables)

3 Months Ended

Mar. 31, 2023

Equity and Warrants

Summary of fully diluted capital structure

	March 31,
	2023
Issued and outstanding common shares	94,968,032
Earnout shares	2,050,000
Total common shares issued and outstanding	97,018,032
Common shares reserved for future issuance:
Private warrants	1,795,700
Stock options (Note 9)	3,735,134
Restricted and performance stock units and awards (Note 9)	6,216,509
2020 Equity Plan pool reserved for future issuance (Note 9)	11,325,306
Convertible senior notes, due 2026(1)	16,998,130
Contingently issuable shares in connection with acquisitions(2)	13,957,569
Total shares of common stock outstanding and reserved for future issuance	151,046,380

(1) In connection with the September 16, 2021 issuance of the 2026 Notes, the Company used a portion of the proceeds to pay for the capped call transactions, which are expected to generally reduce the potential dilution to the Company’s common stock. The capped call transactions impact the number of shares that may be issued by effectively increasing the conversion price for the Company from $25 per share to approximately $37.74 per share, which would result in 11,261,261 potentially dilutive shares instead of the shares reported in this table.

(2) In connection with the acquisitions of Floify and HOA, the Company provided an obligation to issue certain amount of common stock to the extent specified market conditions are met in the future. Contingently issuable shares are calculated in accordance with the purchase agreement, assuming they would be issuable if the end of the reporting periods were the end of the contingency period.

Schedule of warrant activity

		Number of
	Number of	Common
	Warrants	Shares Issued
Balances as of December 31, 2022	1,795,700	11,521,412
Exercised	—	—
Canceled	—	—
Balances as of March 31, 2023	1,795,700	11,521,412