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Equity-Based Compensation
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation

12. Equity-Based Compensation

Equity Compensation Plans

A summary of the option activity under the Company’s equity compensation plans is as follows:

 

 

Options Outstanding

 

 

Number of Options

 

 

Weighted-Average Exercise Price
(per option)

 

 

Weighted-Average Remaining Contractual Term
(in years)

 

 

Aggregate Intrinsic Value
(in thousands)

 

Outstanding at December 31, 2021

 

41,753,042

 

 

$

3.86

 

 

 

5.92

 

 

$

11,379

 

Granted

 

20,830,554

 

 

 

1.21

 

 

 

 

 

 

 

Exercised

 

(1,879,095

)

 

 

1.52

 

 

 

 

 

 

 

Forfeited

 

(8,768,491

)

 

 

4.47

 

 

 

 

 

 

 

Expired

 

(1,017,340

)

 

 

1.99

 

 

 

 

 

 

 

Outstanding at September 30, 2022

 

50,918,670

 

 

$

2.79

 

 

 

6.19

 

 

$

—

 

Exercisable at September 30, 2022

 

23,886,065

 

 

$

2.65

 

 

 

2.94

 

 

$

—

 

 

The intrinsic value of options exercised was $0.8 million for the nine months ended September 30, 2022.

A summary of RSU activity is as follows:

 

 

 

RSUs Outstanding

 

 

Number of RSUs

 

 

Weighted-Average Fair Value
(per RSU)

 

 

Outstanding at December 31, 2021

 

 

573,678

 

 

$

 

5.97

 

 

Granted

 

 

3,693,286

 

 

 

 

1.21

 

 

Vested

 

 

(856,697

)

 

 

 

2.51

 

 

Forfeited

 

 

(251,082

)

 

 

 

4.62

 

 

Outstanding at September 30, 2022

 

 

3,159,185

 

 

$

 

1.45

 

 

 

On January 1, 2022, the number of shares available for issuance under the 2021 Incentive Award Plan (the “2021 Plan”) increased by 15,479,188 pursuant to the terms of the 2021 Plan. As of September 30, 2022, 15,188,356 shares of Class A Common Stock were available for issuance under the 2021 Plan.

 

Vested RSUs included shares of common stock that the Company withheld on behalf of certain employees to satisfy the minimum statutory tax withholding requirements, as defined by the Company. The Company withheld an aggregate amount of $0.2 million for the nine months ended September 30, 2022 which were classified as financing cash outflows in the unaudited condensed consolidated statements of cash flows. The Company canceled and returned these shares to the 2021 Plan, which are available under the plan terms for future issuance.

Equity-Based Compensation Expense

The fair value of each award as of the date of grant is estimated using a Black-Scholes option-pricing model. The following table summarizes the weighted-average assumptions used to determine the fair value of option grants:

 

 

 

Nine months ended September 30,

 

 

 

2022

 

 

2021

 

Risk-free rate

 

 

2.9

%

 

 

1.0

%

Dividend yield rate

 

 

—

 

 

 

—

 

Volatility

 

 

52.5

%

 

 

53.6

%

Expected term (in years)

 

 

6.08

 

 

 

6.21

 

Weighted-average grant date fair value

 

$

0.63

 

 

$

5.03

 

 

 

Equity-based compensation expense for the three and nine months ended September 30, 2022 and 2021 was as follows (in thousands):

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

413

 

 

$

385

 

 

$

1,130

 

 

$

567

 

Selling and marketing

 

 

2,578

 

 

 

2,359

 

 

 

5,235

 

 

 

5,692

 

Enterprise technology and development

 

 

364

 

 

 

919

 

 

 

1,274

 

 

 

1,582

 

General and administrative

 

 

2,246

 

 

 

2,081

 

 

 

5,527

 

 

 

2,998

 

Total equity-based compensation

 

$

5,601

 

 

$

5,744

 

 

$

13,166

 

 

$

10,839

 

 

As of September 30, 2022, the total unrecognized equity-based compensation expense was $48.4 million, which will be recognized over a weighted-average remaining period of 2.81 years.