Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Share Based Compensation Activity [Abstract]

Summary of the Option Activity under the 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	$	—

Summary of RSU Activity

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

Summary of Assumptions Used to Determine the Fair Value of Option Grants

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

Summary of Equity-Based Compensation Expense

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