Annual report pursuant to Section 13 and 15(d)

Equity Based Awards (Tables)

v3.22.1
Equity Based Awards (Tables)
 12 Months Ended
Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Stock Option Activity Option activity under the plan for the year ended December 31, 2021 is as follows:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Exercise
Price
(Per
Share)

 

 

Weighted-
Average
Remaining
Contractual
Life
(in years)

 

Outstanding at December 31, 2020

 

 

18,663,466

 

 

$

1.81

 

 

 

8.71

 

Granted

 

 

—

 

 

 

—

 

 

 

 

Exercised

 

 

(2,020,709

)

 

 

0.98

 

 

 

 

Forfeited

 

 

(713,278

)

 

 

1.93

 

 

 

 

Outstanding at December 31, 2021

 

 

15,929,479

 

 

$

1.91

 

 

 

7.89

 

Options exercisable at December 31, 2021

 

 

7,208,521

 

 

$

1.66

 

 

 

7.28

 

 
Summary of Additional information Regarding Exercise of Stock Options

Additional information regarding the exercise of stock options is as follows:

 

 

 

Year Ended December 31,

 

(in thousands, except weighted average)

 

2021

 

 

2020

 

Weighted-average grant date fair value of options
   granted

 

$

—

 

 

$

1.28

 

Intrinsic value of options exercised

 

 

17,614

 

 

 

4,455

 

Cash received from options exercised

 

 

1,967

 

 

 

1,131

 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

In the year ended December 31, 2021 the Company did not grant any options to purchase shares of Common Stock. In the year ended December 31, 2020, the Company granted options to purchase 9,890,563 shares of common stock with an aggregate fair value of $12.7 million, calculated via the Black-Scholes option pricing model (see Note 3) using the following assumptions:

 

 

 

Year Ended
December 31, 2020

 

Expected option term (in years)

 

5.86

 

Expected volatility%

 

 

53.1

%

Risk-free interest rate%

 

 

0.56

%

Expected dividend yield%

 

 

—

%

Fair value of common stock (per share)

 

$

2.36

 

 
Summary of Restricted Stock Units Activity The following table summarizes the RSU activity for the year ended December 31, 2021:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Grant Date Fair Value
(Per
Share)

 

Outstanding at December 31, 2020

 

 

—

 

 

$

—

 

Granted(1)

 

 

4,543,074

 

 

 

9.20

 

Vested

 

 

(106,800

)

 

 

9.90

 

Forfeited

 

 

(98,718

)

 

 

9.11

 

Unvested at December 31, 2021

 

 

4,337,556

 

 

$

9.32

 
(1)
Includes 80,000 shares awarded to non-employee directors that have not vested as of December 31, 2021.
Summary of Recognized Stock-based Compensation Expense

The stock-based compensation expense for stock-based awards and earnout shares was recognized in the following captions within the consolidated statements of operations and comprehensive income (loss):

 

 

 

Year Ended December 31,

 

(in thousands)

 

2021

 

 

2020

 

Cost of revenue

 

$

515

 

 

$

589

 

Sales and marketing

 

 

2,395

 

 

 

578

 

Research and development

 

 

4,614

 

 

 

693

 

General and administrative

 

 

11,406

 

 

 

709

 

Total stock-based compensation expense

 

$

18,930

 

 

$

2,569