Post-effective amendment to a registration statement that is not immediately effective upon filing

Equity Based Awards (Tables)

v3.22.1
Equity Based Awards (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [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