Stock-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of fair value weighted-average assumptions |
The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the years ended December 31, 2022 and 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2022 |
|
2021 |
| Risk-free interest rate |
1.6 |
% |
|
0.7 |
% |
| Expected term (in years) |
6.1 |
|
6.0 |
| Expected volatility |
75.0 |
% |
|
31.4 |
% |
| Expected dividend yield |
0.0 |
% |
|
0.0 |
% |
|
| Summary of stock option activity |
The following tables summarize the Company’s stock option activity since December 31, 2020 (in thousands, except for share and per share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Shares |
|
Weighted
Average
Exercise Price |
|
Weighted
Average
Remaining
Contractual Term |
|
Aggregate
Intrinsic Value |
|
|
|
|
|
(in years) |
|
|
Outstanding as of December 31, 2020 |
18,770,767 |
|
$ |
0.36 |
|
|
|
|
|
| Granted |
6,472,725 |
|
0.42 |
|
|
|
|
|
| Exercised |
(2,806,961) |
|
0.33 |
|
|
|
|
|
| Exercised upon settlement of related party note |
(1,469,366) |
|
0.24 |
|
|
|
|
|
| Forfeited |
(198,035) |
|
0.37 |
|
|
|
|
|
Outstanding as of December 31, 2021 |
20,769,130 |
|
$ |
0.39 |
|
|
|
|
|
| Granted |
2,262,925 |
|
3.49 |
|
|
|
|
|
| Exercised |
(1,896,975) |
|
0.43 |
|
|
|
|
|
| Forfeited |
(738,256) |
|
0.42 |
|
|
|
|
|
Outstanding as of December 31, 2022 |
20,396,824 |
|
0.73 |
|
|
7.18 |
|
$ |
39,891 |
|
|
|
|
|
|
|
|
|
Vested and expected to vest as of December 31, 2022 |
20,396,824 |
|
$ |
0.73 |
|
|
7.18 |
|
$ |
39,891 |
|
Options exercisable as of December 31, 2022 |
13,510,205 |
|
$ |
0.38 |
|
|
6.61 |
|
$ |
29,872 |
|
|
| Summary of restricted stock unit activity |
The following table summarizes the Company’s restricted stock units activity since December 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Shares |
|
Grant Date Fair
Value |
|
|
|
|
Outstanding as of December 31, 2020 |
— |
|
— |
|
| Granted |
2,013,110 |
|
6.76 |
|
| Vested |
(2,625) |
|
7.01 |
|
| Forfeited |
(58,561) |
|
7.01 |
|
Outstanding as of December 31, 2021 |
1,951,924 |
|
6.76 |
|
| Granted |
7,613,472 |
|
$ |
3.26 |
|
| Vested |
(565,774) |
|
6.72 |
|
| Forfeited |
(1,497,677) |
|
5.15 |
|
Outstanding as of December 31, 2022 |
7,501,945 |
|
$ |
3.54 |
|
|
| Schedule of performance shares |
The following table summarizes the Company's performance stock units activity since December 31, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Shares |
|
Grant Date Fair
Value |
|
|
|
|
Outstanding as of December 31, 2021 |
— |
|
|
$ |
— |
|
| Granted |
947,000 |
|
|
2.65 |
|
| Vested |
— |
|
|
— |
|
| Forfeited |
(83,000) |
|
|
2.65 |
|
Outstanding as of December 31, 2022 |
864,000 |
|
|
$ |
2.65 |
|
|
| Schedule of fair value measurements of common stock warrants granted |
The Company utilized a Black-Scholes pricing model to determine the grant-date fair value of the Finback Common Stock Warrants. The assumptions used are presented in the following table:
|
|
|
|
|
|
| Warrants - Black Scholes |
|
| Risk-free interest rate |
0.4 |
% |
| Expected term (in years) |
3.0 |
| Expected volatility |
23.9 |
% |
| Expected dividend yield |
— |
% |
|
| Schedule of allocation of share based compensation expense |
Stock-based compensation expense was classified in the consolidated statements of operations and comprehensive loss as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2022 |
|
2021 |
| Cost of revenue |
$ |
829 |
|
$ |
143 |
| Research and development |
4,009 |
|
878 |
| Sales and marketing |
10,038 |
|
5,735 |
| General and administrative |
7,622 |
|
2,840 |
| Total stock-based compensation expense |
$ |
22,498 |
|
$ |
9,596 |
|
| Schedule of stock-based compensation expense |
Stock-based compensation expense by award type recognized in the consolidated statements of operations and comprehensive loss was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2022 |
|
2021 |
| Stock options |
$ |
1,594 |
|
$ |
628 |
| Earn-out shares |
6,499 |
|
5,334 |
| Warrants |
4,523 |
|
2,297 |
| RSUs and PSUs |
9,882 |
|
1,337 |
| Total stock-based compensation expense |
$ |
22,498 |
|
$ |
9,596 |
|