Quarterly report pursuant to Section 13 or 15(d)

Equity and Equity Compensation Plans (Tables)

v3.22.2
Equity and Equity Compensation Plans (Tables)
6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Reserved Shares of Common Stock
We have reserved shares of common stock for future issuance under our 2017 EIP as follows:

June 30, 2022 December 31, 2021
Stock options issued and outstanding 3,513,601  4,019,011 
Restricted stock units outstanding 10,152,284  4,617,425 
Shares available for future equity grants 14,010,059  15,205,854 
Total shares reserved for future issuance 27,675,944  23,842,290 
We have reserved shares of common stock for future issuance under our ESPP as follows:

Six Months Ended June 30, 2022 Year Ended December 31, 2021
Shares available for issuance at beginning of period 4,768,506 4,039,667
Shares issued during the period (661,054) (334,248)
Total shares available for future issuance at end of period 4,107,452 3,705,419
Schedule of Stock Option Activity Option activity for the six months ended June 30, 2022 was as follows:
Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value
Outstanding as of January 1, 2022(1)
4,019,011 $ 8.02  3.73 $ 122,038 
PSOs earned(1)
150,000 27.50 
Options exercised (645,120) 6.97 
Options expired (10,290) 6.55 
Outstanding as of June 30, 2022
3,513,601 9.05  3.30 4,717 
Options exercisable as of June 30, 2022
3,513,601 9.05  3.30 4,717 

(1) We granted stock options subject to performance conditions (“PSOs”) to our chief executive officer in 2019. We previously reported the target achievement level of these PSOs - 150,000 PSOs - within our outstanding stock options. During the first quarter of 2022, our board of directors determined that our chief executive officer earned his PSOs at the maximum achievement level. Accordingly, we are reporting an additional 150,000 PSOs as being earned during the first quarter of 2022.
Schedule of Nonvested Restricted Stock Units Activity Restricted stock unit activity for the six months ended June 30, 2022 was as follows:
Restricted Stock Units Weighted-Average Grant-Date Fair Value
Outstanding as of January 1, 2022 4,617,425  $ 37.13 
Granted 7,719,582  11.21 
Vested (1,056,468) 26.86 
Forfeited or canceled (1,128,255) 28.80 
Outstanding or deferred as of June 30, 2022(1)
10,152,284  19.42 

(1) Starting with the restricted stock units granted to them in June 2019, our non-employee directors have the option to defer the issuance of common stock receivable upon vesting of such restricted stock units until 60 days following the day they are no longer providing services to us or, if earlier, upon a change in control transaction. The amount reported as vested excludes restricted stock units that have vested but whose settlement into shares has been deferred. The amount reported as outstanding or deferred as of June 30, 2022 includes these restricted stock units. As no further conditions exist to prevent the issuance of the shares of common stock underlying these restricted stock units, the shares are included in basic and diluted weighted shares outstanding used to calculate net loss per share attributable to common stock. The amount of shares whose issuance have been deferred is not considered material and is not reported separately from stock-based compensation in our consolidated statements of changes in mezzanine equity and stockholders’ equity.
Schedule of Allocation of Share-based Compensation Costs Stock-based compensation expense associated with the PSUs is as follows:
Six Months Ended June 30,
2022 2021
PSU expense $ 1,669  $ 2,621 
The following table details, for each period indicated, our stock-based compensation, net of forfeitures, and the amount capitalized in website and software development costs, each as included in our consolidated statements of comprehensive loss:
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Cost of revenue $ 3,879  $ 3,758  $ 7,257  $ 6,736 
Technology and development(1)
7,700  5,771  15,665  11,532 
Marketing 924  535  1,996  1,078 
General and administrative 4,310  3,679  8,683  6,981 
Total stock-based compensation $ 16,813  $ 13,743  $ 33,601  $ 26,327 
(1) Net of $919 and $985 of stock-based compensation that was capitalized in the three months ended June 30, 2022 and 2021, respectively, and $2,053 and $1,717 for the six months ended June 30, 2022 and 2021, respectively.