Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.21.2
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of stock-based compensation expense
The following tables present the Company's stock-based compensation expense by award type and financial statement line for the three and nine months ended September 30, 2021 and 2020 (dollars in thousands):

Three Months Ended
September 30,		 Nine Months Ended September 30,
2021 2020 2021 2020
Equity-classified awards:
MIUs $ 139  $ 157  $ 417  $ 470 
RSUs - employee 924  —  924  — 
RSUs - nonemployee 3  —  3  — 
PSUs - employee 114  —  114  — 
Total equity-classified awards 1,180  157  1,458  470 
Total stock-based compensation $ 1,180  $ 157  $ 1,458  $ 470 
Three Months Ended
September 30,		 Nine Months Ended September 30,
2021 2020 2021 2020
Cost of revenue $ 154  $ 16  $ 182  $ 48 
Research and development 417  32  474  95 
Sales and marketing 255  32  312  95 
General and administrative 354  77  490  232 
Total stock-based compensation $ 1,180  $ 157  $ 1,458  $ 470 
As of September 30, 2021, unrecognized stock-based compensation expense related to nonvested awards by award type and their expected weighted-average recognition periods are summarized in the following table (dollars in thousands):

Unrecognized Stock-based Compensation Expense Weighted-average Recognition Period (1)
Equity-classified awards:
MIUs $ 1,807  2.10 years
RSUs - employee 29,142  3.76 years
RSUs - nonemployee 95  3.72 years
PSUs - employee 10,314  10.67 years
Total equity-classified awards 41,358 
Total unrecognized stock-based compensation $ 41,358 
(1) The weighted-average recognition period is calculated as the sum of the weighted remaining period to recognize expense for nonvested awards divided by the sum of the shares that are expected to vest for all awards that have not vested or expired by the end of the reporting period. For awards that the straight-line method is used for expense recognition, the remaining recognition period is the amount of time between the end of the reporting period and the end of the entire award. For awards that the accelerated attribution method is used for expense recognition, the remaining recognition period is the amount of time between the end of the reporting period and the end of each separately vesting portion of the award.
Schedule of stock-based compensation by award RSUs activities for the nine months ended September 30, 2021 are summarized as follows (in thousands, except for per share data):
Equity-classified RSUs - employee
Number of Shares Weighted-average Grant Date Fair Value (per share) Weighted-average Remaining Contractual Term (1)
Outstanding at December 31, 2020 —  — 
Granted 4,639  $ 6.51 
Vested —  — 
Forfeited (21) 6.51 
Outstanding at September 30, 2021 4,618  $ 6.51  2.09 years

Equity-classified RSUs - nonemployee
Number of Shares Weighted-average Grant Date Fair Value (per share) Weighted-average Remaining Contractual Term (1)
Outstanding at December 31, 2020 —  — 
Granted 15  $ 6.51 
Vested —  — 
Forfeited —  — 
Outstanding at September 30, 2021 15  $ 6.51  1.94 years
(1) The weighted-average remaining contractual term is calculated as the sum of the weighted amount of time between the reporting period end and the vest date divided by the sum of the shares that are outstanding, expected to vest or currently exercisable by the end of the reporting period.
The weighted average assumptions used to value PSUs during the period presented are as follows:

September 30, 2021
Stock price $ 6.52 
Measurement period 30.00 years
Expected volatility 47.50  %
Risk-free rate 1.91  %
Vesting hurdle 1 $ 12.50 
Vesting hurdle 2 $ 15.00 
Vesting hurdle 3 $ 17.50 
PSUs activities for the nine months ended September 30, 2021 are summarized as follows (in thousands, except for per share data):

Equity-classified PSUs - employee
Number of Shares Weighted-average Grant Date Fair Value (per share) Weighted-average Remaining Contractual Term (1)
Outstanding at December 31, 2020 —  — 
Granted 1,602  $ 6.51 
Vested —  — 
Forfeited —  — 
Outstanding at September 30, 2021 1,602  $ 6.51  10.67 years
(1) The weighted-average remaining contractual term is calculated as the sum of the weighted amount of time between the reporting period end and the vest date divided by the sum of the shares that are outstanding, expected to vest or currently exercisable by the end of the reporting period.
The weighted average assumptions used to value MIUs during the periods presented are as follows:

September 30, 2021 December 31, 2020
Holding period 2.00 years 2.00 years
Volatility 45.0 % 45.0  %
Discount for lack of marketability 28.0 % 28.0  %
Risk-free rate 1.6 % 1.6  %
MIUs activities for the nine months ended September 30, 2021 are summarized as follows (in thousands, except for per share data):

Number of Shares Weighted-average Grant Date Fair Value (per share) Weighted-average Remaining Contractual Term (1)
Outstanding at December 31, 2020 3,518 $ 0.79 
Granted — — 
Vested (704) 0.79 
Forfeited — — 
Outstanding at September 30, 2021 2,814 $ 0.79  1.75 years
(1) The weighted-average remaining contractual term is calculated as the sum of the weighted amount of time between the reporting period end and the vest date divided by the sum of the shares that are outstanding, expected to vest or currently exercisable by the end of the reporting period.