v3.25.1
Stockholders’ Equity and Equity Incentive Plan
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stockholders’ Equity and Equity Incentive Plan Stockholders’ Equity and Equity Incentive Plan
Common Stock Reserved for Future Issuance
As of March 31, 2025, the Company had the following shares of common stock reserved for future issuance under its equity incentive plan and employee share purchase plan:
Stock options outstanding5,241,756 
Restricted stock outstanding5,979,212 
Remaining shares available for future grant under 2021 Equity Incentive Plan(1)
3,943,021 
Remaining shares available for future issuance under 2021 Employee Stock Purchase Plan(2)
2,528,247 
Total shares of common stock reserved as of March 31, 2025
17,692,236 
(1)Includes the automatic annual increase of 2,100,684 additional shares under the Company’s 2021 Equity Incentive Plan on January 1, 2025.
(2)Includes the automatic annual increase of 420,136 additional shares under the Company’s 2021 Employee Stock Purchase Plan on January 1, 2025.
Repurchase of Common Stock
In February 2024, the Company completed the $75 million share repurchase program. In March 2024, the Company’s board of directors approved a new $25 million share repurchase program (the “2024 Repurchase Program”) allowing the Company to repurchase shares of common stock on a discretionary basis from time to time over a 12-month term through open market purchases, privately negotiated transactions, or other means. The Company concluded its 2024 Repurchase Program in March 2025.
The following table presents certain information regarding shares repurchased during the periods presented:
Three Months Ended March 31,
20252024
Number of shares repurchased708,488 702,620 
Average price per share, including commissions$6.34 $7.50 
Total repurchase costs, including commissions (in millions)$4.5 $5.3 
In May 2025, the Company’s board of directors approved a new $50 million share repurchase program (the “2025 Repurchase Program”) allowing the Company to repurchase shares of common stock on a discretionary basis from time to time through open market purchases, privately negotiated transactions, or other means. The 2025 Share Repurchase program does not obligate the Company to acquire any particular amount of common stock and may be modified, suspended, or discontinued at any time at the Company’s discretion.
Grant Activities
Restricted Stock Units
A summary of RSU activity, excluding RSUs with performance conditions, and related information is as follows:
RSUs Outstanding
Number of
Shares
Weighted-Average
Grant Date
Fair Value
Unvested balance as of December 31, 2024
5,051,759 $8.20 
Granted1,263,325 5.80 
Vested(752,930)9.52 
Cancelled and forfeited(300,064)7.83 
Unvested balance as of March 31, 2025
5,262,090 $7.46 
Restricted Stock Unit with Performance Conditions
In the second quarter of 2024, the Company’s board of directors granted 805,494 market performance-based restricted stock units (“PSUs”) to certain executive officers with a grant date fair value of $6.8 million. The PSUs vest following three annual performance periods beginning in 2024, each in an amount equal to one-third of the target number of PSUs multiplied by a percentage determined by comparing the Company’s total stockholder return to a benchmark index during the performance period. The actual payout can range from 0% to 200% of the shares granted under this award, with the maximum earned PSUs capped at 125% for the first two performance periods. These PSUs additionally are subject to continued service by the award holders through the end of each performance period. As of March 31, 2025, 99,652 of these PSUs have vested.
In the second quarter of 2023, the Company’s board of directors granted 203,000 market performance-based restricted stock units to certain executive officers with a grant date fair value of $2.5 million. The PSUs vest following three annual performance periods beginning in 2023, each in an amount equal to one-third of the target number of PSUs multiplied by a percentage determined by comparing the Company’s total stockholder return to a benchmark index during the performance period. The actual payout can range from 0% to 200% of the shares granted under this award, with the maximum earned PSUs capped at 125% for the first two performance periods. These PSUs additionally are subject to continued service by the award holder through the end of each performance period. In May 2023, an additional 32,204 PSUs were issued in connection with the anti-dilution adjustment. As of March 31, 2025, 47,819 of these PSUs have vested.
In the fourth quarter of 2022, the Company’s board of directors granted 341,404 market performance-based restricted stock units to an executive officer with a grant date fair value of $4.2 million. The PSUs vest following three annual performance periods beginning in 2023, each in an amount equal to one-third of the target number of PSUs multiplied by a percentage determined by comparing the Company’s total stockholder return to a benchmark index during the performance period. The actual payout can range from 0% to 200% of the shares granted under this award, with the maximum earned PSUs capped at 125% for the first two performance periods. These PSUs additionally are subject to continued service by the award holder through the end of each performance period. In May 2023, an additional 54,167 PSUs were issued in connection with the anti-dilution adjustment. As of March 31, 2025, 75,976 of these PSUs have vested.
Stock Options
A total of 240,113 stock options were exercised and 65,690 stock options were cancelled and forfeited in the three months ended March 31, 2025.
Stock-Based Compensation
The stock-based compensation expense by line item in the condensed consolidated statements of operations is summarized as follows (in thousands):
Three Months Ended March 31,
20252024
Cost of revenue
Subscription and other platform$425 $668 
Professional services136 121 
Total cost of revenue561 789 
Sales and marketing2,147 3,058 
Research and development1,353 2,128 
General and administrative3,069 4,362 
Total stock-based compensation expense$7,130 $10,337 
The following table presents the unrecognized stock-based compensation expense and weighted-average recognition periods as of March 31, 2025 (in thousands, except years):
Restricted Stock
ESPP
Unrecognized stock-based compensation expense$36,439 $23 
Weighted-average amortization period1.81 years0.12 years