0000950170-23-061112 | 10-Q | XBRL Viewer

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Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stockholders' Equity - Summary of Stock Options Valuation Assumptions (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value of options	$ 6.56	$ 11.79
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value assumptions, risk-free interest rate	3.65%	1.82%
Fair value assumptions, expected volatility rate	65.27%	63.07%
Expected life in years	6 years 21 days	6 years 1 month 2 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value assumptions, risk-free interest rate	4.30%	3.88%
Fair value assumptions, expected volatility rate	66.57%	66.83%
Expected life in years	6 years 1 month 9 days	6 years 1 month 6 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 39,009	$ 39,009
Accumulated amortization	(17,524)	(11,426)
Net carrying amount	21,484	27,583
Developed Technology
Finite Lived Intangible Assets [Line Items]
Gross amount	13,367	13,367
Accumulated amortization	(7,322)	(4,745)
Net carrying amount	$ 6,045	8,622
Definite-lived intangible, weighted average remaining useful life	1 year 9 months 18 days
Customer Relationship
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 22,525	22,525
Accumulated amortization	(8,723)	(5,734)
Net carrying amount	$ 13,802	16,791
Definite-lived intangible, weighted average remaining useful life	3 years 7 months 6 days
Tradename
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 2,470	2,470
Accumulated amortization	(1,081)	(711)
Net carrying amount	$ 1,389	1,759
Definite-lived intangible, weighted average remaining useful life	2 years 9 months 18 days
Non-compete Agreement
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 162	162
Accumulated amortization	(118)	(78)
Net carrying amount	$ 44	84
Definite-lived intangible, weighted average remaining useful life	9 months 18 days
Other Intangible Assets
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 485	485
Accumulated amortization	(280)	(158)
Net carrying amount	$ 204	$ 327
Definite-lived intangible, weighted average remaining useful life	1 year 3 months 18 days

Revenue Recognition and Deferred Costs - Schedule of Disaggregate Revenue by Major Source (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation Of Revenue [Line Items]
Total revenue	$ 78,045	$ 72,391	$ 225,245	$ 206,644
Subscription Solutions
Disaggregation Of Revenue [Line Items]
Total revenue	58,709	53,231	168,652	152,503
Partner and Services
Disaggregation Of Revenue [Line Items]
Total revenue	$ 19,336	$ 19,160	$ 56,593	$ 54,141

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of significant accounting policies

Basis of presentation

The accompanying condensed unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.

In the opinion of management, the accompanying interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, consisting of normal, recurring adjustments, necessary for a fair presentation. Certain information and disclosures normally included in the notes to the annual consolidated financial statements prepared in accordance with GAAP have been omitted from these interim unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, these interim unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the accompanying notes for the fiscal year ended December 31, 2022, which are included in the Company's Annual Report on Form 10-K, filed with the SEC on March 1, 2023. The results of operations for the three and nine months ended September 30, 2023, are not necessarily indicative of the results to be expected for the year ending December 31, 2023, or for any other period.

In December 2022, the Company had a reduction in force event that eliminated certain positions and changed the reporting hierarchy and job responsibilities for certain people in its general and administrative function. This resulted in the expense related to these individuals being classified as sales and marketing expenses, when previously, they had been classified as general and administrative expense. Certain prior year amounts have been reclassified for consistency with the current year presentation. For the three and nine months ended September 30, 2022, the Company reclassified $1.5 million and $4.7 million, respectively, from general and administrative expenses to sales and marketing expenses.

Basis of consolidation

The accompanying condensed consolidated financial statements include the Company’s accounts and the accounts of the Company’s wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. The Company's fiscal year ends on December 31.

Use of estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires certain financial instruments to be recorded at fair value; requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting periods. Significant estimates, judgments, and assumptions in these consolidated financial statements include: allocating variable consideration for revenue recognition, constrained revenue; the amortization period for deferred commissions; the allowance for credit losses and a determination of the deferred tax asset valuation allowance. Because of the use of estimates inherent in financial reporting process actual results could differ and the differences could be material to the Company’s consolidated financial statements

Accounting pronouncements

There were no recently issued accounting pronouncements that had or are expected to have a material impact on the Company’s consolidated financial statements.

Segments

The Company’s chief operating decision maker is the Company’s chief executive officer. The Company’s chief executive officer reviews the financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. Accordingly, the Company has determined that the Company operates as a single operating and reportable segment.

Revenue Recognition

Subscription solutions

Subscription solutions revenue consists primarily of platform subscription fees from all plans. It also includes recurring professional services and sales of Secure Sockets Layer (“SSL”) certificates. Subscription solutions are charged monthly, quarterly, or annually for the Company’s customers to sell their products and process transactions on the Company’s platform. Subscription solutions are generally charged per online store and are based on the store’s subscription plan. Monthly subscription fees for Pro and Enterprise plans are adjusted if a customer’s gross merchandise volume or orders processed are above specified plan thresholds on a trailing twelve-month basis. For most subscription solutions arrangements, excluding enterprise subscription plans, the Company has determined the Company meets the variable consideration allocation exception and, therefore, recognize fixed monthly fees or a pro-rata portion of quarterly or annual fees and any transaction fees as revenue in the month they are earned. During the second quarter of fiscal 2023, the Company adopted a new pricing structure that provided a discount to the contractual price for a period of time in lieu of promotional periods. Prior to this date, enterprise subscription plans included an upfront promotional period in order to incentivize the customer to enter into a subscription arrangement. In both of these scenarios, the total subscription fee is recognized on a straight-line basis over the term of the contract. Revenue recognized in advance of billing is recorded as unbilled accounts receivable. In determining the amount of revenue to be recognized, the Company determines whether collection of the transaction price is probable. Only amounts deemed probable are recognized as revenue. Key factors in this determination are historical contract termination rates and general economic factors.

Subscription revenue includes revenue from Feedonomics. Feedonomics provides a technology platform and related services that enables online retailers and other sellers to automate online listings of the sellers’ information across multiple third-party marketplaces and advertisers (such as Amazon, Google, Facebook, etc.). The Company provides these services under service contracts which are generally one year or less, and in many cases month-to-month. These service types may be sold stand-alone or as part of a multi-service bundle (e.g. both marketplaces and advertising). Services are performed and fees are determined based on monthly usage and are billed in arrears.

Professional services, which primarily consist of education packages, launch services, solutions architecting, implementation consulting, and catalog transfer services, are generally billed and recognized as revenue when delivered.

Contracts with the Company’s retail customers are generally month-to-month, while contracts with the Company’s enterprise customers generally range from one to three years. Contracts are typically non-cancelable and do not contain refund-type provisions. Revenue is presented net of sales tax and other taxes the Company collects on behalf of governmental authorities.

Partner and services

The Company’s partner and services revenue (“PSR”) includes revenue share, partner technology integrations, and marketing services provided to partners. Revenue share relates to fees earned by the Company’s partners from customers using the Company’s

platform, where the Company has an arrangement with such partners to share such fees as they occur. Revenue share is recognized at the time the earning activity is complete, which is generally monthly. Revenue for partner technology integrations is recorded on a straight-line basis over the life of the contract commencing when the integration has been completed. Revenue for marketing services are recognized either at the time the earning activity is complete, or ratably over the length of the contract, depending on the nature of the obligations in the contract. Payments received in advance of services being rendered are recorded as deferred revenue and recognized when the obligation is completed.

The Company also derives revenue from the sales of website themes and applications upon delivery.

The Company recognizes revenue share from the sales of third-party applications, on a net basis as the Company has determined that the Company is the agent in the Company’s arrangements with third-party application providers. All other revenue is recognized on a gross basis, as the Company has determined the Company is the principal in these arrangements.

Contracts with multiple performance obligations

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment.

The Company’s subscription contracts are generally comprised of a single performance obligation to provide access to the Company’s platform, but can include additional performance obligations. For contracts with multiple performance obligations where the contracted price differs from the standalone selling price (“SSP”) for any distinct good or service, the Company may be required to allocate the contract’s transaction price to each performance obligation using the Company’s best estimate of SSP. Judgment is required to determine the SSP for each distinct performance obligation. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company has determined that its standard list price is its best approximation of SSP.

Contracts with the Company’s technology solution partners may include multiple performance obligations, which can include integrations and marketing activities. In determining whether integration services are distinct from hosting services the Company considers various factors. These considerations included the level of integration, interdependency, and interrelation between the implementation and hosting service. The Company has concluded that the integration services included in contracts with hosting obligations are not distinct. As a result, the Company defers any arrangement fees for integration services and recognize such amounts over the life of the hosting obligation commencing when the integration has been completed. To determine if marketing activities are distinct, the Company considers the nature of the promise in the contract, the timing of payment, and the partner expectations. Additional consideration for some partner contracts varies based on the level of customer activity on the platform. Certain agreements contain minimum guarantees of revenue share. These contracts are evaluated to determine if the guaranteed minimum is substantive. If the minimum is deemed substantive, revenue is recognized ratably over the life of the agreement, which results in a contract asset that is included in unbilled receivables. For most of the Company’s contracts, the Company has determined the variable consideration allocation exception has been met and therefore variable fees are recognized in the period they are earned.

Accounts receivable

Accounts receivable are stated at net realizable value and include unbilled receivables. Agreements with enterprise customers can contain promotional billing periods. Since merchants have full access to the functionality of the Company’s platform upon contract execution, and the Company has enforceable rights to receive payments for the promotional period if the contract is early terminated, revenue is recognized ratably over the contract life. When this occurs, the Company recognizes revenue in advance of invoicing, creating an unbilled receivable. In addition, some of the Company’s PSRs include substantive minimums where the consideration paid varies over the term of the contract and revenue is recognized ratably over the contract term. Accounts receivable are net of an allowance for credit losses, are not collateralized, and do not bear interest. Payment terms range from due immediately to due within 90 days. The accounts receivable balance at September 30, 2023 and December 31, 2022 included unbilled receivables of $16.4 million and $19.9 million, respectively. Unbilled receivables at September 30, 2023 and December 31, 2022 includes contract assets related to enterprise subscription solutions of $13.2 million and $15.7 million, and PSR customers of $3.2 million and $4.2 million, respectively.

The Company assesses the collectability of outstanding accounts receivable on an ongoing basis and maintains an allowance for credit losses for accounts receivable deemed uncollectible. The balance of accounts receivable includes accounts that have been invoiced but unpaid, and unbilled amounts, which represents revenues recognized in advance of billing. The Company analyzes both the invoiced accounts receivable portfolio and unbilled accounts receivable for significant risks, historical collection activity, and an estimate of future collectability to determine the amount that the Company will ultimately collect. This estimate is analyzed quarterly and adjusted as necessary.

Identified risks pertaining to the Company’s invoiced accounts receivable include the delinquency level, customer type, and current economic environment. The estimate of the amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers, the Company’s assessment of the overall portfolio and general economic conditions. Identified risks pertaining to the Company’s subscription unbilled accounts receivable include customer type, customer activity on the Company’s platform, historical contract termination rates, and customer delinquency. The estimate of the amount of accounts receivable that may not be collected is based primarily on historical contract termination rates, customer delinquency rates and an assessment of the overall portfolio and general economic conditions. The identified risk related to the Company’s unbilled accounts related to its PSR business are current partner engagement and activity, the financial wherewithal of the partner, the partner’s future plans and the ability to execute on the plans, and their liquidity and overall financial position. The estimate of the amount of accounts receivable that may not be collected is based primarily on the specific evaluation of the partner based on current level of engagement with the Company, their overall financial position and general economic conditions.

The allowance for credit losses consisted of the following:


(in thousands)
Balance at December 31, 2022	$	9,995
Provision for expected credit losses		1,075
Accounts written off		(1,476	)
Balance at March 31, 2023	$	9,594
Provision for expected credit losses		433
Accounts written off		(312	)
Balance at June 30, 2023	$	9,715
Provision for expected credit losses		(47	)
Accounts written off		(1,736	)
Balance at September 30, 2023	$	7,932

The decline in the provision for expected credit losses in the third quarter of 2023 was due to improved collections efforts on old accounts, along with an improved billing process which reduced the overall rate of delinquent accounts. Additionally, in the third quarter of 2023, certain balances pertaining to delinquent accounts were written off. These write-offs were fully reserved.

Debt - Summary of Total Interest Expense Recognized Related to Notes and Term Debt (Details) - 0.25% Convertible Senior Notes Due 2026 and 2023 Term Debt - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Contractual interest expense	$ 226	$ 215	$ 684	$ 652
Amortization of issuance costs	495	491	1,481	1,468
Total	$ 721	$ 706	$ 2,165	$ 2,120

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (20,310)	$ (19,065)	$ (22,120)	$ (30,297)	$ (39,605)	$ (37,037)	$ (61,495)	$ (106,939)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Revenue Recognition and Deferred Costs - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Recognized previously deferred revenue	$ 1,700,000		$ 13,400,000
Amortization of deferred sales commissions estimated period			3 years
Impairment of deferred commissions	0		$ 0		$ 0
Deferred sales commissions	3,000,000	$ 1,900,000	7,300,000	$ 6,400,000
Deferred commission amortization expense	$ 1,900,000	$ 1,400,000	$ 5,200,000	$ 3,700,000
Subscription Solutions \| Minimum
Disaggregation Of Revenue [Line Items]
Contract with customer period			1 year
Subscription Solutions \| Maximum
Disaggregation Of Revenue [Line Items]
Contract with customer period			3 years

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (20,310)	$ (30,297)	$ (61,495)	$ (106,939)
Other comprehensive income (loss):
Net unrealized gain (loss) on marketable debt securities	155	(539)	782	(1,418)
Total comprehensive loss	$ (20,155)	$ (30,836)	$ (60,713)	$ (108,357)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Debt - Summary of Net Carrying Amount of Notes and Term Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt instrument, outstanding amount	$ 345,820
Total carrying value	339,797	$ 337,497
Less: current portion of debt	(403)	0
Total noncurrent debt	$ 339,394	337,497
2021 Convertible Senior Notes
Debt Instrument [Line Items]
Date of Issuance	2021-09
Maturity Date	Oct. 01, 2026
Contractual Interest Rate	0.25%
Debt instrument, outstanding amount	$ 345,000
Total carrying value	$ 338,977	337,497
2023 Term Debt
Debt Instrument [Line Items]
Date of Issuance	2023-06
Maturity Date	Jul. 01, 2023
Contractual Interest Rate	4.40%
Debt instrument, outstanding amount	$ 820
Total carrying value	$ 820	$ 0

Overview

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Overview

1. Overview

BigCommerce (the “Company”) is leading a new era of ecommerce. The Company’s software-as-a-service (“SaaS”) platform simplifies the creation of engaging online stores by delivering a unique combination of ease-of-use, enterprise functionality, and flexibility. The Company empowers both its customers’ branded ecommerce stores and their cross-channel connections to popular online marketplaces, social networks, and offline point-of-sale systems.

The Company empowers businesses to turn digital transformation into a competitive advantage, and allows merchants to build their ecommerce solution their way with the flexibility to fit their unique business and product offerings. The Company provides a comprehensive platform for launching and scaling an ecommerce operation, including store design, catalog management, hosting, checkout, order management, reporting, and pre-integration into third-party services like payments, shipping, and accounting. All of the Company’s stores run on a single code base and share a global, multi-tenant architecture purpose built for security, high performance, and innovation. The Company’s platform serves stores in a wide variety of sizes, product categories, and purchase types, including business-to-consumer and business-to-business.

The Company’s headquarters and principal place of business are in Austin, Texas.

The Company was formed in Australia in December 2003 under the name Interspire Pty Ltd and reorganized into a corporation in Delaware under the name BigCommerce Holdings, Inc. in February 2013.

References in these consolidated financial statements to “we,” “us,” “our,” the “Company,” or “BigCommerce” refer to BigCommerce Holdings, Inc. and its subsidiaries, unless otherwise stated.

Revenue Recognition and Deferred Costs

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition and Deferred Costs

3. Revenue recognition and deferred costs

Revenue recognition

The Company’s source of revenue consists of subscription solutions fees and partner and services fees. These services allow customers to access the Company’s hosted software over the contract period. The customer is not allowed to take possession of the software or transfer the software. The Company’s revenue arrangements do not contain general rights of refund in the event of cancellations.

The following table disaggregates revenue by major source:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Subscription solutions	$	58,709	$	53,231	$	168,652	$	152,503
Partner and services		19,336		19,160		56,593		54,141
Revenue	$	78,045	$	72,391	$	225,245	$	206,644

Revenue by geographic region was as follows:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Revenue:
Americas – U.S.	$	60,019	$	56,293	$	172,374	$	160,553
Americas – other		3,499		3,321		10,273		8,993
EMEA		8,631		7,000		25,263		20,086
APAC		5,896		5,777		17,335		17,012
Revenue	$	78,045	$	72,391	$	225,245	$	206,644

Cost of revenue

Cost of revenue consists primarily of personnel-related costs, including: stock-based compensation expenses for customer support and professional services personnel; costs of maintaining and securing infrastructure and platform; amortization expense associated with capitalized internal-use software; and allocation of overhead costs.

Deferred revenue

Deferred revenue primarily consists of amounts that have been billed to or received from customers in advance of performing the associated services. The Company recognizes revenue from deferred revenue when the services are performed, and the corresponding revenue recognition criteria are met. The Company recognized $1.7 million and $13.4 million of previously deferred revenue during the three and nine months ended September 30, 2023, respectively.

The net increase in the deferred revenue balance for the nine months ended September 30, 2023 is primarily due to increases in in prepaid contracts. Amounts recognized from deferred revenue represent primarily revenue from the sale of subscription solutions, integration, and marketing services.

As of September 30, 2023, the Company had $157.2 million of remaining performance obligations, which represents contracted revenue minimums that have not yet been recognized, including amounts that will be invoiced and recognized as revenue in future periods. The Company expects to recognize approximately 60 percent of the remaining performance obligations as revenue in the following 12-month period, and the remaining balance in the periods thereafter.

Deferred commissions

Certain sales commissions earned by the Company’s sales force are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions are not paid on subscription renewals. The Company amortizes deferred sales commissions ratably over the estimated period of its relationship with customers of approximately three years. Based on historical experience, the Company determined the average life of its customer relationship by taking into consideration customer contracts and the estimated technological life of the Company’s platform and related significant features. The Company includes amortization of deferred commissions in Sales and marketing expense in the condensed consolidated statements of operations. The Company periodically reviews the carrying amount of deferred commissions to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these deferred costs. The Company did not recognize an impairment of deferred commissions during the three and nine months ended September 30, 2023 and the year ended December 31, 2022.

Sales commissions of $3.0 million and $7.3 million were deferred for the three and nine months ended September 30, 2023, respectively; and $1.9 million and $6.4 million were deferred for the three and nine months ended September 30, 2022, respectively.

Deferred commission amortization expense was $1.9 million and $5.2 million for the three and nine months ended September 30, 2023, respectively; and $1.4 million and $3.7 million for the three and nine months ended September 30, 2022 respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	505,051,000	505,051,000
Common stock, shares issued	76,082,000	73,945,000
Common stock, shares outstanding	76,082,000	73,945,000

Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Other Liabilities Disclosure [Abstract]

Components of Other Current Liabilities

The following table summarizes the components of other current liabilities:


	As of September 30,		As of December 31,
(in thousands)	2023		2022
Sales tax payable	$	1,637	$	1,887
Payroll and payroll related expenses		10,825		13,982
Acquisition related compensation		881		24,743
Restructuring related charges		5,498		2,918
Other		4,650		4,914
Other current liabilities	$	23,491	$	48,444

Net Loss per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted


	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2023			2022			2023			2022
Numerator:
Net Loss Per Share Available to Shareholders	$	(20,310	)	$	(30,297	)	$	(61,495	)	$	(106,939	)
Denominator:
Weighted average shares outstanding		75,387			73,508			74,778			73,027
Net Loss per Share	$	(0.27	)	$	(0.41	)	$	(0.82	)	$	(1.46	)

Schedule of Antidilutive Securities Outstanding Excluded from Computation of Basic Weighted-Average Shares Outstanding

The following potentially dilutive securities outstanding have been excluded from the computation of basic weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported:


	As of September 30,
(in thousands)	2023		2022
Stock options outstanding		5,300		5,825
Restricted stock units		6,500		5,743
Acquisition related compensation		42		2,234
Convertible debt		4,719		4,719
Total potentially dilutive securities		16,561		18,521

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance at Dec. 31, 2021	$ 138,288	$ 7	$ 528,540	$ (390,068)	$ (191)
Balance, shares at Dec. 31, 2021		72,311
Proceeds from exercise of stock options	277	$ 0	277	0	0
Proceeds from exercise of stock options, shares		272
Release of restricted stock units	0	$ 0	0	0	0
Release of restricted stock units, shares		90
Stock-based compensation	8,962	$ 0	8,962	0	0
Total other comprehensive loss	(613)	0	0	0	(613)
Net loss	(37,037)	0	0	(37,037)	0
Balance at Mar. 31, 2022	109,877	$ 7	537,779	(427,105)	(804)
Balance, shares at Mar. 31, 2022		72,673
Balance at Dec. 31, 2021	138,288	$ 7	528,540	(390,068)	(191)
Balance, shares at Dec. 31, 2021		72,311
Net loss	(106,939)
Balance at Sep. 30, 2022	65,094	$ 7	563,703	(497,007)	(1,609)
Balance, shares at Sep. 30, 2022		73,704
Balance at Mar. 31, 2022	109,877	$ 7	537,779	(427,105)	(804)
Balance, shares at Mar. 31, 2022		72,673
Exercise of stock options, net of shares withheld for taxes	(219)	$ 0	(219)	0	0
Exercise of stock options, net of shares withheld for taxes		208
Release of restricted stock units	0	$ 0	0	0	0
Release of restricted stock units, shares		248
Issuance of common stock as consideration for an acquisition	4,614	$ 0	4,614	0	0
Issuance of common stock as consideration for an acquisition, shares		259
Stock-based compensation	10,578	$ 0	10,578	0	0
Total other comprehensive loss	(266)	0	0	0	(266)
Net loss	(39,605)	0	0	(39,605)	0
Balance at Jun. 30, 2022	84,979	$ 7	552,752	(466,710)	(1,070)
Balance, shares at Jun. 30, 2022		73,388
Exercise of stock options, net of shares withheld for taxes	214	$ 0	214	0	0
Exercise of stock options, net of shares withheld for taxes		192
Release of restricted stock units	0	$ 0	0	0	0
Release of restricted stock units, shares		118
Issuance of common stock as consideration for an acquisition	91	$ 0	91	0	0
Issuance of common stock as consideration for an acquisition, shares		6
Stock-based compensation	10,646	$ 0	10,646	0	0
Total other comprehensive loss	(539)	0	0	0	(539)
Net loss	(30,297)	0	0	(30,297)	0
Balance at Sep. 30, 2022	65,094	$ 7	563,703	(497,007)	(1,609)
Balance, shares at Sep. 30, 2022		73,704
Balance at Dec. 31, 2022	45,672	$ 7	576,851	(529,987)	(1,199)
Balance, shares at Dec. 31, 2022		73,945
Proceeds from exercise of stock options	1,103	$ 0	1,103	0	0
Proceeds from exercise of stock options, shares		246
Release of restricted stock units	(1,419)	$ 0	(1,419)	0	0
Release of restricted stock units, shares		396
Stock-based compensation	10,487	$ 0	10,487	0	0
Total other comprehensive loss	717	0	0	0	717
Net loss	(22,120)	0	0	(22,120)	0
Balance at Mar. 31, 2023	34,440	$ 7	587,022	(552,107)	(482)
Balance, shares at Mar. 31, 2023		74,587
Balance at Dec. 31, 2022	$ 45,672	$ 7	576,851	(529,987)	(1,199)
Balance, shares at Dec. 31, 2022		73,945
Proceeds from exercise of stock options, shares	924
Net loss	$ (61,495)
Balance at Sep. 30, 2023	19,875	$ 7	611,767	(591,482)	(417)
Balance, shares at Sep. 30, 2023		76,082
Balance at Mar. 31, 2023	34,440	$ 7	587,022	(552,107)	(482)
Balance, shares at Mar. 31, 2023		74,587
Proceeds from exercise of stock options	1,156	$ 0	1,156	0	0
Proceeds from exercise of stock options, shares		163
Release of restricted stock units	(811)	$ 0	(811)	0	0
Release of restricted stock units, shares		354
Stock-based compensation	11,290	$ 0	11,290	0	0
Total other comprehensive loss	(90)	0	0	0	(90)
Net loss	(19,065)	0	0	(19,065)	0
Balance at Jun. 30, 2023	26,920	$ 7	598,657	(571,172)	(572)
Balance, shares at Jun. 30, 2023		75,104
Proceeds from exercise of stock options	1,455	$ 0	1,455	0	0
Proceeds from exercise of stock options, shares		485
Release of restricted stock units	(1,039)	$ 0	(1,039)	0	0
Release of restricted stock units, shares		404
Issuance of common stock as consideration for an acquisition	921	$ 0	921	0	0
Issuance of common stock as consideration for an acquisition, shares		89
Stock-based compensation	11,773	$ 0	11,773	0	0
Total other comprehensive loss	155	0	0	0	155
Net loss	(20,310)	0	0	(20,310)	0
Balance at Sep. 30, 2023	$ 19,875	$ 7	$ 611,767	$ (591,482)	$ (417)
Balance, shares at Sep. 30, 2023		76,082

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

6. Goodwill and intangible assets

Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. Goodwill amounts are not amortized but tested for impairment on an annual basis. There was no impairment of goodwill as of September 30, 2023 and December 31, 2022.

Intangible assets are amortized on a straight-line basis over the useful life. Intangible assets amortization was $2.0 million for each of the three months ended September 30, 2023 and 2022, and was $6.1 million for each of the nine months ended September 30, 2023 and 2022.

Intangible assets consists of the following:


(in thousands)	September 30, 2023							December 31, 2022							Weighted average remaining useful life as of September 30, 2023 (in years)
	Gross amount		Accumulated amortization			Net carrying amount		Gross amount		Accumulated amortization			Net carrying amount
Developed technology	$	13,367	$	(7,322	)	$	6,045	$	13,367	$	(4,745	)	$	8,622		1.8
Customer relationship		22,525		(8,723	)		13,802		22,525		(5,734	)		16,791		3.6
Tradename		2,470		(1,081	)		1,389		2,470		(711	)		1,759		2.8
Non-compete agreement		162		(118	)		44		162		(78	)		84		0.8
Other intangibles		485		(280	)		204		485		(158	)		327		1.3
Total intangible assets	$	39,009	$	(17,524	)	$	21,484	$	39,009	$	(11,426	)	$	27,583

As of September 30, 2023, expected amortization expense for intangible assets was as follows:


(in thousands)	September 30, 2023

Remaining three months of 2023	$	2,033
2024		7,997
2025		6,308
2026		3,429
2027		1,717
Thereafter		0
Total	$	21,484

Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Summary of Net Carrying Amount of Notes and Term Debt

The net carrying amount of the Notes and Term Debt consists of the following:


(in thousands)	Date of Issuance	Maturity Date	Contractual Interest Rate			Outstanding Principal as of September 30, 2023		Carrying Value as of September 30, 2023			Carrying Value as of December 31, 2022
2021 Convertible Senior Notes	September 2021	10/1/2026		0.25	%	$	345,000	$	338,977		$	337,497
2023 Term Debt	June 2023	7/1/2023		4.4	%		820		820			0
Total carrying value of debt						$	345,820		339,797			337,497
Less: current portion of debt									(403	)		0
Total noncurrent debt								$	339,394		$	337,497

Summary of Total Interest Expense Recognized Related to Notes and Term Debt

The total interest expense recognized related to the Convertible Notes and Term Debt consists of the following:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Contractual interest expense	$	226	$	215	$	684	$	652
Amortization of issuance costs		495		491		1,481		1,468
Total	$	721	$	706	$	2,165	$	2,120

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Overview - Additional Information (Details)	9 Months Ended
Overview - Additional Information (Details)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Entity incorporation date	Feb. 28, 2013

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 06, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Entity Registrant Name	BigCommerce Holdings, Inc.
Entity Central Index Key	0001626450
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-39423
Entity Tax Identification Number	46-2707656
Entity Address Address Line1	11305 Four Points DriveBuilding II, Suite 100
Entity Address City Or Town	Austin
Entity Address State Or Province	TX
Entity Interactive Data Current	Yes
Entity Address Postal Zip Code	78726
City Area Code	512
Local Phone Number	865-4500
Entity Incorporation State Country Code	DE
Entity Common Stock, Shares Outstanding		76,089,809
Security12b Title	Series 1 common stock, $0.0001 par value per share
Trading Symbol	BIGC
Security Exchange Name	NASDAQ

Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

13. Subsequent events

In October 2023, the Company acquired all outstanding stock of Makeswift, Inc. (“Makeswift”), a leading visual editor for Next.js websites. The total estimated cash consideration for Makeswift was approximately $9.0 million which includes various working capital considerations and employee retention agreements.

Revenue Recognition and Deferred Costs - Schedule of Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 78,045	$ 72,391	$ 225,245	$ 206,644
Americas US
Disaggregation of Revenue [Line Items]
Revenue	60,019	56,293	172,374	160,553
Americas other
Disaggregation of Revenue [Line Items]
Revenue	3,499	3,321	10,273	8,993
EMEA
Disaggregation of Revenue [Line Items]
Revenue	8,631	7,000	25,263	20,086
APAC
Disaggregation of Revenue [Line Items]
Revenue	$ 5,896	$ 5,777	$ 17,335	$ 17,012

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Commitments, Contingencies, and Leases

9 Months Ended

Sep. 30, 2023

Commitments Contingencies And Leases [Abstract]

Commitments, Contingencies, and Leases

7. Commitments, contingencies, and leases

Legal Proceedings

From time to time, the Company may become involved in legal proceedings arising in the ordinary course of its business. In general, the resolution of a legal matter could prevent the Company from offering its service to others, could be material to the Company's financial condition or cash flows, or both, or could otherwise adversely affect the Company's reputation and future operating results.

In the ordinary course of business, the Company makes a provision for a liability relating to legal matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, estimated settlements, legal rulings, advice of legal counsel and other information and events pertaining to a particular matter. The outcomes of legal proceedings and other contingencies are, however, inherently unpredictable and subject to significant uncertainties. The Company is not presently a party to any legal proceedings that, if determined adversely to the Company, would have a material adverse effect on the Company.

Leases

The Company leases certain facilities under operating lease agreements that expire at various dates through 2028. Some of these arrangements contain renewal options and require the Company to pay taxes, insurance and maintenance costs. Renewal options were not included in the right-of-use asset and lease liability calculation.

Operating expense relating to in-place leases was $0.7 million and $1.0 million for the three months ended September 30, 2023 and 2022, respectively, and was $2.1 million and $3.0 million for the nine months ended September 30, 2023 and 2022, respectively.

Supplemental lease information


Cash flow information (in thousands)	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022

Cash paid for operating lease liabilities	$	767	$	911	$	2,422	$	2,894


Operating lease information	Three months ended September 30,						Nine months ended September 30,
	2023			2022			2023			2022

Weighted-average remaining lease-term (years)		3.78			4.90			3.97		4.84
Weighted-average discount rate		5.38	%		5.42	%		5.38	%		5.42	%

The future maturities of operating lease liabilities are as follows:


(in thousands)	September 30, 2023

Remaining three months of 2023	$	768
2024		2,947
2025		2,775
2026		2,528
2027		2,133
Thereafter		718
Total minimum lease payments	$	11,869
Less imputed interest		(1,244	)
Total lease liabilities	$	10,625

Restructuring charges

The Company recognizes employee severance costs when payments are probable and amounts are estimable or when notification occurs, depending on whether the severance costs paid are part of the Company's general plan. Facilities costs related to contracts without future benefit or contract termination are recognized at the earlier of the contract termination or the cease-use dates. Other exit-related costs are recognized as incurred.

In December 2022, the Company executed a plan to reduce its cost structure which included a reduction of Company workforce and office space (the “2022 Restructure”). The 2022 Restructure included workforce reduction initiatives which resulted in $3.6 million of severance and other compensation charges, $3.4 million of which was paid in the first quarter of 2023. Additionally, in the third quarter of 2023 the Company paid $0.3 million in connection with the 2022 Restructure. The Company has no accruals recorded as of September 30, 2023 related to the 2022 Restucture. The Company does not expect any more material charges under this plan.

The 2022 Restructure also included the decision to cease using certain leased office space in Texas and to make such office space available for sublease in January 2023. As a result, in 2022, the Company evaluated the recoverability of right-of-use assets and determined the carrying values were not fully recoverable. The Company calculated the impairment by comparing the carrying amount of the asset group to its estimated fair value based on inputs derived from market prices for similar assets. As a result, the Company impaired $3.7 million in right-of-use assets and have recorded this amount in Restructuring Charges on the accompanying condensed consolidated statements of operations for the previous year ended December 31, 2022. The impairment charge represents the amount by which the carrying value exceeded the estimated fair value of the asset group. These charges were recorded within the operating expenses on the accompanying condensed consolidated statement of operations.

In September 2023, the Company commenced a restructuring plan (the “2023 Restructure”) which includes a reduction of the Company’s workforce that is intended to advance the Company’s ongoing commitment to profitable growth. The actions associated with the employee restructuring under the 2023 Restructure are expected to be complete by the end of the Company’s fiscal 2024, subject to employee jurisdictions. The Company recorded approximately $5.5 million in expenses in connection with the 2023 Plan in the third quarter of fiscal year 2023, which consists of charges related to severance payments, employee benefits, and professional service and legal fees. These charges were recorded within the operating expenses on the accompanying condensed consolidated

statement of operations. No cash payments were made in the third quarter of fiscal year 2023. The Company does not expect any more material charges under this plan.

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	(0.72%)	(0.28%)	(0.91%)	(0.23%)
U.S. statutory tax rate	21.00%	21.00%	21.00%	21.00%
Unrecognized Tax Benefits	$ 0.4		$ 0.4

Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt

9. Debt

2021 Convertible Senior Notes

In September 2021, the Company issued $345.0 million aggregate principal amount of 0.25 percent convertible senior notes due 2026 (the “Notes”). The Notes were issued in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The net proceeds from the sales of the Notes was approximately $335.0 million after deducting offering and issuance costs related to the Notes and before the 2021 Capped Call transactions, as described below.

The Notes are the Company’s senior, unsecured obligations and accrue interest at a rate of 0.25 percent per annum, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2022. The Notes will mature on October 1, 2026, unless earlier converted, redeemed or repurchased by us. Before July 1, 2026, noteholders will have the right to convert their Notes only under the following circumstances: (1) during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on December 31, 2021, if the Last Reported Sale Price (as defined in the indenture for the Notes) per share of Common Stock (as defined in the indenture for the Notes) exceeds one hundred and thirty percent (130 percent) of the Conversion Price (as defined in the indenture for the Notes) for each of at least twenty (20) Trading Days (as defined in the indenture for the notes) (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter; (2) during the five (5) consecutive Business Days (as defined in the indenture for the Notes) immediately after any ten (10) consecutive Trading Day period (such ten (10) consecutive Trading Day period, the “Measurement Period”) if the Trading Price per $1,000 principal amount of Notes for each Trading Day of the Measurement Period was less than ninety-eight percent (98 percent) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate (as defined in the indenture for the Notes) on such Trading Day; (3) if the Company calls any or all of the Notes for redemption, such Notes called for redemption may be converted any time prior to the close of business on the second business day immediately before the redemption date; or (4) upon the occurrence of specified corporate events. From and after July 1, 2026, noteholders may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. As of September 30, 2023 and December 31, 2022, no conditions for the notes to convert have been called or met.

The Company will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election. The initial conversion rate for the Notes is 13.68 shares of common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $73.11 per share of common stock. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events, such as distribution of stock dividends or stock splits.

The Company may not redeem the Notes prior to October 7, 2024. The Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at the Company’s option at any time, and from time to time, on or after October 7, 2024 and on or before the 25th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of the Company’s common stock exceeds 130 percent of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (ii) the trading day immediately before the date the Company sends such notice. The redemption price will be a cash amount equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, up to, but excluding, the redemption date. Pursuant to the Partial Redemption Limitation (as defined in the indenture for the Notes), the company may not elect to redeem less than all of the outstanding Notes unless at least $150.0 million aggregate

principal amount of Notes are outstanding and not subject to redemption as of the time the Company sends the related redemption notice.

If a “fundamental change” (as defined in the indenture for the Notes) occurs, then, subject to a limited exception, noteholders may require the Company to repurchase their Notes for cash. The repurchase price will be equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, up to, but excluding, the applicable repurchase date.

In accounting for the issuance of the Notes, the Company recorded the Notes as a liability at face value. The effective interest rate for the Notes was 0.84 percent. Transaction costs of $10.0 million, attributable to the issuance of the Notes were recorded as a direct deduction from the related debt liability in the Consolidated Balance Sheet and are amortized to interest expense over the term of the Notes.

2021 Capped Call Transactions

In connection with the pricing of the Notes, the Company used $35.6 million of the net proceeds from the Notes to enter into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain financial institutions.

The Capped Call Transactions are generally expected to reduce potential dilution to holders of the Company’s common stock upon any conversion of the Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the Notes upon conversion of the Notes in the event that the market price per share of the Company’s common stock is greater than the strike price of the Capped Call Transactions with such reduction and/or offset subject to a cap.

The Capped Call Transactions have an initial cap price of approximately $106.34 per share, which represents a premium of 100 percent over the last reported sale prices of the Company’s common stock of $53.17 per share on September 9, 2021, and is subject to certain adjustments under the terms of the Capped Call Transactions. Collectively, the Capped Call Transactions cover, initially, the number of shares of the Company’s common stock underlying the Notes, subject to anti-dilution adjustments substantially similar to those applicable to the Notes.

The Capped Call Transactions do not meet the criteria for separate accounting as a derivative as they are indexed to the Company’s common stock. The premiums paid for the Capped Call Transaction have been included as a net reduction to additional paid-in capital within stockholders’ equity.

2023 Term Debt

In the second quarter of 2023, the Company entered into an agreement to finance a software license in the amount of $1.1 million. The borrowing is under this arrangement and the agreement bears interest at 4.4 percent. The principal amount will be paid in eight quarterly installments beginning on July 1, 2023. As of September 30, 2023, the Company had $0.8 million outstanding under this agreement.

The net carrying amount of the Notes and Term Debt consists of the following:


(in thousands)	Date of Issuance	Maturity Date	Contractual Interest Rate			Outstanding Principal as of September 30, 2023		Carrying Value as of September 30, 2023			Carrying Value as of December 31, 2022
2021 Convertible Senior Notes	September 2021	10/1/2026		0.25	%	$	345,000	$	338,977		$	337,497
2023 Term Debt	June 2023	7/1/2023		4.4	%		820		820			0
Total carrying value of debt						$	345,820		339,797			337,497
Less: current portion of debt									(403	)		0
Total noncurrent debt								$	339,394		$	337,497

The total interest expense recognized related to the Convertible Notes and Term Debt consists of the following:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Contractual interest expense	$	226	$	215	$	684	$	652
Amortization of issuance costs		495		491		1,481		1,468
Total	$	721	$	706	$	2,165	$	2,120

Lender fees that were paid upfront to the lenders and debt issuance fees paid to third parties are recorded as a discount to the carrying amount of debt and are being amortized to interest expense over the life of the debt.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Summary of Stock Options Valuation Assumptions

The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option pricing model using the assumptions described below in this table.


	Nine months ended September 30,		Year ended December 31,
	2023		2022
Weighted-average grant date fair value of options	$	6.56	$	11.79
Risk-free interest rate	3.65% - 4.30%		1.82% - 3.88%
Expected volatility	65.27% - 66.57%		63.07% - 66.83%
Expected life in years	6.06 - 6.11 years		6.09 - 6.10 years

Summary of Changes in Stock Options Activity


Stock option activity for the nine months ended September 30, 2023 was as follows:

(in thousands)	Outstanding			Weighted-Average Grant Date Fair Value		Aggregate Intrinsic Value
Balance as of December 31, 2022		5,725		$	9.33	$	23,331
Options granted under all plans		949			10.29		0
Exercised		(924	)		2.89		6,585
Plan shares expired or canceled		(450	)		20.83		248
Balance as of September 30, 2023		5,300			9.66		21,311
Vested and expected to vest		5,081		$	9.47	$	21,293
Exercisable as of September 30, 2023		3,721		$	7.13	$	21,140

Summary of RSU Table


Restricted stock unit activity for the nine months ended September 30, 2023 was as follows:

(in thousands)	Outstanding			Weighted-Average Grant Date Fair Value		Aggregate Intrinsic Value
Balance as of December 31, 2022		6,215		$	23.53	$	54,302
Granted – restricted stock units		2,530			9.82		24,835
Canceled		(817	)		23.42		7,478
Vested and converted to shares		(1,428	)		24.76		12,860
Balance as of September 30, 2023		6,500			17.94		64,152
Vested and expected to vest		5,374		$	18.15	$	53,043

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Schedule of Allowance for Credit Losses

The allowance for credit losses consisted of the following:


(in thousands)
Balance at December 31, 2022	$	9,995
Provision for expected credit losses		1,075
Accounts written off		(1,476	)
Balance at March 31, 2023	$	9,594
Provision for expected credit losses		433
Accounts written off		(312	)
Balance at June 30, 2023	$	9,715
Provision for expected credit losses		(47	)
Accounts written off		(1,736	)
Balance at September 30, 2023	$	7,932

Revenue Recognition and Deferred Costs (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregate Revenue by Major Source

The following table disaggregates revenue by major source:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Subscription solutions	$	58,709	$	53,231	$	168,652	$	152,503
Partner and services		19,336		19,160		56,593		54,141
Revenue	$	78,045	$	72,391	$	225,245	$	206,644

Schedule of Revenue by Geographic Region

Revenue by geographic region was as follows:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Revenue:
Americas – U.S.	$	60,019	$	56,293	$	172,374	$	160,553
Americas – other		3,499		3,321		10,273		8,993
EMEA		8,631		7,000		25,263		20,086
APAC		5,896		5,777		17,335		17,012
Revenue	$	78,045	$	72,391	$	225,245	$	206,644

Business Combinations

9 Months Ended

Sep. 30, 2023

Business Combinations [Abstract]

Business Combinations

5. Business combinations

Fiscal 2022

Acquisition of Bundle B2B Inc.

In April, 2022, the Company completed its acquisition of Bundle B2B Inc. (“Bundle”), a B2B ecommerce solution that provides advanced B2B functionality seamlessly with the Company’s platform. The total purchase price was approximately $7.7 million. The Company acquired Bundle because it is complementary to the Company’s core business and will allow the Company to expand the Company's product offerings to its merchant base. The purchase price was based on the expected financial performance of Bundle, not on the value of the net identifiable assets at the time of the acquisition. This resulted in a significant portion of the purchase price being attributed to goodwill. The purchase price included the issuance of common stock in the amount of $4.6 million, cash of $0.8 million, an escrow withheld in the amount of $0.9 million and $1.4 million of contingent consideration. The amount held in escrow will be paid out on the first anniversary date with the issuance of the stock based on the fair value of the Company’s common stock on the date of payment. Of the $1.4 million contingent consideration, $0.7 million is tied to the migration of old merchants to updated plans over a 6-months period from acquisition date and the remaining $0.7 million is tied to ongoing performance measures over a 12-months period from the acquisition date. Both the milestones were met by Bundle and the Company issued 87,865 shares of common stock in the fourth fiscal quarter of 2022 and 89,285 shares of common stock in the third fiscal quarter of 2023. The purchase price primarily included $0.4 million of developed technology and $7.3 million of goodwill that is not expected to be deductible for tax purposes. The identifiable intangible assets, which consisted of developed technology, have estimated useful lives of four years.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net loss	$ (20,310)	$ (30,297)	$ (61,495)	$ (106,939)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,137	2,983	8,981	8,630
Amortization of discount on debt	494	490	1,481	1,468
Stock-based compensation	11,773	10,646	33,550	30,186
Provision for expected credit losses	(47)	3,608	1,461	7,007
Other noncash expenses	171	0	171	0
Changes in operating assets and liabilities:
Accounts receivable	401	(5,764)	(1,359)	(15,265)
Prepaid expenses	(2,087)	(4,961)	(5,571)	(3,951)
Deferred commissions	(1,002)	(459)	(1,774)	(2,514)
Accounts payable	(220)	935	(748)	(994)
Accrued and other liabilities	(26,858)	(28,638)	(24,753)	(7,386)
Deferred revenue	3,119	653	12,534	3,094
Net cash used in operating activities	(31,429)	(50,804)	(37,522)	(86,664)
Cash flows from investing activities:
Cash paid for acquisition	0	0	0	(696)
Purchase of property and equipment	(1,055)	(720)	(3,135)	(4,206)
Maturity of marketable securities	83,135	22,050	206,207	64,650
Purchase of marketable securities	(55,681)	(90,614)	(189,075)	(169,887)
Net cash provided by (used in) investing activities	26,399	(69,284)	13,997	(110,139)
Cash flows from financing activities:
Proceeds from exercise of stock options	1,455	172	3,700	64
Taxes paid related to net share settlement of stock options	(1,039)	0	(3,269)	0
Proceeds from debt	0	0	1,081	0
Repayment of debt	(131)	0	(131)	0
Net cash provided by financing activities	285	172	1,381	64
Net change in cash and cash equivalents and restricted cash	(4,745)	(119,916)	(22,144)	(196,739)
Cash and cash equivalents and restricted cash, beginning of period	75,631	221,881	93,030	298,704
Cash and cash equivalents and restricted cash, end of period	70,886	101,965	70,886	101,965
Supplemental cash flow information:
Cash paid for interest	442	431	873	903
Cash paid for taxes	129	0	341	32
Noncash investing and financing activities:
Changes in capital additions, accrued but not paid	224	2	224	107
Fair value of shares issued as consideration for acquisition	921	6	921	4,620
Reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheet to the amounts shown in the statements of cash flows above:
Cash and cash equivalents	69,779	100,609	69,779	100,609
Restricted cash	1,107	1,356	1,107	1,356
Total cash, cash equivalents and restricted cash	$ 70,886	$ 101,965	$ 70,886	$ 101,965

Commitment, Contingencies, and Leases - Schedule of Operating Lease Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Commitments Contingencies And Leases [Abstract]
Weighted-average remaining lease-term (years)	3 years 9 months 10 days	4 years 10 months 24 days	3 years 11 months 19 days	4 years 10 months 2 days
Weighted-average discount rate	5.38%	5.42%	5.38%	5.42%

Fair Value Measurements - Summarize the Estimated Fair Value of Marketable Securities and Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 196,007	$ 213,140
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(417)	(1,199)
Total marketable securities	195,590	211,941
U.S Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	39,218	73,208
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(52)	(631)
Total marketable securities	39,166	72,577
Corporate securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	156,789	139,932
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(365)	(568)
Total marketable securities	$ 156,424	$ 139,364

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Revenue Recognition and Deferred Costs - Additional Information (Details 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01 $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 157.2
Remaining performance obligations, percentage	60.00%
Remaining performance obligations, satisfaction period	12 months
Revenue, expected recognition period, explanation	The Company expects to recognize approximately 60 percent of the remaining performance obligations as revenue in the following 12-month period, and the remaining balance in the periods thereafter.

Goodwill and Intangible Assets - Schedule of Expected Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining three months of 2023	$ 2,033
2024	7,997
2025	6,308
2026	3,429
2027	1,717
Thereafter	0
Net carrying amount	$ 21,484	$ 27,583

Commitment, Contingencies, and Leases - Additional Information (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Commitments Contingencies And Leases [Line Items]
Operating lease, expiration year				2028
Leases operating expense relates to in-place	$ 700,000		$ 1,000,000	$ 2,100,000	$ 3,000,000
2022 Restructure
Commitments Contingencies And Leases [Line Items]
Severance and other compensation charges				3,600,000
Severance and other compensation charges paid	300,000	$ 3,400,000
2023 Restructure
Commitments Contingencies And Leases [Line Items]
Severance and other compensation charges paid	0
Restructuring expenses	$ 5,500,000
Restructuring Charges \| 2022 Restructure
Commitments Contingencies And Leases [Line Items]
Impaired on right-of-use assets				$ 3,700,000

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 69,779	$ 91,573
Restricted cash	1,107	1,457
Marketable securities	195,590	211,941
Accounts receivable, net	51,797	51,899
Prepaid expenses and other assets	15,673	11,206
Deferred commissions	7,585	6,171
Total current assets	341,531	374,247
Property and equipment, net	10,538	9,083
Operating lease, right-of-use-assets	4,681	5,887
Prepaid expenses, net of current portion	596	470
Deferred commissions, net of current portion	7,397	7,037
Intangible assets, net	21,484	27,583
Goodwill	49,749	49,749
Total assets	435,976	474,056
Current liabilities
Accounts payable	6,265	7,013
Accrued liabilities	3,091	2,937
Deferred revenue	31,269	17,783
Current portion of long-term debt	403	0
Current portion of operating lease liabilities	2,535	2,609
Other current liabilities	23,491	48,444
Total current liabilities	67,054	78,786
Deferred revenue, net of current portion	807	1,759
Long-term debt	339,394	337,497
Operating lease liabilities, net of current portion	8,090	10,008
Other long-term liabilities, net of current portion	756	334
Total liabilities	416,101	428,384
Commitments and contingencies (Note 7)
Stockholders’ equity
Common stock, $0.0001 par value; 505,051 shares authorized at September 30, 2023 and December 31, 2022, respectively; 76,082 and 73,945 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively.	7	7
Additional paid-in capital	611,767	576,851
Accumulated other comprehensive loss	(417)	(1,199)
Accumulated deficit	(591,482)	(529,987)
Total stockholders’ equity	19,875	45,672
Total liabilities and stockholders’ equity	$ 435,976	$ 474,056

Fair Value Measurements - Schedule of Marketable Security Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Due within 1 year	$ 173,912	$ 200,111
Due in 1 year through 2 years	21,678	11,830
Total marketable securities	$ 195,590	$ 211,941

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

11. Income taxes

The income tax expense for the three and nine months ended September 30, 2023 is based on the estimated annual effective tax rate for fiscal 2023. The Company’s provision for income taxes is based on estimated effective tax rates derived from an estimate of annual consolidated earnings before taxes, adjusted for nondeductible expenses, other permanent items, valuation allowances, and any applicable income tax credits.

The Company’s provision for income taxes reflected an effective tax rate of (0.72) percent and (0.28) percent for the three months ended September 30, 2023 and 2022, respectively. For the nine months ended September 30, 2023 and 2022, the Company had an effective tax rate of (0.91) percent and (0.23) percent, respectively.

For the three and nine months ended September 30, 2023 and 2022, the Company’s effective tax rate was lower than the U.S. federal statutory rate of 21 percent primarily due to the Company’s valuation allowance offsetting the benefits of losses. The Company’s current income tax expenses and benefits consist primarily of state current income tax expense, deferred income tax expense relating to the tax amortization of acquired goodwill and current income tax expense from foreign operations.

The Company has provided a valuation allowance against most of the Company’s deferred tax assets as it believes the objective and verifiable evidence of the Company’s historical pretax net losses outweighs any positive evidence of forecasted future results. The Company will continue to monitor the positive and negative evidence, and will adjust the valuation allowance as sufficient objective positive evidence becomes available.

As of September 30, 2023, the Company had approximately $0.4 million in uncertain tax positions representing no increase from the balance on December 31, 2022. Operating losses generated in years prior to 2018 remain open to adjustment until the statute of limitations closes for the tax year in which the net operating losses are utilized. Tax years 2018 through 2021 generally remain open to examination by the major taxing jurisdictions to which the Company is subject. The Company is currently not under audit by any taxing jurisdiction.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Net Loss per Share - Schedule of Antidilutive Securities Outstanding Excluded from Computation of Basic Weighted-Average Shares Outstanding (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of basic weighted-average shares outstanding	16,561	18,521
Stock Options Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of basic weighted-average shares outstanding	5,300	5,825
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of basic weighted-average shares outstanding	6,500	5,743
Acquisition Related Compensation
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of basic weighted-average shares outstanding	42	2,234
Convertible Debt
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of basic weighted-average shares outstanding	4,719	4,719

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock-based compensation expense	$ 11,773	$ 10,646	$ 33,550	$ 30,186
Cost of Revenue
Stock-based compensation expense	1,323	1,091	3,802	2,946
Sales and Marketing
Stock-based compensation expense	3,626	3,254	10,059	9,795
Research and Development
Stock-based compensation expense	4,124	3,144	11,570	8,749
General and Administrative
Stock-based compensation expense	$ 3,028	$ 3,296	$ 8,680	$ 9,337

Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Stockholders' Equity

10. Stockholders’ equity

In 2020, the Company’s board of directors approved the 2020 Equity Incentive Plan, or 2020 Plan, under which stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and units and other cash-based or stock-based awards may be granted to employees, consultants and directors. Shares of common stock that are issued and available for issuance under the 2020 Plan consist of authorized, but unissued or reacquired shares of common stock or any combination thereof. The Company has issued awards of stock options and restricted stock units under the 2020 Plan. The Company has issued awards of stock options and restricted stock units under the 2020 Plan.

Stock Options

Stock options generally vest and become exercisable over a service period of 4 years from the date of grant, subject to continued service.

The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option pricing model using the assumptions described below in this table.


	Nine months ended September 30,		Year ended December 31,
	2023		2022
Weighted-average grant date fair value of options	$	6.56	$	11.79
Risk-free interest rate	3.65% - 4.30%		1.82% - 3.88%
Expected volatility	65.27% - 66.57%		63.07% - 66.83%
Expected life in years	6.06 - 6.11 years		6.09 - 6.10 years

The Company estimated its future stock price volatility considering both its observed option-implied volatilities and its peer historical volatility calculations. Management believes this is the best estimate of the expected volatility over the expected life of its stock options. The estimated life for the stock options is based on the weighted average of the remaining vesting term and the remaining contractual life of each award. The risk-free interest rate is based on the rate for a U.S. government security with the same estimated life at the time of the option grant. The estimated forfeiture rate applied is based on historical forfeiture rates. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore uses an expected dividend yield of zero in the option pricing model.


Stock option activity for the nine months ended September 30, 2023 was as follows:

(in thousands)	Outstanding			Weighted-Average Grant Date Fair Value		Aggregate Intrinsic Value
Balance as of December 31, 2022		5,725		$	9.33	$	23,331
Options granted under all plans		949			10.29		0
Exercised		(924	)		2.89		6,585
Plan shares expired or canceled		(450	)		20.83		248
Balance as of September 30, 2023		5,300			9.66		21,311
Vested and expected to vest		5,081		$	9.47	$	21,293
Exercisable as of September 30, 2023		3,721		$	7.13	$	21,140

Restricted Stock Units

Restricted stock units, which upon vesting entitle the holder to one share of common stock for each restricted stock unit, generally vest over a service period of 4 years from the date of grant, subject to continued service.


Restricted stock unit activity for the nine months ended September 30, 2023 was as follows:

(in thousands)	Outstanding			Weighted-Average Grant Date Fair Value		Aggregate Intrinsic Value
Balance as of December 31, 2022		6,215		$	23.53	$	54,302
Granted – restricted stock units		2,530			9.82		24,835
Canceled		(817	)		23.42		7,478
Vested and converted to shares		(1,428	)		24.76		12,860
Balance as of September 30, 2023		6,500			17.94		64,152
Vested and expected to vest		5,374		$	18.15	$	53,043

The aggregate expected stock-based compensation expense remaining to be recognized as of September 30, 2023 is $90.3 million, which reflects outstanding stock awards that are vested and outstanding stock awards that are expected to vest.

Net Loss per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss)	$ (20,310)	$ (19,065)	$ (22,120)	$ (30,297)	$ (39,605)	$ (37,037)	$ (61,495)	$ (106,939)
Weighted average shares outstanding, Basic	75,387			73,508			74,778	73,027
Weighted average shares outstanding, Diluted	75,387			73,508			74,778	73,027
Net Loss per Share, Basic	$ (0.27)			$ (0.41)			$ (0.82)	$ (1.46)
Net Loss per Share, Diluted	$ (0.27)			$ (0.41)			$ (0.82)	$ (1.46)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Commitment, Contingencies, and Leases - Schedule of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Commitments Contingencies And Leases [Abstract]
Cash paid for operating lease liabilities	$ 767	$ 911	$ 2,422	$ 2,894

Net Loss per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Loss per Share

12. Net loss per share

Basic net loss per share is computed by dividing net loss by the number of shares of common stock outstanding for the period. Because the Company has reported a net loss for the three and nine months ended September 30, 2023, and 2022, the number of shares used to calculate diluted net loss per share is the same as the number of shares used to calculate basic net loss per share for the period presented because the potentially dilutive shares would have been antidilutive if included in the calculation.


	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2023			2022			2023			2022
Numerator:
Net Loss Per Share Available to Shareholders	$	(20,310	)	$	(30,297	)	$	(61,495	)	$	(106,939	)
Denominator:
Weighted average shares outstanding		75,387			73,508			74,778			73,027
Net Loss per Share	$	(0.27	)	$	(0.41	)	$	(0.82	)	$	(1.46	)


	As of September 30,
(in thousands)	2023		2022
Stock options outstanding		5,300		5,825
Restricted stock units		6,500		5,743
Acquisition related compensation		42		2,234
Convertible debt		4,719		4,719
Total potentially dilutive securities		16,561		18,521

Commitments, Contingencies, and Leases (Tables)

9 Months Ended

Sep. 30, 2023

Commitments Contingencies And Leases [Abstract]

Supplemental Lease Information

Supplemental lease information


Cash flow information (in thousands)	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022

Cash paid for operating lease liabilities	$	767	$	911	$	2,422	$	2,894


Operating lease information	Three months ended September 30,						Nine months ended September 30,
	2023			2022			2023			2022

Weighted-average remaining lease-term (years)		3.78			4.90			3.97		4.84
Weighted-average discount rate		5.38	%		5.42	%		5.38	%		5.42	%

Schedule of Future Maturities of Operating Lease Liabilities

The future maturities of operating lease liabilities are as follows:


(in thousands)	September 30, 2023

Remaining three months of 2023	$	768
2024		2,947
2025		2,775
2026		2,528
2027		2,133
Thereafter		718
Total minimum lease payments	$	11,869
Less imputed interest		(1,244	)
Total lease liabilities	$	10,625

Stockholders Equity - Summary of Changes in Stock Options Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Option outstanding at beginning of period (in shares)	5,725
Option outstanding, options granted under all plans (in shares)	949
Option outstanding, exercised (in shares)	(924)
Option outstanding, Plan shares expired or canceled (in shares)	(450)
Options outstanding at ending of period (in shares)	5,300
Options outstanding, vested and expected to vest	5,081
Outstanding Stock Options, Exercisable (in shares)	3,721
Weighted average grant date fair value at beginning of period (in dollars per share)	$ 9.33
Weighted average grant date fair value, options granted under all plans (in dollars per share)	10.29
Weighted average grant date fair value, exercised (in dollars per share)	2.89
Weighted average grant date fair value, plan shares expired or canceled (in dollars per share)	20.83
Weighted average grant date fair value at end of period (in dollars per share)	9.66
Weighted average grant date fair value, vested and expected to vest (in dollars per share)	9.47
Weighted average grant date fair value, exercisable (in dollars per share)	$ 7.13
Aggregate intrinsic value, options outstanding, Beginning balance	$ 23,331
Aggregate intrinsic value, options outstanding, options granted under all plans	0
Aggregate intrinsic value, options outstanding, exercised	6,585
Aggregate intrinsic value, options outstanding, plan shares expired or canceled	248
Aggregate intrinsic value, options outstanding, Ending balance	21,311
Aggregate intrinsic value, vested and expected to vest	21,293
Aggregate intrinsic value, vested	$ 21,140

Stockholders' Equity - Additional Information (Details) shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) shares
Class Of Stock [Line Items]
Fair value assumptions, expected dividend yield	0.00%
Stock options granted \| shares	949
Aggregate stock-based compensation yet to be recognized \| $	$ 90.3
Restricted Stock Units
Class Of Stock [Line Items]
Weighted-average requisite service period	4 years
Stock Option
Class Of Stock [Line Items]
Weighted-average requisite service period	4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Liabilities

9 Months Ended

Sep. 30, 2023

Other Liabilities Disclosure [Abstract]

Other Liabilities

8. Other liabilities

The following table summarizes the components of other current liabilities:


	As of September 30,		As of December 31,
(in thousands)	2023		2022
Sales tax payable	$	1,637	$	1,887
Payroll and payroll related expenses		10,825		13,982
Acquisition related compensation		881		24,743
Restructuring related charges		5,498		2,918
Other		4,650		4,914
Other current liabilities	$	23,491	$	48,444

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Marketable Securities and Debt

As of September 30, 2023 and December 31, 2022, marketable securities and debt consisted of the following:


	As of September 30, 2023
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
U.S. treasury securities	$	39,166	$	0	$	0	$	39,166
Corporate securities		0		156,424		0		156,424
Total marketable securities	$	39,166	$	156,424	$	0	$	195,590


	As of December 31, 2022
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
U.S. treasury securities	$	72,577	$	0	$	0	$	72,577
Corporate securities		0		139,364		0		139,364
Total marketable securities	$	72,577	$	139,364	$	0	$	211,941

Schedule of Marketable Security Contractual Maturities

The contractual maturities of the investments classified as marketable securities were as follows:


(in thousands)	As of September 30, 2023		As of December 31, 2022
Due within 1 year	$	173,912	$	200,111
Due in 1 year through 2 years		21,678		11,830
Total marketable securities	$	195,590	$	211,941

Estimated Fair Value of Marketable Securities

The following tables summarize the estimated fair value of marketable securities.


	As of September 30, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. treasury securities	$	39,218	$	0	$	(52	)	$	39,166
Corporate securities		156,789		0		(365	)	$	156,424
Total marketable securities	$	196,007	$	0	$	(417	)	$	195,590


	As of December 31, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. treasury securities	$	73,208	$	0	$	(631	)	$	72,577
Corporate securities		139,932		0		(568	)		139,364
Total marketable securities	$	213,140	$	0	$	(1,199	)	$	211,941

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Apr. 30, 2022	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Payments to acquire businesses, gross		$ 0		$ 0	$ 0	$ 696
Bundle
Business Acquisition [Line Items]
Total estimated cash consideration	$ 7,700
Business combination, issuance of common stock	4,600
Payments to acquire businesses, gross	800
Business combination escrow amount	900
Contingent consideration	1,400
Amount of migration of old merchants to updated plans	$ 700
Period of migration of old merchants to updated plans	6 months
Amount of ongoing performance measures	$ 700
Period of ongoing performance measures	12 months
Shares issued for satisfying contingent consideration subject to milestones achieved		89,285	87,865
Developed technology	$ 400
Goodwill not expected to be deductible for tax purposes	$ 7,300
Bundle \| Developed Technology
Business Acquisition [Line Items]
Estimated useful lives of intangible assets	4 years

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consists of the following:


(in thousands)	September 30, 2023							December 31, 2022							Weighted average remaining useful life as of September 30, 2023 (in years)
	Gross amount		Accumulated amortization			Net carrying amount		Gross amount		Accumulated amortization			Net carrying amount
Developed technology	$	13,367	$	(7,322	)	$	6,045	$	13,367	$	(4,745	)	$	8,622		1.8
Customer relationship		22,525		(8,723	)		13,802		22,525		(5,734	)		16,791		3.6
Tradename		2,470		(1,081	)		1,389		2,470		(711	)		1,759		2.8
Non-compete agreement		162		(118	)		44		162		(78	)		84		0.8
Other intangibles		485		(280	)		204		485		(158	)		327		1.3
Total intangible assets	$	39,009	$	(17,524	)	$	21,484	$	39,009	$	(11,426	)	$	27,583

Schedule of Expected Amortization Expense for Intangible Assets

As of September 30, 2023, expected amortization expense for intangible assets was as follows:


(in thousands)	September 30, 2023

Remaining three months of 2023	$	2,033
2024		7,997
2025		6,308
2026		3,429
2027		1,717
Thereafter		0
Total	$	21,484

Other Liabilities - Components of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Sales tax payable	$ 1,637	$ 1,887
Payroll and payroll related expenses	10,825	13,982
Acquisition related compensation	881	24,743
Restructuring related charges	5,498	2,918
Other	4,650	4,914
Other current liabilities	$ 23,491	$ 48,444

Summary of Significant Accounting Policies - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Allowance for Credit Loss [Abstract]
Beginning Balance	$ 9,715	$ 9,594	$ 9,995		$ 9,995
Provision for expected credit losses	(47)	433	1,075	$ 3,608	1,461	$ 7,007
Accounts written off	(1,736)	(312)	(1,476)
Ending Balance	$ 7,932	$ 9,715	$ 9,594		$ 7,932

Stockholders' Equity - Summary of RSU Table (Details) - Restricted stock units $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Class Of Stock [Line Items]
Beginning Balance (in shares) \| shares	6,215
Granted (in shares) \| shares	2,530
Canceled (in shares) \| shares	(817)
Vested and converted to shares (in shares) \| shares	(1,428)
Ending balance (in shares) \| shares	6,500
Vested and expected to vest (in shares) \| shares	5,374
Weighted average grant date fair value, beginning balance \| $ / shares	$ 23.53
Weighted average grant date fair value, granted \| $ / shares	9.82
Weighted average grant date fair value, canceled \| $ / shares	23.42
Weighted average grant date fair value, vested and converted to shares \| $ / shares	24.76
Weighted average grant date fair value, ending balance \| $ / shares	17.94
Weighted average grant date fair value, vested and expected to vest \| $ / shares	$ 18.15
Aggregate Intrinsic Value, Beginning value \| $	$ 54,302
Aggregate Intrinsic Value, granted \| $	24,835
Aggregate Intrinsic Value, canceled \| $	7,478
Aggregate Intrinsic Value, Vested and converted to shares \| $	12,860
Aggregate Intrinsic Value, Ending balance \| $	64,152
Aggregate Intrinsic Value, vested and expected to vest \| $	$ 53,043

Debt - Additional Information (Details)		1 Months Ended	9 Months Ended
Debt - Additional Information (Details)	Sep. 09, 2021 USD ($) $ / shares	Sep. 30, 2021 USD ($) Days $ / shares shares	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Debt instrument, outstanding amount			$ 345,820,000
0.25% Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Debt principal amount		$ 345,000,000
Contractual Interest Rate		0.25%
Net proceeds from sale of convertible senior notes		$ 335,000,000
Debt instrument, frequency of periodic payment			semi-annually
Debt instrument, payment terms			semi-annually in arrears on April 1 and October 1 of each year
Maturity Date		Oct. 01, 2026
Debt instrument, convertible trading days \| Days		20
Debt instrument, convertible consecutive trading days \| Days		30
Principal amount of each convertible note		$ 1,000
Conversion of debt to shares \| shares		13.68
Debt instrument, principal amount converted		$ 1,000
Debt instrument, initial conversion price \| $ / shares		$ 73.11
Debt instrument, effective interest rate		0.84%
Transaction costs attributable to issuance of notes		$ 10,000,000
0.25% Convertible Senior Notes Due 2026 \| 2021 Capped Call Transactions
Debt Instrument [Line Items]
Net proceeds from notes used for capped call transactions	$ 35,600,000
Initial cap price of capped call transactions \| $ / shares	106.34
Percentage of premium of cap price over last reported sale price per common share	100.00%
Sale price of common stock per share \| $ / shares	$ 53.17
0.25% Convertible Senior Notes Due 2026 \| Minimum
Debt Instrument [Line Items]
Debt principal amount		$ 150,000,000
0.25% Convertible Senior Notes Due 2026 \| Minimum \| 20 Trading Days Period
Debt Instrument [Line Items]
Debt instrument, conversion price percentage		130.00%
0.25% Convertible Senior Notes Due 2026 \| Maximum \| 10 Trading Days Period
Debt Instrument [Line Items]
Debt instrument, conversion price percentage		98.00%
2023 Term Debt
Debt Instrument [Line Items]
Contractual Interest Rate			4.40%
Debt instrument, outstanding amount			$ 820,000
Maturity Date			Jul. 01, 2023
2023 Term Debt \| Software license
Debt Instrument [Line Items]
Debt principal amount			$ 1,100,000
Contractual Interest Rate			4.40%
Debt instrument, outstanding amount			$ 800,000
Debt instrument, payment terms			The principal amount will be paid in eight quarterly installments beginning on July 1, 2023.

Fair Value Measurements - Additional Information (Details) - 0.25% Senior Notes Due 2026 - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Aggregate principal amount of notes issued		$ 345.0
Debt instrument, interest rate		0.25%
Estimated fair value of notes issued	$ 272.1

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Basis of presentation

Basis of consolidation

Use of estimates

Accounting pronouncements

There were no recently issued accounting pronouncements that had or are expected to have a material impact on the Company’s consolidated financial statements.

Segments

Revenue Recognition

Subscription solutions

Partner and services

The Company also derives revenue from the sales of website themes and applications upon delivery.

Contracts with multiple performance obligations

Accounts receivable

The allowance for credit losses consisted of the following:


(in thousands)
Balance at December 31, 2022	$	9,995
Provision for expected credit losses		1,075
Accounts written off		(1,476	)
Balance at March 31, 2023	$	9,594
Provision for expected credit losses		433
Accounts written off		(312	)
Balance at June 30, 2023	$	9,715
Provision for expected credit losses		(47	)
Accounts written off		(1,736	)
Balance at September 30, 2023	$	7,932

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Impairment of goodwill

$ 0

Amortization of intangible assets

^[1]

$ 2,033,000

$ 2,016,000

$ 6,099,000

$ 6,062,000

[1]


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Cost of revenue	$	1,323	$	1,091	$	3,802	$	2,946
Sales and marketing		3,626		3,254		10,059		9,795
Research and development		4,124		3,144		11,570		8,749
General and administrative		3,028		3,296		8,680		9,337

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Income Statement [Abstract]

Revenue

$ 78,045

$ 72,391

$ 225,245

$ 206,644

Cost of revenue

^[1]

19,054

17,525

55,256

51,488

Gross profit

58,991

54,866

169,989

155,156

Operating expenses:

Sales and marketing

^[1]

36,253

35,973

105,898

105,645

Research and development

^[1]

21,703

22,245

63,951

65,584

General and administrative

^[1]

14,342

18,932

45,264

52,304

Acquisition related expenses

^[1]

1,067

6,260

9,317

31,441

Restructuring charges

^[1]

5,795

6,215

Amortization of intangible assets

^[1]

2,033

2,016

6,099

6,062

Total operating expenses

^[1]

81,193

85,426

236,744

261,036

Loss from operations

(22,202)

(30,560)

(66,755)

(105,880)

Interest income

3,059

1,431

8,310

2,130

Interest expense

(721)

(706)

(2,165)

(2,120)

Other expenses

(301)

(376)

(333)

(828)

Loss before provision for income taxes

(20,165)

(30,211)

(60,943)

(106,698)

Provision for income taxes

(145)

(86)

(552)

(241)

Net loss

$ (20,310)

$ (30,297)

$ (61,495)

$ (106,939)

Basic net loss per share

$ (0.27)

$ (0.41)

$ (0.82)

$ (1.46)

Shares used to compute basic net loss per share

75,387

73,508

74,778

73,027

[1]


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Cost of revenue	$	1,323	$	1,091	$	3,802	$	2,946
Sales and marketing		3,626		3,254		10,059		9,795
Research and development		4,124		3,144		11,570		8,749
General and administrative		3,028		3,296		8,680		9,337

Fair Value Measurements - Schedule of Marketable Securities and Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	$ 195,590	$ 211,941
U.S Treasury Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	39,166	72,577
Corporate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	156,424	139,364
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	39,166	72,577
Level 1 \| U.S Treasury Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	39,166	72,577
Level 1 \| Corporate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	156,424	139,364
Level 2 \| U.S Treasury Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	0	0
Level 2 \| Corporate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	156,424	139,364
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	0	0
Level 3 \| U.S Treasury Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	0	0
Level 3 \| Corporate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total marketable securities	$ 0	$ 0

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements, Cash Equivalents and Marketable Securities

4. Fair value measurements

Financial instruments carried at fair value include cash and cash equivalents, restricted cash and marketable securities. The carrying amount of accounts receivable approximates fair value due to their relatively short maturities.

For assets and liabilities measured at fair value, fair value is the price to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When determining fair value, the Company considers the principal or most advantageous market in which it would transact, and assumptions that market participants would use when pricing asset or liabilities.

The accounting standard for fair value establishes a fair value hierarchy based on three levels of inputs, the first two of which are considered observable and the last unobservable. The standard requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The three levels of inputs that may be used to measure fair value are as follows:

Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2 – Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Inputs are unobservable that are significant to the fair value of the asset or liability and are developed based on the best information available in the circumstances, which might include the Company’s data.

As of September 30, 2023 and December 31, 2022, marketable securities and debt consisted of the following:


	As of September 30, 2023
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
U.S. treasury securities	$	39,166	$	0	$	0	$	39,166
Corporate securities		0		156,424		0		156,424
Total marketable securities	$	39,166	$	156,424	$	0	$	195,590


	As of December 31, 2022
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
U.S. treasury securities	$	72,577	$	0	$	0	$	72,577
Corporate securities		0		139,364		0		139,364
Total marketable securities	$	72,577	$	139,364	$	0	$	211,941

The contractual maturities of the investments classified as marketable securities were as follows:


(in thousands)	As of September 30, 2023		As of December 31, 2022
Due within 1 year	$	173,912	$	200,111
Due in 1 year through 2 years		21,678		11,830
Total marketable securities	$	195,590	$	211,941

The following tables summarize the estimated fair value of marketable securities.


	As of September 30, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. treasury securities	$	39,218	$	0	$	(52	)	$	39,166
Corporate securities		156,789		0		(365	)	$	156,424
Total marketable securities	$	196,007	$	0	$	(417	)	$	195,590


	As of December 31, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. treasury securities	$	73,208	$	0	$	(631	)	$	72,577
Corporate securities		139,932		0		(568	)		139,364
Total marketable securities	$	213,140	$	0	$	(1,199	)	$	211,941

In September 2021, the Company issued $345.0 million aggregate principal amount of 0.25 percent convertible senior notes due 2026 (the “Notes”). The estimated fair value of the notes was approximately $272.1 million as of September 30, 2023. The Notes were categorized as Level 2 instruments as the estimated fair value was determined based on estimated or actual bids and offers of the Notes in an inactive market on the last business day of the period.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Dec. 31, 2022

Summary Of Significant Accounting Policies [Line Items]

Accounts receivable including unbilled receivables

$ 16,400

$ 19,900

Sales and marketing

^[1]

36,253

$ 35,973

105,898

$ 105,645

Revision of Prior Period, Reclassification, Adjustment

Summary Of Significant Accounting Policies [Line Items]

Sales and marketing

$ 1,500

$ 4,700

Subscription Solutions

Summary Of Significant Accounting Policies [Line Items]

Unbilled receivables including contract assets

13,200

15,700

PSR Customers

Summary Of Significant Accounting Policies [Line Items]

Unbilled receivables including contract assets

$ 3,200

$ 4,200

Minimum

Summary Of Significant Accounting Policies [Line Items]

Account receivable payment terms

due immediately

Minimum | Subscription Solutions

Summary Of Significant Accounting Policies [Line Items]

Contract with customer period

1 year

Maximum

Summary Of Significant Accounting Policies [Line Items]

Account receivable payment terms

due within 90 days

Maximum | Subscription Solutions

Summary Of Significant Accounting Policies [Line Items]

Contract with customer period

3 years

[1]


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Cost of revenue	$	1,323	$	1,091	$	3,802	$	2,946
Sales and marketing		3,626		3,254		10,059		9,795
Research and development		4,124		3,144		11,570		8,749
General and administrative		3,028		3,296		8,680		9,337

Subsequent Events - Additional Information (Details) $ in Millions	1 Months Ended
	Oct. 31, 2023 USD ($)
Makeswift Inc. \| Subsequent Event
Subsequent Event [Line Items]
Total estimated cash consideration	$ 9.0

Commitment, Contingencies, and Leases - Schedule of Future Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Commitments Contingencies And Leases [Abstract]
Remaining three months of 2023	$ 768
2024	2,947
2025	2,775
2026	2,528
2027	2,133
Thereafter	718
Total minimum lease payments	11,869
Less imputed interest	(1,244)
Total lease liabilities	$ 10,625