0000950170-24-022864 | 10-K | XBRL Viewer

Print Document View Excel Document

Summary of Significant Accounting Policies - Summary of Remaining Performance Obligation (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Current	$ 93,928	$ 85,109
Noncurrent	64,485	80,996
Total	$ 158,413	$ 166,105

Debt - Summary of Total Interest Expense Recognized Related to Notes and Term Debt (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
0.25% Convertible Senior Notes Due 2026 and 2023 Term Debt
Debt Instrument [Line Items]
Other interest expense	$ 14	$ 5

- 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 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

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

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

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

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

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

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

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

Reference 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

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

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-based compensation expense	$ 41,185	$ 42,332	$ 25,424
Cost of Revenue
Stock-based compensation expense	4,949	4,226	2,122
Sales and Marketing
Stock-based compensation expense	13,474	13,551	9,392
Research and Development
Stock-based compensation expense	13,478	12,388	6,169
General and Administrative
Stock-based compensation expense	$ 9,785	$ 12,821	$ 8,851

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair value measurements

Financial instruments carried at fair value include cash and cash equivalents, restricted cash and marketable securities.

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.

The following table presents information about the Company’s cash equivalents, marketable securities and liabilities that were measured at fair value as of December 31, 2023 and December 31, 2022:


	As of December 31, 2023
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Cash equivalents (1):
Money market mutual funds & cash equivalents	$	39,754	$	0	$	0	$	39,754
Marketable securities:
Corporate bonds		0		64,545		0		64,545
U.S. treasury securities		48,138		0		0		48,138
Commercial paper		0		30,596		0		30,596
Agency bonds		0		55,136		0		55,136
Total cash equivalents and marketable securities	$	87,892	$	150,277	$	0	$	238,169
Liabilities:
Convertible senior notes due 2026	$	0	$	280,658	$	0	$	280,658


	As of December 31, 2022
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Cash equivalents (1):
Money market mutual funds & cash equivalents	$	68,129	$	0	$	0	$	68,129
Marketable securities:
Corporate bonds		0		85,243		0		85,243
U.S. treasury securities		72,577		0		0		72,577
Commercial paper		0		41,189		0		41,189
Agency bonds		0		12,932		0		12,932
Total cash equivalents and marketable securities	$	140,706	$	139,364	$	0	$	280,070
Liabilities:
Convertible senior notes due 2026	$	0	$	246,882	$	0	$	246,882

(1) Included in “Cash and cash equivalents” in the accompanying Consolidated Balance Sheets, in addition to $33.1 million, and $24.9 million of cash, as of December 31, 2023 and December 31, 2022, respectively.

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


(in thousands)	As of December 31, 2023		As of December 31, 2022
Due within 1 year	$	183,132	$	194,724
Due in 1 year through 2 years		15,283		17,217
Total marketable securities	$	198,415	$	211,941

The following tables summarize the gains, losses, and estimated fair value of cash equivalents, marketable securities and liabilities as of December 31, 2023 and December 31, 2022:


	As of December 31, 2023
(in thousands)	Amortized Cost/ Principal amount		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market mutual funds & cash equivalents	$	39,754	$	0	$	0		$	39,754
Marketable securities:
Corporate bonds		64,421		157		(33	)		64,545
U.S. treasury securities		48,061		86		(9	)		48,138
Commercial paper		30,588		16		(8	)		30,596
Agency bonds		55,182		24		(70	)		55,136
Total marketable securities	$	198,252	$	283	$	(120	)	$	198,415
Liabilities:
Convertible senior notes due 2026	$	345,000	$	0	$	0		$	280,658


	As of December 31, 2022
(in thousands)	Amortized Cost/ Principal amount		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market mutual funds & cash equivalents	$	68,194	$	0	$	(65	)	$	68,129
Marketable securities:
Corporate bonds		85,799		0		(556	)		85,243
U.S. treasury securities		73,208		0		(631	)		72,577
Commercial paper		41,189		0		0			41,189
Agency bonds		12,944		0		(12	)		12,932
Total marketable securities	$	213,140	$	0	$	(1,199	)	$	211,941
Liabilities:
Convertible senior notes due 2026	$	345,000	$	0	$	0		$	246,882

- 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

Net Loss per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net loss per share available to shareholders	$ (64,671)	$ (139,919)	$ (76,677)
Weighted average shares outstanding, Basic	75,143	73,226	70,933
Weighted average shares outstanding, Diluted	75,143	73,226	70,933
Net Loss per Share, Basic	$ (0.86)	$ (1.91)	$ (1.08)
Net Loss per Share, Diluted	$ (0.86)	$ (1.91)	$ (1.08)

- 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
-SubTopic 40
-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
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ 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
-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
-SubTopic 40
-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
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-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

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Components of Other Current Liabilities

The following table summarizes the components of other current liabilities:


	As of December 31,		As of December 31,
(in thousands)	2023		2022
Sales tax payable	$	1,632	$	1,887
Payroll and payroll related expenses		13,080		13,331
Acquisition related compensation		403		24,743
Restructuring related charges		1,516		3,569
Other		8,154		4,914
Other current liabilities	$	24,785	$	48,444

Property and Equipment - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense on property and equipment	$ 4,100,000	$ 3,300,000	$ 2,800,000
Impairment for Long-lived Assets	$ 0	$ 0

Fair Value Measurements - Schedule of Cash Equivalents, Marketable Securities and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Marketable securities:

Marketable securities

$ 198,415

$ 211,941

Total cash equivalents and marketable securities

238,169

280,070

Money Market Mutual Funds and Cash Equivalents

Cash equivalents:

Cash equivalents

^[1]

39,754

68,129

Corporate Bonds

Marketable securities:

Marketable securities

64,545

85,243

U.S Treasury Securities

Marketable securities:

Marketable securities

48,138

72,577

Commercial Paper

Marketable securities:

Marketable securities

30,596

41,189

Agency Bonds

Marketable securities:

Marketable securities

55,136

12,932

Convertible Senior Notes due 2026

Liabilities:

Liabilities

280,658

246,882

Quoted Prices in Active Markets for Identical Assets (Level 1)

Marketable securities:

Total cash equivalents and marketable securities

87,892

140,706

Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market Mutual Funds and Cash Equivalents

Cash equivalents:

Cash equivalents

^[1]

39,754

68,129

Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate Bonds

Marketable securities:

Marketable securities

Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S Treasury Securities

Marketable securities:

Marketable securities

48,138

72,577

Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial Paper

Marketable securities:

Marketable securities

Quoted Prices in Active Markets for Identical Assets (Level 1) | Agency Bonds

Marketable securities:

Marketable securities

Quoted Prices in Active Markets for Identical Assets (Level 1) | Convertible Senior Notes due 2026

Liabilities:

Liabilities

Significant Other Observable Inputs (Level 2)

Marketable securities:

Total cash equivalents and marketable securities

150,277

139,364

Significant Other Observable Inputs (Level 2) | Money Market Mutual Funds and Cash Equivalents

Cash equivalents:

Cash equivalents

^[1]

Significant Other Observable Inputs (Level 2) | Corporate Bonds

Marketable securities:

Marketable securities

64,545

85,243

Significant Other Observable Inputs (Level 2) | U.S Treasury Securities

Marketable securities:

Marketable securities

Significant Other Observable Inputs (Level 2) | Commercial Paper

Marketable securities:

Marketable securities

30,596

41,189

Significant Other Observable Inputs (Level 2) | Agency Bonds

Marketable securities:

Marketable securities

55,136

12,932

Significant Other Observable Inputs (Level 2) | Convertible Senior Notes due 2026

Liabilities:

Liabilities

280,658

246,882

Significant Unobservable Inputs (Level 3)

Marketable securities:

Total cash equivalents and marketable securities

Significant Unobservable Inputs (Level 3) | Money Market Mutual Funds and Cash Equivalents

Cash equivalents:

Cash equivalents

^[1]

Significant Unobservable Inputs (Level 3) | Corporate Bonds

Marketable securities:

Marketable securities

Significant Unobservable Inputs (Level 3) | U.S Treasury Securities

Marketable securities:

Marketable securities

Significant Unobservable Inputs (Level 3) | Commercial Paper

Marketable securities:

Marketable securities

Significant Unobservable Inputs (Level 3) | Agency Bonds

Marketable securities:

Marketable securities

Significant Unobservable Inputs (Level 3) | Convertible Senior Notes due 2026

Liabilities:

Liabilities

$ 0

[1]	Included in “Cash and cash equivalents” in the accompanying Consolidated Balance Sheets, in addition to $33.1 million, and $24.9 million of cash, as of December 31, 2023 and December 31, 2022, respectively.

Business Combinations - Schedule of Total Estimated Purchase Consideration (Parenthetical) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Base purchase price		$ 7,891	$ 696	$ 81,067
Makeswift, Inc.
Business Acquisition [Line Items]
Base purchase price	$ 1,100

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 46,899	$ 39,009
Accumulated amortization	(19,847)	(11,426)
Net carrying amount	27,052	27,583
Developed Technology
Finite Lived Intangible Assets [Line Items]
Gross amount	19,967	13,367
Accumulated amortization	(8,401)	(4,745)
Net carrying amount	$ 11,566	8,622
Intangible, weighted average remaining useful life	3 years 4 months 24 days
Customer Relationship
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 23,725	22,525
Accumulated amortization	(9,786)	(5,734)
Net carrying amount	$ 13,939	16,791
Intangible, weighted average remaining useful life	3 years 3 months 18 days
Tradename
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 2,560	2,470
Accumulated amortization	(1,208)	(711)
Net carrying amount	$ 1,352	1,759
Intangible, weighted average remaining useful life	2 years 8 months 12 days
Non-compete Agreement
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 162	162
Accumulated amortization	(132)	(78)
Net carrying amount	$ 30	84
Intangible, weighted average remaining useful life	7 months 6 days
Other Intangible Assets
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 485	485
Accumulated amortization	(320)	(158)
Net carrying amount	$ 165	$ 327
Intangible, weighted average remaining useful life	1 year 8 months 12 days

Debt - Summary of Future Principal Payments For Borrowings (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
Fiscal 2024	$ 547
Fiscal 2025	141
Fiscal 2026	345,000
Thereafter	0
Total principal outstanding	$ 345,688

Summary of Significant Accounting Policies - Additional Information (Details)

3 Months Ended

12 Months Ended

Dec. 31, 2023

USD ($)

Dec. 31, 2023

USD ($)

Customer

Dec. 31, 2022

USD ($)

Customer

Dec. 31, 2021

USD ($)

Customer

Summary Of Significant Accounting Policies [Line Items]

Accounts receivable including unbilled receivables

$ 11,000,000

$ 11,100,000

Unamortized capitalized software costs

$ 6,800,000

2,800,000

Unamortized capitalized software costs useful life

36 months

Capitalized software cost amortization expense

$ 1,100,000

100,000

$ 0

Sales and marketing

^[1]

140,230,000

141,342,000

$ 104,872,000

Recognized previously deferred revenue

$ 15,100,000

$ 12,000,000

Concentration risk, number of customer | Customer

Advertising expenses

$ 14,500,000

$ 17,500,000

$ 16,800,000

Increase (Decrease) in Deferred Revenue

$ 1,900,000

$ 12,561,000

5,305,000

1,397,000

Compensation contingent upon continued post acquisition employment period

18 months

Period of cost record associated with arrangement

18 months

First contingent compensation arrangement payments over the service period

12 months

Second contingent compensation arrangement payments over the service period

24 months

Acquisition related expenses

^[1]

$ 10,252,000

35,216,000

23,299,000

10,300,000

Acquisition related spend

700,000

200,000

1,800,000

Contract assets

11,900,000

16,800,000

Provision for credit losses related to contract asset

1,500,000

2,600,000

Business combination compensation expense related to contingent compensation

9,600,000

35,000,000

21,500,000

Accrued interest or penalties related to unrecognized tax benefits

Revision of Prior Period, Reclassification, Adjustment

Summary Of Significant Accounting Policies [Line Items]

Accounts receivable, prepaid expense and other assets

$ 16,800,000

Sales and marketing

$ 6,600,000

$ 5,500,000

Customer Concentration Risk | Revenue | One Strategic Partner

Summary Of Significant Accounting Policies [Line Items]

Concentration risk, percentage

12.00%

14.00%

Customer Concentration Risk | Accounts Receivable | One Strategic Partner

Summary Of Significant Accounting Policies [Line Items]

Concentration risk, percentage

20.00%

19.00%

Customer Concentration Risk | Accounts Receivable | Two Strategic Partner

Summary Of Significant Accounting Policies [Line Items]

Concentration risk, percentage

30.00%

Minimum

Summary Of Significant Accounting Policies [Line Items]

Account receivable payment terms

due immediately

Minimum | Subscription Solutions Fees

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

Measurement period from acquisition date

1 year

Maximum | Subscription Solutions Fees

Summary Of Significant Accounting Policies [Line Items]

Contract with customer period

3 years

[1]

Amounts include stock-based compensation expense and associated payroll tax costs, as follows:


	Year ended December 31,
	2023		2022		2021
Cost of revenue	$	4,949	$	4,226	$	2,122
Sales and marketing		13,474		13,551		9,392
Research and development		13,478		12,388		6,169
General and administrative		9,785		12,821		8,851

The accompanying notes are an integral part of these consolidated financial statements.

Commitments, Contingencies, and Leases - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments Contingencies And Leases [Line Items]
Operating lease, expiration year	2028
Liability related to indemnification obligations	$ 0	$ 0
Leases operating expense relates to leases	2,700,000	3,900,000
Finance lease liability	0
Impaired on right-of-use assets	70,000	3,763,000	$ 0
2022 Restructure
Commitments Contingencies And Leases [Line Items]
Severance and other compensation charges paid	4,285,000	$ 0
2023 Restructure
Commitments Contingencies And Leases [Line Items]
Restructuring expenses	$ 5,500,000
Maximum
Commitments Contingencies And Leases [Line Items]
Non-cancellable contractual commitments expire period	3 years
Minimum
Commitments Contingencies And Leases [Line Items]
Non-cancellable contractual commitments expire period	1 year

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 30,300	$ 25,223
Less: accumulated depreciation and amortization	(20,067)	(16,140)
Property and equipment, net	10,233	9,083
Computer Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	9,864	5,765
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	12,087	11,185
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,956	1,924
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 6,393	$ 6,349

Goodwill and Intangible Assets - Schedule of Changes to Carrying Amount of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Balance as of December 31, 2022	$ 49,749
Goodwill acquired	2,337
Balance as of December 31, 2023	$ 52,086

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Business Combinations

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Business Combinations

5. Business combinations

Acquisition of Makeswift

In October 2023, the Company acquired all issued and outstanding stock of Makeswift, Inc. (“Makeswift”) pursuant to an Agreement and Plan of Merger. Makeswift is a leading visual editor for Next.js websites. The total estimated purchase consideration for Makeswift was approximately $9.2 million which consisted of the following.


(in thousands)	Amount
Base purchase price	$	11,000
plus: Closing cash		238
minus: Deferred compensation		(2,000	)
Total purchase consideration(1)	$	9,238

(1) Of the total purchase consideration $1.1 million of cash was held back by the Company for potential breaches of representation and warranties, as well as adjustments to working capital.

The fair values of the assets acquired and liabilities assumed are based on preliminary estimates and assumptions. These preliminary estimates and assumptions could change during the measurement period as the Company finalizes the valuations of the assets acquired and liabilities. The following presents the preliminary allocation of purchase price to the assets acquired and liabilities assumed in the Makeswift acquisition, based on their estimated fair values at acquisition date:


(in thousands)	October 31, 2023
Tangible assets acquired	$	1,370
Right-of-use asset		147
Intangible assets acquired		7,890
Liabilities assumed		(1,311	)
Deferred tax liability		(1,045	)
Lease liability		(150	)
Net assets acquired, excluding goodwill	$	6,901
Total purchase consideration	$	9,238
Goodwill	$	2,337

The estimated fair value of identifiable intangible assets acquired at the date of the acquisitions is as follows:


(in thousands)	Estimated fair value		Useful life (in years)

Developed technology	$	6,600		5.0
Customer relationships		1,200		3.0
Tradename		90		5.0
Total acquisition-related intangible assets	$	7,890

The $2.3 million goodwill balance is primarily attributable to synergies and expanded market opportunities that are expected to be achieved from the integration of Makeswift with the Company’s offerings and assembled workforce. The goodwill balance is not deductible for income taxes purposes.

As part of the merger agreement, $2.0 million of the purchase consideration is subject to clawback if any of the key Makeswift employees voluntarily terminate their employment within 18 months after the closing date of the transaction. The $2.0 million is accounted for as compensation expense and therefore not included in the purchase consideration. The related compensation is recognized as post-combination expense over the 18 month service period on a straight-line basis. The unvested amounts of cash retention payments are recorded in prepaid expenses and other current assets and in other assets on the consolidated balance sheet as of December 31, 2023.

The acquisition-related transaction costs incurred by the Company of $0.9 million were expensed as incurred in the consolidated statements of operations, of which $0.7 million related to legal fees, and $0.2 million related to compensation costs. Makeswift’s results of operations have been included in the Company’s consolidated financial statements from the acquisition date. The Company has not separately presented the revenue and operating losses of Makeswift for the period from the acquisition date through December 31, 2023 as the impacts were not material to the consolidated financial statements.

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 settled on the second anniversary date with the issuance of 42 thousand shares of common stock. 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, which has an estimated useful life of four years, and $7.3 million of goodwill that is not expected to be deductible for tax purposes.

Revenue Recognition and Deferred Costs - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Amortization of deferred sales commissions estimated period	3 years
Impairment of deferred commissions	$ 0	$ 0	$ 0
Deferred sales commissions	9,600,000	8,900,000	7,000,000
Deferred commission amortization expense	$ 7,300,000	$ 5,200,000	$ 3,500,000
Revenue \| Geographic Concentration Risk \| Americas - U.S.
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	76.00%	78.00%	77.00%

- 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

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

12. Income taxes

Pretax loss consists of the following:


	Year Ended December 31,
(in thousands)	2023			2022			2021
United States	$	(57,779	)	$	(118,579	)	$	(62,558	)
Non-United States		(6,892	)		(20,845	)		(14,153	)
Total pretax loss	$	(64,671	)	$	(139,424	)	$	(76,711	)

The Company’s components of the benefit (provision) for income taxes are as follows:


	Year Ended December 31,
(in thousands)	2023			2022			2021
Income tax benefit (provision)
Current:
Federal	$	0		$	0		$	0
State		16			(27	)		(11	)
Foreign		479			(261	)		(134	)
Total current	$	495		$	(288	)	$	(145	)
Deferred:
Federal		(579	)		(61	)		202
State		84			(146	)		(23	)
Foreign		0			0			0
Total deferred		(495	)		(207	)		179
Total benefit (provision)	$	0		$	(495	)	$	34

The Company’s provision for income taxes attributable to continuing operations differs from the expected tax expense (benefit) amount computed by applying the U.S. statutory federal income tax rate of 21 percent to income from continuing operations before income taxes. The variance is primarily a result of the application of a valuation allowance for net deferred assets, including NOL carryforwards and credits generated in Australia, the UK, and the United States. Current state income tax expense for the period is a result of the Texas Gross Margin tax. Current foreign income tax expense for the period is a result of taxable profits in Ireland, Ukraine and other foreign countries where the Company is profitable along with withholding taxes. Deferred income tax expense is a result of taxable temporary differences related to indefinite-lived assets along with a tax benefit related to the reduction of the valuation allowance due to the purchase of Makeswift during the year.

A reconciliation of the U.S. statutory federal income tax rate to the effective tax rate utilized in the accompanying consolidated statements of operations is as follows:


	Year Ended December 31,
(in thousands)	2023				2022				2021
U.S. federal taxes at statutory rate		21.00				21.00		%		21.00		%
State taxes, net of federal benefit		3.06				5.33				5.58
Foreign tax rate differentials		0.49				0.64				0.83
Research and development credit		4.69				0.80				2.65
Purchase price accounting		1.62				0.09				0.35
Stock-based compensation		(7.53	)			(1.16	)			26.29
Officers compensation		(1.06	)			(0.59	)			(15.65	)
Imputed Interest		(1.37	)			0.00				0.00
Permanent differences, other		(0.11	)			(0.50	)			(0.92	)
Change in valuation allowance		(20.79	)			(25.97	)			(40.09	)
Effective tax rate		0.00		%		(0.36	)	%		0.04		%

The Tax Cuts and Jobs Act of 2017 (the “TJCA”) subjects a U.S. shareholder to current tax on certain earnings of foreign subsidiaries under a provision commonly known as the global intangible low-taxed income (“GILTI”). Under U.S. GAAP, an accounting policy election can be made to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years, or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. The Company has elected to account for GILTI in the year the tax is incurred.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

Significant components of the Company’s deferred tax assets and liabilities are as follows:


	Year Ended December 31,
(in thousands)	2023			2022
Deferred tax assets:
Net operating loss and credit carryforwards	$	104,359		$	100,303
Accrued compensation		1,431			6,969
Allowance for credit losses		1,489			2,614
Capitalized research and experimental costs		18,566			7,501
Deferred lease liabilities		2,534			3,145
Deferred revenue		461			272
Depreciation and amortization		21,768			16,261
Stock-based compensation		5,101			5,776
Other		232			511
Gross deferred tax assets	$	155,941		$	143,352
Valuation allowance		(148,164	)		(136,101	)
Deferred tax liabilities:
Deferred commissions		(3,132	)		(2,632	)
Right-of-use assets		(1,105	)		(1,474	)
Goodwill		(1,613	)		(965	)
Prepaid expenses		(1,885	)		(1,739	)
Other		(593	)		(768	)
Gross deferred tax liabilities	$	(8,328	)	$	(7,578	)
Net deferred tax liabilities	$	(551	)	$	(327	)

The Company has established a valuation allowance due to uncertainties regarding the realizability of deferred tax assets based on the Company’s lack of earnings history. During 2023, the valuation allowance increased by approximately $13.4 million due to continuing operations, and decreased by $1.0 million due to the effects of acquisition accounting and by $0.3 million due to changes in other comprehensive income.

At December 31, 2023, the Company had net operating loss (“NOL”) carryforwards for U.S. federal income tax purposes of approximately $288.0 million. Of this total, $241.2 million is related to tax years 2018-2023 that do not have an expiration, as a result of the TCJA. The remaining $46.9 million of U.S. federal NOL carryforwards are available to offset future U.S. federal taxable income and begin to expire in 2036.

At December 31, 2023, the Company had NOL carryforwards for certain state income tax purposes of approximately $157.7 million. These state NOL carryforwards are available to offset future state taxable income and begin to expire in 2036.

At December 31, 2023, the Company had foreign NOL carryforwards in Australia and the U.K., combined, of approximately $44.9 million, which are available to offset future foreign taxable income and that do not have an expiration.

At December 31, 2023, the Company had research and development tax credit carryforwards of approximately $13.6 million, which are available to offset future U.S. federal income tax. These U.S. federal tax credits begin to expire in 2034.

At December 31, 2023, the Company did not provide any U.S. income or foreign withholding taxes related to certain foreign subsidiaries’ undistributed earnings, as such earnings have been retained and are intended to be indefinitely reinvested. The majority of the Company’s foreign operations are in excess tax basis over book basis positions. It is not practicable to estimate the amount of taxes that would be payable upon remittance of these earnings, because such tax, if any, is dependent upon circumstances existing if and when remittance occur.

The Company files U.S. federal, state and foreign income tax returns in jurisdictions with varying statutes of limitations. The 2020 through 2023 tax years generally remain open and subject to examination by U.S. federal, state and foreign tax authorities. Losses generated in any year since inception remain open to adjustment until the statute of limitations closes for the tax year in which the NOL carryforwards are utilized.

As of December 31, 2023, 2022, and 2021, the Company had $0.4 million unrecognized tax benefits, none of which may reverse in the next 12 months. If the unrecognized tax benefits were to be recognized, the effects of this would not impact the effective tax rate. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. During 2023 and 2022, the Company did not recognize any material interest or penalties.

- 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

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (64,671)	$ (139,919)	$ (76,677)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	12,480	11,421	6,151
Amortization of discount on debt	1,976	1,960	574
Stock-based compensation expense	41,185	42,332	25,424
Provision for expected credit losses	805	8,244	3,474
Impairment of right-of-use assets	70	3,763	0
Other	167	0	0
Changes in operating assets and liabilities:
Accounts receivable	(3,877)	(20,337)	(17,279)
Prepaid expenses	2,063	(1,134)	(2,413)
Deferred commissions	(2,128)	(3,463)	(3,525)
Accounts payable	962	(1,198)	2,137
Accrued and other liabilities	(25,836)	3,669	20,437
Deferred revenue	12,561	5,305	1,397
Net cash used in operating activities	(24,243)	(89,357)	(40,300)
Cash flows from investing activities:
Cash paid for business combinations	(7,891)	(696)	(81,067)
Purchase of property and equipment	(4,179)	(5,196)	(3,304)
Maturity of marketable securities	243,167	103,550	4,500
Purchase of marketable securities	(228,281)	(214,184)	(107,006)
Net cash provided by (used in) investing activities	2,816	(116,526)	(186,877)
Cash flows from financing activities:
Payment of debt issuance costs	0	0	(10,037)
Purchase of capped calls	0	0	(35,570)
Proceeds from exercise of stock options	3,849	209	5,881
Taxes paid related to net share settlement of stock options	(3,294)	0	0
Repayment of debt	(394)	0	0
Proceeds from debt	1,081	0	345,000
Net cash provided by financing activities	1,242	209	305,274
Net change in cash and cash equivalents and restricted cash	(20,185)	(205,674)	78,097
Cash and cash equivalents and restricted cash, beginning of period	93,030	298,704	220,607
Cash and cash equivalents and restricted cash, end of period	72,845	93,030	298,704
Supplemental cash flow information:
Cash paid for interest	894	903	0
Cash paid for taxes	583	32	0
Noncash investing and financing activities:
Changes in capital additions, accrued but not paid	168	0	0
Fair value of shares issued as consideration for business combinations	1,417	5,388	2,003
Reconciliation of cash, cash equivalents and restricted cash within the consolidated balance sheet to the amounts shown in the statements of cash flows above:
Cash and cash equivalents	71,719	91,573	297,561
Restricted cash	1,126	1,457	1,143
Total cash, cash equivalents and restricted cash	$ 72,845	$ 93,030	$ 298,704

Business Combinations - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Oct. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 52,086		$ 49,749
Makeswift, Inc.
Business Acquisition [Line Items]
Tangible assets acquired		$ 1,370
Right-of-use asset		147
Intangible assets acquired		7,890
Liabilities assumed		(1,311)
Deferred tax liability		(1,045)
Lease liability		(150)
Net assets acquired, excluding goodwill		6,901
Total purchase consideration		9,238
Goodwill		$ 2,337

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Summary of Stock Options Valuation Assumptions

The following table summarizes the weighted-average grant date value of options and the assumptions used to develop their fair value.


	Year ended December 31,
	2023		2022
Weighted-average grant date fair value of options	$	6.55	$	11.79
Risk-free interest rate	3.65% - 4.30%		1.82% - 3.88%
Expected volatility	65.02% - 66.56%		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 year ended December 31, 2023 was as follows:

(in thousands)	Outstanding			Weighted-Average Exercise Price		Aggregate Intrinsic Value
Balance as of December 31, 2022		5,725		$	9.33	$	23,331
Options granted under all plans		964			10.27		0
Exercised		(967	)		2.91		6,824
Plan shares expired or canceled		(613	)		19.20		256
Balance as of December 31, 2023		5,109		$	9.54	$	20,571
Vested and expected to vest		4,934		$	9.40	$	20,555
Exercisable as of December 31, 2023		3,779		$	7.55	$	20,454

Summary of RSU Table


Restricted stock unit activity for the year ended December 31, 2023 was as follows:

(in thousands)	Outstanding			Grant Date Fair Value		Aggregate Intrinsic Value
Balance as of December 31, 2022		6,215		$	23.53	$	54,302
Granted – restricted stock units		4,196			9.76		40,970
Canceled		(2,020	)		20.14		18,288
Vested and converted to shares		(1,666	)		23.94		14,984
Balance as of December 31, 2023		6,725		$	15.86	$	65,436
Vested and expected to vest		5,546		$	16.19	$	53,965

Stockholders' Equity - Additional Information (Details) - USD ($) $ in Millions			1 Months Ended	12 Months Ended
	Jan. 01, 2023	Jan. 01, 2022	Aug. 31, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jul. 31, 2020
Class Of Stock [Line Items]
Stock options granted				964,000
Total intrinsic value of options exercised during the period				$ 6.8	$ 11.4	$ 126.0
Total grant date fair value of options vested				7.6	7.2	6.4
Unamortized stock-based compensation cost related to unvested stock options				$ 9.9	13.1	11.5
Weighted-average period for recognition of unamortized stock-based compensation cost				2 years 6 months
Restricted Stock Units
Class Of Stock [Line Items]
Weighted-average period for recognition of unamortized stock-based compensation cost				2 years 7 months 6 days
Weighted-average requisite service period				4 years
Unrecognized stock-based compensation costs				$ 69.8	92.2	60.9
Performance Shares
Class Of Stock [Line Items]
Weighted-average period for recognition of unamortized stock-based compensation cost				4 months 24 days
Unrecognized stock-based compensation costs				$ 0.3	$ 1.7	$ 4.4
Stock Option
Class Of Stock [Line Items]
Weighted-average requisite service period				4 years
2020 Equity incentive plan
Class Of Stock [Line Items]
Shares authorized for issuance			1,470,291
Percentage of common stock issued and outstanding								5.00%
2020 Equity incentive plan \| Series 1 Common Stock
Class Of Stock [Line Items]
Common stock authorized and reserved for issuance								3,873,885
Increase in common stock reserve for issuance	3,695,569	3,616,312
Common stock available for future issuance				7,425,217
2013 Equity Incentive Plan
Class Of Stock [Line Items]
Stock options granted			0
2020 Plan \| Restricted Stock Units \| Management and Certain Other Employees
Class Of Stock [Line Items]
Granted (in shares)				4,195,981
2013 Plan \| Performance Shares \| Management and Certain Other Employees
Class Of Stock [Line Items]
Granted (in shares)							1,216,000
Unvested and outstanding				208,323
2013 Plan \| Performance Shares \| Management and Certain Other Employees \| Maximum
Class Of Stock [Line Items]
Weighted-average requisite service period				4 years
2013 Plan \| Performance Shares \| Management and Certain Other Employees \| Minimum
Class Of Stock [Line Items]
Weighted-average requisite service period				1 year

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (64,671)	$ (139,919)	$ (76,677)

- Definition

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

+ References

+ Details

Overview

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Overview

1. Overview

BigCommerce Holding’s Inc. (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.

Revenue Recognition and Deferred Costs (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregate Revenue by Major Source

The following table disaggregates revenue by major source:


	Year ended December 31,
(in thousands)	2023		2022		2021
Subscription solutions fees	$	229,265	$	205,800	$	154,933
Partner and services fees		80,129		73,275		64,922
Revenue	$	309,394	$	279,075	$	219,855

Schedule of Revenue by Geographic Region

Revenue by geographic region was as follows:


	Year ended December 31,
(in thousands)	2023		2022		2021
Revenue:
Americas – U.S.	$	236,502	$	216,639	$	169,737
Americas – other (1)		14,103		12,124		8,559
EMEA		34,661		27,743		20,783
APAC		24,128		22,569		20,776
Revenue	$	309,394	$	279,075	$	219,855

(1)Americas-other revenue includes revenue from North and South America, other than the U.S.

Debt (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023		Carrying Value as of December 31, 2023			Carrying Value as of December 31, 2022
2021 Convertible Senior Notes	September 2021	10/1/2026		0.25	%	$	345,000	$	339,473		$	337,497
2023 Term Debt	June 2023	3/1/2025		4.40	%		688		688			0
Total carrying value of debt								$	340,161		$	337,497
Less: current portion of debt									(547	)		0
Total long-term debt								$	339,614		$	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:


	December 31,
(in thousands)	2023		2022		2021
Contractual interest expense	$	894	$	863	$	254
Amortization of issuance costs		1,976		1,960		574
Total (1)	$	2,870	$	2,823	$	828

(1) Included in “Interest expense” in the accompanying consolidated Statements of Operations, in addition to $14 thousand and $5 thousand of other interest expense, as of December 31, 2023 and December 31, 2022, respectively.

Summary of Future Principal Payments For Borrowings

The contractual future principal payments for all borrowings as of December 31, 2023 were as follows:


(in thousands)
Fiscal Period:
Fiscal 2024	$	547
Fiscal 2025		141
Fiscal 2026		345,000
Thereafter		0
Total principal outstanding	$	345,688

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Income Taxes - Schedule of Pretax Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
United States	$ (57,779)	$ (118,579)	$ (62,558)
Non-United States	(6,892)	(20,845)	(14,153)
Loss before provision for income taxes	$ (64,671)	$ (139,424)	$ (76,711)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Revenue Recognition and Deferred Costs - Schedule of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 309,394	$ 279,075	$ 219,855
Americas - U.S.
Disaggregation of Revenue [Line Items]
Revenue	236,502	216,639	169,737
Americas - Other
Disaggregation of Revenue [Line Items]
Revenue	14,103	12,124	8,559
EMEA
Disaggregation of Revenue [Line Items]
Revenue	34,661	27,743	20,783
APAC
Disaggregation of Revenue [Line Items]
Revenue	$ 24,128	$ 22,569	$ 20,776

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

7. Property and equipment

Property and equipment, which includes computer software that was purchased or developed for internal use, is composed of the following:


	As of December 31,
(in thousands)	2023			2022
Computer software	$	9,864		$	5,765
Computer equipment		12,087			11,185
Furniture and fixtures		1,956			1,924
Leasehold improvements		6,393			6,349
Property and equipment, gross		30,300			25,223
Less: accumulated depreciation and amortization		(20,067	)		(16,140	)
Property and equipment, net	$	10,233		$	9,083

Depreciation expense on property and equipment was $4.1 million, $3.3 million and $2.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.

The composition of long-lived assets by geographic region during the years ended December 31, 2023 and 2022, were as follows:


	December 31,		December 31,
(in thousands)	2023		2022
Long-lived assets:
Americas – U.S.	$	9,504	$	8,318
EMEA		435		465
APAC		294		300
Total long-lived assets	$	10,233	$	9,083

There was no impairment recorded for Long-lived assets for fiscal year 2023 and 2022.

Revenue Recognition and Deferred Costs - Schedule of Disaggregate Revenue by Major Source (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Total revenue	$ 309,394	$ 279,075	$ 219,855
Subscription Solutions Fees
Disaggregation Of Revenue [Line Items]
Total revenue	229,265	205,800	154,933
Partner and Services Fees
Disaggregation Of Revenue [Line Items]
Total revenue	$ 80,129	$ 73,275	$ 64,922

- 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

Property and Equipment - Schedule of Composition of Long-lived Assets By Geographic Region (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total long-lived assets	$ 10,233	$ 9,083
Americas - U.S.
Property, Plant and Equipment [Line Items]
Total long-lived assets	9,504	8,318
EMEA
Property, Plant and Equipment [Line Items]
Total long-lived assets	435	465
APAC
Property, Plant and Equipment [Line Items]
Total long-lived assets	$ 294	$ 300

Stockholders' Equity - Summary of Stock Options Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value of options	$ 6.55	$ 11.79
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	3.65%	1.82%
Expected volatility	65.02%	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]
Risk-free interest rate	4.30%	3.88%
Expected volatility	66.56%	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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 71,719	$ 91,573
Restricted cash	1,126	1,457
Marketable securities	198,415	211,941
Accounts receivable, net	37,713	35,072
Prepaid expenses and other assets, net	24,733	28,033
Deferred commissions	8,280	6,171
Total current assets	341,986	374,247
Property and equipment, net	10,233	9,083
Operating lease, right-of-use-assets	4,405	5,887
Prepaid expenses, net of current portion	1,240	470
Deferred commissions, net of current portion	7,056	7,037
Intangible assets, net	27,052	27,583
Goodwill	52,086	49,749
Total assets	444,058	474,056
Current liabilities
Accounts payable	7,982	7,013
Accrued liabilities	2,652	2,937
Deferred revenue	32,242	17,783
Current portion of debt	547	0
Current portion of operating lease liabilities	2,542	2,609
Other current liabilities	24,785	48,444
Total current liabilities	70,750	78,786
Long-term portion of debt	339,614	337,497
Operating lease liabilities, net of current portion	7,610	10,008
Other long-term liabilities, net of current portion	551	2,093
Total liabilities	418,525	428,384
Commitments and contingencies (Note 8)
Stockholders’ equity
Common stock, $0.0001 par value; 500,000 shares authorized at December 31, 2023 and 2022, respectively; 76,410 and 73,945 shares issued and outstanding at December 31, 2023 and 2022, respectively.	7	7
Additional paid-in capital	620,021	576,851
Accumulated other comprehensive gain (loss)	163	(1,199)
Accumulated deficit	(594,658)	(529,987)
Total stockholders’ equity	25,533	45,672
Total liabilities and stockholders' equity	$ 444,058	$ 474,056

Commitments, Contingencies, and Leases

12 Months Ended

Dec. 31, 2023

Commitments Contingencies And Leases [Abstract]

Commitments, Contingencies, and Leases

8. 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.

Purchase Obligations

The Company has contractual commitments for services with third-parties related to hosting and internal software systems. These commitments are non-cancellable and expire within one to three years. The Company had unconditional purchase obligations as of December 31, 2023, as follows:


(in thousands)	December 31, 2023
2024	$	14,790
2025		15,025
2026		4,462
2027 and thereafter		0
Total	$	34,277

The Company’s certificate of incorporation and certain contractual arrangements provide for indemnification of the officers and directors for certain events or occurrences. The Company maintains a directors and officers insurance policy to provide coverage in the event of a claim against an officer or director. Historically, the Company has not been obligated to make any payments for indemnification obligations, and no liabilities have been recorded for these obligations on the consolidated balance sheets as of December 31, 2023 and 2022.

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. As of December 31, 2023, there were no finance leases.

Operating expense relating to leases was $2.7 million and $3.9 million for the year ended December 31, 2023 and 2022, respectively.

Supplemental lease information


	Year ended December 31,
Cash flow information (in thousands)	2023		2022
Cash paid for operating lease liabilities	$	3,208	$	3,807


	Year ended December 31,
Operating lease information	2023			2022
Weighted-average remaining lease-term (years)	3.87 years			4.20 years
Weighted-average discount rate		5.38	%		5.37	%

The future maturities of operating lease liabilities are as follows:


(in thousands)	December 31, 2023
2024	$	3,012
2025		2,838
2026		2,555
2027		2,133
Thereafter		718
Total minimum lease payments	$	11,256
Less imputed interest		(1,104	)
Total lease liabilities	$	10,152

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 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 Restructure in 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 consolidated statement of operations. The Company does not expect any more material charges under this plan.

The following table summarizes the activities related to the 2023 Restructure:


(in thousands)	Workforce reduction
Liability, as of December 31, 2022	$	0
Initial charge		5,495
Additional charges		100
Payments		(3,944	)
Non-cash items		(135	)
Liability, as of December 31, 2023	$	1,516

The liability as of December 31, 2023 is recorded in Other current liabilities in the consolidated financial statements.

In December of 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 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. 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 consolidated statement of operations.

The Company has no accruals recorded as of December 31, 2023 related to the 2022 Restructure, and the Company does not expect any more material charges under this plan.

The following table summarizes the activities related to the 2022 restructuring:


	As of December 31,
	2023									2022
(in thousands)	Workforce reduction			Real estate exits and office space reductions			Total			Workforce reduction		Real estate exits and office space reductions			Total
Liability, beginning of the period	$	3,569		$	0		$	3,569		$	0	$	0		$	0
Initial charge
Additional charges		716			70			786			3,569		3,763			7,332
Payments		(4,285	)		0			(4,285	)		0		0			0
Non-cash items		0			(70	)		(70	)		0		(3,763	)		(3,763	)
Liability, end of the period	$	0		$	0		$	0		$	3,569	$	0		$	3,569

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance [Line Items]
U.S. statutory tax rate	21.00%	21.00%	21.00%
Operating loss carryforwards, domestic	$ 288,000,000
Operating loss carryforwards domestic prior year	241,200,000
Deferred tax assets operating loss carryforwards domestic to future period	$ 46,900,000
Operating loss carryforwards, expiration period	2036
State credit carryforwards	$ 157,700,000
Net operating loss expiration year	2036
Operating loss carryforwards, foreign	$ 44,900,000
Research and development tax credit carryforwards	$ 13,600,000
Tax credits begin to expiration year	2034
Increase in valuation allowance	$ 13,400,000
Tax years remain open to examination	2020 2021 2022 2023
Unrecognized tax benefit	$ 400,000	$ 400,000	$ 400,000
Material interest or penalties	0	$ 0
Effects Of Acquisition Accounting
Valuation Allowance [Line Items]
Change in valuation allowance	(1,000,000)
Changes In Other Comprehensive Income
Valuation Allowance [Line Items]
Change in valuation allowance	$ 300,000

Commitments, Contingencies and Leases - Summary of Activities Related to Restructuring (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
2023 Restructure
Restructuring Cost and Reserve [Line Items]
Initial charge	$ 5,500
2022 Restructure
Restructuring Cost and Reserve [Line Items]
Liability, beginning of the period	3,569	$ 0
Additional charges	786	7,332
Payments	(4,285)	0
Non-cash items	(70)	(3,763)
Liability, end of the period	0	3,569
Workforce Reduction \| 2023 Restructure
Restructuring Cost and Reserve [Line Items]
Liability, beginning of the period	0
Initial charge	5,495
Additional charges	100
Payments	(3,944)
Non-cash items	(135)
Liability, end of the period	1,516	0
Workforce Reduction \| 2022 Restructure
Restructuring Cost and Reserve [Line Items]
Liability, beginning of the period	3,569	0
Additional charges	716	3,569
Payments	(4,285)	0
Non-cash items	0	0
Liability, end of the period	0	3,569
Real Estate Exits and Officespace Reductions \| 2022 Restructure
Restructuring Cost and Reserve [Line Items]
Liability, beginning of the period	0	0
Additional charges	70	3,763
Payments	0	0
Non-cash items	(70)	(3,763)
Liability, end of the period	$ 0	$ 0

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Remaining Performance Obligation

Remaining performance obligation consisted of the following:


(in thousands)	Current		Noncurrent		Total
As of December 31, 2023	$	93,928	$	64,485	$	158,413
As of December 31, 2022		85,109		80,996		166,105

Schedule of Allowance for Credit Losses

The allowance for credit losses consisted of the following:


(in thousands)
Balance at December 31, 2020	$	1,992
Provision for expected credit losses		3,474
Write-offs charged against the allowance		(1,599	)
Balance at December 31, 2021	$	3,867
Provision for expected credit losses		8,244
Write-offs charged against the allowance		(2,116	)
Balance at December 31, 2022	$	9,995
Provision for expected credit losses		805
Write-offs charged against the allowance		(4,803	)
Balance at December 31, 2023	$	5,997

Schedule of Estimated Useful Lives of Property and Equipment

The estimated useful lives of property and equipment are as follows:


		Estimated Useful Life
Computer equipment		3 years
Computer software		3 years
Furniture and fixtures		5 years
Leasehold improvements		1-10 years

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (64,671)	$ (139,919)	$ (76,677)
Other comprehensive income (loss):
Net unrealized gain (loss) on marketable debt securities	1,362	(1,008)	(191)
Total comprehensive loss	$ (63,309)	$ (140,927)	$ (76,868)

- Definition

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

+ References

+ Details

Other Liabilities - Components of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Sales tax payable	$ 1,632	$ 1,887
Payroll and payroll related expenses	13,080	13,331
Acquisition related compensation	403	24,743
Restructuring related charges	1,516	3,569
Other	8,154	4,914
Other current liabilities	$ 24,785	$ 48,444

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Income Statement [Abstract]

Revenue

$ 309,394

$ 279,075

$ 219,855

Cost of revenue

^[1]

74,202

69,980

48,479

Gross profit

235,192

209,095

171,376

Operating expenses:

Sales and marketing

^[1]

140,230

141,342

104,872

Research and development

^[1]

83,460

88,253

64,547

General and administrative

^[1]

58,838

69,441

51,317

Acquisition related expenses

^[1]

10,252

35,216

23,299

Restructuring charges

^[1]

6,434

7,332

Amortization of intangible assets

^[1]

8,422

8,078

3,284

Total operating expenses

^[1]

307,636

349,662

247,319

Loss from operations

(72,444)

(140,567)

(75,943)

Interest income

11,493

4,198

130

Interest expense

(2,884)

(2,828)

(828)

Other expenses

(836)

(227)

(70)

Loss before provision for income taxes

(64,671)

(139,424)

(76,711)

Benefit (Provision) for income taxes

(495)

Net loss

$ (64,671)

$ (139,919)

$ (76,677)

Basic net loss per share

$ (0.86)

$ (1.91)

$ (1.08)

Shares used to compute basic net loss per share

75,143

73,226

70,933

[1]

Amounts include stock-based compensation expense and associated payroll tax costs, as follows:


	Year ended December 31,
	2023		2022		2021
Cost of revenue	$	4,949	$	4,226	$	2,122
Sales and marketing		13,474		13,551		9,392
Research and development		13,478		12,388		6,169
General and administrative		9,785		12,821		8,851

The accompanying notes are an integral part of these consolidated financial statements.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Pretax losses

Pretax loss consists of the following:


	Year Ended December 31,
(in thousands)	2023			2022			2021
United States	$	(57,779	)	$	(118,579	)	$	(62,558	)
Non-United States		(6,892	)		(20,845	)		(14,153	)
Total pretax loss	$	(64,671	)	$	(139,424	)	$	(76,711	)

Schedule Components of Benefit (Provision) for Income Taxes

The Company’s components of the benefit (provision) for income taxes are as follows:


	Year Ended December 31,
(in thousands)	2023			2022			2021
Income tax benefit (provision)
Current:
Federal	$	0		$	0		$	0
State		16			(27	)		(11	)
Foreign		479			(261	)		(134	)
Total current	$	495		$	(288	)	$	(145	)
Deferred:
Federal		(579	)		(61	)		202
State		84			(146	)		(23	)
Foreign		0			0			0
Total deferred		(495	)		(207	)		179
Total benefit (provision)	$	0		$	(495	)	$	34

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. statutory federal income tax rate to the effective tax rate utilized in the accompanying consolidated statements of operations is as follows:


	Year Ended December 31,
(in thousands)	2023				2022				2021
U.S. federal taxes at statutory rate		21.00				21.00		%		21.00		%
State taxes, net of federal benefit		3.06				5.33				5.58
Foreign tax rate differentials		0.49				0.64				0.83
Research and development credit		4.69				0.80				2.65
Purchase price accounting		1.62				0.09				0.35
Stock-based compensation		(7.53	)			(1.16	)			26.29
Officers compensation		(1.06	)			(0.59	)			(15.65	)
Imputed Interest		(1.37	)			0.00				0.00
Permanent differences, other		(0.11	)			(0.50	)			(0.92	)
Change in valuation allowance		(20.79	)			(25.97	)			(40.09	)
Effective tax rate		0.00		%		(0.36	)	%		0.04		%

Significant Components of Deferred Taxes

Significant components of the Company’s deferred tax assets and liabilities are as follows:


	Year Ended December 31,
(in thousands)	2023			2022
Deferred tax assets:
Net operating loss and credit carryforwards	$	104,359		$	100,303
Accrued compensation		1,431			6,969
Allowance for credit losses		1,489			2,614
Capitalized research and experimental costs		18,566			7,501
Deferred lease liabilities		2,534			3,145
Deferred revenue		461			272
Depreciation and amortization		21,768			16,261
Stock-based compensation		5,101			5,776
Other		232			511
Gross deferred tax assets	$	155,941		$	143,352
Valuation allowance		(148,164	)		(136,101	)
Deferred tax liabilities:
Deferred commissions		(3,132	)		(2,632	)
Right-of-use assets		(1,105	)		(1,474	)
Goodwill		(1,613	)		(965	)
Prepaid expenses		(1,885	)		(1,739	)
Other		(593	)		(768	)
Gross deferred tax liabilities	$	(8,328	)	$	(7,578	)
Net deferred tax liabilities	$	(551	)	$	(327	)

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

11. Stockholders’ equity

2020 Equity incentive plan

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 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.

A total of 3,873,885 shares of common stock was initially authorized and reserved for issuance under the 2020 Plan. This reserve automatically increased on January 1, 2021, and each subsequent anniversary through and including January 1, 2031, by an amount equal to the smaller of (a) 5 percent of the number of shares of common stock issued and outstanding on the immediately preceding December 31 and (b) an amount determined by the board of directors. On January 1, 2023 and January 1, 2022 the reserve increased by 3,695,569 shares and 3,616,312 shares, respectively. As of December 31, 2023, a total of 7,425,217 shares of common stock remain available for future issuance under the 2020 Plan.

2013 Equity incentive plan

In February 2013, the Company adopted the 2013 Plan under which stock options may be granted to employees, consultants and directors. Upon the completion of our IPO in August 2020, the board of directors terminated the 2013 Plan and 1,470,291 shares that

were available for future issuance under the 2013 Plan were transferred and authorized for issuance under the 2020 Plan. As of August 2020, no further awards may be granted under the 2013 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 following table summarizes the weighted-average grant date value of options and the assumptions used to develop their fair value.


	Year ended December 31,
	2023		2022
Weighted-average grant date fair value of options	$	6.55	$	11.79
Risk-free interest rate	3.65% - 4.30%		1.82% - 3.88%
Expected volatility	65.02% - 66.56%		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 using a combination of 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 year ended December 31, 2023 was as follows:

(in thousands)	Outstanding			Weighted-Average Exercise Price		Aggregate Intrinsic Value
Balance as of December 31, 2022		5,725		$	9.33	$	23,331
Options granted under all plans		964			10.27		0
Exercised		(967	)		2.91		6,824
Plan shares expired or canceled		(613	)		19.20		256
Balance as of December 31, 2023		5,109		$	9.54	$	20,571
Vested and expected to vest		4,934		$	9.40	$	20,555
Exercisable as of December 31, 2023		3,779		$	7.55	$	20,454

The total intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021 was $6.8 million, $11.4 million and $126.0 million, respectively. The intrinsic value was calculated as the difference between the estimated fair value of the Company’s common stock at exercise, and the exercise price of the in-the-money options. The total grant date fair value of options vested for the years ended December 31, 2023, 2022, and 2021was $7.6 million, $7.2 million, and $6.4 million.

At December 31, 2023, 2022 and 2021, there was an estimated $9.9 million, $13.1 million and $11.5 million, respectively, of total unrecognized compensation costs related to stock options. The costs of $9.9 million for the year ended December 31, 2023 will be recognized over a weighted-average period of 2.5 years.

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.

During the year ended December 31, 2023, the Company granted 4,195,981 RSUs to members of management, board members and other employees pursuant to the 2020 Plan. The fair value of the RSU grant is determined based upon the market closing price of the Company’s common stock on the date of grant. The RSUs vest over the requisite service period of 4 years, subject to the continued employment of the employees.


Restricted stock unit activity for the year ended December 31, 2023 was as follows:

(in thousands)	Outstanding			Grant Date Fair Value		Aggregate Intrinsic Value
Balance as of December 31, 2022		6,215		$	23.53	$	54,302
Granted – restricted stock units		4,196			9.76		40,970
Canceled		(2,020	)		20.14		18,288
Vested and converted to shares		(1,666	)		23.94		14,984
Balance as of December 31, 2023		6,725		$	15.86	$	65,436
Vested and expected to vest		5,546		$	16.19	$	53,965

At December 31, 2023, 2022 and 2021 there was an estimated $69.8 million, $92.2 million, and $60.9 million, respectively of total unrecognized stock-based compensation costs related to RSUs. The costs of $69.8 million for the year ended December 31, 2023 will be recognized over a weighted-average period of 2.6 years.

Performance-based restricted stock units

During the year ended December 31, 2020, the Company granted 1,216,000 PSUs to members of management pursuant to the 2013 Plan. These PSUs contained a performance clause which required the Company to successfully complete an IPO as well as a service condition that required continued employment. As of December 31, 2023, 208,323 PSUs remain unvested and outstanding. These PSUs vest on a tranche by tranche basis over the life of the service period of 1-4 years.

At December 31, 2023, 2022 and 2021, there was an estimated $0.3 million, $1.7 million, and $4.4 million, respectively of total unrecognized stock-based compensation costs related to these PSUs. The costs of $0.3 million for the year ended December 31, 2023 will be recognized over a weighted-average period of 0.4 years.

Debt - Additional Information (Details)		1 Months Ended	12 Months Ended
Debt - Additional Information (Details)	Sep. 09, 2021 USD ($) $ / shares	Sep. 30, 2021 USD ($) Days $ / shares shares	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Debt instrument outstanding amount			$ 345,688,000
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			$ 688,000
Maturity date			Mar. 01, 2025
2023 Term Debt \| Software License
Debt Instrument [Line Items]
Debt principal amount				$ 1,100,000
Contractual Interest Rate			4.40%
Debt instrument outstanding amount			$ 700,000
Debt instrument, payment terms			The principal amount will be paid in eight quarterly installments beginning on July 1, 2023.

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 15, 2023, Lisa Eggerton, our chief marketing officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (a “10b5-1 Plan”). Ms. Eggerton’s 10b5-1 Plan provides for the potential sale of up to 104,646 shares of common stock between March 15, 2024 and September 16, 2024.
Name	Lisa Eggerton
Title	chief marketing officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 15, 2023
Arrangement Duration	185 days
Aggregate Available	104,646

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal taxes at statutory rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	3.06%	5.33%	5.58%
Foreign tax rate differentials	0.49%	0.64%	0.83%
Research and development credit	4.69%	0.80%	2.65%
Purchase price accounting	1.62%	0.09%	0.35%
Stock-based compensation	(7.53%)	(1.16%)	26.29%
Officers compensation	(1.06%)	(0.59%)	(15.65%)
Imputed Interest	(1.37%)	0.00%	0.00%
Permanent differences, other	(0.11%)	(0.50%)	(0.92%)
Change in valuation allowance	(20.79%)	(25.97%)	(40.09%)
Effective tax rate	0.00%	(0.36%)	0.04%

Commitments, Contingencies, and Leases - Schedule of Operating Lease Information (Details)	Dec. 31, 2023	Dec. 31, 2022
Commitments Contingencies And Leases [Abstract]
Weighted-average remaining lease-term (years)	3 years 10 months 13 days	4 years 2 months 12 days
Weighted-average discount rate	5.38%	5.37%

Other Liabilities

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Other Liabilities

9. Other liabilities

The following table summarizes the components of other current liabilities:


	As of December 31,		As of December 31,
(in thousands)	2023		2022
Sales tax payable	$	1,632	$	1,887
Payroll and payroll related expenses		13,080		13,331
Acquisition related compensation		403		24,743
Restructuring related charges		1,516		3,569
Other		8,154		4,914
Other current liabilities	$	24,785	$	48,444

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”).

The Company recorded contract assets in Prepaid expenses and other assets, net in the consolidated balance sheet as of December 31, 2023. In order to conform to the presentation of the consolidated balance sheet as of December 31, 2023, the Company reclassified $16.8 million from Accounts receivable, net to Prepaid expenses and other current assets, net in the consolidated balance sheet as of December 31, 2022. The reclassification has no impact on the Company’s net loss for the years ended December 31, 2023 and 2022.

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 to conform with the current year presentation. For the year ended December 31, 2022 and December 31, 2021, the Company reclassified $6.6 million and $5.5 million, respectively from general and administrative to sales and marketing

Basis of consolidation

The accompanying 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. References to fiscal 2023, for example, refer to the fiscal year ended December 31, 2023.

Use of estimates

The preparation of consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions in the Company’s consolidated financial statements and notes thereto.

Significant estimates and assumptions made by management in these consolidated financial statements include:

•

the fair value of assets acquired and liabilities assumed for business combinations;

•

estimating variable consideration for revenue recognition;

•

the average period of benefit associated with costs capitalized to obtain revenue contracts;

•

the useful lives of intangible assets

•

the allowance for credit losses; and

•

the recognition, measurement and valuation of current and deferred income taxes and uncertain tax positions;

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.

Recent Accounting Pronouncements Not Yet Adopted

ASU 2023-07, Segment Reporting (Topic 280)

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires all public entities, including those public entities that have a single reportable segment to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires a public entity to disclose the title and position of the individual or the name of the group or committee identified as the chief operating decision maker (“CODM”). ASU 2023-07 is effective for the Company’s fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently assessing the impact this standard will have on the Company’s consolidated financial statements but does not expect it to have a material impact on the consolidated financial statements.

ASU 2023-09, Income Taxes (Topic 740)

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires all entities to provide more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this Update also eliminate requirements such as (1) the disclosure of the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months, (2) or making a statement that an estimate of the range cannot be made, and (3) the disclosure of the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures. Lastly, the amendments in this Update replace the term ‘public entity’ as currently used in Topic 740 with the term ‘public business entity’. ASU 2023-09 is effective for the Company’s fiscal years beginning after December 15, 2024. The Company is currently assessing the impact this standard will have on the Company’s consolidated financial statements but does not expect it to have a material impact on the consolidated financial statements.

Other accounting standard updates effective for interim and annual periods beginning after December 31, 2023 are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

Segments

The Company’s CODM is the 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 it operates as a single operating and reportable segment.

Revenue Recognition

Subscription solutions

Subscription solutions revenue consists primarily of platform subscription fees from all plans and recurring professional services. 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, recognizes 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 customers who pay quarterly or annually. 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. In determining the amount of revenue to be recognized, the Company determines whether collection of the entire 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 and variable based on customer usage on the platform. 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 partner revenue share 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 primary method used to estimate SSP is the observable prices of products or services sold or priced separately in comparable circumstances to similar customers.

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 include the level of integration, interdependency, and interrelation between the implementation and hosting services. 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. 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.

The timing of revenue recognition, billings and cash collections can result in billed accounts receivable, unbilled receivables, contract assets, and deferred revenue.

Contract Assets

Billings scheduled to occur after the performance obligation has been satisfied and revenue recognition has occurred result in contract assets. Contract assets are recorded on the consolidated balance sheets at the end of each reporting period in Prepaid expenses and other current assets, net. Typically, contract assets arise from agreements that have tiered billings over the contract life,

promotional billing periods, and PSR agreements that include substantive minimums. Net contract assets were $11.9 million as of December 31, 2023 as compared to $16.8 million as of December 31, 2022.

The Company is exposed to credit losses primarily through sales of products and services to customers and partners. The Company assesses the collectability of outstanding contract assets on an ongoing basis and maintain a reserve which is included in the allowance for credit losses for contract assets deemed uncollectible. The Company analyzes the contract asset portfolio for significant risks by considering historical collection experience and forecasting future collectability to determine what will ultimately be collected from its customers and partners, delinquency level and customer type have been identified as the primary specific risk affecting the Company’s contract assets, and the estimate for losses is analyzed annually and adjusted as necessary. Contract asset impairment have been immaterial for fiscal year 2023 and 2022. The Company has provisioned $1.5 million and $2.6 million for credit losses related to contract assets as of December 31, 2023 and 2022, respectively.

Deferred revenue

Deferred revenue primarily consists of amounts that have been received from customers in advance of the performance obligation being satisfied. The Company recognizes revenue from deferred revenue when the services are performed and the corresponding revenue recognition criteria are met. Amounts recognized from deferred revenue represent primarily revenue from the sale of subscription solutions, integration, and marketing services. The Company recognized $15.1 million of previously deferred revenue during the year ended December 31, 2023, and $12.0 million during the year ended December 31, 2022 .

The Company experienced an increase in the deferred revenue balance as of December 31, 2023, compared to December 31, 2022, which was primarily driven by the Company shifting to annual billing cycles. These increases were offset by decreases in PSR customer balances and the impact of amounts included in net contract assets due to timing differences between billings, revenue recognition and cash collections of $1.9 million made in the fourth quarter of fiscal year 2023.

Remaining performance obligation

As of December 31, 2023, the Company had $158.4 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. Remaining performance obligation is subject to future economic risks, including bankruptcies, regulatory changes and other market factors. 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.

Remaining performance obligation consisted of the following:


(in thousands)	Current		Noncurrent		Total
As of December 31, 2023	$	93,928	$	64,485	$	158,413
As of December 31, 2022		85,109		80,996		166,105

Cost of revenue

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

Cash and cash equivalents

The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. Cash equivalents consist of money market funds and investment securities and are stated at fair value.

Restricted Cash

Restricted cash

The Company maintains a portion of amounts collected through its online payment processor with the online payment processor as a security deposit for future chargebacks. Additionally, the Company has amounts on deposit with certain financial institutions that serve as collateral for letters of credit and lease deposits.

Marketable securities

All marketable securities have been classified as available-for-sale and are carried at estimated fair value. The Company determines the appropriate classification of investments in debt securities at the time of purchase. Securities may have stated maturities greater than one year. All marketable securities are considered available to support current operations and are classified as current assets.

For available-for-sale debt securities in an unrealized loss position, management first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value and recognized in other income (expense) in the results of operations. For available-for-sale debt securities that do not meet the aforementioned criteria, management evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, an allowance is recorded for the difference between the present value of cash flows expected to be collected and the amortized cost basis of the security. Impairment losses attributable to credit loss factors are charged against the allowance when management believes an available-for-sale security is uncollectible or when either of the criteria regarding intent or requirement to sell is met.

Any unrealized losses from declines in fair value below the amortized cost basis as a result of non-credit loss factors is recognized as a component of accumulated other comprehensive (loss) income, along with unrealized gains. Realized gains and losses and declines in fair value, if any, on available-for-sale securities are included in other income (expense) in the results of operations. The cost of securities sold is based on the specific-identification method.

Accounts receivable

Accounts receivable are stated at net realizable value and include both billed and unbilled receivables. 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 December 31, 2023 and December 31, 2022 included unbilled receivables of $11.0 million, and $11.1 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 Company analyzes grouped customers by similar risk profiles, along with 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 annually and adjusted as necessary.

Identified risks pertaining to the Company’s invoiced accounts receivable include the delinquency level and customer type. The estimate of the amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances, historical customer delinquency, and assessment of the overall portfolio and general economic conditions.

The allowance for credit losses consisted of the following:


(in thousands)
Balance at December 31, 2020	$	1,992
Provision for expected credit losses		3,474
Write-offs charged against the allowance		(1,599	)
Balance at December 31, 2021	$	3,867
Provision for expected credit losses		8,244
Write-offs charged against the allowance		(2,116	)
Balance at December 31, 2022	$	9,995
Provision for expected credit losses		805
Write-offs charged against the allowance		(4,803	)
Balance at December 31, 2023	$	5,997

Property and equipment

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives or the related lease terms (if shorter).

The estimated useful lives of property and equipment are as follows:


		Estimated Useful Life
Computer equipment		3 years
Computer software		3 years
Furniture and fixtures		5 years
Leasehold improvements		1-10 years

Maintenance and repairs that do not enhance or extend the asset’s useful life are charged to operating expenses as incurred.

The carrying values of property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with groups of assets used in combination over their estimated useful lives against their respective carrying amounts. If projected undiscounted future cash flows are less than the carrying value of the asset group, impairment is recorded for any excess of the carrying amount over the fair value of those assets in the period in which the determination is made.

Research and development and internal use software

Research and development expenses consist primarily of personnel and related expenses for research and development staff, which include: salaries, benefits, bonuses, and stock-based compensation; the cost of certain third-party contractors; and allocated overhead. Expenditures for research and development, other than internal use software costs, are expensed as incurred.

Software development costs associated with internal use software, which are incurred during the application development phase and meet other requirements are capitalized. The Company has unamortized capitalized software costs of $6.8 million and $2.8 million as of December 31, 2023 and 2022, respectively. These costs are amortized over the useful life, which is 36 months. The Company recorded capitalized software cost amortization expense of $1.1 million and $0.1 million for the years ended December 31, 2023 and 2022, respectively. There was no capitalized software cost amortization expense for the year ended December 31, 2021.

Concentration of credit risks, significant clients, and suppliers

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, restricted cash, and accounts receivable. The Company’s investment policy limits investments to high credit quality securities issued by the U.S. government, U.S. government-sponsored agencies, and highly rated corporate securities, subject to certain concentration limits and restrictions on maturities. Cash and cash equivalents and restricted cash are held by financial institutions that management believes are of high credit quality. Amounts on deposit may at times exceed federally insured limits. The Company has not experienced any losses on deposits of cash and cash equivalents. The Company is exposed to credit risk in the event of default by the financial institutions holding cash and cash equivalents and bond issuers.

Accounts receivable are derived from sales to customers and strategic technology partners who operate in a variety of sectors. The Company does not require collateral. Estimated credit losses are provided for in the consolidated financial statements and historically have been within management’s expectations.

One of the Company’s strategic partners accounted for 12 percent, 12 percent, and 14 percent of revenue at December 31, 2023, 2022 and 2021, respectively. At December 31, 2023, one of the Company’s strategic partners accounted for 20 percent of accounts receivable while two accounted for 30 percent at December 31, 2022 and one accounted for 19 percent at December 31, 2021.

Advertising costs

Advertising is expensed as incurred. Advertising expense was approximately $14.5 million, $17.5 million, and $16.8 million and for the years ended December 31, 2023, 2022 and 2021, respectively.

Leases

The Company determines if an arrangement is a lease or contains a lease at inception. At the commencement date of a lease, the Company recognizes a liability to make lease payments and an asset representing the right to use the underlying asset during the lease term. The lease liability is measured at the present value of lease payments over the lease term. As the Company's leases typically do not provide an implicit rate, the Company uses its incremental borrowing rate for most leases. The right-of-use (“ROU”) asset is measured at cost, which includes the initial measurement of the lease liability and initial direct costs incurred and excludes lease incentives. The company assesses impairment on leases annually which have been immaterial for fiscal years 2023 and 2022.

Lease terms may include options to extend or terminate the lease. The Company records a ROU asset and a lease liability when it is reasonably certain that the Company will exercise that option. Operating lease costs are recognized on a straight-line basis over the lease term.

The Company also leases office space under short-term arrangements and has elected not to include these arrangements in the ROU asset or lease liabilities.

Business combinations and acquisition related expenses

Business combinations

The Company records tangible and intangible assets acquired and liabilities assumed in business combinations under the acquisition method of accounting. The Company uses best estimates and assumptions, including but not limited to, estimated level of effort and related costs of reproducing or replacing the intangible, future expected cash flows, expected asset lives, and discount rates, to assign a fair value to the tangible and intangible assets acquired and liabilities assumed in business combinations as of the acquisition date. These estimates are inherently uncertain and subject to refinement. The Company allocates any excess purchase price over the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed to goodwill. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill.

Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company's consolidated statements of operations.

Acquisition related expenses

Acquisition related expenses consist primarily of cash payments for third-party acquisition costs and other acquisition related expenses such as contingent compensation arrangements. In 2023, the Company entered into a contingent compensation arrangement that is contingent upon continued post-acquisition employment with the Company for a period of 18 months. The Company will record the costs associated with this arrangement over a period of 18 months. In 2021, the Company entered into contingent compensation arrangements, in which payments have been made the first and second anniversaries of the closing or upon the earlier achievement of certain product and financial milestones. The compensation arrangements are contingent upon continued post-acquisition employment with the Company. The Company accounted for the cost related to the first and second contingent compensation arrangement payments over the service periods of 12 and 24 months, respectively, beginning on the acquisition date, assuming earlier achievement of product and financial milestones is unlikely to be met.

The Company recognized $10.3 million, $35.2 million, and $23.3 million in acquisition related expenses during the years ended December 31, 2023, 2022, and 2021, respectively. For the year ended December 31, 2023, the acquisition-related transaction costs incurred by the Company of $10.3 million were expensed as incurred in the consolidated statements of operations and comprehensive loss, of which $9.6 million was recognized in connection with the contingent compensation arrangements, and $0.7 million related to acquisition related spend. For the year ended December 31, 2022, $35.0 million was recognized in connection with contingent compensation arrangements and $0.2 million was recognized on acquisition related spend. For the year ended December 31, 2021, $1.8 million was recognized on acquisition related spend and $21.5 million was recognized in connection with contingent compensation arrangement.

Goodwill and other acquired intangible, net

The Company assesses goodwill for impairment annually during the fourth quarter, or more frequently if events or changes in circumstances would more likely than not reduce the fair value below its carrying value. When the Company elects to perform a qualitative assessment and conclude it is not more likely than not the fair value is less than its carrying value, no further assessment is necessary; otherwise, a quantitative assessment is performed and the fair value is determined. If the carrying value exceeds the estimated fair value, impairment is recorded.

The Company evaluates the recoverability of intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of such asset may not be recoverable. If such review determines the carrying amount of the asset is not recoverable, the carrying amount of such asset is reduced to its fair value.

Acquired intangible assets are amortized over their estimated useful lives. The Company evaluates the estimated remaining useful life of these assets when events or changes in circumstances indicate a revision to the remaining period of amortization. If the Company revises the estimated useful life assumption for any assets, the remaining unamortized balance is amortized over the revised estimated useful life on a prospective basis.

Income taxes

The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax balances are adjusted to reflect tax rates based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period of the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that those assets will be realized. The Company has provided a valuation allowance against all of deferred tax assets as the Company believes the objective

and verifiable evidence of the Company’s historical pretax net losses outweighs any positive evidence of its 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.

The Company recognizes the tax effects of an uncertain tax position only if it is more likely than not to be sustained based solely upon its technical merits at the balance sheet date. The unrecognized tax benefit is the difference between the tax benefit recognized and the tax benefit claimed on the Company’s income tax return. All of the Company’s gross unrecognized tax benefits, if recognized, would not affect its effective tax rate but would be recorded as an adjustment to equity before consideration of valuation allowances. The Company does not expect unrecognized tax benefits to decrease within the next twelve months. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of December 31, 2023, the Company has not accrued any interest or penalties related to unrecognized tax benefits. The Company believes that all material tax positions in the current and prior years have been analyzed and properly accounted for and that the risk of additional material uncertain tax positions that have not been identified is remote.

Stock-based compensation

The Company issues stock options, restricted stock units (“RSUs”) and performance based restricted stock units (“PSUs”) to employees. Stock-based compensation related to stock options is measured at the date of grant and is recognized on a straight-line basis over the service period, net of estimated forfeitures, which is typically four years. The Company uses the Black-Scholes option-pricing model to estimate the fair value of stock options awarded at the date of grant.

Foreign currency

The Company’s functional and reporting currency is the U.S. dollar. Monetary assets and liabilities denominated in foreign currencies are re-measured to U.S. dollars using the exchange rates at the balance sheet dates. Non-monetary assets and liabilities denominated in foreign currencies are measured in U.S. dollars using historical exchange rates. Revenue and expenses are measured using the actual exchange rates prevailing on the dates of the transactions. Gains and losses resulting from re-measurement are recorded within Other expense in the Company’s consolidated statements of operations and were not material for all periods presented.

Fair Value Measurements - Schedule of Cash Equivalents, Marketable Securities and Liabilities Measured at Fair Value (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Cash
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 33.1	$ 24.9

Commitments, Contingencies, and Leases - Schedule of Unconditional Purchase Obligations (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Commitments Contingencies And Leases [Abstract]
2024	$ 14,790
2025	15,025
2026	4,462
2027 and thereafter	0
Total	$ 34,277

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 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. The changes to the carrying amount of goodwill as follows:


(in thousands)
Balance as of December 31, 2022	$	49,749
Goodwill acquired		2,337
Balance as of December 31, 2023	$	52,086

Goodwill amounts are not amortized but tested for impairment on an annual basis. There was no impairment of goodwill as of December 31, 2023.

Intangible assets are amortized on a straight-line basis over the useful life. Intangible assets amortization was $8.4 million, $8.1 million and $3.3 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Intangible assets consist of the following:


	December 31, 2023							December 31, 2022							Weighted average remaining useful life as of December 31, 2023 (in years)
(in thousands)	Gross amount		Accumulated amortization			Net carrying amount		Gross amount		Accumulated amortization			Net carrying amount
Developed technology	$	19,967	$	(8,401	)	$	11,566	$	13,367	$	(4,745	)	$	8,622		3.4
Customer relationship		23,725		(9,786	)		13,939		22,525		(5,734	)		16,791		3.3
Tradename		2,560		(1,208	)		1,352		2,470		(711	)		1,759		2.7
Non-compete agreement		162		(132	)		30		162		(78	)		84		0.6
Other intangibles		485		(320	)		165		485		(158	)		327		1.7
Total intangible assets	$	46,899	$	(19,847	)	$	27,052	$	39,009	$	(11,426	)	$	27,583

As of December 31, 2023, expected amortization expense for intangible assets was as follows:


(in thousands)	December 31, 2023
2024	$	9,735
2025		8,046
2026		5,100
2027		3,056
Thereafter		1,115
Total	$	27,052

Stockholders' Equity - Summary of RSU Activity (Details) - Restricted Stock [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Class of Stock [Line Items]
Nonvested shares, beginning period \| shares	6,215
Granted (in shares) \| shares	4,196
Cancelled, shares \| shares	(2,020)
Vested and converted to shares, shares \| shares	(1,666)
Nonvested shares, ending period \| shares	6,725
Vested and expected to vest (in shares) \| shares	5,546
Nonvested, Grant date fair value beginning period \| $ / shares	$ 23.53
Granted, Grant date fair value \| $ / shares	9.76
Cancelled, Grant date fair value \| $ / shares	20.14
Vested and converted to shares, Grant date fair value \| $ / shares	23.94
Nonvested, Grant date fair value ending period \| $ / shares	15.86
Grant date fair value, vested and expected to vest \| $ / shares	$ 16.19
Aggregate Intrinsic Value, Beginning value \| $	$ 54,302
Aggregate Intrinsic Value, granted \| $	40,970
Aggregate Intrinsic Value, canceled \| $	18,288
Aggregate Intrinsic Value, Vested and converted to shares \| $	14,984
Aggregate Intrinsic Value, Ending balance \| $	65,436
Aggregate Intrinsic Value, vested and expected to vest \| $	$ 53,965

Goodwill and Intangible Assets - Schedule of Expected Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 9,735
2025	8,046
2026	5,100
2027	3,056
Thereafter	1,115
Net carrying amount	$ 27,052	$ 27,583

Debt - Summary of Net Carrying Amount of Notes and Term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt instrument outstanding amount	$ 345,688
Total carrying value	340,161	$ 337,497
Less: current portion of debt	(547)	0
Total long-term debt	$ 339,614	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	$ 339,473	337,497
2023 Term Debt
Debt Instrument [Line Items]
Date of Issuance	2023-06
Maturity Date	Mar. 01, 2025
Contractual Interest Rate	4.40%
Debt instrument outstanding amount	$ 688
Total carrying value	$ 688	$ 0

Income Taxes - Schedule Components of Benefit (Provision) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 0	$ 0	$ 0
State	16	(27)	(11)
Foreign	479	(261)	(134)
Total current	495	(288)	(145)
Deferred:
Federal	(579)	(61)	202
State	84	(146)	(23)
Foreign	0	0	0
Total deferred	(495)	(207)	179
Total benefit (provision)	$ 0	$ (495)	$ 34

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted


	Year ended December 31,
(in thousands)	2023			2022			2021
Numerator:
Net loss per share available to shareholders	$	(64,671	)	$	(139,919	)	$	(76,677	)
Denominator:
Weighted average shares outstanding		75,143			73,226			70,933
Net loss per share	$	(0.86	)	$	(1.91	)	$	(1.08	)

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 been an antidilutive impact due to losses reported:


	Year ended December 31,
(in thousands)	2023		2022		2021
Stock options outstanding		5,109		5,722		5,684
Restricted stock units		6,725		6,216		2,331
Acquisition related compensation		42		3,640		1,756
Convertible debt		4,719		4,719		4,719
Total potentially dilutive securities		16,595		20,297		14,490

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Impairment of goodwill

$ 0

Amortization of intangible assets

^[1]

$ 8,422,000

$ 8,078,000

$ 3,284,000

[1]

Amounts include stock-based compensation expense and associated payroll tax costs, as follows:


	Year ended December 31,
	2023		2022		2021
Cost of revenue	$	4,949	$	4,226	$	2,122
Sales and marketing		13,474		13,551		9,392
Research and development		13,478		12,388		6,169
General and administrative		9,785		12,821		8,851

The accompanying notes are an integral part of these consolidated financial statements.

Net Loss per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Loss per Share

13. Net loss per share

Basic net loss per share is computed by dividing net loss by number of shares of common stock outstanding for the period. Because the Company has reported a net loss for the year ended December 31, 2023, 2022, and 2021, 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.


	Year ended December 31,
(in thousands)	2023			2022			2021
Numerator:
Net loss per share available to shareholders	$	(64,671	)	$	(139,919	)	$	(76,677	)
Denominator:
Weighted average shares outstanding		75,143			73,226			70,933
Net loss per share	$	(0.86	)	$	(1.91	)	$	(1.08	)


	Year ended December 31,
(in thousands)	2023		2022		2021
Stock options outstanding		5,109		5,722		5,684
Restricted stock units		6,725		6,216		2,331
Acquisition related compensation		42		3,640		1,756
Convertible debt		4,719		4,719		4,719
Total potentially dilutive securities		16,595		20,297		14,490

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	76,410,000	73,945,000
Common stock, shares outstanding	76,410,000	73,945,000

Document and Entity Information - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 27, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Address Postal Zip Code	78726
City Area Code	512
Local Phone Number	865-4500
Entity Incorporation State Country Code	DE
Security12b Title	Series 1 common stock, $0.0001 par value per share
Trading Symbol	BIGC
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		76.6
Entity Public Float			$ 619.2
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Auditor Name	Ernst and Young LLP
Auditor Location	Austin, TX
Auditor Firm ID	42
Documents Incorporated by Reference	Part III of this Annual Report on Form 10-K incorporates certain information by reference from the definitive proxy statement for the Registrant's 2024 annual meeting of stockholders to be filed within 120 days of the registrant's fiscal year ended December 31, 2023, or the Proxy Statement. Except with respect to information specifically incorporated by reference in this Annual Report on Form 10-K, the Proxy Statement is not deemed to be filed as part of this Annual Report on Form 10-K.

Summary of Significant Accounting Policies - Additional Information (Details1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 158,413	$ 166,105
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.
Remaining performance obligations, percentage	60.00%
Remaining performance obligations, satisfaction period	12 months

Net Loss per Share - Schedule of Antidilutive Securities Outstanding Excluded from Computation of Basic Weighted-Average Shares Outstanding (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of basic weighted-average shares outstanding	16,595	20,297	14,490
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	5,109	5,722	5,684
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	6,725	6,216	2,331
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	3,640	1,756
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	4,719

Revenue Recognition and Deferred Costs

12 Months Ended

Dec. 31, 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.

Disaggregation of revenue

The following table disaggregates revenue by major source:


	Year ended December 31,
(in thousands)	2023		2022		2021
Subscription solutions fees	$	229,265	$	205,800	$	154,933
Partner and services fees		80,129		73,275		64,922
Revenue	$	309,394	$	279,075	$	219,855

Revenue by geographic region was as follows:


	Year ended December 31,
(in thousands)	2023		2022		2021
Revenue:
Americas – U.S.	$	236,502	$	216,639	$	169,737
Americas – other (1)		14,103		12,124		8,559
EMEA		34,661		27,743		20,783
APAC		24,128		22,569		20,776
Revenue	$	309,394	$	279,075	$	219,855

(1)Americas-other revenue includes revenue from North and South America, other than the U.S.

Revenue by geographical region is determined based on the region of the Company’s contracting entity, which may be different than the region of the customer. Americas revenue attributed to the United States was approximately 76 percent, 78 percent and 77 percent during fiscal 2023, 2022 and 2021, respectively. No other country represented more than ten percent of total revenue during fiscal 2023, 2022 and 2021.

Deferred commissions

Certain sales commissions earned by the Company’s go to market teams are considered incremental and recoverable costs of obtaining a contract with a customer. The Company amortizes deferred sales commissions ratably over the average customer life which is three years. The Company includes amortization of deferred commissions in Sales and marketing expense in the 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 years ended December 31, 2023, 2022 and 2021, respectively.

Sales commissions of $9.6 million, $8.9 million and $7.0 million were deferred for the years ended December 31, 2023, 2022 and 2021, respectively; and deferred commission amortization expense was $7.3 million, $5.2 million and $3.5 million for the years ended December 31, 2023, 2022 and 2021, 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Business Combinations - Summary of Preliminary Estimated Fair Value of Identifiable Intangible Assets Acquired (Details) - Makeswift, Inc. $ in Thousands	1 Months Ended
	Oct. 31, 2023 USD ($)
Business Acquisition [Line Items]
Total acquisition-related intangible assets estimated fair value	$ 7,890
Developed Technology
Business Acquisition [Line Items]
Total acquisition-related intangible assets estimated fair value	$ 6,600
Weighted average amortization period (in years)	5 years
Customer Relationship
Business Acquisition [Line Items]
Total acquisition-related intangible assets estimated fair value	$ 1,200
Weighted average amortization period (in years)	3 years
Tradename
Business Acquisition [Line Items]
Total acquisition-related intangible assets estimated fair value	$ 90
Weighted average amortization period (in years)	5 years

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Schedule of Total Estimated Purchase Consideration

The total estimated purchase consideration for Makeswift was approximately $9.2 million which consisted of the following.


(in thousands)	Amount
Base purchase price	$	11,000
plus: Closing cash		238
minus: Deferred compensation		(2,000	)
Total purchase consideration(1)	$	9,238

(1) Of the total purchase consideration $1.1 million of cash was held back by the Company for potential breaches of representation and warranties, as well as adjustments to working capital.

Summary of Purchase Price Allocation

The following presents the preliminary allocation of purchase price to the assets acquired and liabilities assumed in the Makeswift acquisition, based on their estimated fair values at acquisition date:


(in thousands)	October 31, 2023
Tangible assets acquired	$	1,370
Right-of-use asset		147
Intangible assets acquired		7,890
Liabilities assumed		(1,311	)
Deferred tax liability		(1,045	)
Lease liability		(150	)
Net assets acquired, excluding goodwill	$	6,901
Total purchase consideration	$	9,238
Goodwill	$	2,337

Summary of Preliminary Estimated Fair Value of Identifiable Intangible Assets Acquired

The estimated fair value of identifiable intangible assets acquired at the date of the acquisitions is as follows:


(in thousands)	Estimated fair value		Useful life (in years)

Developed technology	$	6,600		5.0
Customer relationships		1,200		3.0
Tradename		90		5.0
Total acquisition-related intangible assets	$	7,890

Income Taxes - Significant Components of Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss and credit carryforwards	$ 104,359	$ 100,303
Accrued compensation	1,431	6,969
Allowance for credit losses	1,489	2,614
Capitalized research and experimental costs	18,566	7,501
Deferred lease liabilities	2,534	3,145
Deferred revenue	461	272
Depreciation and amortization	21,768	16,261
Stock-based compensation	5,101	5,776
Other	232	511
Gross deferred tax assets	155,941	143,352
Valuation allowance	(148,164)	(136,101)
Deferred tax liabilities:
Deferred commissions	(3,132)	(2,632)
Right-of-use assets	(1,105)	(1,474)
Goodwill	(1,613)	(965)
Prepaid expenses	(1,885)	(1,739)
Other	(593)	(768)
Gross deferred tax liabilities	(8,328)	(7,578)
Net deferred tax liabilities	$ (551)	$ (327)

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance, shares at Dec. 31, 2020		69,512
Balance at Dec. 31, 2020	$ 216,759	$ 7	$ 530,143	$ (313,391)	$ 0
Proceeds from exercise of stock options	6,540	$ 0	6,540	0	0
Proceeds from exercise of stock options, shares		2,427
Release of restricted stock units	0	$ 0	0	0	0
Release of restricted stock units, shares		337
Issuance of common stock as consideration for an acquisition	2,003	$ 0	2,003	0	0
Issuance of common stock as consideration for an acquisition, shares		35
Stock-based compensation	25,424	$ 0	25,424	0	0
Purchase of capped call	(35,570)	0	(35,570)	0	0
Total other comprehensive income (loss)	(191)	0	0	0	(191)
Net Income (Loss)	(76,677)	0	0	(76,677)	0
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	436	$ 0	436	0	0
Proceeds from exercise of stock options, shares		763
Release of restricted stock units	0	$ 0	0	0	0
Release of restricted stock units, shares		518
Issuance of common stock as consideration for an acquisition	5,543	$ 0	5,543	0	0
Issuance of common stock as consideration for an acquisition, shares		353
Stock-based compensation	42,332	$ 0	42,332	0	0
Total other comprehensive income (loss)	(1,008)	0	0	0	(1,008)
Net Income (Loss)	(139,919)	0	0	(139,919)	0
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	$ 3,849	$ 0	3,849	0	0
Proceeds from exercise of stock options, shares	967	936
Release of restricted stock units	$ (3,281)	$ 0	(3,281)	0	0
Release of restricted stock units, shares		1,386
Issuance of common stock as consideration for an acquisition	1,417	$ 0	1,417	0	0
Issuance of common stock as consideration for an acquisition, shares		143
Stock-based compensation	41,185	$ 0	41,185	0	0
Total other comprehensive income (loss)	1,362	0	0	0	1,362
Net Income (Loss)	(64,671)	0	0	(64,671)	0
Balance at Dec. 31, 2023	$ 25,533	$ 7	$ 620,021	$ (594,658)	$ 163
Balance, shares at Dec. 31, 2023		76,410

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of significant accounting policies

Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”).

Basis of consolidation

The Company’s fiscal year ends on December 31. References to fiscal 2023, for example, refer to the fiscal year ended December 31, 2023.

Use of estimates

Significant estimates and assumptions made by management in these consolidated financial statements include:

•

the fair value of assets acquired and liabilities assumed for business combinations;

•

estimating variable consideration for revenue recognition;

•

the average period of benefit associated with costs capitalized to obtain revenue contracts;

•

the useful lives of intangible assets

•

the allowance for credit losses; and

•

the recognition, measurement and valuation of current and deferred income taxes and uncertain tax positions;

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.

Recent Accounting Pronouncements Not Yet Adopted

ASU 2023-07, Segment Reporting (Topic 280)

ASU 2023-09, Income Taxes (Topic 740)

Segments

Revenue Recognition

Subscription solutions

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.

Partner and services

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

Contracts with multiple performance obligations

The timing of revenue recognition, billings and cash collections can result in billed accounts receivable, unbilled receivables, contract assets, and deferred revenue.

Contract Assets

promotional billing periods, and PSR agreements that include substantive minimums. Net contract assets were $11.9 million as of December 31, 2023 as compared to $16.8 million as of December 31, 2022.

Deferred revenue

Remaining performance obligation

Remaining performance obligation consisted of the following:


(in thousands)	Current		Noncurrent		Total
As of December 31, 2023	$	93,928	$	64,485	$	158,413
As of December 31, 2022		85,109		80,996		166,105

Cost of revenue

Cash and cash equivalents

Restricted cash

Marketable securities

Accounts receivable

The allowance for credit losses consisted of the following:


(in thousands)
Balance at December 31, 2020	$	1,992
Provision for expected credit losses		3,474
Write-offs charged against the allowance		(1,599	)
Balance at December 31, 2021	$	3,867
Provision for expected credit losses		8,244
Write-offs charged against the allowance		(2,116	)
Balance at December 31, 2022	$	9,995
Provision for expected credit losses		805
Write-offs charged against the allowance		(4,803	)
Balance at December 31, 2023	$	5,997

Property and equipment

The estimated useful lives of property and equipment are as follows:


		Estimated Useful Life
Computer equipment		3 years
Computer software		3 years
Furniture and fixtures		5 years
Leasehold improvements		1-10 years

Maintenance and repairs that do not enhance or extend the asset’s useful life are charged to operating expenses as incurred.

Research and development and internal use software

Concentration of credit risks, significant clients, and suppliers

Advertising costs

Advertising is expensed as incurred. Advertising expense was approximately $14.5 million, $17.5 million, and $16.8 million and for the years ended December 31, 2023, 2022 and 2021, respectively.

Leases

The Company also leases office space under short-term arrangements and has elected not to include these arrangements in the ROU asset or lease liabilities.

Business combinations

Acquisition related expenses

Goodwill and other acquired intangible, net

Income taxes

Stock-based compensation

Foreign currency

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Cash Equivalents, Marketable Securities and Liabilities Measured at Fair Value

The following table presents information about the Company’s cash equivalents, marketable securities and liabilities that were measured at fair value as of December 31, 2023 and December 31, 2022:


	As of December 31, 2023
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Cash equivalents (1):
Money market mutual funds & cash equivalents	$	39,754	$	0	$	0	$	39,754
Marketable securities:
Corporate bonds		0		64,545		0		64,545
U.S. treasury securities		48,138		0		0		48,138
Commercial paper		0		30,596		0		30,596
Agency bonds		0		55,136		0		55,136
Total cash equivalents and marketable securities	$	87,892	$	150,277	$	0	$	238,169
Liabilities:
Convertible senior notes due 2026	$	0	$	280,658	$	0	$	280,658


	As of December 31, 2022
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Cash equivalents (1):
Money market mutual funds & cash equivalents	$	68,129	$	0	$	0	$	68,129
Marketable securities:
Corporate bonds		0		85,243		0		85,243
U.S. treasury securities		72,577		0		0		72,577
Commercial paper		0		41,189		0		41,189
Agency bonds		0		12,932		0		12,932
Total cash equivalents and marketable securities	$	140,706	$	139,364	$	0	$	280,070
Liabilities:
Convertible senior notes due 2026	$	0	$	246,882	$	0	$	246,882

Schedule of Marketable Security Contractual Maturities

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


(in thousands)	As of December 31, 2023		As of December 31, 2022
Due within 1 year	$	183,132	$	194,724
Due in 1 year through 2 years		15,283		17,217
Total marketable securities	$	198,415	$	211,941

Summary of Gains, Losses, and Estimated Fair Value of Cash Equivalents, Marketable Securities and Liabilities

The following tables summarize the gains, losses, and estimated fair value of cash equivalents, marketable securities and liabilities as of December 31, 2023 and December 31, 2022:


	As of December 31, 2023
(in thousands)	Amortized Cost/ Principal amount		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market mutual funds & cash equivalents	$	39,754	$	0	$	0		$	39,754
Marketable securities:
Corporate bonds		64,421		157		(33	)		64,545
U.S. treasury securities		48,061		86		(9	)		48,138
Commercial paper		30,588		16		(8	)		30,596
Agency bonds		55,182		24		(70	)		55,136
Total marketable securities	$	198,252	$	283	$	(120	)	$	198,415
Liabilities:
Convertible senior notes due 2026	$	345,000	$	0	$	0		$	280,658


	As of December 31, 2022
(in thousands)	Amortized Cost/ Principal amount		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market mutual funds & cash equivalents	$	68,194	$	0	$	(65	)	$	68,129
Marketable securities:
Corporate bonds		85,799		0		(556	)		85,243
U.S. treasury securities		73,208		0		(631	)		72,577
Commercial paper		41,189		0		0			41,189
Agency bonds		12,944		0		(12	)		12,932
Total marketable securities	$	213,140	$	0	$	(1,199	)	$	211,941
Liabilities:
Convertible senior notes due 2026	$	345,000	$	0	$	0		$	246,882

- 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
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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 3: http://www.xbrl.org/2009/role/commonPracticeRef
-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 4: http://www.xbrl.org/2009/role/commonPracticeRef
-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 5: http://www.xbrl.org/2009/role/commonPracticeRef
-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 6: http://www.xbrl.org/2009/role/commonPracticeRef
-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 7: http://www.xbrl.org/2009/role/commonPracticeRef
-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 8: http://www.xbrl.org/2009/role/commonPracticeRef
-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 9: http://www.xbrl.org/2009/role/commonPracticeRef
-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/2009/role/commonPracticeRef
-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/2009/role/commonPracticeRef
-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/2009/role/commonPracticeRef
-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

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Debt Instrument [Line Items]

Contractual interest expense

$ 894

$ 863

$ 254

Amortization of issuance costs

1,976

1,960

574

Total

^[1]

$ 2,870

$ 2,823

$ 828

[1]	(1) Included in “Interest expense” in the accompanying consolidated Statements of Operations, in addition to $14 thousand and $5 thousand of other interest expense, as of December 31, 2023 and December 31, 2022, respectively.

- 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

Commitments, Contingencies, and Leases - Schedule of Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Commitments Contingencies And Leases [Abstract]
Cash paid for operating lease liabilities	$ 3,208	$ 3,807

Fair Value Measurements - Schedule of Marketable Security Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Due within 1 year	$ 183,132	$ 194,724
Due in 1 year through 2 years	15,283	17,217
Total marketable securities	$ 198,415	$ 211,941

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes to Carrying Amount of Goodwill


(in thousands)
Balance as of December 31, 2022	$	49,749
Goodwill acquired		2,337
Balance as of December 31, 2023	$	52,086

Schedule of Intangible Assets

Intangible assets consist of the following:


	December 31, 2023							December 31, 2022							Weighted average remaining useful life as of December 31, 2023 (in years)
(in thousands)	Gross amount		Accumulated amortization			Net carrying amount		Gross amount		Accumulated amortization			Net carrying amount
Developed technology	$	19,967	$	(8,401	)	$	11,566	$	13,367	$	(4,745	)	$	8,622		3.4
Customer relationship		23,725		(9,786	)		13,939		22,525		(5,734	)		16,791		3.3
Tradename		2,560		(1,208	)		1,352		2,470		(711	)		1,759		2.7
Non-compete agreement		162		(132	)		30		162		(78	)		84		0.6
Other intangibles		485		(320	)		165		485		(158	)		327		1.7
Total intangible assets	$	46,899	$	(19,847	)	$	27,052	$	39,009	$	(11,426	)	$	27,583

Schedule of Expected Amortization Expense for Intangible Assets

As of December 31, 2023, expected amortization expense for intangible assets was as follows:


(in thousands)	December 31, 2023
2024	$	9,735
2025		8,046
2026		5,100
2027		3,056
Thereafter		1,115
Total	$	27,052

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

10. 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 December 31, 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 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 December 31, 2023, the Company had $0.7 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 December 31, 2023		Carrying Value as of December 31, 2023			Carrying Value as of December 31, 2022
2021 Convertible Senior Notes	September 2021	10/1/2026		0.25	%	$	345,000	$	339,473		$	337,497
2023 Term Debt	June 2023	3/1/2025		4.40	%		688		688			0
Total carrying value of debt								$	340,161		$	337,497
Less: current portion of debt									(547	)		0
Total long-term debt								$	339,614		$	337,497

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


	December 31,
(in thousands)	2023		2022		2021
Contractual interest expense	$	894	$	863	$	254
Amortization of issuance costs		1,976		1,960		574
Total (1)	$	2,870	$	2,823	$	828

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.

The contractual future principal payments for all borrowings as of December 31, 2023 were as follows:


(in thousands)
Fiscal Period:
Fiscal 2024	$	547
Fiscal 2025		141
Fiscal 2026		345,000
Thereafter		0
Total principal outstanding	$	345,688

- 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

Fair Value Measurements - Summary of Gains, Losses, and Estimated Fair Value of Cash Equivalents, Marketable Securities and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost/Principal amount	$ 198,252	$ 213,140
Gross Unrealized Gains	283	0
Gross Unrealized Losses	(120)	(1,199)
Estimated Fair Value	198,415	211,941
Money Market Mutual Funds and Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost/Principal amount	39,754	68,194
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(65)
Estimated Fair Value	39,754	68,129
Corporate Bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost/Principal amount	64,421	85,799
Gross Unrealized Gains	157	0
Gross Unrealized Losses	(33)	(556)
Estimated Fair Value	64,545	85,243
U.S Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost/Principal amount	48,061	73,208
Gross Unrealized Gains	86	0
Gross Unrealized Losses	(9)	(631)
Estimated Fair Value	48,138	72,577
Commercial Paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost/Principal amount	30,588	41,189
Gross Unrealized Gains	16	0
Gross Unrealized Losses	(8)	0
Estimated Fair Value	30,596	41,189
Agency Bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost/Principal amount	55,182	12,944
Gross Unrealized Gains	24	0
Gross Unrealized Losses	(70)	(12)
Estimated Fair Value	55,136	12,932
Convertible Senior Notes due 2026
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost/Principal amount	345,000	345,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 280,658	$ 246,882

Business Combinations - Schedule of Total Estimated Purchase Consideration (Details) - Makeswift, Inc. $ in Thousands	1 Months Ended
	Oct. 31, 2023 USD ($)
Business Acquisition [Line Items]
Base purchase price	$ 11,000
plus: Closing cash	238
minus: Deferred compensation	(2,000)
Total purchase consideration	$ 9,238

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, which includes computer software that was purchased or developed for internal use, is composed of the following:


	As of December 31,
(in thousands)	2023			2022
Computer software	$	9,864		$	5,765
Computer equipment		12,087			11,185
Furniture and fixtures		1,956			1,924
Leasehold improvements		6,393			6,349
Property and equipment, gross		30,300			25,223
Less: accumulated depreciation and amortization		(20,067	)		(16,140	)
Property and equipment, net	$	10,233		$	9,083

Schedule of Composition of Long-lived Assets By Geographic Region

The composition of long-lived assets by geographic region during the years ended December 31, 2023 and 2022, were as follows:


	December 31,		December 31,
(in thousands)	2023		2022
Long-lived assets:
Americas – U.S.	$	9,504	$	8,318
EMEA		435		465
APAC		294		300
Total long-lived assets	$	10,233	$	9,083

There was no impairment recorded for Long-lived assets for fiscal year 2023 and 2022.

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	Dec. 31, 2023
Computer Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	3 years
Computer Software
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	3 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	5 years
Leasehold Improvements \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	1 year
Leasehold Improvements \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	10 years

Commitments, Contingencies, and Leases (Tables)

12 Months Ended

Dec. 31, 2023

Commitments Contingencies And Leases [Abstract]

Schedule of Unconditional Purchase Obligations

The Company had unconditional purchase obligations as of December 31, 2023, as follows:


(in thousands)	December 31, 2023
2024	$	14,790
2025		15,025
2026		4,462
2027 and thereafter		0
Total	$	34,277

Supplemental Lease Information

Supplemental lease information


	Year ended December 31,
Cash flow information (in thousands)	2023		2022
Cash paid for operating lease liabilities	$	3,208	$	3,807


	Year ended December 31,
Operating lease information	2023			2022
Weighted-average remaining lease-term (years)	3.87 years			4.20 years
Weighted-average discount rate		5.38	%		5.37	%

Schedule of Future Maturities of Operating Lease Liabilities

The future maturities of operating lease liabilities are as follows:


(in thousands)	December 31, 2023
2024	$	3,012
2025		2,838
2026		2,555
2027		2,133
Thereafter		718
Total minimum lease payments	$	11,256
Less imputed interest		(1,104	)
Total lease liabilities	$	10,152

Summary of Activities Related to Restructuring

The following table summarizes the activities related to the 2023 Restructure:


(in thousands)	Workforce reduction
Liability, as of December 31, 2022	$	0
Initial charge		5,495
Additional charges		100
Payments		(3,944	)
Non-cash items		(135	)
Liability, as of December 31, 2023	$	1,516

The following table summarizes the activities related to the 2022 restructuring:


	As of December 31,
	2023									2022
(in thousands)	Workforce reduction			Real estate exits and office space reductions			Total			Workforce reduction		Real estate exits and office space reductions			Total
Liability, beginning of the period	$	3,569		$	0		$	3,569		$	0	$	0		$	0
Initial charge
Additional charges		716			70			786			3,569		3,763			7,332
Payments		(4,285	)		0			(4,285	)		0		0			0
Non-cash items		0			(70	)		(70	)		0		(3,763	)		(3,763	)
Liability, end of the period	$	0		$	0		$	0		$	3,569	$	0		$	3,569

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Oct. 31, 2023	Apr. 30, 2022	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill				$ 49,749	$ 52,086	$ 49,749
Payments to acquire businesses, gross					7,891	$ 696	$ 81,067
Goodwill not expected to be deductible for tax purposes					$ 2,337
Makeswift, Inc.
Business Acquisition [Line Items]
Total estimated cash consideration	$ 9,238
Goodwill	2,337
Compensation expense subject to voluntary termination of employment	2,000
Acquisition-related transaction costs	900
Payments to acquire businesses, gross	1,100
Makeswift, Inc. \| Legal Fees
Business Acquisition [Line Items]
Acquisition-related transaction costs	700
Makeswift, Inc. \| Compensation Costs
Business Acquisition [Line Items]
Acquisition-related transaction costs	$ 200
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		42,000	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

Summary of Significant Accounting Policies - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for Credit Loss [Abstract]
Beginning Balance	$ 9,995	$ 3,867	$ 1,992
Provision for expected credit losses	805	8,244	3,474
Write-offs charged against the allowance	(4,803)	(2,116)	(1,599)
Ending Balance	$ 5,997	$ 9,995	$ 3,867

Commitments, Contingencies, and Leases - Schedule of Future Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Commitments Contingencies And Leases [Abstract]
2024	$ 3,012
2025	2,838
2026	2,555
2027	2,133
Thereafter	718
Total minimum lease payments	11,256
Less imputed interest	(1,104)
Total lease liabilities	$ 10,152

Stockholders' Equity - Summary of Changes in Stock Options Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Option outstanding at beginning of period (in shares)	5,725
Option outstanding, options granted under all plans (in shares)	964
Option outstanding, exercised (in shares)	(967)
Option outstanding, Plan shares expired or canceled (in shares)	(613)
Options outstanding at ending of period (in shares)	5,109	5,725
Options outstanding, vested and expected to vest	4,934
Options outstanding, Exercisable (in shares)	3,779
Weighted average of exercise prices at beginning of period (in dollars per share)	$ 9.33
Weighted average of exercise prices, options granted under all plans (in dollars per share)	10.27
Weighted average of exercise prices, exercised (in dollars per share)	2.91
Weighted average of exercise prices, plans shares expired or canceled (in dollars per share)	19.2
Weighted average of exercise prices at end of period (in dollars per share)	9.54	$ 9.33
Weighted average of exercise prices, vested and expected to vest (in dollars per share)	9.4
Weighted average grant date fair value, exercisable (in dollars per share)	$ 7.55
Aggregate intrinsic value, options outstanding, Beginning balance	$ 20,571	$ 23,331
Aggregate intrinsic value, options outstanding, options granted under all plans	0
Aggregate intrinsic value, options outstanding, exercised	6,824
Aggregate intrinsic value, options outstanding, plan shares expired or canceled	256
Aggregate intrinsic value, options outstanding, Ending balance	20,571	$ 23,331
Aggregate intrinsic value, vested and expected to vest at December 31, 2023	20,555
Aggregate intrinsic value, vested at December 31, 2023	$ 20,454