0000950170-24-056275 | 10-Q | XBRL Viewer


	For the three months ended March 31,
	2024		2023
Cost of revenue	$	656	$	1,189
Sales and marketing		1,867		2,867
Research and development		3,476		3,503
General and administrative		2,592		3,079

Business Combinations

3 Months Ended

Mar. 31, 2024

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 a merger agreement. Makeswift is a leading visual editor for Next.js websites. The total 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. Subsequent to March 31, 2024, the Company dispersed working capital hold back of $0.1 million.

The table below summarizes the estimated fair value of the assets acquired and liabilities assumed in the Makeswift acquisition, 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

As of March 31, 2024, the purchase price allocation is not finalized as the Company has not yet filed the Makeswift tax return for the period ended October 31, 2023. Once this return is filed in fiscal 2024, the Company will update the estimated fair value liabilities assumed in the acquisition.

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


(in thousands)	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 Makeswift 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 Company incurred $0.3 million of compensation costs during the three months ended March 31, 2024. The Company has $1.3 million of unvested amounts of cash retention payments recorded in prepaid expenses and other current assets and other assets on the condensed consolidated balance sheet as of March 31, 2024.

Debt - Additional Information (Details)		1 Months Ended	3 Months Ended
Debt - Additional Information (Details)	Sep. 09, 2021 USD ($) $ / shares	Sep. 30, 2021 USD ($) Days $ / shares shares	Mar. 31, 2024 USD ($)
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			$ 553,000
Maturity Date			Mar. 01, 2025

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

10. Stockholders’ equity

2020 Equity incentive plan

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

A total of 3,873,885 shares of common stock were initially authorized and reserved for issuance under the 2020 Plan. This share reserve automatically increased on January 1, 2021, 2022, and 2023 and will increase on each subsequent January 1st through and including January 1, 2031, by an amount equal to the smaller of (a) 5% 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, 2024, 2023 and January 1, 2022 the share reserve increased by 3,820,681 shares, 3,695,569 shares and 3,616,312 shares, respectively. As of March 31, 2024, a total of 1,096,370 registered shares of common stock remained available for future issuance under the 2020 Plan.

Subsequent to March 31, 2024, the Company registered an additional 9,548,587 shares on Form S-8.

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.


	Three months ended March 31,			Year ended December 31,
	2024			2023
Weighted-average grant date fair value of options	$	4.54		$	6.55
Risk-free interest rate		4.10	%	3.65% - 4.30%
Expected volatility		64.53	%	65.02% - 66.56%
Expected life in years	6.10 years			6.06 - 6.11 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 three months ended March 31, 2024 was as follows:

(in thousands)	Outstanding			Weighted-Average Exercise Price		Aggregate Intrinsic Value
Balance as of December 31, 2023		5,109		$	9.54	$	20,571
Options granted under all plans		662			7.25		0
Exercised		(308	)		3.16		1,506
Plan shares expired or canceled		(533	)		15.39		6
Balance as of March 31, 2024		4,930		$	9.00	$	11,068
Vested and expected to vest		4,694		$	8.93	$	11,068
Exercisable as of March 31, 2024		3,505		$	7.73	$	11,068

The expected stock-based compensation expense remaining to be recognized as of March 31, 2024 is $8.6 million, which reflects outstanding stock option awards that are vested and outstanding stock option awards that are expected to vest. This expense will be recognized over a weighted-average period of 2.76 years.

Restricted Stock Units


Restricted stock unit activity for the three months ended March 31, 2024 was as follows:

(in thousands)	Outstanding			Grant Date Fair Value		Aggregate Intrinsic Value
Balance as of December 31, 2023		6,725		$	15.86	$	65,436
Granted – restricted stock units		854			7.25		6,189
Granted – market-based and performance-based restricted stock units		400			8.91		2,901
Canceled		(682	)		13.67		4,855
Vested and converted to shares		(689	)	$	19.62	$	5,154
Balance as of March 31, 2024		6,608		$	14.16	$	45,415
Vested and expected to vest		5,310		$	14.63	$	36,474

The grant date fair value of the market-based awards was $10.01. Significant assumptions used in the Monte Carlo simulation model for the market-based awards granted are as follows:


	Three months ended March 31,
	2024
Volatility		75.43	%
Risk-free interest rate		4.31	%
Dividend yield		0.00	%

As of March 31, 2024, no market-based or performance-based restricted stock units have been canceled or vested. Stock compensation expense recognized for the market-based and performance-based awards was not material for the three months ended March 31, 2024.

The aggregate expected stock-based compensation expense remaining to be recognized as of March 31, 2024 is $63.6 million related to RSUs, which reflects outstanding stock awards that are vested and outstanding stock awards that are expected to vest. This expense will be recognized over a weighted-average period of 2.46 years.

Stockholders Equity - Summary of Changes in Stock Options Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Equity [Abstract]
Option outstanding at beginning of period (in shares) \| shares	5,109
Option outstanding, options granted under all plans (in shares) \| shares	662
Option outstanding, exercised (in shares) \| shares	(308)
Option outstanding, Plan shares expired or canceled (in shares) \| shares	(533)
Options outstanding at ending of period (in shares) \| shares	4,930
Options outstanding, vested and expected to vest \| shares	4,694
Outstanding Stock Options, Exercisable (in shares) \| shares	3,505
Weighted average grant date fair value at beginning of period (in dollars per share) \| $ / shares	$ 9.54
Weighted average grant date fair value, options granted under all plans (in dollars per share) \| $ / shares	7.25
Weighted average grant date fair value, exercised (in dollars per share) \| $ / shares	3.16
Weighted average grant date fair value, plan shares expired or canceled (in dollars per share) \| $ / shares	15.39
Weighted average grant date fair value at end of period (in dollars per share) \| $ / shares	9
Weighted average grant date fair value, vested and expected to vest (in dollars per share) \| $ / shares	8.93
Weighted average grant date fair value, exercisable (in dollars per share) \| $ / shares	$ 7.73
Aggregate intrinsic value, options outstanding, Beginning balance \| $	$ 20,571
Aggregate intrinsic value, options outstanding, options granted under all plans \| $	0
Aggregate intrinsic value, options outstanding, exercised \| $	1,506
Aggregate intrinsic value, options outstanding, plan shares expired or canceled \| $	6
Aggregate intrinsic value, options outstanding, Ending balance \| $	11,068
Aggregate intrinsic value, vested and expected to vest \| $	11,068
Aggregate intrinsic value, vested \| $	$ 11,068

Commitment, Contingencies, and Leases - Schedule of Future Maturities of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Commitments Contingencies And Leases [Abstract]
Remaining nine months of 2024	$ 2,225
2025	2,838
2026	2,555
2027	2,133
2028	718
Thereafter	0
Total minimum lease payments	10,469
Less imputed interest	(978)
Total lease liabilities	$ 9,491

Debt - Summary of Net Carrying Amount of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total carrying value	$ 340,523	$ 340,161
Less: current portion of debt	(553)	(547)
Total long-term portion of debt	$ 339,970	339,614
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	$ 339,970	339,473
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	$ 553
Total carrying value	$ 553	$ 688

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	(4.75%)	(0.90%)
U.S. statutory tax rate	21.00%	21.00%
Unrecognized Tax Benefits	$ 0.4

Commitments, Contingencies, and Leases (Tables)

3 Months Ended

Mar. 31, 2024

Commitments Contingencies And Leases [Abstract]

Schedule of Unconditional Purchase Obligations

The Company had unconditional purchase obligations as of March 31, 2024 as follows:


(in thousands)	March 31, 2024
Remaining nine months of 2024	$	8,489
2025		16,152
2026		4,976
2027 and thereafter	0
Total	$	29,617

Schedule of Future Maturities of Operating Lease Liabilities

The future maturities of operating lease liabilities are as follows:


(in thousands)	As of March 31, 2024
Remaining nine months of 2024	$	2,225
2025		2,838
2026		2,555
2027		2,133
2028		718
Thereafter	0
Total minimum lease payments	$	10,469
Less imputed interest		(978	)
Total lease liabilities	$	9,491

Summary of Activities Related to Restructuring

The following table summarizes the activities related to the 2023 Restructure as of March 31, 2024:


(in thousands)	Workforce reduction
Liability, as of December 31, 2023	$	1,516
Payments		(1,173	)
Liability, as of March 31, 2024	$	343

Debt - Summary of Total Interest Expense Recognized Related to Debt (Details) - 0.25% Convertible Senior Notes Due 2026 and 2023 Term Debt - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Contractual interest expense	$ 223	$ 216
Amortization of issuance costs	497	493
Total	$ 720	$ 709

- Definition

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

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+ Details

Summary of Significant Accounting Policies (Additional Information) (Details1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 155,044
Remaining performance obligations, satisfaction period		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 171,836
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 (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted


	Three months ended March 31,
(in thousands)	2024			2023
Numerator:
Net loss per share available to shareholders	$	(6,392	)	$	(22,120	)
Denominator:
Weighted average shares outstanding		76,626			74,142
Net loss per share	$	(0.08	)	$	(0.30	)

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

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


	As of March 31,
(in thousands)	2024		2023
Stock options outstanding		4,930		6,008
Restricted stock units		6,608		6,784
Acquisition related compensation		42		3,558
Convertible debt		4,719		4,719
Total potentially dilutive securities		16,299		21,069

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

Mar. 31, 2024

Dec. 31, 2023

Marketable securities:

Marketable securities

$ 204,281

$ 198,415

Total marketable securities

204,281

198,415

Money Market Mutual Funds and Cash Equivalents

Cash equivalents:

Cash equivalents

^[1]

33,727

39,754

Corporate Bonds

Marketable securities:

Marketable securities

75,318

64,545

U.S Treasury Securities

Marketable securities:

Marketable securities

56,251

48,138

Commercial Paper

Marketable securities:

Marketable securities

28,004

30,596

Agency bonds

Marketable securities:

Marketable securities

44,708

55,136

Convertible Senior Notes Due 2026

Liabilities:

Liabilities

288,938

280,658

Level 1

Marketable securities:

Total marketable securities

56,251

48,138

Level 1 | Money Market Mutual Funds and Cash Equivalents

Cash equivalents:

Cash equivalents

^[1]

33,727

39,754

Level 1 | Corporate Bonds

Marketable securities:

Marketable securities

Level 1 | U.S Treasury Securities

Marketable securities:

Marketable securities

56,251

48,138

Level 1 | Commercial Paper

Marketable securities:

Marketable securities

Level 1 | Agency bonds

Marketable securities:

Marketable securities

Level 1 | Convertible Senior Notes Due 2026

Liabilities:

Liabilities

Level 2

Marketable securities:

Total marketable securities

148,030

150,277

Level 2 | Money Market Mutual Funds and Cash Equivalents

Cash equivalents:

Cash equivalents

^[1]

Level 2 | Corporate Bonds

Marketable securities:

Marketable securities

75,318

64,545

Level 2 | U.S Treasury Securities

Marketable securities:

Marketable securities

Level 2 | Commercial Paper

Marketable securities:

Marketable securities

28,004

30,596

Level 2 | Agency bonds

Marketable securities:

Marketable securities

44,708

55,136

Level 2 | Convertible Senior Notes Due 2026

Liabilities:

Liabilities

288,938

280,658

Level 3

Marketable securities:

Total marketable securities

Level 3 | Money Market Mutual Funds and Cash Equivalents

Cash equivalents:

Cash equivalents

^[1]

Level 3 | Corporate Bonds

Marketable securities:

Marketable securities

Level 3 | U.S Treasury Securities

Marketable securities:

Marketable securities

Level 3 | Commercial Paper

Marketable securities:

Marketable securities

Level 3 | Agency bonds

Marketable securities:

Marketable securities

$ 0

Level 3 | Convertible Senior Notes Due 2026

Liabilities:

Liabilities

$ 0

[1]	(1) Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets, in addition to $28.3 million, and $33.1 million of cash, as of March 31, 2024 and December 31, 2023, respectively.

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

9. Debt

2021 Convertible Senior Notes

In September 2021, the Company issued $345.0 million aggregate principal amount of 0.25 percent convertible senior notes due 2026 (the “Notes”). The Notes were issued in a private offering to qualified institutional buyers pursuant to Rule 144A under the

Securities Act of 1933, as amended (the “Securities Act”). The net proceeds from the sales of the Notes was approximately $335.0 million after deducting offering and issuance costs related to the Notes and before the 2021 Capped Call transactions, as described below.

The Notes are the Company’s senior, unsecured obligations and accrue interest at a rate of 0.25 percent per annum, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2022. The Notes will mature on October 1, 2026, unless earlier converted, redeemed or repurchased by us. Before July 1, 2026, noteholders will have the right to convert their Notes only under the following circumstances: (1) during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on December 31, 2021, if the Last Reported Sale Price (as defined in the indenture for the Notes) per share of Common Stock (as defined in the indenture for the Notes) exceeds one hundred and thirty percent (130 percent) of the Conversion Price (as defined in the indenture for the Notes) for each of at least twenty (20) Trading Days (as defined in the indenture for the notes) (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter; (2) during the five (5) consecutive Business Days (as defined in the indenture for the Notes) immediately after any ten (10) consecutive Trading Day period (such ten (10) consecutive Trading Day period, the “Measurement Period”) if the Trading Price per $1,000 principal amount of Notes for each Trading Day of the Measurement Period was less than ninety-eight percent (98 percent) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate (as defined in the indenture for the Notes) on such Trading Day; (3) if the Company calls any or all of the Notes for redemption, such Notes called for redemption may be converted any time prior to the close of business on the second business day immediately before the redemption date; or (4) upon the occurrence of specified corporate events. From and after July 1, 2026, noteholders may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. As of March 31, 2024 and December 31, 2023, no conditions for the notes to convert have been called or met.

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

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

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

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

The net carrying amount of the Company's debt consists of the following:


(in thousands)	Date of Issuance	Maturity Date	Contractual Interest Rate			Outstanding Principal as of March 31, 2024		Carrying Value as of March 31, 2024			Carrying Value as of December 31, 2023
2021 Convertible Senior Notes	September 2021	10/1/2026		0.25	%	$	345,000	$	339,970		$	339,473
2023 Term Debt	June 2023	3/1/2025		4.40	%		553		553			688
Total carrying value of debt									340,523			340,161
Less: current portion of debt									(553	)		(547	)
Total long-term portion of debt								$	339,970		$	339,614

The total interest expense recognized related to the Company's debt consists of the following:


	Three months ended March 31,
(in thousands)	2024		2023
Contractual interest expense	$	223	$	216
Amortization of issuance costs		497		493
Total	$	720	$	709

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.

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.

- 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.

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+ Details

Net Loss per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ (6,392)	$ (22,120)
Weighted average shares outstanding, Basic	76,626	74,142
Weighted average shares outstanding, Diluted	76,626	74,142
Net loss per share, Basic	$ (0.08)	$ (0.30)
Net loss per share, Diluted	$ (0.08)	$ (0.3)

- Definition

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

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- 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.

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- Definition

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

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+ Details

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-based compensation expense	$ 8,388	$ 10,487
Cost of Revenue
Stock-based compensation expense	656	1,189
Sales and Marketing
Stock-based compensation expense	1,867	2,867
Research and Development
Stock-based compensation expense	3,476	3,503
General and Administrative
Stock-based compensation expense	$ 2,592	$ 3,079

Fair Value Measurements - Schedule of Cash Equivalents, Marketable Securities and Liabilities Measured at Fair Value (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Cash
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 28.3	$ 33.1

Commitment, Contingencies, and Leases - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Commitments Contingencies And Leases [Line Items]
Operating lease, expiration year	2028
Leases operating expense relates to leases	$ 800,000	$ 900,000
Finance lease liability	$ 0
2023 Restructure
Commitments Contingencies And Leases [Line Items]
Restructuring expenses			$ 5,500,000
Minimum
Commitments Contingencies And Leases [Line Items]
Non-cancellable contractual commitments expire period	1 year
Maximum
Commitments Contingencies And Leases [Line Items]
Non-cancellable contractual commitments expire period	3 years

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

6. Goodwill and intangible assets

Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired.

Goodwill amounts are not amortized but tested for impairment on an annual basis. There was no impairment of goodwill as of March 31, 2024.

Intangible assets are amortized on a straight-line basis over the useful life. Intangible assets amortization was $2.5 million and $2.0 million for the three months ended March 31, 2024 and 2023, respectively.

Intangible assets consists of the following:


	March 31, 2024							December 31, 2023
(in thousands)	Gross amount		Accumulated amortization			Net carrying amount		Gross amount		Accumulated amortization			Net carrying amount		Weighted average remaining useful life as of March 31, 2024 (in years)
Developed technology	$	19,967	$	(9,591	)	$	10,376	$	19,967	$	(8,401	)	$	11,566		3.2
Customer relationship		23,725		(10,882	)		12,843		23,725		(9,786	)		13,939		3.1
Tradename		2,560		(1,336	)		1,224		2,560		(1,208	)		1,352		2.5
Non-compete agreement		162		(145	)		17		162		(132	)		30		0.3
Other intangibles		485		(361	)		124		485		(320	)		165		1.6
Total intangible assets	$	46,899	$	(22,315	)	$	24,584	$	46,899	$	(19,847	)	$	27,052

As of March 31, 2024, expected amortization expense for intangible assets was as follows:


(in thousands)	March 31, 2024
Remaining nine months of 2024	$	7,267
2025		8,046
2026		5,100
2027		3,056
2028		1,115
Thereafter		0
Total	$	24,584

Revenue Recognition and Deferred Costs - Schedule of Disaggregate Revenue by Major Source (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation Of Revenue [Line Items]
Total revenue	$ 80,360	$ 71,757
Subscription Solutions
Disaggregation Of Revenue [Line Items]
Total revenue	60,959	53,808
Partner and Services
Disaggregation Of Revenue [Line Items]
Total revenue	$ 19,401	$ 17,949

- 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
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-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
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-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
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-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
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-Section 50
-Paragraph 22
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 40
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-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)
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-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
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (6,392)	$ (22,120)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,486	2,904
Amortization of discount on debt	497	493
Stock-based compensation expense	8,388	10,487
Provision for expected credit losses	863	1,075
Changes in operating assets and liabilities:
Accounts receivable	(2,588)	(8,185)
Prepaid expenses	(4,960)	(4,235)
Deferred commissions	211	49
Accounts payable	(889)	495
Accrued and other liabilities	(4,601)	(4,922)
Deferred revenue	2,568	3,123
Net cash used in operating activities	(3,417)	(20,836)
Cash flows from investing activities:
Purchase of property and equipment	(806)	(1,063)
Maturity of marketable securities	29,440	39,429
Purchase of marketable securities	(35,565)	(48,043)
Net cash used in investing activities	(6,931)	(9,677)
Cash flows from financing activities:
Proceeds from exercise of stock options	974	0
Taxes paid related to net share settlement of stock options	(1,325)	(330)
Repayment of debt	(134)	0
Net cash used in financing activities	(485)	(330)
Net change in cash and cash equivalents and restricted cash	(10,833)	(30,843)
Cash and cash equivalents and restricted cash, beginning of period	72,845	93,030
Cash and cash equivalents and restricted cash, end of period	62,012	62,187
Supplemental cash flow information:
Cash paid for interest	439	431
Cash paid for taxes	$ 140	$ 152

Business Combinations - Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Oct. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 52,086	$ 52,086
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

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of presentation

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

In the opinion of management, the accompanying interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, consisting of normal, recurring adjustments, necessary for a fair presentation. Certain information and disclosures normally included in the notes to the annual consolidated financial statements prepared in accordance with GAAP have been omitted from these interim unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, these interim unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the accompanying notes for the fiscal year ended December 31, 2023, which are included in the Company's Annual Report on Form 10-K, filed with the SEC on February 29, 2024. The results of operations for the three months ended March 31, 2024, are not necessarily indicative of the results to be expected for the year ending December 31, 2024, or for any other period.

Basis of consolidation

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

The Company’s fiscal year ends on December 31. References to "fiscal 2024," for example, refer to the fiscal year ended December 31, 2024.

Use of estimates

The preparation of condensed 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 allowance for credit losses;

•

constrained revenue;

•

variable consideration for revenue recognition;

•

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

•

the useful lives of intangible assets; 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 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 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 enterprise plans are adjusted if a customer’s gross merchandise volume ("GMV") 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 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 condensed consolidated balance sheets at the end of each reporting period in Prepaid expenses and other assets, net. Typically, contract assets arise from agreements that have tiered billings over the contract life,

promotional billing periods, and partner and services revenue agreements that include substantive minimums. Net contract assets were $12.7 million as of March 31, 2024 as compared to $11.9 million as of December 31, 2023.

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.The Company has provisioned $1.3 million and $1.5 million for credit losses related to contract assets as of March 31, 2024 and December 31, 2023, 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 $15.9 million of previously deferred revenue during the three months ended March 31, 2024.

The Company experienced an increase in the deferred revenue balance as of March 31, 2024, compared to December 31, 2023, which was primarily driven by the Company's continued shift to annual billing cycles.

Remaining performance obligation

As of March 31, 2024, the Company had $171.8 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 March 31, 2024	$	105,486	$	66,350	$	171,836
As of March 31, 2023		87,172		67,872		155,044

Cost of revenue

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

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 March 31, 2024 and December 31, 2023 included unbilled receivables of $10.7 million, and $11.0 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, 2023	$	5,997
Provision for expected credit losses		863
Write-offs charged against the allowance		(821	)
Balance at March 31, 2024	$	6,039

Stock-based compensation

The Company issues stock options, restricted stock units (“RSUs”) and performance based restricted stock units (“PSUs”) to employees.

The Company values stock options using the Black-Scholes option-pricing model at the date of grant and recognizes the relates stock-based compensation expense on a straight-line basis over the service period, net of estimated forfeitures, which is typically four years.

The Company values RSUs at the closing market price on the date of grate. RSUs typically vest in equal installments over a four-year period, subject to continued service, and compensation expense is recognized straight-line over the requisite service period.

The Company grants PSUs which provide for shares of common stock to be earned based on the Company's total stockholder return compared to the Russell 2000 index, and referred to as market-based awards. The Company values these market-based awards on the grant date using the Monte Carlo simulation model. The determination of fair value is affected by the Company's stock price and a number of assumptions including the expected volatility and the risk-free interest rate. The Company assumes no dividend yield and recognizes stock-based compensation expense ratably from grant date over the performance period of the award. The market-based awards will cliff-vest at the end of the three-year period ranging from 0 percent to 200 percent of the target number of PSUs granted.

The Company also grants PSUs which provide for shares of common stock to be earned based on its attainment of the Company's adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA") and revenue relative to a target specified in the applicable agreement, and are referred to as Company performance-based awards. The Company values these awards at the closing market price on the date of grant. The vesting of Company performance-based awards is conditioned upon the achievement of certain targets and will vest in three annual tranches in a percentage of the target number of shares between 0% to 200%. The Company recognizes stock based compensation expense over the performance period, if it is probable that the performance condition will be achieved. Adjustments to stock based compensation expense are made, as needed, each reporting period based on changes in our estimate of the number of units that are probable of vesting.

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References

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+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Summary of Net Carrying Amount of Debt

The net carrying amount of the Company's debt consists of the following:


(in thousands)	Date of Issuance	Maturity Date	Contractual Interest Rate			Outstanding Principal as of March 31, 2024		Carrying Value as of March 31, 2024			Carrying Value as of December 31, 2023
2021 Convertible Senior Notes	September 2021	10/1/2026		0.25	%	$	345,000	$	339,970		$	339,473
2023 Term Debt	June 2023	3/1/2025		4.40	%		553		553			688
Total carrying value of debt									340,523			340,161
Less: current portion of debt									(553	)		(547	)
Total long-term portion of debt								$	339,970		$	339,614

Summary of Total Interest Expense Recognized Related to Debt

The total interest expense recognized related to the Company's debt consists of the following:


	Three months ended March 31,
(in thousands)	2024		2023
Contractual interest expense	$	223	$	216
Amortization of issuance costs		497		493
Total	$	720	$	709

- Definition

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

+ References

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+ Details

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

11. Income taxes

The income tax expense for the three months ended March 31, 2024 is based on the estimated annual effective tax rate for fiscal 2024. The Company’s provision for income taxes is based on estimated effective tax rates derived from an estimate of annual consolidated earnings before taxes, adjusted for nondeductible expenses, other permanent items, valuation allowances, and any applicable income tax credits.

The Company’s provision for income taxes reflected an effective tax rate of (4.75) percent and (0.90) percent for the three months ended March 31, 2024 and 2023, respectively.

For the three months ended March 31, 2024 and 2023, the Company’s effective tax rate was lower than the U.S. federal statutory rate of 21 percent primarily due to the Company’s valuation allowance offsetting the benefits of losses. The Company’s current income tax expenses and benefits consist primarily of state current income tax expense, deferred income tax expense relating to the tax amortization of acquired goodwill and current income tax expense from foreign operations.

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

As of March 31, 2024, the Company had approximately $0.4 million in uncertain tax positions representing no increase from the balance on December 31, 2023. Operating losses generated in years prior to 2019 remain open to adjustment until the statute of

limitations closes for the tax year in which the net operating losses are utilized. Tax years 2019 through 2021 generally remain open to examination by the major taxing jurisdictions to which the Company is subject. The Company is currently not under audit by any taxing jurisdiction.

- Definition

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

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments, Contingencies, and Leases

3 Months Ended

Mar. 31, 2024

Commitments Contingencies And Leases [Abstract]

Commitments, Contingencies, and Leases

7. Commitments, contingencies, and leases

Legal Proceedings

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

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

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 March 31, 2024 as follows:


(in thousands)	March 31, 2024
Remaining nine months of 2024	$	8,489
2025		16,152
2026		4,976
2027 and thereafter	0
Total	$	29,617

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 March 31, 2024, there were no finance leases.

Operating expense relating to leases was $0.8 million and $0.9 million for the three months ended March 31, 2024 and 2023, respectively.

The future maturities of operating lease liabilities are as follows:


(in thousands)	As of March 31, 2024
Remaining nine months of 2024	$	2,225
2025		2,838
2026		2,555
2027		2,133
2028		718
Thereafter	0
Total minimum lease payments	$	10,469
Less imputed interest		(978	)
Total lease liabilities	$	9,491

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 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 as of March 31, 2024:


(in thousands)	Workforce reduction
Liability, as of December 31, 2023	$	1,516
Payments		(1,173	)
Liability, as of March 31, 2024	$	343

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Remaining Performance Obligation

Remaining performance obligation consisted of the following:


(in thousands)	Current		Noncurrent		Total
As of March 31, 2024	$	105,486	$	66,350	$	171,836
As of March 31, 2023		87,172		67,872		155,044

Schedule of Allowance for Credit Losses

The allowance for credit losses consisted of the following:


(in thousands)
Balance at December 31, 2023	$	5,997
Provision for expected credit losses		863
Write-offs charged against the allowance		(821	)
Balance at March 31, 2024	$	6,039

Commitments, Contingencies, and Leases - Summary of Activities Related to Restructuring (Details) - 2023 Restructure - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Initial charge		$ 5,500
Workforce Reduction
Restructuring Cost and Reserve [Line Items]
Liability, beginning of the period	$ 1,516
Payments	(1,173)
Liability, end of the period	$ 343	$ 1,516

- 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

Net Loss per Share - Schedule of Antidilutive Securities Outstanding Excluded from Computation of Basic Weighted-Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of basic weighted-average shares outstanding	16,299	21,069
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	4,930	6,008
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	6,608	6,784
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	3,558
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

Revenue Recognition and Deferred Costs

3 Months Ended

Mar. 31, 2024

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:


	Three months ended March 31,
(in thousands)	2024		2023
Subscription solutions	$	60,959	$	53,808
Partner and services		19,401		17,949
Revenue	$	80,360	$	71,757

Revenue by geographic region was as follows:


	Three months ended March 31,
(in thousands)	2024		2023
Revenue:
Americas – U.S.	$	61,138	$	54,809
Americas – other (1)		3,776		3,351
EMEA		9,192		7,983
APAC		6,254		5,614
Revenue	$	80,360	$	71,757

(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. Revenue attributed to the United States was 76 percent and EMEA was 11 percent during the three months ended March 31, 2024 and 2023. No single country, other than the United States, represented more than ten percent of total revenue during the three months ended March 31, 2024 and 2023.

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 condensed consolidated statements of operations. The Company periodically reviews the carrying amount of deferred commissions to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these deferred costs. The Company did not recognize an impairment of deferred commissions during the three months ended March 31, 2024 and the year ended December 31, 2023.

Sales commissions of $2.1 million and $1.7 million were deferred for the three months ended March 31, 2024 and 2023, respectively; deferred commission amortization expense was $2.3 million and $1.6 million for the three months ended March 31, 2024 and 2023, 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 - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended
	Oct. 31, 2023	Mar. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 52,086	$ 52,086
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
Makeswift, Inc. \| Prepaid Expenses and Other Current Assets and Other Assets
Business Acquisition [Line Items]
Cash retention payments		1,300
Makeswift, Inc. \| Compensation Costs
Business Acquisition [Line Items]
Acquisition-related transaction costs		$ 300

- 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

Other Liabilities - Components of Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Sales tax payable	$ 2,115	$ 1,632
Payroll and payroll related expenses	8,480	13,080
Acquisition related compensation	286	403
Restructuring related charges	343	1,516
Other	8,606	8,154
Other current liabilities	$ 19,830	$ 24,785

Revenue Recognition and Deferred Costs - Schedule of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 80,360	$ 71,757
Americas - U.S
Disaggregation of Revenue [Line Items]
Revenue	61,138	54,809
Americas - Other
Disaggregation of Revenue [Line Items]
Revenue	3,776	3,351
EMEA
Disaggregation of Revenue [Line Items]
Revenue	9,192	7,983
APAC
Disaggregation of Revenue [Line Items]
Revenue	$ 6,254	$ 5,614

- 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

Business Combinations - Schedule of Total Estimated Purchase Consideration (Parenthetical) (Details) - Makeswift, Inc. - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Apr. 01, 2024
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 1.1
Subsequent Event
Business Acquisition [Line Items]
Working capital hold back		$ 0.1

Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Other Liabilities Disclosure [Abstract]

Components of Other Current Liabilities

The following table summarizes the components of other current liabilities:


	As of March 31,		As of December 31,
(in thousands)	2024		2023
Sales tax payable	$	2,115	$	1,632
Payroll and payroll related expenses		8,480		13,080
Acquisition related compensation		286		403
Restructuring related charges		343		1,516
Other		8,606		8,154
Other current liabilities	$	19,830	$	24,785

Revenue Recognition and Deferred Costs (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregate Revenue by Major Source

The following table disaggregates revenue by major source:


	Three months ended March 31,
(in thousands)	2024		2023
Subscription solutions	$	60,959	$	53,808
Partner and services		19,401		17,949
Revenue	$	80,360	$	71,757

Schedule of Revenue by Geographic Region

Revenue by geographic region was as follows:


	Three months ended March 31,
(in thousands)	2024		2023
Revenue:
Americas – U.S.	$	61,138	$	54,809
Americas – other (1)		3,776		3,351
EMEA		9,192		7,983
APAC		6,254		5,614
Revenue	$	80,360	$	71,757

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

Net Loss per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Loss per Share

12. Net loss per share

Basic net loss per share is computed by dividing net loss by the number of shares of common stock outstanding for the period. Because the Company has reported a net loss for the three months ended March 31, 2024, and 2023, the number of shares used to calculate diluted net loss per share is the same as the number of shares used to calculate basic net loss per share for the period presented because the potentially dilutive shares would have been antidilutive if included in the calculation.


	Three months ended March 31,
(in thousands)	2024			2023
Numerator:
Net loss per share available to shareholders	$	(6,392	)	$	(22,120	)
Denominator:
Weighted average shares outstanding		76,626			74,142
Net loss per share	$	(0.08	)	$	(0.30	)


	As of March 31,
(in thousands)	2024		2023
Stock options outstanding		4,930		6,008
Restricted stock units		6,608		6,784
Acquisition related compensation		42		3,558
Convertible debt		4,719		4,719
Total potentially dilutive securities		16,299		21,069

Stockholders' Equity - Summary of RSU Table (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Restricted stock units
Class Of Stock [Line Items]
Nonvested shares, beginning period \| shares	6,725
Granted (in shares) \| shares	854
Cancelled, shares \| shares	(682)
Vested and converted to shares, shares \| shares	(689)
Nonvested shares, ending period \| shares	6,608
Vested and expected to vest (in shares) \| shares	5,310
Nonvested, Grant date fair value beginning period \| $ / shares	$ 15.86
Granted, Grant date fair value \| $ / shares	7.25
Cancelled, Grant date fair value \| $ / shares	13.67
Vested and converted to shares, Grant date fair value \| $ / shares	19.62
Nonvested, Grant date fair value ending period \| $ / shares	14.16
Grant date fair value, vested and expected to vest \| $ / shares	$ 14.63
Aggregate Intrinsic Value, Beginning value \| $	$ 65,436
Aggregate Intrinsic Value, granted \| $	6,189
Aggregate Intrinsic Value, canceled \| $	4,855
Aggregate Intrinsic Value, Vested and converted to shares \| $	5,154
Aggregate Intrinsic Value, Ending balance \| $	45,415
Aggregate Intrinsic Value, vested and expected to vest \| $	$ 36,474
Performance-based restricted stock units
Class Of Stock [Line Items]
Granted (in shares) \| shares	400
Granted, Grant date fair value \| $ / shares	$ 8.91
Aggregate Intrinsic Value, granted \| $	$ 2,901

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023:


	As of March 31, 2024
(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	$	33,727	$	0	$	0	$	33,727
Marketable securities:
Corporate bonds	0			75,318	0			75,318
U.S. treasury securities		56,251	0		0			56,251
Commercial paper	0			28,004	0			28,004
Agency bonds	0			44,708	0			44,708
Total marketable securities	$	56,251	$	148,030	$	0	$	204,281
Liabilities:
Convertible senior notes due 2026	$	0	$	288,938	$	0	$	288,938


	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 marketable securities	$	48,138	$	150,277	$	0	$	198,415
Liabilities:
Convertible senior notes due 2026	$	0	$	280,658	$	0	$	280,658

(1) Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets, in addition to $28.3 million, and $33.1 million of cash, as of March 31, 2024 and December 31, 2023, respectively.

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


(in thousands)	As of March 31, 2024		As of December 31, 2023
Due within 1 year	$	165,733	$	183,132
Due in 1 year through 2 years		38,548		15,283
Total marketable securities	$	204,281	$	198,415

The following tables summarize the gains, losses, and estimated fair value of cash equivalents, marketable securities and liabilities as of March 31, 2024 and December 31, 2023:


	As of March 31, 2024
(in thousands)	Amortized Cost/ Principal amount		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market mutual funds & cash equivalents	$	33,727	$	0	$	0		$	33,727
Marketable securities:
Corporate bonds		75,294		50		(26	)		75,318
U.S. treasury securities		56,312		9		(70	)		56,251
Commercial paper		28,005		5		(6	)		28,004
Agency bonds		44,767		3		(62	)		44,708
Total marketable securities	$	204,378	$	67	$	(164	)	$	204,281
Liabilities:
Convertible senior notes due 2026	$	345,000	$	0	$	0		$	288,938


	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

- 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

Fair Value Measurements - Schedule of Marketable Security Contractual Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Due within 1 year	$ 165,733	$ 183,132
Due in 1 year through 2 years	38,548	15,283
Total marketable securities	$ 204,281	$ 198,415

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

3 Months Ended

12 Months Ended

Mar. 31, 2024

USD ($)

Tranche

Mar. 31, 2023

USD ($)

Dec. 31, 2023

USD ($)

Summary Of Significant Accounting Policies [Line Items]

Sales and marketing

^[1]

$ 32,432

$ 34,052

Contract assets

12,700

$ 11,900

Provision for credit losses related to contract asset

1,300

1,500

Recognized previously deferred revenue

15,900

Increase (decrease) in deferred revenue

2,568

$ 3,123

Accounts receivable including unbilled receivables

$ 10,700

$ 11,000

Stock Option

Summary Of Significant Accounting Policies [Line Items]

Weighted-average requisite service period

4 years

Restricted Stock Units

Summary Of Significant Accounting Policies [Line Items]

Weighted-average requisite service period

4 years

Performance-based Awards

Summary Of Significant Accounting Policies [Line Items]

Number of annual tranche | Tranche

Market-Based Awards

Summary Of Significant Accounting Policies [Line Items]

Weighted-average requisite service period

3 years

Minimum

Summary Of Significant Accounting Policies [Line Items]

Account receivable payment terms

due immediately

Minimum | Performance-based Awards

Summary Of Significant Accounting Policies [Line Items]

Vesting rights percentage

0.00%

Minimum | Market-Based Awards

Summary Of Significant Accounting Policies [Line Items]

Vesting rights percentage

0.00%

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 day

Maximum | Performance-based Awards

Summary Of Significant Accounting Policies [Line Items]

Vesting rights percentage

200.00%

Maximum | Market-Based Awards

Summary Of Significant Accounting Policies [Line Items]

Vesting rights percentage

200.00%

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:


	For the three months ended March 31,
	2024		2023
Cost of revenue	$	656	$	1,189
Sales and marketing		1,867		2,867
Research and development		3,476		3,503
General and administrative		2,592		3,079

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (6,392)	$ (22,120)

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of significant accounting policies

Basis of presentation

Basis of consolidation

The Company’s fiscal year ends on December 31. References to "fiscal 2024," for example, refer to the fiscal year ended December 31, 2024.

Use of estimates

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

•

the allowance for credit losses;

•

constrained revenue;

•

variable consideration for revenue recognition;

•

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

•

the useful lives of intangible assets; 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

Deferred revenue

Remaining performance obligation

Remaining performance obligation consisted of the following:


(in thousands)	Current		Noncurrent		Total
As of March 31, 2024	$	105,486	$	66,350	$	171,836
As of March 31, 2023		87,172		67,872		155,044

Cost of revenue

Accounts receivable

The allowance for credit losses consisted of the following:


(in thousands)
Balance at December 31, 2023	$	5,997
Provision for expected credit losses		863
Write-offs charged against the allowance		(821	)
Balance at March 31, 2024	$	6,039

Stock-based compensation

The Company issues stock options, restricted stock units (“RSUs”) and performance based restricted stock units (“PSUs”) to employees.

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance at Dec. 31, 2022	$ 45,672	$ 7	$ 576,851	$ (529,987)	$ (1,199)
Balance, shares at Dec. 31, 2022		73,945
Proceeds from exercise of stock options	(316)	$ 0	(316)	0	0
Proceeds from exercise of stock options, shares		246
Release of restricted stock units	0	$ 0	0	0	0
Release of restricted stock units, shares		396
Stock-based compensation	10,487	$ 0	10,487	0	0
Total other comprehensive loss	717	0	0	0	717
Net loss	(22,120)	0	0	(22,120)	0
Balance at Mar. 31, 2023	34,440	$ 7	587,022	(552,107)	(482)
Balance, shares at Mar. 31, 2023		74,587
Balance at Dec. 31, 2023	25,533	$ 7	620,021	(594,658)	163
Balance, shares at Dec. 31, 2023		76,410
Proceeds from exercise of stock options	$ 974	$ 0	974	0	0
Proceeds from exercise of stock options, shares	308	308
Release of restricted stock units	$ (1,325)	$ 0	(1,325)	0	0
Release of restricted stock units, shares		507
Stock-based compensation	8,388	$ 0	8,388	0	0
Total other comprehensive loss	(259)	0	0	0	(259)
Net loss	(6,392)	0	0	(6,392)	0
Balance at Mar. 31, 2024	$ 26,919	$ 7	$ 628,058	$ (601,050)	$ (96)
Balance, shares at Mar. 31, 2024		77,225

- Definition

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

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Business Combinations (Tables)

3 Months Ended

Mar. 31, 2024

Business Combinations [Abstract]

Schedule of Total Estimated Purchase Consideration

The total 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

Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed

The table below summarizes the estimated fair value of the assets acquired and liabilities assumed in the Makeswift acquisition, 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 fair value of identifiable intangible assets acquired at the date of the acquisitions is as follows:


(in thousands)	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

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consists of the following:


	March 31, 2024							December 31, 2023
(in thousands)	Gross amount		Accumulated amortization			Net carrying amount		Gross amount		Accumulated amortization			Net carrying amount		Weighted average remaining useful life as of March 31, 2024 (in years)
Developed technology	$	19,967	$	(9,591	)	$	10,376	$	19,967	$	(8,401	)	$	11,566		3.2
Customer relationship		23,725		(10,882	)		12,843		23,725		(9,786	)		13,939		3.1
Tradename		2,560		(1,336	)		1,224		2,560		(1,208	)		1,352		2.5
Non-compete agreement		162		(145	)		17		162		(132	)		30		0.3
Other intangibles		485		(361	)		124		485		(320	)		165		1.6
Total intangible assets	$	46,899	$	(22,315	)	$	24,584	$	46,899	$	(19,847	)	$	27,052

Schedule of Expected Amortization Expense for Intangible Assets

As of March 31, 2024, expected amortization expense for intangible assets was as follows:


(in thousands)	March 31, 2024
Remaining nine months of 2024	$	7,267
2025		8,046
2026		5,100
2027		3,056
2028		1,115
Thereafter		0
Total	$	24,584

Summary of Significant Accounting Policies - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Allowance for Credit Loss [Abstract]
Beginning Balance	$ 5,997
Provision for expected credit losses	863	$ 1,075
Write-offs charged against the allowance	(821)
Ending Balance	$ 6,039

Revenue Recognition and Deferred Costs - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disaggregation Of Revenue [Line Items]
Amortization of deferred sales commissions estimated period	3 years
Impairment of deferred commissions	$ 0		$ 0
Deferred sales commissions	2,100,000	$ 1,700,000
Deferred commission amortization expense	$ 2,300,000	$ 1,600,000
United States \| Revenue From Contract With Customer \| Geographic Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	76.00%	76.00%
EMEA \| Revenue From Contract With Customer \| Geographic Concentration Risk
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	11.00%	11.00%
Subscription Solutions \| Minimum
Disaggregation Of Revenue [Line Items]
Contract with customer period	1 year
Subscription Solutions \| Maximum
Disaggregation Of Revenue [Line Items]
Contract with customer period	3 years

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (6,392)	$ (22,120)
Other comprehensive income (loss):
Net unrealized gain (loss) on marketable debt securities	(259)	717
Total comprehensive loss	$ (6,651)	$ (21,403)

- Definition

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

+ References

+ Details

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

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.


	Three months ended March 31,			Year ended December 31,
	2024			2023
Weighted-average grant date fair value of options	$	4.54		$	6.55
Risk-free interest rate		4.10	%	3.65% - 4.30%
Expected volatility		64.53	%	65.02% - 66.56%
Expected life in years	6.10 years			6.06 - 6.11 years

Summary of Changes in Stock Options Activity


Stock option activity for the three months ended March 31, 2024 was as follows:

(in thousands)	Outstanding			Weighted-Average Exercise Price		Aggregate Intrinsic Value
Balance as of December 31, 2023		5,109		$	9.54	$	20,571
Options granted under all plans		662			7.25		0
Exercised		(308	)		3.16		1,506
Plan shares expired or canceled		(533	)		15.39		6
Balance as of March 31, 2024		4,930		$	9.00	$	11,068
Vested and expected to vest		4,694		$	8.93	$	11,068
Exercisable as of March 31, 2024		3,505		$	7.73	$	11,068

Summary of RSU Table


Restricted stock unit activity for the three months ended March 31, 2024 was as follows:

(in thousands)	Outstanding			Grant Date Fair Value		Aggregate Intrinsic Value
Balance as of December 31, 2023		6,725		$	15.86	$	65,436
Granted – restricted stock units		854			7.25		6,189
Granted – market-based and performance-based restricted stock units		400			8.91		2,901
Canceled		(682	)		13.67		4,855
Vested and converted to shares		(689	)	$	19.62	$	5,154
Balance as of March 31, 2024		6,608		$	14.16	$	45,415
Vested and expected to vest		5,310		$	14.63	$	36,474

Summary of Market-based Awards Valuation Assumptions

. Significant assumptions used in the Monte Carlo simulation model for the market-based awards granted are as follows:


	Three months ended March 31,
	2024
Volatility		75.43	%
Risk-free interest rate		4.31	%
Dividend yield		0.00	%

Other Liabilities

3 Months Ended

Mar. 31, 2024

Other Liabilities Disclosure [Abstract]

Other Liabilities

8. Other liabilities

The following table summarizes the components of other current liabilities:


	As of March 31,		As of December 31,
(in thousands)	2024		2023
Sales tax payable	$	2,115	$	1,632
Payroll and payroll related expenses		8,480		13,080
Acquisition related compensation		286		403
Restructuring related charges		343		1,516
Other		8,606		8,154
Other current liabilities	$	19,830	$	24,785

Stockholders' Equity - Summary of Stock Options and Market based Awards Valuation Assumptions (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value of options	$ 4.54	$ 6.55
Risk-free interest rate	4.10%
Expected volatility	64.53%
Expected life in years	6 years 1 month 6 days
Market-Based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	4.31%
Expected volatility	75.43%
Dividend yield	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate		3.65%
Expected volatility		65.02%
Expected life in years		6 years 21 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate		4.30%
Expected volatility		66.56%
Expected life in years		6 years 1 month 9 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.

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+ Details

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions					3 Months Ended
	Apr. 01, 2024 shares	Jan. 01, 2024 shares	Jan. 01, 2023 shares	Jan. 01, 2022 shares	Mar. 31, 2024 USD ($) Tranche $ / shares shares	Jul. 31, 2020 shares
Class Of Stock [Line Items]
Forfeited or surrendered shares					533,000
Stock options granted					662,000
Expected stock-based compensation yet to be recognized \| $					$ 8.6
Weighted-average period of stock-based compensation yet to be recognized					2 years 9 months 3 days
Restricted Stock Units
Class Of Stock [Line Items]
Expected stock-based compensation yet to be recognized \| $					$ 63.6
Weighted-average requisite service period					4 years
Market-Based Awards
Class Of Stock [Line Items]
Grant date fair value of awards \| $ / shares					$ 10.01
Fair value assumptions, expected dividend yield					0.00%
Weighted-average requisite service period					3 years
Market-Based Awards \| Minimum
Class Of Stock [Line Items]
Vesting rights percentage					0.00%
Market-Based Awards \| Maximum
Class Of Stock [Line Items]
Vesting rights percentage					200.00%
Performance-based restricted stock units
Class Of Stock [Line Items]
Weighted-average period of stock-based compensation yet to be recognized					2 years 5 months 15 days
Canceled or vested					0
Number of annual tranche \| Tranche					3
Performance-based restricted stock units \| Minimum
Class Of Stock [Line Items]
Vesting rights percentage					0.00%
Performance-based restricted stock units \| Maximum
Class Of Stock [Line Items]
Vesting rights percentage					200.00%
Stock Option
Class Of Stock [Line Items]
Weighted-average requisite service period					4 years
2020 Equity incentive plan
Class Of Stock [Line Items]
Percentage of common stock issued and outstanding						5.00%
2020 Equity incentive plan \| Subsequent Event
Class Of Stock [Line Items]
Increase in common stock reserve for issuance	9,548,587
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		3,820,681	3,695,569	3,616,312
Common stock available for future issuance					1,096,370

Fair Value Measurements - Summary of Gains, Losses, and Estimated Fair Value of Cash Equivalents, Marketable Securities and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost/Principal amount	$ 204,378	$ 198,252
Gross Unrealized Gains	67	283
Gross Unrealized Losses	(164)	(120)
Estimated Fair Value	204,281	198,415
Money Market Mutual Funds and Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost/Principal amount	33,727	39,754
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	33,727	39,754
Corporate Bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost/Principal amount	75,294	64,421
Gross Unrealized Gains	50	157
Gross Unrealized Losses	(26)	(33)
Estimated Fair Value	75,318	64,545
Commercial Paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost/Principal amount	28,005	30,588
Gross Unrealized Gains	5	16
Gross Unrealized Losses	(6)	(8)
Estimated Fair Value	28,004	30,596
Agency bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost/Principal amount	44,767	55,182
Gross Unrealized Gains	3	24
Gross Unrealized Losses	(62)	(70)
Estimated Fair Value	44,708	55,136
U.S Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost/Principal amount	56,312	48,061
Gross Unrealized Gains	9	86
Gross Unrealized Losses	(70)	(9)
Estimated Fair Value	56,251	48,138
Convertible Senior Notes Due 2026
Debt Securities, Available-for-Sale [Line Items]
Carrying value of debt	345,000	345,000
Gross Unrealized Gain on Notes	0	0
Gross Unrealized Loss on Notes	0	0
Estimated Fair Value of Notes	$ 288,938	$ 280,658

Overview

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Overview

1. Overview

BigCommerce Holdings, 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.

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

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023:


	As of March 31, 2024
(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	$	33,727	$	0	$	0	$	33,727
Marketable securities:
Corporate bonds	0			75,318	0			75,318
U.S. treasury securities		56,251	0		0			56,251
Commercial paper	0			28,004	0			28,004
Agency bonds	0			44,708	0			44,708
Total marketable securities	$	56,251	$	148,030	$	0	$	204,281
Liabilities:
Convertible senior notes due 2026	$	0	$	288,938	$	0	$	288,938


	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 marketable securities	$	48,138	$	150,277	$	0	$	198,415
Liabilities:
Convertible senior notes due 2026	$	0	$	280,658	$	0	$	280,658

Schedule of Marketable Security Contractual Maturities


(in thousands)	As of March 31, 2024		As of December 31, 2023
Due within 1 year	$	165,733	$	183,132
Due in 1 year through 2 years		38,548		15,283
Total marketable securities	$	204,281	$	198,415

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


	As of March 31, 2024
(in thousands)	Amortized Cost/ Principal amount		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market mutual funds & cash equivalents	$	33,727	$	0	$	0		$	33,727
Marketable securities:
Corporate bonds		75,294		50		(26	)		75,318
U.S. treasury securities		56,312		9		(70	)		56,251
Commercial paper		28,005		5		(6	)		28,004
Agency bonds		44,767		3		(62	)		44,708
Total marketable securities	$	204,378	$	67	$	(164	)	$	204,281
Liabilities:
Convertible senior notes due 2026	$	345,000	$	0	$	0		$	288,938


	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

- 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

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 07, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Entity Registrant Name	BigCommerce Holdings, Inc.
Entity Central Index Key	0001626450
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-39423
Entity Tax Identification Number	46-2707656
Entity Address Address Line1	11305 Four Points DriveBuilding II, Suite 100
Entity Address City Or Town	Austin
Entity Address State Or Province	TX
Entity Interactive Data Current	Yes
Entity Address Postal Zip Code	78726
City Area Code	512
Local Phone Number	865-4500
Entity Incorporation State Country Code	DE
Entity Common Stock, Shares Outstanding		77,274,527
Security12b Title	Series 1 common stock, $0.0001 par value per share
Trading Symbol	BIGC
Security Exchange Name	NASDAQ

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Impairment of goodwill

$ 0

Amortization of intangible assets

^[1]

$ 2,467,000

$ 2,033,000

[1]

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


	For the three months ended March 31,
	2024		2023
Cost of revenue	$	656	$	1,189
Sales and marketing		1,867		2,867
Research and development		3,476		3,503
General and administrative		2,592		3,079

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 46,899	$ 46,899
Accumulated amortization	(22,315)	(19,847)
Net carrying amount	24,584	27,052
Developed Technology
Finite Lived Intangible Assets [Line Items]
Gross amount	19,967	19,967
Accumulated amortization	(9,591)	(8,401)
Net carrying amount	$ 10,376	11,566
Intangible, weighted average remaining useful life	3 years 2 months 12 days
Customer Relationship
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 23,725	23,725
Accumulated amortization	(10,882)	(9,786)
Net carrying amount	$ 12,843	13,939
Intangible, weighted average remaining useful life	3 years 1 month 6 days
Tradename
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 2,560	2,560
Accumulated amortization	(1,336)	(1,208)
Net carrying amount	$ 1,224	1,352
Intangible, weighted average remaining useful life	2 years 6 months
Non-compete Agreement
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 162	162
Accumulated amortization	(145)	(132)
Net carrying amount	$ 17	30
Intangible, weighted average remaining useful life	3 months 18 days
Other Intangible Assets
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 485	485
Accumulated amortization	(361)	(320)
Net carrying amount	$ 124	$ 165
Intangible, weighted average remaining useful life	1 year 7 months 6 days

Commitments, Contingencies, and Leases - Schedule of Unconditional Purchase Obligations (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Commitments Contingencies And Leases [Abstract]
Remaining nine months of 2024	$ 8,489
2025	16,152
2026	4,976
2027 and thereafter	0
Total	$ 29,617

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 fair value	$ 7,890
Developed Technology
Business Acquisition [Line Items]
Total acquisition-related intangible assets fair value	$ 6,600
Weighted average amortization period (in years)	5 years
Customer Relationship
Business Acquisition [Line Items]
Total acquisition-related intangible assets fair value	$ 1,200
Weighted average amortization period (in years)	3 years
Tradename
Business Acquisition [Line Items]
Total acquisition-related intangible assets fair value	$ 90
Weighted average amortization period (in years)	5 years

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

Summary of Significant Accounting Policies - Summary of Remaining Performance Obligation (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Table]
Current		$ 87,172
Noncurrent		67,872
Total		$ 155,044
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Table]
Current	$ 105,486
Noncurrent	66,350
Total	$ 171,836

Goodwill and Intangible Assets - Schedule of Expected Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining nine months of 2024	$ 7,267
2025	8,046
2026	5,100
2027	3,056
2028	1,115
Thereafter	0
Net carrying amount	$ 24,584	$ 27,052

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 60,900	$ 71,719
Restricted cash	1,112	1,126
Marketable securities	204,281	198,415
Accounts receivable, net	39,302	37,713
Prepaid expenses and other assets, net	29,251	24,733
Deferred commissions	8,695	8,280
Total current assets	343,541	341,986
Property and equipment, net	9,991	10,233
Operating lease, right-of-use-assets	4,024	4,405
Prepaid expenses, net of current portion	1,817	1,240
Deferred commissions, net of current portion	6,430	7,056
Intangible assets, net	24,584	27,052
Goodwill	52,086	52,086
Total assets	442,473	444,058
Current liabilities
Accounts payable	7,063	7,982
Accrued liabilities	3,212	2,652
Deferred revenue	34,810	32,242
Current portion of debt	553	547
Current portion of operating lease liabilities	2,477	2,542
Other current liabilities	19,830	24,785
Total current liabilities	67,945	70,750
Long-term portion of debt	339,970	339,614
Operating lease liabilities, net of current portion	7,014	7,610
Other long-term liabilities, net of current portion	625	551
Total liabilities	415,554	418,525
Stockholders’ equity
Common stock	7	7
Additional paid-in capital	628,058	620,021
Accumulated other comprehensive gain (loss)	(96)	163
Accumulated deficit	(601,050)	(594,658)
Total stockholders’ equity	26,919	25,533
Total liabilities and stockholders’ equity	$ 442,473	$ 444,058