0001564590-21-042140 | 10-Q | XBRL Viewer

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2021 shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Entity Registrant Name	BigCommerce Holdings, Inc.
Entity Central Index Key	0001626450
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-39423
Entity Tax Identification Number	46-2707656
Entity Address Address Line1	11305 Four Points DriveBuilding II, 3rd Floor
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	71,110,070
Security12b Title	Series 1 common stock, $0.0001 par value per share
Trading Symbol	BIGC
Security Exchange Name	NASDAQ

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 172,872	$ 219,447
Restricted cash	1,156	1,160
Marketable securities	30,397
Accounts receivable, net	28,977	22,894
Prepaid expenses and other assets	6,496	8,000
Deferred commissions	3,158	2,571
Total current assets	243,056	254,072
Property and equipment, net	7,329	7,122
Right-of-use-assets	10,575	11,842
Prepaid expenses, net of current portion	1,096
Deferred commissions, net of current portion	4,456	3,590
Total assets	266,512	276,626
Current liabilities
Accounts payable	5,412	5,788
Accrued liabilities	3,990	3,344
Deferred revenue	12,860	11,406
Current portion of operating lease liabilities	3,005	3,173
Other current liabilities	17,425	22,176
Total current liabilities	42,692	45,887
Deferred revenue, net of current portion	1,485	1,308
Operating lease liabilities, net of current portion	11,268	12,672
Total liabilities	55,445	59,867
Commitments and contingencies (Note 6)
Stockholders’ equity
Common stock, $0.0001 par value; 500,000 shares Series 1 and, 5,051 shares Series 2 authorized at June 30, 2021 and December 31, 2020; 71,110, and 64,461 shares Series 1 issued and outstanding at June 30, 2021 and December 31, 2020, respectively, and 0 and 5,051 shares Series 2 issued and, outstanding at June 30, 2021, and December 31, 2020, respectively	7	7
Additional paid-in capital	545,216	530,143
Accumulated deficit	(334,156)	(313,391)
Total stockholders’ equity	211,067	216,759
Total liabilities, convertible preferred stock, and stockholders’ equity	266,512	276,626
Convertible Preferred Stock
Convertible preferred stock
Convertible preferred stock, $0.0001 par value; 10,000 shares authorized at June 30, 2021 and December 31, 2020; 0 shares issued and outstanding, at June 30, 2021 and December 31, 2020

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Common stock, par value	$ 0.0001	$ 0.0001
Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	10,000,000	10,000,000
Convertible preferred stock, shares issued	0	0
Convertible preferred stock, shares outstanding	0	0
Series 1 Common Stock
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	71,110,000	64,461,000
Common stock, shares outstanding	71,110,000	64,461,000
Series 2 Common Stock
Common stock, shares authorized	5,051,000	5,051,000
Common stock, shares issued	0	5,051,000
Common stock, shares outstanding	0	5,051,000

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 49,013	$ 36,316	$ 95,673	$ 69,490
Cost of revenue	10,185	7,837	19,435	15,317
Gross profit	38,828	28,479	76,238	54,173
Operating expenses:
Sales and marketing	22,157	16,803	42,966	32,565
Research and development	14,725	11,345	28,260	22,266
General and administrative	13,110	7,714	24,718	14,180
Acquisition related expenses	1,107		1,107
Total operating expenses	51,099	35,862	97,051	69,011
Loss from operations	(12,271)	(7,383)	(20,813)	(14,838)
Interest income	29	17	41	18
Interest expense		(1,152)		(1,914)
Change in fair value of financial instruments				4,413
Other income (expense)	27	40	13	(163)
Loss before provision for income taxes	(12,215)	(8,478)	(20,759)	(12,484)
Provision for income taxes	6	3	6	20
Net loss	(12,221)	(8,481)	(20,765)	(12,504)
Dividends and accretion of issuance costs on Series F preferred stock		(1,953)		(3,698)
Net loss attributable to common stockholders	$ (12,221)	$ (10,434)	$ (20,765)	$ (16,202)
Basic and diluted net loss per share attributable to common stockholders	$ (0.17)	$ (0.54)	$ (0.30)	$ (0.86)
Weighted average shares used to compute basic and diluted net loss per share attributable to common stockholders	70,622	19,149	70,194	18,852

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (12,221)	$ (8,481)	$ (20,765)	$ (12,504)
Other comprehensive income (loss):
Total comprehensive loss	$ (12,221)	$ (8,481)	$ (20,765)	$ (12,504)

- 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

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment
Balance at Dec. 31, 2019	$ (257,303)	$ (364)		$ 2	$ 17,244	$ (274,549)	$ (364)
Temporary equity, shares at Dec. 31, 2019			102,030
Temporary equity, balance at Dec. 31, 2019			$ 223,754
Balance, shares at Dec. 31, 2019				18,544
Accounting Standards Update [Extensible List]	ASU 2020-06
Exercise of stock options	$ 404				404
Exercise of stock options, shares				448
Stock-based compensation	1,026				1,026
Accumulated dividend – Series F	(1,727)					(1,727)
Temporary Equity, Accumulated dividend - Series F			1,727
Accretion of Series F issuance costs	(18)				(18)
Temporary Equity, Accretion of Series F issuance costs			$ 18
Warrants issued in connection with debt	297				297
Net loss	(4,023)					(4,023)
Balance at Mar. 31, 2020	(261,708)			$ 2	18,953	(280,663)
Temporary equity, shares at Mar. 31, 2020			102,030
Temporary equity, balance at Mar. 31, 2020			$ 225,499
Balance, shares at Mar. 31, 2020				18,992
Balance at Dec. 31, 2019	(257,303)	$ (364)		$ 2	17,244	(274,549)	$ (364)
Temporary equity, shares at Dec. 31, 2019			102,030
Temporary equity, balance at Dec. 31, 2019			$ 223,754
Balance, shares at Dec. 31, 2019				18,544
Net loss	(12,504)
Balance at Jun. 30, 2020	(270,506)			$ 2	20,571	(291,079)
Temporary equity, shares at Jun. 30, 2020			102,030
Temporary equity, balance at Jun. 30, 2020			$ 227,452
Balance, shares at Jun. 30, 2020				19,378
Balance at Mar. 31, 2020	(261,708)			$ 2	18,953	(280,663)
Temporary equity, shares at Mar. 31, 2020			102,030
Temporary equity, balance at Mar. 31, 2020			$ 225,499
Balance, shares at Mar. 31, 2020				18,992
Exercise of stock options	366				366
Exercise of stock options, shares				351
Exercise of warrants	126				126
Exercise of warrants, shares				35
Stock-based compensation	1,144				1,144
Accumulated dividend – Series F	(1,935)					(1,935)
Temporary Equity, Accumulated dividend - Series F			1,935
Accretion of Series F issuance costs	(18)				(18)
Temporary Equity, Accretion of Series F issuance costs			$ 18
Net loss	(8,481)					(8,481)
Balance at Jun. 30, 2020	(270,506)			$ 2	20,571	(291,079)
Temporary equity, shares at Jun. 30, 2020			102,030
Temporary equity, balance at Jun. 30, 2020			$ 227,452
Balance, shares at Jun. 30, 2020				19,378
Balance at Dec. 31, 2020	216,759			$ 7	530,143	(313,391)
Temporary equity, shares at Dec. 31, 2020			0
Temporary equity, balance at Dec. 31, 2020
Balance, shares at Dec. 31, 2020				69,512
Exercise of stock options	1,952				1,952
Exercise of stock options, shares				784
Stock-based compensation	5,171				5,171
Net loss	(8,544)					(8,544)
Balance at Mar. 31, 2021	215,338			$ 7	537,266	(321,935)
Balance, shares at Mar. 31, 2021				70,296
Balance at Dec. 31, 2020	216,759			$ 7	530,143	(313,391)
Temporary equity, shares at Dec. 31, 2020			0
Temporary equity, balance at Dec. 31, 2020
Balance, shares at Dec. 31, 2020				69,512
Net loss	(20,765)
Balance at Jun. 30, 2021	211,067			$ 7	545,216	(334,156)
Temporary equity, shares at Jun. 30, 2021			0
Temporary equity, balance at Jun. 30, 2021
Balance, shares at Jun. 30, 2021				71,110
Balance at Mar. 31, 2021	215,338			$ 7	537,266	(321,935)
Balance, shares at Mar. 31, 2021				70,296
Exercise of stock options	1,428				1,428
Exercise of stock options, shares				509
Release of restricted stock units, shares				305
Stock-based compensation	6,522				6,522
Net loss	(12,221)					(12,221)
Balance at Jun. 30, 2021	$ 211,067			$ 7	$ 545,216	$ (334,156)
Temporary equity, shares at Jun. 30, 2021			0
Temporary equity, balance at Jun. 30, 2021
Balance, shares at Jun. 30, 2021				71,110

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net loss		$ (20,765)	$ (12,504)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		1,437	1,678
Amortization of discount on debt			389
Stock-based compensation		11,693	2,170
Allowance for credit losses	$ 901	1,627	944
Change in fair value of financial instrument			(4,413)
Changes in operating assets and liabilities:
Accounts receivable		(7,710)	(6,005)
Prepaid expenses		408	(2,253)
Deferred commissions		(1,453)	(764)
Accounts payable		(376)	1,871
Accrued and other liabilities		(3,899)	468
Deferred revenue		1,632	1,425
Net cash used in operating activities		(17,406)	(16,994)
Cash flows from investing activities:
Purchase of property and equipment		(1,644)	(1,045)
Purchase of marketable securities		(30,397)
Net cash used in investing activities		(32,041)	(1,045)
Cash flows from financing activities:
Proceeds from exercise of stock options		2,868	896
Proceeds from debt			40,745
Repayment of debt			(6,241)
Net cash provided by financing activities		2,868	35,400
Net change in cash and cash equivalents and restricted cash		(46,579)	17,361
Cash and cash equivalents and restricted cash, beginning of period		220,607	9,150
Cash and cash equivalents and restricted cash, end of period	174,028	174,028	26,511
Supplemental cash flow information:
Cash paid for interest			1,457
Noncash investing and financing activities:
Issuance of warrants			297
Reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheet to the amounts show in the statements of cash flows above:
Cash and cash equivalents	172,872	172,872	25,390
Restricted cash	1,156	1,156	1,121
Cash and cash equivalents and restricted cash, end of period	$ 174,028	$ 174,028	$ 26,511

Overview

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Overview

1. Overview

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

We provide 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 our stores run on a single code base and share a global, multi-tenant architecture purpose built for security, high performance, and innovation. Our platform serves stores in a wide variety of sizes, product categories, and purchase types, including business-to-consumer and business-to-business.

Our headquarters and principal place of business are in Austin, Texas.

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

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

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of significant accounting policies

Basis of presentation

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

In the opinion of management, the accompanying interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, consisting of normal, recurring adjustments, necessary for a fair presentation. Certain information and disclosures normally included in the notes to the annual consolidated financial statements prepared in accordance with GAAP have been omitted from these interim unaudited condensed consolidated financial statements pursuant to the rules and regulations of the 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, 2020, which are included in the Company's Annual Report on Form 10-K, filed with the SEC on February 26, 2021. The results of operations for the six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other period.

Basis of consolidation

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

Use of estimates

The preparation of consolidated financial statements in conformity with GAAP requires certain financial instruments to be recorded at fair value; requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting periods. Significant estimates, judgments, and assumptions in these consolidated financial statements include: allocating variable consideration for revenue recognition; the amortization period for deferred commissions; the allowance for credit losses; a determination of the deferred tax asset valuation allowance and the valuation of our common stock used to determine stock-based compensation expense prior to our IPO. Because of the use of estimates inherent in the financial reporting

2. Summary of significant accounting policies (continued)

process and given the additional or unforeseen effects from the COVID-19 pandemic, actual results could differ from those estimates, and such differences could be material to our consolidated financial statements.

COVID-19, declared a global pandemic by the World Health Organization on March 11, 2020, has caused disruption to the economies and communities of the United States and our target international markets. In the interest of public health, many governments closed physical stores and places of business deemed non-essential. This precipitated a significant shift in shopping behavior from offline to online. Our business has benefited from this shift, both in accelerated sales growth for our existing customers’ stores, and in our sales of new store subscriptions to customers. Nevertheless, we do not have certainty that those trends will continue; the COVID-19 pandemic and the uncertainty it has created in the global economy could materially adversely affect our business, financial condition, and results of operations.

Segment and geographic information

Our chief operating decision maker is our chief executive officer. Our 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, we have determined that we operate as a single operating and reportable segment. Revenue by geographic region was as follows:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2021		2020		2021		2020
Revenue:
Americas – U.S.	$	37,544	$	28,883	$	73,654	$	55,616
Americas – other		1,906		1,305		3,641		2,405
EMEA		4,782		2,871		9,185		5,313
APAC		4,781		3,257		9,193		6,156
Total revenue	$	49,013	$	36,316	$	95,673	$	69,490

Long-lived assets by geographic region was as follows:

	June 30,		December 31,
(in thousands)	2021		2020
Long-lived assets:
Americas – U.S.	$	6,785	$	6,596
APAC		544		526
Total long-lived assets	$	7,329	$	7,122

Cash and cash equivalents

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

Restricted cash

We maintain a portion of amounts collected through our online payment processor with the online payment processor as a security deposit for future chargebacks. Additionally, we have amounts on deposit with certain financial institutions that serve as collateral for letters of credit and lease deposits.

Marketable securities

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

2. Summary of significant accounting policies (continued)

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

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

Accounts receivable

Accounts receivable are stated at net realizable value and include unbilled receivables. Unbilled receivables arise primarily when we provide subscriptions services in advance of billing. 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 June 30, 2021 and December 31, 2020 included unbilled receivables of $8.4 million, $7.5 million, respectively.

We assess the collectability of outstanding accounts receivable on an ongoing basis and maintain an allowance for credit losses for accounts receivable deemed uncollectable. Upon adoption of ASU 2016-13, we analyzed the accounts receivable portfolio for significant risks, historical activity, and an estimate of future collectability to determine the amount that will ultimately be collected. This estimate is analyzed quarterly and adjusted as necessary. Identified risks pertaining to our accounts receivable include the delinquency level, customer type, and current economic environment. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Adoption of ASU 2016-13 resulted in an increase in the allowance for credit losses of approximately $0.4 million as of January 1, 2020, primarily related to unbilled receivables.

The allowance for credit losses consisted of the following:

(in thousands)
Balance at December 31, 2020	$	1,992
Provision for expected credit losses		726
Accounts written off		(358	)
Balance at March 31, 2021		2,360
Provision for expected credit losses		901
Accounts written off		(491	)
Balance at June 30, 2021	$	2,770

Property and equipment

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

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

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

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

2. Summary of significant accounting policies (continued)

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

Research and development and internal use software

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

Software development costs associated with internal use software, which are incurred during the application development phase and meet other requirements under the guidance are capitalized. To date, software costs eligible for capitalization have not been significant.

Leases

We determine if an arrangement is a lease or contains a lease at inception. At the commencement date of a lease, we recognize a liability to make lease payments and an asset representing the right to use the underlying asset during the lease term. The lease liability is measured at the present value of lease payments over the lease term. As our leases typically do not provide an implicit rate, we use our incremental borrowing rate for most leases. The right-of-use (“ROU”) asset is measured at cost, which includes the initial measurement of the lease liability and initial direct costs incurred and excludes lease incentives.

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

We also lease office space under short-term arrangements and have elected not to include these arrangements in the ROU asset or lease liabilities.

Acquisition related expenses

Acquisition related expenses consist primarily of cash payments for third-party acquisition costs, other acquisition related expenses, including contingent compensation arrangements entered into in connection with acquisitions. We recognized $1.1 million in third-party acquisition costs during the six months ended June 30, 2021.

Income taxes

We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax balances are adjusted to reflect tax rates based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period of the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that those assets will be realized. To date, we have provided a valuation allowance against all of our deferred tax assets as we believe the objective and verifiable evidence of our historical pretax net losses outweighs any positive evidence of its forecasted future results. We will continue to monitor the positive and negative evidence, and we will adjust the valuation allowance as sufficient objective positive evidence becomes available.

We account for uncertain tax positions in accordance with ASC 740, “Income Taxes”, which clarifies the accounting for uncertainty in tax positions. These provisions require recognition of the impact of a tax position in our financial statements only if it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Any interest and penalties related to uncertain tax positions will be reflected as a component of income tax expense.

2. Summary of significant accounting policies (continued)

Stock-based compensation

We issue stock options, restricted stock units ("RSUs") and performance based restricted stock units (“PSUs”). Stock-based compensation related to stock options is measured at the date of grant and is recognized on a straight-line basis over the service period, net of estimated forfeitures. We use the Black-Scholes option-pricing model to estimate the fair value of stock options awarded at the date of grant. Stock-based compensation related to restricted stock units is measured at the date of grant, net of forfeitures, and recognized ratably over the service period. Stock-based compensation related to performance based restricted stock units is measured at the date of grant and recognized using the accelerated attribution method, net of forfeitures, over the remaining service period.

Accounting pronouncements

In August 2020, the FASB issued ASU No. 2020-06, "Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40)" which simplifies the accounting for convertible debt instruments by eliminating the requirement to separate embedded conversion features from the host contract when the conversion features are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging, or that do not result in substantial premiums accounted for as paid-in capital. In addition, the guidance eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. We adopted this standard on January 1, 2021 using the modified retrospective method. The adoption of this standard did not have any material impact on our financial statements.

Revenue Recognition and Deferred Costs

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Revenue Recognition and Deferred Costs

3. Revenue recognition and deferred costs

Revenue recognition

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

The following table disaggregates our revenue by major source:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2021		2020		2021		2020
Subscription solutions	$	33,955	$	23,943	$	65,959	$	47,496
Partner and services		15,058		12,373		29,714		21,994
Total revenue	$	49,013	$	36,316	$	95,673	$	69,490

Subscription solutions

Subscription solutions revenue consists primarily of platform subscription fees from all plans. It also includes recurring professional services and sales of SSL certificates. Subscription solutions are charged monthly, quarterly, or annually for our customers to sell their products and process transactions on our platform. Subscription solutions are generally charged per online store and are based on the store’s subscription plan. Monthly subscription fees for Pro and Enterprise plans are adjusted if a customer’s gross merchandise volume or orders processed are above specified plan thresholds on a trailing twelve-month basis. For most subscription solutions arrangements, we have determined we meet the variable consideration allocation exception and, therefore, recognize fixed monthly fees or a pro-rata portion of quarterly or annual fees and any transaction fees as revenue in the month they are earned. A portion of our Enterprise subscription plans include an upfront promotional period in order to incentivize the customer to enter into a subscription arrangement. For these Enterprise arrangements, the total subscription fee is recognized on a straight-line basis over the term of the contract.

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

3. Revenue recognition and deferred costs (continued)

Partner and services

Our partner and services revenue consists of revenue share, partner technology integrations, and marketing services provided to partners. Revenue share relates to fees earned by our partners from customers using our platform, where we have an arrangement with such partner to share such fees as they occur. Revenue share is recognized at the time the earning activity is complete, which is generally monthly. Revenue for partner technology integrations is recorded on a straight-line basis over the life of the contract commencing when the integration has been completed. Fees 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.

We also derive revenue from the sales of website themes and applications upon delivery.

We recognize revenue share, and revenue from the sales of third-party applications, on a net basis as we have determined that we are the agent in our arrangements with third-party application providers. All other revenue is recognized on a gross basis, as we have determined we are 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.

Our subscription contracts are generally comprised of a single performance obligation to provide access to our 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, we may be required to allocate the contract’s transaction price to each performance obligation using our best estimate of SSP.

Contracts with our technology solution partners often include multiple performance obligations. In determining whether integration services are distinct from hosting services we consider various factors. These considerations included the level of integration, interdependency, and interrelation between the implementation and hosting service, as well as any promises in the contract. We have concluded that the integration services included in contracts with hosting obligations are not distinct. As a result, we defer any arrangement fees for integration services and recognize such amounts over the life of the hosting obligation. Additional consideration for some partner contracts varies based on the level of customer activity on the platform. We have determined we meet the variable consideration allocation exception and therefore recognize these variable fees in the period they are earned.

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 expected cost-plus margin approach, which considers margins achieved on standalone sales of similar products, market data related to historical margins within an industry, industry sales price averages, market conditions, and profit objectives.

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 our infrastructure and platform; amortization expense associated with capitalized internal-use software; and allocation of overhead costs.

Deferred revenue

Deferred revenue primarily consists of amounts that have been billed to or received from customers in advance of performing the associated services. We recognize revenue from deferred revenue when the services are performed, and the corresponding revenue recognition criteria are met. We recognized $8.0 million of previously deferred revenue during the six months ended June 30, 2021.

The net increase in the deferred revenue balance for the six months ended June 30, 2021 is primarily due to increases in SaaS related subscriptions. Amounts recognized from deferred revenue represent primarily revenue from the sale of subscription solutions, integration, and marketing services.

3. Revenue recognition and deferred costs (continued)

As of June 30, 2021, we had $107.0 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. We expect to recognize approximately 52% of the remaining performance obligations as revenue in the following 12-month periods, and the remaining balance in the periods thereafter.

Deferred commissions

Certain sales commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions are not paid on subscription renewals. We amortize deferred sales commissions ratably over the estimated period of our relationship with customers of approximately four years. Based on historical experience, we determine the average life of our customer relationship by taking into consideration our customer contracts and the estimated technological life of our platform and related significant features. We include amortization of deferred commissions in Sales and marketing expense in the consolidated statements of operations. We periodically review 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. We did not recognize an impairment of deferred commissions during the six months ended June 30, 2021 and the year ended December 31, 2020.

Sales commissions of $1.41 million and $1.76 million were deferred for the six months ended June 30, 2021 and 2020, respectively; and deferred commission amortization expense was $0.79 million and $0.97 million for the six months ended June 30, 2021 and 2020, 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Fair Value Measurements, Cash Equivalents and Marketable Securities

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements, Cash Equivalents and Marketable Securities

4. Fair value measurements, cash equivalents and marketable securities

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

For assets and liabilities measured at fair value, fair value is the price to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When determining fair value, we consider 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 our data.

The following tables summarize the estimated fair value of our cash equivalents and marketable securities.

	As of June 30, 2021
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Financial assets:
Money market funds	$	148,512	$	—	$	—	$	148,512
Corporate securities	$	—	$	30,397	$	—	$	30,397
Total financial assets	$	148,512	$	30,397	$	—	$	178,909

	As of December 31, 2020
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Financial assets:
Money market funds	$	196,521	$	—	$	—	$	196,521

4. Fair value measurements, cash equivalents and marketable securities (continued)

The following tables summarize the estimated fair value of our cash equivalents and marketable securities.

	As of June 30, 2021
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	148,512	$	—	$	—	$	148,512
Marketable securities:
Corporate securities	$	30,397	$	—	$	—	$	30,397

	As of December 31, 2020
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	196,521	$	—	$	—	$	196,521

- 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

Commitments, Contingencies, and Leases

6 Months Ended

Jun. 30, 2021

Commitments Contingencies And Leases [Abstract]

Commitments, Contingencies, and Leases

5. Commitments, contingencies, and leases

Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and that the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. From time to time, we are subject to various claims that arise in the normal course of business. In the opinion of management, we are unaware of any pending or unasserted claims that would have a material adverse effect on our financial position, liquidity, or results.

Certain executive officers are entitled to payments in the event of termination of employment in connection with a certain change in control.

Our certificate of incorporation and certain contractual arrangements provide for indemnification of our officers and directors for certain events or occurrences. We maintain a directors and officers insurance policy to provide coverage in the event of a claim against an officer of director. Historically, we have not been obligated to make any payments for indemnification obligations, and no liabilities have been recorded for these obligations on the consolidated balance sheets as of June 30, 2021 or December 31, 2020.

Leases

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

Operating and short-term rent expenses was $0.9 million for each of the three-month periods ended June 30, 2021 and 2020, and $1.8 million for the six-month periods ended June 30, 2021 and 2020. Short-term rent expense was not material for any of the periods presented.

5. Commitments, contingencies, and leases (continued)

Supplemental lease information

Cash flow information (in thousands)	Six months ended June 30,
	2021		2020

Cash paid for operating lease liabilities	$	1,947	$	1,780
Right-of-use assets obtained in exchange for operating lease obligations	$	—	$	—

Operating lease information	Six months ended June 30,
	2021			2020

Weighted-average remaining lease-term	5.75			6.33
Weighted-average discount rate		5.46	%		5.46	%

The future maturities of operating lease liabilities are as follows:

(in thousands)	June 30, 2021

2021 (July 1st through December 31st)		1,981
2022		3,062
2023		2,484
2024		2,243
2025		2,011
Thereafter		4,923
Total minimum lease payments	$	16,704
Less imputed interest		(2,431	)
Total lease liabilities	$	14,273

Other Liabilities

6 Months Ended

Jun. 30, 2021

Other Liabilities Disclosure [Abstract]

Other Liabilities

6. Other liabilities

The following table summarizes the components of other current liabilities:

	As of June 30,		As of December 31,
(in thousands)	2021		2020
Sales tax payable	$	529	$	814
Payroll and payroll related expenses		13,501		18,255
Other		3,395		3,107
Other current liabilities	$	17,425	$	22,176

Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt

7. Debt

Convertible Term Loans

Prior to our IPO, we entered into two contingent convertible debt agreements (the “Convertible Term Loans”) with Silicon Valley Bank (“SVB) providing for two term loans with a combined borrowing of $55.0 million. In conjunction with our IPO on August 5, 2020, the bank exercised its purchase right and repaid $1.1 million of previously paid principal. This balance, combined with the unpaid principal of $53.9 million was converted into 5,249,534 shares of Series 1 common stock. No further borrowings are allowed under these convertible debt agreements. The weighted -average interest rate was 5.6% during the six-month period ended June 30, 2020.

7. Debt (continued)

In addition to the conversion shares on the outstanding principal, one of the convertible debt agreements, in the amount of $35.0 million, required a deficiency payment if the value of the conversion shares did not meet an applicable required minimum return. The deficiency payment, at the election of the holder, would be settled either (i) by issuance of additional shares of common stock equal to the difference between the minimum return and the conversion value or (ii) in cash in a single installment in the amount of such difference. Management determined that the required minimum return as defined above represented, in substance, an embedded lenders’ put option designed to provide the investor with a fixed monetary amount, settleable in either additional shares or cash. Management determined that this put option should be separated and accounted for as a derivative primarily because the put option met the net settlement criterion and the settlement provisions were not consistent with a fixed-for-fixed equity instrument. Based on the value of the conversion shares issued to the bank upon completion of the IPO, we met the required minimum return under terms of the Convertible Term Loan and were not required to provide any additional shares or cash.

The put option, with an initial fair value of approximately $4.4 million, was recorded as a derivative liability on the accompanying balance sheet and a corresponding discount to the Convertible Term Loan. The discount was accreted to interest expense in the consolidated statements of operations over the term of the Convertible Term Loan using the effective interest method. The net balance outstanding under the terms of this agreement was netted against the outstanding principal balance upon conversion to Series 1 Common Stock upon completion of our IPO. We recorded interest expense related to this instrument of $0.3 million during the six-month period ended June 30, 2020.

The estimated fair value of the put option was determined using a multi-scenario probability weighted expected return method analysis in which the future probability of exit events was weighted for its respective probability. Key assumptions included time to exit event, fair value of common stock, and a discount rate. At March 31, 2020, we determined the put option had no fair value due to an increase in market conditions that would make any amounts due under the redemption feature remote. As a result, we recorded a gain in the amount of $4.4 million, which was recorded in the accompanying consolidated statements of operations. This instrument was extinguished upon the conversion of the 2020 Convertible Term Debt and completion of our IPO.

Credit Facility

In 2020, we had an available credit facility with SVB that provided for a $20.0 million line of credit and a $5.0 million term loan. The outstanding balance under this credit facility was repaid in 2020. We had no outstanding balances as of December 31, 2020 and no further borrowings are allowed under the credit facility. The weighted average interest rate for these borrowings was 3.6 percent for the six-month period ended June 30, 2020.

Mezzanine Facility Loan

On February 28, 2020, we entered into a mezzanine loan and security agreement (the “Mezzanine Facility”) with WestRiver Innovation Lending Fund VIII, L.P. (“WestRiver”) providing for a term loan of $10.0 million. We did not draw upon the funds available under this facility and formally terminated this facility on November 6, 2020.

In connection with the Mezzanine Facility, we issued warrants to purchase up to 99,000 shares of common stock with an exercise price of $9.21 per share with the warrants expiring on March 1, 2023. The warrant was exercisable for half of the shares. The warrant did not become exercisable for the remaining half of the shares because we did not draw upon the Mezzanine Facility and our ability to draw upon under the Mezzanine Facility terminated. Warrants to purchase 49,500 shares of common stock that were exercisable, were exercised in August 2020 and the remaining portion that did not become exercisable terminated upon the termination of the Mezzanine Facility.

We recorded the fair value of the warrants issued in connection with the Mezzanine Facility as a discount on the carrying value of the debt instruments. This discount of $0.3 million was amortized to interest expense over the life of the debt instruments as an adjustment to the effective interest rate.

Debt fees

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. Interest expense related to debt discount amortization was not material for any of the periods presented. Net unamortized debt issuance fees as of June 30, 2020 amounted to $0.8 million.

Stockholders' Equity (Deficit)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Stockholders' Equity (Deficit)

8. Stockholders’ equity (deficit)

Equity Incentive Plans – Stock Options

During the six months ended June 30, 2021, the Company granted an aggregate of 251,000 shares of stock options, with a weighted average exercise price of $58.01 per share. The fair value of options granted was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions (i) expected term of 6.0 years, (ii) expected volatility of 60%, (iii) risk-free interest rate 1.1% and (iv) expected dividend yield of 0%.

Restricted Stock Units

During the six months ended June 30, 2021, we granted an aggregate of 571,639 RSUs with a weighted grant-date fair value of $56.65. The RSUs vest over the requisite service period of 4 years from the date of grant, subject to the continued employment of the employees.

Stock-based compensation expense was included in the following line items in the accompanying condensed consolidated statements of operations during the periods presented (in thousands):

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2021		2020		2021		2020
Cost of revenue	$	526	$	81	$	913	$	154
Sales and marketing		1,943		352		3,522		641
Research and development		1,466		330		2,614		634
General and administrative		2,587		381		4,644		741
Total stock-based compensation expense	$	6,522	$	1,144	$	11,693	$	2,170

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

9. Income taxes

Our 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, and any applicable income tax credits. The difference in the 21% U.S. statutory tax rate and the annual forecasted effective tax rate ((.02%) as of Q2 2021) is primarily a result of valuation allowances offsetting the benefit of forecasted losses in the U.S., Australia, and the United Kingdom. Forecasted income tax expense is related to non-U.S. jurisdictions where we are profitable along with state income taxes.

The effective tax rates for the three months ended June 30, 2021 and 2020 were (0.05) % and (0.04) % respectively. The effective tax rates for the six months ended June 30, 2021 and 2020 were (0.03) % and (0.16) % respectively.

We file tax returns in the U.S., including various state and local returns, and in other foreign jurisdictions including the Australia and the United Kingdom. We believe adequate provision has been made for all income tax uncertainties. We are not currently under audit in any filing jurisdiction. Fiscal years 2017 through 2019 remain open to examination by the major taxing jurisdictions to which we are subject; although, carry forward attributes that were generated in tax years prior to fiscal year 2017 may be adjusted upon examination by the tax authorities up to the close of the statute of limitations on the year in which the attributes are utilized.

- 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 + Details

Net Loss per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Loss per Share

10. Net loss per share

Net loss per share

Basic and diluted net loss per common share is presented in conformity with the two-class method required for participating securities. Holders of Series F preferred stock were entitled to receive cumulative dividends at the annual rate of 10% compounded quarterly payable prior and in preference to any dividends on any shares of our common stock, subject to certain adjustments as set forth in our certificate of incorporation. In the event a dividend is paid on common stock, the holders of preferred stock were entitled to a proportionate share of any such dividend as if they were holders of common stock (on an as-if converted basis). Accordingly, all of our outstanding series of preferred stock were considered to be participating securities. The holders of our preferred stock did not have a contractual obligation to share in our losses; therefore, no amount of total undistributed loss was allocated to preferred stock. Net loss attributable to common stockholders is calculated as net loss less current period preferred stock dividends. There was no preferred stock outstanding during the six-month period ending June 30, 2021.

Basic net loss per share attributable to common stockholders is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period, which includes both Series 1 and Series 2 outstanding shares. Because we have reported a net loss for the six months ended June 30, 2021, and 2020, the number of shares used to calculate diluted net loss per share of common stock attributable to common stockholders is the same as the number of shares used to calculate basic net loss per share of common stock attributable to common stockholders for the period presented because the potentially dilutive shares would have been antidilutive if included in the calculation. Series 1 and Series 2 have the same rights and privileges except Series 2 are not entitled to vote on any matter except as required by law. A pre-IPO preferred shareholder received Series 2 upon the conversion of their preferred shares at the time of our initial public offering. These Series 2 automatically convert to Series 1 upon a qualifying disposition of the shares by the shareholder. 5.1 million shares converted from Series 2 to Series 1 during the six-month period ended June 30, 2021. There are no Series 2 shares outstanding as of June 30, 2021.

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

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2021		2020		2021		2020
Preferred stock as-converted		—		34,442		—		34,442
Stock options outstanding		6,985		9,267		6,985		9,267
Restricted stock units		1,646		—		1,646
Warrants to purchase common stock		—		369		—		369
Convertible debt		—		5,250		—		5,250
Total potentially dilutive securities		8,631		49,328		8,631		49,328

Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

11. Subsequent events

On July 23, 2021, we entered into an asset purchase agreement to acquire substantially all the assets and liabilities of Feedonomics LLC. Purchase consideration consisted of approximately $145.0 million with $80.0 million paid upon closing and up to $65.0 million in two annual installments of up to $32.5 million each, to be paid upon each of the first and second anniversaries of closing or upon the earlier achievement of certain milestones. The anniversary payments may be paid in shares of our Series 1 common stock or cash based on our discretion.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Basis of presentation

Basis of consolidation

Use of estimates

2. Summary of significant accounting policies (continued)

Segment and geographic information

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2021		2020		2021		2020
Revenue:
Americas – U.S.	$	37,544	$	28,883	$	73,654	$	55,616
Americas – other		1,906		1,305		3,641		2,405
EMEA		4,782		2,871		9,185		5,313
APAC		4,781		3,257		9,193		6,156
Total revenue	$	49,013	$	36,316	$	95,673	$	69,490

Long-lived assets by geographic region was as follows:

	June 30,		December 31,
(in thousands)	2021		2020
Long-lived assets:
Americas – U.S.	$	6,785	$	6,596
APAC		544		526
Total long-lived assets	$	7,329	$	7,122

Cash and cash equivalents

Restricted cash

Marketable securities

2. Summary of significant accounting policies (continued)

Accounts receivable

The allowance for credit losses consisted of the following:

(in thousands)
Balance at December 31, 2020	$	1,992
Provision for expected credit losses		726
Accounts written off		(358	)
Balance at March 31, 2021		2,360
Provision for expected credit losses		901
Accounts written off		(491	)
Balance at June 30, 2021	$	2,770

Property and equipment

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

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

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

2. Summary of significant accounting policies (continued)

Research and development and internal use software

Leases

We also lease office space under short-term arrangements and have elected not to include these arrangements in the ROU asset or lease liabilities.

Acquisition related expenses

Income taxes

Stock-based compensation

Accounting pronouncements

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Schedule of Revenue by Geographic Region

Accordingly, we have determined that we operate as a single operating and reportable segment. Revenue by geographic region was as follows:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2021		2020		2021		2020
Revenue:
Americas – U.S.	$	37,544	$	28,883	$	73,654	$	55,616
Americas – other		1,906		1,305		3,641		2,405
EMEA		4,782		2,871		9,185		5,313
APAC		4,781		3,257		9,193		6,156
Total revenue	$	49,013	$	36,316	$	95,673	$	69,490

Schedule of Long-lived Assets by Geographic Region

Long-lived assets by geographic region was as follows:

	June 30,		December 31,
(in thousands)	2021		2020
Long-lived assets:
Americas – U.S.	$	6,785	$	6,596
APAC		544		526
Total long-lived assets	$	7,329	$	7,122

Schedule of Allowance for Credit Losses

The allowance for credit losses consisted of the following:

(in thousands)
Balance at December 31, 2020	$	1,992
Provision for expected credit losses		726
Accounts written off		(358	)
Balance at March 31, 2021		2,360
Provision for expected credit losses		901
Accounts written off		(491	)
Balance at June 30, 2021	$	2,770

Schedule of Estimated Useful Lives of Property and Equipment

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

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

Revenue Recognition and Deferred Costs (Tables)

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Schedule of Disaggregate Revenue by Major Source

The following table disaggregates our revenue by major source:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2021		2020		2021		2020
Subscription solutions	$	33,955	$	23,943	$	65,959	$	47,496
Partner and services		15,058		12,373		29,714		21,994
Total revenue	$	49,013	$	36,316	$	95,673	$	69,490

Fair Value Measurements, Cash Equivalents and Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Estimated Fair Value of Our Cash Equivalents and Marketable Securities

The following tables summarize the estimated fair value of our cash equivalents and marketable securities.

	As of June 30, 2021
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Financial assets:
Money market funds	$	148,512	$	—	$	—	$	148,512
Corporate securities	$	—	$	30,397	$	—	$	30,397
Total financial assets	$	148,512	$	30,397	$	—	$	178,909

	As of December 31, 2020
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Financial assets:
Money market funds	$	196,521	$	—	$	—	$	196,521

4. Fair value measurements, cash equivalents and marketable securities (continued)

The following tables summarize the estimated fair value of our cash equivalents and marketable securities.

	As of June 30, 2021
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	148,512	$	—	$	—	$	148,512
Marketable securities:
Corporate securities	$	30,397	$	—	$	—	$	30,397

	As of December 31, 2020
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	196,521	$	—	$	—	$	196,521

Commitments, Contingencies, and Leases (Tables)

6 Months Ended

Jun. 30, 2021

Commitments Contingencies And Leases [Abstract]

Supplemental Lease Information

Supplemental lease information

Cash flow information (in thousands)	Six months ended June 30,
	2021		2020

Cash paid for operating lease liabilities	$	1,947	$	1,780
Right-of-use assets obtained in exchange for operating lease obligations	$	—	$	—

Operating lease information	Six months ended June 30,
	2021			2020

Weighted-average remaining lease-term	5.75			6.33
Weighted-average discount rate		5.46	%		5.46	%

Schedule of Future Maturities of Operating Lease Liabilities

The future maturities of operating lease liabilities are as follows:

(in thousands)	June 30, 2021

2021 (July 1st through December 31st)		1,981
2022		3,062
2023		2,484
2024		2,243
2025		2,011
Thereafter		4,923
Total minimum lease payments	$	16,704
Less imputed interest		(2,431	)
Total lease liabilities	$	14,273

Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Other Liabilities Disclosure [Abstract]

Components of Other Current Liabilities

The following table summarizes the components of other current liabilities:

	As of June 30,		As of December 31,
(in thousands)	2021		2020
Sales tax payable	$	529	$	814
Payroll and payroll related expenses		13,501		18,255
Other		3,395		3,107
Other current liabilities	$	17,425	$	22,176

Stockholders' Equity (Deficit) (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was included in the following line items in the accompanying condensed consolidated statements of operations during the periods presented (in thousands):

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2021		2020		2021		2020
Cost of revenue	$	526	$	81	$	913	$	154
Sales and marketing		1,943		352		3,522		641
Research and development		1,466		330		2,614		634
General and administrative		2,587		381		4,644		741
Total stock-based compensation expense	$	6,522	$	1,144	$	11,693	$	2,170

Net Loss per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

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

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2021		2020		2021		2020
Preferred stock as-converted		—		34,442		—		34,442
Stock options outstanding		6,985		9,267		6,985		9,267
Restricted stock units		1,646		—		1,646
Warrants to purchase common stock		—		369		—		369
Convertible debt		—		5,250		—		5,250
Total potentially dilutive securities		8,631		49,328		8,631		49,328

Overview - Additional Information (Details)	6 Months Ended
Overview - Additional Information (Details)	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Entity incorporation date	Feb. 28, 2013

Summary of Significant Accounting Policies - Schedule of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	$ 49,013	$ 36,316	$ 95,673	$ 69,490
Americas - U.S.
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	37,544	28,883	73,654	55,616
Americas - other
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	1,906	1,305	3,641	2,405
EMEA
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	4,782	2,871	9,185	5,313
APAC
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	$ 4,781	$ 3,257	$ 9,193	$ 6,156

- 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
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-Name Accounting Standards Codification
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+ Details

Summary of Significant Accounting Policies - Schedule of Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	$ 7,329	$ 7,122
Americas - U.S.
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	6,785	6,596
APAC
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	$ 544	$ 526

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Jan. 01, 2020	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Accounts receivable including unbilled receivables		$ 8,400	$ 8,400	$ 7,500
Acquisition related expenses		$ 1,107	$ 1,107
ASU 2016-13
Summary Of Significant Accounting Policies [Line Items]
Increase in the allowance for credit losses	$ 400
ASU 2020-06
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date		Jan. 01, 2021	Jan. 01, 2021
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]		true	true
Minimum
Summary Of Significant Accounting Policies [Line Items]
Account receivable payment terms			due immediately
Maximum
Summary Of Significant Accounting Policies [Line Items]
Account receivable payment terms			due within 90 days

Summary of Significant Accounting Policies - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020
Allowance For Credit Loss [Abstract]
Beginning Balance	$ 2,360	$ 1,992	$ 1,992
Allowance for credit losses	901	726	1,627	$ 944
Accounts written off	(491)	(358)
Ending Balance	$ 2,770	$ 2,360	$ 2,770

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	6 Months Ended
	Jun. 30, 2021
Computer Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	3 years
Computer Software
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	3 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	5 years
Leasehold Improvements \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	1 year
Leasehold Improvements \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives of property and equipment	10 years

Revenue Recognition and Deferred Costs - Schedule of Disaggregate Revenue by Major Source (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation Of Revenue [Line Items]
Total revenue	$ 49,013	$ 36,316	$ 95,673	$ 69,490
Subscription Solutions
Disaggregation Of Revenue [Line Items]
Total revenue	33,955	23,943	65,959	47,496
Partner and Services
Disaggregation Of Revenue [Line Items]
Total revenue	$ 15,058	$ 12,373	$ 29,714	$ 21,994

- Definition

+ References

+ Details

Revenue Recognition and Deferred Costs - Additional Information (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Recognized previously deferred revenue	$ 8,000,000.0
Amortization of deferred sales commissions estimated period	4 years
Impairment of deferred commissions	$ 0		$ 0
Deferred sales commissions	1,410,000	$ 1,760,000
Deferred commission amortization expense	$ 790,000	$ 970,000
Subscription Solutions \| Minimum
Disaggregation Of Revenue [Line Items]
Contract with customer period	1 year
Subscription Solutions \| Maximum
Disaggregation Of Revenue [Line Items]
Contract with customer period	3 years

Revenue Recognition and Deferred Costs - Additional Information (Details 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01 $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 107.0
Remaining performance obligations, percentage	52.00%
Remaining performance obligations, satisfaction period	12 months
Revenue, expected recognition period, explanation	We expect to recognize approximately 52% of the remaining performance obligations as revenue in the following 12-month periods, and the remaining balance in the periods thereafter.

Fair Value Measurements, Cash Equivalents and Marketable Securities -Summarize the Estimated Fair Value of Our Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Financial assets:
Financial assets	$ 178,909
Money market funds
Financial assets:
Financial assets	148,512	$ 196,521
Amortized Cost	148,512	196,521
Estimated Fair Value	148,512	196,521
Corporate securities
Financial assets:
Financial assets	30,397
Amortized Cost	30,397
Estimated Fair Value	30,397
Level 1
Financial assets:
Financial assets	148,512
Level 1 \| Money market funds
Financial assets:
Financial assets	148,512	$ 196,521
Level 2
Financial assets:
Financial assets	30,397
Level 2 \| Corporate securities
Financial assets:
Financial assets	$ 30,397

Commitment, Contingencies, and Leases - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Commitments Contingencies And Leases [Abstract]
Liability related to indemnification obligations	$ 0		$ 0		$ 0
Operating lease, expiration year			2028
Operating and short-term rent expense	$ 900,000	$ 900,000	$ 1,800,000	$ 1,800,000

Commitment, Contingencies, and Leases - Schedule of Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Commitments Contingencies And Leases [Abstract]
Cash paid for operating lease liabilities	$ 1,947	$ 1,780

Commitment, Contingencies, and Leases - Schedule of Operating Lease Information (Details)	Jun. 30, 2021	Jun. 30, 2020
Commitments Contingencies And Leases [Abstract]
Weighted-average remaining lease-term	5 years 9 months	6 years 3 months 29 days
Weighted-average discount rate	5.46%	5.46%

Commitment, Contingencies, and Leases - Schedule of Future Maturities of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Commitments Contingencies And Leases [Abstract]
2021 (July 1st through December 31st)	$ 1,981
2022	3,062
2023	2,484
2024	2,243
2025	2,011
Thereafter	4,923
Total minimum lease payments	16,704
Less imputed interest	(2,431)
Total lease liabilities	$ 14,273

Other Liabilities - Components of Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Sales tax payable	$ 529	$ 814
Payroll and payroll related expenses	13,501	18,255
Other	3,395	3,107
Other current liabilities	$ 17,425	$ 22,176

Debt - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands			1 Months Ended	3 Months Ended	6 Months Ended
	Aug. 04, 2020	Feb. 28, 2020	Aug. 31, 2020	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Gain on fair value of put option				$ 4,400,000	$ 4,413,000
Net unamortized fees					$ 800,000
Mezzanine Facility \| WestRiver
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity		$ 10,000,000.0
Credit facility, maturity date		Nov. 06, 2020
Warrants, exercise price per share		$ 9.21
Warrants expiration date		Mar. 01, 2023
Warrants to purchase shares of common stock			49,500
Fair value of warrants issued		$ 300,000
Mezzanine Facility \| WestRiver \| Maximum
Debt Instrument [Line Items]
Warrants to purchase shares of common stock		99,000
Silicon Valley Bank \| Revolving Line
Debt Instrument [Line Items]
Weighted average interest rate					3.60%
Credit facility maximum borrowing capacity							$ 20,000,000.0
Credit facility, outstanding amount							0
Convertible Term Loan \| Silicon Valley Bank
Debt Instrument [Line Items]
Debt principal amount	$ 55,000,000.0
Conversion of convertible debt into common stock upon initial public offering	$ 35,000.0
Weighted average interest rate					5.60%
Convertible Term Loan \| Silicon Valley Bank \| Series 1 Common Stock
Debt Instrument [Line Items]
Initial public offering completion date	Aug. 05, 2020
Repayment of paid principal amount	$ 1,100,000
Conversion of convertible debt into common stock upon initial public offering	$ 53,900
Conversion of debt to shares	5,249,534
2020 Convertible Loan
Debt Instrument [Line Items]
Derivative liability						$ 4,400,000
Interest expense					$ 300,000
2018 Term Loan \| Silicon Valley Bank \| Revolving Line
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity							$ 5,000,000.0

Stockholders' Equity (Deficit) - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Class Of Stock [Line Items]
Stock options granted \| shares	251,000
Weighted average exercise price of stock options granted \| $ / shares	$ 58.01
Fair value assumptions, expected term	6 years
Fair value assumptions, expected volatility rate	60.00%
Fair value assumptions, risk-free interest rate	1.10%
Fair value assumptions, expected dividend yield	0.00%
Restricted Stock Units
Class Of Stock [Line Items]
Awards granted to employees \| shares	571,639
Awards granted to employees, fair value per share \| $ / shares	$ 56.65
Weighted-average requisite service period	4 years

Stockholders' Equity (Deficit) - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 6,522	$ 1,144	$ 11,693	$ 2,170
Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	526	81	913	154
Sales and Marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	1,943	352	3,522	641
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	1,466	330	2,614	634
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,587	$ 381	$ 4,644	$ 741

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
Income Taxes - Additional Information (Details)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
U.S. statutory tax rate			21.00%
Effective tax rate	(0.05%)	(0.04%)	(0.03%)	(0.16%)

Net Loss per Share - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Earnings Per Share Basic [Line Items]
Total undistributed loss is allocated to preferred stock, diluted	$ 0
Total undistributed loss is allocated to preferred stock, basic	$ 0
Preferred stock outstanding	0
Series F Preferred Stock
Earnings Per Share Basic [Line Items]
Dividend rate	10.00%
Series 1 Common Stock
Earnings Per Share Basic [Line Items]
Number of shares converted from Series 2 to Series 1	5,100,000
Number of shares outstanding in Series 2	71,110,000	64,461,000
Series 2 Common Stock
Earnings Per Share Basic [Line Items]
Number of shares outstanding in Series 2	0	5,051,000

Net Loss per Share - Schedule of Antidilutive Securities Outstanding Excluded from Computation of Diluted Weighted-Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding	8,631	49,328	8,631	49,328
Preferred Stock as-Converted
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding	0	34,442	0	34,442
Stock Options Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding	6,985	9,267	6,985	9,267
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding	1,646	0	1,646	0
Warrants to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding	0	369	0	369
Convertible Debt
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding	0	5,250	0	5,250

Subsequent Events - Additional Information (Details) - Asset purchase agreement - Subsequent event $ in Millions	Jul. 23, 2021 USD ($) Installment
Subsequent Event [Line Items]
Purchase consideration	$ 145.0
Purchase consideration paid upon closing	80.0
Purchase consideration paid upon each of the first and second anniversaries of closing or upon the earlier achievement of certain milestones.	32.5
Purchase consideration installments	$ 65.0
Purchase consideration number of installment \| Installment	2