0001564590-21-056559 | 10-Q | XBRL Viewer

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Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2021 shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Period Focus	Q3
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	71,618,735
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	Sep. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 364,909	$ 219,447
Restricted cash	1,141	1,160
Marketable securities	43,467
Accounts receivable, net	33,775	22,894
Prepaid expenses and other assets	13,722	8,000
Deferred commissions	3,445	2,571
Total current assets	460,459	254,072
Property and equipment, net	7,383	7,122
Right-of-use-assets	10,204	11,842
Prepaid expenses, net of current portion	913
Deferred commissions, net of current portion	4,800	3,590
Intangible assets, net	35,360
Goodwill	41,374
Total assets	560,493	276,626
Current liabilities
Accounts payable	5,885	5,788
Accrued liabilities	2,890	3,344
Deferred revenue	12,910	11,406
Current portion of operating lease liabilities	2,925	3,173
Other current liabilities	24,148	22,176
Total current liabilities	48,758	45,887
Deferred revenue, net of current portion	1,481	1,308
Long-term debt, net of current portion	335,050
Other long-term liabilities	3,210
Operating lease liabilities, net of current portion	10,805	12,672
Total liabilities	399,304	59,867
Commitments and contingencies (Note 6)
Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000 shares authorized at September 30, 2021 and December 31, 2020; 0 shares issued and outstanding, at September 30, 2021 and December 31, 2020
Common stock, $0.0001 par value; 500,000 shares Series 1 and, 5,051 shares Series 2 authorized at September 30, 2021 and December 31, 2020; 71,619, and 64,461 shares Series 1 issued and outstanding at September 30, 2021 and December 31, 2020, respectively, and 0 and 5,051 shares Series 2 issued and, outstanding at September 30, 2021, and December 31, 2020, respectively	7	7
Additional paid-in capital	517,006	530,143
Accumulated deficit	(355,824)	(313,391)
Total stockholders’ equity	161,189	216,759
Total liabilities and stockholders’ equity	$ 560,493	$ 276,626

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Series 1 Common Stock
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	71,619,000	64,461,000
Common stock, shares outstanding	71,619,000	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	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue	$ 59,285,000	$ 39,735,000	$ 154,958,000	$ 109,225,000
Cost of revenue	12,403,000	8,593,000	31,838,000	23,910,000
Gross profit	46,882,000	31,142,000	123,120,000	85,315,000
Operating expenses:
Sales and marketing	26,101,000	19,328,000	69,066,000	51,893,000
Research and development	16,532,000	12,124,000	44,792,000	34,390,000
General and administrative	14,370,000	9,745,000	39,089,000	23,925,000
Acquisition related expenses	9,792,000		10,899,000
Amortization of intangible assets	1,402,000	0	1,402,000	0
Total operating expenses	68,197,000	41,197,000	165,248,000	110,208,000
Loss from operations	(21,315,000)	(10,055,000)	(42,128,000)	(24,893,000)
Interest income	24,000	2,000	65,000	20,000
Interest expense	(125,000)	(741,000)	(125,000)	(2,655,000)
Change in fair value of financial instruments				4,413,000
Other income (expense)	5,000	(75,000)	18,000	(238,000)
Loss before provision for income taxes	(21,411,000)	(10,869,000)	(42,170,000)	(23,353,000)
Provision for income taxes	257,000	(14,000)	263,000	6,000
Net loss	(21,668,000)	(10,855,000)	(42,433,000)	(23,359,000)
Dividends and accretion of issuance costs on Series F preferred stock		2,732,000		(962,000)
Net loss attributable to common stockholders	$ (21,668,000)	$ (8,123,000)	$ (42,433,000)	$ (24,321,000)
Basic and diluted net loss per share attributable to common stockholders	$ (0.30)	$ (0.16)	$ (0.60)	$ (0.83)
Weighted average shares used to compute basic and diluted net loss per share attributable to common stockholders	71,372	49,355	70,598	29,145

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (21,668)	$ (10,855)	$ (42,433)	$ (23,359)
Other comprehensive income (loss):
Total comprehensive loss	$ (21,668)	$ (10,855)	$ (42,433)	$ (23,359)

- 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
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	(23,359)
Balance at Sep. 30, 2020	158,498			$ 7	457,681	(299,190)
Balance, shares at Sep. 30, 2020				67,808
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
Exercise of stock options	1,051				1,051
Exercise of stock options, shares				511
Exercise of warrants, shares				349
Stock-based compensation	2,868				2,868
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offerings costs	171,129			$ 1	171,128
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs, shares				7,878
Conversion of redeemable preferred stock to common stock upon initial public offering	211,902			$ 3	211,899
Conversion of redeemable preferred stock to common stock upon initial public offering,Shares				34,442
Temporary equity,Conversion of redeemable preferred stock to common stock upon initial public offering			$ (211,902)
Temporary equity,Conversion of redeemable preferred stock to common stock upon initial public offering, shares			(102,030)
Conversion of redeemable convertible debt to common stock upon initial public offering	50,173			$ 1	50,172
Conversion of redeemable convertible debt to common stock upon initial public offering, shares				5,250
Accumulated dividend - Series F	2,744					2,744
Temporary Equity, Accumulated dividend - Series F			$ (2,744)
Temporary equity payment of dividend			(12,814)
Accretion of Series F issuance costs	(8)				(8)
Temporary Equity, Accretion of Series F issuance costs			$ 8
Net loss	(10,855)					(10,855)
Balance at Sep. 30, 2020	158,498			$ 7	457,681	(299,190)
Balance, shares at Sep. 30, 2020				67,808
Balance at Dec. 31, 2020	216,759			$ 7	530,143	(313,391)
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)
Balance, shares at Dec. 31, 2020				69,512
Net loss	(42,433)
Balance at Sep. 30, 2021	161,189			$ 7	517,006	(355,824)
Balance, shares at Sep. 30, 2021				71,618
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)
Balance, shares at Jun. 30, 2021				71,110
Exercise of stock options	1,371				1,371
Exercise of stock options, shares				485
Release of restricted stock units, shares				23
Stock-based compensation	5,989				5,989
Purchase of capped call	(35,570)				(35,570)
Net loss	(21,668)					(21,668)
Balance at Sep. 30, 2021	$ 161,189			$ 7	$ 517,006	$ (355,824)
Balance, shares at Sep. 30, 2021				71,618

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net loss	$ (42,433)	$ (23,359)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,521	2,377
Amortization of discount on debt	87	480
Stock-based compensation	17,682	5,038
Allowance for credit losses	2,124	1,198
Change in fair value of financial instrument		(4,413)
Changes in operating assets and liabilities:
Accounts receivable	(9,898)	(7,473)
Prepaid expenses	(6,507)	(3,675)
Deferred commissions	(2,084)	(1,454)
Accounts payable	(189)	1,685
Accrued and other liabilities	4,537	4,319
Deferred revenue	1,677	2,077
Net cash used in operating activities	(31,483)	(23,200)
Cash flows from investing activities:
Cash paid for acquisition	(80,952)
Purchase of property and equipment	(2,287)	(1,378)
Purchase of marketable securities	(43,467)
Net cash used in investing activities	(126,706)	(1,378)
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes	345,000
Payment of debt issuance costs	(10,037)
Purchase of capped calls	(35,570)
Proceeds from exercise of stock options	4,239	1,947
Payment of dividends		(12,814)
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs		171,128
Proceeds from debt		41,861
Repayment of debt		(6,715)
Net cash provided by financing activities	303,632	195,407
Net change in cash and cash equivalents and restricted cash	145,443	170,829
Cash and cash equivalents and restricted cash, beginning of period	220,607	9,150
Cash and cash equivalents and restricted cash, end of period	366,050	179,979
Supplemental cash flow information:
Cash paid for interest		1,519
Noncash investing and financing activities:
Conversion of convertible preferred stock into common stock upon initial public offering		211,902
Conversion of convertible debt into common stock upon initial public offering		50,173
Reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheet to the amounts shown in the statements of cash flows above:
Cash and cash equivalents	364,909	178,846
Restricted cash	1,141	1,133
Cash and cash equivalents and restricted cash, end of period	$ 366,050	$ 179,979

Overview

9 Months Ended

Sep. 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

9 Months Ended

Sep. 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 our Annual Report on Form 10-K, filed with the SEC on February 26, 2021. The results of operations for the nine months ended September 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.

The COVID-19 pandemic has continued to cause economic disruption in the United States and our target international markets. As a result, we have experienced a significant shift in shopping behavior from offline to online over the last 18 months. 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.

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 September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Revenue:
Americas – U.S.	$	46,167	$	31,483	$	119,872	$	87,099
Americas – other		2,129		1,422		5,781		3,827
EMEA		5,342		3,180		14,464		8,493
APAC		5,647		3,650		14,841		9,806
Total revenue	$	59,285	$	39,735	$	154,958	$	109,225

Long-lived assets by geographic region was as follows:

	September 30,		December 31,
(in thousands)	2021		2020
Long-lived assets:
Americas – U.S.	$	6,868	$	6,596
APAC		515		526
Total long-lived assets	$	7,383	$	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.

For available-for-sale debt securities in an unrealized loss position, our management first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value and recognized in other income (expense) in the results of operations. For available-for-sale debt securities that do not meet the aforementioned criteria, our

2. Summary of significant accounting policies (continued)

management evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, an allowance is recorded for the difference between the present value of cash flows expected to be collected and the amortized cost basis of the security. Impairment losses attributable to credit loss factors are charged against the allowance when management believes an available-for-sale security is uncollectible or when either of the criteria regarding intent or requirement to sell is met.

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

Accounts receivable

Accounts receivable are stated at net realizable value and include 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 September 30, 2021 and December 31, 2020 included unbilled receivables of $9.6 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 uncollectible. 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
Provision for expected credit losses		497
Accounts written off		(218	)
Balance at September 30, 2021	$	3,049

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

2. Summary of significant accounting policies (continued)

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

The carrying values of property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, 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.

Business combination

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

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

Acquisition related expenses

Acquisition related expenses consist primarily of cash payments for third-party acquisition costs and other acquisition related expenses, including contingent compensation arrangements entered into in connection with acquisitions. In connection with our acquisition of Feedonomics LLC (“Feedonomics”) on July 23, 2021, as further discussed in Note 5 “Business Combination”, we entered into a contingent compensation arrangement with certain employees of the acquiree, in which payment will be made to those individuals within ten business days after the first and second anniversaries of the closing or upon the earlier achievement of certain product and financial milestones. The compensation arrangement is contingent upon continued post-acquisition employment with us. We account for the cost related to the first and second contingent compensation arrangement payments over the service periods of 12 and 24 months, respectively, beginning on the acquisition date, assuming earlier achievement of product and financial milestones is unlikely to be met. We recognized $9.8 million and $10.9 million in acquisition related expenses during the three and nine months ended September 30, 2021, respectively.

2. Summary of significant accounting policies (continued)

Goodwill and other acquired intangible, net

We assess goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter, or more frequently if events or changes in circumstances would more likely than not reduce the fair value of a reporting unit below its carrying value. When we elect to perform a qualitative assessment and conclude it is not more likely than not the fair value of the reporting unit is less than its carrying value, no further assessment of that reporting unit is necessary; otherwise, a quantitative assessment is performed and the fair value of the reporting unit is determined. If the carrying value of the reporting unit exceeds the estimated fair value, impairment is recorded.

We evaluate the recoverability of finite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of such asset may not be recoverable. If such review determines the carrying amount of the indefinite-lived asset is not recoverable, the carrying amount of such asset is reduced to its fair value.

Acquired finite-lived intangible assets are amortized over their estimated useful lives. We evaluate the estimated remaining useful life of these assets when events or changes in circumstances indicate a revision to the remaining period of amortization. If we revise the estimated useful life assumption for any assets, the remaining unamortized balance is amortized over the revised estimated useful life on a prospective basis.

Income taxes

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.

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 estimated 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 estimated 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. As further discussed in Note 7 “Debt”, we issued certain convertible senior notes and entered into certain contracts in the Company’s own equity during the quarter ended September 30, 2021. The accounting for these instruments was based on the guidance in ASU 2020-06. The adoption of this standard did not have any material impact on our financial statements.

Revenue Recognition and Deferred Costs

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Subscription solutions	$	42,122	$	26,545	$	108,081	$	74,041
Partner and services		17,163		13,190		46,877		35,184
Total revenue	$	59,285	$	39,735	$	154,958	$	109,225

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.

Subsequent to our acquisition of Feedonomics on July 23, 2021, 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.). We 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). The service offerings constitute a single combined performance obligation. Services are performed and Fees are determined based on monthly usage and are billed in arrears.

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.

3. Revenue recognition and deferred costs (continued)

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. Feedonomics’ subscription contracts can include multiple performance obligations but due to the nature of the service, they are performed over the same period.

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. With our acquisition of Feedonomics on July 23, 2021, cost of revenue also includes personnel and other costs related to feed management services along with other customer support personnel.

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 $9.5 million of previously deferred revenue during the nine months ended September 30, 2021.

The net increase in the deferred revenue balance for the nine months ended September 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.

As of September 30, 2021, we had $129.4 million of remaining performance obligations, which represents contracted revenue minimums that have not yet been recognized, including amounts that will be invoiced and recognized as revenue in future periods. We expect to recognize approximately 50% of the remaining performance obligations as revenue in the following 12-month period, and the remaining balance in the periods thereafter.

3. Revenue recognition and deferred costs (continued)

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 nine months ended September 30, 2021 and the year ended December 31, 2020.

Sales commissions of $4.5 million and $2.9 million were deferred for the nine months ended September 30, 2021 and 2020, respectively; and deferred commission amortization expense was $2.4 million and $1.5 million for the nine months ended September 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&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=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&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=123351226&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=123351226&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=123351226&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=123351226&loc=SL49130554-203045

+ Details

Fair Value Measurements, Cash Equivalents and Marketable Securities

9 Months Ended

Sep. 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, marketable securities and debt.

	As of September 30, 2021
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Financial assets:
Money market funds	$	342,476	$	—	$	—	$	342,476
U.S treasury securities	$	9,140	$	—	$	—	$	9,140
Corporate securities	$	—	$	34,327	$	—	$	34,327
Total financial assets	$	351,616	$	34,327	$	—	$	385,943

	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 September 30, 2021
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	342,476	$	—	$	—	$	342,476
Marketable securities:
U.S treasury securities	$	9,140					$	9,140
Corporate securities	$	34,327	$	—	$	—	$	34,327

	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

In September 2021, we issued $345.0 million aggregate principal amount of 0.25% convertible senior notes due 2026 (the “Notes”). The estimated fair value of the notes was approximately $347.8 million as of September 30, 2021. The Notes were categorized as Level 2 instruments as the estimated fair value was determined based on estimated or actual bids and offers of the Notes in an inactive market on the last business day of the period.

- Definition

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

+ References + Details

Business Combinations

9 Months Ended

Sep. 30, 2021

Business Combinations [Abstract]

Business Combinations

5. Business combinations

July 2021 Acquisition of Feedonomics, LLC

On July 23, 2021, we acquired 100% of Feedonomics, a SaaS company offering online product feed management platform used by merchants to optimize product data and syndicate and list products into multiple sales channels, including advertising, marketplace, affiliate and social channels, for a total purchase price of $80.9 million in cash. Our purchase accounting is not yet complete, and the fair value of assets acquired, and liabilities assumed, including valuation of intangibles assets, may change as additional information is received during the measurement period. The measurement period will end no later than one year from the acquisition date.

The financial results of Feedonomics are included in our financial statements beginning July 23, 2021. For the three-month ended September 30, 2021, our results include $5.9 million of revenue and $0.3 million of net loss in our Condensed Statements of Operations related to Feedonomics. Acquisition related costs of $9.8 million were expensed as incurred during the three months ended September 30, 2021.

The table below summarizes the preliminary estimated fair value of the asset acquired and liability assumed at the date of the acquisition.

(in thousands)	July 23rd, 2021

Accounts receivable	$	3,107
Prepaid expenses and other assets	$	108
Acquisition related intangible assets	$	36,762
Other non-current assets	$	458
Accounts payable and accrued liabilities	$	287
Customer prepaid liabilities	$	225
Operating lease liabilities	$	345
Net asset acquired, excluding goodwill	$	39,578
Total purchase consideration	$	80,952
Goodwill	$	41,374

5. Business combinations (continued)

We acquired Feedonomics because it is complementary to our core business. The purchase price was based on the expected financial performance of Feedonomics, not on the value of the net identifiable assets at the time of the acquisition. This resulted in a significant portion of the purchase price being attributed to goodwill. The goodwill amount represents synergies expected to be realized from the business combination and assembled workforce. Assets acquired and liabilities assumed were reviewed and adjusted to their fair values at the date of the acquisition, as necessary. The fair value of the developed technology and the trade name were determined using the relief from royalty method and customer relationships and non-compete agreement were determined using the multi-period excess earning model. The valuation of the intangibles assets incorporate significant unobservable input and require management judgement and estimate, including the amount and timing of the future cashflow and the determination of the discount rate. The goodwill of $41.4 million from this transaction is expected to be deductible for tax purposes. We are still evaluating the tax treatment of contingent compensation arrangements which may be treated as consideration for tax purposes and increase the amount of tax deductible goodwill when paid.

In conjunction with the transaction, we entered into a contingent compensation arrangement with certain employees of Feedonomics for their post-acquisition services, in which $32.5.0 million will be made to those individuals within ten business days after both the first and second anniversaries of the closing or upon the earlier achievement of certain product and financial milestones for an aggregate amount of $65.0 million. Product milestones include certain product enhancement and integration with existing products and financial milestones include certain revenue and gross margin targets. We account for the cost related to the first and second contingent compensation arrangement payments over the service periods of 12 and 24 months, respectively, beginning on the acquisition date, assuming earlier achievement of product and financial milestones is unlikely to be met. As the contingent compensation is related to post-acquisition services, it is not considered as part of the purchase price of $80.9 million. We recognized $9.2 million in additional compensation expense related to these contingent compensation arrangements for the three and nine months ended September 30, 2021. We include this expense in acquisition related expenses in our condensed consolidated statements of operations.

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

(in thousands)	Estimated fair value		Weighted average amortization period (in years)

Developed technology	$	11,740		4.0
Customer relationship	$	22,387		5.7
Tradename	$	2,451		5.0
Non-compete agreement	$	184		5.0
Total acquisition-related intangible assets	$	36,762

Unaudited pro forma financial information

The unaudited pro forma financial information in the table below presents the combined results of the Company and Feedonomics as if this acquisition had occurred on January 1, 2020. The unaudited pro forma financial information includes adjustments required under the acquisition method of accounting and is presented for informational purposes only and is not necessarily indicative of the results that would have been achieved had the acquisition actually occurred on January 1, 2020. For the three and nine months ended September 30, 2021, pro forma adjustments include a reduction in transaction-related costs of $0.6 million and $1.7 million excluding the compensation cost related to post-acquisition compensation arrangement, respectively, because they are non-recurring in nature, an increase in amortization of intangible of $0.5 million and $4.2 million, respectively, and a decrease of $5.1 million and increase of $3.0 million in compensation costs related to the post-acquisition compensation arrangement, respectively. For the three and nine months ended September 30, 2020, pro forma adjustments include an increase in amortization of intangible of $1.9 million and $5.6 million, respectively and an increase in compensation cost of $12.2 million and $36.6 million related to the post-acquisition compensation arrangement, respectively.

	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2021			2020			2021			2020
Total revenue	$	61,125		$	44,672		$	169,683		$	122,482
Net loss	$	(16,894	)	$	(24,288	)	$	(48,272	)	$	(64,748	)

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

6. Goodwill and intangible assets

Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. The changes to the carrying amount of goodwill as follows:

(in thousands)

Balance as of December 31, 2020	$	—
Goodwill acquired	$	41,374
Balance as of September 30, 2021	$	41,374

Goodwill amounts are not amortized but tested for impairment on an annual basis. There was no impairment of goodwill as of September 30, 2021.

Definite-lived intangible assets are amortized on a straight-line basis over the useful life. Definite-lived intangible assets amortization was $1.4 million and $1.4 million for three and nine months ended September 30, 2021, respectively. We did not record any amortization expense for the three and nine months ended September 30, 2020.

Definite-lived intangible assets consists of the following:

(in thousands)	September 30, 2021							December 31, 2020						Weighted average remaining useful life as of September 30, 2021 (in years)
	Gross amount		Accumulated amortization			Net carrying amount		Gross amount		Accumulated amortization		Net carrying amount
Developed technology	$	11,740	$	(554	)	$	11,186	$	—	$	—	$	—		3.8
Customer relationship	$	22,387	$	(748	)	$	21,639	$	—	$	—	$	—		5.5
Tradename	$	2,451	$	(93	)	$	2,358	$	—	$	—	$	—		4.8
Non-compete agreement	$	184	$	(7	)	$	177	$	—	$	—	$	—		4.8
Total definite-lived intangible	$	36,762	$	(1,402	)	$	35,360	$	—	$	—	$	—

As of September 30, 2021, expected amortization expense for definite-lived intangible assets was as follows:

(in thousands)	September 30, 2021

2021 (October 1st through December 31st)		1,856
2022		7,423
2023		7,423
2024		7,423
2025		6,135
Thereafter		5,100
Total	$	35,360

Commitments, Contingencies, and Leases

9 Months Ended

Sep. 30, 2021

Commitments Contingencies And Leases [Abstract]

Commitments, Contingencies, and Leases

7. 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.

7. Commitments, contingencies, and leases (continued)

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 or 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 September 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 $1.0 million and $0.9 million for the three-month periods ended September 30, 2021 and 2020, respectively, and $2.8 million and $2.7 million for the nine-month periods ended September 30, 2021 and 2020, respectively. Short-term rent expense was not material for any of the periods presented.

Supplemental lease information

Cash flow information (in thousands)	Nine months ended September 30,
	2021		2020

Cash paid for operating lease liabilities	$	2,962	$	2,684
Right-of-use assets obtained in acquisition	$	345	$	—

Operating lease information	Nine months ended September 30,
	2021			2020

Weighted-average remaining lease-term	5.53			6.17
Weighted-average discount rate		5.46	%		5.46	%

The future maturities of operating lease liabilities are as follows:

(in thousands)	September 30, 2021

2021 (October 1st through December 31st)		1,155
2022		3,268
2023		2,527
2024		2,236
2025		2,011
Thereafter		4,923
Total minimum lease payments	$	16,120
Less imputed interest		(2,389	)
Total lease liabilities	$	13,731

Other Liabilities

9 Months Ended

Sep. 30, 2021

Other Liabilities Disclosure [Abstract]

Other Liabilities

8. Other liabilities

The following table summarizes the components of other current liabilities:

	As of September 30,		As of December 31,
(in thousands)	2021		2020
Sales tax payable	$	564	$	814
Payroll and payroll related expenses		13,574		18,255
Acquisition related compensation		6,116		—
Other		3,894		3,107
Other current liabilities	$	24,148	$	22,176

Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

9. Debt

2021 Convertible Senior Notes

In September 2021, we issued $345.0 million aggregate principal amount of 0.25% 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 our senior, unsecured obligations and accrue interest at a rate of 0.25% 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%) 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%) 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 we call 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.

We will settle conversions by paying or delivering, as applicable, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. The initial conversion rate for the Notes is 13.6783 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.

We 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 our 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 our common stock exceeds 130% 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 we send the related redemption notice; and (ii) the trading day immediately before the date we send 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), we 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 we send 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 us 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, we recorded the Notes as a liability at face value. The effective interest rate for the Notes was 0.84%. Transaction costs of $10.0 million, attributable to the issuance of the Notes were recorded as a direct deduction from the related debt liability in the Consolidated Balance Sheet and are amortized to interest expense over the term of the Notes.

2021 Capped Call Transactions

In connection with the pricing of the 2021 Notes, we entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain financial institutions.

9. Debt (continued)

We used $35.6 million of the net proceeds from the Notes to enter into privately negotiated capped call instruments the (“Capped Call Transactions”) with certain financial institutions. The Capped Call Transactions are generally expected to reduce potential dilution to holders of our common stock upon any conversion of the Notes and/or offset any cash payments we are 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 our 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% over the last reported sale prices of our 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 our 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 our stock. The premiums paid for the Capped Call Transaction have been included as a net reduction to additional paid-in capital within stockholders’ equity.

The net carrying amount of the Notes consists of the following:

(in thousands)	September 30, 2021			December 31, 2020

Principal balance	$	345,000		$	—
Unamortized issuance costs	$	(9,950	)	$	—
Carrying value, net	$	335,050		$	—

The total interest expense recognized related to the Notes consists of the following:

	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Contractual interest expense	$	38	$	—	$	38	$	—
Amortization of issuance costs		87		—		87		—
Total	$	125	$	—	$	125	$	—

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 5.8% during the nine-month period ended September 30, 2020.

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. Our 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 $0.4 million during the nine-month period ended September 30, 2020.

9. Debt (continued)

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 4.0 percent for the nine-month period ended September 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 September 30, 2021 amounted to $10.0 million.

- Definition

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

+ References

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+ Details

Stockholders' Equity (Deficit)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Stockholders' Equity (Deficit)

10. Stockholders’ equity (deficit)

Equity Incentive Plans – Stock Options

During the nine months ended September 30, 2021, we granted an aggregate of 263,136 shares of stock options, with a weighted average exercise price of $58.17 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 56%, (iii) risk-free interest rate 1.0% and (iv) expected dividend yield of 0%.

Restricted Stock Units

During the nine months ended September 30, 2021, we granted an aggregate of 1,302,480 RSUs with a weighted grant-date fair value of $58.09. 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

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 September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Cost of revenue	$	293	$	179	$	1,206	$	334
Sales and marketing		1,829		871		5,351		1,511
Research and development		1,566		582		4,180		1,216
General and administrative		2,301		1,236		6,945		1,977
Total stock-based compensation expense	$	5,989	$	2,868	$	17,682	$	5,038

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

11. 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 ((.52%) as of September 30, 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 primarily related to changes in U.S. deferred tax liabilities associated with amortization of tax deductible goodwill, non-U.S. jurisdictions where we are profitable, and current state income taxes.

The effective tax rates for the three months ended September 30, 2021 and 2020 were (1.20) % and 0.13 % respectively. The effective tax rates for the nine months ended September 30, 2021 and 2020 were (0.61) % and (0.03) % respectively.

We file tax returns in the U.S., including various state and local returns, and in other foreign jurisdictions including Australia, Ireland, Singapore, Ukraine, 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

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+ Details

Net Loss per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Net Loss per Share

12. 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 nine-month period ending September 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 three and nine months ended September 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 nine-month period ended September 30, 2021. There are no Series 2 shares outstanding as of September 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 September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Stock options outstanding		6,393		9,391		6,393		9,391
Restricted stock units		2,245		1,363		2,245		1,363
Acquisition related compensation ⁽¹⁾		1,207		—		1,207		—
Convertible debt		4,719		—		4,719		—
Total potentially dilutive securities		14,564		10,754		14,564		10,754

⁽¹⁾

In connection with the acquisition of Feedonomics, we entered into a contingent compensation arrangement with certain employees of Feedonomics for their post-acquisition services. Of the $65.0 million to be paid, $61.1 million can be settled in our own stock assuming a price of $50.64 per share.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Revenue:
Americas – U.S.	$	46,167	$	31,483	$	119,872	$	87,099
Americas – other		2,129		1,422		5,781		3,827
EMEA		5,342		3,180		14,464		8,493
APAC		5,647		3,650		14,841		9,806
Total revenue	$	59,285	$	39,735	$	154,958	$	109,225

Long-lived assets by geographic region was as follows:

	September 30,		December 31,
(in thousands)	2021		2020
Long-lived assets:
Americas – U.S.	$	6,868	$	6,596
APAC		515		526
Total long-lived assets	$	7,383	$	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
Provision for expected credit losses		497
Accounts written off		(218	)
Balance at September 30, 2021	$	3,049

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

2. Summary of significant accounting policies (continued)

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

Research and development and internal use software

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.

Business combination and acquisition related expenses

Business combination

Acquisition related expenses

Goodwill and other acquired intangible, net

Income taxes

Stock-based compensation

Accounting pronouncements

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Revenue:
Americas – U.S.	$	46,167	$	31,483	$	119,872	$	87,099
Americas – other		2,129		1,422		5,781		3,827
EMEA		5,342		3,180		14,464		8,493
APAC		5,647		3,650		14,841		9,806
Total revenue	$	59,285	$	39,735	$	154,958	$	109,225

Schedule of Long-lived Assets by Geographic Region

Long-lived assets by geographic region was as follows:

	September 30,		December 31,
(in thousands)	2021		2020
Long-lived assets:
Americas – U.S.	$	6,868	$	6,596
APAC		515		526
Total long-lived assets	$	7,383	$	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
Provision for expected credit losses		497
Accounts written off		(218	)
Balance at September 30, 2021	$	3,049

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)

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Subscription solutions	$	42,122	$	26,545	$	108,081	$	74,041
Partner and services		17,163		13,190		46,877		35,184
Total revenue	$	59,285	$	39,735	$	154,958	$	109,225

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

9 Months Ended

Sep. 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, marketable securities and debt.

	As of September 30, 2021
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Financial assets:
Money market funds	$	342,476	$	—	$	—	$	342,476
U.S treasury securities	$	9,140	$	—	$	—	$	9,140
Corporate securities	$	—	$	34,327	$	—	$	34,327
Total financial assets	$	351,616	$	34,327	$	—	$	385,943

	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 September 30, 2021
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	342,476	$	—	$	—	$	342,476
Marketable securities:
U.S treasury securities	$	9,140					$	9,140
Corporate securities	$	34,327	$	—	$	—	$	34,327

	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

Business Combinations (Tables)

9 Months Ended

Sep. 30, 2021

Business Combinations [Abstract]

Summary of Preliminary Estimated Fair Value of Assets Acquired and Liability Assumed

The table below summarizes the preliminary estimated fair value of the asset acquired and liability assumed at the date of the acquisition.

(in thousands)	July 23rd, 2021

Accounts receivable	$	3,107
Prepaid expenses and other assets	$	108
Acquisition related intangible assets	$	36,762
Other non-current assets	$	458
Accounts payable and accrued liabilities	$	287
Customer prepaid liabilities	$	225
Operating lease liabilities	$	345
Net asset acquired, excluding goodwill	$	39,578
Total purchase consideration	$	80,952
Goodwill	$	41,374

Summary of Preliminary Estimated Fair Value of Identifiable Intangible Assets Acquired

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

(in thousands)	Estimated fair value		Weighted average amortization period (in years)

Developed technology	$	11,740		4.0
Customer relationship	$	22,387		5.7
Tradename	$	2,451		5.0
Non-compete agreement	$	184		5.0
Total acquisition-related intangible assets	$	36,762

Summary of Unaudited Pro Forma Financial Information

The unaudited pro forma financial information in the table below presents the combined results of the Company and Feedonomics as if this acquisition had occurred on January 1, 2020.

	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2021			2020			2021			2020
Total revenue	$	61,125		$	44,672		$	169,683		$	122,482
Net loss	$	(16,894	)	$	(24,288	)	$	(48,272	)	$	(64,748	)

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Changes to Carrying Amount of Goodwill

(in thousands)

Balance as of December 31, 2020	$	—
Goodwill acquired	$	41,374
Balance as of September 30, 2021	$	41,374

Schedule of Definite-lived Intangible Assets

Definite-lived intangible assets consists of the following:

(in thousands)	September 30, 2021							December 31, 2020						Weighted average remaining useful life as of September 30, 2021 (in years)
	Gross amount		Accumulated amortization			Net carrying amount		Gross amount		Accumulated amortization		Net carrying amount
Developed technology	$	11,740	$	(554	)	$	11,186	$	—	$	—	$	—		3.8
Customer relationship	$	22,387	$	(748	)	$	21,639	$	—	$	—	$	—		5.5
Tradename	$	2,451	$	(93	)	$	2,358	$	—	$	—	$	—		4.8
Non-compete agreement	$	184	$	(7	)	$	177	$	—	$	—	$	—		4.8
Total definite-lived intangible	$	36,762	$	(1,402	)	$	35,360	$	—	$	—	$	—

Schedule of Expected Amortization Expense for Definite-lived Intangible Assets

As of September 30, 2021, expected amortization expense for definite-lived intangible assets was as follows:

(in thousands)	September 30, 2021

2021 (October 1st through December 31st)		1,856
2022		7,423
2023		7,423
2024		7,423
2025		6,135
Thereafter		5,100
Total	$	35,360

Commitments, Contingencies, and Leases (Tables)

9 Months Ended

Sep. 30, 2021

Commitments Contingencies And Leases [Abstract]

Supplemental Lease Information

Supplemental lease information

Cash flow information (in thousands)	Nine months ended September 30,
	2021		2020

Cash paid for operating lease liabilities	$	2,962	$	2,684
Right-of-use assets obtained in acquisition	$	345	$	—

Operating lease information	Nine months ended September 30,
	2021			2020

Weighted-average remaining lease-term	5.53			6.17
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)	September 30, 2021

2021 (October 1st through December 31st)		1,155
2022		3,268
2023		2,527
2024		2,236
2025		2,011
Thereafter		4,923
Total minimum lease payments	$	16,120
Less imputed interest		(2,389	)
Total lease liabilities	$	13,731

Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Other Liabilities Disclosure [Abstract]

Components of Other Current Liabilities

The following table summarizes the components of other current liabilities:

	As of September 30,		As of December 31,
(in thousands)	2021		2020
Sales tax payable	$	564	$	814
Payroll and payroll related expenses		13,574		18,255
Acquisition related compensation		6,116		—
Other		3,894		3,107
Other current liabilities	$	24,148	$	22,176

Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Summary of Net Carrying Amount of Notes

The net carrying amount of the Notes consists of the following:

(in thousands)	September 30, 2021			December 31, 2020

Principal balance	$	345,000		$	—
Unamortized issuance costs	$	(9,950	)	$	—
Carrying value, net	$	335,050		$	—

Summary of Total Interest Expense Recognized Related to Notes

The total interest expense recognized related to the Notes consists of the following:

	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Contractual interest expense	$	38	$	—	$	38	$	—
Amortization of issuance costs		87		—		87		—
Total	$	125	$	—	$	125	$	—

- 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.

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+ Details

Stockholders' Equity (Deficit) (Tables)

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Cost of revenue	$	293	$	179	$	1,206	$	334
Sales and marketing		1,829		871		5,351		1,511
Research and development		1,566		582		4,180		1,216
General and administrative		2,301		1,236		6,945		1,977
Total stock-based compensation expense	$	5,989	$	2,868	$	17,682	$	5,038

Net Loss per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

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

	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Stock options outstanding		6,393		9,391		6,393		9,391
Restricted stock units		2,245		1,363		2,245		1,363
Acquisition related compensation ⁽¹⁾		1,207		—		1,207		—
Convertible debt		4,719		—		4,719		—
Total potentially dilutive securities		14,564		10,754		14,564		10,754

⁽¹⁾

Overview - Additional Information (Details)	9 Months Ended
Overview - Additional Information (Details)	Sep. 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	$ 59,285	$ 39,735	$ 154,958	$ 109,225
Americas - U.S.
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	46,167	31,483	119,872	87,099
Americas - other
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	2,129	1,422	5,781	3,827
EMEA
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	5,342	3,180	14,464	8,493
APAC
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	$ 5,647	$ 3,650	$ 14,841	$ 9,806

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Summary of Significant Accounting Policies - Schedule of Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	$ 7,383	$ 7,122
Americas - U.S.
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	6,868	6,596
APAC
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	$ 515	$ 526

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Jan. 01, 2020	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Accounts receivable including unbilled receivables		$ 9,600	$ 9,600	$ 7,500
First contingent compensation arrangement payments over the service period			12 months
Second contingent compensation arrangement payments over the service period			24 months
Acquisition related expenses		$ 9,792	$ 10,899
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
Measurement period from acquisition date			1 year

Summary of Significant Accounting Policies - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2020
Allowance For Credit Loss [Abstract]
Beginning Balance	$ 2,770	$ 2,360	$ 1,992	$ 1,992
Provision for expected credit losses	497	901	726	2,124	$ 1,198
Accounts written off	(218)	(491)	(358)
Ending Balance	$ 3,049	$ 2,770	$ 2,360	$ 3,049

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Total revenue	$ 59,285	$ 39,735	$ 154,958	$ 109,225
Subscription Solutions
Disaggregation Of Revenue [Line Items]
Total revenue	42,122	26,545	108,081	74,041
Partner and Services
Disaggregation Of Revenue [Line Items]
Total revenue	$ 17,163	$ 13,190	$ 46,877	$ 35,184

- Definition

+ References

+ Details

Revenue Recognition and Deferred Costs - Additional Information (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Recognized previously deferred revenue	$ 9,500,000
Amortization of deferred sales commissions estimated period	4 years
Impairment of deferred commissions	$ 0		$ 0
Deferred sales commissions	4,500,000	$ 2,900,000
Deferred commission amortization expense	$ 2,400,000	$ 1,500,000
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: 2021-10-01 $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 129.4
Remaining performance obligations, percentage	50.00%
Remaining performance obligations, satisfaction period	12 months
Revenue, expected recognition period, explanation	We expect to recognize approximately 50% of the remaining performance obligations as revenue in the following 12-month period, 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	Sep. 30, 2021	Dec. 31, 2020
Financial assets:
Financial assets	$ 385,943
Money market funds
Financial assets:
Financial assets	342,476	$ 196,521
Amortized Cost	342,476	196,521
Estimated Fair Value	342,476	196,521
U.S Treasury Securities
Financial assets:
Financial assets	9,140
Amortized Cost	9,140
Estimated Fair Value	9,140
Corporate securities
Financial assets:
Financial assets	34,327
Amortized Cost	34,327
Estimated Fair Value	34,327
Level 1
Financial assets:
Financial assets	351,616
Level 1 \| Money market funds
Financial assets:
Financial assets	342,476	$ 196,521
Level 1 \| U.S Treasury Securities
Financial assets:
Financial assets	9,140
Level 2
Financial assets:
Financial assets	34,327
Level 2 \| Corporate securities
Financial assets:
Financial assets	$ 34,327

Fair Value Measurements, Cash Equivalents and Marketable Securities - Additional Information (Details) - 0.25% Senior Notes Due 2026 $ in Millions	Sep. 30, 2021 USD ($)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Aggregate principal amount of notes issued	$ 345.0
Debt instrument, interest rate	0.25%
Estimated fair value of notes issued	$ 347.8

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 23, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Businesses acquisition purchase price in cash				$ 80,952
Acquisition related expenses		$ 9,792		$ 10,899
Existing products and financial milestones	$ 65,000
First contingent compensation arrangement payments over the service period				12 months
Second contingent compensation arrangement payments over the service period				24 months
Feedonomics
Business Acquisition [Line Items]
Businesses acquisition acquired percentage	100.00%
Businesses acquisition purchase price in cash	$ 80,900
Business acquisition date	Jul. 23, 2021
Business combination revenue related acquire		5,900
Business combination net loss related acquire		300
Acquisition related expenses		9,800
Goodwill expected to de deductible for tax purposes	$ 41,400
Business combination contingent compensation	32,500
Businesses acquisition purchase price	$ 80,900
Business combination additional compensation expense related to contingent compensation		9,200		$ 9,200
Business combination pro forma information reduction in transaction related costs		600		1,700
Business combination pro forma information increase in amortization of intangible		$ 500		4,200
Business combination pro forma adjustments include increase in amortization of intangible			$ 1,900		$ 5,600
Business combination pro forma information increase in post-acquisition compensation			$ 12,200	3,000	$ 36,600
Business combination pro forma information reduction in post-acquisition compensation				$ 5,100

Business Combinations - Summary of Preliminary Estimated Fair Value of Assets Acquired and Liability Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jul. 23, 2021
Business Acquisition [Line Items]
Goodwill	$ 41,374
Feedonomics
Business Acquisition [Line Items]
Accounts receivable		$ 3,107
Prepaid expenses and other assets		108
Acquisition related intangible assets		36,762
Other non-current assets		458
Accounts payable and accrued liabilities		287
Customer prepaid liabilities		225
Operating lease liabilities		345
Net asset acquired, excluding goodwill		39,578
Total purchase consideration		80,952
Goodwill		$ 41,374

Business Combinations - Summary of Preliminary Estimated Fair Value of Identifiable Intangible Assets Acquired (Details) - Feedonomics $ in Thousands	Jul. 23, 2021 USD ($)
Business Acquisition [Line Items]
Total acquisition-related intangible assets estimated fair value	$ 36,762
Developed Technology
Business Acquisition [Line Items]
Total acquisition-related intangible assets estimated fair value	$ 11,740
Weighted average amortization period (in years)	4 years
Customer Relationship
Business Acquisition [Line Items]
Total acquisition-related intangible assets estimated fair value	$ 22,387
Weighted average amortization period (in years)	5 years 8 months 12 days
Tradename
Business Acquisition [Line Items]
Total acquisition-related intangible assets estimated fair value	$ 2,451
Weighted average amortization period (in years)	5 years
Non-compete Agreement
Business Acquisition [Line Items]
Total acquisition-related intangible assets estimated fair value	$ 184
Weighted average amortization period (in years)	5 years

Business Combinations - Summary of Unaudited Pro Forma Financial Information (Details) - Feedonomics - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Total revenue	$ 61,125	$ 44,672	$ 169,683	$ 122,482
Net loss	$ (16,894)	$ (24,288)	$ (48,272)	$ (64,748)

Goodwill and Intangible Assets - Schedule of Changes to Carrying Amount of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill acquired	$ 41,374
Balance as of September 30, 2021	$ 41,374

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment of goodwill			$ 0
Amortization of intangible assets	$ 1,402,000	$ 0	$ 1,402,000	$ 0

Goodwill and Intangible Assets - Schedule of Definite-lived Intangible Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 36,762
Accumulated amortization	(1,402)
Net carrying amount	35,360
Developed Technology
Finite Lived Intangible Assets [Line Items]
Gross amount	11,740
Accumulated amortization	(554)
Net carrying amount	$ 11,186
Definite-lived intangible, weighted average remaining useful life	3 years 9 months 18 days
Customer Relationship
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 22,387
Accumulated amortization	(748)
Net carrying amount	$ 21,639
Definite-lived intangible, weighted average remaining useful life	5 years 6 months
Tradename
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 2,451
Accumulated amortization	(93)
Net carrying amount	$ 2,358
Definite-lived intangible, weighted average remaining useful life	4 years 9 months 18 days
Non-compete Agreement
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 184
Accumulated amortization	(7)
Net carrying amount	$ 177
Definite-lived intangible, weighted average remaining useful life	4 years 9 months 18 days

Goodwill and Intangible Assets - Schedule of Expected Amortization Expense for Definite-lived Intangible Assets (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2021 (October 1st through December 31st)	$ 1,856
2022	7,423
2023	7,423
2024	7,423
2025	6,135
Thereafter	5,100
Net carrying amount	$ 35,360

Commitment, Contingencies, and Leases - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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	$ 1,000,000.0	$ 900,000	$ 2,800,000	$ 2,700,000

Commitment, Contingencies, and Leases - Schedule of Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Commitments Contingencies And Leases [Abstract]
Cash paid for operating lease liabilities	$ 2,962	$ 2,684
Right-of-use assets obtained in acquisition	$ 345

Commitment, Contingencies, and Leases - Schedule of Operating Lease Information (Details)	Sep. 30, 2021	Sep. 30, 2020
Commitments Contingencies And Leases [Abstract]
Weighted-average remaining lease-term	5 years 6 months 10 days	6 years 2 months 1 day
Weighted-average discount rate	5.46%	5.46%

Commitment, Contingencies, and Leases - Schedule of Future Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Commitments Contingencies And Leases [Abstract]
2021 (October 1st through December 31st)	$ 1,155
2022	3,268
2023	2,527
2024	2,236
2025	2,011
Thereafter	4,923
Total minimum lease payments	16,120
Less imputed interest	(2,389)
Total lease liabilities	$ 13,731

Other Liabilities - Components of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Sales tax payable	$ 564	$ 814
Payroll and payroll related expenses	13,574	18,255
Acquisition related compensation	6,116
Other	3,894	3,107
Other current liabilities	$ 24,148	$ 22,176

Debt - Additional Information (Details)				1 Months Ended		3 Months Ended		9 Months Ended
Debt - Additional Information (Details)	Sep. 09, 2021 USD ($) $ / shares	Aug. 04, 2020 USD ($) shares	Feb. 28, 2020 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) Day $ / shares shares	Aug. 31, 2020 shares	Sep. 30, 2021 USD ($) $ / shares	Mar. 31, 2020 USD ($)	Sep. 30, 2021 USD ($) $ / shares	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Net proceeds from sale of convertible senior notes								$ 345,000,000
Transaction costs attributable to issuance of notes				$ 9,950,000		$ 9,950,000		9,950,000
Conversion of convertible debt into common stock upon initial public offering									$ 50,173,000
Gain on fair value of put option							$ 4,400,000		$ 4,413,000
Net unamortized fees								10,000,000.0
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 \| $ / shares			$ 9.21
Warrants expiration date			Mar. 01, 2023
Warrants to purchase shares of common stock \| shares					49,500,000
Fair value of warrants issued			$ 300,000
Silicon Valley Bank \| Revolving Line
Debt Instrument [Line Items]
Weighted average interest rate									4.00%
Credit facility maximum borrowing capacity										$ 20,000,000.0
Credit facility, outstanding amount										0
Maximum \| Mezzanine Facility \| WestRiver
Debt Instrument [Line Items]
Warrants to purchase shares of common stock \| shares			99,000,000
0.25% Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Debt principal amount				$ 345,000,000.0		$ 345,000,000.0		$ 345,000,000.0
Debt instrument, interest rate				0.25%		0.25%		0.25%
Net proceeds from sale of convertible senior notes				$ 335,000,000.0
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
Debt instrument, maturity date				Oct. 01, 2026
Debt instrument, convertible trading days \| Day				20
Debt instrument, convertible consecutive trading days \| Day				30
Principal amount of each convertible note				$ 1,000		$ 1,000		$ 1,000
Conversion of debt to shares \| shares				13.6783
Debt instrument, principal amount converted				$ 1,000
Debt instrument, initial conversion price \| $ / shares				$ 73.11		$ 73.11		$ 73.11
Debt instrument, effective interest rate				0.84%		0.84%		0.84%
Transaction costs attributable to issuance of notes				$ 10,000,000.0		$ 10,000,000.0		$ 10,000,000.0
Interest expense						125,000		125,000
Net unamortized fees						38,000		38,000
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		150,000,000.0		150,000,000.0
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%
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		$ 35,000,000.0
Weighted average interest rate									5.80%
Convertible Term Loan \| Silicon Valley Bank \| Series 1 Common Stock
Debt Instrument [Line Items]
Conversion of debt to shares \| shares		5,249,534,000
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		$ 53,900,000
2020 Convertible Loan
Debt Instrument [Line Items]
Derivative liability				$ 4,400,000		$ 4,400,000		$ 4,400,000
Interest expense									$ 400,000
2018 Term Loan \| Silicon Valley Bank \| Revolving Line
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity										$ 5,000,000.0

Debt - Summary of Net Carrying Amount of Notes (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Debt Disclosure [Abstract]
Principal balance	$ 345,000
Unamortized issuance costs	(9,950)
Carrying value, net	$ 335,050

Debt - Summary of Total Interest Expense Recognized Related to Notes (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Debt Instrument [Line Items]
Contractual interest expense		$ 10,000
0.25% Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Contractual interest expense	$ 38	38
Amortization of issuance costs	87	87
Total	$ 125	$ 125

Stockholders' Equity (Deficit) - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Class Of Stock [Line Items]
Stock options granted \| shares	263,136
Weighted average exercise price of stock options granted \| $ / shares	$ 58.17
Fair value assumptions, expected term	6 years
Fair value assumptions, expected volatility rate	56.00%
Fair value assumptions, risk-free interest rate	1.00%
Fair value assumptions, expected dividend yield	0.00%
Restricted Stock Units
Class Of Stock [Line Items]
Awards granted to employees \| shares	1,302,480
Awards granted to employees, fair value per share \| $ / shares	$ 58.09
Weighted-average requisite service period	4 years

Stockholders' Equity (Deficit) - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 5,989	$ 2,868	$ 17,682	$ 5,038
Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	293	179	1,206	334
Sales and Marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	1,829	871	5,351	1,511
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	1,566	582	4,180	1,216
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,301	$ 1,236	$ 6,945	$ 1,977

Income Taxes - Additional Information (Details)	3 Months Ended		9 Months Ended
Income Taxes - Additional Information (Details)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
U.S. statutory tax rate			21.00%
Effective tax rate	(1.20%)	0.13%	(0.61%)	(0.03%)

Net Loss per Share - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 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, shares outstanding	0	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	71,619,000	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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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	14,564	10,754	14,564	10,754
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	6,393	9,391	6,393	9,391
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	2,245	1,363	2,245	1,363
Acquisition Related Compensation
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding	1,207	0	1,207	0
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	4,719	0	4,719	0

Net Loss per Share - Schedule of Antidilutive Securities Outstanding Excluded from Computation of Diluted Weighted-Average Shares Outstanding (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Jul. 23, 2021	Sep. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Businesses acquisition price		$ 80,952
Feedonomics
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Businesses acquisition price	$ 80,900
Feedonomics \| Post-Acquisition Services
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Businesses acquisition price		65,000
Business acquisition value settled with stock		$ 61,100
Business acquisition settled in share price		$ 50.64