0001564590-22-008093 | 10-K | XBRL Viewer

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Consolidated statements of cash flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net loss	$ (76,677)	$ (37,560)	$ (42,590)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	6,151	3,084	2,569
Amortization of discount on debt	574	774	54
Stock-based compensation	25,424	11,058	3,156
Allowance for credit losses	3,474	1,594	988
Accretion on discount to marketable securities			(69)
Change in fair value of financial instrument		(4,413)
Changes in operating assets and liabilities:
Accounts receivable	(17,279)	(9,305)	(6,297)
Prepaid expenses	(2,413)	(2,704)	(1,786)
Deferred commissions	(3,525)	(2,396)	(903)
Accounts payable	2,137	1,907	(1,582)
Accrued and other current liabilities	20,437	9,610	8,164
Deferred revenue	1,397	1,822	(1,673)
Net cash used in operating activities	(40,300)	(26,529)	(39,969)
Cash flows from investing activities:
Cash paid for acquisition	(81,067)
Purchase of marketable securities	(107,006)
Purchase of property and equipment	(3,304)	(1,964)	(5,579)
Maturity of marketable securities	4,500		23,450
Net cash (used in) provided by investing activities	(186,877)	(1,964)	17,871
Cash flows from financing activities:
Payment of debt issuance costs	(10,037)
Purchase of capped calls	(35,570)
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs		171,129
Proceeds from issuance of common stock upon secondary offering, net of underwriting discounts and commissions and other offerings costs		65,112
Payment of Series F dividends		(12,814)
Proceeds from exercise of stock options and warrants	5,881	3,279	901
Proceeds from debt	345,000	41,861	18,500
Repayment of debt		(28,617)	(2,050)
Net cash provided by financing activities	305,274	239,950	17,351
Net change in cash and cash equivalents and restricted cash	78,097	211,457	(4,747)
Cash and cash equivalents and restricted cash, beginning of period	220,607	9,150	13,897
Cash and cash equivalents and restricted cash, end of period	298,704	220,607	9,150
Supplemental cash flow information:
Cash paid for interest		2,285	1,626
Noncash investing and financing activities:
Fair value of shares issued as consideration for acquisition	2,003
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	297,561	219,447	7,795
Restricted cash	1,143	1,160	1,355
Cash and cash equivalents and restricted cash, end of period	$ 298,704	$ 220,607	$ 9,150

Stockholders' Equity (Deficit) - Summary of Changes in Common Stock Options Issued under Existing Stock Option Plans (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Option outstanding at beginning of period (in shares)	8,215	9,327
Option outstanding, granted (in shares)	263	1,384
Option outstanding, exercised (in shares)	(2,426)	(2,053)
Option outstanding, forfeited (in shares)	(324)	(443)
Options outstanding at ending of period (in shares)	5,728	8,215	9,327
Options outstanding, vested and expected to vest	5,490
Options outstanding, vested (in shares)	3,629
Weighted average of exercise prices at beginning of period (in dollars per share)	$ 4.30	$ 2.22
Weighted average of exercise prices, granted (in dollars per share)	58.36	14.85
Weighted average of exercise prices, exercised (in dollars per share)	2.46	2.25
Weighted average of exercise prices, forfeited (in dollars per share)	11.22	5.33
Weighted average of exercise prices at end of period (in dollars per share)	8.77	$ 4.30	$ 2.22
Weighted average of exercise prices, vested and expected to vest (in dollars per share)	6.71
Weighted average of exercise prices, vested (in dollars per share)	$ 3.53
Weighted average of remaining term (years)	6 years 11 months 12 days	7 years 7 months 24 days	8 years 2 months 1 day
Weighted average of remaining term, vested and expected to vest at December 31, 2021 (years)	6 years 10 months 28 days
Weighted average of remaining term, vested at December 31, 2021 (years)	6 years 5 months 15 days
Aggregate intrinsic value, options outstanding	$ 168,772	$ 491,648	$ 65,294
Aggregate intrinsic value, vested and expected to vest at December 31, 2021	164,384
Aggregate intrinsic value, vested at December 31, 2021	$ 116,440

Consolidated statements of convertible preferred stock and stockholders' equity (deficit) - 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	Accumulated Other Comprehensive Loss
Balance at Dec. 31, 2018	$ (211,476)			$ 2	$ 13,261	$ (224,725)		$ (14)
Temporary equity, shares at Dec. 31, 2018			102,030
Temporary equity, balance at Dec. 31, 2018			$ 216,446
Balance, shares at Dec. 31, 2018				17,445
Exercise of stock options	901				901
Exercise of stock options, shares				1,099
Stock-based compensation	3,156				3,156
Accumulated dividend—Series F	(7,234)					(7,234)
Temporary Equity, Accumulated dividend ? Series F			7,234
Accretion of Series F issuance costs	(74)				(74)
Temporary Equity, Accretion of Series F issuance costs			$ 74
Unrealized loss on investments	14							14
Net loss	(42,590)					(42,590)
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	$ 3,151				3,151
Exercise of stock options, shares	2,053			2,015
Exercise of warrants	$ 126				126
Exercise of warrants, shares				383
Stock-based compensation	11,058				11,058
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
Issuance of common stock upon secondary public offering, net of underwriting discounts and commissions and other offering costs	65,112				65,112
Issuance of common stock upon secondary public offering, net of underwriting discounts and commissions and other offering costs, shares				1,000
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	211,902			$ 3	211,899
Temporary equity,Conversion of redeemable preferred stock to common stock upon initial public offering, shares			(102,030)
Temporary equity,Conversion of redeemable preferred stock to common stock upon initial public offering			$ (211,902)
Conversion of redeemable preferred stock to common stock upon initial public offering, shares				34,442
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	(918)					(918)
Temporary Equity, Accumulated dividend ? Series F			918
Temporary Equity, Payment of Series F dividend			(12,814)
Accretion of Series F issuance costs	(44)				(44)
Temporary Equity, Accretion of Series F issuance costs			$ 44
Warrants issued in connection with debt	297				297
Net loss	(37,560)					(37,560)
Balance at Dec. 31, 2020	216,759			$ 7	530,143	(313,391)
Balance, shares at Dec. 31, 2020				69,512
Exercise of stock options	$ 6,540				6,540
Exercise of stock options, shares	2,426			2,427
Release of restricted stock units					0
Release of restricted stock units, shares				337
Issuance of common stock as consideration for an acquisition	$ 2,003				2,003
Issuance of common stock as consideration for an acquisition, shares				35
Stock-based compensation	25,424				25,424
Purchase of capped call	(35,570)				(35,570)
Total other comprehensive loss	(191)							(191)
Unrealized loss on investments	(191)
Net loss	(76,677)					(76,677)
Balance at Dec. 31, 2021	$ 138,288			$ 7	$ 528,540	$ (390,068)		$ (191)
Balance, shares at Dec. 31, 2021				72,311

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Changes to Carrying Amount of Goodwill

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	$	42,432
Balance as of December 31, 2021	$	42,432

Schedule of Definite-lived Intangible Assets

Definite-lived intangible assets consists of the following:

(in thousands)	December 31, 2021							December 31, 2020						Weighted average remaining useful life as of December 31, 2021 (in years)
	Gross amount		Accumulated amortization			Net carrying amount		Gross amount		Accumulated amortization		Net carrying amount
Developed technology	$	12,937	$	(1,294	)	$	11,643	$	—	$	—	$	—		3.5
Customer relationship	$	22,525	$	(1,749	)	$	20,776	$	—	$	—	$	—		5.3
Trade name	$	2,470	$	(217	)	$	2,253	$	—	$	—	$	—		4.6
Non-compete agreement	$	162	$	(24	)	$	138	$	—	$	—	$	—		2.6
Other intangibles	$	285	$	(63	)	$	222	$	—	$	—	$	—		2.3
Total definite-lived intangible	$	38,379	$	(3,347	)	$	35,032	$	—	$	—	$	—

Schedule of Expected Amortization Expense for Definite-lived Intangible Assets

As of December 31, 2021, expected amortization expense for definite-lived intangible assets was as follows:

(in thousands)	December 31, 2021

2022		8,005
2023		7,958
2024		7,823
2025		6,134
2026		3,395
Thereafter		1,717
Total	$	35,032

Goodwill and Intangible Assets - Schedule of Definite-lived Intangible Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 38,379
Accumulated amortization	(3,347)
Net carrying amount	35,032
Developed Technology
Finite Lived Intangible Assets [Line Items]
Gross amount	12,937
Accumulated amortization	(1,294)
Net carrying amount	$ 11,643
Definite-lived intangible, weighted average remaining useful life	3 years 6 months
Customer Relationship
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 22,525
Accumulated amortization	(1,749)
Net carrying amount	$ 20,776
Definite-lived intangible, weighted average remaining useful life	5 years 3 months 18 days
Trade Name
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 2,470
Accumulated amortization	(217)
Net carrying amount	$ 2,253
Definite-lived intangible, weighted average remaining useful life	4 years 7 months 6 days
Non-compete Agreement
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 162
Accumulated amortization	(24)
Net carrying amount	$ 138
Definite-lived intangible, weighted average remaining useful life	2 years 7 months 6 days
Other Intangibles
Finite Lived Intangible Assets [Line Items]
Gross amount	$ 285
Accumulated amortization	(63)
Net carrying amount	$ 222
Definite-lived intangible, weighted average remaining useful life	2 years 3 months 18 days

Stockholders' Equity (Deficit) - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 25,424	$ 11,058	$ 3,156
Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	2,055	769	191
Sales and Marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	7,761	3,310	838
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	5,901	2,500	666
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 9,707	$ 4,479	$ 1,461

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Other Liabilities Disclosure [Abstract]

Components of Other Current Liabilities

The following table summarizes the components of other current liabilities:

	Year ended December 31,
(in thousands)	2021		2020
Sales tax payable	$	679	$	814
Payroll and payroll related expenses		17,315		18,255
Acquisition related compensation		14,309		—
Other		3,951		3,107
Other current liabilities	$	36,254	$	22,176

Revenue Recognition and Deferred Costs - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation Of Revenue [Line Items]
Recognized previously deferred revenue	$ 10,300,000
Amortization of deferred sales commissions estimated period	4 years
Impairment of deferred commissions	$ 0	$ 0	$ 0
Deferred sales commissions	7,000,000.0	4,500,000	2,500,000
Deferred commission amortization expense	$ 3,500,000	$ 2,200,000	$ 1,600,000
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

Stockholders' Equity (Deficit) - Summarizes the Weighted-Average Grant Date Value of Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value of options	$ 30.71	$ 7.01	$ 1.20
Dividend yield	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	0.96%	0.34%	1.51%
Expected volatility	54.41%	49.64%	46.70%
Expected life in years	6 years 7 days	5 years 5 months 26 days	5 years 6 months 7 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	1.08%	0.84%	2.53%
Expected volatility	56.25%	51.49%	47.87%
Expected life in years	6 years 21 days	6 years 1 month 6 days	6 years 29 days

Net Loss per Share - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2020
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
Dividend rate	10.00%	10.00%
Series 1 Common Stock
Number of shares converted from Series 2 to Series 1	5,100,000
Series 2 Common Stock
Number of shares outstanding in Series 2	0

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Estimated Fair Value of Our Cash Equivalents and Marketable Securities

The following table summarizes the estimated fair value of our cash equivalents and marketable securities.

	As of December 31, 2021
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Financial assets:
Money market funds	$	262,679	$	—	$	—	$	262,679
U.S treasury securities	$	21,926	$	—	$	—	$	21,926
Corporate securities	$	—	$	80,389	$	—	$	80,389
Total financial assets	$	284,605	$	80,389	$	—	$	364,994

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

	As of December 31, 2021
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market funds	$	262,679	$	—	$	—		$	262,679
Marketable securities:
U.S treasury securities	$	21,999			$	(74	)	$	21,925
Corporate securities	$	80,506	$	—	$	(117	)	$	80,389

	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

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 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

Summary of Significant Accounting Policies - Schedule of Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	$ 7,429	$ 7,122
Americas - U.S.
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	6,847	6,596
APAC
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	$ 582	$ 526

Revenue Recognition and Deferred Costs

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue Recognition and Deferred Costs

3. Revenue recognition and deferred costs

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:

	Year ended December 31,
(in thousands)	2021		2020		2019
Subscription solutions	$	154,933	$	103,706	$	82,689
Partner and services		64,922		48,662		29,414
Total revenue	$	219,855	$	152,368	$	112,103

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 provide 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 partners to share such fees as they occur. Revenue share is recognized at the time the earning activity is complete, which is generally monthly. Revenue for partner technology integrations is recorded on a straight-line basis over the life of the contract commencing when the integration has been completed. 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 from the sales of third-party applications, on a net basis as we have determined that we are the agent in our arrangements with third-party application providers. All other revenue is recognized on a gross basis, as we have determined we are the principal in these arrangements.

Contracts with multiple performance obligations

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

Our subscription contracts are generally comprised of a single performance obligation to provide access to our platform, but can include additional performance obligations. For contracts with multiple performance obligations where the contracted price differs from the standalone selling price (“SSP”) for any distinct good or service, we may be required to allocate the contract’s transaction price to each performance obligation using our best estimate of SSP.

Contracts with our technology solution partners often include multiple performance obligations, which can include integrations and marketing activities. 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. 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. To determine if marketing activities are distinct, we consider the nature of the promise in the contract, the timing of payment, and the partner expectations. Additional consideration for some partner contracts varies based on the level of customer activity on the platform. For most of our contracts, we have determined that we meet the variable consideration allocation exception and therefore recognize these variable fees in the period they are earned.

Judgment is required to determine which performance obligations are distinct and the allocation of consideration to 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. For certain arrangements, we may be required to allocate the contract’s transaction price to multiple performance obligations based on SSP. 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 $10.3 million of previously deferred revenue during the year ended December 31, 2021.

The net increase in the deferred revenue balance for the year ended December 31, 2021 is primarily due to increase in SaaS related subscriptions. Amounts recognized from deferred revenue represent primarily revenue from the sale of subscription solutions, integration, and marketing services.

As of December 31, 2021, we had $142.9 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 49% of the remaining performance obligations as revenue in the next 12 months, and the remaining balance in the periods thereafter.

Deferred commissions

Certain sales commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions are not paid on subscription renewals. We amortize deferred sales commissions ratably over the estimated period of our relationship with customers of approximately four years. Based on historical experience, we determine the average life of our customer relationship by taking into consideration our customer contracts and the estimated technological life of our platform and related significant features. We include amortization of deferred commissions in Sales and marketing expense in the consolidated statements of operations. We periodically review the carrying amount of deferred commissions to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these deferred costs. We did not recognize an impairment of deferred commissions during the years ended December 31, 2021, 2020 and 2019, respectively.

Sales commissions of $7.0 million, $4.5 million and $2.5 million were deferred for the years ended December 31, 2021, 2020 and 2019, respectively; and deferred commission amortization expense was $3.5 million, $2.2 million and $1.6 million for the years ended December 31, 2021, 2020 and 2019, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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+ Details

Business Combinations - Summary of Unaudited Pro Forma Financial Information (Details) - Feedonomics - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Total revenue	$ 234,581	$ 171,156
Net loss	$ (74,599)	$ (91,854)

Consolidated statements of comprehensive loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (76,677)	$ (37,560)	$ (42,590)
Other comprehensive income (loss):
Net unrealized gain (loss) on marketable debt securities	(191)		14
Total comprehensive loss	$ (76,868)	$ (37,560)	$ (42,576)

- 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

Summary of Significant Accounting Policies - Schedule of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	$ 219,855	$ 152,368	$ 112,103
Americas - U.S.
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	169,737	120,934	91,057
Americas - other
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	8,559	5,371	3,761
EMEA
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	20,783	12,396	7,370
APAC
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue	$ 20,776	$ 13,667	$ 9,915

- Definition

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

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+ Details

Commitments, Contingencies, and Leases - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Commitments Contingencies And Leases [Abstract]
Liability related to indemnification obligations	$ 0	$ 0
Operating lease, expiration year	2028
Operating rent expense	$ 3,800,000	3,700,000	$ 3,200,000
Short-term rent expense	$ 500,000	$ 400,000

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment

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

	As of December 31,
(in thousands)	2021			2020
Computer equipment	$	9,081		$	7,938
Computer software		3,313			2,347
Furniture and fixtures		1,582			2,379
Leasehold improvements		6,234			7,943
		20,210			20,607
Less: accumulated depreciation and amortization		(12,781	)		(13,485	)
Property and equipment, net	$	7,429		$	7,122

Revenue Recognition and Deferred Costs (Tables)

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

Schedule of Disaggregate Revenue by Major Source

The following table disaggregates our revenue by major source:

	Year ended December 31,
(in thousands)	2021		2020		2019
Subscription solutions	$	154,933	$	103,706	$	82,689
Partner and services		64,922		48,662		29,414
Total revenue	$	219,855	$	152,368	$	112,103

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Jul. 23, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Businesses acquisition purchase price in cash			$ 81,067
Acquisition related expenses			$ 23,299	$ 0	$ 0
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
Goodwill not expected to be deductible for tax purposes			$ 42,432
Feedonomics
Business Acquisition [Line Items]
Businesses acquisition purchase price in cash	$ 81,100
Business acquisition date	Jul. 23, 2021
Business combination revenue related acquire			14,400
Business combination net income related acquire			100
Acquisition related expenses			23,300
Goodwill expected to be deductible for tax purposes	$ 41,300
Purchase price post close adjustment		$ 100
Intangible assets purchase accounting adjustments		200
Goodwill purchase accounting adjustments		(100)
Business combination contingent compensation	32,500
Businesses acquisition purchase price	81,100
Business combination additional compensation expense related to contingent compensation			21,400
Business combination pro forma information reduction in transaction related costs			1,700
Business combination pro forma information increase in amortization of intangible			4,200	7,500
Business combination pro forma information reduction in post-acquisition compensation			5,100
Business combination pro forma information increase in post-acquisition compensation				$ 48,800
Acquisition related intangible assets	$ 36,951
Quote Ninja, Inc.
Business Acquisition [Line Items]
Business combination contingent compensation			500
Total purchase price			2,000
Acquisition related intangible assets		$ 1,100	1,100
Goodwill not expected to be deductible for tax purposes			$ 900
Quote Ninja, Inc. \| Completed Technology
Business Acquisition [Line Items]
Estimated useful lives of intangible assets			3 years
Quote Ninja, Inc. \| Common Stock
Business Acquisition [Line Items]
Common stock paid to individuals on first and second anniversaries of closing			$ 1,000

Summary of Significant Accounting Policies - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable Allowance For Credit Losses [Line Items]
Beginning Balance	$ 1,992	$ 1,167	$ 597
Allowance for credit losses	3,474	1,594	988
Accounts written off	(1,599)	(1,133)	(418)
Ending Balance	3,867	1,992	$ 1,167
Cumulative Effect, Period of Adoption, Adjustment \| ASU 2016-13
Financing Receivable Allowance For Credit Losses [Line Items]
Beginning Balance	$ 364
Ending Balance		$ 364

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

12. Income taxes

Pretax earnings from continuing operations consist of the following:

	Year ended December 31,
(in thousands)	2021			2020			2019
United States	$	(62,558	)	$	(31,891	)	$	(38,720	)
Non-U.S.		(14,153	)		(5,644	)		(3,842	)
Total pre-tax earnings	$	(76,711	)	$	(37,535	)	$	(42,562	)

Our components of the provision for income taxes are as follows:

	Year ended December 31,
(in thousands)	2021			2020		2019
Income tax provision (benefit)
Current:
Federal	$	—		$	—	$	—
State	11			24			25
Foreign	134			1			3
Total current	$	145		$	25	$	28
Deferred:
Federal		(202	)		—		—
State		23			—		—
Foreign		—			—		—
Total deferred		(179	)		—		—
Total provision (benefit)	$	(34	)	$	25	$	28

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

	Year ended December 31,
(in thousands)	2021			2020			2019
U.S. federal taxes at statutory rate		21.00	%		21.00	%		21.00	%
State taxes, net of federal benefit		5.58			4.91			3.25
Foreign tax rate differentials		0.83			0.66			0.33
Research and development credit		2.65			4.97			3.24
Purchase price accounting		0.35			0.00			0.00
Stock-based compensation		26.29			16.97			0.38
162(m) addback		(15.65	)		0.00			0.00
Permanent differences, other		(0.92	)		(8.17	)		(3.77	)
Change in valuation allowance		(40.09	)		(40.41	)		(24.50	)
Other		—			—			—
Effective tax rate		0.04	%		(0.07	)%		(0.07	)%

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

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

Significant components of deferred taxes are as follows:

	December 31,
(in thousands)	2021			2020
Deferred tax assets:
Net operating loss and credit carryforwards	$	76,475		$	52,216
Lease liabilities		2,834			3,868
Deferred revenue		358			426
Depreciation and amortization		7,942			8,381
Stock-based compensation		3,367			2,401
Other		7,954			1,721
Gross deferred tax assets	$	98,930		$	69,013
Valuation allowance		(92,531	)		(62,917	)
Deferred tax liabilities:
Foreign DTLs		(429	)		—
Goodwill DTL		(321	)		—
Deferred commission		(1,885	)		(1,448	)
Right-of-use assets		(2,049	)		(2,904	)
Prepaid expenses and other		(1,809	)		(1,744	)
Gross deferred tax liabilities		(6,493	)		(6,096	)
Net deferred tax assets	$	(94	)	$	—

At December 31, 2021, we had NOL carryforwards for U.S. federal income tax purposes of approximately $243.8 million. Of this total, $195.4 million is related to tax years 2018-2021 that do not have an expiration, as a result of the TCJA. The remaining $48.4 million of U.S. federal NOL carryforwards are available to offset future U.S. federal taxable income and begin to expire in 2036.

At December 31, 2021, we had NOL carryforwards for certain state income tax purposes of approximately $113.8 million. These state NOL carryforwards are available to offset future state taxable income and begin to expire in 2036.

At December 31, 2021, we had foreign NOL carryforwards in Australia and the U.K., combined, of approximately $26.0 million, which are available to offset future foreign taxable income and that do not have an expiration.

At December 31, 2021, we did not provide any U.S. income or foreign withholding taxes related to certain foreign subsidiaries’ undistributed earnings, as such earnings have been retained and are intended to be indefinitely reinvested. The majority of our foreign operations are in excess tax basis over book basis positions. It is not practicable to estimate the amount of taxes that would be payable upon remittance of these earnings, because such tax, if any, is dependent upon circumstances existing if and when remittance occurs.

At December 31, 2021, we had research and development tax credit carryforwards of approximately $6.8 million, which are available to offset future U.S. federal income tax. These U.S. federal tax credits begin to expire in 2034.

We have established a valuation allowance due to uncertainties regarding the realizability of deferred tax assets based on our lack of earnings history. During 2021, the valuation allowance increased by approximately $29.2 million due to continuing operations and an overall net increase of approximately $0.4 million due to the tax benefit of IPO costs booked to equity.

We file U.S. federal, state and foreign income tax returns in jurisdictions with varying statutes of limitations. The 2018 through 2021 tax years generally remain open and subject to examination by U.S. federal, state and foreign tax authorities. The 2018 tax year generally remains open and subject to examination by foreign tax authorities. Losses generated in any year since inception remain open to adjustment until the statute of limitations closes for the tax year in which the NOL carryforwards are utilized. We are currently under audit only in the state of Rhode Island.

As of December 31, 2021, we had $0.4 million unrecognized tax benefits. Our practice is to recognize interest and/or penalties related to income tax matters in income tax expense. During 2021 and 2020, we did not recognize any material interest or penalties. We had $0 of accrued penalties and interest due to the unrecognized tax benefit as of December 31, 2021 and December 31, 2020.

A reconciliation of our liability for unrecognized tax benefits is as follows:

	December 31,
(in thousands)	2021		2020
Balance, beginning of year	$	—	$	—
Increase for tax positions related to the current year		—		—
Increase for tax positions related to the prior years		396		—
Decrease for tax positions related to prior years		—		—
Balance, end of year	$	396	$	—

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Other Liabilities - Components of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Sales tax payable	$ 679	$ 814
Payroll and payroll related expenses	17,315	18,255
Acquisition related compensation	14,309
Other	3,951	3,107
Other current liabilities	$ 36,254	$ 22,176

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of significant accounting policies

Basis of presentation

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

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

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

Segment and geographic information

Our chief operating decision maker is our chief executive officer. Our chief executive officer reviews the financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. Accordingly, we have determined that we operate as a single operating and reportable segment. Revenue by geographic region was as follows:

	Year ended December 31,
(in thousands)	2021		2020		2019
Revenue:
Americas—U.S.	$	169,737	$	120,934	$	91,057
Americas—other		8,559		5,371		3,761
EMEA		20,783		12,396		7,370
APAC		20,776		13,667		9,915
Total revenue	$	219,855	$	152,368	$	112,103

Long-lived assets by geographic region were as follows:

	Year ended December 31,
(in thousands)	2021		2020
Long-lived assets:
Americas—U.S.	$	6,847	$	6,596
Americas—other				—
EMEA				—
APAC		582		526
Total long-lived assets	$	7,429	$	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 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 of provision for expected credit losses 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 December 31, 2021 and December 31, 2020 included unbilled receivables of $13.1 million and $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, 2018	$	597
Provision for expected credit losses		988
Accounts written off		(418	)
Balance at December 31, 2019	$	1,167
Cumulative effect adjustment upon adoption		364
Provision for expected credit losses		1,594
Accounts written off		(1,133	)
Balance at December 31, 2020	$	1,992
Provision for expected credit losses		3,474
Accounts written off		(1,599	)
Balance at December 31, 2021	$	3,867

Property and equipment

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

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

		Estimated
		useful life
Computer equipment		3 years
Computer software		3 years
Furniture and fixtures		5 years
Leasehold improvements		1-10 years

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

The carrying values of property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. When such factors and circumstances exist, 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. In addition, implementation costs of hosting arrangements that are service contracts are capitalized.

Concentration of credit risks, significant clients, and suppliers

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

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

One of our strategic partners accounted for 14%, 15% and 12% of our revenue at December 31, 2021, 2020 and 2019, respectively, and accounted for 19%, 24% and 20% of our accounts receivable balance at December 31, 2021, 2020 and 2019, respectively.

Advertising costs

We expense advertising costs as incurred. Advertising expenses were approximately $16.8 million, $12.9 million and $11.8 million for the years ended December 31, 2021, 2020 and 2019, respectively.

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. We recognized $23.3 million, $0.0 million, and $0.0 million in acquisition related expenses during the years ended December 31, 2021, 2020, and 2019, respectively. For the year ended December 31, 2021, $1.8 million was recognized on acquisition related spend and $21.5 million was recognized in connection with contingent compensation arrangements, as further discussed in Note 5 “Business Combination.” We entered into contingent compensation arrangements, in which payments will be made after the first and second anniversaries of the closing or upon the earlier achievement of certain product and financial milestones. The compensation arrangements are contingent upon continued post-acquisition employment with 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.

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 recognize the tax effects of an uncertain tax position only if it is more likely than not to be sustained based solely upon its technical merits at the reporting date. The unrecognized tax benefit is the difference between the tax benefit recognized and the tax benefit claimed on our income tax return. All of our gross unrecognized tax benefits, if recognized, would not affect its effective tax rate, but would be recorded as an adjustment to equity before consideration of valuation allowances. We do not expect unrecognized tax benefits to decrease within the next twelve months. We recognize accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of December 31, 2021, we have not accrued any interest or penalties related to unrecognized tax benefits. We believe that all material tax positions in the current and prior years have been analyzed and properly accounted for and that the risk of additional material uncertain tax positions that have not been identified is remote.

Stock-based compensation

We issue stock options, restricted stock units ("RSUs") and performance based restricted stock units (“PSUs”) to our employees and other eligible service providers. 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 RSUs is measured at the date of grant, net of estimated forfeitures, and recognized ratably over the service period. Stock-based compensation related to PSUs 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.

Foreign currency

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

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

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

The table below summarizes the preliminary estimated fair value of the assets acquired and liabilities 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	$	36,951
Other non-current assets	$	458
Accounts payable and accrued liabilities	$	287
Customer prepaid liabilities	$	225
Operating lease liabilities	$	345
Net asset acquired, excluding goodwill	$	39,767
Total purchase consideration	$	81,066
Goodwill	$	41,299

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	$	11,794		4.0
Customer relationship	$	22,525		5.7
Trade name	$	2,470		5.0
Non-compete agreement	$	162		3.0
Total acquisition-related intangible assets	$	36,951

Summary of Unaudited Pro Forma Financial Information

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

	December 31,
(in thousands)	2021			2020
Total revenue	$	234,581		$	171,156
Net loss	$	(74,599	)	$	(91,854	)

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Abstract]
Depreciation expense on property and equipment	$ 2.8	$ 3.1	$ 2.6

Stockholders' Equity (Deficit) (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Summary of Stock Options Valuation Assumptions

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

	Year ended December 31,
	2021		2020		2019
Weighted-average grant date fair value of options	$	30.71	$	7.01	$	1.20
Risk-free interest rate	0.96%—1.08%		0.34%—0.84%		1.51%—2.53%
Expected volatility	54.41%—56.25%		49.64%—51.49%		46.70%—47.87%
Expected life in years	6.02—6.06 years		5.49—6.10 years		5.52—6.08 years
Dividend yield		—		—		—

Summary of Changes in Stock Options Activity

A summary of the changes in common stock options issued under all of the existing stock option plans is as follows:

(in thousands, except per share amounts)	Shares			Weighted average of exercise prices		Weighted average of remaining term (years)		Aggregate intrinsic value
Options outstanding at December 31, 2019		9,327		$	2.22		8.17	$	65,294
Granted		1,384			14.85		—		—
Exercised		(2,053	)		2.25		—		—
Forfeited		(443	)		5.33		—		—
Options outstanding at December 31, 2020		8,215		$	4.30		7.65	$	491,648
Granted		263			58.36		—		—
Exercised		(2,426	)		2.46		—		—
Forfeited		(324	)		11.22		—		—
Options outstanding at December 31, 2021		5,728		$	8.77		6.95	$	168,772
Vested and expected to vest at December 31, 2021⁽¹⁾		5,490		$	6.71		6.91	$	164,384
Vested at December 31, 2021		3,629		$	3.53		6.46	$	116,440

(1)	The expected-to-vest options are the result of applying the pre-vesting forfeiture rate to outstanding options.

Summary of RSU Table

The following table summarizes the RSU activity, including vesting of the performance-based restricted stock units below, under the Plans for the year ending December 31, 2021:

(in thousands, except per share amounts)	Shares			Weighted average grant date fair value
Nonvested at December 31, 2019		—		$	—
Granted		1,408			24.67
Vested		—			—
Cancelled/Forfeited/Expired		—			—
Nonvested at December 31, 2020		1,408		$	24.67
Granted		1,548			57.19
Vested		(350	)		24.07
Cancelled/Forfeited/Expired		(234	)		42.97
Nonvested at December 31, 2021		2,372		$	44.10

Summary of Stock-Based Compensation Expense

Total stock-based compensation expense recognized was as follows:

	Year ended December 31,
(in thousands)	2021		2020		2019
Cost of revenue	$	2,055	$	769	$	191
Sales and marketing		7,761		3,310		838
Research and development		5,901		2,500		666
General and administrative		9,707		4,479		1,461
Total stock-based compensation expense	$	25,424	$	11,058	$	3,156

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 0
Amortization of intangible assets	$ 3,284,000	$ 0.0	$ 0.0

Property and Equipment

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property and Equipment

7. Property and equipment

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

	As of December 31,
(in thousands)	2021			2020
Computer equipment	$	9,081		$	7,938
Computer software		3,313			2,347
Furniture and fixtures		1,582			2,379
Leasehold improvements		6,234			7,943
		20,210			20,607
Less: accumulated depreciation and amortization		(12,781	)		(13,485	)
Property and equipment, net	$	7,429		$	7,122

Depreciation expense on property and equipment was $2.8 million, $3.1 million and $2.6 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

10. 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.

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)	December 31, 2021			December 31, 2020

Principal balance	$	345,000		$	—
Unamortized issuance costs	$	(9,463	)	$	—
Carrying value, net	$	335,537		$	—

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

	December 31,
(in thousands)	2021		2020		2019
Contractual interest expense	$	254	$	—	$	0
Amortization of issuance costs		574		—		—
Total	$	828	$	—	$	—

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 year ended December 31, 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 year ended December 31, 2020.

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

Credit Facility

In 2020, we had an available credit facility with SVB that provided for a $20.0 million line of credit and a $5.0 million term loan. The outstanding balance under this credit facility was repaid in 2020. We had no outstanding balances as of December 31, 2020 and no further borrowings are allowed under the credit facility. The weighted average interest rate for these borrowings was 4.0 percent for year ended December 31, 2020.

Mezzanine Facility Loan

On October 27, 2017, we amended and restated our loan and security agreement (as amended, the “Credit Facility”) with SVB. The Credit Facility provided a $20.0 million revolving line of credit (the “Revolving Line”) and a $5.0 million term loan (the “2018 Term Loan”). On June 4, 2019, we amended the Credit Facility to increase the Revolving Line by $5.0 million to $25.0 million. 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 December 31, 2021 amounted to $9.5 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Commitments, Contingencies, and Leases (Tables)

12 Months Ended

Dec. 31, 2021

Commitments Contingencies And Leases [Abstract]

Schedule of Unconditional Purchase Obligations

We had unconditional purchase obligations as of December 31, 2021, as follows:

(in thousands)	December 31, 2021
2022	$	9,769
2023		11,359
2024		10,750
2025		8,625
2026 and thereafter		—
Total	$	40,503

Supplemental Lease Information

Supplemental lease information

	Year ended December 31,
Cash flow information (in thousands)	2021		2020
Cash paid for operating lease liabilities	$	3,927	$	3,666
Right-of-use assets obtained in exchange for operating lease obligations	$	—	$	—

	Year ended December 31,
Operating lease information	2021			2020
Weighted-average remaining lease-term	5.5 years			6.0 years
Weighted-average discount rate		5.46	%		5.42	%

Schedule of Future Maturities of Operating Lease Liabilities

The future maturities of operating lease liabilities are as follows:

(in thousands)	December 31, 2021
2022		3,278
2023		2,534
2024		2,243
2025		2,011
2026		2,071
Thereafter		2,852
Total minimum lease payments	$	14,989
Less imputed interest		(2,097	)
Total lease liabilities	$	12,892

Business Combinations

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Business Combinations

5. Business combinations

July 2021 Acquisition of Feedonomics

On July 23, 2021, we acquired substantially all the assets and assumed certain specified liabilities of Feedonomics, LLC’s existing business (“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 $81.1 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 year ended December 31, 2021, our results include $14.4 million of revenue and $0.1 million of net income in our Condensed Statements of Operations related to Feedonomics. Acquisition related costs of $23.3 million were expensed as incurred during the year ended December 31, 2021.

The table below summarizes the preliminary estimated fair value of the assets acquired and liabilities 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	$	36,951
Other non-current assets	$	458
Accounts payable and accrued liabilities	$	287
Customer prepaid liabilities	$	225
Operating lease liabilities	$	345
Net asset acquired, excluding goodwill	$	39,767
Total purchase consideration	$	81,066
Goodwill	$	41,299

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 judgment and estimate, including the amount and timing of the future cash flow and the determination of the discount rate. Key assumptions in the valuation of the intangibles include, the revenue growth rate, customer attrition rate, technology useful life, and the weighted average cost of capital. In Q4, we finalized the purchase price due to the finalization of post close adjustments, which led to an increase in the overall purchase price of $0.1 million. Additionally, we increased the valuation of intangible assets by $0.2 million due to adjustments to our intangibles valuation. The combination of these two adjustments reduced goodwill by $0.1 million. The goodwill of $41.3 million from this transaction is expected to be primarily 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 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 $81.1 million. We recognized $21.4 million in additional compensation expense related to these contingent compensation arrangements for the year ended December 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	$	11,794		4.0
Customer relationship	$	22,525		5.7
Trade name	$	2,470		5.0
Non-compete agreement	$	162		3.0
Total acquisition-related intangible assets	$	36,951

Unaudited pro forma financial information

The unaudited pro forma financial information in the table below presents the combined results of us 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 year ended December 31, 2021, pro forma adjustments include a reduction in transaction-related costs of $1.7 million excluding the compensation cost related to post-acquisition compensation arrangement, because they are non-recurring in nature, an increase in amortization of intangible of $4.2 million and a decrease of $5.1 million in compensation costs related to the post-acquisition

compensation arrangement. For the year ended December 31, 2020, pro forma adjustments include an increase in amortization of intangible of $7.5 million and an increase in compensation cost of $48.8 million related to the post-acquisition compensation arrangement.

	December 31,
(in thousands)	2021			2020
Total revenue	$	234,581		$	171,156
Net loss	$	(74,599	)	$	(91,854	)

November 2021 Acquisition of Quote Ninja, Inc. (dba B2B Ninja)

During the year ended December 31, 2021, BigCommerce completed the acquisition of Quote Ninja, Inc., a premier enterprise software solution providing leading business-to-business ("B2B") ecommerce capabilities for merchants of all sizes. The total purchase price was $2.0 million paid from our common stock. In addition to the closing stock consideration, we entered into a contingent compensation arrangement with certain employees of B2B for their post-acquisition services, in which $.5 million in additional common stock will be paid to those individuals on the first and second anniversaries of the closing for an aggregate amount of $1.0 million The purchase price primarily included $1.1 million of intangible assets and $0.9 million of goodwill that is not expected to be deductible for tax purposes. The identifiable intangible assets, which primarily consisted of completed technology, have estimated use lives of three years.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

6. Goodwill and intangible assets

(in thousands)

Balance as of December 31, 2020	$	—
Goodwill acquired	$	42,432
Balance as of December 31, 2021	$	42,432

Goodwill amounts are not amortized but tested for impairment on an annual basis. There was no impairment of goodwill as of December 31, 2021.

Definite-lived intangible assets are amortized on a straight-line basis over the useful life. Definite-lived intangible assets amortization was $3.3 million, $0.0 million and $0.0 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Definite-lived intangible assets consists of the following:

(in thousands)	December 31, 2021							December 31, 2020						Weighted average remaining useful life as of December 31, 2021 (in years)
	Gross amount		Accumulated amortization			Net carrying amount		Gross amount		Accumulated amortization		Net carrying amount
Developed technology	$	12,937	$	(1,294	)	$	11,643	$	—	$	—	$	—		3.5
Customer relationship	$	22,525	$	(1,749	)	$	20,776	$	—	$	—	$	—		5.3
Trade name	$	2,470	$	(217	)	$	2,253	$	—	$	—	$	—		4.6
Non-compete agreement	$	162	$	(24	)	$	138	$	—	$	—	$	—		2.6
Other intangibles	$	285	$	(63	)	$	222	$	—	$	—	$	—		2.3
Total definite-lived intangible	$	38,379	$	(3,347	)	$	35,032	$	—	$	—	$	—

As of December 31, 2021, expected amortization expense for definite-lived intangible assets was as follows:

(in thousands)	December 31, 2021

2022		8,005
2023		7,958
2024		7,823
2025		6,134
2026		3,395
Thereafter		1,717
Total	$	35,032

Income Taxes - Significant Components of Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss and credit carryforwards	$ 76,475	$ 52,216
Lease liabilities	2,834	3,868
Deferred revenue	358	426
Depreciation and amortization	7,942	8,381
Stock-based compensation	3,367	2,401
Other	7,954	1,721
Gross deferred tax assets	98,930	69,013
Valuation allowance	(92,531)	(62,917)
Deferred tax liabilities:
Foreign DTLs	(429)
Goodwill DTL	(321)
Deferred commission	(1,885)	(1,448)
Right-of-use assets	(2,049)	(2,904)
Prepaid expenses and other	(1,809)	(1,744)
Gross deferred tax liabilities	(6,493)	$ (6,096)
Net deferred tax assets	$ (94)

Consolidated balance sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 297,561	$ 219,447
Restricted cash	1,143	1,160
Marketable securities	102,315
Accounts receivable, net	39,806	22,894
Prepaid expenses and other assets	9,710	8,000
Deferred commissions	4,013	2,571
Total current assets	454,548	254,072
Property and equipment, net	7,429	7,122
Right-of-use-asset	9,515	11,842
Prepaid expenses, net of current portion	831
Deferred commissions, net of current portion	5,673	3,590
Intangible assets, net	35,032
Goodwill	42,432
Total assets	555,460	276,626
Current liabilities
Accounts payable	8,211	5,788
Accrued liabilities	2,941	3,344
Deferred revenue	12,752	11,406
Current portion of operating lease liabilities	2,653	3,173
Other current liabilities	36,254	22,176
Total current liabilities	62,811	45,887
Deferred revenue, net of current portion	1,359	1,308
Long-term debt, net of current portion	335,537
Operating lease liabilities, net of current portion	10,217	12,672
Other long-term liabilities, net of current portion	7,248
Total liabilities	417,172	59,867
Commitments and contingencies (Note 6)
Stockholders’ equity
Preferred stock $0.0001 par value; 10,000 shares authorized at December 31, 2021 and December 31, 2020; 0 shares issued and outstanding at December 31, 2021 and 2020.
Common stock, $0.0001 par value; 500,000 shares Series 1 and, 5,051 shares Series 2 authorized at December 31, 2021 and December 31, 2020; 72,311, and 65,406 shares Series 1 issued and outstanding at December 31, 2021 and December 31, 2020, respectively, and 0 and 4,106 shares Series 2 issued and, outstanding at December 31, 2021, and December 31, 2020, respectively.	7	7
Additional paid-in capital	528,540	530,143
Accumulated other comprehensive loss	(191)
Accumulated deficit	(390,068)	(313,391)
Total stockholders’ equity	138,288	216,759
Total liabilities, convertible preferred stock, and stockholders’ equity	$ 555,460	$ 276,626

Income Taxes - Reconciliation of Liability for Unrecognized Tax Benefits (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Income Tax Disclosure [Abstract]
Increase for tax positions related to the prior years	$ 396
Balance, end of year	$ 396

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 20,210	$ 20,607
Less: accumulated depreciation and amortization	(12,781)	(13,485)
Property and equipment, net	7,429	7,122
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	9,081	7,938
Computer Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	3,313	2,347
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,582	2,379
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 6,234	$ 7,943

Commitments, Contingencies, and Leases - Schedule of Unconditional Purchase Obligations (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments Contingencies And Leases [Abstract]
2022	$ 9,769
2023	11,359
2024	10,750
2025	8,625
Total	$ 40,503

Other Liabilities - Additional Information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Line Items]
Other long-term liabilities, net of current portion	$ 7,248,000
Feedonomics and B2B
Other Liabilities Disclosure [Line Items]
Other long-term liabilities, net of current portion	$ 7,200,000	$ 0

Stockholders' Equity (Deficit) - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended
	Jan. 01, 2021	Aug. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 31, 2020
Class Of Stock [Line Items]
Stock options granted			263,000	1,384,000
Fair value assumptions, expected dividend yield			0.00%
Total intrinsic value of options exercised during the period			$ 126.0	$ 72.4	$ 5.6
Total grant date fair value of options vested			6.4	11.4	9.4
Unamortized stock-based compensation cost related to unvested stock options			$ 11.5	$ 11.4	$ 9.4
Weighted-average period for recognition of unamortized stock-based compensation cost			2 years 6 months
Granted, shares			1,548,000	1,408,000
Unvested and outstanding			2,372,000	1,408,000
Preferred stock, shares issued			0	0
Preferred stock, shares outstanding			0	0
Restricted Stock Units
Class Of Stock [Line Items]
Weighted-average period for recognition of unamortized stock-based compensation cost			3 years 4 months 24 days
Weighted-average requisite service period			4 years
Unrecognized stock-based compensation costs			$ 60.9
Performance Shares
Class Of Stock [Line Items]
Weighted-average period for recognition of unamortized stock-based compensation cost			1 year 8 months 12 days
Unrecognized stock-based compensation costs			$ 4.4
Series 1 Common Stock
Class Of Stock [Line Items]
Conversion of stock, converted into aggregate shares					29,390,733
Series 2 Common Stock
Class Of Stock [Line Items]
Conversion of stock, converted into aggregate shares					5,050,555
Series F Preferred Stock
Class Of Stock [Line Items]
Dividend rate			10.00%		10.00%
Adjusted dividend rate					8.00%
Cumulative dividends					$ 12.8
Series F Preferred Stock \| Initial Public Offering
Class Of Stock [Line Items]
Stock issued price per share					$ 24
2020 Equity incentive plan
Class Of Stock [Line Items]
Common stock authorized and reserved for issuance		1,470,291
2020 Equity incentive plan \| Series 1 Common Stock
Class Of Stock [Line Items]
Common stock authorized and reserved for issuance						3,873,885
Increase in common stock reserve for issuance	3,484,045
Common stock available for future issuance			7,703,241
2020 Equity incentive plan \| Series 1 and Series 2 Common Stock
Class Of Stock [Line Items]
Percentage of common stock issued and outstanding						5.00%
2013 Equity Incentive Plan
Class Of Stock [Line Items]
Stock options granted		0
2020 Plan \| Restricted Stock Units \| Management and Certain Other Employees
Class Of Stock [Line Items]
Granted, shares			1,352,746
2021 Inducement Plan \| Restricted Stock Units
Class Of Stock [Line Items]
Granted shares related to acquisition			195,339
2013 Plan \| Performance Shares \| Management and Certain Other Employees
Class Of Stock [Line Items]
Granted, shares				1,216,000
Unvested and outstanding			810,000
2013 Plan \| Performance Shares \| Management and Certain Other Employees \| Maximum
Class Of Stock [Line Items]
Weighted-average requisite service period			4 years
2013 Plan \| Performance Shares \| Management and Certain Other Employees \| Minimum
Class Of Stock [Line Items]
Weighted-average requisite service period			1 year

Consolidated balance sheets (Parenthetical) - $ / shares	Dec. 31, 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	72,311,000	65,406,000
Common stock, shares outstanding	72,311,000	65,406,000
Series 2 Common Stock
Common stock, shares authorized	5,051,000	5,051,000
Common stock, shares issued	0	4,106,000
Common stock, shares outstanding	0	4,106,000

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S. statutory tax rate	21.00%	21.00%	21.00%
Operating loss carryforwards, domestic	$ 243,800,000
Operating loss carryforwards domestic prior year	195,400,000
Deferred tax assets operating loss carryforwards domestic to future period	$ 48,400,000
Operating loss carryforwards, expiration period	2036
State credit carryforwards	$ 113,800,000
Net operating loss expiration year	2036
Operating loss carryforwards, foreign	$ 26,000,000.0
Research and development tax credit carryforwards	$ 6,800,000
Tax credits begin to expiration year	2034
Increase in valuation allowance	$ 29,200,000
Increase in valuation allowance for IPO costs booked to equity	$ 400,000
Tax years remain open to examination	2018 2019 2020 2021
Unrecognized tax benefit	$ 396,000
Material interest or penalties	0	$ 0
Unrecognized tax benefits, penalties and interest	$ 0	$ 0

Consolidated statements of operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenue	$ 219,855	$ 152,368	$ 112,103
Cost of revenue	48,479	34,126	27,023
Gross profit	171,376	118,242	85,080
Operating expenses:
Sales and marketing	99,350	72,470	60,740
Research and development	64,547	48,332	43,123
General and administrative	56,839	36,137	22,204
Acquisition related expenses	23,299	0	0
Amortization of intangible assets	3,284	0	0
Total operating expenses	247,319	156,939	126,067
Loss from operations	(75,943)	(38,697)	(40,987)
Interest income	130	31	245
Interest expense	(828)	(3,103)	(1,612)
Change in fair value of financial instruments		4,413
Other expense	(70)	(179)	(208)
Loss before provision for income taxes	(76,711)	(37,535)	(42,562)
Provision for income taxes	(34)	25	28
Net loss	(76,677)	(37,560)	(42,590)
Dividends and accretion of issuance costs on Series F preferred stock		(962)	(7,308)
Net loss attributable to common stockholders	$ (76,677)	$ (38,522)	$ (49,898)
Basic and diluted net loss per share attributable to common stockholders	$ (1.08)	$ (0.99)	$ (2.80)
Weighted average shares used to compute basic and diluted net loss per share attributable to common stockholders	70,933	39,092	17,834

Stockholders' Equity (Deficit)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity (Deficit)

11. Stockholders’ equity (deficit)

2020 Equity incentive plan

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

A total of 3,873,885 shares of our Series 1 common stock was initially authorized and reserved for issuance under the 2020 Plan. This reserve will automatically increase on January 1, 2021, and each subsequent anniversary through and including January 1, 2031, by an amount equal to the smaller of (a) 5% of the number of shares of Series 1 and Series 2 common stock issued and outstanding on the immediately preceding December 31 and (b) an amount determined by our board of directors. On January 1, 2021 the reserve increased by 3,484,045 shares. As of December 31, 2021, a total of 7,703,241 shares of common stock remain available for future issuance under the 2020 plan.

2013 Equity incentive plan

In February 2013, we adopted the 2013 Plan under which stock options may be granted to employees, consultants and directors. Upon the completion of our IPO in August 2020, the board of directors terminated the 2013 Plan and 1,470,291 shares that were available for future issuance under the 2013 Plan were transferred and authorized for issuance under the 2020 Plan. As of August 2020, no further awards may be granted under the 2013 Plan.

Stock options

We use the Black-Scholes option-pricing model to estimate the fair value of our share-based payment awards. The Black-Scholes option-pricing model requires estimates regarding the risk-free rate of return, dividend yields, expected life of the award, and expected annual volatility during the service period. The calculation of expected volatility is based on historical volatility for comparable industry peer groups over periods of time equivalent to the expected life of each stock option grant. As we do not have a significant history as a publicly traded company, we believe that comparable industry peer groups provide a reasonable measurement of volatility in order to calculate a reasonable estimate of fair value of each stock award. The expected term is calculated based on the weighted average of the remaining vesting term and the remaining contractual life of each award. We based the estimate of risk-free rate on the U.S. Treasury yield curve in effect at the time of grant or modification. We have never paid cash dividends and do not currently intend to pay cash dividends, and thus have assumed a dividend yield of zero.

Subsequent to our IPO on August 4, 2020, we utilize the quoted market price for our stock on the grant date in the fair value calculation. Prior to our IPO, we estimated the fair value of common stock at the time of grant of the option by considering a number of objective and subjective factors, including independent third-party valuations of our common stock, operating and financial performance, the lack of liquidity of capital stock, and general and industry-specific economic outlook, among other factors.

We estimate potential forfeitures of stock grants and adjust compensation cost recorded accordingly. The estimate of forfeitures will be adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures will be recognized through a cumulative catch-up adjustment in the period of change and will also impact the amount of stock compensation expense to be recognized in future periods.

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

	Year ended December 31,
	2021		2020		2019
Weighted-average grant date fair value of options	$	30.71	$	7.01	$	1.20
Risk-free interest rate	0.96%—1.08%		0.34%—0.84%		1.51%—2.53%
Expected volatility	54.41%—56.25%		49.64%—51.49%		46.70%—47.87%
Expected life in years	6.02—6.06 years		5.49—6.10 years		5.52—6.08 years
Dividend yield		—		—		—

A summary of the changes in common stock options issued under all of the existing stock option plans is as follows:

(in thousands, except per share amounts)	Shares			Weighted average of exercise prices		Weighted average of remaining term (years)		Aggregate intrinsic value
Options outstanding at December 31, 2019		9,327		$	2.22		8.17	$	65,294
Granted		1,384			14.85		—		—
Exercised		(2,053	)		2.25		—		—
Forfeited		(443	)		5.33		—		—
Options outstanding at December 31, 2020		8,215		$	4.30		7.65	$	491,648
Granted		263			58.36		—		—
Exercised		(2,426	)		2.46		—		—
Forfeited		(324	)		11.22		—		—
Options outstanding at December 31, 2021		5,728		$	8.77		6.95	$	168,772
Vested and expected to vest at December 31, 2021⁽¹⁾		5,490		$	6.71		6.91	$	164,384
Vested at December 31, 2021		3,629		$	3.53		6.46	$	116,440

(1)	The expected-to-vest options are the result of applying the pre-vesting forfeiture rate to outstanding options.

The total intrinsic value of options exercised during the years ended December 31, 2021, 2020 and 2019 was $126.0 million, $72.4 million and $5.6 million, respectively. The intrinsic value was calculated as the difference between the estimated fair value of our common stock at exercise, and the exercise price of the in-the-money options. The total grant date fair value of options vested for the years ended December 31, 2021, 2020, and 2019 was $6.4 million, $11.4 million, and $9.4 million.

At December 31, 2021, 2020 and 2019, there was an estimated $11.5 million, $11.4 million and $9.4 million, respectively, of total unrecognized compensation costs related to stock options. These costs will be recognized over a weighted-average period of 2.5 years.

Restricted stock units

During the year ended December 31, 2021, we granted 1,352,746 RSUs to members of management, board members and certain other employees pursuant to the 2020 Plan, and 195,339 RSUs related to an acquisition under the 2021 Inducement Plan. The fair value of the RSU grant is determined based upon the market closing price of our common stock on the date of grant. The RSUs vest over the requisite service period of 4 years, subject to the continued employment of the employees. The following table summarizes the RSU activity, including vesting of the performance-based restricted stock units below, under the Plans for the year ending December 31, 2021:

(in thousands, except per share amounts)	Shares			Weighted average grant date fair value
Nonvested at December 31, 2019		—		$	—
Granted		1,408			24.67
Vested		—			—
Cancelled/Forfeited/Expired		—			—
Nonvested at December 31, 2020		1,408		$	24.67
Granted		1,548			57.19
Vested		(350	)		24.07
Cancelled/Forfeited/Expired		(234	)		42.97
Nonvested at December 31, 2021		2,372		$	44.10

At December 31, 2021, there was an estimated $60.9 million of total unrecognized stock-based compensation costs related to RSUs. These costs will be recognized over a weighted-average period of 3.4 years.

Performance-based restricted stock units

During the year ended December 31, 2020, we granted 1,216 PSUs to members of management pursuant to the 2013 Plan. These PSUS contained a performance clause which required us to successfully complete an IPO as well as a service condition that required continued employment. As of December 31, 2021, 810 PSUs remain unvested and outstanding. These PSUs vest on a tranche by tranche basis over the life of the service period of 1-4 years.

At December 31, 2021, there was an estimated $4.4 million of total unrecognized stock-based compensation costs related to these PSUs. These costs will be recognized over a weighted-average period of 1.7 years.

Total stock-based compensation expense recognized was as follows:

	Year ended December 31,
(in thousands)	2021		2020		2019
Cost of revenue	$	2,055	$	769	$	191
Sales and marketing		7,761		3,310		838
Research and development		5,901		2,500		666
General and administrative		9,707		4,479		1,461
Total stock-based compensation expense	$	25,424	$	11,058	$	3,156

Preferred stock

As of December 31, 2019, we had six outstanding series of redeemable convertible preferred stock. These preferred shares were classified as temporary equity within our consolidated balance sheet as of December 31, 2019. Immediately upon closing of our IPO, the outstanding preferred stock was automatically converted into an aggregate of 29,390,733 shares of Series 1 common stock and 5,050,555 shares of Series 2 common stock. Under the terms of Series F preferred stock, dividends were required to be paid at 10 percent, which could be adjusted for the holder’s actual rate of return upon redemption. Upon completion of our IPO with an offering price of $24 per share, we met the threshold for a reduction of dividends and reduced the required dividend rate to 8 percent. We utilized a portion of the proceeds from the IPO to pay the cumulative dividends of $12.8 million to the holders of our Series F preferred stock. As of December 31, 2021 and 2020, there was no preferred stock issued or outstanding.

Fair Value Measurements - Summarizes the Estimated Fair Value of Our Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial assets:
Financial assets	$ 364,994
Corporate Securities
Financial assets:
Financial assets	80,389
Amortized Cost	80,506
Gross Unrealized Losses	(117)
Estimated Fair Value	80,389
Level 1
Financial assets:
Financial assets	284,605
Level 2
Financial assets:
Financial assets	80,389
Level 2 \| Corporate Securities
Financial assets:
Financial assets	80,389
Money Market Funds
Financial assets:
Financial assets	262,679	$ 196,521
Amortized Cost	262,679	196,521
Estimated Fair Value	262,679	196,521
Money Market Funds \| Level 1
Financial assets:
Financial assets	262,679	$ 196,521
U.S Treasury Securities
Financial assets:
Financial assets	21,926
Amortized Cost	21,999
Gross Unrealized Losses	(74)
Estimated Fair Value	21,925
U.S Treasury Securities \| Level 1
Financial assets:
Financial assets	$ 21,926

Net Loss per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss per Share

13. 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 was calculated as net loss less current period preferred stock dividends. There was no preferred stock outstanding during the year ended December 31, 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 years ended December 31, 2021, 2020, and 2019, 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. A total of 5.1 million shares converted from Series 2 to Series 1 during the year ended December 31, 2021. There are no Series 2 shares outstanding as of December 31, 2021.

The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding because such securities would have been antidilutive:

	Year ended December 31,
(in thousands)	2021		2020		2019
Preferred stock as-converted		—		—		34,442
Stock options outstanding		5,684		8,215		9,327
Acquisition related compensation ⁽¹⁾		1,756
Warrants to purchase common stock		—		—		364
Restricted stock units		2,331		1,408		—
Convertible debt		4,719		—		2,180
Total potentially dilutive securities		14,490		9,623		46,313

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

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

The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding because such securities would have been antidilutive:

	Year ended December 31,
(in thousands)	2021		2020		2019
Preferred stock as-converted		—		—		34,442
Stock options outstanding		5,684		8,215		9,327
Acquisition related compensation ⁽¹⁾		1,756
Warrants to purchase common stock		—		—		364
Restricted stock units		2,331		1,408		—
Convertible debt		4,719		—		2,180
Total potentially dilutive securities		14,490		9,623		46,313

Revenue Recognition and Deferred Costs - Schedule of Disaggregate Revenue by Major Source (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation Of Revenue [Line Items]
Total revenue	$ 219,855	$ 152,368	$ 112,103
Subscription Solutions
Disaggregation Of Revenue [Line Items]
Total revenue	154,933	103,706	82,689
Partner and Services
Disaggregation Of Revenue [Line Items]
Total revenue	$ 64,922	$ 48,662	$ 29,414

- Definition

+ References

+ Details

Income Taxes - Schedule Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal			$ 0
State	$ 11	$ 24	25
Foreign	134	1	3
Total current	145	25	28
Deferred:
Federal	(202)		0
State	23		0
Foreign			0
Total deferred	(179)		0
Total provision (benefit)	$ (34)	$ 25	$ 28

Net Loss per Share - Schedule of Antidilutive Securities Outstanding Excluded from Computation of Diluted Weighted-Average Shares Outstanding (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding	14,490	9,623	46,313
Preferred Stock as-Converted
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding			34,442
Stock Options Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding	5,684	8,215	9,327
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	1,756
Warrants to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities outstanding excluded from computation of diluted weighted-average shares outstanding			364
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	2,331	1,408
Corporate Securities
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		2,180

Fair Value Measurements - Additional Information (Details) - 0.25% Senior Notes Due 2026 - USD ($) $ in Millions	Dec. 31, 2021	Sep. 30, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Aggregate principal amount of notes issued		$ 345.0
Debt instrument, interest rate		0.25%
Estimated fair value of notes issued	$ 312.2

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S. statutory tax rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	5.58%	4.91%	3.25%
Foreign tax rate differentials	0.83%	0.66%	0.33%
Research and development credit	2.65%	4.97%	3.24%
Purchase price accounting	0.35%	0.00%	0.00%
Stock-based compensation	26.29%	16.97%	0.38%
162(m) addback	(15.65%)	0.00%	0.00%
Permanent differences, other	(0.92%)	(8.17%)	(3.77%)
Change in valuation allowance	(40.09%)	(40.41%)	(24.50%)
Effective tax rate	0.04%	(0.07%)	(0.07%)

Goodwill and Intangible Assets - Schedule of Changes to Carrying Amount of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill acquired	$ 42,432
Balance as of December 31, 2021	$ 42,432

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of presentation

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

Basis of consolidation

Use of estimates

Segment and geographic information

	Year ended December 31,
(in thousands)	2021		2020		2019
Revenue:
Americas—U.S.	$	169,737	$	120,934	$	91,057
Americas—other		8,559		5,371		3,761
EMEA		20,783		12,396		7,370
APAC		20,776		13,667		9,915
Total revenue	$	219,855	$	152,368	$	112,103

Long-lived assets by geographic region were as follows:

	Year ended December 31,
(in thousands)	2021		2020
Long-lived assets:
Americas—U.S.	$	6,847	$	6,596
Americas—other				—
EMEA				—
APAC		582		526
Total long-lived assets	$	7,429	$	7,122

Cash and cash equivalents

Restricted Cash

Restricted cash

Marketable securities

Accounts receivable

The allowance for credit losses consisted of the following:

(in thousands)
Balance at December 31, 2018	$	597
Provision for expected credit losses		988
Accounts written off		(418	)
Balance at December 31, 2019	$	1,167
Cumulative effect adjustment upon adoption		364
Provision for expected credit losses		1,594
Accounts written off		(1,133	)
Balance at December 31, 2020	$	1,992
Provision for expected credit losses		3,474
Accounts written off		(1,599	)
Balance at December 31, 2021	$	3,867

Property and equipment

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

		Estimated
		useful life
Computer equipment		3 years
Computer software		3 years
Furniture and fixtures		5 years
Leasehold improvements		1-10 years

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

Research and development and internal use software

Concentration of credit risks, significant clients, and suppliers

Advertising costs

We expense advertising costs as incurred. Advertising expenses were approximately $16.8 million, $12.9 million and $11.8 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Leases

Business combination and acquisition related expenses

Business combination

Acquisition related expenses

Goodwill and other acquired intangible, net

Income taxes

Stock-based compensation

Accounting pronouncements

Foreign currency

Commitments, Contingencies, and Leases - Schedule of Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Commitments Contingencies And Leases [Abstract]
Cash paid for operating lease liabilities	$ 3,927	$ 3,666

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 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:

	Year ended December 31,
(in thousands)	2021		2020		2019
Revenue:
Americas—U.S.	$	169,737	$	120,934	$	91,057
Americas—other		8,559		5,371		3,761
EMEA		20,783		12,396		7,370
APAC		20,776		13,667		9,915
Total revenue	$	219,855	$	152,368	$	112,103

Schedule of Long-lived Assets by Geographic Region

Long-lived assets by geographic region were as follows:

	Year ended December 31,
(in thousands)	2021		2020
Long-lived assets:
Americas—U.S.	$	6,847	$	6,596
Americas—other				—
EMEA				—
APAC		582		526
Total long-lived assets	$	7,429	$	7,122

Schedule of Allowance for Credit Losses

The allowance for credit losses consisted of the following:

(in thousands)
Balance at December 31, 2018	$	597
Provision for expected credit losses		988
Accounts written off		(418	)
Balance at December 31, 2019	$	1,167
Cumulative effect adjustment upon adoption		364
Provision for expected credit losses		1,594
Accounts written off		(1,133	)
Balance at December 31, 2020	$	1,992
Provision for expected credit losses		3,474
Accounts written off		(1,599	)
Balance at December 31, 2021	$	3,867

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

Business Combinations - Summary of Preliminary Estimated Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jul. 23, 2021
Business Acquisition [Line Items]
Goodwill	$ 42,432
Feedonomics
Business Acquisition [Line Items]
Accounts receivable		$ 3,107
Prepaid expenses and other assets		108
Acquisition related intangible assets		36,951
Other non-current assets		458
Accounts payable and accrued liabilities		287
Customer prepaid liabilities		225
Operating lease liabilities		345
Net asset acquired, excluding goodwill		39,767
Total purchase consideration		81,066
Goodwill		$ 41,299

Commitments, Contingencies, and Leases

12 Months Ended

Dec. 31, 2021

Commitments Contingencies And Leases [Abstract]

Commitments, Contingencies, and Leases

8. Commitments, contingencies, and leases

We had unconditional purchase obligations as of December 31, 2021, as follows:

(in thousands)	December 31, 2021
2022	$	9,769
2023		11,359
2024		10,750
2025		8,625
2026 and thereafter		—
Total	$	40,503

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

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

Our certificate of incorporation and certain contractual arrangements provide for indemnification of our officers and directors for certain events or occurrences. We maintain a directors and officers insurance policy to provide coverage in the event of a claim against an officer 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 December 31, 2021 and 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.

We adopted ASC Topic 842, Leases on January 1, 2019. Operating expenses were $3.8 and $3.7 million, which included short-term rent expense of $0.5 and $0.4 million, respectively, for the years ended December 31, 2021 and 2020. Operating rent expense was $3.2 million for the year ended December 31, 2019. We elected the practical expedient to not provide comparable presentation for periods prior to adoption.

Supplemental lease information

	Year ended December 31,
Cash flow information (in thousands)	2021		2020
Cash paid for operating lease liabilities	$	3,927	$	3,666
Right-of-use assets obtained in exchange for operating lease obligations	$	—	$	—

	Year ended December 31,
Operating lease information	2021			2020
Weighted-average remaining lease-term	5.5 years			6.0 years
Weighted-average discount rate		5.46	%		5.42	%

The future maturities of operating lease liabilities are as follows:

(in thousands)	December 31, 2021
2022		3,278
2023		2,534
2024		2,243
2025		2,011
2026		2,071
Thereafter		2,852
Total minimum lease payments	$	14,989
Less imputed interest		(2,097	)
Total lease liabilities	$	12,892

Revenue Recognition and Deferred Costs - Additional Information (Details 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligations	$ 142.9
Remaining performance obligations, percentage	49.00%
Remaining performance obligations, satisfaction period	12 months
Revenue, expected recognition period, explanation	We expect to recognize approximately 49% of the remaining performance obligations as revenue in the next 12 months, and the remaining balance in the periods thereafter.

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Summary of Net Carrying Amount of Notes

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

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

Principal balance	$	345,000		$	—
Unamortized issuance costs	$	(9,463	)	$	—
Carrying value, net	$	335,537		$	—

Summary of Total Interest Expense Recognized Related to Notes

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

	December 31,
(in thousands)	2021		2020		2019
Contractual interest expense	$	254	$	—	$	0
Amortization of issuance costs		574		—		—
Total	$	828	$	—	$	—

- 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

Debt - Additional Information (Details)				1 Months Ended		3 Months Ended	12 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	Mar. 31, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 04, 2019 USD ($)	Oct. 27, 2017 USD ($)
Debt Instrument [Line Items]
Transaction costs attributable to issuance of notes							$ 9,463,000
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
Contractual interest expense							$ 9,500,000
Mezzanine Loan And Security Agreement \| 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
Silicon Valley Bank \| Revolving Line \| Mezzanine Loan And Security Agreement
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity										$ 25,000,000.0	$ 20,000,000.0
Line Of Credit Facility Increase Amended										$ 5,000,000.0
Maximum \| Mezzanine Loan And Security Agreement \| 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
Debt instrument, interest rate				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
Conversion of debt to shares \| shares				13.6783
Debt instrument, principal amount converted				$ 1,000
Debt instrument, initial conversion price \| $ / shares				$ 73.11
Debt instrument, effective interest rate				0.84%
Transaction costs attributable to issuance of notes				$ 10,000,000.0
Interest expense							$ 828,000
Contractual interest expense							254,000		$ 0
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
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 \| Series 1 Common Stock \| Silicon Valley Bank
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
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
2018 Term Loan \| Silicon Valley Bank \| Revolving Line \| Mezzanine Loan And Security Agreement
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity											$ 5,000,000.0

Summary of Significant Accounting Policies - Additional Information (Details)		12 Months Ended
	Jan. 01, 2020 USD ($)	Dec. 31, 2021 USD ($) Customer	Dec. 31, 2020 USD ($) Customer	Dec. 31, 2019 USD ($) Customer
Summary Of Significant Accounting Policies [Line Items]
Accounts receivable including unbilled receivables		$ 13,100,000	$ 7,500,000
Concentration risk, number of customer \| Customer		1	1	1
Advertising expenses		$ 16,800,000	$ 12,900,000	$ 11,800,000
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		$ 23,299,000	$ 0.0	$ 0.0
Acquisition related spend		1,800,000
Business combination compensation expense related to contingent compensation		21,500,000
Accrued interest or penalties related to unrecognized tax benefits		$ 0
Customer Concentration Risk \| Revenue \| One Strategic Partner
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		14.00%	15.00%	12.00%
Customer Concentration Risk \| Accounts Receivable \| One Strategic Partner
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		19.00%	24.00%	20.00%
ASU 2016-13
Summary Of Significant Accounting Policies [Line Items]
Increase in the allowance for credit losses	$ 400,000
ASU 2020-06
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date		Jan. 01, 2021
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]		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

Debt - Summary of Total Interest Expense Recognized Related to Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019
Debt Instrument [Line Items]
Contractual interest expense	$ 9,500
0.25% Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Contractual interest expense	254	$ 0
Amortization of issuance costs	574
Total	$ 828

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair value measurements

Financial instruments carried at fair value include cash and cash equivalents, restricted cash and marketable securities. The carrying amount of accounts receivable, accounts payable, and accrued liabilities approximate 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 assets 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 table summarizes the estimated fair value of our cash equivalents and marketable securities.

	As of December 31, 2021
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Financial assets:
Money market funds	$	262,679	$	—	$	—	$	262,679
U.S treasury securities	$	21,926	$	—	$	—	$	21,926
Corporate securities	$	—	$	80,389	$	—	$	80,389
Total financial assets	$	284,605	$	80,389	$	—	$	364,994

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

	As of December 31, 2021
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market funds	$	262,679	$	—	$	—		$	262,679
Marketable securities:
U.S treasury securities	$	21,999			$	(74	)	$	21,925
Corporate securities	$	80,506	$	—	$	(117	)	$	80,389

	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 $312.2 million as of December 31, 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

Income Taxes - Schedule of Pretax Earnings from Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
United States	$ (62,558)	$ (31,891)	$ (38,720)
Non-U.S.	(14,153)	(5,644)	(3,842)
Loss before provision for income taxes	$ (76,711)	$ (37,535)	$ (42,562)

- Definition

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

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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Pretax Earnings from Continuing Operations

Pretax earnings from continuing operations consist of the following:

	Year ended December 31,
(in thousands)	2021			2020			2019
United States	$	(62,558	)	$	(31,891	)	$	(38,720	)
Non-U.S.		(14,153	)		(5,644	)		(3,842	)
Total pre-tax earnings	$	(76,711	)	$	(37,535	)	$	(42,562	)

Schedule Components of Provision for Income Taxes

Our components of the provision for income taxes are as follows:

	Year ended December 31,
(in thousands)	2021			2020		2019
Income tax provision (benefit)
Current:
Federal	$	—		$	—	$	—
State	11			24			25
Foreign	134			1			3
Total current	$	145		$	25	$	28
Deferred:
Federal		(202	)		—		—
State		23			—		—
Foreign		—			—		—
Total deferred		(179	)		—		—
Total provision (benefit)	$	(34	)	$	25	$	28

Schedule of Effective Income Tax Rate Reconciliation

Current income tax expense for the period is a result of the Texas Gross Margin tax in the case of the state tax expense and taxable profits in Ireland, the Ukraine and Singapore in the case of the foreign tax expense along with withholding taxes. Deferred income tax expense is a result of taxable temporary differences related to indefinite-lived assets along with a tax benefit related to the reduction of the valuation allowance.

	Year ended December 31,
(in thousands)	2021			2020			2019
U.S. federal taxes at statutory rate		21.00	%		21.00	%		21.00	%
State taxes, net of federal benefit		5.58			4.91			3.25
Foreign tax rate differentials		0.83			0.66			0.33
Research and development credit		2.65			4.97			3.24
Purchase price accounting		0.35			0.00			0.00
Stock-based compensation		26.29			16.97			0.38
162(m) addback		(15.65	)		0.00			0.00
Permanent differences, other		(0.92	)		(8.17	)		(3.77	)
Change in valuation allowance		(40.09	)		(40.41	)		(24.50	)
Other		—			—			—
Effective tax rate		0.04	%		(0.07	)%		(0.07	)%

Significant Components of Deferred Taxes

Significant components of deferred taxes are as follows:

	December 31,
(in thousands)	2021			2020
Deferred tax assets:
Net operating loss and credit carryforwards	$	76,475		$	52,216
Lease liabilities		2,834			3,868
Deferred revenue		358			426
Depreciation and amortization		7,942			8,381
Stock-based compensation		3,367			2,401
Other		7,954			1,721
Gross deferred tax assets	$	98,930		$	69,013
Valuation allowance		(92,531	)		(62,917	)
Deferred tax liabilities:
Foreign DTLs		(429	)		—
Goodwill DTL		(321	)		—
Deferred commission		(1,885	)		(1,448	)
Right-of-use assets		(2,049	)		(2,904	)
Prepaid expenses and other		(1,809	)		(1,744	)
Gross deferred tax liabilities		(6,493	)		(6,096	)
Net deferred tax assets	$	(94	)	$	—

Reconciliation of Liability for Unrecognized Tax Benefits

A reconciliation of our liability for unrecognized tax benefits is as follows:

	December 31,
(in thousands)	2021		2020
Balance, beginning of year	$	—	$	—
Increase for tax positions related to the current year		—		—
Increase for tax positions related to the prior years		396		—
Decrease for tax positions related to prior years		—		—
Balance, end of year	$	396	$	—

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	$ 36,951
Developed Technology
Business Acquisition [Line Items]
Total acquisition-related intangible assets estimated fair value	$ 11,794
Weighted average amortization period (in years)	4 years
Customer Relationship
Business Acquisition [Line Items]
Total acquisition-related intangible assets estimated fair value	$ 22,525
Weighted average amortization period (in years)	5 years 8 months 12 days
Trade name
Business Acquisition [Line Items]
Total acquisition-related intangible assets estimated fair value	$ 2,470
Weighted average amortization period (in years)	5 years
Non-compete Agreement
Business Acquisition [Line Items]
Total acquisition-related intangible assets estimated fair value	$ 162
Weighted average amortization period (in years)	3 years

Goodwill and Intangible Assets - Schedule of Expected Amortization Expense for Definite-lived Intangible Assets (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2022	$ 8,005
2023	7,958
2024	7,823
2025	6,134
2026	3,395
Thereafter	1,717
Net carrying amount	$ 35,032

Commitments, Contingencies, and Leases - Schedule of Operating Lease Information (Details)	Dec. 31, 2021	Dec. 31, 2020
Commitments Contingencies And Leases [Abstract]
Weighted-average remaining lease-term	5 years 6 months	6 years
Weighted-average discount rate	5.46%	5.42%

Debt - Summary of Net Carrying Amount of Notes (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
Principal balance	$ 345,000
Unamortized issuance costs	(9,463)
Carrying value, net	$ 335,537

Commitments, Contingencies, and Leases - Schedule of Future Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments Contingencies And Leases [Abstract]
2022	$ 3,278
2023	2,534
2024	2,243
2025	2,011
2026	2,071
Thereafter	2,852
Total minimum lease payments	14,989
Less imputed interest	(2,097)
Total lease liabilities	$ 12,892

Overview

12 Months Ended

Dec. 31, 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.

BigCommerce empowers businesses to turn digital transformation into a competitive advantage. We allow merchants to build their ecommerce solution their way with the flexibility to fit their unique business and product offerings. 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.

Stockholders' Equity (Deficit) - Summary of RSU Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Nonvested shares, beginning period	1,408
Granted, shares	1,548	1,408
Vested, shares	(350)
Cancelled/Forfeited/Expired, shares	(234)
Nonvested shares, ending period	2,372	1,408
Nonvested, Weighted average grant date fair value beginning period	$ 24.67
Granted, Weighted average grant date fair value	57.19	$ 24.67
Vested, Weighted average grant date fair value	24.07
Cancelled/Forfeited/Expired, Weighted average grant date fair value	42.97
Nonvested, Weighted average grant date fair value ending period	$ 44.10	$ 24.67

Other Liabilities

12 Months Ended

Dec. 31, 2021

Other Liabilities Disclosure [Abstract]

Other Liabilities

9. Other liabilities

The following table summarizes the components of other current liabilities:

	Year ended December 31,
(in thousands)	2021		2020
Sales tax payable	$	679	$	814
Payroll and payroll related expenses		17,315		18,255
Acquisition related compensation		14,309		—
Other		3,951		3,107
Other current liabilities	$	36,254	$	22,176

Included in other long-term liabilities at December 31, 2021, is $7.2 million that has been accrued in connection with acquisition of Feedonomics and B2B, as further discussed in Note 5 “Business Combination”. There were no similar amounts accrued at December 31, 2020.