0001288847-23-000029 | 10-K | XBRL Viewer

Net Loss Per Share

12 Months Ended

Dec. 31, 2022

Net Loss Per ShareBasic net loss per share is calculated by dividing net loss by the weighted average number of shares of common stock outstanding during the period, and excludes any dilutive effects of employee stock-based awards and potential shares upon conversion of the convertible senior notes. Diluted net loss per share is computed giving effect to all potentially dilutive shares of common stock, including common stock issuable upon exercise of stock options, vesting of RSUs and PRSUs, and shares of common stock issuable upon conversion of convertible senior notes. As the Company had net losses for the years ended December 31, 2022, 2021 and 2020, all potentially issuable shares of common stock were determined to be anti-dilutive.

The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data):


	Year Ended December 31,
	2022		2021		2020
Net loss	$	(94,650)	$	(53,000)	$	(42,130)
Weighted-average shares used in computing basic and diluted net loss per share	69,920		67,512		64,154
Basic and diluted net loss per share	$	(1.35)	$	(0.79)	$	(0.66)

The following securities were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive (in thousands):


	December 31,
	2022	2021	2020
Stock options	1,481	1,982	2,255
RSUs (including PRSUs)	3,718	2,560	2,267
Convertible senior notes(1)	5,685	6,663	910
Total	10,884	11,205	5,432

(1) The Company used the if-converted method for 2022 and 2021 due to the adoption of ASU 2020-06 and under the treasury stock method for 2020.

Prior to the adoption of ASU 2020-06, the Company used the treasury stock method for calculating any potential dilutive effect of the conversion spread of its convertible senior notes. The conversion spread had a dilutive impact for the 2023 convertible senior notes during the year ended December 31, 2020 since the average market price of the Company’s common stock during the period exceeded the initial conversion price of $40.82 per share. However, the potential shares of common stock issuable upon the conversion of the 2023 convertible senior notes were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive.

After the adoption of ASU 2020-06, the Company used the if-converted method for calculating any potential dilutive effect of the convertible senior notes for the years ended December 31, 2022 and 2021. Under this method, the Company calculates diluted earnings per share under both the cash and share settlement assumptions to determine which is more dilutive. If share settlement is more dilutive, the Company calculates diluted earnings per share assuming that all of the convertible senior notes were converted solely into shares of common stock at the beginning of the reporting period. The potential impact upon the conversion of the convertible senior notes were excluded from the calculation of diluted net loss per share for the years ended December 31, 2022 and 2021 because the effect would have been anti-dilutive.

Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Allowance for Doubtful Accounts

The following table presents the changes in the allowance for doubtful accounts (in thousands):


	Year Ended December 31,
	2022		2021
Balance, beginning of period	$	220	$	127
Add: bad debt expense	1,105		808
Less: write-offs, net of recoveries	(1,063)		(715)
Balance, end of period	$	262	$	220

Schedule of Estimated Useful Lives

Property and equipment is stated at cost less accumulated depreciation and amortization, and is depreciated using the straight-line method over the estimated useful lives of the assets as follows:


Asset Category						Estimated Useful Lives
Computer and network equipment						3 to 5 years
Computer software						3 years
Internal-use software and development costs						1 to 5 years
Furniture and fixtures						7 years
Leasehold improvements						Shorter of useful life or lease term

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Capital Structure

Common Stock

The Company is authorized to issue 450,000,000 shares of common stock with a par value of $0.001 per share. As of December 31, 2022 and 2021, the Company had 71,047,179 and 68,488,337 shares of common stock issued and outstanding, respectively.

During 2022 and 2021, the Company issued 573,633 and 453,943 shares, respectively, of common stock in connection with 2023 convertible senior note settlements. During 2022 and 2021, the Company also received 119,492 and 68,905 shares, respectively, from the partial unwind of capped calls resulting from the settlement of its 2023 convertible senior notes. The receipt of the 119,492 and 68,905 shares reduced the number of shares of common stock outstanding. See Note 6 for further details.

Holders of the Company’s common stock are entitled to dividends, if and when declared by the board of directors. In the event of liquidation, dissolution or winding up, subject to the rights of the holders of any then outstanding shares of preferred stock, holders of common stock will be entitled to receive the assets and funds of the Company that are legally available for distribution.

Preferred Stock

The Company is authorized to designate and issue up to 5,000,000 shares of preferred stock with a par value of $0.001 per share in one or more series without stockholder approval and to fix the rights, preferences, privileges and restrictions thereof. As of December 31, 2022 and 2021, there were no shares of preferred stock issued and outstanding.

Common Stock Reserved for Future Issuance

Shares of common stock reserved for future issuance related to outstanding equity awards and employee equity incentive plans as of December 31, 2022, were as follows (in thousands):


						Common Stock Reserved
Stock options outstanding						1,481
RSUs (including PRSUs) outstanding						3,718
Shares available for future grant under 2014 Plan						14,230
Shares available for future issuance under ESPP						3,570
Total shares of common stock reserved						22,999

Equity Incentive Plans

Prior to the Company’s initial public offering (“IPO”) in April 2014, the Company granted stock options under its Amended and Restated 2004 Equity Incentive Plan, as amended (“2004 Plan”).

Under the terms of the 2004 Plan, the Company had the ability to grant incentive and nonstatutory stock options. Incentive stock options could only be granted to Company employees. Nonstatutory stock options could be granted to Company employees, directors and consultants. Such options are exercisable at prices, as determined by the board of directors, generally equal to the fair value of the Company’s common stock at the date of grant. Options granted to employees generally vest over a four-year period, with an initial vesting period of 12 months for 25% of the shares, and the remaining 75% of the shares vesting monthly on a ratable basis over the remaining 36 months. Options generally expire 10 years after the grant date and are generally exercisable upon vesting. Vested options generally expire 90 days after termination of the optionee’s employment or relationship as a consultant or director, unless otherwise extended by the terms of the stock option agreement.

In March 2014, the Company’s board of directors and stockholders approved the 2014 Equity Incentive Plan (“2014 Plan”) and 5,300,000 shares of common stock were authorized for issuance under the 2014 Plan. In addition, on the first day of each year beginning in 2015 and ending in 2024, the 2014 Plan provides for an annual automatic increase to the shares reserved for issuance in an amount equal to 5% of the total number of shares outstanding on December 31st of the preceding calendar year or a lesser number as determined by the Company’s board of

directors. Pursuant to the automatic annual increase, 3,552,358 additional shares were reserved under the 2014 Plan on January 1, 2023. No further grants were made under the 2004 Plan once the 2014 Plan became effective on April 3, 2014. Upon the effectiveness of the 2014 Plan, all shares reserved for future issuance under the 2004 Plan became available for issuance under the 2014 Plan. Additionally, any forfeited or expired shares that would have otherwise returned to the 2004 Plan, instead return to the 2014 Plan. The 2014 Plan allows the Company to grant stock options, RSUs, restricted stock awards, performance stock awards, stock appreciation rights, performance cash awards, and other stock awards. To date, the Company has granted stock options and RSUs under the 2014 Plan. Stock options granted under the 2014 Plan are in general at a price equal to the fair market value of the common stock on the date of grant and vest over four years. The Company’s stock options expire 10 years from the date of grant. Each RSU granted under the 2014 Plan represents a right to receive one share of the Company’s common stock when the RSU vests. RSUs generally vest over one to four years. Vested options generally expire three months after termination of the optionee’s employment or relationship as a consultant or director, unless otherwise extended by the terms of the stock option agreement.

In connection with the Company’s acquisition of Inference, the Company assumed unvested stock options that had been granted under the Inference Technologies Group Inc. 2018 Equity Incentive Plan. Each of the assumed stock options are subject to substantially the same terms and conditions as applied to the assumed stock options immediately prior to the acquisition date, except that the number of shares of the Company’s common stock subject to each assumed stock option and the exercise price has been adjusted in accordance with the terms of the acquisition agreement. If these assumed stock options are cancelled, forfeited or expire unexercised, the underlying shares do not become available for future grant. As of the acquisition date, the estimated fair value of the assumed unvested options was $7.6 million, of which $0.2 million was recognized as goodwill and the balance of $7.4 million is being recognized as stock-based compensation expense over the remaining service period of the assumed unvested stock options.

Stock Options

A summary of the Company’s stock option activity during the year ended December 31, 2022 is as follows (in thousands, except years and per share data):


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (1)
Outstanding as of December 31, 2021	1,982	$	38.65
Options granted	81	110.05
Options exercised	(531)	16.06
Options forfeited or expired	(51)	122.88
Outstanding as of December 31, 2022	1,481	47.75		4.6	$	51,226
Vested and expected to vest as of December 31, 2022	1,481	47.75		4.6	51,226
Exercisable as of December 31, 2022	1,263	35.60		4.0	50,583

(1) The aggregate intrinsic value amounts are computed based on the difference between the exercise price of the

stock options and the fair market value of the Company’s common stock of $67.86 per share as of December 30, 2022 for all in-the-money stock options outstanding.

Following is additional information pertaining to the Company’s stock option activity (in thousands, except per share data):


	Year Ended December 31,
	2022		2021		2020
Weighted average grant date fair value per share of options granted, excluding assumed stock options	$	50.44	$	78.72	$	38.80
Weighted average grant date fair value per share of assumed stock options	—		—		125.96
Intrinsic value of options exercised (1)	45,698		59,762		47,529
Total fair value of options vested during the period	11,421		12,760		7,846
Cash received from options exercised	8,522		7,402		11,656


(1) Intrinsic value of options exercised is the difference between the fair market value of the Company’s common stock at the time of exercise and the exercise price paid.

Restricted Stock Units (including Performance-Based Restricted Stock Units)

A summary of RSU activity (including PRSUs) during the year ended December 31, 2022 is as follows (in thousands, except years and per share data):


	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2021	2,560	$	125.65
RSUs granted(1)	2,912	90.51
RSUs vested and released	(1,383)	112.18
RSUs forfeited or cancelled	(371)	121.48
Outstanding as of December 31, 2022	3,718	103.55

(1) Includes 0.4 million PRSUs granted during 2022.

Performance-Based Restricted Stock Units

In 2022, the Company granted 0.3 million PRSUs subject to market and service conditions (“market-based PRSUs”) and with a weighted average grant date fair value of $30.6 million as part of its annual grant of equity incentive awards to certain executives and in connection with the appointment of Michael Burkland as the Company’s new Chief Executive Officer. The amount that may be earned pursuant to the PRSUs ranges from 0% to 200% of the target number based on the Company’s relative total shareholder return (“RTSR”) performance as compared to the companies in the S&P Software and Services Select Index during three one-year performance periods. One-third of the total PRSUs may be earned and settled in shares following the end of each one-year performance period based on RTSR performance and subject to continued employment through the payment date, but the amount initially paid for the first two one-year performance periods is limited to 100% of the target amount for such years, and any PRSUs resulting from above-target performance in those first two years will be paid following the end of final one-year performance period, subject to the executive’s continued employment through the payment date. If the Company’s absolute total shareholder return for any performance period is negative, then no more than 100% of the target amount of PRSUs for such period may be earned. If an executive's employment with the Company terminates before the end of the final one-year performance period due to death or disability, 100% (if due to death) or 50% (if due to disability) of the unvested PRSUs may be earned subject to ultimate RTSR performance in each remaining performance period. Upon a qualifying termination of employment in connection with a change in control of the Company, the unvested PRSUs will vest on a double-trigger basis (i) at the target level for approximately 0.1 million of the market-based PRSUs and (ii) for approximately 0.2 million of the market-based PRSUs, (a) at the target level for the uncompleted portions of the performance periods and (b) at the actual level of performance measured through the date of the change in control of the Company, based on the price per share paid in such change in control. The fair value of the PRSUs are determined on their grant date using a Monte

Carlo Simulation model based upon assumptions presented below. The Company recognizes the fair value of the PRSUs ratably over their requisite service period.

In 2022, the Company granted 0.1 million shares of PRSUs subject to revenue-based performance and service conditions (“revenue-based PRSUs”), with a grant date fair value of $6.6 million. The amount of revenue-based PRSUs that may be earned will be determined based on achievement of two quarterly revenue goals. One third of the revenue-based PRSUs may be earned based on achievement of the first revenue target and, if achieved, will vest in four quarterly installments, with the first installment occurring on the date such achievement is certified, subject to the executive's continuous service through the applicable vesting dates. Two thirds of the revenue-based PRSUs may be earned based on achievement of the second revenue target and, if achieved, will vest in eight quarterly installments, with the first installment occurring on the date such achievement is certified, subject to the executive's continuous service through the applicable vesting dates. The revenue-based PRSUs are otherwise on the Company's standard award terms from its market-based PRSUs. The Company concluded that the first revenue target was probable of achievement at December 31, 2022, thus recognized the related stock-based compensation cost through this period. The Company, however, concluded that, as of December 31, 2022, the second revenue target was not probable of achievement, thus recognized a cumulative catch-up adjustment in the fourth quarter of 2022 to reverse all previously recognized stock-based compensation cost related to this target. The Company will reassess the probability of the achievement of the performance conditions at each reporting period and a cumulative catch-up adjustment will be recorded to stock-based compensation cost for any change in the probability assessment.

Following is additional information pertaining to the Company’s RSU activity (including PRSUs) (in thousands, except per share data):


	Year Ended December 31,
	2022		2021		2020
Weighted average grant date fair value per share of RSUs granted	$	90.51	$	177.00	$	86.15
Total fair value of RSUs vested during the period	125,798		174,500		136,805

Employee Stock Purchase Plan

In March 2014, the Company’s board of directors and stockholders adopted the 2014 ESPP and the shares authorized for issuance thereunder. The 2014 ESPP became effective on April 3, 2014.

The 2014 ESPP permits eligible employees to purchase shares of the Company’s common stock through payroll deductions with up to 15% of their pre-tax earnings subject to certain Internal Revenue Code limitations. The purchase price of the shares is 85% of the lower of the fair market value of the Company’s common stock on the first day of a six month offering period, except for the initial offering period, or the relevant purchase date. In addition, no participant may purchase more than 1,500 shares of common stock in each purchase period.

The number of shares of common stock originally reserved for issuance under the 2014 ESPP was 880,000 shares, which increases automatically each year, beginning on January 1, 2015 and continuing through January 1, 2024, by the lesser of (i) 1% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year; (ii) 1,000,000 shares of common stock (subject to adjustment to reflect any split or combination of its common stock); or (iii) such lesser number as determined by its board of directors. Pursuant to the automatic annual increase, 710,471 additional shares were reserved under the 2014 ESPP on January 1, 2023.

During 2022 and 2021, 190,257 and 120,992 shares were purchased by employees under the 2014 ESPP at a weighted average price of $70.50 and $127.36 per share, respectively.

Stock-Based Compensation

Stock-based compensation expenses for the years ended December 31, 2022, 2021 and 2020 were as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Cost of revenue	$	33,297	$	17,734	$	9,422
Research and development	44,367		29,179		14,043
Sales and marketing	59,300		35,269		20,164
General and administrative	35,543		26,623		21,118
Total stock-based compensation	$	172,507	$	108,805	$	64,747

As of December 31, 2022, unrecognized stock-based compensation expense by award type and their expected weighted-average recognition periods are summarized in the following table (in thousands, except years).


	Stock Option		RSU (excluding PRSUs)		PRSU		ESPP
Unrecognized stock-based compensation expense	$	12,085	$	324,834	$	24,841	$	3,265
Weighted-average amortization period	2.2 years		2.4 years		2.5 years		0.4 years

The Company recognizes stock-based compensation expense that is calculated based upon awards that have vested, reduced for actual forfeitures. All stock-based compensation for equity awards granted to employees and non-employee directors is measured based on the grant date fair value of the award.

The Company values RSUs, including PRSUs subject to performance conditions, at the closing market price of its common stock on the date of grant. The Company estimates the fair value of each stock option and purchase right under the 2014 ESPP granted to employees on the date of grant using the Black-Scholes option-pricing model using the assumptions disclosed in the table below. The Company estimates the fair value of PRSUs subject to market conditions using a Monte Carlo Simulation model using the assumptions disclosed in the table below. Expected volatility is based upon the weighting of the Company’s historical volatility. Prior to 2020, expected volatility was based upon the weighting of the Company’s historical volatility and the historical volatility of a peer group of publicly traded companies. The expected term of options granted is estimated using the simplified method by taking the average of the vesting term and the contractual term of the option. The expected volatility assumption for purchase rights under the 2014 ESPP is based on the historical volatility of the Company’s common stock. The risk-free rate for the expected term of the awards is based on U.S. Treasury zero-coupon issues at the time of grant. The Company has not paid, and does not anticipate paying, cash dividends on its shares of common stock. Accordingly, the expected dividend yield is zero.

The weighted average assumptions used to value stock options granted during the periods presented were as follows:


Stock Options	Year Ended December 31,
	2022	2021	2020 (1)
Expected term (years)	6.0	6.0	5.7
Volatility	46%	47%	47%
Risk-free interest rate	1.8%	1.0%	0.9%
Dividend yield	—	—	—

(1)The weighted average assumptions for the year ended December 31, 2020 includes assumed stock options. The weighted average assumptions, excluding the assumed stock options, were an expected term of 6.0 years, volatility of 47%, risk-free interest rate of 1.0% and dividend yield of 0%. The weighted average assumptions of the assumed stock options were an expected term of 4.3 years, volatility of 47%, risk-free interest rate of 0.3% and dividend yield of 0%.

The weighted average assumptions used to value PRSUs with market conditions granted during the periods presented were as follows:


PRSUs (Market Conditions)	Year Ended December 31,
	2022	2021	2020

Expected term (years)	3.0	—	—
Volatility	53%	—	—
Risk-free interest rate	3.5%	—	—
Dividend yield	—	—	—

The weighted average assumptions used to value purchase rights under the 2014 ESPP granted during the periods presented were as follows:


ESPP	Granted In
	November 2022	May 2022	November 2021	May 2021	November 2020	May 2020
Expected term (years)	0.5	0.5	0.5	0.5	0.5	0.5
Volatility	59%	46%	46%	49%	50%	50%
Risk-free interest rate	2.1%	0.2%	0.2%	0.1%	0.1%	0.2%
Dividend yield	—	—	—	—	—	—

Commitments and Contingencies - State and Local Taxes and Surcharges (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Sales tax liability - current	$ 2,973	$ 2,660
Contingent Sales Tax Liabilities
Loss Contingencies [Line Items]
Sales tax liability	1,200	1,000
Sales tax liability - current	$ 300	$ 200

Leases - Schedule of Lease Cost and Supplemental Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 12,072	$ 10,238	$ 6,142
Finance lease cost:
Amortization of right-of-use assets	56	438	748
Interest on finance lease liabilities	0	0	212
Total finance lease cost	56	438	960
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used in operating leases	(11,684)	(7,178)	(6,531)
Financing cash used in finance leases	0	(612)	(3,715)
Right of use assets obtained in exchange for lease obligations:
Operating leases	5,984	50,101	5,980
Finance leases	$ 0	$ 0	$ 0

Investments and Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Investments and Fair Value Measurements

Investments and Fair Value MeasurementsMarketable Investments The Company’s marketable investments have been classified and accounted for as available-for-sale. The Company’s marketable investments as of December 31, 2022 and 2021 were as follows (in thousands):



	December 31, 2022
Short-Term Marketable Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	747	$	—	$	(13)	$	734
U.S. treasury securities	186,776		8		(1,382)		185,402
U.S. agency and government-sponsored securities	197,597		29		(1,660)		195,966
Commercial paper	25,386		—		—		25,386
Municipal bonds	22,764		—		(145)		22,619
Corporate bonds	3,658		—		(22)		3,636
Total	$	436,928	$	37	$	(3,222)	$	433,743

	December 31, 2022
Long-Term Marketable Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


U.S. agency securities	$	885	$	—	$	—	$	885


Total	$	885	$	—	$	—	$	885

	December 31, 2021
Short-Term Marketable Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	1,615	$	—	$	—	$	1,615
U.S. treasury securities	83,237		—		(24)		83,213
U.S. agency securities	159,070		—		(65)		159,005
Commercial paper	47,555		—		—		47,555
Municipal bonds	75,337		—		(96)		75,241
Corporate bonds	12,355		2		(6)		12,351
Total	$	379,169	$	2	$	(191)	$	378,980

	December 31, 2021
Long-Term Marketable Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	746	$	—	$	(2)	$	744
U.S. treasury securities	63,566		—		(251)		63,315
U.S. agency securities	63,960		—		(254)		63,706
Municipal bonds	18,655		—		(64)		18,591
Corporate bonds	1,026		—		(5)		1,021
Total	$	147,953	$	—	$	(576)	$	147,377

The following table presents the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than 12 months as of December 31, 2022 and 2021 (in thousands):


	December 31, 2022				December 31, 2021

	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	(13)	$	734	$	(2)	$	2,010
U.S. treasury securities	(1,382)		126,534		(275)		140,527
U.S. agency securities	(1,660)		172,458		(320)		222,710
Municipal bonds	(145)		12,623		(160)		87,184
Corporate bonds	(22)		3,636		(10)		9,428
Total	$	(3,222)	$	315,985	$	(767)	$	461,859

Although the Company had certain available-for-sale debt securities in an unrealized loss position as of December 31, 2022, no impairment loss was recorded since it did not intend to sell them, did not anticipate a need to sell them, and the decline in fair value was not due to any credit-related factors.

Fair Value Measurements

The Company carries cash equivalents and marketable investments at fair value. Fair value is based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1 — Observable inputs, which include unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than Level 1 inputs, such as quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined by using pricing models, discounted cash flow methodologies or similar techniques.

The Company determined the fair value of its Level 1 financial instruments, which are traded in active markets, using quoted market prices for identical instruments.

Marketable investments classified within Level 2 of the fair value hierarchy are valued based on other observable inputs, including broker or dealer quotations or alternative pricing sources. When quoted prices in active markets for identical assets or liabilities are not available, the Company relies on non-binding quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, historical pricing trends of a security as relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. The Company performs routine procedures such as comparing prices obtained from independent source to ensure that appropriate fair values are recorded.

The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands):


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	37,560	$	—	$	—	$	37,560

U.S. treasury securities	19,700		—		—		19,700

Total cash equivalents	$	57,260	$	—	$	—	$	57,260
Marketable investments (short and long-term)
Certificates of deposit	$	—	$	734	$	—	$	734
U.S. treasury securities	185,402		—		—		185,402
U.S. agency and government sponsored securities	—		196,851		—		196,851
Commercial paper	—		25,386		—		25,386
Municipal bonds	—		22,619		—		22,619
Corporate bonds	—		3,636		—		3,636
Total marketable investments	$	185,402	$	249,226	$	—	$	434,628




	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	31,380	$	—	$	—	$	31,380
Certificates of deposit	—		747		—		747
Total cash equivalents	$	31,380	$	747	$	—	$	32,127
Marketable investments (short and long-term)
Certificates of deposit	$	—	$	2,359	$	—	$	2,359
U.S. Treasury	146,528		—		—		146,528
U.S. agency and government sponsored securities	—		222,711		—		222,711
Commercial paper	—		47,555		—		47,555
Municipal bonds	—		93,832		—		93,832
Corporate bonds	—		13,372		—		13,372
Total marketable investments	$	146,528	$	379,829	$	—	$	526,357

Liabilities
Contingent consideration	$	—	$	—	$	23,740	$	23,740

As of December 31, 2022 and 2021, the estimated fair value of the Company’s outstanding 2023 convertible senior notes was $0.3 million and $114.9 million, respectively. As of December 31, 2022 and 2021, the estimated fair value of the Company's outstanding 2025 convertible senior notes was $687.1 million and $917.3 million, respectively. The fair values were determined based on the quoted price of the convertible senior notes in an inactive market on the last trading day of the reporting period and have been classified as Level 2 in the fair value hierarchy. See Note 6 for further information on the Company’s convertible senior notes.

As part of the agreement to acquire Inference Solutions Inc. (“Inference”) in November 2020, the Company was obligated to pay contingent earn out consideration of up to $24.0 million based upon achievement of certain milestones and relative thresholds during the earn out measurement period which ended on December 31, 2021. The fair value of the contingent consideration arrangement was classified within Level 3 and was determined using a probability-based scenario analysis approach. The resulting probability-weighted contingent consideration amounts

were discounted based on the Company’s estimated cost of debt. During 2022, the Company concluded and paid the final contingent consideration amount of $24.0 million.

A reconciliation of the beginning and ending balance for contingent consideration consisted of the following (in thousands):


	Contingent Consideration
Balance, December 31. 2020	$	18,100
Change in fair value of contingent consideration	5,640
Balance, December 31, 2021	23,740
Change in fair value of contingent consideration	260
Less: Payment	(24,000)
Balance, December 31, 2022	$	—

In February 2022, the Company made a $2.0 million equity investment in a privately-held company that it does not have the ability to exercise significant influence over. The Company elected the measurement alternative for an equity security without a readily determinable fair value. Accordingly, this investment will be accounted for at its cost minus impairment, if any, and is classified within Level 3. If the Company identifies observable price changes in orderly transactions for such investment or a similar investment, it will measure the investment at fair value as of the date that the observable transaction or events occurred. The Company concluded that there was no indicator of impairment of this investment as of December 31, 2022.

Except for the $2.0 million equity investment and contingent consideration described above, there were no assets or liabilities measured at fair value on a non-recurring basis as of December 31, 2022 and 2021.

The fair value of the Company’s other financial instruments’, including accounts receivable, accounts payable and other current liabilities, approximate their carrying value due to the relatively short maturity of those instruments. The carrying amounts of the Company’s operating leases approximate their fair value, which is the present value of expected future cash payments based on assumptions about current interest rates and the creditworthiness of the Company.

Goodwill and Intangible Assets - Schedule of Expected Future Amortization Expense of Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 10,870,000
2024	7,527,000
2025	5,595,000
2026	4,200,000
2027	0
Thereafter	0
Net Carrying Amount	28,192,000	$ 39,897,000	$ 51,684,000
Impairment of intangible assets	$ 0	$ 0

Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plans (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Contribution expense	$ 2.1	$ 1.8
Requisite service period (in years)	5 years
Defined benefit liability	$ 0.5	0.6
Retirement expense	$ 0.2	$ 0.2	$ 0.1

Commitments and Contingencies - Schedule of Future Minimum Lease Payments for Hosting, Telecommunication Usage Services (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Hosting Services
Unrecorded Unconditional Purchase Obligation [Line Items]
2023	$ 588
2024	238
2025	4
2026	0
Thereafter	0
Total future minimum payment	830
Telecommunication Usage Services
Unrecorded Unconditional Purchase Obligation [Line Items]
2023	7,467
2024	5,940
2025	1,304
2026	459
Thereafter	0
Total future minimum payment	$ 15,170

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

There was no activity in the Company's goodwill balance during the years ended December 31, 2022 and 2021.

During the fourth quarter of 2022, the Company completed its annual goodwill impairment test. Based on its assessment of the qualitative factors, the Company’s management concluded that the fair value of the Company’s goodwill was more likely than not greater than its carrying amount as of December 31, 2022. As such, it was not necessary to perform the quantitative goodwill impairment test. Subsequent to the 2022 annual impairment test, the Company believes there have been no significant events or circumstances negatively affecting the valuation of goodwill. As of December 31, 2022 and 2021, there was no impairment to the carrying value of the Company’s goodwill.

Intangible Assets

The following table summarizes the activity in the Company's intangible asset balances during the years ended December 31, 2022 and 2021 (in thousands):


	Intangible Assets








Beginning of the period, January 1, 2021	$	51,684
Amortization	(11,787)
End of the period, December 31, 2021	39,897
Amortization	(11,705)
End of the period, December 31, 2022	$	28,192

The components of intangible assets were as follows (in thousands):


	December 31, 2022							December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Amortization Period (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Amortization Period (Years)
Developed technology	$	56,214	$	(28,881)	$	27,333	3.2	$	56,214	$	(17,821)	$	38,393	4.0
Acquired workforce	470		(470)		—		0.0	470		(334)		136		0.9
Customer relationships	1,600		(741)		859		2.7	1,600		(421)		1,179		3.7
Trademarks	500		(500)		—		0.0	500		(311)		189		0.9
Total	$	58,784	$	(30,592)	$	28,192	3.2	$	58,784	$	(18,887)	$	39,897	4.0

Amortization expense related to intangible assets was $11.7 million, $11.8 million and $6.8 million for the years ended December 31, 2022, 2021 and 2020, respectively.

As of December 31, 2022, the expected future amortization expense for intangible assets was as follows (in thousands):


Period	Expected Future Amortization Expense
2023	$	10,870
2024	7,527
2025	5,595
2026	4,200
2027	—
Thereafter	—
Total	$	28,192

Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. The Company concluded that there was no indicators of impairment of its intangible assets as of December 31, 2022 and 2021.

Financial Statement Components - Schedule of Useful Lives of Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment	$ 215,755	$ 171,336
Accumulated depreciation and amortization	(114,534)	(93,551)
Property and equipment, net	101,221	77,785
Depreciation and amortization of property and equipment	33,000	26,900	$ 18,200
Computer and network equipment
Property, Plant and Equipment [Line Items]
Property and equipment	148,789	116,701
Computer software
Property, Plant and Equipment [Line Items]
Property and equipment	50,955	44,268
Internal-use software development costs
Property, Plant and Equipment [Line Items]
Property and equipment	6,111	500
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	3,326	3,953
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 6,574	$ 5,914

Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Contract Balances

The following table provides information about accounts receivable, net, deferred contract acquisition costs, net, contract assets and contract liabilities from contracts with customers (in thousands):


	December 31, 2022		December 31, 2021
Accounts receivable, net	$	87,494	$	83,731

Deferred contract acquisition costs, net:
Current	$	47,242	$	33,295
Non-current	114,880		84,663
Total deferred contract acquisition costs, net	$	162,122	$	117,958

Contract assets and contract liabilities:
Contract assets (included in prepaid expenses and other current assets)	$	3,401	$	2,593
Contract liabilities (deferred revenue)	57,816		43,720
Noncurrent contract liabilities (deferred revenue) (included in other long term liabilities)	1,178		2,097
Net contract liabilities	$	(55,593)	$	(43,224)

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 87,494	$ 83,731
Deferred contract acquisition costs, net:
Current	47,242	33,295
Non-current	114,880	84,663
Total deferred contract acquisition costs, net	162,122	117,958
Contract assets and contract liabilities:
Contract assets (included in prepaid expenses and other current assets)	3,401	2,593
Contract liabilities (deferred revenue)	57,816	43,720
Noncurrent contract liabilities (deferred revenue) (included in other long term liabilities)	1,178	2,097
Net contract liabilities	$ (55,593)	$ (43,224)

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Leases The Company has leases for offices, data centers and computer and networking equipment that expire at various dates through 2031. The Company’s leases have remaining terms of one to ten years, some of the leases include a Company option to extend the leases for up to three to five years, and some of the leases include the option to terminate the leases upon 30-days notice. The Company does not separate lease and non-lease components for real estate operating leases.

The components of lease expenses were as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Operating lease cost	$	12,072	$	10,238	$	6,142
Finance lease cost:
Amortization of right-of-use assets	$	56	$	438	$	748
Interest on finance lease liabilities	—		—		212
Total finance lease cost	$	56	$	438	$	960

Supplemental cash flow information related to leases was as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used in operating leases	$	(11,684)	$	(7,178)	$	(6,531)
Financing cash used in finance leases	—		(612)		(3,715)
Right of use assets obtained in exchange for lease obligations:
Operating leases	5,984		50,101		5,980
Finance leases	—		—		—

Supplemental balance sheet information related to leases was as follows (in thousands):


	December 31,
	2022		2021
Operating leases
Operating lease right-of-use assets	$	44,120	$	48,703

Operating lease liabilities:	$	10,626	$	9,826
Operating lease liabilities — less current portion	41,389		47,088
Total operating lease liabilities	$	52,015	$	56,914
Finance leases
Property and equipment, gross	$	36,282	$	42,541
Less: accumulated depreciation and amortization	(36,203)		(41,689)
Property and equipment, net	$	79	$	852

Weighted average remaining terms were as follows (in years):

December 31,

2022

2021

Weighted average remaining lease term

Operating leases

6.4 years

7.3 years

Finance leases

0.0 years

Weighted average discount rates were as follows:


	December 31,
	2022		2021
Weighted average discount rate
Operating leases	3.4	%	3.2	%
Finance leases	—	%	—	%

Maturities of lease liabilities were as follows (in thousands):


Year Ending December 31,	Operating Leases
2023	$	12,246
2024	9,986
2025	7,144
2026	5,679
2027	5,718
Thereafter	17,081
Total future minimum lease payments	57,854
Less: imputed interest	(5,839)
Total	$	52,015

Leases

The components of lease expenses were as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Operating lease cost	$	12,072	$	10,238	$	6,142
Finance lease cost:
Amortization of right-of-use assets	$	56	$	438	$	748
Interest on finance lease liabilities	—		—		212
Total finance lease cost	$	56	$	438	$	960

Supplemental cash flow information related to leases was as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used in operating leases	$	(11,684)	$	(7,178)	$	(6,531)
Financing cash used in finance leases	—		(612)		(3,715)
Right of use assets obtained in exchange for lease obligations:
Operating leases	5,984		50,101		5,980
Finance leases	—		—		—

Supplemental balance sheet information related to leases was as follows (in thousands):


	December 31,
	2022		2021
Operating leases
Operating lease right-of-use assets	$	44,120	$	48,703

Operating lease liabilities:	$	10,626	$	9,826
Operating lease liabilities — less current portion	41,389		47,088
Total operating lease liabilities	$	52,015	$	56,914
Finance leases
Property and equipment, gross	$	36,282	$	42,541
Less: accumulated depreciation and amortization	(36,203)		(41,689)
Property and equipment, net	$	79	$	852

Weighted average remaining terms were as follows (in years):

December 31,

2022

2021

Weighted average remaining lease term

Operating leases

6.4 years

7.3 years

Finance leases

0.0 years

Weighted average discount rates were as follows:


	December 31,
	2022		2021
Weighted average discount rate
Operating leases	3.4	%	3.2	%
Finance leases	—	%	—	%

Maturities of lease liabilities were as follows (in thousands):


Year Ending December 31,	Operating Leases
2023	$	12,246
2024	9,986
2025	7,144
2026	5,679
2027	5,718
Thereafter	17,081
Total future minimum lease payments	57,854
Less: imputed interest	(5,839)
Total	$	52,015

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands

Total

Cumulative Effect, Period of Adoption, Adjustment

^[1]

Common Stock

Additional Paid-In Capital

Cumulative Effect, Period of Adoption, Adjustment

^[1]

Accumulated Other Comprehensive Income (Loss)

Accumulated Deficit

Cumulative Effect, Period of Adoption, Adjustment

^[1]

Beginning balance (in share) at Dec. 31, 2019

61,544,000

Beginning balance at Dec. 31, 2019

$ 196,458

$ 61

$ 351,870

$ 576

$ (156,049)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Equity component of issuance of the 2025 convertible senior notes, net of issuance costs

154,363

Purchase of capped calls related to the 2025 convertible senior notes

(90,448)

Equity component from conversion of the 2023 convertible senior notes

(336,592)

Issuance of common stock upon partial conversion of the 2023 convertible senior notes (in shares)

3,015,000

Issuance of common stock upon partial conversion of the 2023 convertible senior notes

309,689

$ 3

309,686

Fair value of Inference assumed unvested stock options for services completed prior to the acquisition

192

Issuance of common stock upon exercise of stock options (in shares)

558,000

Issuance of common stock upon exercise of stock options

11,656

$ 1

11,655

Issuance of common stock upon vesting of restricted stock units (in shares)

1,210,000

Issuance of common stock upon vesting of restricted stock units

$ 1

(1)

Issuance of common stock under ESPP (in shares)

169,000

Issuance of common stock under ESPP

11,470

$ 1

11,469

Stock-based compensation

64,747

Other comprehensive loss

(241)

Net loss

(42,130)

Ending balance (in shares) at Dec. 31, 2020

66,496,000

Ending balance at Dec. 31, 2020

279,164

$ 67

476,941

335

(198,179)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock upon partial conversion of the 2023 convertible senior notes (in shares)

453,943

Issuance of common stock upon partial conversion of the 2023 convertible senior notes

(353)

Partial unwind of capped calls and retirement of common stock related to the 2023 convertible senior notes (in shares)

(69,000)

Partial unwind of capped calls and retirement of common stock related to the 2023 convertible senior notes

Issuance of common stock upon exercise of stock options (in shares)

389,000

Issuance of common stock upon exercise of stock options

7,402

Issuance of common stock upon vesting of restricted stock units (in shares)

1,097,000

Issuance of common stock upon vesting of restricted stock units

(1)

$ 1

(2)

Issuance of common stock under ESPP (in shares)

121,000

Issuance of common stock under ESPP

15,397

Stock-based compensation

108,805

Other comprehensive loss

(622)

Net loss

(53,000)

Ending balance (in shares) at Dec. 31, 2021

68,488,000

Ending balance at Dec. 31, 2021

$ 211,132

$ (145,669)

$ 68

439,787

$ (168,412)

(287)

(228,436)

$ 22,743

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Accounting Standards Update [Extensible Enumeration]

Accounting Standards Update 2020-06 [Member]

Issuance of common stock upon partial conversion of the 2023 convertible senior notes (in shares)

573,633

Issuance of common stock upon partial conversion of the 2023 convertible senior notes

$ (280)

$ 1

(281)

Partial unwind of capped calls and retirement of common stock related to the 2023 convertible senior notes (in shares)

(119,000)

Partial unwind of capped calls and retirement of common stock related to the 2023 convertible senior notes

Issuance of common stock upon exercise of stock options (in shares)

531,000

Issuance of common stock upon exercise of stock options

8,522

$ 1

8,521

Issuance of common stock upon vesting of restricted stock units (in shares)

1,383,000

Issuance of common stock upon vesting of restricted stock units

$ 1

Issuance of common stock under ESPP (in shares)

190,000

Issuance of common stock under ESPP

13,413

Stock-based compensation

174,218

Other comprehensive loss

(2,401)

Net loss

(94,650)

Ending balance (in shares) at Dec. 31, 2022

71,047,000

Ending balance at Dec. 31, 2022

$ 309,965

$ 71

$ 635,668

$ (2,688)

$ (323,086)

[1]

Effective January 1, 2021, the Company adopted ASU 2020-06. Accordingly, the Company recorded a net reduction to opening accumulated deficit of $22.7 million and a net reduction to opening additional paid-in capital of $168.4 million as of January 1, 2021 due to the cumulative impact of adopting this new standard.

Stockholders' Equity - Schedule of Option and ESPP Valuation Assumptions (Details)	1 Months Ended						12 Months Ended
	Nov. 30, 2022	May 31, 2022	Nov. 30, 2021	May 31, 2021	Nov. 30, 2020	May 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock Options and Purchase Rights
Class of Stock [Line Items]
Expected term (years)							6 years	6 years	5 years 8 months 12 days
Volatility							46.00%	47.00%	47.00%
Risk-free interest rate							1.80%	1.00%	0.90%
Dividend yield							0.00%	0.00%	0.00%
Purchase Rights
Class of Stock [Line Items]
Expected term (years)								6 years
Volatility								47.00%
Risk-free interest rate								1.00%
Dividend yield								0.00%
Stock Option
Class of Stock [Line Items]
Expected term (years)								4 years 3 months 18 days
Volatility								47.00%
Risk-free interest rate								0.30%
Dividend yield								0.00%
Performance-Based Restricted Stock Units (PRSUs)
Class of Stock [Line Items]
Expected term (years)							3 years
Volatility							53.00%
Risk-free interest rate							3.50%
Dividend yield							0.00%
PRSU
Class of Stock [Line Items]
Expected term (years)	6 months	6 months	6 months	6 months	6 months	6 months
Volatility	59.00%	46.00%	46.00%	49.00%	50.00%	50.00%
Risk-free interest rate	2.10%	0.20%	0.20%	0.10%	0.10%	0.20%
Dividend yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stockholders' Equity - Schedule of Stock-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock-based Compensation Expense
Stock-based compensation expense	$ 172,507	$ 108,805	$ 64,747
Stock Option
Stock-based Compensation Expense
Unrecognized stock-based compensation expense	$ 12,085
Weighted-average amortization period	2 years 2 months 12 days
RSUs (including PRSUs)
Stock-based Compensation Expense
Unrecognized stock-based compensation expense	$ 324,834
Weighted-average amortization period	2 years 4 months 24 days
Equity instruments granted (in shares)	2,912,000
PRSU
Stock-based Compensation Expense
Unrecognized stock-based compensation expense	$ 24,841
Weighted-average amortization period	2 years 6 months
PRSU
Stock-based Compensation Expense
Unrecognized stock-based compensation expense	$ 3,265
Weighted-average amortization period	4 months 24 days
Performance-Based and Market Based Restricted Stock Units (PRSUs)
Stock-based Compensation Expense
Equity instruments granted (in shares)	400,000
Cost of revenue
Stock-based Compensation Expense
Stock-based compensation expense	$ 33,297	17,734	9,422
Research and development
Stock-based Compensation Expense
Stock-based compensation expense	44,367	29,179	14,043
Sales and marketing
Stock-based Compensation Expense
Stock-based compensation expense	59,300	35,269	20,164
General and administrative
Stock-based Compensation Expense
Stock-based compensation expense	$ 35,543	$ 26,623	$ 21,118

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

Selected quarterly financial information for 2022 and 2021 is as follows:


	Quarter Ended
	Dec. 31, 2022		Sept. 30, 2022		Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2021		Sept. 30, 2021		Jun. 30, 2021		Mar. 31, 2021

	(unaudited, in thousands, except per share data)
Revenue	$	208,345	$	198,342	$	189,382	$	182,777	$	173,599	$	154,328	$	143,782	$	137,882
Cost of revenue (1)(2)	96,294		94,111		88,229		88,867		79,764		67,137		64,395		59,803
Gross profit	112,051		104,231		101,153		93,910		93,835		87,191		79,387		78,079
Operating expenses:
Research and development (1)(2)	36,865		34,113		34,992		35,824		30,448		29,680		24,648		22,121
Sales and marketing (1)(2)	65,928		67,353		64,098		64,611		53,394		49,712		46,024		44,799
General and administrative (1)(2)	22,509		24,496		23,824		24,314		21,972		26,790		22,909		22,245
Total operating expenses	125,302		125,962		122,914		124,749		105,814		106,182		93,581		89,165
Loss from operations	(13,251)		(21,731)		(21,761)		(30,839)		(11,979)		(18,991)		(14,194)		(11,086)
Other (expense) income, net:

Interest expense	(1,887)		(1,879)		(1,857)		(1,870)		(2,024)		(1,947)		(2,118)		(1,938)

Other (expense) and interest income	2,706		982		280		845		(43)		213		(353)		175
Total other (expense) income, net	819		(897)		(1,577)		(1,025)		(2,067)		(1,734)		(2,471)		(1,763)
Loss before income taxes	(12,432)		(22,628)		(23,338)		(31,864)		(14,046)		(20,725)		(16,665)		(12,849)
Provision for (benefit from) income taxes	1,221		579		332		2,256		(10,445)		(188)		(135)		(517)
Net loss	$	(13,653)	$	(23,207)	$	(23,670)	$	(34,120)	$	(3,601)	$	(20,537)	$	(16,530)	$	(12,332)
Net loss per share:
Basic	$	(0.19)	$	(0.33)	$	(0.34)	$	(0.49)	$	(0.05)	$	(0.30)	$	(0.25)	$	(0.18)
Diluted	$	(0.19)	$	(0.33)	$	(0.34)	$	(0.49)	$	(0.05)	$	(0.30)	$	(0.25)	$	(0.18)
Shares used in computing net loss per share:
Basic	70,704		70,232		69,748		68,974		68,207		67,800		67,292		66,721
Diluted	70,704		70,232		69,748		68,974		68,207		67,800		67,292		66,721

(1) Included stock-based compensation as follows:


	Quarter Ended
	Dec. 31, 2022		Sept. 30, 2022		Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2021		Sept. 30, 2021		Jun. 30, 2021		Mar. 31, 2021

	(unaudited, in thousands)
Cost of revenue	$	8,638	$	8,329	$	8,538	$	7,793	$	6,854	$	3,994	$	3,781	$	3,105
Research and development	11,799		10,603		11,818		10,145		9,163		9,101		6,152		4,763
Sales and marketing	15,152		15,761		14,963		13,424		11,987		8,304		8,208		6,771
General and administrative	8,235		9,810		9,467		8,032		7,597		5,996		6,760		6,269
Total stock-based compensation	$	43,824	$	44,503	$	44,786	$	39,394	$	35,601	$	27,395	$	24,901	$	20,908

(2) Included depreciation and amortization expenses as follows:


	Quarter Ended
	Dec. 31, 2022		Sept. 30, 2022		Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2021		Sept. 30, 2021		Jun. 30, 2021		Mar. 31, 2021

	(unaudited, in thousands)
Cost of revenue	$	8,803	$	8,904	$	8,747	$	8,500	$	8,301	$	7,658	$	7,825	$	7,087
Research and development	768		768		804		825		948		1,004		729		596
Sales and marketing	1		1		1		1		1		1		1		1
General and administrative	1,449		1,542		2,088		1,469		1,288		1,117		1,096		1,079
Total depreciation and amortization	$	11,021	$	11,215	$	11,640	$	10,795	$	10,538	$	9,780	$	9,651	$	8,763

Description of Business and Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Tax Credit Carryforward [Line Items]
Deferred tax assets	$ 3,819	$ 6,907
U.K. and Australia
Tax Credit Carryforward [Line Items]
Deferred tax assets	$ 3,800	$ 6,900

Stockholders' Equity - Capital Structure (Narrative) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	71,047,179	68,488,337
Common stock, shares outstanding (in shares)	71,047,179	68,488,337
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Stock
Class of Stock [Line Items]
Equity component from partial repurchase of 2023 convertible senior notes (in shares)	573,633	453,943	3,015,000
Treasury Stock
Class of Stock [Line Items]
Partial unwind of capped calls related to the 2023 convertible senior notes (in shares)	119,492	68,905
Treasury Stock \| Convertible Senior Notes, Due 2023
Class of Stock [Line Items]
Partial unwind of capped calls related to the 2023 convertible senior notes (in shares)	119,492	68,905

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Loss Before Income Taxes

The following table presents components of loss before income taxes for the periods presented (in thousands):


	Year Ended December 31,
	2022		2021		2020
United States	$	(76,280)	$	(59,856)	$	(44,303)
International	(13,982)		(4,429)		(280)
Loss before income taxes	$	(90,262)	$	(64,285)	$	(44,583)

Schedule of Components of Provision for Income Taxes

Provision for (benefit from) income taxes for the periods presented consisted of (in thousands):


	Year Ended December 31,
	2022		2021		2020
Current:
U.S. federal	$	—	$	—	$	—
U.S. state	576		262		401
Foreign	724		(202)		233
Total provision for income taxes - Current	1,300		60		634

Deferred:
U.S. federal	—		—		(2,495)
U.S. state	—		—		(414)
Foreign	3,088		(11,345)		(178)
Total provision for (benefit from) income taxes - Deferred	3,088		(11,345)		(3,087)
Total provision for (benefit from) income taxes	$	4,388	$	(11,285)	$	(2,453)

Schedule of Effective Income Tax Reconciliation

Income tax (benefit) expense differed from the amount computed by applying the U.S. federal statutory income tax rate of 21% to pre-tax (loss) income for the periods presented as a result of the following (in thousands):


	Year Ended December 31,
	2022		2021		2020
U.S. federal tax at statutory rate	$	(18,957)	$	(13,500)	$	(9,362)
U.S. state income taxes	576		262		(345)
Section 162(m)	3,851		7,543		6,472
Global intangible low-taxed income	4,127		—		—
Non-deductible expenses	78		1,361		1,944
Research and development credit	(1,194)		(1,181)		(837)
Stock-based compensation	1,722		(25,241)		(23,800)
Tax benefit from acquisition/reorganizations	(3,852)		(5,877)		(2,495)
Foreign taxes	6,749		(4,760)		118
Other	—		20		533
Change in valuation allowance	11,288		30,088		25,319
Total provision for (benefit from) income taxes	$	4,388	$	(11,285)	$	(2,453)

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities as of December 31, 2022 and 2021 related to the following (in thousands):


	December 31,
	2022		2021
Deferred tax assets:
Net operating loss and credit carryforwards	$	125,698	$	133,433
Capitalized R&D costs	30,552		—
Accrued liabilities	10,295		12,719
Allowance for doubtful accounts	1,143		712
Amortized intangibles	3,041		872
Deferred revenue	1,992		1,351
Accrued compensation	3,238		3,963
Long-term lease liabilities	12,421		13,618

Gross deferred tax assets	188,380		166,668
Valuation allowance	(135,406)		(121,835)
Net deferred tax assets	52,974		44,833
Deferred tax liabilities:
Property and equipment	(2,737)		(2,633)

Other	(556)		(509)
Right of use assets	(10,419)		(11,573)
Deferred compensation - Current	(35,443)		(23,211)

Gross deferred tax liabilities	(49,155)		(37,926)
Net deferred taxes	$	3,819	$	6,907

Schedule of Unrecognized Tax Benefits Rollforward

The table below shows the changes in the gross amount of unrecognized tax benefits for the periods presented (in thousands):


	Year Ended December 31,
	2022		2021		2020
Unrecognized benefit — beginning of period	$	7,643	$	6,076	$	4,471
Gross increases — current year tax positions	1,773		1,851		1,605
Gross decreases — prior year tax positions	(1)		—		—
Settlements with tax authorities	—		(284)		—
Unrecognized benefit — end of period	$	9,415	$	7,643	$	6,076

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table presents the final allocation of the purchase price at the acquisition date (in thousands):


Cash	$	1,394
Property and equipment acquired	124
Other assets acquired	2,238
Acquired technology	28,600
Customer relationships	1,100
Trade name and trademarks	400
Goodwill	130,976
Total assets acquired	164,832
Liabilities assumed	(3,525)
Deferred tax liability	(4,616)
Total consideration	$	156,691
Total consideration (net of cash acquired)	$	155,297

The following table presents the final allocation of the purchase price at the acquisition date (in thousands):


Cash	$	168
Tangible assets acquired	200
Acquired technology	12,200
Customer relationships	500
Trade name and trademarks	100
Goodwill	22,646
Total assets acquired	35,814
Deferred tax liability	(2,910)
Liabilities assumed	(682)
Total	$	32,222

Income Taxes - Schedule of Unrecognized Tax Benefits Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits
Unrecognized benefit — beginning of period	$ 7,643	$ 6,076	$ 4,471
Gross increases — current year tax positions	1,773	1,851	1,605
Gross decreases — prior year tax positions	(1)	0	0
Settlements with tax authorities	0	(284)	0
Unrecognized benefit — end of period	$ 9,415	$ 7,643	$ 6,076

Description of Business and Summary of Significant Accounting Policies - Termination of Zoom Proposed Merger and Basis of Presentation (Details) $ in Millions	3 Months Ended
	Sep. 30, 2021 USD ($)
Five9, Inc. \| Five9, Inc.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Business combination, acquisition related costs	$ 7.6

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments

As of December 31, 2022, $747.7 million of aggregate principal of the convertible senior notes were outstanding. The 2023 convertible senior notes and the 2025 convertible senior notes are due on May 1, 2023 and June 1, 2025, respectively. See Note 6 for more information concerning the convertible senior notes.

The Company had outstanding operating lease obligations of $57.9 million as of December 31, 2022. See Note 13 for further details. As of December 31, 2022, the Company also had outstanding cloud service agreement commitments totaling $41.1 million, of which $29.0 million is expected to be paid in 2023 and the remaining $12.1 million in 2024.

Hosting and Telecommunication Usage Services

The Company has agreements with third parties to provide co-location hosting and telecommunication usage services. The agreements require payments per month for a fixed period of time in exchange for certain guarantees of network and telecommunication availability.

As of December 31, 2022, future minimum payments under these arrangements were as follows in thousands):


Year Ending December 31,	Hosting Services		Telecommunication Usage Services
2023	$	588	$	7,467
2024	238		5,940
2025	4		1,304
2026	—		459
Thereafter	$	—	$	—
Total future minimum payment	$	830	$	15,170

Universal Services Fund Liability

The Company is classified as a telecommunications service provider for regulatory purposes and is required to make contributions to the USF based on the revenue the Company receives from the resale of interstate and some international telecommunications services. In order to comply with the obligation to make direct contributions, the Company is registered with the USAC, which is charged by the FCC with administering the USF, and has been remitting the required contributions to USAC since its registration with the USAC in April 2013. The Company also made retroactive USF contributions based on its revenues for the period from 2008 to 2012. The Company, however, has an unresolved and arguably dormant dispute with the FCC regarding whether the Company is liable for USF contributions related to the period from 2003 through 2007. As of December 31, 2022, the Company had accrued $0.1 million in interest related to the disputed assessments for the period of 2003 through 2007.

State and Local Taxes and Surcharges

The Company, based on analysis of its activities, has determined that it is obligated to collect and remit U.S. state or local sales, use, gross receipts, excise and utility user taxes, as well as fees or surcharges as a communications service provider in certain U.S. states, municipalities or local tax jurisdictions. The Company is registered for, collecting and remitting applicable taxes where such a determination has been made. Prior to the Company’s making such determination, the Company neither collected nor remitted these taxes, fees or surcharges to applicable local, municipal or state jurisdictions. The Company continues to analyze its activities to determine if it is subject to these taxes in additional jurisdictions and based on the Company’s ongoing assessment of its U.S. state and local tax collection and remittance obligations, the Company registers for tax and regulatory purposes in such jurisdictions and commences collecting and remitting applicable state and local taxes and surcharges to these jurisdictions.

As of December 31, 2022 and 2021, the Company had total accrued liabilities of $1.2 million and $1.0 million, respectively, for such contingent sales taxes and surcharges that were not being collected from its clients but may be imposed by various taxing authorities, of which $0.3 million and $0.2 million, respectively, were included in current “Sales tax liabilities” on the consolidated balance sheets, and the remaining were included in non-current “Sales tax liabilities” on the consolidated balance sheets. The Company’s estimate of the probable loss incurred under this contingency is based on its analysis of the source location of its usage-based fees and the regulations and rules in each tax jurisdiction.

Legal Matters

The Company is involved in various legal and regulatory matters arising in the normal course of business. In management’s opinion, resolution of these matters is not expected to have a material impact on the Company’s consolidated results of operations, cash flows, or its financial position. However, due to the uncertain nature of legal matters, an unfavorable resolution of a matter could materially affect the Company’s future consolidated results of operations, cash flows or financial position in a particular period. The Company expenses legal fees as incurred.

Indemnification Agreements

In the ordinary course of business, the Company enters into agreements of varying scope and terms pursuant to which it agrees to indemnify clients, vendors, lessors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, including breach of security, services to be provided by the Company or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with its directors, officers and certain employees

that requires it, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. There are no claims that the Company is aware of that could have a material effect on the consolidated balance sheets, consolidated statements of operations and comprehensive loss, or consolidated statements of cash flows.

Revenue

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Contract Balances


	December 31, 2022		December 31, 2021
Accounts receivable, net	$	87,494	$	83,731

Deferred contract acquisition costs, net:
Current	$	47,242	$	33,295
Non-current	114,880		84,663
Total deferred contract acquisition costs, net	$	162,122	$	117,958

Contract assets and contract liabilities:
Contract assets (included in prepaid expenses and other current assets)	$	3,401	$	2,593
Contract liabilities (deferred revenue)	57,816		43,720
Noncurrent contract liabilities (deferred revenue) (included in other long term liabilities)	1,178		2,097
Net contract liabilities	$	(55,593)	$	(43,224)

The Company receives payments from customers based upon billing cycles. Invoice payment terms are usually 30 days or less. Accounts receivable are recorded when the right to consideration becomes unconditional.

Deferred contract acquisition costs are recorded when incurred and are amortized over an estimated customer benefit period of five years.

The Company’s contract assets consist of unbilled amounts typically resulting from professional services revenue recognition when it exceeds the total amounts billed to the customer. The Company’s contract liabilities consist of advance payments and billings in excess of revenue recognized.

In the year ended December 31, 2022, the Company recognized revenue of $37.7 million related to its contract liabilities at December 31, 2021.

Remaining Performance Obligations

As of December 31, 2022, the aggregate amount of the total transaction price allocated in contracts with original duration of greater than one year to the remaining performance obligations was $758.9 million. The Company expects to recognize revenue on approximately three-fourths of the remaining performance obligations over the next 24 months, with the balance recognized thereafter. The Company excludes amounts for remaining performance obligations that are part of contracts with an original expected duration of one year or less. Such remaining performance obligations represent unsatisfied or partially unsatisfied performance obligations.

- 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Acquisitions - Inference Solutions (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 18, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 30, 2020
Business Acquisition [Line Items]
Cash paid to acquire Virtual Observer		$ 0	$ 0	$ 165,338
Contingent consideration			23,740
Payment for contingent consideration liability		18,100	0	$ 0
Goodwill		165,420	$ 165,420
Inference Solutions
Business Acquisition [Line Items]
Cash consideration	$ 156,700
Cash paid to acquire Virtual Observer	137,000
Contingent consideration	18,100				$ 24,000
Contingent consideration, range of outcomes, low		0
Contingent consideration, range of outcomes, high		24,000
Payment for contingent consideration liability		24,000
Goodwill	$ 130,976
Inference Solutions \| Acquired technology
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)	6 years
Inference Solutions \| Customer relationships
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)	5 years
Inference Solutions \| Trade name and trademarks
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)	2 years
Inference Solutions \| Maximum
Business Acquisition [Line Items]
Contingent consideration		$ 24,000

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes The following table presents components of loss before income taxes for the periods presented (in thousands):


	Year Ended December 31,
	2022		2021		2020
United States	$	(76,280)	$	(59,856)	$	(44,303)
International	(13,982)		(4,429)		(280)
Loss before income taxes	$	(90,262)	$	(64,285)	$	(44,583)

Provision for (benefit from) income taxes for the periods presented consisted of (in thousands):


	Year Ended December 31,
	2022		2021		2020
Current:
U.S. federal	$	—	$	—	$	—
U.S. state	576		262		401
Foreign	724		(202)		233
Total provision for income taxes - Current	1,300		60		634

Deferred:
U.S. federal	—		—		(2,495)
U.S. state	—		—		(414)
Foreign	3,088		(11,345)		(178)
Total provision for (benefit from) income taxes - Deferred	3,088		(11,345)		(3,087)
Total provision for (benefit from) income taxes	$	4,388	$	(11,285)	$	(2,453)

The Company recorded a deferred income tax expense during 2022 principally due to a repatriation of intellectual property from its Australian subsidiary to the U.S., where it is offset by a valuation allowance, and a decrease in available Australian net operating loss carryforwards.


	Year Ended December 31,
	2022		2021		2020
U.S. federal tax at statutory rate	$	(18,957)	$	(13,500)	$	(9,362)
U.S. state income taxes	576		262		(345)
Section 162(m)	3,851		7,543		6,472
Global intangible low-taxed income	4,127		—		—
Non-deductible expenses	78		1,361		1,944
Research and development credit	(1,194)		(1,181)		(837)
Stock-based compensation	1,722		(25,241)		(23,800)
Tax benefit from acquisition/reorganizations	(3,852)		(5,877)		(2,495)
Foreign taxes	6,749		(4,760)		118
Other	—		20		533
Change in valuation allowance	11,288		30,088		25,319
Total provision for (benefit from) income taxes	$	4,388	$	(11,285)	$	(2,453)


	December 31,
	2022		2021
Deferred tax assets:
Net operating loss and credit carryforwards	$	125,698	$	133,433
Capitalized R&D costs	30,552		—
Accrued liabilities	10,295		12,719
Allowance for doubtful accounts	1,143		712
Amortized intangibles	3,041		872
Deferred revenue	1,992		1,351
Accrued compensation	3,238		3,963
Long-term lease liabilities	12,421		13,618

Gross deferred tax assets	188,380		166,668
Valuation allowance	(135,406)		(121,835)
Net deferred tax assets	52,974		44,833
Deferred tax liabilities:
Property and equipment	(2,737)		(2,633)

Other	(556)		(509)
Right of use assets	(10,419)		(11,573)
Deferred compensation - Current	(35,443)		(23,211)

Gross deferred tax liabilities	(49,155)		(37,926)
Net deferred taxes	$	3,819	$	6,907

With the exception of Russia, the Company has not provided for U.S. income taxes on undistributed earnings of its foreign subsidiaries because it intends to permanently re-invest those earnings outside the United States. The Company has plans to liquidate its Russian subsidiary. As such, the Company can no longer assert an intention to permanently re-invest those earnings. The undistributed earnings of the Company’s foreign subsidiaries were immaterial as of December 31, 2022 and 2021 and no U.S. income taxes have been accrued.

A valuation allowance is provided for deferred tax assets where the recoverability of the assets is uncertain. The determination to provide a valuation allowance is dependent upon the assessment of whether it is more likely than not that sufficient future taxable income will be generated to utilize the deferred tax assets. Based on the weight of the available evidence, which includes the Company’s historical operating losses, lack of taxable income and the accumulated deficit for the year ended December 31, 2022, the Company has provided a valuation allowance against its U.S. net deferred tax assets. However, the Company has recorded net foreign deferred tax assets associated with its U.K. and Australia operations totaling $3.8 million, which cannot increase its U.S. valuation allowance. The net change in the valuation allowance for the years ended December 31, 2022 and 2021 was an increase of $13.6 million and $70.7 million, respectively. The increase in the valuation allowance in the current year was primarily attributed to the new requirement to capitalize tax research and development costs under Section 174 of the Internal Revenue Code of 1986, as amended (“IRC”), offset by an increase in the Company's deferred contract costs. The requirement to capitalize under Section 174 was passed with the Tax Cuts and Jobs Act of 2017 but was not effective until tax years beginning after December 31, 2021. Domestic expenditures will be amortized over five years, while foreign expenditures are amortized over fifteen years.

As of December 31, 2022, the Company had net operating loss carryforwards for federal, state and foreign income tax purposes of $456.9 million, $310.9 million and $13.5 million, respectively, available to reduce future income subject to income taxes. If not utilized, the federal and significant state net operating loss carryforwards will begin to expire in 2024 and 2028, respectively, while the foreign net operating loss carryforwards do not expire. As of December 31, 2022, the Company also had gross research credit carryforwards for federal and California state tax purposes of $10.8 million and $7.0 million, available to reduce future income subject to income taxes. A portion of the federal research credit carryforwards will continue to expire in 2023. The California state research credits do not expire. The IRC imposes restrictions on the utilization of net operating losses and credits in the event of an

“ownership change” of a corporation. Accordingly, a company’s ability to use net operating losses and credits may be subject to substantial limitation as prescribed under the IRC Sections 382 and 383 and similar state provisions. Events that may cause limitations in the amount of the net operating losses and credits that the Company may use in any one year include, but are not limited to, a cumulative ownership change of more than 50% over a three-year period. In the event the Company has changes in ownership, net operating losses and research and development credit carryforwards, which are fully reserved by the deferred tax asset valuation allowance, could be limited and may expire unutilized.

Unrecognized Tax Benefits

The table below shows the changes in the gross amount of unrecognized tax benefits for the periods presented (in thousands):


	Year Ended December 31,
	2022		2021		2020
Unrecognized benefit — beginning of period	$	7,643	$	6,076	$	4,471
Gross increases — current year tax positions	1,773		1,851		1,605
Gross decreases — prior year tax positions	(1)		—		—
Settlements with tax authorities	—		(284)		—
Unrecognized benefit — end of period	$	9,415	$	7,643	$	6,076

As of each of December 31, 2022 and 2021, the Company did not have any unrecognized tax benefits that, if recognized, would have a material impact on its effective tax rate for each such respective year. The Company recognizes interest and penalties related to uncertain tax positions as income tax expense. The Company does not anticipate its total unrecognized tax benefits as of December 31, 2022 will significantly change due to settlement of examination or the expiration of statutes of limitation during the next 12 months. The Company is currently unaware of any uncertain tax positions that could result in significant additional payments, accruals or other material deviation in this estimate over the next 12 months.

The Company is subject to taxation in the United States, various states and several foreign jurisdictions. Due to the Company’s net carryover of unused operating losses, all years from 2001 forward remain subject to future examination by the U.S. federal and state tax authorities. The Company’s foreign tax returns are open to audit under the statutes of limitation of the respective foreign countries in which its subsidiaries are located. With the exception of Russia, the Company considers all undistributed earnings of its foreign subsidiaries indefinitely reinvested.

- 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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease, termination notice, period (in days)	30 days
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract (in years)	1 year
Operating lease, extension term (in years)	3 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract (in years)	10 years
Operating lease, extension term (in years)	5 years

Selected Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 208,345	$ 198,342	$ 189,382	$ 182,777	$ 173,599	$ 154,328	$ 143,782	$ 137,882	$ 778,846	$ 609,591	$ 434,908
Cost of revenue	96,294	94,111	88,229	88,867	79,764	67,137	64,395	59,803	367,501	271,099	180,284
Gross profit	112,051	104,231	101,153	93,910	93,835	87,191	79,387	78,079	411,345	338,492	254,624
Operating expenses:
Research and development	36,865	34,113	34,992	35,824	30,448	29,680	24,648	22,121	141,794	106,897	68,747
Sales and marketing	65,928	67,353	64,098	64,611	53,394	49,712	46,024	44,799	261,990	193,929	132,413
General and administrative	22,509	24,496	23,824	24,314	21,972	26,790	22,909	22,245	95,143	93,916	65,769
Total operating expenses	125,302	125,962	122,914	124,749	105,814	106,182	93,581	89,165	498,927	394,742	266,929
Loss from operations	(13,251)	(21,731)	(21,761)	(30,839)	(11,979)	(18,991)	(14,194)	(11,086)	(87,582)	(56,250)	(12,305)
Other (expense) income, net:
Interest expense	(1,887)	(1,879)	(1,857)	(1,870)	(2,024)	(1,947)	(2,118)	(1,938)	(7,493)	(8,027)	(28,348)
Other (expense) and interest income	2,706	982	280	845	(43)	213	(353)	175	4,813	(8)	3,034
Total other (expense) income, net	819	(897)	(1,577)	(1,025)	(2,067)	(1,734)	(2,471)	(1,763)	(2,680)	(8,035)	(32,278)
Loss before income taxes	(12,432)	(22,628)	(23,338)	(31,864)	(14,046)	(20,725)	(16,665)	(12,849)	(90,262)	(64,285)	(44,583)
Provision for (benefit from) income taxes	1,221	579	332	2,256	(10,445)	(188)	(135)	(517)	4,388	(11,285)	(2,453)
Net loss	$ (13,653)	$ (23,207)	$ (23,670)	$ (34,120)	$ (3,601)	$ (20,537)	$ (16,530)	$ (12,332)	$ (94,650)	$ (53,000)	$ (42,130)
Net loss per share:
Basic (in USD per share)	$ (0.19)	$ (0.33)	$ (0.34)	$ (0.49)	$ (0.05)	$ (0.30)	$ (0.25)	$ (0.18)	$ (1.35)	$ (0.79)	$ (0.66)
Diluted (in USD per share)	$ (0.19)	$ (0.33)	$ (0.34)	$ (0.49)	$ (0.05)	$ (0.30)	$ (0.25)	$ (0.18)	$ (1.35)	$ (0.79)	$ (0.66)
Shares used in computing net loss per share:
Basic (in shares)	70,704	70,232	69,748	68,974	68,207	67,800	67,292	66,721	69,920	67,512	64,154
Diluted (in shares)	70,704	70,232	69,748	68,974	68,207	67,800	67,292	66,721	69,920	67,512	64,154

Financial Statement Components - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial Statement Components [Abstract]
Accrued expenses	$ 19,343	$ 20,108
Accrued compensation and benefits	33,749	34,729
Contingent consideration	0	23,740
Accrued and other current liabilities	$ 53,092	$ 78,577

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments for Hosting, Telecommunication Usage Services

As of December 31, 2022, future minimum payments under these arrangements were as follows in thousands):


Year Ending December 31,	Hosting Services		Telecommunication Usage Services
2023	$	588	$	7,467
2024	238		5,940
2025	4		1,304
2026	—		459
Thereafter	$	—	$	—
Total future minimum payment	$	830	$	15,170

Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
U.S. federal									$ 0	$ 0	$ 0
U.S. state									576	262	401
Foreign									724	(202)	233
Total provision for income taxes - Current									1,300	60	634
Deferred:
U.S. federal									0	0	(2,495)
U.S. state									0	0	(414)
Foreign									3,088	(11,345)	(178)
Total provision for (benefit from) income taxes - Deferred									3,088	(11,345)	(3,087)
Total provision for (benefit from) income taxes	$ 1,221	$ 579	$ 332	$ 2,256	$ (10,445)	$ (188)	$ (135)	$ (517)	$ 4,388	$ (11,285)	$ (2,453)

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
U.S. federal income tax rate (percent)	21.00%
Deferred tax assets	$ 3,819	$ 6,907
Limitation on use of net operating loss, cumulative ownership change, more than	50.00%
Limitation on use of net operating loss, cumulative ownership change, period of change (in years)	3 years
Unrecognized tax benefits that would impact effective tax rate	$ 0	0
U.K. and Australia
Operating Loss Carryforwards [Line Items]
Deferred tax assets	3,800	6,900
Federal
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance for deferred tax assets	13,600	$ 70,700
Net operating loss carryforwards	456,900
Federal \| Research and Development Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Research and development credit carryforwards	10,800
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	310,900
State \| Research and Development Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Research and development credit carryforwards	7,000
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 13,500

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss and credit carryforwards	$ 125,698	$ 133,433
Capitalized R&D costs	30,552	0
Accrued liabilities	10,295	12,719
Allowance for doubtful accounts	1,143	712
Amortized intangibles	3,041	872
Deferred revenue	1,992	1,351
Accrued compensation	3,238	3,963
Long-term lease liabilities	12,421	13,618
Gross deferred tax assets	188,380	166,668
Valuation allowance	(135,406)	(121,835)
Net deferred tax assets	52,974	44,833
Deferred tax liabilities:
Property and equipment	(2,737)	(2,633)
Other	(556)	(509)
Right of use assets	(10,419)	(11,573)
Deferred compensation - Current	(35,443)	(23,211)
Gross deferred tax liabilities	(49,155)	(37,926)
Net deferred taxes	$ 3,819	$ 6,907

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Lease Obligations

The components of lease expenses were as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Operating lease cost	$	12,072	$	10,238	$	6,142
Finance lease cost:
Amortization of right-of-use assets	$	56	$	438	$	748
Interest on finance lease liabilities	—		—		212
Total finance lease cost	$	56	$	438	$	960

Supplemental cash flow information related to leases was as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used in operating leases	$	(11,684)	$	(7,178)	$	(6,531)
Financing cash used in finance leases	—		(612)		(3,715)
Right of use assets obtained in exchange for lease obligations:
Operating leases	5,984		50,101		5,980
Finance leases	—		—		—

Weighted average remaining terms were as follows (in years):

December 31,

2022

2021

Weighted average remaining lease term

Operating leases

6.4 years

7.3 years

Finance leases

0.0 years

Weighted average discount rates were as follows:


	December 31,
	2022		2021
Weighted average discount rate
Operating leases	3.4	%	3.2	%
Finance leases	—	%	—	%

Schedule of Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows (in thousands):


	December 31,
	2022		2021
Operating leases
Operating lease right-of-use assets	$	44,120	$	48,703

Operating lease liabilities:	$	10,626	$	9,826
Operating lease liabilities — less current portion	41,389		47,088
Total operating lease liabilities	$	52,015	$	56,914
Finance leases
Property and equipment, gross	$	36,282	$	42,541
Less: accumulated depreciation and amortization	(36,203)		(41,689)
Property and equipment, net	$	79	$	852

Schedule of Operating Lease Maturities

Maturities of lease liabilities were as follows (in thousands):


Year Ending December 31,	Operating Leases
2023	$	12,246
2024	9,986
2025	7,144
2026	5,679
2027	5,718
Thereafter	17,081
Total future minimum lease payments	57,854
Less: imputed interest	(5,839)
Total	$	52,015

Schedule of Finance Lease Maturities

Maturities of lease liabilities were as follows (in thousands):


Year Ending December 31,	Operating Leases
2023	$	12,246
2024	9,986
2025	7,144
2026	5,679
2027	5,718
Thereafter	17,081
Total future minimum lease payments	57,854
Less: imputed interest	(5,839)
Total	$	52,015

Stockholders' Equity - Schedule of RSU Activities (Details) - RSUs (including PRSUs) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Outstanding, beginning balance (in shares)	2,560
RSUs granted (in shares)	2,912
RSUs vested and released (in shares)	(1,383)
RSUs forfeited or cancelled (in shares)	(371)
Outstanding, ending balance (in shares)	3,718	2,560
Weighted Average Grant Date Fair Value Per Share
Outstanding, beginning balance, weighted-average grant date fair value per share (in USD per share)	$ 125.65
RSUs granted (in USD per share)	90.51	$ 177.00	$ 86.15
RSUs vested and released, weighted-average grant date fair value per share (in USD per share)	112.18
RSUs forfeited or cancelled, weighted-average grant date fair value per share (in USD per share)	121.48
Outstanding, ending balance, weighted-average grant date fair value per share (in USD per share)	103.55	125.65
Weighted average grant date fair value per share of RSUs granted	$ 90.51	$ 177.00	$ 86.15
Total fair value of RSUs vested during the period	$ 125,798	$ 174,500	$ 136,805

Stockholders' Equity - Performance-Based Restricted Stock Units (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) period goal installment shares
Market-Based PRSUs
Stockholders' Equity Capital Structure [Line Items]
Equity instruments granted (in shares) \| shares	300,000
Equity instruments granted, weighted average grant date fair value	$ 30.6
Market-Based PRSUs \| Tranche One
Stockholders' Equity Capital Structure [Line Items]
Target level qualifying termination of employment	0.1
Market-Based PRSUs \| Tranche Two
Stockholders' Equity Capital Structure [Line Items]
Target level qualifying termination of employment	$ 0.2
Performance-Based Restricted Stock Units (PRSUs)
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)	0.3333
Number of performance periods \| period	3
Term of the performance period (in years)	1 year
Performance periods limited to 100% of target \| period	2
Earnout target percentage, maximum for 2022 and 2023 (as a percent)	1
Performance-Based Restricted Stock Units (PRSUs) \| Minimum
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)	0
Performance-Based Restricted Stock Units (PRSUs) \| Maximum
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)	2
Performance-Based Restricted Stock Units (PRSUs) \| Maximum \| Shareholder for Performance Any Period is Negative
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)	1
Performance-Based Restricted Stock Units (PRSUs) \| Maximum \| Executive Employment Terminates due to Death by end of 2024
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)	1
Performance-Based Restricted Stock Units (PRSUs) \| Maximum \| Executive Employment Terminates due to Disability by end of 2024
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)	0.50
Revenue-Based PRSUs
Stockholders' Equity Capital Structure [Line Items]
Equity instruments granted (in shares) \| shares	100,000
Equity instruments granted, weighted average grant date fair value	$ 6.6
Earnout target percentage (as a percent)	0.6666
Number of quarterly revenue goals \| goal	2
Revenue-Based PRSUs \| Tranche One
Stockholders' Equity Capital Structure [Line Items]
Number of quarterly installments \| installment	4
Revenue-Based PRSUs \| Tranche Two
Stockholders' Equity Capital Structure [Line Items]
Number of quarterly installments \| installment	8

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Convertible Senior Notes, Due 2025

Debt Instrument [Line Items]

Schedule of Net Carrying Amount of Notes and Impact to Additional Paid-in Capital

The net carrying amount of the 2025 convertible senior notes as of December 31, 2022 and 2021 was as follows (in thousands):


	December 31, 2022		December 31, 2021
Principal	$	747,500	$	747,500

Unamortized issuance costs	(9,124)		(12,835)
Net carrying amount	$	738,376	$	734,665

Schedule of Interest Expense Related to the Notes

Interest expense related to the 2025 convertible senior notes was as follows (in thousands):


	Year Ended
		December 31, 2022		December 31, 2021		December 31, 2020
Contractual interest expense		$	3,737	$	4,007	$	2,230
Amortization of debt discount		—		—		16,528
Amortization of issuance costs		3,711		3,674		1,538
Total interest expense		$	7,448	$	7,681	$	20,296

Convertible Senior Notes, Due 2023

Debt Instrument [Line Items]

Schedule of Net Carrying Amount of Notes and Impact to Additional Paid-in Capital

The net carrying amount of the 2023 convertible senior notes as of December 31, 2022 and 2021 was as follows (in thousands):


	December 31, 2022		December 31, 2021
Principal	$	169	$	34,225

Unamortized issuance costs	—		(291)
Net carrying amount	$	169	$	33,934

Schedule of Interest Expense Related to the Notes

Interest expense related to the 2023 convertible senior notes was as follows (in thousands):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Contractual interest expense	$	6	$	42	$	184
Amortization of debt discount	—		—		7,006
Amortization of issuance costs	32		283		666
Total interest expense	$	38	$	325	$	7,856

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total (in shares)	10,884	11,205	5,432
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total (in shares)	1,481	1,982	2,255
RSUs (including PRSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total (in shares)	3,718	2,560	2,267
Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total (in shares)	5,685	6,663	910

Financial Statement Components - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents
Cash and cash equivalents	$ 180,520	$ 90,878	$ 220,372	$ 77,976
Cash
Cash and Cash Equivalents
Cash and cash equivalents	123,260	58,751
Certificates of deposit
Cash and Cash Equivalents
Cash and cash equivalents	0	747
Money market funds
Cash and Cash Equivalents
Cash and cash equivalents	37,560	31,380
U.S. Treasury
Cash and Cash Equivalents
Cash and cash equivalents	$ 19,700	$ 0

Financial Statement Components

12 Months Ended

Dec. 31, 2022

Financial Statement Components [Abstract]

Financial Statement Components

Cash and cash equivalents consisted of the following (in thousands):


	December 31,
	2022		2021
Cash	$	123,260	$	58,751
Certificates of deposit	—		747
Money market funds	37,560		31,380
U.S. Treasury	19,700		—

Total cash and cash equivalents	$	180,520	$	90,878

Accounts receivable, net consisted of the following (in thousands):


	December 31,
	2022		2021
Trade accounts receivable	$	77,621	$	75,970
Unbilled trade accounts receivable, net of advance client deposits	10,135		7,981
Allowance for doubtful accounts	(262)		(220)
Accounts receivable, net	$	87,494	$	83,731

Prepaid expenses and other current assets consisted of the following (in thousands):


	December 31,
	2022		2021
Prepaid expenses	$	17,151	$	21,306
Other current assets	9,159		6,443
Contract assets	3,401		2,593
Prepaid expenses and other current assets	$	29,711	$	30,342

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2022		2021
Computer and network equipment	$	148,789	$	116,701
Computer software	50,955		44,268
Internal-use software development costs	6,111		500
Furniture and fixtures	3,326		3,953
Leasehold improvements	6,574		5,914
Property and equipment	215,755		171,336
Accumulated depreciation and amortization	(114,534)		(93,551)
Property and equipment, net	$	101,221	$	77,785

Depreciation and amortization expense associated with property and equipment was $33.0 million, $26.9 million and $18.2 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Property and equipment capitalized under finance lease obligations consists primarily of computer and network equipment and was as follows (in thousands):


	December 31,
	2022		2021
Gross	$	36,282	$	42,541
Less: accumulated depreciation and amortization	(36,203)		(41,689)
Total	$	79	$	852

Other assets consisted of the following (in thousands):


	December 31,
	2022		2021
Other assets	$	5,081	$	4,964
Equity investment in a privately-held company	2,000		—
Deferred tax assets	3,976		6,907
Other assets	$	11,057	$	11,871

Accrued and other current liabilities consisted of the following (in thousands):


	December 31,
	2022		2021
Accrued expenses	$	19,343	$	20,108
Accrued compensation and benefits	33,749		34,729
Contingent consideration	—		23,740
Accrued and other current liabilities	$	53,092	$	78,577

Other long-term liabilities consisted of the following (in thousands):


	December 31,
	2022		2021
Deferred revenue	$	1,178	$	2,097
Deferred tax liabilities	157		—
Other long-term liabilities	1,745		5,574
Other long-term liabilities	$	3,080	$	7,671

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Adjustment to stockholders' equity

$ (309,965)

$ (211,132)

$ (279,164)

$ (196,458)

Accumulated Deficit

Adjustment to stockholders' equity

323,086

228,436

198,179

156,049

Additional Paid-In Capital

Adjustment to stockholders' equity

$ (635,668)

(439,787)

$ (476,941)

$ (351,870)

Cumulative Effect, Period of Adoption, Adjustment

Adjustment to stockholders' equity

^[1]

145,669

Cumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit

Adjustment to stockholders' equity

^[1]

(22,743)

Cumulative Effect, Period of Adoption, Adjustment | Additional Paid-In Capital

Adjustment to stockholders' equity

^[1]

$ 168,412

[1]

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 45
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-URI https://asc.fasb.org/extlink&oid=124436220&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

Selected quarterly financial information for 2022 and 2021 is as follows:


	Quarter Ended
	Dec. 31, 2022		Sept. 30, 2022		Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2021		Sept. 30, 2021		Jun. 30, 2021		Mar. 31, 2021

	(unaudited, in thousands, except per share data)
Revenue	$	208,345	$	198,342	$	189,382	$	182,777	$	173,599	$	154,328	$	143,782	$	137,882
Cost of revenue (1)(2)	96,294		94,111		88,229		88,867		79,764		67,137		64,395		59,803
Gross profit	112,051		104,231		101,153		93,910		93,835		87,191		79,387		78,079
Operating expenses:
Research and development (1)(2)	36,865		34,113		34,992		35,824		30,448		29,680		24,648		22,121
Sales and marketing (1)(2)	65,928		67,353		64,098		64,611		53,394		49,712		46,024		44,799
General and administrative (1)(2)	22,509		24,496		23,824		24,314		21,972		26,790		22,909		22,245
Total operating expenses	125,302		125,962		122,914		124,749		105,814		106,182		93,581		89,165
Loss from operations	(13,251)		(21,731)		(21,761)		(30,839)		(11,979)		(18,991)		(14,194)		(11,086)
Other (expense) income, net:

Interest expense	(1,887)		(1,879)		(1,857)		(1,870)		(2,024)		(1,947)		(2,118)		(1,938)

Other (expense) and interest income	2,706		982		280		845		(43)		213		(353)		175
Total other (expense) income, net	819		(897)		(1,577)		(1,025)		(2,067)		(1,734)		(2,471)		(1,763)
Loss before income taxes	(12,432)		(22,628)		(23,338)		(31,864)		(14,046)		(20,725)		(16,665)		(12,849)
Provision for (benefit from) income taxes	1,221		579		332		2,256		(10,445)		(188)		(135)		(517)
Net loss	$	(13,653)	$	(23,207)	$	(23,670)	$	(34,120)	$	(3,601)	$	(20,537)	$	(16,530)	$	(12,332)
Net loss per share:
Basic	$	(0.19)	$	(0.33)	$	(0.34)	$	(0.49)	$	(0.05)	$	(0.30)	$	(0.25)	$	(0.18)
Diluted	$	(0.19)	$	(0.33)	$	(0.34)	$	(0.49)	$	(0.05)	$	(0.30)	$	(0.25)	$	(0.18)
Shares used in computing net loss per share:
Basic	70,704		70,232		69,748		68,974		68,207		67,800		67,292		66,721
Diluted	70,704		70,232		69,748		68,974		68,207		67,800		67,292		66,721

(1) Included stock-based compensation as follows:


	Quarter Ended
	Dec. 31, 2022		Sept. 30, 2022		Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2021		Sept. 30, 2021		Jun. 30, 2021		Mar. 31, 2021

	(unaudited, in thousands)
Cost of revenue	$	8,638	$	8,329	$	8,538	$	7,793	$	6,854	$	3,994	$	3,781	$	3,105
Research and development	11,799		10,603		11,818		10,145		9,163		9,101		6,152		4,763
Sales and marketing	15,152		15,761		14,963		13,424		11,987		8,304		8,208		6,771
General and administrative	8,235		9,810		9,467		8,032		7,597		5,996		6,760		6,269
Total stock-based compensation	$	43,824	$	44,503	$	44,786	$	39,394	$	35,601	$	27,395	$	24,901	$	20,908

(2) Included depreciation and amortization expenses as follows:


	Quarter Ended
	Dec. 31, 2022		Sept. 30, 2022		Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2021		Sept. 30, 2021		Jun. 30, 2021		Mar. 31, 2021

	(unaudited, in thousands)
Cost of revenue	$	8,803	$	8,904	$	8,747	$	8,500	$	8,301	$	7,658	$	7,825	$	7,087
Research and development	768		768		804		825		948		1,004		729		596
Sales and marketing	1		1		1		1		1		1		1		1
General and administrative	1,449		1,542		2,088		1,469		1,288		1,117		1,096		1,079
Total depreciation and amortization	$	11,021	$	11,215	$	11,640	$	10,795	$	10,538	$	9,780	$	9,651	$	8,763

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 180,520	$ 90,878
Marketable investments	433,743	378,980
Accounts receivable, net	87,494	83,731
Prepaid expenses and other current assets	29,711	30,342
Deferred contract acquisition costs, net	47,242	33,295
Total current assets	778,710	617,226
Property and equipment, net	101,221	77,785
Operating lease right-of-use assets	44,120	48,703
Intangible assets, net	28,192	39,897
Goodwill	165,420	165,420
Marketable investments	885	147,377
Other assets	11,057	11,871
Deferred contract acquisition costs, net — less current portion	114,880	84,663
Total assets	1,244,485	1,192,942
Current liabilities:
Accounts payable	23,629	20,510
Accrued and other current liabilities	53,092	78,577
Operating lease liabilities	10,626	9,826
Accrued federal fees	2,471	2,282
Sales tax liabilities	2,973	2,660
Deferred revenue	57,816	43,720
Convertible senior notes	169	0
Total current liabilities	150,776	157,575
Convertible senior notes - less current portion	738,376	768,599
Sales tax liabilities — less current portion	899	877
Operating lease liabilities — less current portion	41,389	47,088
Other long-term liabilities	3,080	7,671
Total liabilities	934,520	981,810
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized, no shares issued and outstanding as of December 31, 2022 and 2021	0	0
Common stock, $0.001 par value; 450,000 shares authorized, 71,047 shares and 68,488 shares issued and outstanding as of December 31, 2022 and 2021, respectively	71	68
Additional paid-in capital	635,668	439,787
Accumulated other comprehensive loss	(2,688)	(287)
Accumulated deficit	(323,086)	(228,436)
Total stockholders’ equity	309,965	211,132
Total liabilities and stockholders’ equity	$ 1,244,485	$ 1,192,942

Acquisitions - Schedule of Inference Solutions (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Nov. 18, 2020
Business Acquisition [Line Items]
Goodwill	$ 165,420	$ 165,420
Inference Solutions
Business Acquisition [Line Items]
Cash			$ 1,394
Property and equipment acquired			124
Other assets acquired			2,238
Goodwill			130,976
Total assets acquired			164,832
Liabilities assumed			(3,525)
Deferred tax liability			(4,616)
Total			156,691
Total consideration (net of cash acquired)			155,297
Inference Solutions \| Acquired technology
Business Acquisition [Line Items]
Finite-lived intangibles acquired			28,600
Inference Solutions \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangibles acquired			1,100
Inference Solutions \| Trade name and trademarks
Business Acquisition [Line Items]
Finite-lived intangibles acquired			$ 400

Acquisitions

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Inference Solutions

On November 18, 2020, the Company acquired all of the issued and outstanding shares of Inference for total consideration of approximately $156.7 million. The total consideration comprised of $137.0 million in cash, net of cash acquired, and $18.1 million in estimated fair value of contingent earn out consideration. The contingent earn

out consideration was up to $24.0 million and was based upon achievement of certain milestones and relative thresholds during the earn out measurement period which ended on December 31, 2021. The range of amounts that the Company could pay under the contingent consideration arrangement was between $0.0 million and $24.0 million. During 2022, the Company concluded and paid the final contingent consideration amount of $24.0 million. See Note 3 for additional information regarding the contingent consideration arrangement. This acquisition, which was accounted for as a business combination, is intended to accelerate the Company’s AI position through the addition of Inference’s widely deployed IVA platform.

The excess of the purchase price over identifiable intangible assets and net tangible assets in the amount of $131.0 million was allocated to goodwill, which is not deductible for tax purposes. The fair values assigned to assets acquired and liabilities assumed are based on management’s best estimates and assumptions as of the reporting date and are considered final. The following table presents the final allocation of the purchase price at the acquisition date (in thousands):


Cash	$	1,394
Property and equipment acquired	124
Other assets acquired	2,238
Acquired technology	28,600
Customer relationships	1,100
Trade name and trademarks	400
Goodwill	130,976
Total assets acquired	164,832
Liabilities assumed	(3,525)
Deferred tax liability	(4,616)
Total consideration	$	156,691
Total consideration (net of cash acquired)	$	155,297

The acquired technology, customer relationships, and trade name are being amortized on a straight-line basis over their assigned useful lives of six years, five years, and two years, respectively. The Company used the income approach to estimate the fair value of intangible assets acquired.

The results of operations of this acquisition are included in the accompanying consolidated statements of operations and comprehensive loss from the date of acquisition.

Virtual Observer

On April 1, 2020, the Company acquired all of the issued and outstanding shares of common stock of Virtual Observer, formerly Coordinated Systems, Inc., for cash consideration of approximately $32.2 million, subject to adjustment, pursuant to a stock purchase agreement by and among the Company and Robert H. Hutcheon, David R. Brower and Daniel J. McGrail, dated January 15, 2020. This acquisition, which was accounted for as a business combination, is intended to expand the Company's portfolio to include a cloud-based WFO offering as a complement to its ongoing strategic partnerships with leading WFO providers.

The excess of the purchase price over identifiable intangible assets and net tangible assets in the amount of $22.6 million was allocated to goodwill, which is not deductible for tax purposes. The fair values assigned to assets acquired and liabilities assumed are based on management’s best estimates and assumptions as of the reporting date and are considered final. The following table presents the final allocation of the purchase price at the acquisition date

(in thousands):


Cash	$	168
Tangible assets acquired	200
Acquired technology	12,200
Customer relationships	500
Trade name and trademarks	100
Goodwill	22,646
Total assets acquired	35,814
Deferred tax liability	(2,910)
Liabilities assumed	(682)
Total	$	32,222

The acquired technology, customer relationships, and trade name and trademarks are being amortized on a straight-line basis over their estimated useful lives of five years, five years, and two years, respectively. The Company used the income approach to estimate the fair value of intangible assets acquired.

The results of operations of this acquisition are included in the accompanying consolidated statements of operations and comprehensive loss from the date of acquisition.

Description of Business and Summary of Significant Accounting Policies - Schedule of Property and Equipment, Net (Details)	12 Months Ended
	Dec. 31, 2022
Computer and network equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, in years	3 years
Computer and network equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, in years	5 years
Computer software
Property, Plant and Equipment [Line Items]
Useful life, in years	3 years
Internal-use software and development costs
Property, Plant and Equipment [Line Items]
Useful life, in years	3 years
Internal-use software and development costs \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, in years	1 year
Internal-use software and development costs \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, in years	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful life, in years	7 years

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Description of Business and Summary of Significant Accounting Policies

Five9, Inc. and its wholly-owned subsidiaries (the “Company”) is a provider of cloud software for contact centers. The Company was incorporated in Delaware in 2001 and is headquartered in San Ramon, California. The Company has offices in Europe, Asia and Australia, which primarily provide research, development, sales, marketing, and client support services.

Termination of Proposed Merger with Zoom

On July 16, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Zoom Video Communications, Inc., a Delaware corporation (“Zoom”), and Summer Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of Zoom (“Merger Sub”). On September 30, 2021, at a special meeting of the Company’s stockholders, a vote to approve the Merger was unsuccessful and immediately following the special meeting the Company and Zoom mutually agreed to terminate the Merger Agreement. The Company incurred approximately $7.6 million in transaction costs related to the Merger recorded in general and administrative expense in its consolidated statements of operations and comprehensive loss.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding annual financial reporting. All intercompany transactions and balances have been eliminated in consolidation.

The consolidated statement of cash flows for the year ended December 31, 2021 included in this Annual Report differs from the consolidated statement of cash flows for the year ended December 31, 2021 included in the Form 10-K for the year ended December 31, 2021 due to the changes in restricted cash, which was previously presented within operating activities and is now included within the beginning and ending cash, cash equivalents and restricted cash balances.

Use of Estimates

The preparation of consolidated financial statements in accordance with GAAP requires 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 the reported amounts of revenue and expenses during the reporting period. The significant estimates made by management affect revenue and related reserves, as well as the fair value of liabilities assumed through business combinations. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. Actual results could differ from those estimates.

Foreign Currency

The functional currency of the Company’s foreign subsidiaries is the U.S. dollar. For these subsidiaries, the monetary assets and liabilities resulting from foreign currency transactions are adjusted to reflect the exchange rate as of the balance sheet date. Foreign currency transaction gains and losses were not significant in any period and are reported in “Other (expense) income, net” in the consolidated statements of operations and comprehensive loss.

Cash and Cash Equivalents

The Company’s cash and cash equivalents consist of highly liquid investments with maturities of three months or less at the time of purchase. The Company’s cash equivalents consist of investments in money market funds and U.S. treasury securities.

Marketable Investments

The Company’s marketable investments consist of U.S. agency securities and government sponsored securities, U.S. treasury securities, certificates of deposit, municipal bonds, corporate bonds and commercial paper. The Company determines the appropriate classification of its investments in marketable investments at the time of purchase and re-evaluates such designation at each balance sheet date. The Company’s marketable investments have been classified and accounted for as available-for-sale. Marketable investments are carried at fair value.

Concentration Risks

Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents, marketable investments and accounts receivable. A significant portion of the Company’s cash and cash equivalents is held at three large reputable financial institutions. Total cash and cash equivalents in excess of insured limits were $178.6 million and $89.2 million as of December 31, 2022 and 2021, respectively. The Company has not experienced any losses in such accounts.

As of December 31, 2022 and 2021, no single client represented more than 10% of accounts receivable. For the years ended December 31, 2022, 2021 and 2020, no single client represented more than 10% of revenue.

Allowance for Doubtful Accounts

The Company uses an expected credit loss model, which requires it to consider historical loss rates and expectations of forward-looking losses to estimate its allowance for doubtful accounts on its trade accounts receivables, unbilled accounts receivables and contract assets.

The following table presents the changes in the allowance for doubtful accounts (in thousands):


	Year Ended December 31,
	2022		2021
Balance, beginning of period	$	220	$	127
Add: bad debt expense	1,105		808
Less: write-offs, net of recoveries	(1,063)		(715)
Balance, end of period	$	262	$	220

Property and Equipment, Net

Property and equipment is stated at cost less accumulated depreciation and amortization, and is depreciated using the straight-line method over the estimated useful lives of the assets as follows:


Asset Category						Estimated Useful Lives
Computer and network equipment						3 to 5 years
Computer software						3 years
Internal-use software and development costs						1 to 5 years
Furniture and fixtures						7 years
Leasehold improvements						Shorter of useful life or lease term

The Company capitalizes certain qualifying costs incurred during the development stage of internal-use software. Costs related to preliminary project activities and post-implementation activities are expensed in research and development as incurred. Preliminary project activities include conceptual formulation, evaluation and final selection of alternatives, planning, proof of concept and requirement analysis of the selected alternative. The post-implementation stage begins when the internal-use software is ready for its intended use, and includes all internal and external training and application maintenance activities. Capitalized internal-use software costs are included within property and equipment, net on the consolidated balance sheets, and are amortized over the estimated useful life of the software, which is three years. The related amortization expense is recognized in cost of revenue.

Maintenance and repairs are charged to expense as incurred, and improvements and betterments are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the consolidated balance sheet and any resulting gain or loss is reflected in the consolidated statements of operations and comprehensive loss in the period realized.

The Company evaluates the recoverability of property and equipment for possible impairment whenever events or circumstances indicate that the carrying amount of such assets or asset groups may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets or asset groups are expected to generate. If such evaluation indicates that the carrying amount of the assets or asset groups is not recoverable, the carrying amount of such assets or asset groups is reduced to fair value. No impairment losses have been recognized in any of the periods presented.

Business Combinations

The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed as of the acquisition date. The Company’s estimates are inherently uncertain and subject to change. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets and liabilities assumed, with the corresponding offset to goodwill. In addition, uncertain tax positions and tax-related valuation allowances are initially established in connection with a business combination as of the acquisition date. 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 its consolidated statements of operations and comprehensive loss.

Goodwill and Intangible Assets

The Company records goodwill when the consideration paid in a business combination exceeds the fair value of the net tangible assets and the identified intangible assets acquired. Goodwill is not amortized, but instead is required to be tested for impairment annually and whenever events or changes in circumstances indicate that the carrying value of goodwill may exceed its fair value.

The Company performs testing for impairment of goodwill in its fourth quarter, or as events occur or circumstances change that would more likely than not reduce the fair value of the Company’s single reporting unit below its carrying amount. A qualitative assessment is first made to determine whether it is necessary to perform the quantitative goodwill impairment test. This initial qualitative assessment includes, among other things, consideration of: (i) market capitalization of the Company; (ii) past, current and projected future earnings and equity; (iii) recent trends and market conditions; and (iv) valuation metrics involving similar companies that are publicly-traded and acquisitions of similar companies, if available. If this initial qualitative assessment indicates that it is more likely than not that impairment exists, a second quantitative assessment will be performed, involving a comparison between the estimated fair values of the Company’s single reporting unit with its respective carrying amount including goodwill. If the carrying value exceeds estimated fair value, an impairment charge is recorded for the excess.

Intangible assets, consisting of acquired developed technology, domain names and customer relationships, are carried at cost less accumulated amortization. All intangible assets have been determined to have definite lives and are amortized on a straight-line basis over their estimated remaining economic lives, ranging from three to six years. Amortization expense related to developed technology is included in cost of revenue. Amortization expense related to customer relationships is included in sales and marketing expense. Amortization expense related to domain names is included in general and administrative expense. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable.

Revenue Recognition

Revenue is recognized when control of the promised services is transferred to customers in an amount that reflects the consideration that the Company expects to receive in exchange for those services. The Company generates all of its revenue from contracts with customers. In contracts with multiple performance obligations, it identifies each performance obligation and evaluates whether the performance obligations are distinct within the context of the contract at contract inception. Performance obligations that are not distinct at contract inception are combined. The Company allocates the transaction price to each distinct performance obligation proportionately based on the estimated standalone selling price for each performance obligation. The Company then looks to how services are transferred to the customer in order to determine the timing of revenue recognition. Most services provided under the Company’s agreements result in the transfer of control over time.

The Company’s revenue consists of subscription services and related usage as well as professional services. The Company charges clients subscription fees, usually billed on a monthly basis, for access to the Company’s VCC

solution. The subscription fees are primarily based on the number of agent seats, as well as the specific VCC functionalities and applications deployed by the client. Agent seats are defined as the maximum number of named agents allowed to concurrently access the VCC cloud platform. Clients typically have more named agents than agent seats. Multiple named agents may use an agent seat, though not simultaneously. Substantially all of the Company’s clients purchase both subscriptions and related telephony usage. A small percentage of the Company’s clients subscribe to its platform but purchase telephony usage directly from a wholesale telecommunications service provider. The Company does not sell telephony usage on a stand-alone basis to any client. The related usage fees are generally based on the volume of minutes used for inbound and outbound client interactions. Revenue generated from telephony usage is presented in revenue and cost of sales on a gross basis, as the Company is the party that controls the service and is responsible for fulfilling the promise to provide the call service by diverting the calls to selected carriers. The Company also offers bundled plans, generally for smaller deployments, whereby the client is charged a single monthly fixed fee per agent seat that includes both subscription and unlimited usage in the contiguous 48 states and, in some cases, Canada. Professional services revenue is derived primarily from VCC implementations, including application configuration, system integration, optimization, education and training services. Clients are not permitted to take possession of the Company’s software.

The Company offers monthly, annual and multiple-year contracts to its clients, generally with 30 days’ notice required for reductions in the number of agent seats. Increases in the number of agent seats can be provisioned almost immediately. The Company’s clients, therefore, are able to adjust the number of agent seats used to meet their changing contact center needs. The Company’s larger clients typically choose annual contracts, which generally include an implementation and ramp period of several months. Fixed subscription fees, including bundled plans, are generally billed monthly in advance, while related usage fees are billed in arrears. Support activities include technical assistance for the Company’s solution and upgrades and enhancements to the VCC cloud platform on a when-and-if-available basis, which are not billed separately.

The Company generally requires advance deposits from its clients based on estimated usage when such usage is not billed as part of a bundled plan. Any unused portion of the deposit is refundable to the client upon termination of the arrangement, provided all amounts due have been paid. All fees, except usage deposits, are non-refundable.

Professional services are primarily billed on a fixed-fee basis. Revenue for professional services is recognized over time, as services are performed.

The estimation of variable consideration for each performance obligation requires the Company to make subjective judgments resulting in estimated variable consideration that is included in the transaction fee. This is done to the extent that it is probable, in the Company’s judgment, that a significant reversal in the amount of cumulative revenue recognized under the contract will not occur. The Company estimates the variable consideration in order to allocate the overall transaction fee on a relative stand-alone selling price basis to its multiple performance obligations. When services are included in the contract with the customer and are not sold at their stand-alone selling price, the Company is required to estimate the number of seats the customer will use, especially during the initial ramp period of the contract, during which the Company bills under an ‘actual usage’ model for subscription-related services. To date, variable consideration has not had a material impact on the allocation of transaction fees to multiple performance obligations.

The Company recognizes revenue on fixed fee professional services performance obligations based on the proportion of labor hours expended compared to the total hours expected to complete the related performance obligation. The determination of the total labor hours expected to complete the performance obligations involves judgment, which influences the initial stand-alone selling price estimate as well as the timing of professional services revenue recognition, although this is typically resolved in a short time frame.

When a contract with a customer is signed, the Company assesses whether collection of the fees under the arrangement is probable. The Company assesses collection based on a number of factors, including past transaction history and the creditworthiness of the client. The Company maintains a revenue reserve for potential credits to be issued in accordance with service level agreements or for other revenue adjustments.

Deferred Revenue

Deferred revenue consists of billings or payments received from clients for subscription services, usage and professional services in advance of revenue recognition and is recognized in accordance with the Company’s revenue recognition policy discussed above. The Company generally invoices its clients monthly in advance for

subscription services. Accordingly, the deferred revenue balance does not represent the total contract value of sales arrangements.

Cost of Revenue

Cost of revenue consists primarily of personnel costs, including stock-based compensation, fees that the Company pays to telecommunications providers for usage, USF contributions and other regulatory costs, depreciation and related expenses of servers and equipment, costs to build out and maintain co-location data centers, costs of public cloud-based data centers, allocated office and facility costs, amortization of acquired technology and amortization of internal-use software costs. Personnel costs include those associated with support of the Company’s solution, clients and data center operations, as well as with providing professional services. Data center costs include costs for servers and equipment to build out and setup, as well as co-location fees for the right to place the Company’s servers in data centers owned by third parties.

Research and Development

Research and development expenses consist primarily of salary and related expenses, including stock-based compensation, for personnel related to the development of improvements and expanded features for the Company’s solution, as well as quality assurance, testing, product management and allocated overhead. Research and development costs are expensed as incurred except for internal use software development costs that qualify for capitalization. The Company reviews development costs incurred for internal-use software in the application development stage and assesses costs for capitalization.

Advertising Costs

The Company primarily advertises its services through the internet and in conjunction with partners. Advertising costs are expensed as incurred and were $28.1 million, $20.8 million and $15.6 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Commissions

Commissions consist of variable compensation earned by sales personnel and referral fees the Company pays to third parties. The Company defers all incremental commission costs to obtain the contract, and amortizes these costs over a period of benefit determined to be five years. Commission expense was $47.3 million, $31.1 million and $21.9 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Stock-Based Compensation

All stock-based compensation granted to employees and non-employee directors is measured at the grant date fair value of the award. The Company estimates the fair value of stock options under the Company’s Equity Incentive Plans and purchase rights under the Company’s 2014 Employee Stock Purchase Plan (“2014 ESPP Plan” or “ESPP”) using the Black-Scholes option-pricing model. The fair value of restricted stock units (“RSUs”), including performance-based restricted stock units (“PRSUs”) subject to performance conditions, is equal to the fair value of the Company’s common stock on the date of grant. The fair value of PRSUs subject to market conditions are determined using a Monte Carlo Simulation model. Compensation expense is recognized net of actual forfeitures using the straight-line method over the service period, which is generally the vesting period.

Income Taxes

The Company accounts for income taxes using 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 basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date. The Company records a valuation allowance to reduce its deferred tax assets to the amount of future tax benefit that is more likely than not to be realized. As of December 31, 2022, and 2021, the Company recorded a full valuation allowance against the U.S. net deferred tax assets because of its history of operating losses in the United States. As of December 31, 2022 and 2021, the Company recognized a net deferred tax asset balance of $3.8 million and $6.9 million, respectively, related to its

operations in the UK and Australia. The Company classifies interest and penalties on unrecognized tax benefits as income tax expense.

Comprehensive loss

Comprehensive loss consists of net loss, and unrealized gains or losses on available-for-sale marketable investments. The Company presents comprehensive loss as part of the consolidated statements of operations. The changes in the accumulated balances of the components of other comprehensive loss were not material for the periods presented.

Net Loss Per Share

Basic net loss per share is calculated by dividing net loss by the weighted average number of shares of common stock outstanding during the period, and excludes any dilutive effects of employee stock-based awards and potential shares issuable upon conversion of the convertible senior notes. Diluted net loss per share is computed giving effect to all potentially dilutive shares of common stock, including common stock issuable upon exercise of stock options, vesting of RSUs and PRSUs, and shares of common stock issuable upon conversion of convertible senior notes. In periods of net loss, all potentially issuable shares of common stock are excluded from the diluted net loss per share computation because they are anti-dilutive. Therefore, basic and diluted net loss per share are the same for all years presented in the Company’s consolidated statements of operations and comprehensive loss.

Indemnification

The Company, in the ordinary course of business, enters into agreements of varying scope and terms pursuant to which it agrees to indemnify clients, vendors, lessors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, including breach of security, services to be provided by the Company or from intellectual property infringement claims made by third parties. To date, the Company has not incurred any material costs as a result of such indemnification provisions and the Company has not accrued any liabilities related to such obligations in the consolidated financial statements as of December 31, 2022 and 2021.

Segment Information

The Company has determined that its Chief Executive Officer is its chief operating decision maker. The Company’s Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of assessing performance and making decisions on how to allocate resources. Accordingly, the Company has determined that it operates in a single reportable segment.

Recent Accounting Pronouncements Not Yet Effective

The Company has reviewed, or is in the process of evaluating, all issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such accounting pronouncements will cause a material impact on its consolidated financial position, operating results or statements of cash flows.

Investments and Fair Value Measurements - Schedule of Assets Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash equivalents	$ 57,260	$ 32,127
Marketable investments	434,628	526,357
Liabilities
Contingent consideration		23,740
Level 1
Assets
Cash equivalents	57,260	31,380
Marketable investments	185,402	146,528
Liabilities
Contingent consideration		0
Level 2
Assets
Cash equivalents	0	747
Marketable investments	249,226	379,829
Liabilities
Contingent consideration		0
Level 3
Assets
Cash equivalents	0	0
Marketable investments	0	0
Liabilities
Contingent consideration		23,740
Certificates of deposit
Assets
Marketable investments	734	2,359
Certificates of deposit \| Level 1
Assets
Marketable investments	0	0
Certificates of deposit \| Level 2
Assets
Marketable investments	734	2,359
Certificates of deposit \| Level 3
Assets
Marketable investments	0	0
U.S. treasury securities
Assets
Marketable investments	185,402	146,528
U.S. treasury securities \| Level 1
Assets
Marketable investments	185,402	146,528
U.S. treasury securities \| Level 2
Assets
Marketable investments	0	0
U.S. treasury securities \| Level 3
Assets
Marketable investments	0	0
U.S. agency and government sponsored securities
Assets
Marketable investments	196,851	222,711
U.S. agency and government sponsored securities \| Level 1
Assets
Marketable investments	0	0
U.S. agency and government sponsored securities \| Level 2
Assets
Marketable investments	196,851	222,711
U.S. agency and government sponsored securities \| Level 3
Assets
Marketable investments	0	0
Commercial paper
Assets
Marketable investments	25,386	47,555
Commercial paper \| Level 1
Assets
Marketable investments	0	0
Commercial paper \| Level 2
Assets
Marketable investments	25,386	47,555
Commercial paper \| Level 3
Assets
Marketable investments	0	0
Municipal bonds
Assets
Marketable investments	22,619	93,832
Municipal bonds \| Level 1
Assets
Marketable investments	0	0
Municipal bonds \| Level 2
Assets
Marketable investments	22,619	93,832
Municipal bonds \| Level 3
Assets
Marketable investments	0	0
Corporate bonds
Assets
Marketable investments	3,636	13,372
Corporate bonds \| Level 1
Assets
Marketable investments	0	0
Corporate bonds \| Level 2
Assets
Marketable investments	3,636	13,372
Corporate bonds \| Level 3
Assets
Marketable investments	0	0
Money market funds
Assets
Cash equivalents	37,560	31,380
Money market funds \| Level 1
Assets
Cash equivalents	37,560	31,380
Money market funds \| Level 2
Assets
Cash equivalents	0	0
Money market funds \| Level 3
Assets
Cash equivalents	0	0
Certificates of deposit
Assets
Cash equivalents		747
Certificates of deposit \| Level 1
Assets
Cash equivalents		0
Certificates of deposit \| Level 2
Assets
Cash equivalents		747
Certificates of deposit \| Level 3
Assets
Cash equivalents		$ 0
U.S. treasury securities
Assets
Cash equivalents	19,700
U.S. treasury securities \| Level 1
Assets
Cash equivalents	19,700
U.S. treasury securities \| Level 2
Assets
Cash equivalents	0
U.S. treasury securities \| Level 3
Assets
Cash equivalents	$ 0

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2022	Feb. 21, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36383
Entity Registrant Name	Five9, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3394123
Entity Address, Address Line One	3001 Bishop Drive
Entity Address, Address Line Two	Suite 350
Entity Address, City or Town	San Ramon
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94583
City Area Code	925
Local Phone Number	201-2000
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	FIVN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 5,331.6
Entity Common Stock, Shares Outstanding		71,151,340
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the 2022 Annual Stockholders’ Meeting, which the registrant expects to file with the Securities and Exchange Commission within 120 days of December 31, 2022, are incorporated by reference into Part III (Items 10, 11,12, 13 and 14) of this Annual Report on Form 10-K.
Entity Central Index Key	0001288847
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Financial Statement Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial Statement Components [Abstract]
Prepaid expenses	$ 17,151	$ 21,306
Other current assets	9,159	6,443
Contract assets	3,401	2,593
Prepaid expenses and other current assets	$ 29,711	$ 30,342

Acquisitions - Virtual Observer (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 01, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Cash paid to acquire Inference Solutions		$ 0	$ 0	$ 165,338
Goodwill		$ 165,420	$ 165,420
Virtual Observer
Business Acquisition [Line Items]
Cash paid to acquire Inference Solutions	$ 32,200
Goodwill	$ 22,646
Virtual Observer \| Acquired technology
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)	5 years
Virtual Observer \| Customer relationships
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)	5 years
Virtual Observer \| Trade name and trademarks
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)	2 years

- Definition

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

+ References + Details

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue	$ 778,846	$ 609,591	$ 434,908
Cost of revenue	367,501	271,099	180,284
Gross profit	411,345	338,492	254,624
Operating expenses:
Research and development	141,794	106,897	68,747
Sales and marketing	261,990	193,929	132,413
General and administrative	95,143	93,916	65,769
Total operating expenses	498,927	394,742	266,929
Loss from operations	(87,582)	(56,250)	(12,305)
Other (expense) income, net:
Interest expense	(7,493)	(8,027)	(28,348)
Loss on early extinguishment of debt	0	0	(6,964)
Other (expense) and interest income	4,813	(8)	3,034
Total other (expense) income, net	(2,680)	(8,035)	(32,278)
Loss before income taxes	(90,262)	(64,285)	(44,583)
Provision for (benefit from) income taxes	4,388	(11,285)	(2,453)
Net loss	$ (94,650)	$ (53,000)	$ (42,130)
Net loss per share:
Basic (in USD per share)	$ (1.35)	$ (0.79)	$ (0.66)
Diluted (in USD per share)	$ (1.35)	$ (0.79)	$ (0.66)
Shares used in computing net loss per share:
Basic (in shares)	69,920	67,512	64,154
Diluted (in shares)	69,920	67,512	64,154
Comprehensive Loss:
Net Loss	$ (94,650)	$ (53,000)	$ (42,130)
Other comprehensive loss	(2,401)	(622)	(241)
Comprehensive loss	$ (97,051)	$ (53,622)	$ (42,371)

Description of Business and Summary of Significant Accounting Policies - Commissions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Amortization period of capitalized contract cost (in years)	5 years
Commission expense	$ 47.3	$ 31.1	$ 21.9

Description of Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Foreign Currency

Cash and Cash Equivalents

Marketable Investments

Marketable InvestmentsThe Company’s marketable investments consist of U.S. agency securities and government sponsored securities, U.S. treasury securities, certificates of deposit, municipal bonds, corporate bonds and commercial paper. The Company determines the appropriate classification of its investments in marketable investments at the time of purchase and re-evaluates such designation at each balance sheet date. The Company’s marketable investments have been classified and accounted for as available-for-sale. Marketable investments are carried at fair value.

Concentration Risks

Concentration RisksFinancial instruments, which potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents, marketable investments and accounts receivable. A significant portion of the Company’s cash and cash equivalents is held at three large reputable financial institutions.

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts The Company uses an expected credit loss model, which requires it to consider historical loss rates and expectations of forward-looking losses to estimate its allowance for doubtful accounts on its trade accounts receivables, unbilled accounts receivables and contract assets.

Property and Equipment, Net

Property and equipment is stated at cost less accumulated depreciation and amortization, and is depreciated using the straight-line method over the estimated useful lives of the assets as follows:


Asset Category						Estimated Useful Lives
Computer and network equipment						3 to 5 years
Computer software						3 years
Internal-use software and development costs						1 to 5 years
Furniture and fixtures						7 years
Leasehold improvements						Shorter of useful life or lease term

Business Combinations

Goodwill and Intangible Assets

Revenue Recognition

Professional services are primarily billed on a fixed-fee basis. Revenue for professional services is recognized over time, as services are performed.

Deferred Revenue

subscription services. Accordingly, the deferred revenue balance does not represent the total contract value of sales arrangements.

Cost of Revenue

Research and Development

Research and DevelopmentResearch and development expenses consist primarily of salary and related expenses, including stock-based compensation, for personnel related to the development of improvements and expanded features for the Company’s solution, as well as quality assurance, testing, product management and allocated overhead. Research and development costs are expensed as incurred except for internal use software development costs that qualify for capitalization. The Company reviews development costs incurred for internal-use software in the application development stage and assesses costs for capitalization.

Advertising Costs

Advertising CostsThe Company primarily advertises its services through the internet and in conjunction with partners.

Commissions

CommissionsCommissions consist of variable compensation earned by sales personnel and referral fees the Company pays to third parties. The Company defers all incremental commission costs to obtain the contract, and amortizes these costs over a period of benefit determined to be five years.

Stock-Based Compensation

Income Taxes

operations in the UK and Australia. The Company classifies interest and penalties on unrecognized tax benefits as income tax expense.

Comprehensive loss

Net Loss Per Share

Indemnification

IndemnificationThe Company, in the ordinary course of business, enters into agreements of varying scope and terms pursuant to which it agrees to indemnify clients, vendors, lessors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, including breach of security, services to be provided by the Company or from intellectual property infringement claims made by third parties.

Segment Information

Recent Accounting Pronouncements Not Yet Effective

Financial Statement Components - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable
Allowance for doubtful accounts	$ (262)	$ (220)	$ (127)
Accounts receivable, net	87,494	83,731
Trade accounts receivable
Accounts Receivable
Trade accounts receivable	77,621	75,970
Unbilled trade accounts receivable, net of advance client deposits
Accounts Receivable
Trade accounts receivable	$ 10,135	$ 7,981

Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Dec. 31, 2022	Apr. 03, 2014
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	22,999,000
Shares available for future grant under 2014 Plan
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	14,230,000
Stock options outstanding
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	1,481,000
RSUs (including PRSUs) outstanding
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	3,718,000
Shares available for future issuance under ESPP
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	3,570,000	880,000

Leases - Schedule of Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Leases
2023	$ 12,246
2024	9,986
2025	7,144
2026	5,679
2027	5,718
Thereafter	17,081
Total future minimum lease payments	57,854
Less: imputed interest	(5,839)
Total	$ 52,015	$ 56,914

Financial Statement Components - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Feb. 28, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other assets	$ 5,081		$ 4,964
Equity investment in a privately-held company	2,000	$ 2,000	0
Deferred tax assets	3,976		6,907
Other assets	$ 11,057		$ 11,871

Geographical Information - Schedule of Revenue and Property and Equipment by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets
Revenue	$ 208,345	$ 198,342	$ 189,382	$ 182,777	$ 173,599	$ 154,328	$ 143,782	$ 137,882	$ 778,846	$ 609,591	$ 434,908
Property and equipment, net	101,221				77,785				101,221	77,785
United States
Revenues from External Customers and Long-Lived Assets
Revenue									702,206	556,385	400,509
Property and equipment, net	92,659				68,674				92,659	68,674
International
Revenues from External Customers and Long-Lived Assets
Revenue									76,640	53,206	$ 34,399
Property and equipment, net	$ 8,562				$ 9,111				$ 8,562	$ 9,111

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Paragraph 32
-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

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

+ Details

Income Taxes - Schedule of Components of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
United States									$ (76,280)	$ (59,856)	$ (44,303)
International									(13,982)	(4,429)	(280)
Loss before income taxes	$ (12,432)	$ (22,628)	$ (23,338)	$ (31,864)	$ (14,046)	$ (20,725)	$ (16,665)	$ (12,849)	$ (90,262)	$ (64,285)	$ (44,583)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
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-Publisher FASB
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-Subparagraph (SX 210.7-04(8))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Goodwill and Intangible Assets - Schedule of Intangible Asset Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment, accumulated	$ 0	$ 0
Intangible Assets [Roll Forward]
Intangible assets, beginning balance	39,897,000	51,684,000
Amortization	(11,705,000)	(11,787,000)	$ (6,800,000)
Intangible assets, ending balance	$ 28,192,000	$ 39,897,000	$ 51,684,000

Financial Statement Components - Schedule of Property and Equipment Capitalized Under Finance Lease Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial Statement Components [Abstract]
Gross	$ 36,282	$ 42,541
Less: accumulated depreciation and amortization	(36,203)	(41,689)
Property and equipment, net	$ 79	$ 852

Description of Business and Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Advertising expense	$ 28.1	$ 20.8	$ 15.6

Geographical Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Revenues and Property and Equipment by Geographic Region

The following table summarizes revenues by geographic region based on client billing address (in thousands):


	Year Ended December 31,
	2022		2021		2020
United States	$	702,206	$	556,385	$	400,509
International	76,640		53,206		34,399
Total revenue	$	778,846	$	609,591	$	434,908

The following table summarizes total property and equipment, net in the respective locations (in thousands):


	December 31,
	2022		2021
United States	$	92,659	$	68,674
International	8,562		9,111
Property and equipment, net	$	101,221	$	77,785

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

2025 Convertible Senior Notes and Related Capped Call Transactions

In May and June 2020, the Company issued $747.5 million aggregate principal amount of 2025 convertible senior notes in a private offering, which aggregate principal amount included the exercise in full of the initial purchasers’ option to purchase up to an additional $97.5 million principal amount of the 2025 convertible senior

notes. The 2025 convertible senior notes mature on June 1, 2025 and bear interest at a fixed rate of 0.500% per annum, payable semiannually in arrears on June 1 and December 1 of each year, beginning on December 1, 2020. The total net proceeds from the issuance of the 2025 convertible senior notes, after deducting initial purchasers' discounts and commissions and estimated debt issuance costs, were approximately $728.8 million.

Each $1,000 principal amount of the 2025 convertible senior notes is initially convertible into 7.4437 shares of the Company’s common stock (the “2025 Conversion Option”), which is equivalent to an initial conversion price of approximately $134.34 per share of common stock, subject to adjustment upon the occurrence of specified events. The initial conversion price represents a premium of approximately 30% to the $103.34 per share closing price of the Company’s common stock on The Nasdaq Global Market on May 21, 2020. The 2025 convertible senior notes are convertible, in multiples of $1,000 principal amount, at the option of the holders prior to the close of business on the business day immediately preceding March 1, 2025, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2020 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “2025 Measurement Period”) in which the trading price (as defined in the 2025 Indenture governing the 2025 convertible senior notes) per $1,000 principal amount of the 2025 convertible senior notes for each trading day of the 2025 Measurement Period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate in effect on each such trading day; (3) if the Company calls any or all of the 2025 convertible senior notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after March 1, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2025 convertible senior notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances.

Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. If the Company undergoes a fundamental change (as defined in the indenture governing the 2025 convertible senior notes), subject to certain conditions, holders may require the Company to repurchase for cash all or any portion of their 2025 convertible senior notes, in principal amounts of $1,000 or a multiple thereof, at a fundamental change repurchase price equal to 100% of the principal amount of the 2025 convertible senior notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their notes in connection with such corporate event or during the relevant redemption period.

There have been no changes to the initial conversion price of the 2025 convertible senior notes since issuance. The closing market price of the Company's common stock of $67.86 per share as of December 30, 2022, the last trading day during the three months ended December 31, 2022, was below $174.64 per share, which represents 130% of the initial conversion price of $134.34 per share. Additionally, the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day, December 30, 2022, was not greater than or equal to 130% of the initial conversion price. As such, during the three months ended December 31, 2022, the conditions allowing holders of the 2025 convertible senior notes to convert were not met. The 2025 convertible senior notes are therefore not convertible for the three months ending March 31, 2023.

The Company may not redeem the 2025 convertible senior notes prior to June 6, 2023. The Company may redeem for cash all or any portion of the 2025 convertible senior notes, at its option, on or after June 6, 2023 and prior to March 1, 2025 if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending not more than two trading days immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2025 convertible senior notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2025 convertible senior notes.

The 2025 convertible senior notes are the Company’s senior unsecured obligations and rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 2025 convertible senior notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so

subordinated (including the 2023 convertible senior notes); effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries.

The net carrying amount of the 2025 convertible senior notes as of December 31, 2022 and 2021 was as follows (in thousands):


	December 31, 2022		December 31, 2021
Principal	$	747,500	$	747,500

Unamortized issuance costs	(9,124)		(12,835)
Net carrying amount	$	738,376	$	734,665

Interest expense related to the 2025 convertible senior notes was as follows (in thousands):


	Year Ended
		December 31, 2022		December 31, 2021		December 31, 2020
Contractual interest expense		$	3,737	$	4,007	$	2,230
Amortization of debt discount		—		—		16,528
Amortization of issuance costs		3,711		3,674		1,538
Total interest expense		$	7,448	$	7,681	$	20,296

In connection with the issuance of the 2025 convertible senior notes, the Company entered into privately negotiated capped call transactions (the “2025 Capped Call Transactions”) with certain financial institutions. The initial cap price of the 2025 Capped Call Transactions was $206.68 per share and is subject to certain adjustments under the terms of the 2025 Capped Call Transactions. The 2025 Capped Call Transactions cover, subject to anti-dilution adjustments, approximately 5.6 million shares of the Company’s common stock.

2023 Convertible Senior Notes and Related Capped Call Transactions

In May 2018, the Company issued $258.8 million aggregate principal amount of the 2023 convertible senior notes in a private offering. The 2023 convertible senior notes mature on May 1, 2023 and bear interest at a fixed rate of 0.125% per annum, payable semiannually in arrears on May 1 and November 1 of each year. The total net proceeds from the offering, after deducting initial purchasers' discounts and commissions and estimated debt issuance costs, was approximately $250.8 million.

In May 2020, the Company used part of the net proceeds from the issuance of the 2025 convertible senior notes to repurchase, exchange or otherwise retire approximately $181.0 million aggregate principal amount of the 2023 convertible senior notes in privately-negotiated transactions for aggregate consideration of $449.6 million, consisting of $181.0 million in cash and 2,723,581 shares of the Company’s common stock (the "2023 Note Repurchase Transactions").

As of December 31, 2022, after giving effect to the 2023 Note Repurchase Transactions and other settlements upon conversion requests, approximately $0.2 million aggregate principal amount of 2023 convertible senior notes remained outstanding.

The 2023 Note Repurchase Transactions were accounted for as a debt extinguishment. Pursuant to ASC Subtopic 470-20 under existing accounting rules prior to ASU 2020-06 adoption, total consideration for the 2023 Note Repurchase Transactions was separated into liability and equity components by estimating the fair value of a similar liability without a conversion option and assigning the residual value to the equity component. The gain or loss on extinguishment of the debt was subsequently determined by comparing the repurchase consideration allocated to the liability component to the sum of the carrying value of the liability component, net of the proportionate amounts of unamortized debt discount and the remaining unamortized debt issuance costs. Of the $449.6 million in aggregate consideration paid by the Company in connection with the 2023 Note Repurchase Transactions, $155.8 million and $293.8 million were allocated to the debt and equity components, respectively, using an effective interest rate of 5.32% to determine the fair value of the liability component. This interest rate was based on the income and market-based approaches used to determine the effective interest rate of the 2023 convertible senior notes, adjusted for the remaining term of the 2023 convertible senior notes. As of the settlement

of the 2023 Note Repurchase Transactions, the carrying value of the 2023 convertible senior notes subject to the 2023 Note Repurchase Transactions, net of unamortized debt discount and issuance costs, was $150.4 million. The Company also incurred approximately $0.5 million in third party transaction costs related to the 2023 Note Repurchase Transactions. These costs were allocated to the liability and equity components in proportion to the allocation of consideration transferred at settlement and accounted for as debt extinguishment costs and equity reacquisition costs, respectively. The 2023 Note Repurchase Transactions resulted in a $5.8 million loss on early debt extinguishment in the second quarter of fiscal 2020, of which $2.7 million consisted of unamortized debt issuance costs.

Each $1,000 principal amount of the 2023 convertible senior notes was initially convertible into 24.4978 shares of the Company’s common stock (the “2023 Conversion Option”), which is equivalent to an initial conversion price of approximately $40.82 per share of common stock, subject to adjustment upon the occurrence of specified events. The 2023 convertible senior notes were convertible, in multiples of $1,000 principal amount, at the option of the holders at any time prior to the close of business on the business day immediately preceding November 1, 2022, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ended on September 30, 2018 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “2023 Measurement Period”) in which the trading price (as defined in the indenture governing the 2023 convertible senior notes) per $1,000 principal amount of the 2023 convertible senior notes for each trading day of the 2023 Measurement Period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate in effect on each such trading day; (3) if the Company calls any or all of the 2023 convertible senior notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after November 1, 2022 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2023 convertible senior notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances.

Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. If the Company undergoes a fundamental change (as defined in the indenture governing the 2023 convertible senior notes), subject to certain conditions, holders may require the Company to repurchase for cash all or any portion of their 2023 convertible senior notes, in principal amounts of $1,000 or a multiple thereof, at a fundamental change repurchase price equal to 100% of the principal amount of the 2023 convertible senior notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events that occur prior to the maturity date or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their 2023 convertible senior notes in connection with such corporate event or during the relevant redemption period.

There have been no changes to the initial conversion price of the 2023 convertible senior notes since issuance. During each of the quarters from the third quarter of 2019 through the third quarter of 2022, one of the triggers for convertibility of the 2023 convertible senior notes was triggered as the last reported sale price of the Company’s common stock was greater than $53.07 per share, which represents 130% of the initial conversion price of $40.82 per share, for at least 20 trading days in the period of 30 consecutive trading days ended on, and including, the last trading day of the quarter for each quarter of 2020, 2021 and for the first three quarters of 2022. As a result, the 2023 convertible senior notes were convertible, in multiples of $1,000 principal amount, at the option of the 2023 convertible senior note holders between October 1, 2019 to October 31, 2022. The 2023 convertible senior notes continue to be convertible from November 1, 2022 until the close of business on the second scheduled trading day immediately preceding the maturity date. During 2021, the Company paid $24.7 million in cash and issued 453,943 shares of its common stock to settle aggregate principal amount of $24.6 million of its 2023 convertible senior notes. During 2022, the Company paid $34.1 million in cash and issued 573,633 shares of its common stock to settle aggregate principal amount of $34.1 million of its 2023 convertible senior notes. As of December 31, 2022, approximately $0.2 million aggregate principal amount of the 2023 convertible senior notes remained outstanding. The conversions that occurred prior to January 1, 2021 resulted in a $1.2 million loss on early debt extinguishment. The conversions that occurred during 2021 and 2022 were subject to ASU 2020-06 and such conversions were accounted for as contractual conversions, which did not result in any gain or loss upon their settlement.

During 2021, the Company received 68,905 shares from the partial unwind of capped calls resulting from the settlement of its 2023 convertible senior notes. During 2022, the Company received an additional 119,492 shares from the partial unwind of capped calls resulting from the settlement of its 2023 convertible senior notes. The receipt of the 68,905 and 119,492 shares reduced the number of shares of common stock outstanding.

The 2023 convertible senior notes are the Company’s senior unsecured obligations and rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 2023 convertible senior notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated (including the 2025 convertible senior notes); effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries.

The net carrying amount of the 2023 convertible senior notes as of December 31, 2022 and 2021 was as follows (in thousands):


	December 31, 2022		December 31, 2021
Principal	$	169	$	34,225

Unamortized issuance costs	—		(291)
Net carrying amount	$	169	$	33,934

Interest expense related to the 2023 convertible senior notes was as follows (in thousands):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Contractual interest expense	$	6	$	42	$	184
Amortization of debt discount	—		—		7,006
Amortization of issuance costs	32		283		666
Total interest expense	$	38	$	325	$	7,856

In connection with the issuance of the 2023 convertible senior notes, the Company entered into privately negotiated capped call transactions (the “2023 Capped Call Transactions”) with certain financial institutions. The initial cap price of the 2023 Capped Call Transactions was $62.80 per share, and is subject to certain adjustments under the terms of the 2023 Capped Call Transactions. The 2023 Capped Call Transactions cover, subject to anti-dilution adjustments, approximately 6.3 million shares of the Company’s common stock.

In connection with the 2023 Note Repurchase Transactions, the Company amended the 2023 Capped Call Transactions such that the portion associated with the 2023 convertible senior notes subject to the 2023 Note Repurchase Transactions would remain outstanding notwithstanding the retirement of $181.0 million aggregate principal amount of 2023 convertible senior notes. Following such amendment, the 2023 Capped Call Transactions continue to meet the accounting criteria to be recorded in stockholders’ equity and are not accounted for as derivatives.

Adoption of ASU 2020-06

On January 1, 2021, the Company elected to early adopt ASU 2020-06 based on a modified retrospective transition method. Under such transition, prior-period information was not retrospectively adjusted.

Prior to the adoption of ASU 2020-06, the 2025 and 2023 convertible senior notes were separated into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated conversion feature. The equity component was recorded in additional paid-in-capital and was not re-measured as long as it continued to meet the conditions for equity classification. The excess of the principal amount of the liability component over its carrying amount (the “Debt Discount”) was amortized to interest expense over the contractual term of the 2025 and 2023 convertible senior notes at an effective interest rate of 5.76% and 6.39%, respectively.

Prior to the adoption of ASU 2020-06, the debt issuance costs related to the 2025 and 2023 convertible senior notes were allocated to the liability and equity components based on their relative values. Issuance costs attributable to the liability component were amortized to interest expense using the effective interest method over the contractual term of the 2025 and 2023 convertible senior notes. Issuance costs attributable to the equity component were netted with the equity component in additional paid-in-capital.

In accounting for the 2025 and 2023 convertible senior notes after adoption of ASU 2020-06, the 2025 convertible senior notes are accounted for as a single liability, and the issuance costs related to the 2025 and 2023 convertible senior notes are being amortized to interest expense over the contractual term at an effective interest rate of 1.0% and 0.76%, respectively.

- 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 https://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 https://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 https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Financial Statement Components - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial Statement Components [Abstract]
Deferred revenue	$ 1,178	$ 2,097
Deferred tax liabilities	157	0
Other long-term liabilities	1,745	5,574
Other long-term liabilities	$ 3,080	$ 7,671

Income Taxes - Schedule of Effective Income Tax Amount Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S. federal tax at statutory rate									$ (18,957)	$ (13,500)	$ (9,362)
U.S. state income taxes									576	262	(345)
Section 162(m)									3,851	7,543	6,472
Global intangible low-taxed income									4,127	0	0
Non-deductible expenses									78	1,361	1,944
Research and development credit									(1,194)	(1,181)	(837)
Stock-based compensation									1,722	(25,241)	(23,800)
Tax benefit from acquisition/reorganizations									(3,852)	(5,877)	(2,495)
Foreign taxes									6,749	(4,760)	118
Other									0	20	533
Change in valuation allowance									11,288	30,088	25,319
Total provision for (benefit from) income taxes	$ 1,221	$ 579	$ 332	$ 2,256	$ (10,445)	$ (188)	$ (135)	$ (517)	$ 4,388	$ (11,285)	$ (2,453)

Label	Element	Value
Restricted Cash and Cash Equivalents	us-gaap_RestrictedCashAndCashEquivalents	$ 0

Leases - Schedule of Balance Sheet Disclosures (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating leases
Operating lease right-of-use assets	$ 44,120	$ 48,703
Operating lease liabilities:
Operating lease liabilities	10,626	9,826
Operating lease liabilities — less current portion	41,389	47,088
Total operating lease liabilities	52,015	56,914
Finance leases
Property and equipment, gross	36,282	42,541
Less: accumulated depreciation and amortization	(36,203)	(41,689)
Property and equipment, net	$ 79	$ 852
Finance lease, right-of-use asset, Balance Sheet location [Extensible Enumeration]	Property and equipment, net	Property and equipment, net

Stockholders' Equity - Schedule of Stock Option Activities (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 30, 2022
Additional information pertaining to stock options
Fair market value of common stock (in usd per share)				$ 67.86
Stock Option
Number of Shares
Outstanding, beginning balance (in shares)	1,982
Options granted (in shares)	81
Options exercised (in shares)	(531)
Options forfeited or expired (in shares)	(51)
Outstanding, ending balance (in shares)	1,481	1,982
Weighted Average Exercise Price
Outstanding, beginning balance, weighted-average exercise price (in USD per share)	$ 38.65
Options granted, weighted-average exercise price (in USD per share)	110.05
Options exercised, weighted-average exercise price (in USD per share)	16.06
Options forfeited or expired, weighted-average exercise price (in USD per share)	122.88
Outstanding, ending balance, weighted-average exercise price (in USD per share)	$ 47.75	$ 38.65
Weighted average remaining contractual life	4 years 7 months 6 days
Outstanding, aggregate intrinsic value	$ 51,226
Vested and expected to vest
Vested and expected to vest (in shares)	1,481
Outstanding, weighted-average exercise price (in USD per share)	$ 47.75
Outstanding, weighted average remaining contractual life	4 years 7 months 6 days
Vested and expected to vest, aggregate intrinsic value	$ 51,226
Additional information pertaining to stock options
Exercisable (in shares)	1,263
Exercisable, weighted-average exercise price (in USD per share)	$ 35.60
Exercisable, weighted average remaining contractual life	4 years
Exercisable, aggregate intrinsic value	$ 50,583
Weighted average grant date fair value per share of options granted, excluding assumed stock options (in USD per share)	$ 50.44	78.72	$ 38.80
Weighted average grant date fair value per share of assumed stock options (in USD per share)	$ 0	$ 0	$ 125,960
Intrinsic value of options exercised	$ 45,698	$ 59,762	$ 47,529
Total fair value of options vested during the period	11,421	12,760	7,846
Cash received from options exercised	$ 8,522	$ 7,402	$ 11,656

Selected Quarterly Financial Data (Unaudited) - Schedule of Allocation of Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Quarterly Financial Information [Line Items]
Total depreciation and amortization	$ 11,021	$ 11,215	$ 11,640	$ 10,795	$ 10,538	$ 9,780	$ 9,651	$ 8,763	$ 44,671	$ 38,732	$ 25,087
Cost of revenue
Quarterly Financial Information [Line Items]
Total depreciation and amortization	8,803	8,904	8,747	8,500	8,301	7,658	7,825	7,087
Research and development
Quarterly Financial Information [Line Items]
Total depreciation and amortization	768	768	804	825	948	1,004	729	596
Sales and marketing
Quarterly Financial Information [Line Items]
Total depreciation and amortization	1	1	1	1	1	1	1	1
General and administrative
Quarterly Financial Information [Line Items]
Total depreciation and amortization	$ 1,449	$ 1,542	$ 2,088	$ 1,469	$ 1,288	$ 1,117	$ 1,096	$ 1,079

Commitments and Contingencies - Commitments (Narrative) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Other Commitments [Line Items]
Debt balance	$ 747,700
Outstanding operating lease obligations	57,854
Purchase Commitment - Cloud Services Agreement
Other Commitments [Line Items]
Expiring commercial commitment balance	41,100
Commercial commitment to be paid year one	29,000
Commercial commitment to be paid year two	$ 12,100

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Activity

The following table summarizes the activity in the Company's intangible asset balances during the years ended December 31, 2022 and 2021 (in thousands):


	Intangible Assets








Beginning of the period, January 1, 2021	$	51,684
Amortization	(11,787)
End of the period, December 31, 2021	39,897
Amortization	(11,705)
End of the period, December 31, 2022	$	28,192

Schedule of Intangible Assets

The components of intangible assets were as follows (in thousands):


	December 31, 2022							December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Amortization Period (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Amortization Period (Years)
Developed technology	$	56,214	$	(28,881)	$	27,333	3.2	$	56,214	$	(17,821)	$	38,393	4.0
Acquired workforce	470		(470)		—		0.0	470		(334)		136		0.9
Customer relationships	1,600		(741)		859		2.7	1,600		(421)		1,179		3.7
Trademarks	500		(500)		—		0.0	500		(311)		189		0.9
Total	$	58,784	$	(30,592)	$	28,192	3.2	$	58,784	$	(18,887)	$	39,897	4.0

Schedule of Expected Future Amortization Expense of Intangible Assets

As of December 31, 2022, the expected future amortization expense for intangible assets was as follows (in thousands):


Period	Expected Future Amortization Expense
2023	$	10,870
2024	7,527
2025	5,595
2026	4,200
2027	—
Thereafter	—
Total	$	28,192

Description of Business and Summary of Significant Accounting Policies - Concentration Risks (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash, uninsured amount	$ 178.6	$ 89.2

Investments and Fair Value Measurements - Schedule of Changes for Contingent Consideration Liabilities (Details) - Liability - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Summary of changes in contingent consideration liabilities
Change in fair value of contingent consideration	$ 260
Less: Payment	(24,000)
Ending balance	0
Fair Value, Recurring
Summary of changes in contingent consideration liabilities
Beginning balance	$ 23,740	$ 18,100
Change in fair value of contingent consideration		5,640
Ending balance		$ 23,740

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Cash flows from operating activities:
Net loss	$ (94,650)	$ (53,000)	$ (42,130)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	44,671	38,732	25,087
Amortization of operating lease right-of-use assets	10,377	8,698	5,687
Amortization of deferred contract acquisition costs	41,034	26,050	16,495
Amortization of premium on marketable investments	(90)	6,385	3,090
Provision for doubtful accounts	1,105	808	754
Stock-based compensation	172,507	108,805	64,747
Amortization of discount and issuance costs on convertible senior notes	3,743	3,957	25,738
Loss on early extinguishment of debt	0	0	6,964
Deferred taxes	3,088	(6,907)	(178)
Change in fair value of contingent consideration	260	5,640	0
Payment of contingent consideration liability in excess of acquisition-date fair value	(5,900)	0	0
Tax benefit of valuation allowance associated with an acquisition	0	0	(2,910)
Other	188	396	(147)
Changes in operating assets and liabilities:
Accounts receivable	(4,899)	(35,986)	(9,958)
Prepaid expenses and other current assets	661	(14,193)	(5,313)
Deferred contract acquisition costs	(85,197)	(71,380)	(45,454)
Other assets	(319)	(1,216)	(1,911)
Accounts payable	845	4,305	6,181
Accrued and other current liabilities	(8,379)	20,562	9,374
Accrued federal fees and sales tax liabilities	524	(497)	1,302
Deferred revenue	13,176	10,462	7,971
Other liabilities	(3,880)	(22,623)	1,913
Net cash provided by operating activities	88,865	28,998	67,302
Cash flows from investing activities:
Purchases of marketable investments	(435,768)	(680,490)	(620,948)
Proceeds from sales of marketable investments	600	44,288	1,899
Proceeds from maturities of marketable investments	524,568	527,940	432,579
Purchases of property and equipment	(52,272)	(42,216)	(30,422)
Capitalization of software development costs	(3,899)	0	0
Payments of initial direct costs	(266)	0	0
Cash paid for an equity investment in a privately-held company	(2,000)	0	0
Cash paid to acquire Inference and Virtual Observer	0	0	(165,338)
Cash paid to acquire substantially all of the assets of Whendu	0	0	(100)
Net cash provided by (used in) investing activities	30,963	(150,478)	(382,330)
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes	0	0	728,812
Payments for capped call transactions	0	0	(90,448)
Repurchase of a portion of 2023 convertible senior notes, net of costs	(34,067)	(24,688)	(200,350)
Proceeds from exercise of common stock options	8,522	7,402	11,656
Proceeds from sale of common stock under ESPP	13,413	15,397	11,469
Payment of contingent consideration liability up to acquisition-date fair value	(18,100)	0	0
Payment of holdbacks related to acquisitions	0	(5,000)	0
Payments of finance leases	0	(612)	(3,715)
Net cash (used in) provided by financing activities	(30,232)	(7,501)	457,424
Net increase (decrease) in cash and cash equivalents	89,596	(128,981)	142,396
Cash and cash equivalents:
Beginning of year	91,391	220,372	77,976
End of year	180,987	91,391	220,372
Supplemental disclosures of cash flow data:
Cash paid for interest	3,744	4,073	2,324
Cash paid for income taxes	1,033	31	293
Non-cash investing and financing activities:
Equipment purchased and unpaid at period-end	12,332	13,871	8,114
Capitalization of leasehold improvement through non-cash lease incentive	109	5,121	0
Acquisition and related transaction costs accrued at period-end	0	0	586
Stock-based compensation included in capitalized software development costs	1,711	0	0
Reconciliation of Cash, Cash Equivalents and Restricted Cash to the Consolidated Balance Sheets - Beginning of Period and End of Period:
Cash and cash equivalents	180,520	90,878	220,372
Restricted cash in other assets	467	513	0
Total cash, cash equivalents and restricted cash	$ 180,987	$ 91,391	$ 220,372

Commitments and Contingencies - Universal Services Fund Liability (Narrative) (Details) $ in Millions	Dec. 31, 2022 USD ($)
Disputed Portion \| Year 2003 to Year 2007 \| USF Obligations
Loss Contingencies [Line Items]
Disputed liability related to reversal of interest and penalties	$ 0.1

Leases - Schedule of Weighted Average Remaining Terms and Discount Rates (Details)	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted average remaining lease term, operating leases (in years)	6 years 4 months 24 days	7 years 3 months 18 days
Weighted average remaining lease term, finance leases (in years)	0 years	0 years
Weighted average discount rate, operating leases	3.40%	3.20%
Weighted average discount rate, finance leases	0.00%	0.00%

Stockholders' Equity - Equity Incentive Plans (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 18, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award
Recognized goodwill in relation to options assumed		$ 165,420	$ 165,420
Stock-based compensation expense		$ 172,507	$ 108,805	$ 64,747
Inference Solutions
Share-based Compensation Arrangement by Share-based Payment Award
Recognized goodwill in relation to options assumed	$ 130,976
Stock Option \| Inference Solutions
Share-based Compensation Arrangement by Share-based Payment Award
Options assumed, estimated fair value on date of acquisition	7,600
Recognized goodwill in relation to options assumed	200
Stock-based compensation expense	$ 7,400
2004 Equity Incentive Plan \| Stock Option
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)		4 years
Award expiration period (in years)		10 years
Expiration period, after termination of employment or relationship of consultant or director		90 days
2004 Equity Incentive Plan \| Stock Option \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)		12 months
Award vesting, percentage of award		25.00%
2004 Equity Incentive Plan \| Stock Option \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)		36 months
Award vesting, percentage of award		75.00%
2014 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized for issuance (in shares)					5,300,000
Automatic annual increase in common stock reserved for issuance, percentage		5.00%
Shares of common stock reserved for future issuance (in shares)		3,552,358
2014 Equity Incentive Plan \| Stock Option
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)		4 years
Award expiration period (in years)		10 years
Expiration period, after termination of employment or relationship of consultant or director		3 months
2014 Equity Incentive Plan \| RSUs (including PRSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)		1 year
2014 Equity Incentive Plan \| RSUs (including PRSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)		4 years

Selected Quarterly Financial Data (Unaudited) - Schedule of Allocation of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Quarterly Financial Information [Line Items]
Total stock-based compensation	$ 43,824	$ 44,503	$ 44,786	$ 39,394	$ 35,601	$ 27,395	$ 24,901	$ 20,908	$ 172,507	$ 108,805	$ 64,747
Cost of revenue
Quarterly Financial Information [Line Items]
Total stock-based compensation	8,638	8,329	8,538	7,793	6,854	3,994	3,781	3,105
Research and development
Quarterly Financial Information [Line Items]
Total stock-based compensation	11,799	10,603	11,818	10,145	9,163	9,101	6,152	4,763
Sales and marketing
Quarterly Financial Information [Line Items]
Total stock-based compensation	15,152	15,761	14,963	13,424	11,987	8,304	8,208	6,771
General and administrative
Quarterly Financial Information [Line Items]
Total stock-based compensation	$ 8,235	$ 9,810	$ 9,467	$ 8,032	$ 7,597	$ 5,996	$ 6,760	$ 6,269

Acquisitions - Schedule of Virtual Observer (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Apr. 01, 2020
Business Acquisition [Line Items]
Goodwill	$ 165,420	$ 165,420
Virtual Observer
Business Acquisition [Line Items]
Cash			$ 168
Tangible assets acquired			200
Goodwill			22,646
Total assets acquired			35,814
Deferred tax liability			(2,910)
Liabilities assumed			(682)
Total			32,222
Virtual Observer \| Acquired technology
Business Acquisition [Line Items]
Finite-lived intangibles acquired			12,200
Virtual Observer \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangibles acquired			500
Virtual Observer \| Trade name and trademarks
Business Acquisition [Line Items]
Finite-lived intangibles acquired			$ 100

Financial Statement Components (Tables)

12 Months Ended

Dec. 31, 2022

Financial Statement Components [Abstract]

Schedule of Cash and Cash Equivalents

Cash and cash equivalents consisted of the following (in thousands):


	December 31,
	2022		2021
Cash	$	123,260	$	58,751
Certificates of deposit	—		747
Money market funds	37,560		31,380
U.S. Treasury	19,700		—

Total cash and cash equivalents	$	180,520	$	90,878

Schedule of Accounts Receivable

Accounts receivable, net consisted of the following (in thousands):


	December 31,
	2022		2021
Trade accounts receivable	$	77,621	$	75,970
Unbilled trade accounts receivable, net of advance client deposits	10,135		7,981
Allowance for doubtful accounts	(262)		(220)
Accounts receivable, net	$	87,494	$	83,731

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	December 31,
	2022		2021
Prepaid expenses	$	17,151	$	21,306
Other current assets	9,159		6,443
Contract assets	3,401		2,593
Prepaid expenses and other current assets	$	29,711	$	30,342

Schedule of Property and Equipment

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2022		2021
Computer and network equipment	$	148,789	$	116,701
Computer software	50,955		44,268
Internal-use software development costs	6,111		500
Furniture and fixtures	3,326		3,953
Leasehold improvements	6,574		5,914
Property and equipment	215,755		171,336
Accumulated depreciation and amortization	(114,534)		(93,551)
Property and equipment, net	$	101,221	$	77,785

Property and equipment capitalized under finance lease obligations consists primarily of computer and network equipment and was as follows (in thousands):


	December 31,
	2022		2021
Gross	$	36,282	$	42,541
Less: accumulated depreciation and amortization	(36,203)		(41,689)
Total	$	79	$	852

Schedule of Other Assets

Other assets consisted of the following (in thousands):


	December 31,
	2022		2021
Other assets	$	5,081	$	4,964
Equity investment in a privately-held company	2,000		—
Deferred tax assets	3,976		6,907
Other assets	$	11,057	$	11,871

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following (in thousands):


	December 31,
	2022		2021
Accrued expenses	$	19,343	$	20,108
Accrued compensation and benefits	33,749		34,729
Contingent consideration	—		23,740
Accrued and other current liabilities	$	53,092	$	78,577

Schedule of Long-Term Liabilities

Other long-term liabilities consisted of the following (in thousands):


	December 31,
	2022		2021
Deferred revenue	$	1,178	$	2,097
Deferred tax liabilities	157		—
Other long-term liabilities	1,745		5,574
Other long-term liabilities	$	3,080	$	7,671

Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net loss	$ (13,653)	$ (23,207)	$ (23,670)	$ (34,120)	$ (3,601)	$ (20,537)	$ (16,530)	$ (12,332)	$ (94,650)	$ (53,000)	$ (42,130)
Weighted-average shares used in computing basic net loss per share (in shares)	70,704	70,232	69,748	68,974	68,207	67,800	67,292	66,721	69,920	67,512	64,154
Weighted-average shares used in computing diluted net loss per share (in shares)	70,704	70,232	69,748	68,974	68,207	67,800	67,292	66,721	69,920	67,512	64,154
Basic net loss per share (in USD per share)	$ (0.19)	$ (0.33)	$ (0.34)	$ (0.49)	$ (0.05)	$ (0.30)	$ (0.25)	$ (0.18)	$ (1.35)	$ (0.79)	$ (0.66)
Diluted net loss per share (in USD per share)	$ (0.19)	$ (0.33)	$ (0.34)	$ (0.49)	$ (0.05)	$ (0.30)	$ (0.25)	$ (0.18)	$ (1.35)	$ (0.79)	$ (0.66)

- Definition

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

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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Investments and Fair Value Measurements - Schedule of Marketable Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 434,628	$ 526,357
Short-Term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost	436,928	379,169
Gross Unrealized Gains	37	2
Gross Unrealized Losses	(3,222)	(191)
Fair Value	433,743	378,980
Long-Term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost	885	147,953
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(576)
Fair Value	885	147,377
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Fair Value	734	2,359
Certificates of deposit \| Short-Term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost	747	1,615
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(13)	0
Fair Value	734	1,615
Certificates of deposit \| Long-Term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost		746
Gross Unrealized Gains		0
Gross Unrealized Losses		(2)
Fair Value		744
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	185,402	146,528
U.S. treasury securities \| Short-Term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost	186,776	83,237
Gross Unrealized Gains	8	0
Gross Unrealized Losses	(1,382)	(24)
Fair Value	185,402	83,213
U.S. treasury securities \| Long-Term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost		63,566
Gross Unrealized Gains		0
Gross Unrealized Losses		(251)
Fair Value		63,315
U.S. agency and government-sponsored securities \| Short-Term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost	197,597	159,070
Gross Unrealized Gains	29	0
Gross Unrealized Losses	(1,660)	(65)
Fair Value	195,966	159,005
U.S. agency and government-sponsored securities \| Long-Term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost	885	63,960
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(254)
Fair Value	885	63,706
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Fair Value	25,386	47,555
Commercial paper \| Short-Term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost	25,386	47,555
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	25,386	47,555
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Fair Value	22,619	93,832
Municipal bonds \| Short-Term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost	22,764	75,337
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(145)	(96)
Fair Value	22,619	75,241
Municipal bonds \| Long-Term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost		18,655
Gross Unrealized Gains		0
Gross Unrealized Losses		(64)
Fair Value		18,591
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Fair Value	3,636	13,372
Corporate bonds \| Short-Term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost	3,658	12,355
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(22)	(6)
Fair Value	$ 3,636	12,351
Corporate bonds \| Long-Term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost		1,026
Gross Unrealized Gains		0
Gross Unrealized Losses		(5)
Fair Value		$ 1,021

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data):


	Year Ended December 31,
	2022		2021		2020
Net loss	$	(94,650)	$	(53,000)	$	(42,130)
Weighted-average shares used in computing basic and diluted net loss per share	69,920		67,512		64,154
Basic and diluted net loss per share	$	(1.35)	$	(0.79)	$	(0.66)

Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share

The following securities were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive (in thousands):


	December 31,
	2022	2021	2020
Stock options	1,481	1,982	2,255
RSUs (including PRSUs)	3,718	2,560	2,267
Convertible senior notes(1)	5,685	6,663	910
Total	10,884	11,205	5,432

(1) The Company used the if-converted method for 2022 and 2021 due to the adoption of ASU 2020-06 and under the treasury stock method for 2020.

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018
Debt Instrument [Line Items]
Total interest expense	$ 1,887	$ 1,879	$ 1,857	$ 1,870	$ 2,024	$ 1,947	$ 2,118	$ 1,938	$ 7,493	$ 8,027	$ 28,348
Convertible Senior Notes, Due 2025 \| Convertible Debt
Debt Instrument [Line Items]
Contractual interest expense									3,737	4,007	2,230
Amortization of debt discount									0	0	16,528
Amortization of issuance costs									3,711	3,674	1,538
Total interest expense									7,448	7,681	$ 20,296
Convertible Senior Notes, Due 2023 \| Convertible Debt
Debt Instrument [Line Items]
Contractual interest expense									6	42		$ 184
Amortization of debt discount									0	0		7,006
Amortization of issuance costs									32	283		666
Total interest expense									$ 38	$ 325		$ 7,856

Geographical Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Geographical Information

The following table summarizes revenues by geographic region based on client billing address (in thousands):


	Year Ended December 31,
	2022		2021		2020
United States	$	702,206	$	556,385	$	400,509
International	76,640		53,206		34,399
Total revenue	$	778,846	$	609,591	$	434,908

The following table summarizes total property and equipment, net in the respective locations (in thousands):


	December 31,
	2022		2021
United States	$	92,659	$	68,674
International	8,562		9,111
Property and equipment, net	$	101,221	$	77,785

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Santa Clara, California

Debt - Convertible Senior Notes and Capped Call (Narrative) (Details)			1 Months Ended		2 Months Ended	3 Months Ended	12 Months Ended			39 Months Ended
	Dec. 30, 2022 $ / shares	Jan. 01, 2021 Rate	May 31, 2020 USD ($) shares	May 31, 2018 USD ($) $ / shares	Jun. 30, 2020 USD ($) $ / shares	Jun. 30, 2021 USD ($)	Dec. 31, 2022 USD ($) day $ / shares Rate shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Sep. 30, 2022 USD ($) day trigger	May 21, 2020 $ / shares
Debt Instrument [Line Items]
Debt balance							$ 747,700,000
Cash consideration to repurchase note							34,067,000	$ 24,688,000	$ 200,350,000
Loss on early extinguishment of debt							$ 0	$ 0	$ 6,964,000
Common Stock
Debt Instrument [Line Items]
Issuance of common stock upon partial conversion of the 2023 convertible senior notes (in shares) \| shares							573,633	453,943	3,015,000
Treasury Stock
Debt Instrument [Line Items]
Partial unwind of capped calls related to the 2023 convertible senior notes (in shares) \| shares							119,492	68,905
Convertible Senior Notes, Due 2023 \| Treasury Stock
Debt Instrument [Line Items]
Partial unwind of capped calls related to the 2023 convertible senior notes (in shares) \| shares							119,492	68,905
Convertible Debt \| Convertible Senior Notes, Due 2025
Debt Instrument [Line Items]
Stated interest rate on debt (percent)					0.50%
Proceeds from issuance of debt					$ 728,800,000
Multiple of principle amount							$ 1,000
Conversion ratio on convertible debt \| Rate							744.37%
Conversion price on convertible debt (in USD per share) \| $ / shares							$ 134.34
Premium on conversion price in relation to closing price (percentage)											30.00%
Closing price of common stock (in dollars per share) \| $ / shares	$ 67.86										$ 103.34
Share price of common stock with conversion premium (in dollars per share) \| $ / shares							$ 174.64
Sinking fund payment							$ 0
Effective interest rate on debt (percent)		5.76%
Debt balance							$ 747,500,000	$ 747,500,000
Cap price of the capped call transactions (in dollars per share) \| $ / shares					$ 206.68
Number of shares covered in the capped call transactions (in shares) \| shares							5,600,000
Amortization of debt issuance costs, effective interest rate \| Rate		1.00%
Convertible Debt \| Convertible Senior Notes, Due 2025 \| Fundamental Change Event
Debt Instrument [Line Items]
Debt redemption price as percentage of principal amount							100.00%
Convertible Debt \| Convertible Senior Notes, Due 2025 \| On or After June 6, 2023
Debt Instrument [Line Items]
Number of trading days \| day							20
Number of consecutive trading days \| day							30
Number of trading days preceding notice of redemption \| day							2
Threshold percentage of stock price trigger	130.00%						130.00%
Debt redemption price as percentage of principal amount							100.00%
Convertible Debt \| Convertible Senior Notes, Due 2025 \| Convertible, Term One
Debt Instrument [Line Items]
Number of trading days \| day							20
Number of consecutive trading days \| day							30
Threshold percentage of stock price trigger							130.00%
Convertible Debt \| Convertible Senior Notes, Due 2025 \| Convertible, Term Two
Debt Instrument [Line Items]
Number of trading days \| day							5
Number of consecutive trading days \| day							5
Threshold percentage of stock price trigger							98.00%
Convertible Debt \| Convertible Senior Notes, Due 2023
Debt Instrument [Line Items]
Stated interest rate on debt (percent)				0.125%
Proceeds from issuance of debt				$ 250,800,000
Multiple of principle amount							$ 1,000			$ 1,000
Conversion ratio on convertible debt \| Rate							2449.78%
Conversion price on convertible debt (in USD per share) \| $ / shares							$ 40.82
Effective interest rate on debt (percent)		6.39%	5.32%
Convertible debt							$ 200,000
Debt balance							$ 169,000	34,225,000
Cap price of the capped call transactions (in dollars per share) \| $ / shares				$ 62.80
Number of shares covered in the capped call transactions (in shares) \| shares							6,300,000
Debt instrument, repurchase amount			$ 181,000,000
Aggregate consideration to repurchase note			449,600,000
Cash consideration to repurchase note			181,000,000
Debt instrument, convertible, carrying amount of debt component			155,800,000
Carrying amount of equity component			293,800,000
Carrying value of debt subject to repurchase, net			150,400,000
Third party transaction costs			$ 500,000
Loss on early extinguishment of debt						$ 5,800,000	$ 1,200,000
Debt issuance costs, gross, within extinguishment of debt						$ 2,700,000
Number of conversion features triggered \| trigger										1
Conversion price per share requiring conversion (in USD per share) \| $ / shares							$ 53.07
Cash payment to settle aggregate principal							$ 34,100,000	24,700,000
Debt instrument, conversion multiple of aggregate principal amount							$ 34,100,000	$ 24,600,000
Amortization of debt issuance costs, effective interest rate \| Rate		0.76%
Convertible Debt \| Convertible Senior Notes, Due 2023 \| Common Stock
Debt Instrument [Line Items]
Issuance of common stock upon partial conversion of the 2023 convertible senior notes (in shares) \| shares			2,723,581
Debt instrument, conversion multiple of aggregate principal amount (in shares) \| shares							573,633	453,943
Convertible Debt \| Convertible Senior Notes, Due 2023 \| Fundamental Change Event
Debt Instrument [Line Items]
Debt redemption price as percentage of principal amount							100.00%
Convertible Debt \| Convertible Senior Notes, Due 2023 \| Convertible, Term One
Debt Instrument [Line Items]
Number of trading days \| day							20			20
Number of consecutive trading days \| day							30			30
Threshold percentage of stock price trigger							130.00%			130.00%
Convertible Debt \| Convertible Senior Notes, Due 2023 \| Convertible, Term Two
Debt Instrument [Line Items]
Number of trading days \| day							5
Number of consecutive trading days \| day							5
Threshold percentage of stock price trigger							98.00%
Private Placement \| Convertible Debt \| Convertible Senior Notes, Due 2025
Debt Instrument [Line Items]
Aggregate principal amount of debt					$ 747,500,000
Option to purchase additional debt through private offering					$ 97,500,000
Private Placement \| Convertible Debt \| Convertible Senior Notes, Due 2023
Debt Instrument [Line Items]
Aggregate principal amount of debt				$ 258,800,000

Stockholders' Equity - ESPP (Narrative) (Details) - $ / shares	1 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2022	Dec. 31, 2021	Apr. 03, 2014
Share-based Compensation Arrangement by Share-based Payment Award
Shares of common stock reserved for future issuance (in shares)		22,999,000
PRSU
Share-based Compensation Arrangement by Share-based Payment Award
Maximum employee subscription rate, percentage of pre-tax earnings	15.00%
Purchase price of shares, percentage of the fair market value of the Company's common stock	85.00%
Offering period (in months)	6 months
Maximum number of shares per employee per purchase period (in shares)	1,500
Shares of common stock reserved for future issuance (in shares)		3,570,000		880,000
Automatic annual increase in common stock reserved for issuance, percentage		1.00%
Maximum annual increase of shares reserved (in shares)		1,000,000
Shares of common stock reserved for future issuance (in shares)		710,471
Issuance of common stock under ESPP (in shares)		190,257	120,992
Weighted-average price per share (in USD per share)		$ 70.50	$ 127.36

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Shares of common stock reserved for future issuance related to outstanding equity awards and employee equity incentive plans as of December 31, 2022, were as follows (in thousands):


						Common Stock Reserved
Stock options outstanding						1,481
RSUs (including PRSUs) outstanding						3,718
Shares available for future grant under 2014 Plan						14,230
Shares available for future issuance under ESPP						3,570
Total shares of common stock reserved						22,999

Schedule of Stock Option Activities

A summary of the Company’s stock option activity during the year ended December 31, 2022 is as follows (in thousands, except years and per share data):


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (1)
Outstanding as of December 31, 2021	1,982	$	38.65
Options granted	81	110.05
Options exercised	(531)	16.06
Options forfeited or expired	(51)	122.88
Outstanding as of December 31, 2022	1,481	47.75		4.6	$	51,226
Vested and expected to vest as of December 31, 2022	1,481	47.75		4.6	51,226
Exercisable as of December 31, 2022	1,263	35.60		4.0	50,583

(1) The aggregate intrinsic value amounts are computed based on the difference between the exercise price of the

stock options and the fair market value of the Company’s common stock of $67.86 per share as of December 30, 2022 for all in-the-money stock options outstanding.

Following is additional information pertaining to the Company’s stock option activity (in thousands, except per share data):


	Year Ended December 31,
	2022		2021		2020
Weighted average grant date fair value per share of options granted, excluding assumed stock options	$	50.44	$	78.72	$	38.80
Weighted average grant date fair value per share of assumed stock options	—		—		125.96
Intrinsic value of options exercised (1)	45,698		59,762		47,529
Total fair value of options vested during the period	11,421		12,760		7,846
Cash received from options exercised	8,522		7,402		11,656


(1) Intrinsic value of options exercised is the difference between the fair market value of the Company’s common stock at the time of exercise and the exercise price paid.

Schedule of RSU Activities

A summary of RSU activity (including PRSUs) during the year ended December 31, 2022 is as follows (in thousands, except years and per share data):


	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2021	2,560	$	125.65
RSUs granted(1)	2,912	90.51
RSUs vested and released	(1,383)	112.18
RSUs forfeited or cancelled	(371)	121.48
Outstanding as of December 31, 2022	3,718	103.55

(1) Includes 0.4 million PRSUs granted during 2022.Following is additional information pertaining to the Company’s RSU activity (including PRSUs) (in thousands, except per share data):


	Year Ended December 31,
	2022		2021		2020
Weighted average grant date fair value per share of RSUs granted	$	90.51	$	177.00	$	86.15
Total fair value of RSUs vested during the period	125,798		174,500		136,805

Schedule of Stock-Based Compensation Expense

Stock-based compensation expenses for the years ended December 31, 2022, 2021 and 2020 were as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Cost of revenue	$	33,297	$	17,734	$	9,422
Research and development	44,367		29,179		14,043
Sales and marketing	59,300		35,269		20,164
General and administrative	35,543		26,623		21,118
Total stock-based compensation	$	172,507	$	108,805	$	64,747

Schedule of Unrecognized Compensation Expense


	Stock Option		RSU (excluding PRSUs)		PRSU		ESPP
Unrecognized stock-based compensation expense	$	12,085	$	324,834	$	24,841	$	3,265
Weighted-average amortization period	2.2 years		2.4 years		2.5 years		0.4 years

Schedule of Valuation Assumptions, Stock Option

The weighted average assumptions used to value stock options granted during the periods presented were as follows:


Stock Options	Year Ended December 31,
	2022	2021	2020 (1)
Expected term (years)	6.0	6.0	5.7
Volatility	46%	47%	47%
Risk-free interest rate	1.8%	1.0%	0.9%
Dividend yield	—	—	—

The weighted average assumptions used to value PRSUs with market conditions granted during the periods presented were as follows:


PRSUs (Market Conditions)	Year Ended December 31,
	2022	2021	2020

Expected term (years)	3.0	—	—
Volatility	53%	—	—
Risk-free interest rate	3.5%	—	—
Dividend yield	—	—	—

Schedule of Valuation Assumptions for Stock Option Purchase Plan

The weighted average assumptions used to value purchase rights under the 2014 ESPP granted during the periods presented were as follows:


ESPP	Granted In
	November 2022	May 2022	November 2021	May 2021	November 2020	May 2020
Expected term (years)	0.5	0.5	0.5	0.5	0.5	0.5
Volatility	59%	46%	46%	49%	50%	50%
Risk-free interest rate	2.1%	0.2%	0.2%	0.1%	0.1%	0.2%
Dividend yield	—	—	—	—	—	—

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	$ 58,784	$ 58,784
Accumulated Amortization	(30,592)	(18,887)
Net Carrying Amount	$ 28,192	$ 39,897	$ 51,684
Weighted Average Remaining Amortization Period (Years)	3 years 2 months 12 days	4 years
Amortization of intangible assets	$ 11,705	$ 11,787	$ 6,800
Developed technology
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	56,214	56,214
Accumulated Amortization	(28,881)	(17,821)
Net Carrying Amount	$ 27,333	$ 38,393
Weighted Average Remaining Amortization Period (Years)	3 years 2 months 12 days	4 years
Acquired workforce
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	$ 470	$ 470
Accumulated Amortization	(470)	(334)
Net Carrying Amount	$ 0	$ 136
Weighted Average Remaining Amortization Period (Years)	0 years	10 months 24 days
Customer relationships
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	$ 1,600	$ 1,600
Accumulated Amortization	(741)	(421)
Net Carrying Amount	$ 859	$ 1,179
Weighted Average Remaining Amortization Period (Years)	2 years 8 months 12 days	3 years 8 months 12 days
Trademarks
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	$ 500	$ 500
Accumulated Amortization	(500)	(311)
Net Carrying Amount	$ 0	$ 189
Weighted Average Remaining Amortization Period (Years)	0 years	10 months 24 days

Revenue - Narrative (Details) $ in Millions	12 Months Ended
Revenue - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Amortization period of capitalized contract cost (in years)	5 years
Contract revenue recognized	$ 37.7
Remaining performance obligation	$ 758.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Performance obligation satisfaction period (in months)	24 months
Remaining performance obligation, percentage	75.00%
Contract Acquisition Costs
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Amortization period of capitalized contract cost (in years)	5 years

Retirement Plans	12 Months Ended
Retirement Plans	Dec. 31, 2022
Retirement Benefits [Abstract]
Retirement Plans	Retirement Plans The Company has a 401(k) plan to provide tax deferred salary deductions for all eligible employees. Participants may make voluntary contributions to the 401(k) plan, limited by certain Internal Revenue Service restrictions. The Company is responsible for the administrative costs of the 401(k) plan. The Company began matching employee contributions in cash in the fourth quarter of 2019. The contribution expense for the years ended December 31, 2022 and 2021 was $2.1 million and $1.8 million, respectively. The Company complies with the requirement of maintaining a retirement plan for employees in the Philippines. This plan is a non-contributory and defined benefit plan that provides retirement to employees equal to approximately one month salary for every year of credited service for employees who attain the normal retirement age of 60 with at least five years of service. The benefits are paid in a lump sum amount upon retirement from the Company. Total defined benefit liability under this plan was $0.5 million and $0.6 million as of each of December 31, 2022 and 2021, respectively. Total retirement expense for this plan were $0.2 million, $0.2 million, and $0.1 million for the years ended December 31, 2022, 2021, and 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

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+ Details

Description of Business and Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining amortization period	3 years 2 months 12 days	4 years
Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining amortization period	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining amortization period	6 years

Net Loss Per Share - Narrative (Details)	Dec. 31, 2022 $ / shares
Convertible Senior Notes, Due 2023 \| Convertible Debt
Debt Instrument [Line Items]
Conversion price on convertible debt (in USD per share)	$ 40.82

Investments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Marketable Investments

The Company’s marketable investments have been classified and accounted for as available-for-sale. The Company’s marketable investments as of December 31, 2022 and 2021 were as follows (in thousands):



	December 31, 2022
Short-Term Marketable Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	747	$	—	$	(13)	$	734
U.S. treasury securities	186,776		8		(1,382)		185,402
U.S. agency and government-sponsored securities	197,597		29		(1,660)		195,966
Commercial paper	25,386		—		—		25,386
Municipal bonds	22,764		—		(145)		22,619
Corporate bonds	3,658		—		(22)		3,636
Total	$	436,928	$	37	$	(3,222)	$	433,743

	December 31, 2022
Long-Term Marketable Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


U.S. agency securities	$	885	$	—	$	—	$	885


Total	$	885	$	—	$	—	$	885

	December 31, 2021
Short-Term Marketable Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	1,615	$	—	$	—	$	1,615
U.S. treasury securities	83,237		—		(24)		83,213
U.S. agency securities	159,070		—		(65)		159,005
Commercial paper	47,555		—		—		47,555
Municipal bonds	75,337		—		(96)		75,241
Corporate bonds	12,355		2		(6)		12,351
Total	$	379,169	$	2	$	(191)	$	378,980

	December 31, 2021
Long-Term Marketable Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	746	$	—	$	(2)	$	744
U.S. treasury securities	63,566		—		(251)		63,315
U.S. agency securities	63,960		—		(254)		63,706
Municipal bonds	18,655		—		(64)		18,591
Corporate bonds	1,026		—		(5)		1,021
Total	$	147,953	$	—	$	(576)	$	147,377

Schedule of Gross Unrealized Losses and Fair Value of Marketable Investments


	December 31, 2022				December 31, 2021

	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	(13)	$	734	$	(2)	$	2,010
U.S. treasury securities	(1,382)		126,534		(275)		140,527
U.S. agency securities	(1,660)		172,458		(320)		222,710
Municipal bonds	(145)		12,623		(160)		87,184
Corporate bonds	(22)		3,636		(10)		9,428
Total	$	(3,222)	$	315,985	$	(767)	$	461,859

Schedule of Assets Carried at Fair Value

The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands):


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	37,560	$	—	$	—	$	37,560

U.S. treasury securities	19,700		—		—		19,700

Total cash equivalents	$	57,260	$	—	$	—	$	57,260
Marketable investments (short and long-term)
Certificates of deposit	$	—	$	734	$	—	$	734
U.S. treasury securities	185,402		—		—		185,402
U.S. agency and government sponsored securities	—		196,851		—		196,851
Commercial paper	—		25,386		—		25,386
Municipal bonds	—		22,619		—		22,619
Corporate bonds	—		3,636		—		3,636
Total marketable investments	$	185,402	$	249,226	$	—	$	434,628




	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	31,380	$	—	$	—	$	31,380
Certificates of deposit	—		747		—		747
Total cash equivalents	$	31,380	$	747	$	—	$	32,127
Marketable investments (short and long-term)
Certificates of deposit	$	—	$	2,359	$	—	$	2,359
U.S. Treasury	146,528		—		—		146,528
U.S. agency and government sponsored securities	—		222,711		—		222,711
Commercial paper	—		47,555		—		47,555
Municipal bonds	—		93,832		—		93,832
Corporate bonds	—		13,372		—		13,372
Total marketable investments	$	146,528	$	379,829	$	—	$	526,357

Liabilities
Contingent consideration	$	—	$	—	$	23,740	$	23,740

Schedule of Changes for Contingent Consideration Liabilities

A reconciliation of the beginning and ending balance for contingent consideration consisted of the following (in thousands):


	Contingent Consideration
Balance, December 31. 2020	$	18,100
Change in fair value of contingent consideration	5,640
Balance, December 31, 2021	23,740
Change in fair value of contingent consideration	260
Less: Payment	(24,000)
Balance, December 31, 2022	$	—

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	71,047,179	68,488,337
Common stock, shares outstanding (in shares)	71,047,179	68,488,337

Debt - Schedule of Net Carrying Amount of the Liability Component of the Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal	$ 747,700
Convertible Debt \| Convertible Senior Notes, Due 2025
Debt Instrument [Line Items]
Principal	747,500	$ 747,500
Unamortized issuance costs	(9,124)	(12,835)
Net carrying amount	738,376	734,665
Convertible Debt \| Convertible Senior Notes, Due 2023
Debt Instrument [Line Items]
Principal	169	34,225
Unamortized issuance costs	0	(291)
Net carrying amount	$ 169	$ 33,934

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Investments and Fair Value Measurements - Schedule of Gross Unrealized Losses and Fair Value of Marketable Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	$ (3,222)	$ (767)
Fair Value	315,985	461,859
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	(13)	(2)
Fair Value	734	2,010
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	(1,382)	(275)
Fair Value	126,534	140,527
U.S. agency and government-sponsored securities
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	(1,660)	(320)
Fair Value	172,458	222,710
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	(145)	(160)
Fair Value	12,623	87,184
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	(22)	(10)
Fair Value	$ 3,636	$ 9,428

Description of Business and Summary of Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance, beginning of period	$ 220	$ 127
Add: bad debt expense	1,105	808	$ 754
Less: write-offs, net of recoveries	(1,063)	(715)
Balance, end of period	$ 262	$ 220	$ 127

Investments and Fair Value Measurements - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 28, 2022	Nov. 30, 2020	Nov. 18, 2020
Debt Instrument [Line Items]
Contingent consideration		$ 23,740,000
Payment for contingent consideration liability	$ 18,100,000	0	$ 0
Equity investment in a privately-held company	2,000,000	0		$ 2,000,000
Inference Solutions
Debt Instrument [Line Items]
Contingent consideration					$ 24,000,000	$ 18,100,000
Payment for contingent consideration liability	24,000,000
Level 2
Debt Instrument [Line Items]
Contingent consideration		0
Level 3
Debt Instrument [Line Items]
Contingent consideration		23,740,000
Nonrecurring
Debt Instrument [Line Items]
Assets and liabilities measured at fair value on nonrecurring basis	0	0
Convertible Senior Notes, Due 2023 \| Level 2 \| Convertible Debt
Debt Instrument [Line Items]
Fair value of long-term debt	300,000	114,900,000
Convertible Senior Notes, Due 2025 \| Level 2 \| Convertible Debt
Debt Instrument [Line Items]
Fair value of long-term debt	$ 687,100,000	$ 917,300,000