Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-39540 | |
Entity Registrant Name | Palantir Technologies Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 68-0551851 | |
Entity Address, Address Line One | 1200 17th Street, Floor 15 | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80202 | |
City Area Code | (720) | |
Local Phone Number | 358-3679 | |
Title of 12(b) Security | Class A Common Stock, par value $0.001 per share | |
Trading Symbol | PLTR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001321655 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,130,337,481 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 95,553,958 | |
Class F Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,005,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 520,388 | $ 831,047 |
Marketable securities | 3,347,512 | 2,843,132 |
Accounts receivable, net | 486,986 | 364,784 |
Prepaid expenses and other current assets | 81,178 | 99,655 |
Total current assets | 4,436,064 | 4,138,618 |
Property and equipment, net | 46,906 | 47,758 |
Operating lease right-of-use assets | 173,707 | 182,863 |
Other assets | 150,402 | 153,186 |
Total assets | 4,807,079 | 4,522,425 |
Current liabilities: | ||
Accounts payable | 35,634 | 12,122 |
Accrued liabilities | 206,034 | 222,991 |
Deferred revenue | 237,195 | 246,901 |
Customer deposits | 217,634 | 209,828 |
Operating lease liabilities | 54,056 | 54,176 |
Total current liabilities | 750,553 | 746,018 |
Deferred revenue, noncurrent | 20,722 | 28,047 |
Customer deposits, noncurrent | 1,651 | 1,477 |
Operating lease liabilities, noncurrent | 163,013 | 175,216 |
Other noncurrent liabilities | 9,968 | 10,702 |
Total liabilities | 945,907 | 961,460 |
Commitments and Contingencies (Note 7) | ||
Stockholders’ equity: | ||
Common stock | 2,227 | 2,200 |
Additional paid-in capital | 9,322,803 | 9,122,173 |
Accumulated other comprehensive income (loss), net | (5,720) | 801 |
Accumulated deficit | (5,544,083) | (5,649,613) |
Total stockholders’ equity | 3,775,227 | 3,475,561 |
Noncontrolling interests | 85,945 | 85,404 |
Total equity | 3,861,172 | 3,560,965 |
Total liabilities and equity | $ 4,807,079 | $ 4,522,425 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Common stock, shares authorized (in shares) | 22,701,005,000 | 22,701,005,000 |
Common stock, shares issued (in shares) | 2,226,963,000 | 2,200,128,000 |
Common stock, shares outstanding (in shares) | 2,226,963,000 | 2,200,128,000 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 20,000,000,000 | 20,000,000,000 |
Common stock, shares issued (in shares) | 2,130,393,000 | 2,096,982,000 |
Common stock, shares outstanding (in shares) | 2,130,393,000 | 2,096,982,000 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 2,700,000,000 | 2,700,000,000 |
Common stock, shares issued (in shares) | 95,565,000 | 102,141,000 |
Common stock, shares outstanding (in shares) | 95,565,000 | 102,141,000 |
Class F Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1,005,000 | 1,005,000 |
Common stock, shares issued (in shares) | 1,005,000 | 1,005,000 |
Common stock, shares outstanding (in shares) | 1,005,000 | 1,005,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenue | $ 634,338 | $ 525,186 |
Cost of revenue | 116,256 | 107,645 |
Gross profit | 518,082 | 417,541 |
Operating expenses: | ||
Sales and marketing | 193,177 | 187,093 |
Research and development | 110,040 | 90,100 |
General and administrative | 133,984 | 136,233 |
Total operating expenses | 437,201 | 413,426 |
Income from operations | 80,881 | 4,115 |
Interest income | 43,352 | 20,853 |
Other income (expense), net | (13,507) | (4,136) |
Income (loss) before provision for income taxes | 110,726 | 20,832 |
Provision for income taxes | 4,655 | 1,681 |
Net income (loss) | 106,071 | 19,151 |
Less: Net income attributable to noncontrolling interests | 541 | 2,349 |
Net income (loss) attributable to common stockholders | $ 105,530 | $ 16,802 |
Net earnings per share attributable to common stockholders, basic (in dollars per share) | $ 0.05 | $ 0.01 |
Net earnings per share attributable to common stockholders, diluted (in dollars per share) | $ 0.04 | $ 0.01 |
Weighted-average shares of common stock outstanding used in computing net earnings per share attributable to common stockholders, basic (in shares) | 2,213,545 | 2,107,780 |
Weighted-average shares of common stock outstanding used in computing net earnings per share attributable to common stockholders, diluted (in shares) | 2,400,107 | 2,217,439 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 106,071 | $ 19,151 |
Other comprehensive income (loss) | ||
Foreign currency translation adjustments | (1,899) | 1,015 |
Net unrealized gain (loss) on available-for-sale securities | (4,622) | 285 |
Comprehensive Income, including NCI | 99,550 | 20,451 |
Less: Comprehensive income attributable to noncontrolling interests | 541 | 2,349 |
Comprehensive income | $ 99,009 | $ 18,102 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss), Net | Accumulated Deficit | Parent | Noncontrolling Interests |
Beginning balance (in shares) at Dec. 31, 2022 | 2,099,075,000 | ||||||
Beginning balance at Dec. 31, 2022 | $ 2,642,437 | $ 2,099 | $ 8,427,998 | $ (5,333) | $ (5,859,438) | $ 2,565,326 | $ 77,111 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock from the exercise of stock options (in shares) | 5,381,000 | ||||||
Issuance of common stock from the exercise of stock options | 25,924 | $ 5 | 25,919 | 25,924 | |||
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares) | 13,274,000 | ||||||
Issuance of common stock upon vesting of restricted stock units (“RSUs”) | 0 | $ 13 | (13) | ||||
Stock-based compensation | 114,666 | 114,666 | 114,666 | ||||
Other comprehensive income (loss) | 1,015 | 1,015 | 1,015 | ||||
Net income (loss) | 19,151 | 16,802 | 16,802 | 2,349 | |||
Ending balance (in shares) at Mar. 31, 2023 | 2,117,730,000 | ||||||
Ending balance at Mar. 31, 2023 | $ 2,803,193 | $ 2,117 | 8,568,570 | (4,318) | (5,842,636) | 2,723,733 | 79,460 |
Beginning balance (in shares) at Dec. 31, 2023 | 2,200,128,000 | 2,200,128,000 | |||||
Beginning balance at Dec. 31, 2023 | $ 3,560,965 | $ 2,200 | 9,122,173 | 801 | (5,649,613) | 3,475,561 | 85,404 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock from the exercise of stock options (in shares) | 17,482,000 | 17,482,000 | |||||
Issuance of common stock from the exercise of stock options | $ 83,840 | $ 17 | 83,823 | 83,840 | |||
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares) | 9,721,000 | ||||||
Issuance of common stock upon vesting of restricted stock units (“RSUs”) | 0 | $ 10 | (10) | ||||
Stock-based compensation | 125,817 | 125,817 | 125,817 | ||||
Repurchases of common stock (in shares) | (368,000) | ||||||
Repurchases of common stock | (9,000) | (9,000) | (9,000) | ||||
Other comprehensive income (loss) | (6,521) | (6,521) | (6,521) | ||||
Net income (loss) | $ 106,071 | 105,530 | 105,530 | 541 | |||
Ending balance (in shares) at Mar. 31, 2024 | 2,226,963,000 | 2,226,963,000 | |||||
Ending balance at Mar. 31, 2024 | $ 3,861,172 | $ 2,227 | $ 9,322,803 | $ (5,720) | $ (5,544,083) | $ 3,775,227 | $ 85,945 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities | ||
Net income | $ 106,071 | $ 19,151 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 8,438 | 8,320 |
Stock-based compensation | 125,651 | 114,714 |
Noncash operating lease expense | 12,366 | 10,836 |
Unrealized and realized (gain) loss from marketable securities, net | 12,354 | 8,508 |
Noncash consideration | (11,907) | (7,596) |
Other operating activities | (6,774) | (6,670) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (121,884) | 2,709 |
Prepaid expenses and other current assets | 19,399 | 1,252 |
Other assets | 3,525 | (4,551) |
Accounts payable | 23,809 | (39,921) |
Accrued liabilities | (19,105) | 4,271 |
Deferred revenue, current and noncurrent | (14,802) | 43,238 |
Customer deposits, current and noncurrent | 7,953 | 43,631 |
Operating lease liabilities, current and noncurrent | (15,482) | (10,536) |
Other noncurrent liabilities | (33) | 20 |
Net cash provided by operating activities | 129,579 | 187,376 |
Investing activities | ||
Purchases of marketable securities | (2,664) | (4,755) |
Purchases of marketable securities | (1,260,327) | (2,310,367) |
Proceeds from sales and redemption of marketable securities | 751,746 | 709,459 |
Proceeds from sales of alternative investments | 0 | 51,072 |
Net cash used in investing activities | (511,245) | (1,554,591) |
Financing activities | ||
Proceeds from the exercise of common stock options | 83,840 | 25,924 |
Repurchases of common stock | (9,000) | 0 |
Other financing activities | 408 | 59 |
Net cash provided by financing activities | 75,248 | 25,983 |
Effect of foreign exchange on cash, cash equivalents, and restricted cash | (4,024) | 2,676 |
Net decrease in cash, cash equivalents, and restricted cash | (310,442) | (1,338,556) |
Cash, cash equivalents, and restricted cash - beginning of period | 850,107 | 2,627,335 |
Cash, cash equivalents, and restricted cash - end of period | $ 539,665 | $ 1,288,779 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Palantir Technologies Inc. (including its subsidiaries, “Palantir” or the “Company”) was incorporated in Delaware on May 6, 2003. The Company builds and deploys software platforms that serve as the central operating systems for its customers. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | . Significant Accounting Policies Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The accompanying condensed consolidated financial statements include the accounts of Palantir Technologies Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities where the Company holds at least a 20% ownership interest and has the ability to exercise significant influence over, but does not control, the investee are accounted for using the equity method of accounting. Certain prior year balances have been reclassified to conform to the current year presentation. Such reclassifications did not affect total revenues, income from operations, net income, or cash flows. The Company's fiscal year ends on December 31. The unaudited condensed consolidated balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In management’s opinion, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the balance sheets and statements of operations, comprehensive income, stockholders’ equity, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 20, 2024. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the identification of performance obligations in customer contracts, the valuation of deferred tax assets and uncertain tax positions, and the collectability of contract consideration, including accounts receivable. Estimates and judgments are based on historical experience, forecasted events, and various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could affect the Company’s financial position and results of operations. Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2. Significant Accounting Policies in the notes to consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 20, 2024. There have been no significant changes to these policies during the three months ended March 31, 2024, except for the changes noted below. Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash equivalents primarily consist of amounts invested in money market funds and available-for-sale debt securities. Restricted cash primarily consists of cash and certificates of deposit that are held as collateral against letters of credit and guarantees that the Company is required to maintain for operating lease agreements, certain customer contracts, and other guarantees and financing arrangements. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows (in thousands): As of March 31, 2024 2023 Cash and cash equivalents $ 520,388 $ 1,264,738 Restricted cash included in prepaid expenses and other current assets — 11,946 Restricted cash included in other assets 19,277 12,095 Total cash, cash equivalents, and restricted cash $ 539,665 $ 1,288,779 Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at the invoiced amount, net of an allowance for credit losses. The Company generally grants non-collateralized credit terms to its customers. Allowance for credit losses is based on the Company’s best estimate of probable losses inherent in its accounts receivable portfolio and is determined based on expectations of the customer’s ability to pay by considering factors such as customer type (commercial or government), historical experience, financial position of the customer, age of the accounts receivable, current economic conditions, and reasonable and supportable forward-looking factors about its portfolio and future economic conditions. Accounts receivable are written-off and charged against an allowance for credit losses when the Company has exhausted collection efforts without success. Based upon the Company’s assessment as of March 31, 2024 and December 31, 2023, the Company recorded an allowance for credit losses of $8.5 million and $10.5 million, respectively. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable, marketable securities, and privately-held equity securities. Cash equivalents primarily consist of money market funds and U.S. treasury securities with original maturities of three months or less, which are invested primarily with U.S. financial institutions. Cash deposits with financial institutions, including restricted cash, generally exceed federally insured limits. Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts. The Company is exposed to concentrations of credit risk with respect to accounts receivable presented on the condensed consolidated balance sheets. The Company’s accounts receivable balances as of March 31, 2024 and December 31, 2023 were $487.0 million and $364.8 million, respectively. Customer I represented 22% of total accounts receivable as of March 31, 2024. Customer I represented 15% of total accounts receivable as of December 31, 2023. No other customer represented more than 10% of total accounts receivable as of March 31, 2024 and December 31, 2023. For the three months ended March 31, 2024, no customer represented more than 10% of total revenue. For the three months ended March 31, 2023, Customer K, which is in the government operating segment, represented 10% of total revenue. No other customer represented more than 10% of total revenue for the three months ended March 31, 2023. Share Repurchase Program Share repurchases are recorded at trade date and the repurchase price is inclusive of any related fees and commissions. Upon retirement, the par value of the Class A common stock repurchased is deducted from common stock with the excess of repurchase price recorded to additional paid-in capital on the Company’s condensed consolidated balance sheets. Stock-Based Compensation The Company accounts for stock-based compensation expense in accordance with the fair value recognition and measurement provisions of GAAP, which require compensation cost for the grant-date fair value of stock-based awards to be recognized over the requisite service period. The Company determines the fair value of stock-based awards granted or modified on the grant date or modification date using appropriate valuation techniques. The Company recognizes forfeitures as they occur. Service-Based Vesting The Company grants RSUs and stock option awards that vest based upon the satisfaction of only a service condition. The Company determines the grant-date fair value of the RSUs as the fair value of the Company’s common stock on the grant date. The Company records stock-based compensation expense for stock options and RSUs that vest based upon the satisfaction of only a service condition on a straight-line basis over the requisite service period, which is generally one Performance-Based Vesting The Company also grants awards, including RSUs, that vest upon the satisfaction of both a service condition and a performance condition. The Company determines the grant-date fair value of RSUs with both a service-based vesting condition and a performance-based vesting condition as the fair value of the Company’s common stock on the grant date and records stock-based compensation expense using the accelerated attribution method over the service period. The performance-based vesting condition for the RSUs granted prior to September 30, 2020, the date the Company completed a direct listing of its Class A common stock on the New York Stock Exchange (the “Direct Listing”) was satisfied upon the occurrence of the Company’s Direct Listing. For P-RSUs granted after the Direct Listing, the Company recognizes expense from the number of P-RSUs expected to vest, determined based on the level of achievement against certain performance conditions, over the requisite service period when it is probable that the performance condition will be achieved. Market-Based Vesting |
Contract Liabilities and Remain
Contract Liabilities and Remaining Performance Obligations | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Contract Liabilities and Remaining Performance Obligations | Contract Liabilities and Remaining Performance Obligations Contract Liabilities The Company’s contract liabilities consist of deferred revenue and customer deposits. As of March 31, 2024 and December 31, 2023 the Company's contract liability balances were $477.2 million and $486.3 million, respectively. Revenue of $244.3 million and $192.4 million was recognized during the three months ended March 31, 2024 and 2023, respectively, that was included in the contract liability balances as of December 31, 2023 and 2022, respectively. Remaining Performance Obligations The Company’s arrangements with its customers often have terms that span over multiple years. However, the Company allows many of its customers to terminate contracts for convenience prior to the end of the stated term with less than twelve months’ notice. Revenue allocated to remaining performance obligations represents noncancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. The Company has elected the practical expedient allowing the Company to not disclose remaining performance obligations for contracts with original terms of twelve months or less. Cancelable contracted revenue, which includes customer deposits, is not considered a remaining performance obligation. The Company’s remaining performance obligations were $1.3 billion as of March 31, 2024, of which the Company expects to recognize approximately 53% as revenue over the next 12 months, 38% as revenue over the subsequent 13 to 36 months, and the remainder thereafter. Disaggregation of Revenue See Note 12. Segment and Geographic Information for disaggregated revenue by customer segment and geographic region. |
Investments and Fair Value Meas
Investments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Investments and Fair Value Measurements | Investments and Fair Value Measurements The following tables present the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation (in thousands): As of March 31, 2024 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 327,561 $ 327,561 $ — $ — Prepaid expenses and other current assets and other assets: Certificates of deposit 4,789 — 4,789 — Marketable securities: U.S. treasury securities 3,338,799 — 3,338,799 — Publicly-traded equity securities 8,713 8,713 — — Total $ 3,679,862 $ 336,274 $ 3,343,588 $ — As of December 31, 2023 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 576,565 $ 576,565 $ — $ — U.S treasury securities 10,079 — 10,079 — Certificates of deposit 938 — 938 — Prepaid expenses and other current assets and other assets: Certificates of deposit 4,777 — 4,777 — Marketable securities: U.S. treasury securities 2,824,861 — 2,824,861 — Publicly-traded equity securities 18,271 18,271 — — Total $ 3,435,491 $ 594,836 $ 2,840,655 $ — Certificates of Deposit The Company’s certificates of deposit are Level 2 instruments. The fair value of such instruments is estimated based on valuations obtained from third-party pricing services that utilize industry standard valuation models, including both income-based and market-based approaches, for which all significant inputs are observable either directly or indirectly. These inputs include interest rate curves, foreign exchange rates, and credit ratings. Debt Securities As of March 31, 2024, available-for-sale debt securities, all of which are included in marketable securities on the condensed consolidated balance sheet, consisted of the following (in thousands): As of March 31, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 3,341,779 $ 549 $ (3,529) $ 3,338,799 Total debt securities $ 3,341,779 $ 549 $ (3,529) $ 3,338,799 As of December 31, 2023, available-for-sale debt securities consisted of the following (in thousands): As of December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 2,831,505 $ 4,520 $ (1,085) $ 2,834,940 Total debt securities $ 2,831,505 $ 4,520 $ (1,085) $ 2,834,940 Included in cash and cash equivalents $ 10,078 $ 1 $ — $ 10,079 Included in marketable securities $ 2,821,427 $ 4,519 $ (1,085) $ 2,824,861 The Company did not sell any available-for-sale debt securities during the three months ended March 31, 2024, and sold $694.6 million of available-for-sale debt securities during the three months ended March 31, 2023, the proceeds of which were immediately reinvested into additional debt securities. The realized gains and losses from those sales were immaterial. No credit or non-credit losses related to debt securities were recorded as of March 31, 2024 or 2023. As of March 31, 2024 and December 31, 2023, available-for-sale debt securities of $2.3 billion and $236.0 million, respectively, were in an unrealized loss position primarily due to unfavorable changes in interest rates subsequent to initial purchase. None of the available-for-sale debt securities held as of March 31, 2024 or December 31, 2023 were in a continuous unrealized loss position for greater than 12 months. The decline in fair value below amortized cost basis was not considered other than temporary as it is more likely than not that the Company will hold the securities until maturity or a recovery of the cost basis, and no credit-related impairment losses were recorded as of March 31, 2024 or December 31, 2023. All of the Company’s U.S. treasury securities had remaining contractual maturities due within one year as of March 31, 2024. Equity Securities |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | Balance Sheet Components Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): As of March 31, 2024 As of December 31, 2023 Leasehold improvements $ 83,502 $ 83,139 Computer equipment, software, and other 53,969 50,844 Furniture and fixtures 13,920 13,834 Construction in progress 3,231 2,099 Total property and equipment, gross 154,622 149,916 Less: accumulated depreciation and amortization (107,716) (102,158) Total property and equipment, net $ 46,906 $ 47,758 Depreciation and amortization expense related to property and equipment, net was $6.0 million and $5.9 million for the three months ended March 31, 2024 and 2023, respectively. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): As of March 31, 2024 As of December 31, 2023 Accrued payroll and related expenses $ 77,709 $ 83,094 Accrued taxes 34,014 47,257 Accrued other liabilities 94,311 92,640 Total accrued liabilities $ 206,034 $ 222,991 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt 2014 Credit Facility In October 2014, the Company entered into an unsecured revolving credit facility, which has been subsequently secured by substantially all of the Company’s assets and amended from time to time (as amended, the “2014 Credit Facility”). As of March 31, 2024, the Company had no outstanding debt balances and had undrawn revolving commitments of $500.0 million available to fund working capital and general corporate expenditures under the 2014 Credit Facility, which has a maturity date of March 31, 2027. The 2014 Credit Facility contains customary representations and warranties, and certain financial and nonfinancial covenants, including but not limited to maintaining minimum liquidity of $50.0 million, and certain limitations on liens and indebtedness. The Company was in compliance with all covenants associated with the 2014 Credit Facility as of March 31, 2024. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Commitments The Company has commitments with various third parties to purchase cloud hosting services. In September 2023, the Company amended one of its third-party cloud hosting services agreements. Under this amendment, the Company has committed to spend at least $1.95 billion over ten Litigation and Legal Proceedings From time to time, third parties may assert patent infringement claims against the Company. In addition, from time to time, the Company may be subject to other legal proceedings and claims in the ordinary course of business, including claims of alleged infringement of trademarks, copyrights, and other intellectual property rights; employment claims; securities claims; investor claims; corporate claims; class action claims; and general contract, tort, or other claims. The Company may from time to time also be subject to various legal or government claims, disputes, or investigations. Such matters may include, but not be limited to, claims, disputes, allegations, or investigations related to warranty; refund; breach of contract; breach, leak, or misuse of personal data or confidential information; employment; government procurement; intellectual property; government regulation or compliance (including but not limited to anti-corruption requirements, export or other trade controls, data privacy or data protection, cybersecurity requirements, or antitrust/competition law requirements); securities; investor; corporate; or other matters. The Company establishes an accrual for loss contingencies when the loss is both probable and reasonably estimable. On September 15, 2022, October 25, 2022, and November 4, 2022, putative securities class action complaints were filed in the United States District Court for the District of Colorado, captioned Cupat v. Palantir Technologies Inc., et al. , Case No. 1:22-cv-02384, Allegheny County Employees’ Retirement System v. Palantir Technologies, Inc., et al. , Case No. 1:22-cv-02805, and S hijun Liu, Individually and as Trustee of the Liu Family Trust 2019 v. Palantir Technologies Inc., et al. , Case No. 1:22-cv-02893, respectively, naming the Company and certain current and former officers and directors as defendants. The suits allege false and misleading statements about our business and prospects, and purport to allege claims under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Securities Act of 1933, as amended (the “Securities Act”), and seek unspecified damages and remedies under Sections 10(b), 20(a), and 20(A) of the Exchange Act and Sections 11 and 15 of the Securities Act. These three actions subsequently were consolidated as Cupat v. Palantir Technologies Inc., et al. , Lead Civil Action No. 1:22-cv-02834-CNS-SKC, consolidated with civil actions 1:22-cv-02805-CNS-SKC and 1:22-cv-02893-CNS-SKC. On March 31, 2024, the Court dismissed the Cupat matter without prejudice. On November 21, 2022 and January 13, 2023, stockholder derivative actions were filed in the United States District Court for the District of Colorado, captioned Li v. Karp, et al. , Case No. 22-cv-3028 and Parmenter v. Karp, et al. , Case No. 23-cv-118, and on January 27, 2023, a stockholder derivative action was filed in the United States District Court for the District of Delaware captioned Miao v. Karp, et al. , Case No. 1:23-cv-00103-MN, each against certain current and former officers and directors asserting breach of fiduciary duty and related claims relating to the allegations of the securities class action complaints and seek unspecified damages and injunctive remedies under Section 14(a) of the Exchange Act and Delaware law. On August 22, 2023, a stockholder derivative action was filed in the Court of Chancery of the State of Delaware captioned Central Laborers’ Pension Fund v. Karp, et al. , Case No. 2023-0864 against certain current and former officers and directors asserting breach of fiduciary duty and related claims relating to the allegations of the securities class action complaints and seeks unspecified damages and injunctive relief under Delaware law. Because the litigation is in early stages, the Company is unable to estimate the reasonably possible loss or range of loss, if any, that may result from these matters. On November 20, 2023, the plaintiff in Parmenter v. Karp, et al ., Case No. 23-cv-118, filed a Notice of Voluntary Dismissal. On November 28, 2023, the court terminated the Parmenter action accordingly. As of March 31, 2024, the Company was not aware of any currently pending legal matters or claims, individually or in the aggregate, that were expected to have a material adverse impact on its condensed consolidated financial statements. Warranties and Indemnification The Company generally provides a warranty for its software products and services and a service level agreement (“SLA”) for the Company’s performance of software operations. The Company’s products are generally warranted to perform substantially as described in the associated product documentation during the subscription term or for a period of up to 90 days where the software is hosted by the customer, and the Company includes operations and maintenance (“O&M”) services as part of its subscription and license agreements to support this warranty and maintain the operability of the software. The Company’s services are generally warranted to be performed in a professional manner and by an adequate staff with knowledge about the products. In the event there is a failure of such warranties, the Company generally is obligated to correct the product or service to conform to the warranty provision, or, if the Company is unable to do so, the customer is entitled to seek a refund of the purchase price of the product and service (generally prorated over the contract term). Due to the absence of historical warranty claims, the Company’s expectations of future claims related to products under warranty continue to be insignificant. The Company has not recorded warranty expense or related accruals as of March 31, 2024 and December 31, 2023. The Company generally agrees to indemnify its customers against legal claims that the Company’s software products infringe certain third-party intellectual property rights and accounts for its indemnification obligations. In the event of such a claim, the Company is generally obligated to defend its customer against the claim and to either settle the claim at the Company’s expense or pay damages that the customer is legally required to pay to the third-party claimant. In addition, in the event of an infringement, the Company generally agrees to secure the right for the customer to continue using the infringing product; to modify or replace the infringing product; or, if those options are not commercially practicable, to refund the cost of the software, as prorated over the period. To date, the Company has not been required to make any payment resulting from infringement claims asserted against its customers and does not believe that the Company will be liable for such claims in the foreseeable future. As such, the Company has not recorded a liability for infringement costs as of March 31, 2024 and December 31, 2023. The Company has obligations under certain circumstances to indemnify each of the defendant directors and certain officers against judgments, fines, settlements, and expenses related to claims against such directors and certain officers and otherwise to the fullest extent permitted under the law and the Company’s Amended and Restated Bylaws and Amended and Restated Certificate of Incorporation. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure | Stockholders’ Equity The Company’s Class A, Class B, and Class F common stock (collectively, the “common stock”) all have the same rights, except with respect to voting and conversion rights. Class A and Class B common stock have voting rights of 1 and 10 votes per share, respectively. The Class F common stock has the voting rights generally described herein and each share of Class F common stock is convertible at any time, at the option of the holder thereof, into one share of Class B common stock. All shares of Class F common stock are held in a voting trust established by Stephen Cohen, Alexander Karp, and Peter Thiel (the “Founders”). The Class F common stock generally gives the Founders the ability to control up to 49.999999% of the total voting power of the Company’s capital stock, so long as the Founders and certain of their affiliates collectively meet a minimum ownership threshold, which was 100.0 million of the Company's equity securities as of March 31, 2024. Holders of the common stock are entitled to dividends when, as, and if declared by the Company’s Board of Directors, subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends. No dividends have been declared as of March 31, 2024. The following represented the total authorized, issued, and outstanding shares for each class of common stock (in thousands): As of March 31, 2024 As of December 31, 2023 Authorized Issued and Outstanding Authorized Issued and Outstanding Class A Common Stock 20,000,000 2,130,393 20,000,000 2,096,982 Class B Common Stock 2,700,000 95,565 2,700,000 102,141 Class F Common Stock 1,005 1,005 1,005 1,005 Total 22,701,005 2,226,963 22,701,005 2,200,128 Share Repurchase Program In August 2023, the Company’s Board of Directors authorized a stock repurchase program of up to $1.0 billion of the Company’s outstanding shares of Class A common stock (the “Share Repurchase Program”). The Company may repurchase shares of its Class A common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act in accordance with applicable securities laws and other restrictions. The timing and the amount of stock repurchases under the Share Repurchase Program will be determined by the Company’s management, based on its evaluation of factors including business and market conditions, corporate and regulatory requirements, and other considerations. The Share Repurchase Program does not obligate the Company to repurchase any specific number of shares and may be discontinued at any time. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock Options and SARs The following table summarizes stock option and SAR activity for the three months ended March 31, 2024 (in thousands, except per share amounts and years): Options Outstanding SARs Outstanding Number of Awards Weighted-Average Exercise Price Per Share Weighted-Average Aggregate Intrinsic Value Number of Awards Weighted-Average Exercise Price Per Share Weighted-Average Aggregate Intrinsic Value Balance as of December 31, 2023 278,470 $ 8.62 7.6 $ 2,381,172 — $ — 0.0 $ — Granted — — 44,283 50.00 Exercised (17,482) 4.80 — — Canceled and forfeited (459) 5.91 (899) 50.00 Balance as of March 31, 2024 260,529 $ 8.88 7.5 $ 3,681,164 43,384 $ 50.00 39.8 $ — Vested and exercisable as of March 31, 2024 148,070 $ 7.02 6.9 $ 2,368,058 — $ — 0.0 $ — As of March 31, 2024, the total unrecognized stock-based compensation expense related to options and SARs outstanding was $573.7 million and $137.9 million, respectively, which is expected to be recognized over a weighted-average service period of seven years and five years, respectively. During the three months ended March 31, 2024, the Company granted SARs that vest upon the achievement of a market-based vesting condition subject to continued service. The market-based vesting condition is satisfied when the price per share of the Company’s Class A common stock exceeds $50 (measured based on the closing price on the immediately prior trading day) (an “Above Price Day”). Following vesting, SARs may only be exercised on an Above Price Day which occurs within an open trading window. The maximum appreciation is up to $20 per SAR. The Company determined the grant date fair value of SARs using a Monte Carlo simulation model which incorporates various assumptions including the contractual term, expected stock price volatility, risk-free interest rate, suboptimal exercise factor, annual post-vest termination rate, and cost of capital as of the grant date. For the awards granted during the three months ended March 31, 2024, the assumptions used in the Monte Carlo simulation model were as follows: March 31, 2024 Expected volatility rate 58.9% Risk-free interest rate 4.1% Grant-date fair value per share $3.30 - $3.50 The expected volatility rate is based on a combination of the Company’s implied volatility and the historical volatility of comparable publicly-traded companies. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The derived service period for the SARs granted during the three months ended March 31, 2024 was five years. RSUs and P-RSUs The following table summarizes the RSU and P-RSU activity for the three months ended March 31, 2024 (in thousands, except per share amounts): RSUs Outstanding Weighted Average Grant Date Fair Value per Share P-RSUs Outstanding Weighted Average Grant Date Fair Value per Share Unvested and outstanding as of December 31, 2023 82,262 $ 10.71 1,976 $ 15.39 Granted 1,601 17.30 1,623 16.75 Vested (8,518) 12.97 (1,551) 17.59 Canceled and forfeited (1,371) 13.43 (49) 16.75 Adjustment for performance achievement (1) — — (39) 7.38 Unvested and outstanding as of March 31, 2024 73,974 $ 10.54 1,960 $ 14.90 ————— (1) This amount represents the difference between the maximum number of shares that could have been issued under the grant and the actual number of shares earned based on final performance. As of March 31, 2024, the total unrecognized stock-based compensation expense related to the RSUs outstanding was $490.5 million, which the Company expects to recognize over a weighted-average service period of three years. As of March 31, 2024, there was no unrecognized stock-based compensation expense related to the P-RSUs outstanding. Stock-based Compensation Expense Total stock-based compensation expense was as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue $ 10,416 $ 9,177 Sales and marketing 42,156 39,535 Research and development 26,874 19,924 General and administrative 46,205 46,078 Total stock-based compensation expense $ 125,651 $ 114,714 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded a provision for income taxes of $4.7 million and $1.7 million for the three months ended March 31, 2024 and 2023, respectively. The Company is subject to income tax in the U.S. as well as other tax jurisdictions in which it conducts business. The Company’s effective tax rate as of March 31, 2024 differs from the U.S. statutory rate primarily due to foreign income taxed at different rates, non-deductible stock-based compensation, other non-deductible expenses, and valuation allowances recorded on its deferred tax assets from the U.S., United Kingdom (“U.K.”), and other jurisdictions . The provision for income taxes increased by $3.0 million for the three months ended March 31, 2024 compared to the same period in 2023 primarily related to higher foreign income taxes as the result of higher foreign taxable income and higher withholding taxes in the current year. The realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future periods. The Company assesses its ability to realize the deferred tax assets on a quarterly basis, and it establishes a valuation allowance if it is more likely than not that some portion of the deferred tax assets will not be realized. The Company weighs all available positive and negative evidence, including its earnings history and results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies. For example, due to the weight of objectively verifiable negative evidence, including its history of U.S. and U.K. net operating tax losses, the Company believes that it is more likely than not that its U.S. and U.K. deferred tax assets will not be fully realized. Accordingly, the Company has maintained a full valuation allowance on its U.S. and U.K. deferred tax assets as of March 31, 2024. On August 16, 2022, the Inflation Reduction Act was signed into law, with tax provisions primarily focused on implementing a 15% minimum tax on global adjusted financial statement income and a 1% excise tax on the value of net share repurchases. The Inflation Reduction Act became effective beginning in fiscal year 2023. Based on the Company’s current analysis of the provisions, the law has not had a material impact on the Company’s condensed consolidated financial statements. |
Net Earnings (Loss) Per Share A
Net Earnings (Loss) Per Share Attributable to Common Stockholders | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Earnings Per Share Attributable to Common Stockholders | Net Earnings Per Share Attributable to Common Stockholders The following table presents the calculation of basic and diluted net earnings per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Numerator Net income attributable to common stockholders for diluted net earnings per share $ 105,530 $ 16,802 Denominator Weighted-average shares used in computing net earnings per share: Basic 2,213,545 2,107,780 Effect of dilutive shares 186,562 109,659 Diluted 2,400,107 2,217,439 Net earnings per share Net earnings per share attributable to common stockholders: Basic $ 0.05 $ 0.01 Diluted $ 0.04 $ 0.01 The following outstanding potentially dilutive common stock equivalents have been excluded from the computation of diluted net earnings per share attributable to common stockholders for the periods presented due to their anti-dilutive effect (in thousands): Three Months Ended March 31, 2024 2023 Options issued and outstanding — 162,521 RSUs and P-RSUs outstanding 3,500 23,006 Warrants to purchase common stock — 13,042 Total 3,500 198,569 |
Segment and Geographic Informat
Segment and Geographic Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Segment and Geographic Information The following reporting segment tables reflect the results of the Company’s reportable operating segments consistent with the manner in which the chief operating decision maker (“CODM”) evaluates the performance of each segment and allocates the Company’s resources. The CODM does not evaluate the performance of the Company’s assets on a segment basis for internal management reporting and, therefore, such information is not presented. Contribution is used, in part, to evaluate the performance of, and allocate resources to, each of the segments. A segment’s contribution is calculated as segment revenue less the related costs of revenue and sales and marketing expenses. It excludes certain operating expenses that are not allocated to segments because they are separately managed at the consolidated corporate level or are noncash costs. These unallocated and noncash costs include stock-based compensation expense, research and development expenses, and general and administrative expenses. Financial information for each reportable segment was as follows (in thousands): Three Months Ended March 31, 2024 2023 Revenue: Government $ 335,373 $ 289,070 Commercial 298,965 236,116 Total revenue $ 634,338 $ 525,186 Three Months Ended March 31, 2024 2023 Contribution: Government $ 199,388 $ 166,233 Commercial 178,089 112,927 Total contribution $ 377,477 $ 279,160 The reconciliation of contribution to income (loss) from operations is as follows (in thousands): Three Months Ended March 31, 2024 2023 Income from operations $ 80,881 $ 4,115 Research and development expenses (1) 83,166 70,176 General and administrative expenses (1) 87,779 90,155 Total stock-based compensation expense 125,651 114,714 Total contribution $ 377,477 $ 279,160 ————— (1) Excludes stock-based compensation expense. Geographic Information Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages): Three Months Ended March 31, 2024 2023 Amount % Amount % Revenue: United States $ 406,389 64 % $ 336,845 64 % Rest of world (1) 227,949 36 % 188,341 36 % Total revenue $ 634,338 100 % $ 525,186 100 % ————— (1) No other country represents 10% or more of total revenue for the three months ended March 31, 2024 or 2023. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets subject to amortization that are not fully amortized are as follows (in thousands, except years): Weighted average useful life (years) As of March 31, 2024 As of December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships 3.6 $ 10,400 $ (2,947) $ 7,453 $ 10,400 $ (2,427) $ 7,973 Reacquired rights 5.6 17,618 (3,565) 14,053 17,618 (2,936) 14,682 Backlog 0.6 6,700 (4,746) 1,954 6,700 (3,908) 2,792 Other 0.0 4,225 (4,192) 33 4,225 (3,770) 455 Total intangible assets $ 38,943 $ (15,450) $ 23,493 $ 38,943 $ (13,041) $ 25,902 Amortization expense of intangible assets was not material for the three months ended March 31, 2024 or 2023. As of March 31, 2024, expected amortization expense for the unamortized finite-lived intangible assets is as follows (in thousands): Year ended December 31, Amount Remainder of 2024 $ 5,435 2025 4,597 2026 4,597 2027 4,250 2028 2,517 Thereafter 2,097 Total $ 23,493 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 105,530 | $ 16,802 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Ryan Taylor [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On March 12, 2024, Ryan Taylor, our Chief Revenue Officer and Chief Legal Officer, adopted a Rule 10b5-1 trading arrangement providing for the potential sales of shares of our Class A common stock through various transactions upon the occurrence and satisfaction of certain price and/or other conditions, with 980,294 shares being the total of the maximum number of all shares subject to any condition when summed across all possible conditions. The trading arrangement is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The duration of the trading arrangement is until December 31, 2024, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement. |
Name | Ryan Taylor, |
Title | Chief Revenue Officer and Chief Legal Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | March 12, 2024 |
Arrangement Duration | 294 days |
Aggregate Available | 980,294 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The accompanying condensed consolidated financial statements include the accounts of Palantir Technologies Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities where the Company holds at least a 20% ownership interest and has the ability to exercise significant influence over, but does not control, the investee are accounted for using the equity method of accounting. Certain prior year balances have been reclassified to conform to the current year presentation. Such reclassifications did not affect total revenues, income from operations, net income, or cash flows. The Company's fiscal year ends on December 31. The unaudited condensed consolidated balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In management’s opinion, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the balance sheets and statements of operations, comprehensive income, stockholders’ equity, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 20, 2024. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the identification of performance obligations in customer contracts, the valuation of deferred tax assets and uncertain tax positions, and the collectability of contract consideration, including accounts receivable. Estimates and judgments are based on historical experience, forecasted events, and various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could affect the Company’s financial position and results of operations. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash equivalents primarily consist of amounts invested in money market funds and available-for-sale debt securities. Restricted cash primarily consists of cash and certificates of deposit that are held as collateral against letters of credit and guarantees that the Company is required to maintain for operating lease agreements, certain customer contracts, and other guarantees and financing arrangements. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows (in thousands): As of March 31, 2024 2023 Cash and cash equivalents $ 520,388 $ 1,264,738 Restricted cash included in prepaid expenses and other current assets — 11,946 Restricted cash included in other assets 19,277 12,095 Total cash, cash equivalents, and restricted cash $ 539,665 $ 1,288,779 |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at the invoiced amount, net of an allowance for credit losses. The Company generally grants non-collateralized credit terms to its customers. Allowance for credit losses is based on the Company’s best estimate of probable losses inherent in its accounts receivable portfolio and is determined based on expectations of the customer’s ability to pay by considering factors such as customer type (commercial or government), historical experience, financial position of the customer, age of the accounts receivable, current economic conditions, and reasonable and supportable forward-looking factors about its portfolio and future economic conditions. Accounts receivable are written-off and charged against an allowance for credit losses when the Company has exhausted collection efforts without success. Based upon the Company’s assessment as of March 31, 2024 and December 31, 2023, the Company recorded an allowance for credit losses of $8.5 million and $10.5 million, respectively. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable, marketable securities, and privately-held equity securities. Cash equivalents primarily consist of money market funds and U.S. treasury securities with original maturities of three months or less, which are invested primarily with U.S. financial institutions. Cash deposits with financial institutions, including restricted cash, generally exceed federally insured limits. Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts. The Company is exposed to concentrations of credit risk with respect to accounts receivable presented on the condensed consolidated balance sheets. The Company’s accounts receivable balances as of March 31, 2024 and December 31, 2023 were $487.0 million and $364.8 million, respectively. Customer I represented 22% of total accounts receivable as of March 31, 2024. Customer I represented 15% of total accounts receivable as of December 31, 2023. No other customer represented more than 10% of total accounts receivable as of March 31, 2024 and December 31, 2023. For the three months ended March 31, 2024, no customer represented more than 10% of total revenue. For the three months ended March 31, 2023, Customer K, which is in the government operating segment, represented 10% of total revenue. No other customer represented more than 10% of total revenue for the three months ended March 31, 2023. |
Share Repurchase Program | Share Repurchase Program Share repurchases are recorded at trade date and the repurchase price is inclusive of any related fees and commissions. Upon retirement, the par value of the Class A common stock repurchased is deducted from common stock with the excess of repurchase price recorded to additional paid-in capital on the Company’s condensed consolidated balance sheets. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation expense in accordance with the fair value recognition and measurement provisions of GAAP, which require compensation cost for the grant-date fair value of stock-based awards to be recognized over the requisite service period. The Company determines the fair value of stock-based awards granted or modified on the grant date or modification date using appropriate valuation techniques. The Company recognizes forfeitures as they occur. Service-Based Vesting The Company grants RSUs and stock option awards that vest based upon the satisfaction of only a service condition. The Company determines the grant-date fair value of the RSUs as the fair value of the Company’s common stock on the grant date. The Company records stock-based compensation expense for stock options and RSUs that vest based upon the satisfaction of only a service condition on a straight-line basis over the requisite service period, which is generally one Performance-Based Vesting The Company also grants awards, including RSUs, that vest upon the satisfaction of both a service condition and a performance condition. The Company determines the grant-date fair value of RSUs with both a service-based vesting condition and a performance-based vesting condition as the fair value of the Company’s common stock on the grant date and records stock-based compensation expense using the accelerated attribution method over the service period. The performance-based vesting condition for the RSUs granted prior to September 30, 2020, the date the Company completed a direct listing of its Class A common stock on the New York Stock Exchange (the “Direct Listing”) was satisfied upon the occurrence of the Company’s Direct Listing. For P-RSUs granted after the Direct Listing, the Company recognizes expense from the number of P-RSUs expected to vest, determined based on the level of achievement against certain performance conditions, over the requisite service period when it is probable that the performance condition will be achieved. Market-Based Vesting |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows (in thousands): As of March 31, 2024 2023 Cash and cash equivalents $ 520,388 $ 1,264,738 Restricted cash included in prepaid expenses and other current assets — 11,946 Restricted cash included in other assets 19,277 12,095 Total cash, cash equivalents, and restricted cash $ 539,665 $ 1,288,779 |
Investments and Fair Value Me_2
Investments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary Of Assets And Liabilities That Are Measured At Fair Value On A Recurring And Nonrecurring Basis | The following tables present the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation (in thousands): As of March 31, 2024 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 327,561 $ 327,561 $ — $ — Prepaid expenses and other current assets and other assets: Certificates of deposit 4,789 — 4,789 — Marketable securities: U.S. treasury securities 3,338,799 — 3,338,799 — Publicly-traded equity securities 8,713 8,713 — — Total $ 3,679,862 $ 336,274 $ 3,343,588 $ — As of December 31, 2023 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents: Money market funds $ 576,565 $ 576,565 $ — $ — U.S treasury securities 10,079 — 10,079 — Certificates of deposit 938 — 938 — Prepaid expenses and other current assets and other assets: Certificates of deposit 4,777 — 4,777 — Marketable securities: U.S. treasury securities 2,824,861 — 2,824,861 — Publicly-traded equity securities 18,271 18,271 — — Total $ 3,435,491 $ 594,836 $ 2,840,655 $ — |
Debt Securities, Available-for-Sale | As of March 31, 2024, available-for-sale debt securities, all of which are included in marketable securities on the condensed consolidated balance sheet, consisted of the following (in thousands): As of March 31, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 3,341,779 $ 549 $ (3,529) $ 3,338,799 Total debt securities $ 3,341,779 $ 549 $ (3,529) $ 3,338,799 As of December 31, 2023, available-for-sale debt securities consisted of the following (in thousands): As of December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. treasury securities $ 2,831,505 $ 4,520 $ (1,085) $ 2,834,940 Total debt securities $ 2,831,505 $ 4,520 $ (1,085) $ 2,834,940 Included in cash and cash equivalents $ 10,078 $ 1 $ — $ 10,079 Included in marketable securities $ 2,821,427 $ 4,519 $ (1,085) $ 2,824,861 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): As of March 31, 2024 As of December 31, 2023 Leasehold improvements $ 83,502 $ 83,139 Computer equipment, software, and other 53,969 50,844 Furniture and fixtures 13,920 13,834 Construction in progress 3,231 2,099 Total property and equipment, gross 154,622 149,916 Less: accumulated depreciation and amortization (107,716) (102,158) Total property and equipment, net $ 46,906 $ 47,758 |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): As of March 31, 2024 As of December 31, 2023 Accrued payroll and related expenses $ 77,709 $ 83,094 Accrued taxes 34,014 47,257 Accrued other liabilities 94,311 92,640 Total accrued liabilities $ 206,034 $ 222,991 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Summary of Total Authorized, Issued, And Outstanding Shares | The following represented the total authorized, issued, and outstanding shares for each class of common stock (in thousands): As of March 31, 2024 As of December 31, 2023 Authorized Issued and Outstanding Authorized Issued and Outstanding Class A Common Stock 20,000,000 2,130,393 20,000,000 2,096,982 Class B Common Stock 2,700,000 95,565 2,700,000 102,141 Class F Common Stock 1,005 1,005 1,005 1,005 Total 22,701,005 2,226,963 22,701,005 2,200,128 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | The following table summarizes stock option and SAR activity for the three months ended March 31, 2024 (in thousands, except per share amounts and years): Options Outstanding SARs Outstanding Number of Awards Weighted-Average Exercise Price Per Share Weighted-Average Aggregate Intrinsic Value Number of Awards Weighted-Average Exercise Price Per Share Weighted-Average Aggregate Intrinsic Value Balance as of December 31, 2023 278,470 $ 8.62 7.6 $ 2,381,172 — $ — 0.0 $ — Granted — — 44,283 50.00 Exercised (17,482) 4.80 — — Canceled and forfeited (459) 5.91 (899) 50.00 Balance as of March 31, 2024 260,529 $ 8.88 7.5 $ 3,681,164 43,384 $ 50.00 39.8 $ — Vested and exercisable as of March 31, 2024 148,070 $ 7.02 6.9 $ 2,368,058 — $ — 0.0 $ — |
Summary of RSU Activity | The following table summarizes the RSU and P-RSU activity for the three months ended March 31, 2024 (in thousands, except per share amounts): RSUs Outstanding Weighted Average Grant Date Fair Value per Share P-RSUs Outstanding Weighted Average Grant Date Fair Value per Share Unvested and outstanding as of December 31, 2023 82,262 $ 10.71 1,976 $ 15.39 Granted 1,601 17.30 1,623 16.75 Vested (8,518) 12.97 (1,551) 17.59 Canceled and forfeited (1,371) 13.43 (49) 16.75 Adjustment for performance achievement (1) — — (39) 7.38 Unvested and outstanding as of March 31, 2024 73,974 $ 10.54 1,960 $ 14.90 |
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense was as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue $ 10,416 $ 9,177 Sales and marketing 42,156 39,535 Research and development 26,874 19,924 General and administrative 46,205 46,078 Total stock-based compensation expense $ 125,651 $ 114,714 |
Summary of Valuation Assumptions | For the awards granted during the three months ended March 31, 2024, the assumptions used in the Monte Carlo simulation model were as follows: March 31, 2024 Expected volatility rate 58.9% Risk-free interest rate 4.1% Grant-date fair value per share $3.30 - $3.50 |
Net Earnings (Loss) Per Share_2
Net Earnings (Loss) Per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Summary of Calculation of Basic and Diluted Net Loss Per Share | The following table presents the calculation of basic and diluted net earnings per share attributable to common stockholders (in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Numerator Net income attributable to common stockholders for diluted net earnings per share $ 105,530 $ 16,802 Denominator Weighted-average shares used in computing net earnings per share: Basic 2,213,545 2,107,780 Effect of dilutive shares 186,562 109,659 Diluted 2,400,107 2,217,439 Net earnings per share Net earnings per share attributable to common stockholders: Basic $ 0.05 $ 0.01 Diluted $ 0.04 $ 0.01 |
Summary of Antidilutive Securities | The following outstanding potentially dilutive common stock equivalents have been excluded from the computation of diluted net earnings per share attributable to common stockholders for the periods presented due to their anti-dilutive effect (in thousands): Three Months Ended March 31, 2024 2023 Options issued and outstanding — 162,521 RSUs and P-RSUs outstanding 3,500 23,006 Warrants to purchase common stock — 13,042 Total 3,500 198,569 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Summary of Financial Information for Each Reportable Segment | Financial information for each reportable segment was as follows (in thousands): Three Months Ended March 31, 2024 2023 Revenue: Government $ 335,373 $ 289,070 Commercial 298,965 236,116 Total revenue $ 634,338 $ 525,186 Three Months Ended March 31, 2024 2023 Contribution: Government $ 199,388 $ 166,233 Commercial 178,089 112,927 Total contribution $ 377,477 $ 279,160 |
Summary of Reconciliation of Segment Financial Information to Loss from Operations | The reconciliation of contribution to income (loss) from operations is as follows (in thousands): Three Months Ended March 31, 2024 2023 Income from operations $ 80,881 $ 4,115 Research and development expenses (1) 83,166 70,176 General and administrative expenses (1) 87,779 90,155 Total stock-based compensation expense 125,651 114,714 Total contribution $ 377,477 $ 279,160 ————— (1) Excludes stock-based compensation expense. |
Summary of Revenue by Geography | Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages): Three Months Ended March 31, 2024 2023 Amount % Amount % Revenue: United States $ 406,389 64 % $ 336,845 64 % Rest of world (1) 227,949 36 % 188,341 36 % Total revenue $ 634,338 100 % $ 525,186 100 % ————— (1) No other country represents 10% or more of total revenue for the three months ended March 31, 2024 or 2023. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets subject to amortization that are not fully amortized are as follows (in thousands, except years): Weighted average useful life (years) As of March 31, 2024 As of December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships 3.6 $ 10,400 $ (2,947) $ 7,453 $ 10,400 $ (2,427) $ 7,973 Reacquired rights 5.6 17,618 (3,565) 14,053 17,618 (2,936) 14,682 Backlog 0.6 6,700 (4,746) 1,954 6,700 (3,908) 2,792 Other 0.0 4,225 (4,192) 33 4,225 (3,770) 455 Total intangible assets $ 38,943 $ (15,450) $ 23,493 $ 38,943 $ (13,041) $ 25,902 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of March 31, 2024, expected amortization expense for the unamortized finite-lived intangible assets is as follows (in thousands): Year ended December 31, Amount Remainder of 2024 $ 5,435 2025 4,597 2026 4,597 2027 4,250 2028 2,517 Thereafter 2,097 Total $ 23,493 |
Significant Accounting Polici_4
Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 520,388 | $ 831,047 | $ 1,264,738 | |
Total cash, cash equivalents, and restricted cash | 539,665 | $ 850,107 | 1,288,779 | $ 2,627,335 |
Prepaid Expenses and Other Current Assets | ||||
Cash and Cash Equivalents [Line Items] | ||||
Restricted cash | 0 | 11,946 | ||
Other Current Assets | ||||
Cash and Cash Equivalents [Line Items] | ||||
Restricted cash | $ 19,277 | $ 12,095 |
Significant Accounting Polici_5
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Allowance for credit losses | $ 8,500 | $ 10,500 | |
Accounts receivable, net | $ 486,986 | $ 364,784 | |
Maximum | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 1 year | ||
Minimum | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 4 years | ||
Accounts Receivable Benchmark | Customer Concentration Risk | Customer I | |||
Percentage concentration | 22% | 15% | |
Revenue Benchmark | Customer Concentration Risk | Customer K | |||
Percentage concentration | 10% |
Contract Liabilities and Rema_2
Contract Liabilities and Remaining Performance Obligations - Additional information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Contract with customer, liability | $ 477.2 | $ 486.3 | |
Revenue recognized from contract liability balances | 244.3 | $ 192.4 | |
Remaining performance obligation | $ 1,300 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation (as percent) | 53% | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation (as percent) | 38% | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | Minimum | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 13 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | Maximum | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 36 months |
Investments and Fair Value Me_3
Investments and Fair Value Measurements - Summary Of Assets And Liabilities That Are Measured At Fair Value On A Recurring And Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Marketable securities: | |||
Debt securities | $ 3,338,799 | $ 2,834,940 | |
Total | 3,679,862 | 3,435,491 | |
Revenue | 634,338 | $ 525,186 | |
Level 1 | |||
Marketable securities: | |||
Total | 336,274 | 594,836 | |
Level 2 | |||
Marketable securities: | |||
Total | 3,343,588 | 2,840,655 | |
Level 3 | |||
Marketable securities: | |||
Total | 0 | 0 | |
U.S. treasury securities | |||
Marketable securities: | |||
Debt securities | 2,834,940 | ||
Cash and Cash Equivalents | Money market funds | |||
Cash and cash equivalents: | |||
Cash and cash equivalents | 327,561 | 576,565 | |
Cash and Cash Equivalents | Money market funds | Level 1 | |||
Cash and cash equivalents: | |||
Cash and cash equivalents | 327,561 | 576,565 | |
Cash and Cash Equivalents | Money market funds | Level 2 | |||
Cash and cash equivalents: | |||
Cash and cash equivalents | 0 | 0 | |
Cash and Cash Equivalents | Money market funds | Level 3 | |||
Cash and cash equivalents: | |||
Cash and cash equivalents | 0 | 0 | |
Cash and Cash Equivalents | Certificates of deposit | |||
Cash and cash equivalents: | |||
Cash and cash equivalents | 938 | ||
Cash and Cash Equivalents | Certificates of deposit | Level 1 | |||
Cash and cash equivalents: | |||
Cash and cash equivalents | 0 | ||
Cash and Cash Equivalents | Certificates of deposit | Level 2 | |||
Cash and cash equivalents: | |||
Cash and cash equivalents | 938 | ||
Cash and Cash Equivalents | Certificates of deposit | Level 3 | |||
Cash and cash equivalents: | |||
Cash and cash equivalents | 0 | ||
Cash and Cash Equivalents | U.S. treasury securities | |||
Cash and cash equivalents: | |||
Cash and cash equivalents | 10,079 | ||
Marketable securities: | |||
Debt securities | 10,079 | ||
Cash and Cash Equivalents | U.S. treasury securities | Level 1 | |||
Cash and cash equivalents: | |||
Cash and cash equivalents | 0 | ||
Cash and Cash Equivalents | U.S. treasury securities | Level 2 | |||
Cash and cash equivalents: | |||
Cash and cash equivalents | 10,079 | ||
Cash and Cash Equivalents | U.S. treasury securities | Level 3 | |||
Cash and cash equivalents: | |||
Cash and cash equivalents | 0 | ||
Prepaid Expenses and Other Current Assets and Other Assets | Certificates of deposit | |||
Prepaid expenses and other current assets and other assets: | |||
Certificates of deposit | 4,789 | 4,777 | |
Prepaid Expenses and Other Current Assets and Other Assets | Certificates of deposit | Level 1 | |||
Prepaid expenses and other current assets and other assets: | |||
Certificates of deposit | 0 | 0 | |
Prepaid Expenses and Other Current Assets and Other Assets | Certificates of deposit | Level 2 | |||
Prepaid expenses and other current assets and other assets: | |||
Certificates of deposit | 4,789 | 4,777 | |
Prepaid Expenses and Other Current Assets and Other Assets | Certificates of deposit | Level 3 | |||
Prepaid expenses and other current assets and other assets: | |||
Certificates of deposit | 0 | 0 | |
Marketable Securities | U.S. treasury securities | |||
Marketable securities: | |||
Debt securities | 3,338,799 | 2,824,861 | |
Marketable Securities | U.S. treasury securities | Level 1 | |||
Marketable securities: | |||
Debt securities | 0 | 0 | |
Marketable Securities | U.S. treasury securities | Level 2 | |||
Marketable securities: | |||
Debt securities | 3,338,799 | 2,824,861 | |
Marketable Securities | U.S. treasury securities | Level 3 | |||
Marketable securities: | |||
Debt securities | 0 | 0 | |
Marketable Securities | Publicly-traded equity securities | |||
Marketable securities: | |||
U.S. treasury securities | 8,713 | 18,271 | |
Marketable Securities | Publicly-traded equity securities | Level 1 | |||
Marketable securities: | |||
U.S. treasury securities | 8,713 | 18,271 | |
Marketable Securities | Publicly-traded equity securities | Level 2 | |||
Marketable securities: | |||
U.S. treasury securities | 0 | 0 | |
Marketable Securities | Publicly-traded equity securities | Level 3 | |||
Marketable securities: | |||
U.S. treasury securities | $ 0 | $ 0 |
Investments and Fair Value Me_4
Investments and Fair Value Measurements - Available-For-Sale Debt Securities (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Debt Securities, Available-for-Sale [Line Items] | |||
Amortized Cost | $ 3,341,779,000 | $ 2,831,505,000 | |
Unrealized Gains | 549,000 | 4,520,000 | |
Unrealized Losses | (3,529,000) | (1,085,000) | |
Fair Value | 3,338,799,000 | 2,834,940,000 | |
Credit or non-credit losses related to debt securities | 0 | $ 0 | |
U.S. treasury securities | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Amortized Cost | 2,831,505,000 | ||
Unrealized Gains | 4,520,000 | ||
Unrealized Losses | (1,085,000) | ||
Fair Value | 2,834,940,000 | ||
U.S. treasury securities | Cash and Cash Equivalents | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Amortized Cost | 10,078,000 | ||
Unrealized Gains | 1,000 | ||
Unrealized Losses | 0 | ||
Fair Value | 10,079,000 | ||
U.S. treasury securities | Marketable Securities | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Amortized Cost | 3,341,779,000 | 2,821,427,000 | |
Unrealized Gains | 549,000 | 4,519,000 | |
Unrealized Losses | (3,529,000) | (1,085,000) | |
Fair Value | $ 3,338,799,000 | $ 2,824,861,000 |
Investments and Fair Value Me_5
Investments and Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) vote | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) vote | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Proceeds from sale of available-for-sale securities | $ 0 | $ 694,600,000 | |
Credit or non-credit losses related to debt securities | 0 | 0 | |
Available-for-sale debt securities in unrealized loss position | $ 2,300,000,000 | $ 236,000,000 | |
Number of securities in an unrealized loss position for greater than 12 months | vote | 0 | 0 | |
Equity securities received as noncash consideration | $ 10,900,000 | 8,700,000 | |
Privately-held equity securities without readily determinable fair value, amount | 35,100,000 | $ 32,600,000 | |
Revenue | 634,338,000 | 525,186,000 | |
Investment Agreement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment in shares | 0 | $ 0 | |
Investment Agreement | Commercial Contract | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Revenue | 23,900,000 | 33,400,000 | |
Publicly-Traded Equity Securities Held | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized gain (loss) from equity securities | $ (10,900,000) | $ (8,200,000) |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Total property and equipment, gross | $ 154,622 | $ 149,916 |
Less: accumulated depreciation and amortization | (107,716) | (102,158) |
Total property and equipment, net | 46,906 | 47,758 |
Leasehold improvements | ||
Total property and equipment, gross | 83,502 | 83,139 |
Computer equipment, software, and other | ||
Total property and equipment, gross | 53,969 | 50,844 |
Furniture and fixtures | ||
Total property and equipment, gross | 13,920 | 13,834 |
Construction in progress | ||
Total property and equipment, gross | $ 3,231 | $ 2,099 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | ||
Depreciation and amortization expense excluding the impact of foreign exchange fluctuations | $ 6 | $ 5.9 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued payroll and related expenses | $ 77,709 | $ 83,094 |
Accrued taxes | 34,014 | 47,257 |
Accrued other liabilities | 94,311 | 92,640 |
Total accrued liabilities | $ 206,034 | $ 222,991 |
Debt - Additional Information (
Debt - Additional Information (Detail) - 2014 Revolving Credit Facility - Line of Credit | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Short-Term Debt [Line Items] | |
Debt instrument maximum borrowing capacity | $ 500,000,000 |
Revolving Credit Facility | |
Short-Term Debt [Line Items] | |
Debt instrument carrying amount | 0 |
Line of credit minimum liquidity to be maintained | $ 50,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Sep. 30, 2023 | Mar. 31, 2024 | |
Purchase Commitment Two | ||
Purchase Commitment, Excluding Long-Term Commitment [Line Items] | ||
Minimum annual commitment | $ 1,950 | |
Period for purchase price commitment (in years) | 10 years | |
Purchase Commitment One | ||
Purchase Commitment, Excluding Long-Term Commitment [Line Items] | ||
Purchase commitment for current contract year | $ 90.5 | |
Purchase commitment for contract, year three | $ 154 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) $ in Thousands, shares in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) vote shares | Aug. 31, 2023 USD ($) | |
Class of Stock [Line Items] | ||
Minimum ownership threshold (in shares) | shares | 100 | |
Dividends declared | $ 0 | |
Class A Common Stock | ||
Class of Stock [Line Items] | ||
Voting rights | vote | 1 | |
Stock repurchase program, authorized amount | $ 1,000,000 | |
Stock repurchased and retired (in shares) | shares | 0.4 | |
Stock repurchased and retired | $ 9,000 | |
Class B Common Stock | ||
Class of Stock [Line Items] | ||
Voting rights | vote | 10 | |
Common stock, convertible, conversion ratio | 1 | |
Class F Common Stock | ||
Class of Stock [Line Items] | ||
Control of total voting power | 50% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Total Authorized, Issued, And Outstanding Shares (Detail) - shares | Mar. 31, 2024 | Dec. 31, 2023 |
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 22,701,005,000 | 22,701,005,000 |
Common stock, shares issued (in shares) | 2,226,963,000 | 2,200,128,000 |
Common stock, shares outstanding (in shares) | 2,226,963,000 | 2,200,128,000 |
Class A Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 20,000,000,000 | 20,000,000,000 |
Common stock, shares issued (in shares) | 2,130,393,000 | 2,096,982,000 |
Common stock, shares outstanding (in shares) | 2,130,393,000 | 2,096,982,000 |
Class B Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 2,700,000,000 | 2,700,000,000 |
Common stock, shares issued (in shares) | 95,565,000 | 102,141,000 |
Common stock, shares outstanding (in shares) | 95,565,000 | 102,141,000 |
Class F Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 1,005,000 | 1,005,000 |
Common stock, shares issued (in shares) | 1,005,000 | 1,005,000 |
Common stock, shares outstanding (in shares) | 1,005,000 | 1,005,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Options Outstanding | ||
Beginning balance (in shares) | 278,470,000 | |
Options granted (in shares) | 0 | |
Options exercised (in shares) | (17,482,000) | |
Options canceled and forfeited (in shares) | (459,000) | |
Ending balance (in shares) | 260,529,000 | 278,470,000 |
Options vested and exercisable, end of period (in shares) | 148,070,000 | |
Weighted-Average Exercise Price Per Share | ||
Beginning balance (in dollars per share) | $ 8.62 | |
Options granted (in dollars per share) | 0 | |
Options exercised (in dollars per share) | 4.80 | |
Options canceled and forfeited (in dollars per share) | 5.91 | |
Ending balance (in dollars per share) | 8.88 | $ 8.62 |
Options vested and exercisable, end of period (in dollars per share) | $ 7.02 | |
Weighted-Average Remaining Contractual Life (years) and Aggregate Intrinsic Value | ||
Options outstanding, Weighted-average remaining contractual life (in years) | 7 years 6 months | 7 years 7 months 6 days |
Options vested and exercisable (in years) | 6 years 10 months 24 days | |
Options outstanding, aggregate intrinsic value | $ 3,681,164 | $ 2,381,172 |
Options vested and exercisable, end of period | $ 2,368,058 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of SARs Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Stock Appreciation Rights Weighted Average Exercise Price | ||
Options outstanding, Weighted-average remaining contractual life (in years) | 7 years 6 months | 7 years 7 months 6 days |
Stock Appreciation Rights (SARs) | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||
Beginning balance (in shares) | 0 | |
Granted (in shares) | 44,283,000 | |
Exercised (in shares) | 0 | |
Canceled and forfeited (in shares) | (899,000) | |
Ending balance (in shares) | 43,384,000 | 0 |
Vested and exercisable (in shares) | 0 | |
Stock Appreciation Rights Weighted Average Exercise Price | ||
Beginning balance (in dollars per share) | $ 0 | |
Granted (in dollars per share) | 50 | |
Exercised (in dollars per share) | 0 | |
Canceled and forfeited (in dollars per share) | 50 | |
Ending balance (in dollars per share) | 50 | $ 0 |
Vested and exercisable (in dollars per share) | $ 0 | |
Shares outstanding, Weighted average remaining contractual life (in years) | 39 years 9 months 18 days | 0 years |
Shares outstanding, Aggregate Intrinsic Value | $ 0 | $ 0 |
Vested and exercisable, Aggregate Intrinsic Value | $ 0 | |
Vested and exercisable, Weighted average remaining contractual life (in years) | 0 years |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Stock Appreciation Rights (SARs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share based compensation expense | $ 573,700,000 |
Unrecognized share based compensation expense, period for recognition (in years) | 7 years |
Vesting condition, threshold amount | $ 50 |
Service period (in years) | 5 years |
Options issued and outstanding | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share based compensation expense | $ 137,900,000 |
Unrecognized share based compensation expense, period for recognition (in years) | 5 years |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share based compensation expense | $ 490,500,000 |
Unrecognized share based compensation expense, period for recognition (in years) | 3 years |
P-RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share based compensation expense | $ 0 |
Stock-Based Compensation - Valu
Stock-Based Compensation - Valuation Assumptions (Detail) | 3 Months Ended |
Mar. 31, 2024 $ / shares Rate | |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted (in dollars per share) | $ 3.50 |
Stock Appreciation Rights (SARs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility rate (in percent) | Rate | 58.90% |
Risk-free interest rate (in percent) | 4.10% |
Stock Appreciation Rights (SARs) | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted (in dollars per share) | $ 3.30 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of RSU And PRSU Activity (Detail) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
RSUs | |
Units Outstanding | |
Unvested and outstanding, beginning balance (in shares) | shares | 82,262,000 |
Granted (in shares) | shares | 1,601,000 |
Vested and converted to shares (in shares) | shares | (8,518,000) |
Canceled (in shares) | shares | (1,371,000) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Adjustment for Performance Achievement, Weighted Average Grant Date Fair Value Per Share | $ / shares | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Adjustment for Performance Achievement | shares | 0 |
Unvested and outstanding, ending balance (in shares) | shares | 73,974,000 |
Weighted Average Grant Date Fair Value per Share | |
Unvested and outstanding, beginning balance (in dollars per share) | $ / shares | $ 10.71 |
Granted (in dollars per share) | $ / shares | 17.30 |
Vested and converted to shares (in dollars per share) | $ / shares | 12.97 |
Cancelled (in dollars per share) | $ / shares | 13.43 |
Unvested and outstanding, ending balance (in dollars per share) | $ / shares | $ 10.54 |
P-RSUs | |
Units Outstanding | |
Unvested and outstanding, beginning balance (in shares) | shares | 1,976,000 |
Granted (in shares) | shares | 1,623,000 |
Vested and converted to shares (in shares) | shares | (1,551,000) |
Canceled (in shares) | shares | (49,000) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Adjustment for Performance Achievement, Weighted Average Grant Date Fair Value Per Share | $ / shares | $ 7.38 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Adjustment for Performance Achievement | shares | (39,000) |
Unvested and outstanding, ending balance (in shares) | shares | 1,960,000 |
Weighted Average Grant Date Fair Value per Share | |
Unvested and outstanding, beginning balance (in dollars per share) | $ / shares | $ 15.39 |
Granted (in dollars per share) | $ / shares | 16.75 |
Vested and converted to shares (in dollars per share) | $ / shares | 17.59 |
Cancelled (in dollars per share) | $ / shares | 16.75 |
Unvested and outstanding, ending balance (in dollars per share) | $ / shares | $ 14.90 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 125,651 | $ 114,714 |
Cost of revenue | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 10,416 | 9,177 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 42,156 | 39,535 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 26,874 | 19,924 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 46,205 | $ 46,078 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 4,655 | $ 1,681 |
Increase (decrease) in income taxes | $ 3,000 |
Net Earnings Per Share Attribut
Net Earnings Per Share Attributable to Common Stockholders - Summary of Calculation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator | ||
Net income attributable to common stockholders for diluted net earnings per share | $ 105,530 | $ 16,802 |
Denominator | ||
Weighted-average shares used in computing net earnings per share, basic (in shares) | 2,213,545 | 2,107,780 |
Effect of dilutive shares (in shares) | 186,562 | 109,659 |
Weighted-average shares used in computing net earnings per share, diluted (in shares) | 2,400,107 | 2,217,439 |
Net earnings per share | ||
Net earnings per share attributable to common stockholders, basic (in dollars per share) | $ 0.05 | $ 0.01 |
Net earnings per share attributable to common stockholders, diluted (in dollars per share) | $ 0.04 | $ 0.01 |
Net Earnings Per Share Attrib_2
Net Earnings Per Share Attributable to Common Stockholders - Summary of Antidilutive Securities (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 3,500 | 198,569 |
Options issued and outstanding | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 162,521 |
RSUs and P-RSUs outstanding | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 3,500 | 23,006 |
Warrants to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 13,042 |
Net Earnings Per Share Attrib_3
Net Earnings Per Share Attributable to Common Stockholders - Narrative (Detail) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 3,500,000 | 198,569,000 |
Stock Appreciation Rights (SARs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 43,400,000 |
Segment and Geographic Inform_3
Segment and Geographic Information - Summary of Financial Information for Each Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 634,338 | $ 525,186 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 634,338 | 525,186 |
Contribution | 377,477 | 279,160 |
Operating Segments | Government | ||
Segment Reporting Information [Line Items] | ||
Revenue | 335,373 | 289,070 |
Contribution | 199,388 | 166,233 |
Operating Segments | Commercial | ||
Segment Reporting Information [Line Items] | ||
Revenue | 298,965 | 236,116 |
Contribution | $ 178,089 | $ 112,927 |
Segment and Geographic Inform_4
Segment and Geographic Information - Summary of Reconciliation of Segment Financial Information to Loss from Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Income from operations | $ 80,881 | $ 4,115 |
Total stock-based compensation expense | 125,651 | 114,714 |
Reconciling items | ||
Segment Reporting Information [Line Items] | ||
Research and development expenses | 83,166 | 70,176 |
General and administrative expenses | 87,779 | 90,155 |
Total stock-based compensation expense | 125,651 | 114,714 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total contribution | $ 377,477 | $ 279,160 |
Segment and Geographic Inform_5
Segment and Geographic Information - Summary of Revenue by Geography (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 634,338 | $ 525,186 |
Geographic Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 634,338 | $ 525,186 |
Geographic Concentration Risk | Revenue Benchmark | ||
Disaggregation of Revenue [Line Items] | ||
Percentage concentration | 100% | 100% |
Geographic Concentration Risk | Revenue Benchmark | Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Percentage concentration | 10% | 10% |
United States | Geographic Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 406,389 | $ 336,845 |
United States | Geographic Concentration Risk | Revenue Benchmark | ||
Disaggregation of Revenue [Line Items] | ||
Percentage concentration | 64% | 64% |
Rest of world | Geographic Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 227,949 | $ 188,341 |
Rest of world | Geographic Concentration Risk | Revenue Benchmark | ||
Disaggregation of Revenue [Line Items] | ||
Percentage concentration | 36% | 36% |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 38,943 | $ 38,943 |
Accumulated Amortization | (15,450) | (13,041) |
Total | $ 23,493 | 25,902 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life (years) | 3 years 7 months 6 days | |
Gross Carrying Amount | $ 10,400 | 10,400 |
Accumulated Amortization | (2,947) | (2,427) |
Total | $ 7,453 | 7,973 |
Reacquired rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life (years) | 5 years 7 months 6 days | |
Gross Carrying Amount | $ 17,618 | 17,618 |
Accumulated Amortization | (3,565) | (2,936) |
Total | $ 14,053 | 14,682 |
Backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life (years) | 7 months 6 days | |
Gross Carrying Amount | $ 6,700 | 6,700 |
Accumulated Amortization | (4,746) | (3,908) |
Total | $ 1,954 | 2,792 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life (years) | 0 years | |
Gross Carrying Amount | $ 4,225 | 4,225 |
Accumulated Amortization | (4,192) | (3,770) |
Total | $ 33 | $ 455 |
Intangible Assets - Expected Am
Intangible Assets - Expected Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2024 | $ 5,435 | |
2025 | 4,597 | |
2026 | 4,597 | |
2027 | 4,250 | |
2028 | 2,517 | |
Thereafter | 2,097 | |
Total | $ 23,493 | $ 25,902 |