RingCentral (RNG) 10-Q 7 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 25, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-36089
Entity Registrant Name	RingCentral, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3322844
Entity Address, Address Line One	20 Davis Drive
Entity Address, City or Town	Belmont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94002
City Area Code	650
Local Phone Number	472-4100
Title of each class	Class A Common Stock
Trading Symbol(s)	RNG
Name of each exchange on which registered	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
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001384905
Current Fiscal Year End Date	--12-31
Class A Common Stock
Document Information [Line Items]
Entity Common Stock Outstanding (in shares)		81,895,439
Class B common stock
Document Information [Line Items]
Entity Common Stock Outstanding (in shares)		9,924,538

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 199,328	$ 222,195
Accounts receivable, net	369,995	364,438
Deferred and prepaid sales commission costs	186,429	184,620
Prepaid expenses and other current assets	72,158	77,396
Total current assets	827,910	848,649
Property and equipment, net	182,315	184,390
Operating lease right-of-use assets	45,172	42,989
Deferred and prepaid sales commission costs, non-current	366,911	395,724
Goodwill	74,414	67,370
Acquired intangibles, net	322,940	393,767
Other assets	12,152	12,024
Total assets	1,831,814	1,944,913
Current liabilities
Accounts payable	38,947	53,295
Accrued liabilities	279,357	325,632
Current portion of long-term debt, net	181,033	20,000
Deferred revenue	262,105	233,619
Total current liabilities	761,442	632,546
Long-term debt, net	1,356,254	1,525,482
Operating lease liabilities	30,508	28,178
Other long-term liabilities	12,416	61,827
Total liabilities	2,160,620	2,248,033
Commitments and contingencies (Note 10)
Series A convertible preferred stock	199,449	199,449
Stockholders’ deficit
Common stock	9	9
Additional paid-in capital	1,219,172	1,204,781
Accumulated other comprehensive loss	(5,053)	(8,223)
Accumulated deficit	(1,742,383)	(1,699,136)
Total stockholders’ deficit	(528,255)	(502,569)
Total liabilities, temporary equity and stockholders’ deficit	$ 1,831,814	$ 1,944,913

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total revenues	$ 592,907	$ 539,305	$ 1,177,118	$ 1,072,994
Cost of revenues
Total cost of revenues	176,670	164,417	347,149	325,093
Gross profit	416,237	374,888	829,969	747,901
Operating expenses
Research and development	79,750	80,280	160,278	165,521
Sales and marketing	269,487	264,443	542,217	524,655
General and administrative	72,359	75,227	143,732	157,318
Total operating expenses	421,596	419,950	846,227	847,494
Loss from operations	(5,359)	(45,062)	(16,258)	(99,593)
Other income (expense), net
Interest expense	(16,021)	(5,118)	(32,275)	(7,330)
Other income	9,803	35,651	11,747	41,080
Other income (expense), net	(6,218)	30,533	(20,528)	33,750
Loss before income taxes	(11,577)	(14,529)	(36,786)	(65,843)
Provision for income taxes	3,176	6,953	6,461	10,038
Net loss	$ (14,753)	$ (21,482)	$ (43,247)	$ (75,881)
Net loss per common share
Basic (in dollars per share)	$ (0.16)	$ (0.23)	$ (0.47)	$ (0.79)
Diluted (in dollars per share)	$ (0.16)	$ (0.23)	$ (0.47)	$ (0.79)
Weighted-average number of shares used in computing net loss per share
Basic (in shares)	92,745	95,339	92,944	95,528
Diluted (in shares)	92,745	95,339	92,944	95,528
Subscriptions
Revenues
Total revenues	$ 567,058	$ 513,632	$ 1,124,545	$ 1,021,926
Cost of revenues
Total cost of revenues	148,107	136,067	291,757	272,492
Other
Revenues
Total revenues	25,849	25,673	52,573	51,068
Cost of revenues
Total cost of revenues	$ 28,563	$ 28,350	$ 55,392	$ 52,601

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (14,753)	$ (21,482)	$ (43,247)	$ (75,881)
Other comprehensive income (loss)
Foreign currency translation adjustments	(812)	(1,570)	(4,053)	190
Unrealized gain on derivative instruments	872	3,394	7,223	3,394
Total other comprehensive income	60	1,824	3,170	3,584
Comprehensive loss	$ (14,693)	$ (19,658)	$ (40,077)	$ (72,297)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2022		95,385
Stockholders' equity, beginning balance at Dec. 31, 2022	$ (482,787)	$ 10	$ 1,059,880	$ (8,781)	$ (1,533,896)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with Equity Incentive and Employee Stock Purchase plans, net of tax withholdings (in shares)		1,108
Issuance of common stock in connection with Equity Incentive and Employee Stock Purchase plans, net of tax withholdings	(1,641)		(1,641)
Issuance of common stock in connection with strategic partnership arrangement (in shares)		1,265
Issuance of common stock in connection with strategic partnership arrangement	42,585		42,585
Repurchases of common stock (in shares)		(2,160)
Repurchases of common stock	(74,776)		(74,776)
Share-based compensation	97,303		97,303
Other comprehensive income	1,760			1,760
Net loss	(54,399)				(54,399)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2023		95,598
Stockholders' equity, ending balance at Mar. 31, 2023	(471,955)	$ 10	1,123,351	(7,021)	(1,588,295)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2022		95,385
Stockholders' equity, beginning balance at Dec. 31, 2022	(482,787)	$ 10	1,059,880	(8,781)	(1,533,896)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(75,881)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2023		94,684
Stockholders' equity, ending balance at Jun. 30, 2023	(471,841)	$ 9	1,143,124	(5,197)	(1,609,777)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2022		95,385
Stockholders' equity, beginning balance at Dec. 31, 2022	(482,787)	$ 10	1,059,880	(8,781)	(1,533,896)
Stockholders' equity, ending balance (in shares) at Dec. 31, 2023		93,467
Stockholders' equity, ending balance at Dec. 31, 2023	(502,569)	$ 9	1,204,781	(8,223)	(1,699,136)
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2023		95,598
Stockholders' equity, beginning balance at Mar. 31, 2023	(471,955)	$ 10	1,123,351	(7,021)	(1,588,295)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with Equity Incentive and Employee Stock Purchase plans, net of tax withholdings (in shares)		1,978
Issuance of common stock in connection with Equity Incentive and Employee Stock Purchase plans, net of tax withholdings	8,542		8,542
Issuance of common stock in connection with strategic partnership arrangement (in shares)		428
Issuance of common stock in connection with strategic partnership arrangement	12,429		12,429
Repurchases of common stock (in shares)		(3,320)
Repurchases of common stock	(100,506)	$ (1)	(100,505)
Share-based compensation	99,307		99,307
Other comprehensive income	1,824			1,824
Net loss	(21,482)				(21,482)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2023		94,684
Stockholders' equity, ending balance at Jun. 30, 2023	(471,841)	$ 9	1,143,124	(5,197)	(1,609,777)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2023		93,467
Stockholders' equity, beginning balance at Dec. 31, 2023	(502,569)	$ 9	1,204,781	(8,223)	(1,699,136)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with Equity Incentive and Employee Stock Purchase plans, net of tax withholdings (in shares)		1,765
Issuance of common stock in connection with Equity Incentive and Employee Stock Purchase plans, net of tax withholdings	(2,020)		(2,020)
Issuance of common stock in connection with strategic partnership arrangement (in shares)		255
Issuance of common stock in connection with strategic partnership arrangement	7,972		7,972
Repurchases of common stock (in shares)		(2,364)
Repurchases of common stock	(80,635)		(80,635)
Share-based compensation	80,268		80,268
Other comprehensive income	3,110			3,110
Net loss	(28,494)				(28,494)
Stockholders' equity, ending balance (in shares) at Mar. 31, 2024		93,123
Stockholders' equity, ending balance at Mar. 31, 2024	(522,368)	$ 9	1,210,366	(5,113)	(1,727,630)
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2023		93,467
Stockholders' equity, beginning balance at Dec. 31, 2023	(502,569)	$ 9	1,204,781	(8,223)	(1,699,136)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(43,247)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2024		92,530
Stockholders' equity, ending balance at Jun. 30, 2024	(528,255)	$ 9	1,219,172	(5,053)	(1,742,383)
Stockholders' equity, beginning balance (in shares) at Mar. 31, 2024		93,123
Stockholders' equity, beginning balance at Mar. 31, 2024	(522,368)	$ 9	1,210,366	(5,113)	(1,727,630)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with Equity Incentive and Employee Stock Purchase plans, net of tax withholdings (in shares)		1,941
Issuance of common stock in connection with Equity Incentive and Employee Stock Purchase plans, net of tax withholdings	7,896		7,896
Repurchases of common stock (in shares)		(2,534)
Repurchases of common stock	(78,854)		(78,854)
Share-based compensation	79,764		79,764
Other comprehensive income	60			60
Net loss	(14,753)				(14,753)
Stockholders' equity, ending balance (in shares) at Jun. 30, 2024		92,530
Stockholders' equity, ending balance at Jun. 30, 2024	$ (528,255)	$ 9	$ 1,219,172	$ (5,053)	$ (1,742,383)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss	$ (43,247)	$ (75,881)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	112,974	115,556
Share-based compensation	174,948	202,851
Unrealized loss on investments	0	1,646
Amortization of deferred and prepaid sales commission costs	79,098	65,160
Amortization of debt discount and issuance costs	2,014	2,398
Gain on early extinguishment of debt	0	(31,107)
Reduction of operating lease right-of-use assets	10,153	10,175
Provision for bad debt	2,928	4,940
Other	(7,008)	(1,632)
Changes in assets and liabilities:
Accounts receivable	(8,485)	(15,813)
Deferred and prepaid sales commission costs	(72,683)	(62,153)
Prepaid expenses and other assets	6,708	(2,773)
Accounts payable	(13,861)	(38,890)
Accrued and other liabilities	(31,131)	17,459
Deferred revenue	19,815	17,486
Operating lease liabilities	(9,048)	(10,198)
Net cash provided by operating activities	223,175	199,224
Cash flows from investing activities
Purchases of property and equipment	(11,186)	(13,160)
Capitalized internal-use software	(26,515)	(25,964)
Cash paid for business combination, net of cash acquired	(26,291)	0
Net cash used in investing activities	(63,992)	(39,124)
Cash flows from financing activities
Proceeds from issuance of stock in connection with stock plans	10,000	10,887
Payments for taxes related to net share settlement of equity awards	(4,124)	(3,986)
Payments for repurchases of common stock	(162,006)	(174,570)
Proceeds from issuance of long-term debt, net of issuance costs	0	394,394
Payments for the repurchase of convertible notes	0	(427,304)
Payments for fees on long-term debt	(2,152)	0
Repayments of principal on long-term debt	(10,000)	0
Repayments for financing obligations	(2,244)	(3,291)
Payments for contingent consideration	(10,345)	(973)
Net cash used in financing activities	(180,871)	(204,843)
Effect of exchange rate changes	(1,179)	110
Net decrease in cash, cash equivalents, and restricted cash	(22,867)	(44,633)
Cash, cash equivalents, and restricted cash
Beginning of period	222,195	269,984
End of period	199,328	225,351
Supplemental disclosure of cash flow data:
Cash paid for interest, net of interest rate swap	31,054	3,429
Cash paid for income taxes, net of refunds	11,552	7,654
Non-cash investing and financing activities
Common stock issued in connection with strategic partnership arrangement	7,972	55,014
Equipment and capitalized internal-use software purchased and unpaid at period end	$ 4,680	$ 3,452

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Summary of Significant Accounting Policies	Note 1. Description of Business and Summary of Significant Accounting Policies Description of Business RingCentral, Inc. (the “Company”) is a leading provider of AI-driven cloud business communications, contact center, video, and hybrid event solutions. The Company was incorporated in California in 1999 and was reincorporated in Delaware on September 26, 2013. Basis of Presentation and Consolidation The Company’s unaudited condensed consolidated financial statements and accompanying notes reflect all adjustments (all of which are normal, recurring in nature and those discussed in these notes) that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All intercompany balances and transactions have been eliminated in consolidation. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the entire year ending December 31, 2024. Certain information and note disclosures normally included in annual consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been condensed or omitted under the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 22, 2024, as amended on April 24, 2024. The Company’s significant accounting policies are described in Company’s Annual Report on Form 10-K for the year ended December 31, 2023. There have been no significant changes to these policies that have had a material impact on the condensed consolidated financial statements and related notes for the three and six months ended June 30, 2024. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates 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 revenues and expenses during the reporting period. The significant estimates made by management affect revenues, the allowance for doubtful accounts, deferred and prepaid sales commission costs, goodwill, useful lives of intangible assets, share-based compensation, capitalization of internally developed software, return reserves, derivative instruments, provision for income taxes, uncertain tax positions, valuation of contingent consideration, loss contingencies, sales tax liabilities and accrued liabilities. Management periodically evaluates these estimates and will make adjustments prospectively based upon the results of such periodic evaluations. Actual results may differ from these estimates. Segment Information The Company has determined that the chief executive officer is the chief operating decision maker. The Company’s chief executive officer reviews financial information presented on a consolidated basis for purposes of assessing performance and making decisions on how to allocate resources. Accordingly, the Company has determined that it operates in a single reportable segment. Concentrations As of June 30, 2024 and December 31, 2023, none of the Company’s customers accounted for more than 10% of the Company’s total accounts receivable. Long-lived assets by geographic location are based on the location of the legal entity that owns the asset. As of June 30, 2024 and December 31, 2023, approximately 93% and 94% of the Company’s consolidated long-lived assets were located in the U.S. No other single country outside of the U.S. represented more than 10% of the Company’s consolidated long-lived assets as of June 30, 2024 and December 31, 2023. Related Party Transactions All contracts with related parties are executed in the ordinary course of business. There were no material related party transactions for the three and six months ended June 30, 2024 and 2023, and no material amounts payable to or amounts receivable from related parties as of June 30, 2024 and December 31, 2023. Asset Write-down Charges Asset write-down charges consist of write-offs related to our assets, including deferred and prepaid sales commission. The Company performs periodic reviews to assess the recoverability of such assets, whenever events or changes in circumstances have occurred that could indicate the carrying amount of such assets may not be recoverable. An impairment loss is recognized if the carrying value of deferred commission asset exceeds the amount of consideration that the Company expects to receive in the future in exchange for goods or services to which the asset relates, less the costs that relate directly to providing those goods or services that have not yet been recognized. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07 Segment Reporting - Improving Reportable Segment Disclosures (Topic 280) . The update is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact that the updated standard will have on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Note 2. Revenue The Company derives its revenues primarily from subscriptions, sale of products, and professional services. Revenues are recognized when control is transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or products. Disaggregation of revenue Revenue by geographic location is based on the billing address of the customer. The following table provides information about disaggregated revenue by primary geographical markets: Three Months Ended Six Months Ended 2024 2023 2024 2023 Primary geographical markets North America 90 % 90 % 90 % 90 % Others 10 10 10 10 Total revenues 100 % 100 % 100 % 100 % The Company derived over 90% of subscription revenues from RingEX (formerly RingCentral MVP) and RingCentral contact center solutions for the three and six months ended June 30, 2024 and 2023. For the three and six months ended June 30, 2024 and 2023, RingCentral contact center solutions represented over 10% of total revenues. Deferred revenue During the three and six months ended June 30, 2024, the Company recognized revenue of $47.3 million and $188.1 million, respectively, that was included in the corresponding deferred revenue balance at the beginning of the year. Remaining performance obligations The typical subscription term ranges from one month to five years. Contract revenue as of June 30, 2024 that has not yet been recognized was approximately $2.6 billion. This excludes contracts with an original expected length of less than one year. Of these remaining performance obligations, the Company expects to recognize revenue of 52% of this balance over the next 12 months and 48% thereafter. Other revenues Other revenues are primarily comprised of product revenue from the sale of pre-configured phones, and professional services. Product revenues from the sale of pre-configured phones were $12.6 million and $11.5 million for the three months ended June 30, 2024 and 2023, respectively, and $25.7 million and $21.8 million for the six months ended June 30, 2024 and 2023, respectively.

Financial Statement Components

Financial Statement Components	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Components	Note 3. Financial Statement Components Cash and cash equivalents consisted of the following (in thousands): June 30, 2024 December 31, 2023 Cash $ 87,600 $ 113,733 Money market funds 111,728 108,462 Total cash and cash equivalents $ 199,328 $ 222,195 As of June 30, 2024 and December 31, 2023 , $1.2 million and $1.1 million in the cash balance above, respectively, represents restricted cash, which is held in the form of a bank deposit for issuance of a foreign bank guarantee. Accounts receivable, net consisted of the following (in thousands): June 30, 2024 December 31, 2023 Accounts receivable $ 280,553 $ 280,544 Unbilled accounts receivable 104,597 96,366 Allowance for doubtful accounts (15,155) (12,472) Accounts receivable, net $ 369,995 $ 364,438 Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2024 December 31, 2023 Prepaid expenses $ 40,408 $ 32,440 Inventory 1,908 1,492 Other current assets 29,842 43,464 Total prepaid expenses and other current assets $ 72,158 $ 77,396 Property and equipment, net consisted of the following (in thousands): June 30, 2024 December 31, 2023 Computer hardware and software $ 245,287 $ 238,802 Internal-use software development costs 285,447 255,649 Furniture and fixtures 9,732 8,964 Leasehold improvements 14,278 14,369 Total property and equipment, gross 554,744 517,784 Less: accumulated depreciation and amortization (372,429) (333,394) Property and equipment, net $ 182,315 $ 184,390 Total depreciation and amortization expense related to property and equipment was $21.6 million and $20.5 million for the three months ended June 30, 2024 and 2023, respectively, and $43.3 million and $40.8 million for the six months ended June 30, 2024 and 2023, respectively. A summary of activity of the Company’s carrying value of goodwill during the six months ended June 30, 2024 is presented in the following table (in thousands): Balance as of December 31, 2023 $ 67,370 Acquisitions (Note 8) 7,662 Foreign currency translation adjustments (618) Balance as of June 30, 2024 $ 74,414 The carrying values of intangible assets are as follows (in thousands): June 30, 2024 December 31, 2023 Weighted-Average Remaining Useful Life Cost Accumulated Acquired Cost Accumulated Acquired Customer relationships 4.5 years $ 51,550 $ 22,641 $ 28,909 $ 26,506 $ 21,834 $ 4,672 Developed technology 2.3 years 777,396 483,365 294,031 826,077 436,982 389,095 Total acquired intangible assets $ 828,946 $ 506,006 $ 322,940 $ 852,583 $ 458,816 $ 393,767 During the six months ended June 30, 2024, the Company recognized a gross reduction of $50.6 million related to its developed technology assets. This reduction included $28.5 million due to an amended agreement with a strategic partner and $22.1 million attributed to the retirement of fully amortized developed technology. See Note 5 - Strategic Partnerships , for additional information regarding our amended agreement with a strategic partner. Amortization expense from acquired intangible assets for the three months ended June 30, 2024 and 2023 was $34.7 million and $37.5 million, respectively, and $69.6 million and $74.7 million for the six months ended June 30, 2024 and 2023, respectively. Amortization of developed technology is included in cost of revenues and amortization of customer relationships is included in sales and marketing expenses in the Condensed Consolidated Statements of Operations. Estimated amortization expense for acquired intangible assets for the following fiscal years is as follows (in thousands): 2024 (remaining) $ 66,730 2025 132,793 2026 110,502 2027 5,147 2028 onwards 7,768 Total estimated amortization expense $ 322,940 Accrued liabilities consisted of the following (in thousands): June 30, 2024 December 31, 2023 Accrued compensation and benefits $ 48,697 $ 63,009 Accrued sales, use, and telecom related taxes 46,915 43,796 Accrued marketing and sales commissions 33,555 60,528 Operating lease liabilities, short-term 17,656 16,707 Other accrued expenses 132,534 141,592 Total accrued liabilities $ 279,357 $ 325,632 Deferred and Prepaid Sales Commission Costs Amortization expense for the deferred and prepaid sales commission costs was $40.5 million and $32.9 million for the three months ended June 30, 2024 and 2023, respectively, and $79.1 million and $65.2 million for the six months ended June 30, 2024 and 2023, respectively. There was no asset write-off or impairment loss in relation to the deferred commissions costs capitalized for the periods presented. Supplier Financing Obligations The Company has established financing arrangements with certain third-party financial institutions and participating suppliers to be repaid over different terms ranging up to five years. Some of these financing arrangements are collateralized against property and equipment. As of June 30, 2024 and December 31, 2023, the Company’s outstanding financing obligations related to such arrangements included in accrued liabilities and other long-term liabilities were $2.4 million and $4.2 million respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 4. Fair Value of Financial Instruments The Company measures and reports certain cash equivalents, including money market funds and certificates of deposit, derivative interest rate swap agreement, and contingent consideration at fair value in accordance with the provisions of the authoritative accounting guidance that addresses fair value measurements. This guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of the inputs as follows: Level 1: Observable inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Other inputs, such as quoted prices for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3: Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined by using pricing models, discounted cash flow methodologies or similar techniques. The financial instruments carried at fair value were determined using the following inputs (in thousands): Fair Value at Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 111,728 $ 111,728 $ — $ — Other assets: Interest rate swap derivatives $ 4,711 $ — $ 4,711 $ — Other long-term liabilities: Contingent consideration $ 7,461 $ — $ — $ 7,461 Fair Value at Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 108,462 $ 108,462 $ — $ — Other assets: Interest rate swap derivatives $ 3,505 $ — $ 3,505 $ — Other long-term liabilities: Interest rate swap derivatives $ 6,017 $ — $ 6,017 $ — Contingent consideration $ 7,461 $ — $ — $ 7,461 The Company’s other financial instruments, including accounts receivable, other current assets, accounts payable, accrued liabilities and other liabilities, are carried at cost, which approximates fair value due to the relatively short maturity of those instruments. Fair Value of Long-Term Debt As of June 30, 2024, the fair value of the 0% convertible notes due 2025 (the “2025 Convertible Notes”) was approximately $154.7 million, and the 0% convertible notes due 2026 (the “2026 Convertible Notes”) was approximately $551.2 million. The fair value for these convertible notes was determined based on the quoted price for such notes in an inactive market on the last trading day of the reporting period and is considered as Level 2 in the fair value hierarchy. As of June 30, 2024, the carrying amount of the Term Loan was $380.0 million. As there are no embedded features or other variable features, the fair value of the Term Loan approximated its carrying value. As of June 30, 2024, the fair value of the 8.5% senior notes due 2030 (the “2030 Senior Notes”) was approximately $417.6 million. The fair value for the 2030 Senior Notes was determined based on the quoted price for such notes in an inactive market on the last trading day of the reporting period and is considered as Level 2 in the fair value hierarchy. Fair Value of Derivative Instruments The Company’s interest rate swap derivative, which is considered as Level 2 in the fair value hierarchy, is valued using a discounted cash flow model that utilizes observable inputs including forward interest rate data at the measurement date. Contingent Consideration The contingent consideration as presented in the fair-value table above is related to the Company’s acquisition of Hopin in the third quarter of 2023, and represents the future potential earn-out payments based on the achievement of specified performance targets over multiple years, paid quarterly in cash. The fair value of the contingent consideration liability was determined using a Monte Carlo simulation that includes significant unobservable inputs including the discount rate and projected revenues over the earn-out period. This contingent liability was classified as level 3 within the fair value hierarchy. There was no change in the estimated fair value of the contingent consideration during the three and six months ended June 30, 2024.

Strategic Partnerships

Strategic Partnerships	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Strategic Partnerships	Note 5. Strategic Partnerships During the second quarter of 2024, the Company and Mitel amended certain terms of their prior strategic arrangement, pursuant to which Mitel became a non-exclusive partner of the Company. In connection with the transaction, there was a release of $28.5 million of unpaid contingent consideration, which was recorded as a reduction to the developed technology intangible assets. The Company also recorded a gain of $7.7 million in other income in the Condensed Consolidated Statements of Operations, pursuant to an amended agreement with one of its strategic partners.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Note 6. Long-Term Debt The following table sets forth the net carrying amount of the Company’s long-term debt (in thousands): Debt Instrument Maturity Date June 30, 2024 December 31, 2023 2025 Convertible Notes March 1, 2025 $ 161,326 $ 161,326 2026 Convertible Notes March 15, 2026 609,065 609,065 Term Loan under Credit Agreement (1) February 14, 2028 380,000 390,000 Revolving Credit Facility under Credit Agreement (2) February 14, 2028 — — 2030 Senior Notes August 15, 2030 400,000 400,000 Total principal amount 1,550,391 1,560,391 Less: unamortized debt discount and issuance costs on long-term debt (13,104) (14,909) Less: current portion of long-term debt, net (3) (181,033) (20,000) Net carrying amount of long-term debt $ 1,356,254 $ 1,525,482 (1) The Company has $75.0 million available for drawdown under the Term Loan as of June 30, 2024. (2) The Company has $225.0 million available for borrowing under the Revolving Credit Facility as of June 30, 2024. (3) The current portion of long-term debt, net as of June 30, 2024 relates to $161.0 million net carrying amount from the 2025 Convertible Notes, and $20.0 million of expected principal payments due on the Term Loan. The Term Loan requires quarterly principal payments equal to 1.25% of the original $400.0 million aggregate principal amount with balance due at maturity. The following table sets forth the future minimum principal payments for long-term debt as of June 30, 2024 (in thousands): 2025 Convertible Notes 2026 Convertible Notes Term Loan 2030 Senior Notes Total 2024 remaining $ — $ — $ 10,000 $ — $ 10,000 2025 161,326 — 20,000 — 181,326 2026 — 609,065 20,000 — 629,065 2027 — — 20,000 — 20,000 2028 onwards — — 310,000 400,000 710,000 Total principal amount $ 161,326 $ 609,065 $ 380,000 $ 400,000 $ 1,550,391 2030 Senior Notes I n August 2023, the Company issued $400.0 million aggregate principal amount of 8.5% senior unsecured notes due 2030 (the "2030 Senior Notes") in a private offering. The net proceeds were approximately $391.9 million. The 2030 Senior Notes are guaranteed by the Company's domestic subsidiaries and are subject to certain covenants and redemption provisions outlined in the indenture. As of June 30, 2024, the carrying value of the 2030 Senior Notes, net of unamortized debt discount and issuance costs, was $392.7 million, and the Company was in compliance with all covenants under the indenture. The effective interest rate on the 2030 Senior Notes was 8.9% as of June 30, 2024. Credit Agreement In February 2023, the Company entered into a credit agreement with certain lenders, providing for a $200.0 million revolving credit facility (the “Revolving Credit Facility”) and a $400.0 million term loan (the “Term Loan”). The credit facilities were subsequently amended to increase the Revolving Credit Facility to $225.0 million and the Term Loan to $475.0 million (collectively, as amended, the “Credit Agreement”). The proceeds from the Revolving Credit Facility can be used for working capital and general corporate purposes, while the remaining $75.0 million tranche of the Term Loan can be used to repurchase a portion of the Company’s convertible notes and for working capital and general corporate purposes. The credit facilities mature on February 14, 2028, and are guaranteed by certain material domestic subsidiaries of the Company, and secured by substantially all of the personal property of the Company and such subsidiary guarantors. In the second quarter of 2023, the Company drew down the initial $400.0 million Term Loan to repurchase a portion of the 2025 Convertible Notes. As of June 30, 2024, $75.0 million of the Term Loan remained available for draw until August 2, 2024. On August 2, 2024, the Company entered into the Third Amendment to its Credit Agreement to extend the draw down of this $75.0 million tranche from August 2, 2024 to May 2, 2025. Borrowings under the Credit Agreement will bear interest, at the Company’s option, at either: (a) the fluctuating rate per annum equal to the greatest of (i) the prime rate then in effect, (ii) the federal funds rate then in effect, plus 0.5% per annum, and (iii) an adjusted term SOFR rate determined on the basis of a one-month interest period, plus 1.0%, in each case, plus a margin of between 1.0% and 2.0%; and (b) an adjusted term SOFR rate (based on one, three or six month interest periods), plus a margin of between 2.0% and 3.0%. The applicable margin in each case is determined based on the Company’s total net leverage ratio. Interest is payable quarterly in arrears with respect to borrowings bearing interest at the alternate base rate or on the last day of an interest period, but at least every three months, with respect to borrowings bearing interest at the term SOFR rate. As of June 30, 2024, the carrying value of the 2028 Term Loan, net of unamortized debt discount and issuance costs, was $377.4 million, and the Company was in compliance with all covenants under the Credit Agreement. The effective interest rate on the 2030 Senior Notes was 8.1% as of June 30, 2024. Convertible Notes In March 2020, the Company issued $1.0 billion of 0% convertible notes due 2025 (the “2025 Convertible Notes”), and in September 2020, it issued $650.0 million of 0% convertible notes due 2026 (the “2026 Convertible Notes” and together with the 2025 Convertible Notes, the “Convertible Notes”). The Convertible Notes are senior, unsecured obligations that do not bear regular interest and the principal amount of the Convertible Notes does not accrete. As of June 30, 2024, the carrying values of the 2025 and 2026 Convertible Notes, net of unamortized debt issuance costs, were $161.0 million and $606.2 million, respectively, and the Company was in compliance with all covenants under each of the Convertible Notes indentures. Other Terms of the Convertible Notes 2025 Convertible Notes 2026 Convertible Notes $1,000 principal amount initially convertible into number of the Company’s Class A Common Stock, par value $0.0001 2.7745 shares 2.3583 shares Equivalent initial approximate conversion price per share $ 360.43 $ 424.03 During the three and six months ended June 30, 2024, the conditions allowing holders of the 2025 Convertible Notes and 2026 Convertible Notes to convert were not met. The Convertible Notes of either series may be convertible thereafter if one or more of the conversion conditions specified in the applicable indentures governing our Convertible Notes (the “Convertible Notes Indentures”) is satisfied during future measurement periods. Partial Repurchase of 2025 and 2026 Convertible Notes In May 2023, the Company used the entire proceeds from the drawdown of the $400.0 million Term Loan and $27.3 million of other available cash to repurchase $460.7 million principal amount of the 2025 Convertible Notes, resulting in a gain on early debt extinguishment of $31.1 million, net of related unamortized debt issuance costs. In August 2023, the Company used a portion of the net proceeds from the offering of the 2030 Senior Notes to repurchase $125.3 million and $40.9 million aggregate principal of the 2025 Convertible Notes and 2026 Convertible Notes, respectively, by paying an aggregate amount of $153.6 million in cash, resulting in a gain on early debt extinguishment of $11.8 million, net of related unamortized debt issuance costs. In December 2023, the Company used a portion of the remaining net proceeds from the offering of the 2030 Senior Notes to repurchase $252.7 million aggregate principal of the 2025 Convertible Notes by paying $241.3 million in cash, resulting in a gain of early debt extinguishment in the amount of $10.5 million net of related unamortized debt issuance costs. Capped Calls In connection with the offering of the 2026 Convertible Notes, the Company entered into privately-negotiated capped call transactions with certain counterparties (the “Capped Calls”). The initial strike price of the 2026 Convertible Notes corresponds to the initial conversion price of the 2026 Convertible Notes. The Capped Calls are generally intended to reduce or offset the potential dilution to the Class A Common Stock upon any conversion of the 2026 Convertible Notes with such reduction or offset, as the case may be, subject to a cap based on the cap price. The following table below sets forth key terms and costs incurred for the outstanding Capped Calls: 2026 Convertible Notes Initial approximate strike price per share, subject to certain adjustments $ 424.03 Initial cap price per share, subject to certain adjustments $ 556.10 Net cost incurred (in millions) $ 41.8 Class A Common Stock covered, subject to anti-dilution adjustments (in millions) 1.5 Settlement commencement date 2/13/2025 Settlement expiration date 3/13/2025 The following table sets forth the interest expense recognized related to long-term debt (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Contractual interest expense $ 14,718 $ 3,286 $ 29,676 $ 3,286 Amortization of debt discount and issuance costs 1,011 1,279 2,014 2,398 Total interest expense related to long-term debt $ 15,729 $ 4,565 $ 31,690 $ 5,684

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 7. Derivative Instruments In May 2023, the Company entered into a five-year floating-to-fixed interest rate swap agreement with the objective of reducing exposure to the fluctuating interest rates associated with the Company’s variable rate borrowing program by paying quarterly a fixed interest rate of 3.79%, plus a margin of 2% to 3%. The interest rate swap agreement was effective on June 30, 2023, and terminates on February 14, 2028, consistent with the duration of the maturity of the Term Loan. As of June 30, 2024, the interest rate swap agreement had a notional amount of $380.0 million. The Company’s interest rate swap agreement is designated as a cash flow hedge under ASC 815, Derivatives and Hedging (“ASC 815”). These hedges are highly effective in offsetting changes in the Company’s future expected cash flows due to the fluctuation of the Company’s variable rate debt. The Company monitors the effectiveness of its hedges on a quarterly basis. The Company does not hold its interest rate swap agreement for trading or speculative purposes. The Company will recognize its interest rate derivative designated as a cash flow hedge on a gross basis as an asset and a liability at fair value in the Condensed Consolidated Balance Sheets. The unrealized gains and losses on the interest rate swap agreement are included in other comprehensive income (loss) and will be subsequently recognized in earnings within or against interest expense when the hedged interest payments are accrued. As of June 30, 2024, the Company estimates the net amount related to the interest rate swaps under the interest rate swap agreement expected to be reclassified into earnings over the next 12 months is approximately $4.3 million. During the three and six months ended June 30, 2024, the Company reclassified $1.5 million and $3.0 million, respectively, from accumulated other comprehensive loss to earnings as an offset and reduction to interest expense.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business Combinations	Note 8. Business Combinations On June 21, 2024, the Company acquired certain customer relationships, intellectual property assets, and supporting operations and personnel for Mitel’s MiCloud Connect & Sky UCaaS offerings for a cash consideration of $26.3 million. The transaction was accounted for as a business combination. The preliminary purchase price was allocated based on the estimated fair value of the acquired customer relationships and developed technology intangible assets of $25.3 million and $2.0 million, respectively, net acquired liabilities of $8.7 million, and goodwill of $7.7 million. The amortizable intangible assets have a weighted-average useful life of approximately five years. The goodwill recognized is attributable primarily to the assembled workforce and synergies. Transaction costs related to the acquisition of $4.1 million were expensed as incurred as general and administrative expenses. The Company included the results of operations from the acquisition date, which were not material, in the condensed consolidated financial statements.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Note 9. Leases The Company primarily leases facilities for office and data center space under non-cancelable operating leases for its U.S. and international locations. As of June 30, 2024, non-cancelable leases expire on various dates between 2024 and 2029. Generally, the non-cancelable leases include one or more options to renew, with renewal terms that can extend the lease term from one As of June 30, 2024 and December 31, 2023, the balance sheet components of leases were as follows (in thousands): June 30, 2024 December 31, 2023 Operating lease right-of-use assets $ 45,172 $ 42,989 Accrued liabilities $ 17,656 $ 16,707 Operating lease liabilities 30,508 28,178 Total operating lease liabilities $ 48,164 $ 44,885 The supplemental cash flow information related to operating leases for the six months ended June 30, 2024 and 2023 were as follows (in thousands): Six Months Ended June 30, 2024 2023 Operating cash flows resulting from operating leases: Cash paid for amounts included in the measurement of lease liabilities $ 10,524 $ 11,197 New ROU assets obtained in exchange of lease liabilities: Operating leases $ 12,642 $ 6,089 As of June 30, 2024, the Company has additional operating leases of approximately $1.1 million that have not yet commenced and as such, have not yet been recognized on the Company’s Condensed Consolidated Balance Sheets. These operating leases are expected to commence in the third quarter of 2024 with lease terms of up to three years.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10. Commitments and Contingencies Legal Matters The Company is subject to certain legal proceedings described below, and from time to time may be involved in a variety of claims, lawsuits, investigations, and proceedings relating to contractual disputes, intellectual property rights, employment matters, regulatory compliance matters, and other litigation matters relating to various claims that arise in the normal course of business. The Company determines whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. The Company assesses its potential liability by analyzing specific litigation and regulatory matters using reasonably available information. The Company develops its views on estimated losses in consultation with inside and outside counsel, which involves a subjective analysis of potential results and outcomes, assuming various combinations of appropriate litigation and settlement strategies. Actual claims could settle or be adjudicated against the Company in the future for materially different amounts than the Company has accrued due to the inherently unpredictable nature of litigation. Legal fees are expensed in the period in which they are incurred. CIPA Matter On June 16, 2020, Plaintiff Meena Reuben (“Reuben”) filed a complaint against the Company for a putative class action lawsuit in California Superior Court for San Mateo County. The complaint alleges claims on behalf of a class of individuals for whom, while they were in California, the Company allegedly intercepted and recorded communications between individuals and the Company’s customers without the individual’s consent, in violation of the California Invasion of Privacy Act (“CIPA”) Sections 631 and 632.7. Reuben seeks statutory damages of $5,000 for each alleged violation of Sections 631 and 632.7, injunctive relief, and attorneys’ fees and costs, and other unspecified amount of damages. The parties participated in mediation on August 24, 2021. On September 16, 2021, Reuben filed an amended complaint. The Company filed a demurrer to the amended complaint on October 18, 2021, and a motion for judgment on the pleadings on January 23, 2023. The Court overruled the Company’s demurrer and motion for judgment on the pleadings, and the parties are now engaged in discovery. The Company filed a motion for summary judgment (“MSJ”) on February 16, 2024. An evidentiary hearing was held on August 2, 2024 and a hearing on the MSJ is scheduled for August 23, 2024. Based on the information known by the Company as of the date of this filing and the rules and regulations applicable to the preparation of the Company’s condensed consolidated financial statements, it is not possible to provide an estimated amount of any such loss or range of loss that may occur. The Company has and expects to continue to vigorously defend against this lawsuit.

Stockholders_ Deficit

Stockholders’ Deficit	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders’ Deficit	Note 11. Stockholders’ Deficit Share Repurchase Programs Under the Company’s share repurchase programs, share repurchases may be made at the Company’s discretion from time to time in open market transactions, privately negotiated transactions, or other means, subject to a minimum cash balance. The programs do not obligate the Company to repurchase any specific dollar amount or to acquire any specific number of shares of its Class A Common Stock. The timing and number of any shares repurchased under the programs will depend on a variety of factors, including stock price, trading volume, and general business and market conditions. The following table summarizes the share repurchase activity of the Company’s Class A Common Stock for the three months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, 2024 2023 Shares Amount Shares Amount Repurchases under share repurchase programs 2,463 $ 78,738 3,320 $ 100,003 Amounts for excise tax withholdings and broker’s commissions — 116 — 502 Total repurchases of common stock 2,463 $ 78,854 3,320 $ 100,505 The following table summarizes the share repurchase activity of the Company’s Class A Common Stock for the six months ended June 30, 2024 and 2023 (in thousands): Six Months Ended June 30, 2024 2023 Shares Amount Shares Amount Repurchases under share repurchase programs 4,824 $ 159,085 5,480 $ 174,461 Amounts for excise tax withholdings and broker’s commissions — 404 — 820 Total repurchases of common stock 4,824 159,489 5,480 175,281 As of June 30, 2024, approximately $326.0 million remained authorized and available under the Company’s share repurchase programs for future share repurchases. The Inflation Reduction Act of 2022 imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. During the three and six months ended June 30, 2024 and 2023, the Company reflected the applicable excise tax withholdings and broker’s commissions in additional paid in capital as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise taxes payable in accrued liabilities in the Condensed Consolidated Balance Sheets. During the six months ended June 30, 2024, the Company paid $162.0 million that included $4.1 million that was pending from the prior year and excluded $1.2 million that was settled in July 2024. The following table summarizes the number of shares of the Company’s Class A Common Stock repurchased and settled under share repurchase programs for the three and six months ended June 30, 2024 (in thousands): Repurchases during three months ended March 31, 2024 2,361 Repurchases unsettled as of March 31, 2024 (115) Prior quarter repurchases settled during three months ended March 31, 2024 118 Total repurchases settled as of March 31, 2024 2,364 Repurchases during three months ended June 30, 2024 2,463 Repurchases unsettled as of June 30, 2024 (44) Prior quarter repurchases settled during three months ended June 30, 2024 115 Total repurchases settled as of June 30, 2024 2,534

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Note 12. Share-Based Compensation A summary of share-based compensation expense recognized in the Condensed Consolidated Statements of Operations is as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Cost of revenues $ 7,883 $ 8,870 $ 15,916 $ 17,604 Research and development 19,055 22,888 38,297 46,093 Sales and marketing 32,874 40,026 66,789 76,761 General and administrative 26,968 32,876 53,946 62,393 Total share-based compensation expense $ 86,780 $ 104,660 $ 174,948 $ 202,851 A summary of share-based compensation expense by award type is as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Employee stock purchase plan rights (“ESPP”) $ 1,972 $ 2,430 $ 3,703 $ 4,681 Performance stock units (“PSUs”) 5,373 3,767 12,374 4,336 Restricted stock units (“RSUs”) 79,435 98,463 158,871 193,834 Total share-based compensation expense $ 86,780 $ 104,660 $ 174,948 $ 202,851 Equity Incentive Plans As of June 30, 2024, a total of 14,065,978 shares remained available for grant under the Company’s Amended and Restated 2013 Equity Incentive Plan (“2013 Plan”). Employee Stock Purchase Plan The Company’s ESPP allows eligible employees to purchase shares of the Company’s Class A Common Stock at a discounted price through payroll deductions. As of June 30, 2024, there was a total of $1.9 million of unrecognized share-based compensation expense, net of estimated forfeitures, related to the ESPP, which will be recognized on a straight-line basis over the remaining weighted-average vesting period of approximately 0.4 years. As of June 30, 2024, a total of 6,781,827 shares were available for issuance under the ESPP. Restricted and Performance Stock Units A summary of activity of restricted and performance-based stock units as of June 30, 2024, and changes during the period then ended is presented in the following table: Number of Weighted- Aggregate Outstanding as of December 31, 2023 10,047 $ 52.47 $ 325,153 Granted 5,100 36.58 Released (3,381) 55.70 Canceled/Forfeited (912) 43.18 Outstanding as of June 30, 2024 10,854 $ 44.78 $ 306,086 Restricted Stock Units The 2013 Plan provides for the issuance of RSUs to employees, directors, and consultants. RSUs issued under the 2013 Plan generally vest over three As of June 30, 2024, there was a total of $373.3 million of unrecognized share-based compensation expense, net of estimated forfeitures, related to RSUs, which will be recognized on a straight-line basis over the remaining weighted-average vesting period of approximately 2.5 years. Performance Stock Units The 2013 Plan provides for the issuance of PSUs. The PSUs granted under the 2013 Plan are contingent upon the achievement of predetermined market, performance, and service conditions. The Company uses a Monte Carlo simulation model to determine the fair value of its market condition PSUs. PSU expense is recognized using the graded vesting method over the requisite service period. For performance-based metrics, the compensation expense is based on a probability of achievement of the performance conditions. For market-based conditions, if the market conditions are not met but the service conditions are met, the PSUs will not vest; however, any stock-based compensation expense recognized will not be reversed. For the majority of the PSUs granted, the number of shares of common stock to be issued at vesting will range from 0% to 200% of the target number based on the achievement of the different performance and market conditions over the respective measurement period. The PSUs generally vest over a two As of June 30, 2024, there was a total of $30.0 million unrecognized share-based compensation expense, net of estimated forfeitures, related to these PSUs, which will be recognized over the remaining service period of approximately 1.0 year. Employee Equity Compensation Plans The Company’s board of directors adopted employee equity bonus and executive equity compensation plans (“Plans”), which allow the recipients to earn fully vested shares of the Company’s Class A Common Stock upon the achievement of quarterly service and/or performance conditions and in lieu of a portion of base salary. During the three and six months ended June 30, 2024, the Company issued 344,721 and 714,518, respectively, under these Plans. The shares under these Plans are issued from the reserve of shares available for issuance under the 2013 Plan. The total requisite service period for these Plans is approximately 0.4 years. The unrecognized share-based compensation expense as of June 30, 2024 was approximately $4.2 million, which will be recognized over the remaining service period of 0.1 years. The shares issued under these Plans are issued from the reserve of shares available for issuance under the 2013 Plan.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 13. Income Taxes The provision for income taxes was $3.2 million and $7.0 million for the three months ended June 30, 2024 and 2023, respectively, and $6.5 million and $10.0 million for the six months ended June 30, 2024 and 2023, respectively. Beginning in 2022, the U.S. Tax Cuts and Jobs Act (“Tax Act”) enacted on December 22, 2017 eliminated the option to deduct research and development expenditures for tax purposes in the period the expenses were incurred and instead requires all U.S. and foreign research and development expenditures to be amortized over five and fifteen tax years, respectively. Due to this required capitalization of research and development expenditures, the Company has recorded current U.S. income tax expense of $1.4 million and $2.8 million for the three and six months ended June 30, 2024. The current U.S. income tax provision is primarily for federal and state taxes currently payable that we anticipate paying as a result of statutory limitations on our ability to offset expected taxable income with net operating loss carry forwards. The realization of tax benefits of net deferred tax assets is dependent upon future levels of taxable income, of an appropriate character, in the periods the items are expected to be deductible or taxable. Based on the available objective evidence, the Company does not believe it is more likely than not that certain net deferred tax assets will be realizable. Accordingly, the Company continues to provide a full valuation allowance against the entire domestic and the majority of the foreign net deferred tax assets as of June 30, 2024 and December 31, 2023. The Company intends to maintain the full valuation allowance on the U.S. and certain foreign net deferred tax assets until sufficient positive evidence exists to support a reversal of, or decrease in, the valuation allowance. During the three and six months ended June 30, 2024, there were no material changes to the total amount of unrecognized tax benefits.

Basic and Diluted Net Loss Per

Basic and Diluted Net Loss Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Basic and Diluted Net Loss Per Share	Note 14. Basic and Diluted Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of common stock, stock options, restricted stock units, performance stock units, ESPP, convertible notes, and convertible preferred stock, to the extent dilutive. For the three and six months ended June 30, 2024 and 2023, all such common stock equivalents have been excluded from diluted net loss per share as the effect to net loss per share would be anti-dilutive. The following table sets forth the computation of the Company’s basic and diluted net loss per share of common stock (in thousands, except per share data): Three Months Ended Six Months Ended 2024 2023 2024 2023 Numerator Net loss $ (14,753) $ (21,482) $ (43,247) $ (75,881) Denominator Weighted-average common shares outstanding for basic and diluted net loss per share 92,745 95,339 92,944 95,528 Basic and diluted net loss per share $ (0.16) $ (0.23) $ (0.47) $ (0.79) The following table summarizes the potentially dilutive common shares that were excluded from diluted weighted-average common shares outstanding because including them would have had an anti-dilutive effect (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Shares of common stock issuable under equity incentive plans outstanding 9,813 9,745 9,879 7,681 Shares of common stock related to convertible preferred stock 743 743 743 743 Potential common shares excluded from diluted net loss per share 10,556 10,488 10,622 8,424 Pursuant to the terms of the respective Convertible Notes Indentures, effective January 1, 2022, the Company made an irrevocable election to settle the principal portion of the Convertible Notes only in cash, with the conversion premium to be settled in cash or shares. The Company calculates the potential dilutive effect of its Convertible Notes under the if-converted method. Under this method, only the amounts settled in excess of the principal will be considered in diluted earnings per share, in line with the terms of the Convertible Notes Indentures. The denominator for diluted net income per share does not include any effect from the capped call transactions the Company entered into concurrently with the issuance of the Convertible Notes as this effect would be anti-dilutive. In the event of conversion of the Convertible Notes, if shares are delivered to the Company under the capped call, they will offset the dilutive effect of the shares that the Company would issue under the Convertible Notes.

Restructuring Activities

Restructuring Activities	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring Activities	Note 15. Restructuring Activities During the three and six months ended June 30, 2024, the Company incurred restructuring costs of $1.2 million and $5.8 million, respectively, in continuation of management’s headcount actions as part of the broader efforts to optimize the Company’s cost structure. The restructuring costs primarily consisted of severance payments, employee benefits and related costs. The Company expects to substantially complete these actions in 2024, subject to local law and consultation requirements in certain countries. The Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur as a result of or in connection with the implementation of these actions. The following table summarizes the Company’s restructuring costs that were recorded as an operating expense in the accompanying Condensed Consolidated Statement of Operations during the three and six months ended June 30, 2024, and 2023 (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Cost of revenues $ 46 $ 271 $ 607 $ 689 Research and development 323 1,053 1,773 2,487 Sales and marketing 449 1,370 2,611 3,969 General and administrative 380 912 789 1,336 Total restructuring costs $ 1,198 $ 3,606 $ 5,780 $ 8,481 The following table summarizes the Company’s restructuring liability that is included in accrued liabilities in the accompanying Condensed Consolidated Balance Sheets (in thousands): Balance as of December 31, 2023 $ 3,191 Restructuring costs 5,780 Cash payments (7,533) Balance as of June 30, 2024 $ 1,438

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 16. Subsequent Events On August 6, 2024, the Company entered into the Fourth Amendment to its Credit Agreement (the “Fourth Amendment”) to provide up to $275.0 million of additional delayed draw term loan commitments. The Company is required to pay a quarterly ticking fee at a rate of 0.350%, increasing to 0.500% per annum on the daily unused amount of such new delayed draw term loan commitments though the earlier of the funding date or May 6, 2025. Once borrowed, the additional delayed draw term loans will bear interest, at the Company’s option, at either (a) a base rate, defined as a fluctuating rate per annum equal to the greatest of (i) the prime rate then in effect, (ii) the federal funds rate then in effect, plus 0.50% per annum, and (iii) an adjusted term SOFR rate determined on the basis of a one-month interest period, plus 1.00%, in each case, plus a margin of between 0.75% and 1.25%; and (b) an adjusted term SOFR rate (based on one, three or six month interest periods), plus a margin of between 1.75% and 2.25%.

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The Company’s unaudited condensed consolidated financial statements and accompanying notes reflect all adjustments (all of which are normal, recurring in nature and those discussed in these notes) that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All intercompany balances and transactions have been eliminated in consolidation. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the entire year ending December 31, 2024. Certain information and note disclosures normally included in annual consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been condensed or omitted under the rules and regulations of the Securities and Exchange Commission (“SEC”).
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates 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 revenues and expenses during the reporting period. The significant estimates made by management affect revenues, the allowance for doubtful accounts, deferred and prepaid sales commission costs, goodwill, useful lives of intangible assets, share-based compensation, capitalization of internally developed software, return reserves, derivative instruments, provision for income taxes, uncertain tax positions, valuation of contingent consideration, loss contingencies, sales tax liabilities and accrued liabilities. Management periodically evaluates these estimates and will make adjustments prospectively based upon the results of such periodic evaluations. Actual results may differ from these estimates.
Segment Information	Segment Information The Company has determined that the chief executive officer is the chief operating decision maker. The Company’s chief executive officer reviews financial information presented on a consolidated basis for purposes of assessing performance and making decisions on how to allocate resources. Accordingly, the Company has determined that it operates in a single reportable segment.
Concentrations	Concentrations As of June 30, 2024 and December 31, 2023, none of the Company’s customers accounted for more than 10% of the Company’s total accounts receivable. Long-lived assets by geographic location are based on the location of the legal entity that owns the asset. As of June 30, 2024 and December 31, 2023, approximately 93% and 94% of the Company’s consolidated long-lived assets were located in the U.S. No other single country outside of the U.S. represented more than 10% of the Company’s consolidated long-lived assets as of June 30, 2024 and December 31, 2023.
Asset Write-down Charges	Asset Write-down Charges Asset write-down charges consist of write-offs related to our assets, including deferred and prepaid sales commission. The Company performs periodic reviews to assess the recoverability of such assets, whenever events or changes in circumstances have occurred that could indicate the carrying amount of such assets may not be recoverable. An impairment loss is recognized if the carrying value of deferred commission asset exceeds the amount of consideration that the Company expects to receive in the future in exchange for goods or services to which the asset relates, less the costs that relate directly to providing those goods or services that have not yet been recognized.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07 Segment Reporting - Improving Reportable Segment Disclosures (Topic 280) . The update is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact that the updated standard will have on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.
Derivative Instruments and Hedging	The Company’s interest rate swap agreement is designated as a cash flow hedge under ASC 815, Derivatives and Hedging (“ASC 815”). These hedges are highly effective in offsetting changes in the Company’s future expected cash flows due to the fluctuation of the Company’s variable rate debt. The Company monitors the effectiveness of its hedges on a quarterly basis. The Company does not hold its interest rate swap agreement for trading or speculative purposes. The Company will recognize its interest rate derivative designated as a cash flow hedge on a gross basis as an asset and a liability at fair value in the Condensed Consolidated Balance Sheets. The unrealized gains and losses on the interest rate swap agreement are included in other comprehensive income (loss) and will be subsequently recognized in earnings within or against interest expense when the hedged interest payments are accrued.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table provides information about disaggregated revenue by primary geographical markets: Three Months Ended Six Months Ended 2024 2023 2024 2023 Primary geographical markets North America 90 % 90 % 90 % 90 % Others 10 10 10 10 Total revenues 100 % 100 % 100 % 100 %

Financial Statement Components

Financial Statement Components (Tables)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Components of Cash and Cash Equivalents	Cash and cash equivalents consisted of the following (in thousands): June 30, 2024 December 31, 2023 Cash $ 87,600 $ 113,733 Money market funds 111,728 108,462 Total cash and cash equivalents $ 199,328 $ 222,195
Schedule of Components of Accounts Receivable, Net	Accounts receivable, net consisted of the following (in thousands): June 30, 2024 December 31, 2023 Accounts receivable $ 280,553 $ 280,544 Unbilled accounts receivable 104,597 96,366 Allowance for doubtful accounts (15,155) (12,472) Accounts receivable, net $ 369,995 $ 364,438
Schedule of Components of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2024 December 31, 2023 Prepaid expenses $ 40,408 $ 32,440 Inventory 1,908 1,492 Other current assets 29,842 43,464 Total prepaid expenses and other current assets $ 72,158 $ 77,396
Schedule of Components of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): June 30, 2024 December 31, 2023 Computer hardware and software $ 245,287 $ 238,802 Internal-use software development costs 285,447 255,649 Furniture and fixtures 9,732 8,964 Leasehold improvements 14,278 14,369 Total property and equipment, gross 554,744 517,784 Less: accumulated depreciation and amortization (372,429) (333,394) Property and equipment, net $ 182,315 $ 184,390
Schedule of Goodwill	A summary of activity of the Company’s carrying value of goodwill during the six months ended June 30, 2024 is presented in the following table (in thousands): Balance as of December 31, 2023 $ 67,370 Acquisitions (Note 8) 7,662 Foreign currency translation adjustments (618) Balance as of June 30, 2024 $ 74,414
Schedule of Carrying Values of Intangible Assets	The carrying values of intangible assets are as follows (in thousands): June 30, 2024 December 31, 2023 Weighted-Average Remaining Useful Life Cost Accumulated Acquired Cost Accumulated Acquired Customer relationships 4.5 years $ 51,550 $ 22,641 $ 28,909 $ 26,506 $ 21,834 $ 4,672 Developed technology 2.3 years 777,396 483,365 294,031 826,077 436,982 389,095 Total acquired intangible assets $ 828,946 $ 506,006 $ 322,940 $ 852,583 $ 458,816 $ 393,767
Schedule of Estimated Amortization Expense for Acquired Intangible Assets	Estimated amortization expense for acquired intangible assets for the following fiscal years is as follows (in thousands): 2024 (remaining) $ 66,730 2025 132,793 2026 110,502 2027 5,147 2028 onwards 7,768 Total estimated amortization expense $ 322,940
Schedule of Components of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): June 30, 2024 December 31, 2023 Accrued compensation and benefits $ 48,697 $ 63,009 Accrued sales, use, and telecom related taxes 46,915 43,796 Accrued marketing and sales commissions 33,555 60,528 Operating lease liabilities, short-term 17,656 16,707 Other accrued expenses 132,534 141,592 Total accrued liabilities $ 279,357 $ 325,632

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Carried at Fair Value	The financial instruments carried at fair value were determined using the following inputs (in thousands): Fair Value at Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 111,728 $ 111,728 $ — $ — Other assets: Interest rate swap derivatives $ 4,711 $ — $ 4,711 $ — Other long-term liabilities: Contingent consideration $ 7,461 $ — $ — $ 7,461 Fair Value at Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 108,462 $ 108,462 $ — $ — Other assets: Interest rate swap derivatives $ 3,505 $ — $ 3,505 $ — Other long-term liabilities: Interest rate swap derivatives $ 6,017 $ — $ 6,017 $ — Contingent consideration $ 7,461 $ — $ — $ 7,461

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Net Carrying Amount of the Outstanding Long-Term Debt	The following table sets forth the net carrying amount of the Company’s long-term debt (in thousands): Debt Instrument Maturity Date June 30, 2024 December 31, 2023 2025 Convertible Notes March 1, 2025 $ 161,326 $ 161,326 2026 Convertible Notes March 15, 2026 609,065 609,065 Term Loan under Credit Agreement (1) February 14, 2028 380,000 390,000 Revolving Credit Facility under Credit Agreement (2) February 14, 2028 — — 2030 Senior Notes August 15, 2030 400,000 400,000 Total principal amount 1,550,391 1,560,391 Less: unamortized debt discount and issuance costs on long-term debt (13,104) (14,909) Less: current portion of long-term debt, net (3) (181,033) (20,000) Net carrying amount of long-term debt $ 1,356,254 $ 1,525,482 (1) The Company has $75.0 million available for drawdown under the Term Loan as of June 30, 2024. (2) The Company has $225.0 million available for borrowing under the Revolving Credit Facility as of June 30, 2024. (3) The current portion of long-term debt, net as of June 30, 2024 relates to $161.0 million net carrying amount from the 2025 Convertible Notes, and $20.0 million of expected principal payments due on the Term Loan. The Term Loan requires quarterly principal payments equal to 1.25% of the original $400.0 million aggregate principal amount with balance due at maturity.
Schedule of Future Minimum Principal Payments of the Term Facility	The following table sets forth the future minimum principal payments for long-term debt as of June 30, 2024 (in thousands): 2025 Convertible Notes 2026 Convertible Notes Term Loan 2030 Senior Notes Total 2024 remaining $ — $ — $ 10,000 $ — $ 10,000 2025 161,326 — 20,000 — 181,326 2026 — 609,065 20,000 — 629,065 2027 — — 20,000 — 20,000 2028 onwards — — 310,000 400,000 710,000 Total principal amount $ 161,326 $ 609,065 $ 380,000 $ 400,000 $ 1,550,391
Schedule of Debt Terms	2025 Convertible Notes 2026 Convertible Notes $1,000 principal amount initially convertible into number of the Company’s Class A Common Stock, par value $0.0001 2.7745 shares 2.3583 shares Equivalent initial approximate conversion price per share $ 360.43 $ 424.03
Schedule of Key Terms and Costs Incurred	The following table below sets forth key terms and costs incurred for the outstanding Capped Calls: 2026 Convertible Notes Initial approximate strike price per share, subject to certain adjustments $ 424.03 Initial cap price per share, subject to certain adjustments $ 556.10 Net cost incurred (in millions) $ 41.8 Class A Common Stock covered, subject to anti-dilution adjustments (in millions) 1.5 Settlement commencement date 2/13/2025 Settlement expiration date 3/13/2025
Schedule of Interest Expense on Long-Term Debt	The following table sets forth the interest expense recognized related to long-term debt (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Contractual interest expense $ 14,718 $ 3,286 $ 29,676 $ 3,286 Amortization of debt discount and issuance costs 1,011 1,279 2,014 2,398 Total interest expense related to long-term debt $ 15,729 $ 4,565 $ 31,690 $ 5,684

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Components of Leases	As of June 30, 2024 and December 31, 2023, the balance sheet components of leases were as follows (in thousands): June 30, 2024 December 31, 2023 Operating lease right-of-use assets $ 45,172 $ 42,989 Accrued liabilities $ 17,656 $ 16,707 Operating lease liabilities 30,508 28,178 Total operating lease liabilities $ 48,164 $ 44,885
Schedule of Lease Cost	The supplemental cash flow information related to operating leases for the six months ended June 30, 2024 and 2023 were as follows (in thousands): Six Months Ended June 30, 2024 2023 Operating cash flows resulting from operating leases: Cash paid for amounts included in the measurement of lease liabilities $ 10,524 $ 11,197 New ROU assets obtained in exchange of lease liabilities: Operating leases $ 12,642 $ 6,089

Stockholders_ Deficit (Tables)

Stockholders’ Deficit (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Stock Repurchased Activity	The following table summarizes the share repurchase activity of the Company’s Class A Common Stock for the three months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, 2024 2023 Shares Amount Shares Amount Repurchases under share repurchase programs 2,463 $ 78,738 3,320 $ 100,003 Amounts for excise tax withholdings and broker’s commissions — 116 — 502 Total repurchases of common stock 2,463 $ 78,854 3,320 $ 100,505 The following table summarizes the share repurchase activity of the Company’s Class A Common Stock for the six months ended June 30, 2024 and 2023 (in thousands): Six Months Ended June 30, 2024 2023 Shares Amount Shares Amount Repurchases under share repurchase programs 4,824 $ 159,085 5,480 $ 174,461 Amounts for excise tax withholdings and broker’s commissions — 404 — 820 Total repurchases of common stock 4,824 159,489 5,480 175,281
Schedule of Share Repurchased and Settled	The following table summarizes the number of shares of the Company’s Class A Common Stock repurchased and settled under share repurchase programs for the three and six months ended June 30, 2024 (in thousands): Repurchases during three months ended March 31, 2024 2,361 Repurchases unsettled as of March 31, 2024 (115) Prior quarter repurchases settled during three months ended March 31, 2024 118 Total repurchases settled as of March 31, 2024 2,364 Repurchases during three months ended June 30, 2024 2,463 Repurchases unsettled as of June 30, 2024 (44) Prior quarter repurchases settled during three months ended June 30, 2024 115 Total repurchases settled as of June 30, 2024 2,534

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation Expense Recognized to Statements of Operations	A summary of share-based compensation expense recognized in the Condensed Consolidated Statements of Operations is as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Cost of revenues $ 7,883 $ 8,870 $ 15,916 $ 17,604 Research and development 19,055 22,888 38,297 46,093 Sales and marketing 32,874 40,026 66,789 76,761 General and administrative 26,968 32,876 53,946 62,393 Total share-based compensation expense $ 86,780 $ 104,660 $ 174,948 $ 202,851
Schedule of Share-Based Compensation Expense by Award Type	A summary of share-based compensation expense by award type is as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Employee stock purchase plan rights (“ESPP”) $ 1,972 $ 2,430 $ 3,703 $ 4,681 Performance stock units (“PSUs”) 5,373 3,767 12,374 4,336 Restricted stock units (“RSUs”) 79,435 98,463 158,871 193,834 Total share-based compensation expense $ 86,780 $ 104,660 $ 174,948 $ 202,851
Schedule of RSUs Activity	A summary of activity of restricted and performance-based stock units as of June 30, 2024, and changes during the period then ended is presented in the following table: Number of Weighted- Aggregate Outstanding as of December 31, 2023 10,047 $ 52.47 $ 325,153 Granted 5,100 36.58 Released (3,381) 55.70 Canceled/Forfeited (912) 43.18 Outstanding as of June 30, 2024 10,854 $ 44.78 $ 306,086

Basic and Diluted Net Loss Pe_2

Basic and Diluted Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Company's Basic and Diluted Net Loss Per Share of Common Stock	The following table sets forth the computation of the Company’s basic and diluted net loss per share of common stock (in thousands, except per share data): Three Months Ended Six Months Ended 2024 2023 2024 2023 Numerator Net loss $ (14,753) $ (21,482) $ (43,247) $ (75,881) Denominator Weighted-average common shares outstanding for basic and diluted net loss per share 92,745 95,339 92,944 95,528 Basic and diluted net loss per share $ (0.16) $ (0.23) $ (0.47) $ (0.79)
Schedule of Potential Shares of Common Stock Excluded from Diluted Weighted-Average Common Shares Outstanding	The following table summarizes the potentially dilutive common shares that were excluded from diluted weighted-average common shares outstanding because including them would have had an anti-dilutive effect (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Shares of common stock issuable under equity incentive plans outstanding 9,813 9,745 9,879 7,681 Shares of common stock related to convertible preferred stock 743 743 743 743 Potential common shares excluded from diluted net loss per share 10,556 10,488 10,622 8,424

Restructuring Activities (Table

Restructuring Activities (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Costs and Liability	The following table summarizes the Company’s restructuring costs that were recorded as an operating expense in the accompanying Condensed Consolidated Statement of Operations during the three and six months ended June 30, 2024, and 2023 (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Cost of revenues $ 46 $ 271 $ 607 $ 689 Research and development 323 1,053 1,773 2,487 Sales and marketing 449 1,370 2,611 3,969 General and administrative 380 912 789 1,336 Total restructuring costs $ 1,198 $ 3,606 $ 5,780 $ 8,481 The following table summarizes the Company’s restructuring liability that is included in accrued liabilities in the accompanying Condensed Consolidated Balance Sheets (in thousands): Balance as of December 31, 2023 $ 3,191 Restructuring costs 5,780 Cash payments (7,533) Balance as of June 30, 2024 $ 1,438

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies (Details) - segment	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Number of reporting segments	1
U.S. | Long-lived Assets | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	93%	94%

Revenue - Schedule of Revenue b

Revenue - Schedule of Revenue by Geographical Markets (Details) - Geographic Concentration Risk - Revenue from Contract with Customer Benchmark	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	100%	100%	100%	100%
North America
Disaggregation of Revenue [Line Items]
Total revenues	90%	90%	90%	90%
Others
Disaggregation of Revenue [Line Items]
Total revenues	10%	10%	10%	10%

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 47,300		$ 188,100
Revenue, remaining performance obligation, amount	2,600,000		2,600,000
Total revenues	$ 592,907	$ 539,305	$ 1,177,118	$ 1,072,994
Minimum
Disaggregation of Revenue [Line Items]
Remaining performance obligations subscription term			1 month
Maximum
Disaggregation of Revenue [Line Items]
Remaining performance obligations subscription term			5 years
RingEX and RingCentral Contact Center Solutions | Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (in percent)	90%	90%	90%	90%
RingCentral Contact Center Solutions | Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (in percent)	10%	10%	10%	10%
Product
Disaggregation of Revenue [Line Items]
Total revenues	$ 12,600	$ 11,500	$ 25,700	$ 21,800

Revenue - Performance Obligatio

Revenue - Performance Obligation, Timing of Satisfaction (Details)	Jun. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage (in percent)	52%
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage (in percent)	48%
Revenue, remaining performance obligation, expected timing of satisfaction, period

Financial Statement Component_2

Financial Statement Components - Schedule of Components of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash	$ 87,600	$ 113,733
Money market funds	111,728	108,462
Total cash and cash equivalents	$ 199,328	$ 222,195

Financial Statement Component_3

Financial Statement Components - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Restricted cash	$ 1,200,000		$ 1,200,000		$ 1,100,000
Depreciation and amortization	21,600,000	$ 20,500,000	43,300,000	$ 40,800,000
Amortization expense of intangible assets	34,700,000	37,500,000	69,600,000	74,700,000
Amortization of deferred and prepaid sales commission costs	40,500,000	32,900,000	79,098,000	65,160,000
Impairment loss in relation to costs capitalized	$ 0	$ 0	$ 0	$ 0
Supplier finance program, payment timing, period	5 years		5 years
Supplier finance program, obligation	$ 2,400,000		$ 2,400,000		$ 4,200,000
Developed technology
Property, Plant and Equipment [Line Items]
Gross reduction of intangible assets			50,600,000
Reduction of intangible assets			28,500,000
Amortization expense of intangible assets			$ 22,100,000

Financial Statement Component_4

Financial Statement Components - Schedule of Components of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 280,553	$ 280,544
Unbilled accounts receivable	104,597	96,366
Allowance for doubtful accounts	(15,155)	(12,472)
Accounts receivable, net	$ 369,995	$ 364,438

Financial Statement Component_5

Financial Statement Components - Schedule of Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 40,408	$ 32,440
Inventory	1,908	1,492
Other current assets	29,842	43,464
Total prepaid expenses and other current assets	$ 72,158	$ 77,396

Financial Statement Component_6

Financial Statement Components - Schedule of Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 554,744	$ 517,784
Less: accumulated depreciation and amortization	(372,429)	(333,394)
Property and equipment, net	182,315	184,390
Computer hardware and software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	245,287	238,802
Internal-use software development costs
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	285,447	255,649
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	9,732	8,964
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 14,278	$ 14,369

Financial Statement Component_7

Financial Statement Components - Schedule of Components of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 67,370
Acquisitions (Note 8)	7,662
Foreign currency translation adjustments	(618)
Goodwill, ending balance	$ 74,414

Financial Statement Component_8

Financial Statement Components - Schedule of Carrying Values of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Cost	$ 828,946	$ 852,583
Accumulated Amortization	506,006	458,816
Total estimated amortization expense	$ 322,940	393,767
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	4 years 6 months
Cost	$ 51,550	26,506
Accumulated Amortization	22,641	21,834
Total estimated amortization expense	$ 28,909	4,672
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	2 years 3 months 18 days
Cost	$ 777,396	826,077
Accumulated Amortization	483,365	436,982
Total estimated amortization expense	$ 294,031	$ 389,095

Financial Statement Component_9

Financial Statement Components - Schedule of Estimated Amortization Expense for Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
2024 (remaining)	$ 66,730
2025	132,793
2026	110,502
2027	5,147
2028 onwards	7,768
Total estimated amortization expense	$ 322,940	$ 393,767

Financial Statement Componen_10

Financial Statement Components - Schedule of Components of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation and benefits	$ 48,697	$ 63,009
Accrued sales, use, and telecom related taxes	46,915	43,796
Accrued marketing and sales commissions	33,555	60,528
Operating lease liabilities, short-term	17,656	16,707
Other accrued expenses	132,534	141,592
Total accrued liabilities	$ 279,357	$ 325,632

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Financial Instruments Carried at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other assets:
Derivative asset, statement of financial position	Other assets
Interest rate swap derivatives	$ 4,711	$ 3,505
Other long-term liabilities:
Derivative liability, statement of financial position	Other long-term liabilities
Interest rate swap derivatives		6,017
Contingent consideration	$ 7,461	7,461
Level 1
Other assets:
Interest rate swap derivatives	0	0
Other long-term liabilities:
Interest rate swap derivatives		0
Contingent consideration	0	0
Level 2
Other assets:
Interest rate swap derivatives	4,711	3,505
Other long-term liabilities:
Interest rate swap derivatives		6,017
Contingent consideration	0	0
Level 3
Other assets:
Interest rate swap derivatives	0	0
Other long-term liabilities:
Interest rate swap derivatives		0
Contingent consideration	7,461	7,461
Money market funds
Cash equivalents:
Money market funds	111,728	108,462
Money market funds | Level 1
Cash equivalents:
Money market funds	111,728	108,462
Money market funds | Level 2
Cash equivalents:
Money market funds	0	0
Money market funds | Level 3
Cash equivalents:
Money market funds	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Aug. 31, 2023
2025 Convertible Notes | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate (in percent)	0%
Fair value of convertible senior notes	$ 154.7
2026 Convertible Notes | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate (in percent)	0%
Fair value of convertible senior notes	$ 551.2
Credit Agreement | Level 2 | Line of Credit | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount of debt	$ 380
2030 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate (in percent)		8.50%
2030 Senior Notes | Level 2 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate (in percent)	8.50%
Fair value of convertible senior notes	$ 417.6

Strategic Partnerships (Details

Strategic Partnerships (Details) - Mitel US Holdings $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($)
Business Acquisition, Contingent Consideration [Line Items]
Release of unpaid contingent consideration	$ 28.5
Gain from strategic partnership	$ 7.7

Long-Term Debt - Schedule of Ne

Long-Term Debt - Schedule of Net Carrying Amount of the Outstanding Long-Term Debt (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Aug. 15, 2023	Feb. 28, 2023
Debt Instrument [Line Items]
Total principal amount	$ 1,550,391,000	$ 1,560,391,000
Less: unamortized debt discount and issuance costs on long-term debt	(13,104,000)	(14,909,000)
Less: current portion of long-term debt, net	(181,033,000)	(20,000,000)
Long-term debt, net	1,356,254,000	1,525,482,000
2025 Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Total principal amount	161,326,000	161,326,000
Long-term debt	161,000,000
2026 Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Total principal amount	609,065,000	609,065,000
Long-term debt	606,200,000
Term Loan | Secured Debt | Line of Credit
Debt Instrument [Line Items]
Total principal amount	380,000,000	390,000,000
Available borrowing	75,000,000
Debt instrument, periodic payment, principal	$ 20,000,000
Debt instrument, quarterly payment, principal interest rate (in percent)	1.25%
Credit agreement	$ 400,000,000			$ 400,000,000
Term Loan | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Total principal amount	0	0
Available borrowing	225,000,000
Credit agreement			$ 225,000,000	$ 200,000,000
2030 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Total principal amount	400,000,000	$ 400,000,000
Long-term debt	$ 392,700,000

Long-Term Debt - Schedule of Fu

Long-Term Debt - Schedule of Future Minimum Principal Payments of the Term Facility (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2024 remaining	$ 10,000
2025	181,326
2026	629,065
2027	20,000
2028 onwards	710,000
Total principal amount	1,550,391	$ 1,560,391
2025 Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
2024 remaining	0
2025	161,326
2026	0
2027	0
2028 onwards	0
Total principal amount	161,326	161,326
2026 Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
2024 remaining	0
2025	0
2026	609,065
2027	0
2028 onwards	0
Total principal amount	609,065	609,065
Term Loan | Secured Debt | Line of Credit
Debt Instrument [Line Items]
2024 remaining	10,000
2025	20,000
2026	20,000
2027	20,000
2028 onwards	310,000
Total principal amount	380,000	390,000
2030 Senior Notes | Senior Notes
Debt Instrument [Line Items]
2024 remaining	0
2025	0
2026	0
2027	0
2028 onwards	400,000
Total principal amount	$ 400,000	$ 400,000

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)		1 Months Ended				6 Months Ended
	Aug. 06, 2024	Dec. 31, 2023	Aug. 31, 2023	May 31, 2023	Feb. 28, 2023	Jun. 30, 2024	Jun. 30, 2023	Aug. 02, 2024	Aug. 15, 2023	Sep. 30, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt, net of issuance costs						$ 0	$ 394,394,000
Gain on extinguishment of debt						0	$ 31,107,000
2030 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Total principal amount			$ 400,000,000
Debt instrument, interest rate (in percent)			8.50%
Proceeds from issuance of long-term debt, net of issuance costs			$ 391,900,000
Long-term debt						$ 392,700,000
Effective interest rate percentage (in percent)						8.90%
Credit Agreement | Line of Credit | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percent)						0.50%
Credit Agreement | Line of Credit | Fed Funds Effective Rate Overnight Index Swap Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percent)						1%
Credit Agreement | Line of Credit | Fed Funds Effective Rate Overnight Index Swap Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percent)						2%
Credit Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, interest rate (in percent)						1%
Credit Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percent)						2%
Credit Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percent)						3%
Credit Agreement | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Credit agreement					$ 200,000,000				$ 225,000,000
Credit Agreement | Line of Credit | Secured Debt
Debt Instrument [Line Items]
Effective interest rate percentage (in percent)						8.10%
Credit agreement					400,000,000	$ 400,000,000
Net carrying amount						377,400,000
Credit Agreement | Secured Debt | Term Loan
Debt Instrument [Line Items]
Total principal amount					475,000,000
Revolving credit commitments					$ 75,000,000
Line of credit facility, remaining borrowing capacity						75,000,000
Credit Agreement | Secured Debt | Term Loan | Subsequent Event
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity								$ 75,000,000
Credit Agreement | Secured Debt | Term Loan | Fed Funds Effective Rate Overnight Index Swap Rate | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percent)	0.50%
Credit Agreement | Secured Debt | Term Loan | Secured Overnight Financing Rate (SOFR) | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percent)	1%
Convertible Senior Notes Due 2025 And 2026 | Convertible Debt
Debt Instrument [Line Items]
Repayment of debt			153,600,000
Gain on extinguishment of debt			11,800,000
2025 Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Total principal amount											$ 1,000,000,000
Debt instrument, interest rate (in percent)											0%
Long-term debt						161,000,000
Repayment of debt		$ 241,300,000
Debt instrument, repurchase amount		252,700,000	125,300,000	$ 460,700,000
Gain on extinguishment of debt		$ 10,500,000		31,100,000
2025 Convertible Notes | Convertible Debt | Proceeds From Term Loan
Debt Instrument [Line Items]
Repayment of debt				400,000,000
2025 Convertible Notes | Convertible Debt | Other Available Cash On Hand
Debt Instrument [Line Items]
Repayment of debt				$ 27,300,000
2026 Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Total principal amount										$ 650,000,000
Debt instrument, interest rate (in percent)										0%
Long-term debt						$ 606,200,000
Debt instrument, repurchase amount			$ 40,900,000

Long-Term Debt - Schedule of Co

Long-Term Debt - Schedule of Conversion of the Notes (Details) - Class A Common Stock	1 Months Ended
	Sep. 30, 2020 $ / shares	Mar. 31, 2020 $ / shares	Jun. 30, 2024 $ / shares
2025 Convertible Notes
Debt Instrument [Line Items]
Stock par value (in dollars per share)			$ 0.0001
Equivalent initial approximate conversion price per share (in dollars per share)		$ 360.43
Debt conversion, converted instrument, shares issued		0.0027745
2026 Convertible Notes
Debt Instrument [Line Items]
Stock par value (in dollars per share)			$ 0.0001
Equivalent initial approximate conversion price per share (in dollars per share)	$ 424.03
Debt conversion, converted instrument, shares issued	0.0023583

Long-Term Debt - Schedule of Ca

Long-Term Debt - Schedule of Capped Calls (Details) - 2026 Convertible Notes $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended
	Sep. 30, 2020 USD ($) $ / shares shares
Class A Common Stock
Debt Instrument [Line Items]
Initial cap price per share, subject to certain adjustment (in dollars per share)	$ 424.03
Capped call
Debt Instrument [Line Items]
Initial approximate strike price per share, subject to certain adjustments (in dollars per share)	424.03
Initial cap price per share, subject to certain adjustment (in dollars per share)	$ 556.10
Net cost incurred (in millions) | $	$ 41.8
Capped call | Class A Common Stock
Debt Instrument [Line Items]
Class A common stock covered, subject to anti-dilution adjustments (in millions) (in shares) | shares	1.5

Long-Term Debt - Schedule of In

Long-Term Debt - Schedule of Interest Expense on Long-Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Contractual interest expense	$ 14,718	$ 3,286	$ 29,676	$ 3,286
Amortization of debt discount and issuance costs	1,011	1,279	2,014	2,398
Total interest expense related to long-term debt	$ 15,729	$ 4,565	$ 31,690	$ 5,684

Derivative Instruments (Details

Derivative Instruments (Details) - Interest Rate Swap - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	May 31, 2023	Jun. 30, 2024	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, term of contract	5 years
Derivative, fixed interest rate (in percent)	3.79%
Derivative, notional amount		$ 380	$ 380
Reclassified into earnings over next 12 months		4.3	4.3
Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive loss to earnings		$ 1.5	$ 3
Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, basis spread on variable interest rate (in percent)	2%
Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, basis spread on variable interest rate (in percent)	3%

Business Combinations (Details)

Business Combinations (Details) - USD ($) $ in Thousands		6 Months Ended
	Jun. 21, 2024	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 74,414	$ 67,370
Customer relationships
Business Acquisition [Line Items]
Weighted-average useful life (in years)		4 years 6 months
Developed technology
Business Acquisition [Line Items]
Weighted-average useful life (in years)		2 years 3 months 18 days
Mitel US Holdings
Business Acquisition [Line Items]
Cash consideration	$ 26,300
Net acquired liabilities	8,700
Goodwill	$ 7,700
Weighted-average useful life (in years)	5 years
Acquisition related costs	$ 4,100
Mitel US Holdings | Customer relationships
Business Acquisition [Line Items]
Liabilities assumed	25,300
Mitel US Holdings | Developed technology
Business Acquisition [Line Items]
Liabilities assumed	$ 2,000

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease not yet commenced	$ 1.1
Lease term (up to)	3 years
Minimum
Lessee, Lease, Description [Line Items]
Renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	5 years

Leases - Schedule of Components

Leases - Schedule of Components of Leases and Lease Costs (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating leases
Operating lease right-of-use assets	$ 45,172	$ 42,989
Accrued liabilities	17,656	16,707
Operating lease liabilities	30,508	28,178
Total operating lease liabilities	$ 48,164	$ 44,885
Operating lease, liability, current, statement of financial position	Accrued liabilities	Accrued liabilities

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating cash flows resulting from operating leases:
Cash paid for amounts included in the measurement of lease liabilities	$ 10,524	$ 11,197
New ROU assets obtained in exchange of lease liabilities:
Operating leases	$ 12,642	$ 6,089

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 16, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Damages sought per violation	$ 5,000

Stockholders_ Deficit - Narrati

Stockholders’ Deficit - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Remaining repurchase authorization amount	$ 326,000				$ 326,000
Total repurchases of common stock	78,854	$ 80,635	$ 100,506	$ 74,776
Class A Common Stock
Equity, Class of Treasury Stock [Line Items]
Repurchases under share repurchase programs	78,738		100,003		159,085	$ 174,461
Total repurchases of common stock	$ 78,854		$ 100,505		159,489	$ 175,281
Share Repurchase Programs, Settled In July 2024 | Class A Common Stock
Equity, Class of Treasury Stock [Line Items]
Repurchases under share repurchase programs					162,000
Total repurchases of common stock					$ 1,200		$ 4,100

Stockholders_ Deficit - Schedul

Stockholders’ Deficit - Schedule of Stock Repurchased Activity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity, Class of Treasury Stock [Line Items]
Total repurchases of common stock	$ 78,854	$ 80,635	$ 100,506	$ 74,776
Class A Common Stock
Equity, Class of Treasury Stock [Line Items]
Repurchases under share repurchase programs (in shares)	2,463	2,361	3,320		4,824	5,480
Repurchases under share repurchase programs	$ 78,738		$ 100,003		$ 159,085	$ 174,461
Amounts for excise tax withholdings and broker’s commissions	116		502		404	820
Total repurchases of common stock	$ 78,854		$ 100,505		$ 159,489	$ 175,281

Stockholders_ Deficit - Sched_2

Stockholders’ Deficit - Schedule of Share Repurchased and Settled (Details) - Class A Common Stock - shares shares in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity, Class of Treasury Stock [Line Items]
Repurchases under share repurchase programs (in shares)	2,463	2,361	3,320	4,824	5,480
Repurchases unsettled as of quarter end (in shares)	(44)	(115)
Prior quarter repurchases settled in current quarter (in shares)	115	118
Repurchases of common stock (in shares)	2,534	2,364

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Share-Based Compensation Expense Recognized to Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 86,780	$ 104,660	$ 174,948	$ 202,851
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	7,883	8,870	15,916	17,604
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	19,055	22,888	38,297	46,093
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	32,874	40,026	66,789	76,761
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 26,968	$ 32,876	$ 53,946	$ 62,393

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Share-Based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 86,780	$ 104,660	$ 174,948	$ 202,851
Employee stock purchase plan rights (“ESPP”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	1,972	2,430	3,703	4,681
Performance stock units (“PSUs”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	5,373	3,767	12,374	4,336
Restricted stock units (“RSUs”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 79,435	$ 98,463	$ 158,871	$ 193,834

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($) shares	Jun. 30, 2024 USD ($) shares
Employee stock purchase plan rights (“ESPP”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for future grants (in shares) | shares	6,781,827	6,781,827
Unrecognized share-based compensation expense	$ 1.9	$ 1.9
Unrecognized share-based compensation expense, remaining weighted-average vesting periods		4 months 24 days
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense, remaining weighted-average vesting periods		2 years 6 months
Unrecognized share-based compensation expense	373.3	$ 373.3
Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period contractual term		3 years
Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period contractual term		4 years
Performance stock units (“PSUs”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense, remaining weighted-average vesting periods		1 year
Unrecognized share-based compensation expense	$ 30	$ 30
Performance stock units (“PSUs”) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period contractual term		2 years
Shares of common stock to issued at vesting percentage		0%
Performance stock units (“PSUs”) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period contractual term		3 years
Shares of common stock to issued at vesting percentage		200%
2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for future grants (in shares) | shares	14,065,978	14,065,978
Key Employee Equity Bonus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense, remaining weighted-average vesting periods		1 month 6 days
Unrecognized share-based compensation expense	$ 4.2	$ 4.2
Granted (in shares) | shares	344,721	714,518
Requisite service period		4 months 24 days

Share-Based Compensation - Sc_3

Share-Based Compensation - Schedule of RSUs Activity (Details) - Restricted stock units $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)
Number of RSUs/PSUs Outstanding (in thousands)
Beginning balance (in shares) | shares	10,047
Granted (in shares) | shares	5,100
Released (in shares) | shares	(3,381)
Canceled/Forfeited (in shares) | shares	(912)
Ending balance (in shares) | shares	10,854
Weighted- Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) | $ / shares	$ 52.47
Granted (in dollars per share) | $ / shares	36.58
Released (in dollars per share) | $ / shares	55.70
Canceled/Forfeited (in dollars per share) | $ / shares	43.18
Ending balance (in dollars per share) | $ / shares	$ 44.78
Aggregate Intrinsic Value (in thousands)
Outstanding, balance | $	$ 306,086	$ 325,153

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 3,176	$ 6,953	$ 6,461	$ 10,038
Current income tax expense, capitalization of research and development	$ 1,400		$ 2,800

Basic and Diluted Net Loss Pe_3

Basic and Diluted Net Loss Per Share - Schedule of Computation of Company's Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator
Net loss	$ (14,753)	$ (28,494)	$ (21,482)	$ (54,399)	$ (43,247)	$ (75,881)
Denominator
Weighted-average common shares outstanding for basic net loss per share (in shares)	92,745		95,339		92,944	95,528
Weighted-average common shares outstanding for diluted net loss per share (in shares)	92,745		95,339		92,944	95,528
Basic net loss per share (in dollars per share)	$ (0.16)		$ (0.23)		$ (0.47)	$ (0.79)
Diluted net loss per share (in dollars per share)	$ (0.16)		$ (0.23)		$ (0.47)	$ (0.79)

Basic and Diluted Net Loss Pe_4

Basic and Diluted Net Loss Per Share - Schedule of Potential Shares of Common Stock Excluded from Diluted Weighted-Average Common Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from diluted net loss per share (in shares)	10,556	10,488	10,622	8,424
Shares of common stock issuable under equity incentive plans outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from diluted net loss per share (in shares)	9,813	9,745	9,879	7,681
Shares of common stock related to convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from diluted net loss per share (in shares)	743	743	743	743

Restructuring Activities - Narr

Restructuring Activities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and related costs	$ 1.2	$ 5.8

Restructuring Activities - Sche

Restructuring Activities - Schedule of Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 1,198	$ 3,606	$ 5,780	$ 8,481
Cost of revenues
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	46	271	607	689
Research and development
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	323	1,053	1,773	2,487
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	449	1,370	2,611	3,969
General and administrative
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 380	$ 912	$ 789	$ 1,336

Restructuring Activities - Sc_2

Restructuring Activities - Schedule of Restructuring Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Beginning balance			$ 3,191
Restructuring costs	$ 1,198	$ 3,606	5,780	$ 8,481
Cash payments			(7,533)
Ending balance	$ 1,438		$ 1,438

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Term Loan - Credit Agreement - Secured Debt $ in Millions	Aug. 06, 2024 USD ($)
Subsequent Event [Line Items]
Line of credit increase	$ 275
Line of credit facility, commitment fee percentage (in percent)	0.35%
Line of credit facility, increased commitment fee percentage (in percent)	0.50%
Fed Funds Effective Rate Overnight Index Swap Rate
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate (in percent)	0.50%
Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate (in percent)	1%
Maximum | Variable Rate Component One
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate (in percent)	1.25%
Maximum | Variable Rate Component Two
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate (in percent)	2.25%
Minimum | Variable Rate Component One
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate (in percent)	0.75%
Minimum | Variable Rate Component Two
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate (in percent)	1.75%