PubMatic (PUBM) 10-Q 8 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 01, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-39748
Entity Registrant Name	PUBMATIC, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5863224
Entity Address, Address Line One	601 Marshall St.
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94063
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	PUBM
Security Exchange Name	NASDAQ
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
Entity Central Index Key	0001422930
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		42,675,776
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,706,641

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 51,894	$ 82,505
Marketable securities	131,097	77,121
Accounts receivable - net	263,974	286,916
Prepaid expenses and other current assets	13,110	14,207
Total Current Assets	460,075	460,749
Property, equipment and software - net	64,104	50,140
Operating lease right-of-use assets	27,482	21,613
Goodwill	6,250	6,250
Deferred income tax asset	2,906	515
Other assets, non-current	9,414	10,948
TOTAL ASSETS	570,231	550,215
Current Liabilities
Accounts payable	237,406	244,321
Accrued liabilities	12,509	18,780
Operating lease liabilities, current	5,512	3,864
Total Current Liabilities	255,427	266,965
Operating lease liabilities, non-current	22,642	17,842
Deferred tax liability	6,067	6,067
Other liabilities, non-current	2,179	2,161
TOTAL LIABILITIES	286,315	293,035
Commitments and contingencies (Note 7)
Stockholders' Equity
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized as of June 30, 2022 and December 31, 2021; No shares issued and outstanding as of June 30, 2022 and December 31, 2021	0	0
Common stock, par value $0.0001 per share; 1,000,000,000 Class A shares authorized as of June 30, 2022 and December 31, 2021; 42,599,407 and 40,695,140 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively; 1,000,000,000 Class B shares authorized as of June 30, 2022 and December 31, 2021; 9,738,941 and 11,159,609 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively.	6	6
Treasury stock, at cost - 3,140,437 as of June 30, 2022 and December 31, 2021	(11,486)	(11,486)
Additional paid-in capital	183,890	169,401
Accumulated other comprehensive loss	(387)	(36)
Retained earnings	111,893	99,295
TOTAL STOCKHOLDERS’ EQUITY	283,916	257,180
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 570,231	$ 550,215

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Preferred stock par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Treasury stock shares	3,140,437	3,140,437
Common Class A
Common stock par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock shares authorized	1,000,000,000	1,000,000,000
Common stock shares issued	42,599,407	40,695,140
Common stock shares outstanding	42,599,407	40,695,140
Common Class B
Common stock par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock shares authorized	1,000,000,000	1,000,000,000
Common stock shares issued	9,738,941	11,159,609
Common stock shares outstanding	9,738,941	11,159,609

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue	$ 63,032	$ 49,658	$ 117,584	$ 93,266
Cost of revenue	18,974	13,088	36,966	25,388
Gross profit	44,058	36,570	80,618	67,878
Operating expenses:
Technology and development	5,075	3,860	9,847	7,599
Sales and marketing	18,212	13,997	34,667	26,786
General and administration	10,977	8,580	21,727	16,719
Total operating expenses	34,264	26,437	66,241	51,104
Operating income	9,794	10,133	14,377	16,774
Total other income (expense), net	(48)	(239)	1,551	(39)
Income before income taxes	9,746	9,894	15,928	16,735
Provision for (benefit from) income taxes	1,927	(27)	3,330	1,896
Net income	$ 7,819	$ 9,921	$ 12,598	$ 14,839
Net income per share attributable to common stockholders:
Basic (in usd per share)	$ 0.15	$ 0.20	$ 0.24	$ 0.30
Diluted (in usd per share)	$ 0.14	$ 0.18	$ 0.22	$ 0.26
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic (in shares)	52,154,616	49,578,536	52,033,268	49,345,202
Diluted (in shares)	56,847,306	56,428,211	56,868,417	56,607,701

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Other Comprehensive Income [Abstract]
Net income	$ 7,819	$ 9,921	$ 12,598	$ 14,839
Other comprehensive loss:
Unrealized loss on marketable securities, net of tax	(148)	0	(351)	(1)
Comprehensive income	$ 7,671	$ 9,921	$ 12,247	$ 14,838

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2020		48,988,142
Beginning balance at Dec. 31, 2020	$ 175,427	$ 6	$ (11,434)	$ 144,163	$ 1	$ 42,691
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	3,318			3,318
Exercise of stock options (in shares)		278,412
Exercise of stock options	451			451
Repurchase of treasury stock, at cost (in shares)		(693)
Repurchase of treasury stock, at cost	(27)		(27)
Other comprehensive loss	(1)				(1)
Net income	4,918					4,918
Ending balance (in shares) at Mar. 31, 2021		49,265,861
Ending balance at Mar. 31, 2021	184,086	$ 6	(11,461)	147,932	0	47,609
Beginning balance (in shares) at Dec. 31, 2020		48,988,142
Beginning balance at Dec. 31, 2020	175,427	$ 6	(11,434)	144,163	1	42,691
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	14,839
Ending balance (in shares) at Jun. 30, 2021		50,242,826
Ending balance at Jun. 30, 2021	202,081	$ 6	(11,486)	156,031	0	57,530
Beginning balance (in shares) at Mar. 31, 2021		49,265,861
Beginning balance at Mar. 31, 2021	184,086	$ 6	(11,461)	147,932	0	47,609
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	3,837			3,837
Exercise of stock options (in shares)		800,426
Exercise of stock options	1,627			1,627
Repurchase of treasury stock, at cost (in shares)		(449)
Repurchase of treasury stock, at cost	(25)		(25)
Issuance of common stock related to employee stock purchase plan (in shares)		155,015
Issuance of common stock related to employee stock purchase plan	2,635			2,635
Issuance of common stock related to RSU vesting (in shares)		21,973
Other comprehensive loss	0				0
Net income	9,921					9,921
Ending balance (in shares) at Jun. 30, 2021		50,242,826
Ending balance at Jun. 30, 2021	202,081	$ 6	(11,486)	156,031	0	57,530
Beginning balance (in shares) at Dec. 31, 2021		51,854,749
Beginning balance at Dec. 31, 2021	257,180	$ 6	(11,486)	169,401	(36)	99,295
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	5,469			5,469
Exercise of stock options (in shares)		130,958
Exercise of stock options	481			481
Issuance of common stock related to RSU vesting (in shares)		25,033
Other comprehensive loss	(203)				(203)
Net income	4,779					4,779
Ending balance (in shares) at Mar. 31, 2022		52,010,740
Ending balance at Mar. 31, 2022	267,706	$ 6	(11,486)	175,351	(239)	104,074
Beginning balance (in shares) at Dec. 31, 2021		51,854,749
Beginning balance at Dec. 31, 2021	$ 257,180	$ 6	(11,486)	169,401	(36)	99,295
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	227,234
Net income	$ 12,598
Ending balance (in shares) at Jun. 30, 2022		52,338,348
Ending balance at Jun. 30, 2022	283,916	$ 6	(11,486)	183,890	(387)	111,893
Beginning balance (in shares) at Mar. 31, 2022		52,010,740
Beginning balance at Mar. 31, 2022	267,706	$ 6	(11,486)	175,351	(239)	104,074
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	5,780			5,780
Exercise of stock options (in shares)		96,276
Exercise of stock options	357			357
Issuance of common stock related to RSU vesting (in shares)		89,623
Issuance of common stock related to employee stock purchase plan (in shares)		141,709
Issuance of common stock related to employee stock purchase plan	2,402			2,402
Other comprehensive loss	(148)				(148)
Net income	7,819					7,819
Ending balance (in shares) at Jun. 30, 2022		52,338,348
Ending balance at Jun. 30, 2022	$ 283,916	$ 6	$ (11,486)	$ 183,890	$ (387)	$ 111,893

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of Cash Flows [Abstract]
Net income	$ 12,598	$ 14,839
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,505	9,688
Unrealized gain on equity investment	(458)	0
Stock-based compensation	10,527	6,794
Deferred income taxes	(2,396)	1,258
Accretion of discount on marketable securities	(15)	(28)
Non-cash operating lease expense	2,998	915
Other	99	2
Changes in operating assets and liabilities:
Accounts receivable	22,942	24,083
Prepaid expenses and other current assets	547	(7,579)
Accounts payable	(13,698)	(15,125)
Accrued expenses	(5,565)	(146)
Operating lease liabilities	(2,385)	(1,044)
Other liabilities, non-current	83	106
Net cash provided by operating activities	39,782	33,763
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(12,384)	(11,808)
Capitalized software development costs	(6,777)	(4,828)
Purchases of marketable securities	(82,616)	(32,551)
Proceeds from maturities of marketable securities	28,200	21,000
Net cash used in investing activities	(73,577)	(28,187)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock for employee stock purchase plan	2,402	2,635
Proceeds from exercise of stock options	838	2,078
Principal payments on finance lease obligations	(56)	0
Payments for offering costs	0	(805)
Payments to acquire treasury stock	0	(52)
Net cash provided by financing activities	3,184	3,856
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(30,611)	9,432
CASH AND CASH EQUIVALENTS - Beginning of period	82,505	81,188
CASH AND CASH EQUIVALENTS - End of period	51,894	90,620
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Income taxes paid	1,842	3,588
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
Stock-based compensation capitalized as internal use software costs	722	361
Property and equipment included in accounts payable and accrued expenses	6,837	1,728
Capitalized software costs included in accounts payable and accrued expenses	1,047	705
Operating lease right-of-use assets obtained in exchange for new lease obligations	$ 8,867	$ 2,899

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of BusinessPubMatic, Inc. (together with its subsidiaries, “the Company” or “PubMatic”) was founded in 2006. The Company has offices in California, New York, Europe, Asia, and Australia. The Company provides a specialized cloud infrastructure platform that enables real-time programmatic advertising transactions. The purpose-built technology and infrastructure provides superior outcomes for both publishers and advertisers leveraging an efficient design, machine learning, and data processing capabilities, with customer alignment and global omnichannel reach.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Fiscal Year The Company’s fiscal year ends on December 31, and its fiscal quarters end on March 31, June 30, September 30, and December 31. References to fiscal year 2022, for example, refer to the fiscal year ended December 31, 2022. Unaudited Interim Condensed Consolidated Financial Information The unaudited condensed consolidated financial statements include the accounts of PubMatic, Inc. and its wholly owned subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and following the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2022 or for any other interim period or for any other future year. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the SEC on March 1, 2022 (the “Annual Report”). Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP. The accompanying condensed consolidated financial statements include the accounts of PubMatic, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates and assumptions. Due to the inherent uncertainty involved in making assumptions and estimates, events and changes in circumstances arising after June 30, 2022, including those resulting from the impacts of the COVID-19 pandemic, may result in actual outcomes that differ from those contemplated by the Company’s assumptions and estimates. Stock-based Compensation The Company recognizes and measures compensation expense for all stock-based payment awards granted to employees, directors, and nonemployees, including stock options, restricted stock units (“RSUs”), and the employee stock purchase plan (the “ESPP”) based on the fair value of the awards on the date of grant. The fair value of stock options and shares of common stock to be issued under the ESPP is estimated using the Black Scholes option pricing model. The grant date fair value of RSUs is based on the closing market price of the Company’s Class A common stock on the date of grant. The Black Scholes option pricing model is impacted by the fair value of the Company’s common stock, as well as changes in assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the expected common stock price volatility over the term of the stock options, the expected term of the stock options, risk-free interest rates, and the expected dividend yield. For additional information regarding stock-based compensation and the assumptions used for determining the fair value of stock options and ESPP awards, refer to Note 8 — “Stockholders’ Equity and Stock Option Plans.” Concentration of Revenue and Accounts Receivable The Company defines its revenue concentration based on revenue recognized from individual publishers. For the three months ended June 30, 2022 and 2021, one publisher represented 12% and 17%, respectively, and 13% and 18% for the six months ended June 30, 2022 and 2021, respectively, of the Company’s revenue. As of June 30, 2022, two buyers accounted for 32% and 16%, respectively, of accounts receivable. As of December 31, 2021, two buyers accounted for 29% and 19%, respectively, of accounts receivable. Adoption of ASC 842 In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic ASC 842) which, along with other ASU's containing minor amendments and technical corrections, provides for a comprehensive overhaul of the lease accounting model and changes the definition of a lease within US GAAP. Topic 842 supersedes the legacy ASC Topic 840 accounting guidance and is intended to increase transparency and comparability among organizations by recognizing right-of-use (ROU) lease assets and lease liabilities on the balance sheet and requiring disclosure of key information about leasing arrangements. Lease expense continues to be recognized in a manner similar to legacy GAAP. The effect of adopting Topic 842 resulted in the recognition of operating ROU assets and corresponding lease liabilities on the Company’s consolidated balance sheet. The Company adopted Topic 842 in the fourth quarter of our fiscal 2021 reflecting an initial application date of January 1, 2021 using the modified retrospective transition approach under which the adoption date of ASC 842 became the application date, with the comparative periods presented and disclosed under the ASC 840 requirements. Interim financial data for the comparable prior-year quarter ended June 30, 2021 has been revised to reflect the adoption of Topic 842 and differs from what was disclosed in the prior year Form 10-Q filed on August 11, 2021. The standard did not affect the Company’s consolidated statements of operations, comprehensive income, and stockholders’ equity for the three and six months ended June 30, 2021. Though net cash provided by operating, investing, and financing activities were unchanged, the standard did affect certain operating cash flow line items within the Company’s consolidated statements of cash flows for the six months ended June 30, 2021. Select condensed consolidated cash flow items, which reflects the adoption of the new standard as reported for the six months ended June 30, 2021, are as follows (in thousands): Six Months Ended June 30, 2021 Balances without adoption of Topic 842 Effect of Change As reported (As previously reported in the prior year 10-Q) Higher (Lower) Non-cash operating lease expense $ 915 $ — $ 915 Operating lease liabilities $ (1,044) $ — $ (1,044) Accrued expenses $ (146) $ (275) $ 129 Net cash provided by operating activities $ 33,763 $ 33,763 $ —

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table sets forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy (in thousands): June 30, 2022 Level I Level II Level III Total Financial Assets Money market funds $ 23,191 $ — $ — $ 23,191 Certificates of deposit — 5,223 — 5,223 Cash equivalents 23,191 5,223 — 28,414 Commercial paper — 71,337 — 71,337 U.S. Treasury and government debt securities — 59,760 — 59,760 Marketable securities — 131,097 — 131,097 Equity investment 6,405 — — 6,405 Non-current assets 6,405 — — 6,405 Total Financial Assets $ 29,596 $ 136,320 $ — $ 165,916 December 31, 2021 Level I Level II Level III Total Financial Assets Money market funds $ 65,311 $ — $ — $ 65,311 Certificates of deposit — 5,942 — 5,942 Cash equivalents 65,311 5,942 — 71,253 Commercial paper — 50,954 — 50,954 U.S. Treasury and government debt securities — 26,167 — 26,167 Marketable securities — 77,121 — 77,121 Equity investment 5,948 — — 5,948 Non-current assets 5,948 — — 5,948 Total Financial Assets $ 71,259 $ 83,063 $ — $ 154,322 The Company’s financial assets consist of Level I and II assets. The Company had no Level III assets or liabilities for the periods presented. The Company classifies its cash equivalents and marketable securities within Level I or Level II because they are valued using either quoted market prices or inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. The Company’s fixed income available-for-sale securities

Balance Sheet Components

Balance Sheet Components	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	Balance Sheet Components Marketable Securities The following table summarizes the Company’s marketable securities by significant investment categories (in thousands): June 30, 2022 Amortized Cost Gross Unrealized Loss Fair Value Commercial paper $ 71,337 $ — $ 71,337 U.S. Treasury and government debt securities 60,147 (387) 59,760 Total $ 131,484 $ (387) $ 131,097 December 31, 2021 Amortized Cost Gross Unrealized Loss Fair Value Commercial paper $ 50,954 $ — $ 50,954 U.S. Treasury and government debt securities 26,203 (36) 26,167 Total $ 77,157 $ (36) $ 77,121 The remaining contractual maturity of all marketable securities was within one year as of June 30, 2022 and December 31, 2021. Realized gains and losses were inconsequential for the three and six months ended June 30, 2022 and 2021. As of June 30, 2022 and 2021, there were no securities that were in an unrealized loss position for more than twelve months. Property, Equipment and Software, Net Property, equipment and software, net consists of the following (in thousands): June 30, December 31, Internal-use software $ 37,329 $ 30,581 Network hardware, computer equipment and software 113,405 92,561 Leasehold improvements 2,748 2,426 Furniture and fixtures 1,024 1,448 Property, equipment and software, gross 154,506 127,016 Less: accumulated depreciation and amortization (90,402) (76,876) Total property, equipment and software, net $ 64,104 $ 50,140 Depreciation and amortization expense related to property, equipment, and software (excluding amortization of internal use software) was $4.9 million and $3.4 million for the three months ended June 30, 2022 and 2021, respectively, and $9.9 million and $6.3 million for the six months ended June 30, 2022 and 2021, respectively. The Company capitalized $3.5 million and $2.5 million in software development costs during the three months ended June 30, 2022 and 2021, respectively, and $6.7 million and $4.6 million for the six months ended June 30, 2022 and 2021, respectively. Amortization expense of internal use software was $2.4 million and $1.8 million during the three months ended June 30, 2022 and 2021, respectively, and $4.6 million and $3.4 million for the six months ended June 30, 2022 and 2021. These costs are included within cost of revenue in the condensed consolidated statements of operations and comprehensive income. The Company did not recognize any impairment charges on its long-lived assets during the six months ended June 30, 2022 and 2021, respectively. Accounts Payable Accounts payable consists of the following (in thousands): June 30, December 31, Payable to publishers $ 218,455 $ 235,440 Trade payables 18,951 8,881 Total accounts payable $ 237,406 $ 244,321 Accrued Expenses Accrued expenses consist of the following (in thousands): June 30, December 31, Accrued compensation $ 10,346 $ 17,271 Accrued and other current liabilities 2,163 1,509 Total accrued expenses $ 12,509 $ 18,780

Loan and Security Agreement

Loan and Security Agreement	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Loan and Security Agreement	Loan and Security Agreement In June 2021, the Company amended and restated its loan and security agreement (the "Loan Agreement") with Silicon Valley Bank ("SVB"). The Loan Agreement provides a senior secured revolving credit facility of up to $25.0 million or 80% of eligible accounts receivable less certain reserves, minus the aggregate principal amount of all outstanding advances. Interest accrues on advances under the revolving line of credit at a variable rate equal to the greater of prime rate or 3.25%. As of June 30, 2022, the applicable interest rate under the revolving line of credit was 4.75%. An unused revolver fee in the amount of 0.40% per annum of the average unused portion of the revolver line is charged and is payable quarterly in arrears in any quarter where the average closing outstanding balance is less than $5.0 million. The maturity date of the revolving line of credit is June 6, 2024. As of June 30, 2022, there were no outstanding advances under the revolving line of credit. The Company’s obligations under the line of credit and the letters of credit (described in Note 7) with SVB are secured by substantially all of its assets excluding its intellectual property. The Loan Agreement contains affirmative covenants including financial covenants that, among other things, require the Company to maintain an adjusted quick ratio of no less than 1.0 to 1.0. The adjusted quick ratio is defined as the ratio of unrestricted cash and cash

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Leases Operating lease cost is recognized on a straight-line basis over the lease term. Finance lease cost is recognized as a combination of the amortization expense for the ROU assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term. The components of lease cost are as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Operating lease cost $ 1,923 $ 624 $ 3,300 $ 1,254 Finance lease cost - amortization of right-of-use assets 43 — 87 — Finance lease cost - interest on lease liabilities 5 — 9 — Total lease cost $ 1,971 $ 624 $ 3,396 $ 1,254 No sublease income was recognized for the six months ended June 30, 2022 and 2021. Short-term and variable lease expenses are not material to the Company’s condensed financial statements. As of June 30, 2022, a weighted average discount rate of 3.03% and 2.24% has been applied to the remaining operating and finance lease payments, respectively, to calculate the lease liabilities included within the condensed consolidated balance sheet. The weighted average remaining lease term of operating and finance leases is 5.0 and 5.8 years, respectively, as of June 30, 2022. As of June 30, 2022, the maturities of lease liabilities under operating and finance leases were as follows: Operating leases Finance leases Total 2022 (Remaining 6 months) $ 3,206 $ 105 $ 3,311 2023 6,136 140 6,276 2024 6,189 145 6,334 2025 4,839 149 4,988 2026 5,046 153 5,199 Thereafter 4,982 199 5,181 Total minimum lease payments $ 30,398 $ 891 $ 31,289 Less: imputed interest (2,244) (53) (2,297) Total present value of lease liabilities $ 28,154 $ 838 $ 28,992
Leases	Leases Operating lease cost is recognized on a straight-line basis over the lease term. Finance lease cost is recognized as a combination of the amortization expense for the ROU assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term. The components of lease cost are as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Operating lease cost $ 1,923 $ 624 $ 3,300 $ 1,254 Finance lease cost - amortization of right-of-use assets 43 — 87 — Finance lease cost - interest on lease liabilities 5 — 9 — Total lease cost $ 1,971 $ 624 $ 3,396 $ 1,254 No sublease income was recognized for the six months ended June 30, 2022 and 2021. Short-term and variable lease expenses are not material to the Company’s condensed financial statements. As of June 30, 2022, a weighted average discount rate of 3.03% and 2.24% has been applied to the remaining operating and finance lease payments, respectively, to calculate the lease liabilities included within the condensed consolidated balance sheet. The weighted average remaining lease term of operating and finance leases is 5.0 and 5.8 years, respectively, as of June 30, 2022. As of June 30, 2022, the maturities of lease liabilities under operating and finance leases were as follows: Operating leases Finance leases Total 2022 (Remaining 6 months) $ 3,206 $ 105 $ 3,311 2023 6,136 140 6,276 2024 6,189 145 6,334 2025 4,839 149 4,988 2026 5,046 153 5,199 Thereafter 4,982 199 5,181 Total minimum lease payments $ 30,398 $ 891 $ 31,289 Less: imputed interest (2,244) (53) (2,297) Total present value of lease liabilities $ 28,154 $ 838 $ 28,992

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contractual Obligations In the normal course of business, we enter into contractual obligations with various parties, primarily relate to minimum contractual payments due to data center providers. As of June 30, 2022, our outstanding contractual obligations with a term of 12 months or longer consist of the following (in thousands): Contractual Obligations 2022 (for remaining 6 months) $ 10,231 2023 18,995 2024 14,845 2025 4,548 Total future minimum commitments, net $ 48,619 Letters of Credit As of June 30, 2022, the Company had two irrevocable letters of credit outstanding related to non-cancelable facilities leases in the amounts of $3.5 million and $0.5 million, with annual automatic renewal and final expiration dates in July 2028 and April 2025, respectively. As of December 31, 2021, the Company had two irrevocable letters of credit outstanding related to noncancelable facilities leases in the amounts of $3.5 million and $0.7 million, with annual automatic renewal and final expiration dates in July 2028 and June 2022, respectively. Legal Matters From time to time, the Company has become involved in claims and other legal matters arising in the normal course of business. The Company investigates these claims as they arise and accrues for contingencies when the Company believes that a loss is probable and that the Company can reasonably estimate the amount of any such loss. The Company has made an assessment of the probability of incurring any such losses and whether or not those losses are estimable and although claims are inherently unpredictable the Company concluded that these losses are not material to the Company’s business, financial position, results of operations, or cash flows. To the extent there is a reasonable possibility that a loss exceeding amounts already recognized may be incurred, and the amount of such additional loss would be material, the Company will either disclose the estimated additional loss or state that such an estimate cannot be made. Indemnification In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves future claims that may be made against the Company but have not yet been made. To date, the Company has not paid any material claims or been required to defend any actions related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. In addition, the Company has indemnification agreements with certain of its directors and executive officers that require it, among other things, to indemnify them against certain liabilities that may arise due to their status or service as directors or officers of the Company. The terms of such obligations may vary.

Stockholders_ Equity and Stock

Stockholders’ Equity and Stock Option Plans	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Stockholders’ Equity and Stock Option Plans	Stockholders’ Equity and Stock Option Plans Equity Incentive Plans The Company maintains the 2020 Equity Incentive Plan (“2020 Plan”), pursuant to which the Company may grant stock options, restricted stock awards, stock appreciation rights, restricted stock units (“RSUs”), deferred stock units (“DSUs”) performance awards, and stock bonus awards. As of June 30, 2022, the Company has reserved 7,587,128 shares of Class A common stock for the issuance of awards under the 2020 Plan. These available shares will increase automatically on January 1 for each of the first ten calendar years during the term of the 2020 Plan by the number of shares equal to the lesser of five percent (5%) of the aggregate number of outstanding shares of all classes of the Company’s common stock outstanding as of the immediately preceding December 31, or a number as may be determined by the Company’s board of directors or compensation committee. To the extent outstanding awards under the 2017 Plan and the 2006 Plan are forfeited, lapse unexercised, or would otherwise have been returned to the share reserve under the Prior Plans, the shares of Class B common stock subject to such awards instead will be available for future issuance as Class A common stock under the 2020 Plan. No new awards were issued under the 2006 Plan or 2017 Plan after the effective date of the 2020 Plan. Stock Options A summary of stock option activity under the Company’s equity incentive plan and related information is as follows: Stock Options Number of Shares Underlying Outstanding Options Weighted-Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding — December 31, 2021 6,542,351 $ 6.08 6.95 $ 184,727 Options granted 417,016 26.64 Options exercised (227,234) 3.69 Options canceled/expired (89,300) 12.69 Outstanding — June 30, 2022 6,642,833 $ 7.37 6.64 $ 74,321 Vested and exercisable — June 30, 2022 4,703,363 $ 4.32 5.92 $ 59,723 As of June 30, 2022, unrecognized stock-based compensation of $18.1 million related to unvested stock options will be recognized on a straight-line basis over a weighted average period of 2.56 years. Restricted Stock Units A summary of RSU activity under the Company’s equity incentive plan and related information is as follows: RSUs Number of Shares Weighted-Average Grant Date Fair Value per Share Unvested — December 31, 2021 483,302 $ 35.23 Granted 1,138,824 $ 27.98 Vested (114,656) $ 32.06 Canceled/Forfeited (74,233) $ 30.93 Unvested — June 30, 2022 1,433,237 $ 29.94 As of June 30, 2022, unrecognized stock-based compensation of $39.5 million related to unvested RSUs will be recognized on a straight-line basis over a weighted average period of 3.34 years. 2020 Employee Stock Purchase Plan In November 2020, the Company’s board of directors adopted, and its stockholders approved, the 2020 Employee Stock Purchase Plan (“ESPP”), which became effective in connection with the IPO. A total of 500,000 shares of the Company’s Class A common stock were initially reserved for issuance under the ESPP. The aggregate number of shares reserved for issuance under the ESPP will increase automatically on January 1st of each of the first ten calendar years during the term of the ESPP by the number of shares equal to the lesser of (a) 1% of the total outstanding shares of all classes of the Company’s common stock as of the immediately preceding December 31 and (b) such number of shares of common stock as determined by the Company’s board of directors. The aggregate number of shares issued over the term of the ESPP may not exceed 7,500,000 shares of Class A common stock. As of June 30, 2022, the Company had reserved 571,766 shares of its Class A common stock for issuance under the ESPP. Under the ESPP, Class A common stock will be purchased for the accounts of employees participating in the ESPP on each purchase date at a price per share equal to 85% of the lesser of: (a) the fair market value on the offering date or (b) the fair market value on the purchase date. The ESPP provides for, at maximum, 27 month offering periods and each offering period may consist of one or more six-month purchase periods, whereby the latest offering period commenced on June 1, 2022, and the offering periods thereafter consist of two six-month purchase periods ending May 31, 2023. As of June 30, 2022, $0.2 million has been withheld on behalf of employees for a future purchase under the ESPP due to the timing of payroll deductions and is included in accrued and other current liabilities. For the six months ended June 30, 2022, there were 141,709 shares of our Class A common stock purchased under the ESPP. As of June 30, 2022, unrecognized stock-based compensation expense related to the ESPP was $1.0 million, which is expected to be recognized over a weighted-average period of 0.92 years. Stock-Based Compensation The total stock-based compensation recognized in the condensed consolidated statements of operations and comprehensive income is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of revenue $ 327 $ 204 $ 605 $ 372 Technology and development 907 579 1,784 1,060 Sales and marketing 2,098 1,290 4,005 2,451 General and administrative 2,059 1,556 4,133 2,911 Total stock-based compensation 5,391 3,629 10,527 6,794 Tax benefit from stock-based compensation (875) (500) (1,706) (880) Total stock-based compensation, net of tax effect $ 4,516 $ 3,129 $ 8,821 $ 5,914

Net Income Per Share Attributab

Net Income Per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Income Per Share Attributable to Common Stockholders	Net Income Per Share Attributable to Common Stockholders The Company has two classes of common stock, Class A and Class B. Basic and diluted earnings per share (“EPS”) attributable to common stockholders for Class A and Class B common stock were the same because they were entitled to the same liquidation and dividend rights. The following table sets forth the computation of the Company’s basic and diluted net income per share (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net income attributable to common stockholders - basic $ 7,819 $ 9,921 $ 12,598 $ 14,839 Denominator: Weighted average common shares outstanding – basic 52,154,616 49,578,536 52,033,268 49,345,202 Net income per share attributable to common stockholders – basic: $ 0.15 $ 0.20 $ 0.24 $ 0.30 Numerator: Net income attributable to common stockholders - diluted $ 7,819 $ 9,921 $ 12,598 $ 14,839 Denominator: Weighted average shares outstanding – basic 52,154,616 49,578,536 52,033,268 49,345,202 Options to purchase common stock 4,686,666 6,678,486 4,806,735 7,176,904 Restricted stock 6,024 58,112 5,186 29,056 Employee stock purchase plan shares — 113,077 23,228 56,539 Weighted average shares outstanding – diluted 56,847,306 56,428,211 56,868,417 56,607,701 Net income per share attributable to common stockholders – diluted $ 0.14 $ 0.18 $ 0.22 $ 0.26 The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Options to purchase common stock 1,050,854 665,398 982,298 556,122 Unvested restricted stock units 1,349,256 — 1,001,158 — ESPP 43,320 — 32,443 — Total excludable from net income per share attributable to common stockholders – diluted 2,443,430 665,398 2,015,899 556,122

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company computes its provision for income taxes by applying the estimated annual effective tax rate to pretax income and adjusts the provision for discrete tax items recorded in the period. The Company recorded a provision for income taxes of $1.9 million and a benefit of less than $0.1 million for the three months ended June 30, 2022 and 2021, respectively, and $3.3 million and $1.9 million for the six months ended June 30, 2022 and 2021, respectively. The effective income tax rate was 20% and —% for the three months ended June 30, 2022 and 2021, respectively, and 21% and 11% for the six months ended June 30, 2022 and 2021, respectively. The income tax provision for the six months ended June 30, 2022 is related to an incremental increase in the foreign derived intangible income (FDII) deduction partially offset by global intangible low-taxed income (GILTI), Section 162(m) limitation on the tax deductibility of officers compensation and other effects created by the capitalization and amortization of R&D expenses for tax purposes starting on January 1, 2022, which was primarily due to a change in Section 174 of the Tax Cuts and Jobs Act of 2017. Realization of the Company’s deferred tax assets is dependent primarily on the generation of future taxable income. In considering the need for a valuation allowance, the Company considers its historical, as well as future projected, taxable income along with other objectively verifiable evidence. Objectively verifiable evidence includes the Company’s realization of tax attributes, assessment of tax credits, and utilization of net operating loss carryforwards during the year.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information The following table represents total revenue by geographic area based on the publisher’s billing address (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 United States $ 38,278 $ 30,076 $ 71,046 $ 57,484 EMEA 17,044 14,445 31,685 25,755 APAC 6,775 4,142 12,896 8,337 Rest of the world 935 995 1,957 1,690 Total $ 63,032 $ 49,658 $ 117,584 $ 93,266 The Company’s long-lived assets, net by geographic area are summarized as follows (in thousands): June 30, December 31, 2021 United States $ 57,073 $ 42,059 Rest of the world 7,031 8,081 Total $ 64,104 $ 50,140

401(k) Plan

401(k) Plan	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
401(k) Plan	401(k) PlanThe Company has a 401(k) Savings Plan (the “401(k) Plan”) that qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, participating employees may elect to contribute up to 100% of their eligible compensation, subject to certain limitations. The 401(k) Plan provides for a discretionary employer matching contribution. The Company made $0.7 million in matching contribution to the 401(k) Plan for the six months ended June 30, 2022 and no matching contribution for the six months ended June 30, 2021.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP. The accompanying condensed consolidated financial statements include the accounts of PubMatic, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates and assumptions. Due to the inherent uncertainty involved in making assumptions and estimates, events and changes in circumstances arising after June 30, 2022, including those resulting from the impacts of the COVID-19 pandemic, may result in actual outcomes that differ from those contemplated by the Company’s assumptions and estimates.
Stock-based Compensation	Stock-based Compensation The Company recognizes and measures compensation expense for all stock-based payment awards granted to employees, directors, and nonemployees, including stock options, restricted stock units (“RSUs”), and the employee stock purchase plan (the “ESPP”) based on the fair value of the awards on the date of grant. The fair value of stock options and shares of common stock to be issued under the ESPP is estimated using the Black Scholes option pricing model. The grant date fair value of RSUs is based on the closing market price of the Company’s Class A common stock on the date of grant. The Black Scholes option pricing model is impacted by the fair value of the Company’s common stock, as well as changes in assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the expected common stock price volatility over the term of the stock options, the expected term of the stock options, risk-free interest rates, and the expected dividend yield. For additional information regarding stock-based compensation and the assumptions used for determining the fair value of stock options and ESPP awards, refer to Note 8 — “Stockholders’ Equity and Stock Option Plans.”
Adoption of ASC 842	Adoption of ASC 842 In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic ASC 842) which, along with other ASU's containing minor amendments and technical corrections, provides for a comprehensive overhaul of the lease accounting model and changes the definition of a lease within US GAAP. Topic 842 supersedes the legacy ASC Topic 840 accounting guidance and is intended to increase transparency and comparability among organizations by recognizing right-of-use (ROU) lease assets and lease liabilities on the balance sheet and requiring disclosure of key information about leasing arrangements. Lease expense continues to be recognized in a manner similar to legacy GAAP. The effect of adopting Topic 842 resulted in the recognition of operating ROU assets and corresponding lease liabilities on the Company’s consolidated balance sheet. The Company adopted Topic 842 in the fourth quarter of our fiscal 2021 reflecting an initial application date of January 1, 2021 using the modified retrospective transition approach under which the adoption date of ASC 842 became the application date, with the comparative periods presented and disclosed under the ASC 840 requirements. Interim financial data for the comparable prior-year quarter ended June 30, 2021 has been revised to reflect the adoption of Topic 842 and differs from what was disclosed in the prior year Form 10-Q filed on August 11, 2021. The standard did not affect the Company’s consolidated statements of operations, comprehensive income, and stockholders’ equity for the three and six months ended June 30, 2021. Though net cash provided by operating, investing, and financing activities were unchanged, the standard did affect certain operating cash flow line items within the Company’s consolidated statements of cash flows for the six months ended June 30, 2021.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Accounting Standards Update and Change in Accounting Principle	Select condensed consolidated cash flow items, which reflects the adoption of the new standard as reported for the six months ended June 30, 2021, are as follows (in thousands): Six Months Ended June 30, 2021 Balances without adoption of Topic 842 Effect of Change As reported (As previously reported in the prior year 10-Q) Higher (Lower) Non-cash operating lease expense $ 915 $ — $ 915 Operating lease liabilities $ (1,044) $ — $ (1,044) Accrued expenses $ (146) $ (275) $ 129 Net cash provided by operating activities $ 33,763 $ 33,763 $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table sets forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy (in thousands): June 30, 2022 Level I Level II Level III Total Financial Assets Money market funds $ 23,191 $ — $ — $ 23,191 Certificates of deposit — 5,223 — 5,223 Cash equivalents 23,191 5,223 — 28,414 Commercial paper — 71,337 — 71,337 U.S. Treasury and government debt securities — 59,760 — 59,760 Marketable securities — 131,097 — 131,097 Equity investment 6,405 — — 6,405 Non-current assets 6,405 — — 6,405 Total Financial Assets $ 29,596 $ 136,320 $ — $ 165,916 December 31, 2021 Level I Level II Level III Total Financial Assets Money market funds $ 65,311 $ — $ — $ 65,311 Certificates of deposit — 5,942 — 5,942 Cash equivalents 65,311 5,942 — 71,253 Commercial paper — 50,954 — 50,954 U.S. Treasury and government debt securities — 26,167 — 26,167 Marketable securities — 77,121 — 77,121 Equity investment 5,948 — — 5,948 Non-current assets 5,948 — — 5,948 Total Financial Assets $ 71,259 $ 83,063 $ — $ 154,322

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Debt Securities, Available-for-sale	The following table summarizes the Company’s marketable securities by significant investment categories (in thousands): June 30, 2022 Amortized Cost Gross Unrealized Loss Fair Value Commercial paper $ 71,337 $ — $ 71,337 U.S. Treasury and government debt securities 60,147 (387) 59,760 Total $ 131,484 $ (387) $ 131,097 December 31, 2021 Amortized Cost Gross Unrealized Loss Fair Value Commercial paper $ 50,954 $ — $ 50,954 U.S. Treasury and government debt securities 26,203 (36) 26,167 Total $ 77,157 $ (36) $ 77,121
Property, Plant and Equipment	Property, equipment and software, net consists of the following (in thousands): June 30, December 31, Internal-use software $ 37,329 $ 30,581 Network hardware, computer equipment and software 113,405 92,561 Leasehold improvements 2,748 2,426 Furniture and fixtures 1,024 1,448 Property, equipment and software, gross 154,506 127,016 Less: accumulated depreciation and amortization (90,402) (76,876) Total property, equipment and software, net $ 64,104 $ 50,140
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable consists of the following (in thousands): June 30, December 31, Payable to publishers $ 218,455 $ 235,440 Trade payables 18,951 8,881 Total accounts payable $ 237,406 $ 244,321
Schedule of Accrued Liabilities	Accrued expenses consist of the following (in thousands): June 30, December 31, Accrued compensation $ 10,346 $ 17,271 Accrued and other current liabilities 2,163 1,509 Total accrued expenses $ 12,509 $ 18,780

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Lease, Cost	The components of lease cost are as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Operating lease cost $ 1,923 $ 624 $ 3,300 $ 1,254 Finance lease cost - amortization of right-of-use assets 43 — 87 — Finance lease cost - interest on lease liabilities 5 — 9 — Total lease cost $ 1,971 $ 624 $ 3,396 $ 1,254
Lessee, Operating Lease, Liability, Maturity	As of June 30, 2022, the maturities of lease liabilities under operating and finance leases were as follows: Operating leases Finance leases Total 2022 (Remaining 6 months) $ 3,206 $ 105 $ 3,311 2023 6,136 140 6,276 2024 6,189 145 6,334 2025 4,839 149 4,988 2026 5,046 153 5,199 Thereafter 4,982 199 5,181 Total minimum lease payments $ 30,398 $ 891 $ 31,289 Less: imputed interest (2,244) (53) (2,297) Total present value of lease liabilities $ 28,154 $ 838 $ 28,992
Finance Lease, Liability, Fiscal Year Maturity	As of June 30, 2022, the maturities of lease liabilities under operating and finance leases were as follows: Operating leases Finance leases Total 2022 (Remaining 6 months) $ 3,206 $ 105 $ 3,311 2023 6,136 140 6,276 2024 6,189 145 6,334 2025 4,839 149 4,988 2026 5,046 153 5,199 Thereafter 4,982 199 5,181 Total minimum lease payments $ 30,398 $ 891 $ 31,289 Less: imputed interest (2,244) (53) (2,297) Total present value of lease liabilities $ 28,154 $ 838 $ 28,992

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contractual Obligation, Fiscal Year Maturity	As of June 30, 2022, our outstanding contractual obligations with a term of 12 months or longer consist of the following (in thousands): Contractual Obligations 2022 (for remaining 6 months) $ 10,231 2023 18,995 2024 14,845 2025 4,548 Total future minimum commitments, net $ 48,619

Stockholders_ Equity and Stoc_2

Stockholders’ Equity and Stock Option Plans (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	Stock Options Number of Shares Underlying Outstanding Options Weighted-Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding — December 31, 2021 6,542,351 $ 6.08 6.95 $ 184,727 Options granted 417,016 26.64 Options exercised (227,234) 3.69 Options canceled/expired (89,300) 12.69 Outstanding — June 30, 2022 6,642,833 $ 7.37 6.64 $ 74,321 Vested and exercisable — June 30, 2022 4,703,363 $ 4.32 5.92 $ 59,723 RSUs Number of Shares Weighted-Average Grant Date Fair Value per Share Unvested — December 31, 2021 483,302 $ 35.23 Granted 1,138,824 $ 27.98 Vested (114,656) $ 32.06 Canceled/Forfeited (74,233) $ 30.93 Unvested — June 30, 2022 1,433,237 $ 29.94
Share-based Payment Arrangement, Expensed and Capitalized, Amount	The total stock-based compensation recognized in the condensed consolidated statements of operations and comprehensive income is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of revenue $ 327 $ 204 $ 605 $ 372 Technology and development 907 579 1,784 1,060 Sales and marketing 2,098 1,290 4,005 2,451 General and administrative 2,059 1,556 4,133 2,911 Total stock-based compensation 5,391 3,629 10,527 6,794 Tax benefit from stock-based compensation (875) (500) (1,706) (880) Total stock-based compensation, net of tax effect $ 4,516 $ 3,129 $ 8,821 $ 5,914

Net Income Per Share Attribut_2

Net Income Per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings per Share, Basic, by Common Class, Including Two Class Method	The following table sets forth the computation of the Company’s basic and diluted net income per share (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net income attributable to common stockholders - basic $ 7,819 $ 9,921 $ 12,598 $ 14,839 Denominator: Weighted average common shares outstanding – basic 52,154,616 49,578,536 52,033,268 49,345,202 Net income per share attributable to common stockholders – basic: $ 0.15 $ 0.20 $ 0.24 $ 0.30 Numerator: Net income attributable to common stockholders - diluted $ 7,819 $ 9,921 $ 12,598 $ 14,839 Denominator: Weighted average shares outstanding – basic 52,154,616 49,578,536 52,033,268 49,345,202 Options to purchase common stock 4,686,666 6,678,486 4,806,735 7,176,904 Restricted stock 6,024 58,112 5,186 29,056 Employee stock purchase plan shares — 113,077 23,228 56,539 Weighted average shares outstanding – diluted 56,847,306 56,428,211 56,868,417 56,607,701 Net income per share attributable to common stockholders – diluted $ 0.14 $ 0.18 $ 0.22 $ 0.26
Schedule of Earnings per Share, Diluted, by Common Class, Including Two Class Method	The following table sets forth the computation of the Company’s basic and diluted net income per share (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net income attributable to common stockholders - basic $ 7,819 $ 9,921 $ 12,598 $ 14,839 Denominator: Weighted average common shares outstanding – basic 52,154,616 49,578,536 52,033,268 49,345,202 Net income per share attributable to common stockholders – basic: $ 0.15 $ 0.20 $ 0.24 $ 0.30 Numerator: Net income attributable to common stockholders - diluted $ 7,819 $ 9,921 $ 12,598 $ 14,839 Denominator: Weighted average shares outstanding – basic 52,154,616 49,578,536 52,033,268 49,345,202 Options to purchase common stock 4,686,666 6,678,486 4,806,735 7,176,904 Restricted stock 6,024 58,112 5,186 29,056 Employee stock purchase plan shares — 113,077 23,228 56,539 Weighted average shares outstanding – diluted 56,847,306 56,428,211 56,868,417 56,607,701 Net income per share attributable to common stockholders – diluted $ 0.14 $ 0.18 $ 0.22 $ 0.26
Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share	The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Options to purchase common stock 1,050,854 665,398 982,298 556,122 Unvested restricted stock units 1,349,256 — 1,001,158 — ESPP 43,320 — 32,443 — Total excludable from net income per share attributable to common stockholders – diluted 2,443,430 665,398 2,015,899 556,122

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	The following table represents total revenue by geographic area based on the publisher’s billing address (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 United States $ 38,278 $ 30,076 $ 71,046 $ 57,484 EMEA 17,044 14,445 31,685 25,755 APAC 6,775 4,142 12,896 8,337 Rest of the world 935 995 1,957 1,690 Total $ 63,032 $ 49,658 $ 117,584 $ 93,266 The Company’s long-lived assets, net by geographic area are summarized as follows (in thousands): June 30, December 31, 2021 United States $ 57,073 $ 42,059 Rest of the world 7,031 8,081 Total $ 64,104 $ 50,140

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Concentration Risk Percentage (Details) - Customer Concentration Risk - Accounts Receivable	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
One Publisher
Concentration Risk [Line Items]
Concentration risk, percentage	12%	17%	13%	18%
Buyer One
Concentration Risk [Line Items]
Concentration risk, percentage			32%		29%
Buyer Two
Concentration Risk [Line Items]
Concentration risk, percentage			16%		19%

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Adoption of ASC 842 (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Non-cash operating lease expense	$ 2,998	$ 915
Operating lease liabilities	(2,385)	(1,044)
Accrued expenses	(5,565)	(146)
Net cash provided by operating activities	$ 39,782	33,763
Revision of Prior Period, Change in Accounting Principle, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Non-cash operating lease expense		915
Operating lease liabilities		(1,044)
Accrued expenses		129
Net cash provided by operating activities		0
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Non-cash operating lease expense		0
Operating lease liabilities		0
Accrued expenses		(275)
Net cash provided by operating activities		$ 33,763

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	$ 131,097	$ 77,121
Equity investment	6,405	5,948
Non-current assets	6,405	5,948
Total Financial Assets	165,916	154,322
Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	28,414	71,253
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	23,191	65,311
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	5,223	5,942
Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	0	0
Equity investment	6,405	5,948
Non-current assets	6,405	5,948
Total Financial Assets	29,596	71,259
Level I | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	23,191	65,311
Level I | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	23,191	65,311
Level I | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	131,097	77,121
Equity investment	0	0
Non-current assets	0	0
Total Financial Assets	136,320	83,063
Level II | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	5,223	5,942
Level II | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Level II | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	5,223	5,942
Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	0	0
Equity investment	0	0
Non-current assets	0	0
Total Financial Assets	0	0
Level III | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Level III | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Level III | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	71,337	50,954
Commercial paper | Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	0	0
Commercial paper | Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	71,337	50,954
Commercial paper | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	0	0
U.S. Treasury and government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	59,760	26,167
U.S. Treasury and government debt securities | Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	0	0
U.S. Treasury and government debt securities | Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	59,760	26,167
U.S. Treasury and government debt securities | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	$ 0	$ 0

Balance Sheet Components - Summ

Balance Sheet Components - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 131,484	$ 77,157
Gross Unrealized Loss	(387)	(36)
Marketable securities	131,097	77,121
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	71,337	50,954
Gross Unrealized Loss	0	0
Marketable securities	71,337	50,954
U.S. Treasury and government debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	60,147	26,203
Gross Unrealized Loss	(387)	(36)
Marketable securities	$ 59,760	$ 26,167

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property, Equipment and Software, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	$ 154,506	$ 127,016
Less: accumulated depreciation and amortization	(90,402)	(76,876)
Property, equipment and software - net	64,104	50,140
Internal-use software
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	37,329	30,581
Network hardware, computer equipment and software
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	113,405	92,561
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	2,748	2,426
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	$ 1,024	$ 1,448

Balance Sheet Components - Narr

Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 4.9	$ 3.4	$ 9.9	$ 6.3
Capitalized computer software additions	3.5	2.5	6.7	4.6
Internal-use software
Property, Plant and Equipment [Line Items]
Amortization	$ 2.4	$ 1.8	$ 4.6	$ 3.4

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accounts Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Payable to publishers	$ 218,455	$ 235,440
Trade payables	18,951	8,881
Total accounts payable	$ 237,406	$ 244,321

Balance Sheet Components - Sc_3

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation	$ 10,346	$ 17,271
Accrued and other current liabilities	2,163	1,509
Accrued liabilities	$ 12,509	$ 18,780

Loan and Security Agreement (De

Loan and Security Agreement (Details) - Revolving Credit Facility - Silicon Valley Bank - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 25
Line of credit facility, borrowing capacity, percentage of eligible accounts receivable, net,		80%
Debt instrument, interest rate	4.75%	3.25%
Line of credit facility, unused capacity, commitment fee percentage	0.40%
Line of credit facility, borrowing capacity, unused capacity fee, closing balance threshold	$ 5
Debt instrument, covenant, quick ratio, minimum		1

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease cost	$ 1,923	$ 624	$ 3,300	$ 1,254
Finance lease cost - amortization of right-of-use assets	43	0	87	0
Finance lease cost - interest on lease liabilities	5	0	9	0
Total lease cost	$ 1,971	$ 624	$ 3,396	$ 1,254

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Sublease Income	$ 0	$ 0
Operating leases	3.03%
Finance leases	2.24%
Operating lease term	5 years
Finance lease term	5 years 9 months 18 days

Leases - Lease Maturity (Detail

Leases - Lease Maturity (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Operating leases
2022 (Remaining 6 months)	$ 3,206
2023	6,136
2024	6,189
2025	4,839
2026	5,046
Thereafter	4,982
Total minimum lease payments	30,398
Less: imputed interest	(2,244)
Total present value of lease liabilities	28,154
Finance leases
2022 (Remaining 6 months)	105
2023	140
2024	145
2025	149
2026	153
Thereafter	199
Total minimum lease payments	891
Less: imputed interest	(53)
Total present value of lease liabilities	838
Total
2022 (Remaining 6 months)	3,311
2023	6,276
2024	6,334
2025	4,988
2026	5,199
Thereafter	5,181
Total minimum lease payments	31,289
Less: imputed interest	(2,297)
Total present value of lease liabilities	$ 28,992

Commitments and Contingencies -

Commitments and Contingencies - Future Minimum Commitments (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Contractual Obligations
2022 (for remaining 6 months)	$ 10,231
2023	18,995
2024	14,845
2025	4,548
Total future minimum commitments, net	$ 48,619

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) $ in Millions	Jun. 30, 2022 USD ($) instrument	Dec. 31, 2021 USD ($) instrument
Irrevocable Letters of Credit due July 2028
Other Commitments [Line Items]
Number Of Letters Of Credit | instrument	2	2
Letters of credit outstanding, amount	$ 3.5	$ 3.5
Irrevocable Letters of Credit due June 2022
Other Commitments [Line Items]
Letters of credit outstanding, amount		$ 0.7
Irrevocable Letters of Credit due April 2025
Other Commitments [Line Items]
Letters of credit outstanding, amount	$ 0.5

Stockholders_ Equity and Stoc_3

Stockholders’ Equity and Stock Option Plans - Narrative (Details) $ in Millions		6 Months Ended
	Nov. 30, 2020 shares	Jun. 30, 2022 USD ($) calendarYear shares
Class of Stock [Line Items]
Number of calendar years | calendarYear		10
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount | $		$ 39.5
Discount from market price, purchase date		5%
Amount withheld for employee stock purchase plan | $		$ 0.2
Share-based Payment Arrangement, Option
Class of Stock [Line Items]
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount | $		$ 18.1
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition		2 years 6 months 21 days
Unvested restricted stock units
Class of Stock [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition		3 years 4 months 2 days
ESPP
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)		571,766
Number of calendar years | calendarYear		10
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition		11 months 1 day
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount | $		$ 1
Percentage of outstanding stock maximum	1%
Discount from market price, purchase date		85%
Offering period		27 months
Purchase period		6 months
Common Class A
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)		7,587,128
Issuance of common stock related to employee stock purchase plan (in shares)		141,709
Common Class A | ESPP
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	500,000
Number of shares authorized	7,500,000

Stockholders_ Equity and Stoc_4

Stockholders’ Equity and Stock Option Plans - Summary of Stock Option Activity and Related Information (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Number of Shares Underlying Outstanding Options
Beginning balance (in shares) | shares	6,542,351
Options granted (in shares) | shares	417,016
Options exercised (in shares) | shares	(227,234)
Options canceled (in shares) | shares	(89,300)
Ending balance (in shares) | shares	6,642,833	6,542,351
Vested (in shares) | shares	4,703,363
Weighted-Average Exercise Price
Beginning balance (in usd per share) | $ / shares	$ 6.08
Options granted (in usd per share) | $ / shares	26.64
Options exercised (in usd per share) | $ / shares	3.69
Options canceled (in usd per share) | $ / shares	12.69
Ending balance (in usd per share) | $ / shares	7.37	$ 6.08
Vested (in usd per share) | $ / shares	$ 4.32
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual term (years)	6 years 7 months 20 days	6 years 11 months 12 days
Weighted average remaining contractual term vested (in years)	5 years 11 months 1 day
Aggregate intrinsic value, awards outstanding | $	$ 74,321	$ 184,727
Aggregate intrinsic value, vested | $	$ 59,723

Stockholders_ Equity and Stoc_5

Stockholders’ Equity and Stock Option Plans - Summary of Restricted Stock Units and Related Information (Details) - Unvested restricted stock units	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Number of Shares Underlying Outstanding Options
Unvested beginning balance (in shares) | shares	483,302
Granted (in shares) | shares	1,138,824
Vested (in shares) | shares	(114,656)
Canceled/Forfeited (in shares) | shares	(74,233)
Unvested ending balance (in shares) | shares	1,433,237
Weighted-Average Exercise Price
Unvested beginning balance (in usd per share) | $ / shares	$ 35.23
Granted (in usd per share) | $ / shares	27.98
Vested (in usd per share) | $ / shares	32.06
Canceled/Forfeited (in usd per share) | $ / shares	30.93
Unvested ending balance (in usd per share) | $ / shares	$ 29.94

Stockholders_ Equity and Stoc_6

Stockholders’ Equity and Stock Option Plans - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 5,391	$ 3,629	$ 10,527	$ 6,794
Tax benefit from stock-based compensation	(875)	(500)	(1,706)	(880)
Total stock-based compensation, net of tax effect	4,516	3,129	8,821	5,914
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	327	204	605	372
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	907	579	1,784	1,060
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,098	1,290	4,005	2,451
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,059	$ 1,556	$ 4,133	$ 2,911

Net Income Per Share Attribut_3

Net Income Per Share Attributable to Common Stockholders - Basic and Diluted Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income	$ 7,819	$ 4,779	$ 9,921	$ 4,918	$ 12,598	$ 14,839
Denominator:
Weighted average common shares outstanding – basic	52,154,616		49,578,536		52,033,268	49,345,202
Net income per share attributable to common stockholders – basic: (in usd per share)	$ 0.15		$ 0.20		$ 0.24	$ 0.30
Numerator:
Net income attributable to common stockholders - diluted	$ 7,819		$ 9,921		$ 12,598	$ 14,839
Denominator:
Weighted average common shares outstanding – basic	52,154,616		49,578,536		52,033,268	49,345,202
Options to purchase common stock (in shares)	4,686,666		6,678,486		4,806,735	7,176,904
Restricted stock (in shares)	6,024		58,112		5,186	29,056
Weighted average shares outstanding – diluted	0		113,077		23,228	56,539
Weighted average shares outstanding – diluted	56,847,306		56,428,211		56,868,417	56,607,701
Net income per share attributable to common stockholders – diluted (in usd per share)	$ 0.14		$ 0.18		$ 0.22	$ 0.26

Net Income Per Share Attribut_4

Net Income Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total excludable from net income per share attributable to common stockholders – diluted	2,443,430	665,398	2,015,899	556,122
Options to purchase common stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total excludable from net income per share attributable to common stockholders – diluted	1,050,854	665,398	982,298	556,122
Unvested restricted stock units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total excludable from net income per share attributable to common stockholders – diluted	1,349,256	0	1,001,158	0
ESPP
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total excludable from net income per share attributable to common stockholders – diluted	43,320	0	32,443	0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Valuation Allowance [Line Items]
Provision for (benefit from) income taxes	$ 1,927	$ (27)	$ 3,330	$ 1,896
Effective income tax rate reconciliation, percent	20%	0%	21%	11%
Maximum
Valuation Allowance [Line Items]
Provision for (benefit from) income taxes		$ 100

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 63,032	$ 49,658	$ 117,584	$ 93,266
Total	64,104		64,104		$ 50,140
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	38,278	30,076	71,046	57,484
Total	57,073		57,073		42,059
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	17,044	14,445	31,685	25,755
APAC
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	6,775	4,142	12,896	8,337
Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	935	$ 995	1,957	$ 1,690
Total	$ 7,031		$ 7,031		$ 8,081

401(k) Plan - Narrative (Detail

401(k) Plan - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Retirement Benefits [Abstract]
Defined contribution plan, maximum annual contributions per employee, percent	100%
Defined contribution plan, employer discretionary contribution amount	$ 700,000	$ 0