PubMatic (PUBM) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-39748
Entity Registrant Name	PUBMATIC, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5863224
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	2024
Document Fiscal Period Focus	Q1
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		41,452,195
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,478,816

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 80,194	$ 78,509
Marketable securities	93,887	96,835
Accounts receivable, net	303,284	375,468
Prepaid expenses and other current assets	11,540	11,143
Total current assets	488,905	561,955
Property, equipment and software, net	56,550	60,729
Operating lease right-of-use assets	23,473	21,102
Acquisition-related intangible assets, net	5,469	5,864
Goodwill	29,577	29,577
Deferred tax assets	18,547	13,880
Other assets, non-current	3,669	2,136
TOTAL ASSETS	626,190	695,243
Current liabilities
Accounts payable	289,176	347,673
Accrued liabilities	19,763	25,684
Operating lease liabilities, current	6,841	6,236
Total current liabilities	315,780	379,593
Operating lease liabilities, non-current	17,613	15,607
Other liabilities, non-current	4,067	3,844
TOTAL LIABILITIES	337,460	399,044
Commitments and contingencies (Note 8)
Stockholders' equity
Preferred stock, $0.0001 par value per share, 10,000 shares authorized as of March 31, 2024 and December 31, 2023; No shares issued and outstanding as of March 31, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value per share; 1,000,000 Class A shares authorized as of March 31, 2024 and December 31, 2023; $46,327 shares issued and $41,393 shares outstanding as of March 31, 2024; $45,542 shares issued and $41,502 shares outstanding as of December 31, 2023; 1,000,000 Class B shares authorized as of March 31, 2024 and December 31, 2023; $11,626 shares issued and $8,486 shares outstanding as of March 31, 2024; $11,884 shares issued and $8,744 shares outstanding as of December 31, 2023	6	6
Treasury stock, at cost; 8,074 and 7,180 shares as of March 31, 2024 and December 31, 2023, respectively	(86,857)	(71,103)
Additional paid-in capital	241,179	230,419
Accumulated other comprehensive loss	(25)	(4)
Retained earnings	134,427	136,881
TOTAL STOCKHOLDERS’ EQUITY	288,730	296,199
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 626,190	$ 695,243

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2024	Dec. 31, 2023
Preferred stock par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock shares authorized	10,000	10,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Treasury stock shares	8,074	7,180
Common Class A
Common stock par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock shares authorized	1,000,000	1,000,000
Common stock shares issued	46,327	45,542
Common stock shares outstanding	41,393	41,502
Common Class B
Common stock par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock shares authorized	1,000,000	1,000,000
Common stock shares issued	11,626	11,884
Common stock shares outstanding	8,486	8,744

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 66,701	$ 55,407
Cost of revenue	25,424	23,863
Gross profit	41,277	31,544
Operating expenses:
Technology and development	7,960	6,517
Sales and marketing	24,815	23,127
General and administrative	14,027	12,572
Total operating expenses	46,802	42,216
Operating loss	(5,525)	(10,672)
Interest income	2,564	1,891
Other income (expense), net	258	(465)
Loss before income taxes	(2,703)	(9,246)
Benefit from income taxes	(249)	(3,375)
Net loss	$ (2,454)	$ (5,871)
Earnings Per Share [Abstract]
Net income per share attributable to common stockholders – basic: (in usd per share)	$ (0.05)	$ (0.11)
Diluted net loss per share of Class A and Class B stock (in usd per share)	$ (0.05)	$ (0.11)
Weighted-average shares used to compute net loss per share attributable to common stockholders:
Basic (in shares)	50,039	52,740
Diluted (in shares)	50,039	52,740

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Other Comprehensive Income [Abstract]
Net loss	$ (2,454)	$ (5,871)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities, net of tax	(21)	17
Comprehensive loss	$ (2,475)	$ (5,854)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022		52,705
Beginning balance at Dec. 31, 2022	$ 312,188	$ 6	$ (11,486)	$ 195,677	$ (9)	$ 128,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	7,606			7,606
Exercise of stock options (in shares)		109
Exercise of stock options	314			314
Repurchase of shares (in shares)		(587)
Repurchase of shares	(7,898)		(7,898)
Issuance of common stock related to RSU vesting (in shares)		96
Other comprehensive income (loss)	17				17
Net loss	(5,871)					(5,871)
Ending balance (in shares) at Mar. 31, 2023		52,323
Ending balance at Mar. 31, 2023	306,356	$ 6	(19,384)	203,597	8	122,129
Beginning balance (in shares) at Dec. 31, 2023		50,246
Beginning balance at Dec. 31, 2023	296,199	$ 6	(71,103)	230,419	(4)	136,881
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 9,821			9,821
Exercise of stock options (in shares)	298	298
Exercise of stock options	$ 939			939
Repurchase of shares (in shares)		(895)
Repurchase of shares	(15,754)		(15,754)
Issuance of common stock related to RSU vesting (in shares)		230
Other comprehensive income (loss)	(21)				(21)
Net loss	(2,454)					(2,454)
Ending balance (in shares) at Mar. 31, 2024		49,879
Ending balance at Mar. 31, 2024	$ 288,730	$ 6	$ (86,857)	$ 241,179	$ (25)	$ 134,427

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Net loss	$ (2,454)	$ (5,871)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	11,212	11,432
Stock-based compensation	9,111	7,059
Deferred income taxes	(4,667)	(4,327)
Accretion of discount on marketable securities	(1,234)	(1,057)
Non-cash operating lease expense	1,690	1,532
Other	(1)	(3)
Changes in operating assets and liabilities:
Accounts receivable	72,184	61,292
Prepaid expenses and other assets	(196)	894
Accounts payable	(58,444)	(55,387)
Accrued liabilities	(1,784)	(833)
Operating lease liabilities	(1,380)	(1,265)
Other liabilities, non-current	257	(712)
Net cash provided by operating activities	24,294	12,754
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(801)	(1,417)
Capitalized software development costs	(7,231)	(6,001)
Purchases of marketable securities	(34,336)	(40,343)
Proceeds from maturities of marketable securities	38,500	29,500
Net cash used in investing activities	(3,868)	(18,261)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of business combination indemnification claims holdback	(2,148)	0
Proceeds from exercise of stock options	939	314
Principal payments on finance lease obligations	(32)	(31)
Payments to acquire treasury stock	(17,500)	(7,898)
Net cash used in financing activities	(18,741)	(7,615)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1,685	(13,122)
CASH AND CASH EQUIVALENTS - Beginning of period	78,509	92,382
CASH AND CASH EQUIVALENTS - End of period	80,194	79,260
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Income taxes paid	1,033	349
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
Stock-based compensation capitalized as internal-use software costs	710	547
Property and equipment included in accounts payable and accrued liabilities	148	1,311
Capitalized software costs included in accounts payable and accrued liabilities	917	820
Business combination purchase consideration - indemnification claims holdback	$ 0	$ 2,148

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business PubMatic, Inc. (together with its subsidiaries, the “Company” or “PubMatic”) was founded in 2006. The Company has offices worldwide. 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	3 Months Ended
	Mar. 31, 2024
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 2024, for example, refer to the fiscal year ending December 31, 2024. 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, 2024 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, 2023, as filed with the SEC on February 28, 2024 (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. Certain prior period amounts reported in our condensed consolidated financial statements and notes thereto have been reclassified to conform to the current period presentation. 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 March 31, 2024, may result in actual outcomes that differ from those contemplated by the Company’s assumptions and estimates. Concentration of Revenue and Accounts Receivable The Company defines its revenue concentration based on revenue recognized from individual publishers. For the three months ended March 31, 2024 and 2023, no publisher represented more than 10% and one publisher represented 11% of the Company’s revenue, respectively. As of March 31, 2024, three buyers accounted for 33%, 22%, and 11% respectively, of accounts receivable. As of December 31, 2023, three buyers accounted for 30%, 21%, and 14%, respectively, of accounts receivable. Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at the invoiced amount, are unsecured, and do not bear interest. The allowance for credit losses is based on the best estimate of the amount of probable credit losses in existing accounts receivable. The allowance for credit losses is determined based on historical collection experience and the review in each period of the status of the then outstanding accounts receivable, while taking into consideration current customer information, collection history, and other relevant data. Account balances are written off against the allowance when the Company believes it is probable the receivable will not be recovered. The following table presents the changes in the allowance for credit losses (in thousands): Three Months Ended March 31, 2024 2023 Allowance for credit losses, beginning balance $ 770 $ 1,765 Increase in provision for expected credit losses — — Write-offs 163 — Allowance for credit losses, ending balance $ 933 $ 1,765 Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. In December 2023, FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following tables set 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): March 31, 2024 Level 1 Level 2 Level 3 Total Financial Assets Money market funds $ 34,996 $ — $ — $ 34,996 Commercial paper — 3,980 — 3,980 Certificates of deposit — 11,308 — 11,308 Cash equivalents 34,996 15,288 — 50,284 Commercial paper — 47,835 — 47,835 U.S. Treasury and government debt securities — 46,052 — 46,052 Marketable securities — 93,887 — 93,887 Total financial assets $ 34,996 $ 109,175 $ — $ 144,171 December 31, 2023 Level 1 Level 2 Level 3 Total Financial Assets Money market funds $ 42,126 $ — $ — $ 42,126 Certificates of deposit — 12,528 — 12,528 Cash equivalents 42,126 12,528 — 54,654 Commercial paper — 50,962 — 50,962 Agency debt securities — 2,995 — 2,995 U.S. Treasury and government debt securities — 42,878 — 42,878 Marketable securities — 96,835 — 96,835 Total financial assets $ 42,126 $ 109,363 $ — $ 151,489 The Company’s financial assets consist of Level 1 and 2 assets. The Company had no Level 3 assets or liabilities for the periods presented. The Company classifies its cash equivalents and marketable securities within Level 1 or Level 2 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 consist of high quality, investment grade securities from diverse issuers. The valuation techniques used to measure the fair value of the Company’s marketable securities were derived from non-binding market consensus prices that are corroborated by observable market data and quoted market prices for similar instruments.

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	Balance Sheet Components Marketable Securities The following tables summarize the Company’s marketable securities by significant investment categories (in thousands): March 31, 2024 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Commercial paper $ 47,856 $ — $ (21) $ 47,835 U.S. Treasury and government debt securities 46,052 1 (1) 46,052 Total $ 93,908 $ 1 $ (22) $ 93,887 December 31, 2023 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Commercial paper $ 50,975 $ 3 $ (16) $ 50,962 Agency debt securities 2,997 — (2) 2,995 U.S. Treasury and government debt securities 42,867 12 (1) 42,878 Total $ 96,839 $ 15 $ (19) $ 96,835 The remaining contractual maturity of all marketable securities was within one year as of March 31, 2024 and December 31, 2023. Realized gains and losses were not material for the three months ended March 31, 2024 and 2023. As of March 31, 2024 and 2023, 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 consisted of the following (in thousands): March 31, December 31, Internal-use software $ 62,149 $ 56,257 Network hardware, computer equipment and software 137,757 137,709 Leasehold improvements 5,328 5,173 Furniture and fixtures 2,303 2,304 Property, equipment and software, gross 207,537 201,443 Less: accumulated depreciation and amortization (150,987) (140,714) Total property, equipment and software, net $ 56,550 $ 60,729 Depreciation and amortization expense related to property, equipment, and software (excluding amortization of internal-use software) was $6.6 million and $7.3 million for the three months ended March 31, 2024 and 2023, respectively. The Company capitalized $5.9 million and $5.4 million in software development costs during the three months ended March 31, 2024 and 2023, respectively. Amortization expense of internal-use software was $4.2 million and $2.8 million during the three months ended March 31, 2024 and 2023, respectively. These costs are included within cost of revenue in the condensed consolidated statements of operations. The Company did not recognize any impairment charges on its long-lived assets during the three months ended March 31, 2024 and 2023, respectively. Accounts Payable Accounts payable consisted of the following (in thousands): March 31, December 31, Payable to publishers $ 275,925 $ 335,061 Trade and other payables 13,251 12,612 Total accounts payable $ 289,176 $ 347,673 Accrued Liabilities Accrued liabilities consisted of the following (in thousands): March 31, December 31, Accrued compensation $ 11,350 $ 18,784 Accrued and other current liabilities 8,413 6,900 Total accrued liabilities $ 19,763 $ 25,684

Senior Secured Credit Facilitie

Senior Secured Credit Facilities Agreement	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Senior Secured Credit Facilities Agreement	Senior Secured Credit Facilities Agreement On October 17, 2022, the Company entered into a Senior Secured Credit Facilities Credit Agreement (the “Credit Agreement”) with the several lenders parties thereto (the “Lenders”), and Silicon Valley Bank (“SVB”), as administrative agent, lead arranger, issuing lender, and swingline lender. The Credit Agreement matures on October 17, 2027. The Credit Agreement provides a revolving credit facility in an aggregate principal amount of $110 million (“the Revolving Credit Facility”), including a $25 million letter of credit sub-facility and a $25 million swingline sub-facility. The Company’s obligations under the Revolving Credit Facility and the letter of credit sub-facility (described in Note 8) with SVB are secured by substantially all of its assets excluding its intellectual property. The Company may, subject to certain customary conditions, on one or more occasions increase commitments under the Revolving Credit Facility in an amount not to exceed $90 million in the aggregate (the “Incremental Facility”). Each Lender will have discretion to determine whether it will participate in any Incremental Facility. Borrowings under the Revolving Credit Facility will accrue interest at rates equal, at the Company’s election, to (i) the applicable secured overnight financing rate (“SOFR”), plus the applicable margin for such loans, or (ii) the alternate base rate (“ABR”), which is defined as the highest of (a) the prime rate in effect from time to time, (b) the federal funds effective rate in effect from time to time plus 0.50%, and (c) the adjusted term SOFR for a one (1) month tenor in effect from time to time plus 1.00%, plus the applicable margin for such loans. The applicable margin for borrowings bearing interest on the SOFR ranges from 2.00% to 2.75%, and the applicable margin for borrowings bearing interest based on the ABR ranges from 1.00% to 1.75%. As of March 31, 2024, the applicable interest rate under the revolving credit facility was 9.50%. The Company will pay a quarterly commitment fee during the term of the Credit Agreement for the non-use of available funds ranging from 0.25% to 0.35%. In addition, the Credit Agreement provides a mechanism to determine a successor reference rate to the applicable reference rate if, among other things, the applicable reference rate becomes unavailable or is generally replaced as a benchmark interest rate. The Credit Agreement contains customary representations and warranties as well as customary affirmative and negative covenants. Negative covenants include, among others, limitations on incurrence of indebtedness, liens, disposition of property and investments by the Company and its subsidiaries. In addition, the Credit Agreement requires the Company to maintain certain interest coverage, leverage and senior leverage ratios. To date, the Company is in compliance with the affirmative and negative covenants. The Credit Agreement contains customary events of default. Upon the occurrence and during the continuance of an event of default, the Lenders may declare the outstanding advances and all other obligations under the Credit Agreement immediately due and payable. The Company may use amounts borrowed under the Credit Agreement for general corporate purposes or working capital financing. The Company may borrow additional amounts under the Credit Agreement from time to time as opportunities and needs arise. As of March 31, 2024, the Company has not drawn down on the credit facility.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
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 right-of-use assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term. Short-term and variable lease costs are not material to the Company’s condensed consolidated financial statements. During the three months ended March 31, 2024, operating right-of-use assets obtained in exchange for new lease obligations was $4.0 million. The components of lease cost were as follows (in thousands): Three Months Ended March 31, 2024 2023 Operating lease cost $ 2,019 $ 1,834 Finance lease cost 47 47 Total lease cost $ 2,066 $ 1,881 As of March 31, 2024, a weighted average discount rate of 3.15% 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 sheets. The weighted average remaining lease term of operating and finance leases is 3.7 and 4.0 years, respectively, as of March 31, 2024. As of March 31, 2024, the maturities of lease liabilities under operating and finance leases were as follows (in thousands): Operating Leases Finance Leases Total Remainder of 2024 $ 5,924 $ 109 $ 6,033 2025 6,348 149 6,497 2026 6,557 153 6,710 2027 5,211 158 5,369 2028 1,813 40 1,853 Total minimum lease payments 25,853 609 26,462 Less: imputed interest (1,399) (26) (1,425) Total present value of lease liabilities $ 24,454 $ 583 $ 25,037
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 right-of-use assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term. Short-term and variable lease costs are not material to the Company’s condensed consolidated financial statements. During the three months ended March 31, 2024, operating right-of-use assets obtained in exchange for new lease obligations was $4.0 million. The components of lease cost were as follows (in thousands): Three Months Ended March 31, 2024 2023 Operating lease cost $ 2,019 $ 1,834 Finance lease cost 47 47 Total lease cost $ 2,066 $ 1,881 As of March 31, 2024, a weighted average discount rate of 3.15% 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 sheets. The weighted average remaining lease term of operating and finance leases is 3.7 and 4.0 years, respectively, as of March 31, 2024. As of March 31, 2024, the maturities of lease liabilities under operating and finance leases were as follows (in thousands): Operating Leases Finance Leases Total Remainder of 2024 $ 5,924 $ 109 $ 6,033 2025 6,348 149 6,497 2026 6,557 153 6,710 2027 5,211 158 5,369 2028 1,813 40 1,853 Total minimum lease payments 25,853 609 26,462 Less: imputed interest (1,399) (26) (1,425) Total present value of lease liabilities $ 24,454 $ 583 $ 25,037

Acquisition-related Intangible

Acquisition-related Intangible Assets, Net	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Acquisition-related Intangible Assets, Net	Acquisition-related Intangible Assets, Net Acquisition-related Intangible Assets, Net Acquisition-related intangible assets, net consisted of the following (in thousands): March 31, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology $ 7,900 $ 2,431 $ 5,469 Total acquisition-related intangible assets $ 7,900 $ 2,431 $ 5,469 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology $ 7,900 $ 2,036 $ 5,864 Customer relationships 1,000 1,000 — Total acquisition-related intangible assets $ 8,900 $ 3,036 $ 5,864 The weighted average remaining useful life of developed technology was 3.5 years as of March 31, 2024. Amortization expense related to acquisition-related intangibles was $0.4 million and $1.3 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, estimated future amortization expense for acquisition-related intangible assets was as follows (in thousands): Remainder of 2024 $ 1,185 2025 1,580 2026 1,580 2027 1,124 Total estimated future amortization expense for acquisition-related intangible assets $ 5,469

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Obligations The Company’s purchase obligations primarily relate to minimum contractual payments due to data center providers. During the three months ended March 31, 2024, there were no material changes to the Company’s non-cancelable purchase obligations disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Letters of Credit As of March 31, 2024 and December 31, 2023, 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. Legal Matters From time to time, the Company is or may be involved in various claims and other legal matters arising in the normal course of business. The Company records an accrual for a liability relating to claims and other legal matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Any such accruals are reviewed at least quarterly and adjusted for the impacts of negotiations, rulings, settlements, and other information or events pertaining to a particular matter, or on the advice of legal counsel. To date, the Company has not incurred a material loss, or a material loss in excess of a recorded accrual, with respect to any claims and other legal matters arising in the normal course of business. However, the outcomes of claims and other legal matters are inherently unpredictable and subject to significant uncertainties. If the Company subsequently concludes that 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

Stockholders_ Equity and Stock

Stockholders’ Equity and Stock Option Plans	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders’ Equity and Equity Incentive Plans	Stockholders’ Equity and Equity Incentive Plans Share Repurchases In February 2023, the Company’s board of directors authorized the Company to repurchase up to $75 million of its Class A common stock (“2023 Repurchase Program”). In February 2024, the Company’s board of directors authorized the Company to repurchase up to an additional $100 million of its Class A common stock (“2024 Repurchase Program”) in addition to the $75 million previously authorized under the 2023 Repurchase Program. As of March 31, 2024, $100.0 million remains available for repurchases. Shares are repurchased in a manner deemed in the best interest of the Company and its stockholders, dependent upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices and other considerations. During the three months ended March 31, 2024, the Company repurchased 894,651 aggregate shares of Class A common stock for $15.7 million. Repurchases are executed from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, in accordance with Rule 10b-18 and/or Rule 10b5-1 of the Exchange Act. The 2023 Repurchase Program is scheduled to terminate on December 31, 2024, while the 2024 Repurchase Program is scheduled to terminate on December 31, 2025. 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 March 31, 2024, the Company has reserved 3,025,245 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. No new awards were issued under the Company’s prior 2006 Plan or 2017 Plan (“Prior Plans”) after the effective date of the 2020 Plan. To the extent outstanding awards under the 2006 Plan and the 2017 Plan are forfeited, expire 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. Stock Options The following table summarizes stock option activity and related information under the Company’s equity incentive plans: Stock Options Number of Shares Underlying Outstanding Options Weighted-Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2023 7,079 $ 9.02 5.78 $ 67,418 Options granted 1,544 15.46 Options exercised (298) 3.16 Options canceled (14) 1.25 Outstanding as of March 31, 2024 8,311 $ 10.44 6.32 $ 118,987 Vested and exercisable as of March 31, 2024 5,543 $ 7.32 5.01 $ 97,522 As of March 31, 2024, unrecognized stock-based compensation of $25.5 million related to unvested stock options will be recognized on a straight-line basis over a weighted average period of 2.92 years. Restricted Stock Units The following table summarizes RSU activity and related information under the Company’s 2020 Plan: RSUs Number of Shares Weighted-Average Grant Date Fair Value per Share Unvested as of December 31, 2023 2,934 $ 19.49 Granted 2,038 15.95 Vested (230) 20.92 Canceled or forfeited (118) 17.22 Unvested as of March 31, 2024 4,624 $ 17.92 As of March 31, 2024, unrecognized stock-based compensation of $75.2 million related to unvested RSUs will be recognized on a straight-line basis over a weighted average period of 3.00 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”). The aggregate number of shares reserved for issuance under the ESPP increases 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 March 31, 2024, the Company had reserved 401,599 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 March 31, 2024, $1.1 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 liabilities. For the three months ended March 31, 2024 and 2023, no shares of our Class A common stock were purchased under the ESPP. As of March 31, 2024, unrecognized stock-based compensation expense related to the ESPP was $0.2 million, which is expected to be recognized over a weighted-average period of 0.17 years. Stock-Based Compensation Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue $ 437 $ 316 Technology and development 1,441 1,008 Sales and marketing 3,238 2,709 General and administrative 3,995 3,026 Total stock-based compensation expense 9,111 7,059 Tax benefit from stock-based compensation (1,886) (1,318) Total stock-based compensation expense, net of tax effect $ 7,225 $ 5,741

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share 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 loss per share (in thousands, except per share data): Three Months Ended March 31, 2024 2023 Numerator: Net loss $ (2,454) $ (5,871) Denominator: Weighted average shares outstanding – basic and diluted 50,039 52,740 Net loss per share – basic and diluted $ (0.05) $ (0.11) The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands): Three Months Ended March 31, 2024 2023 Options to purchase common stock 3,344 1,892 Unvested restricted stock units 7 2,451 ESPP — 92 Total common stock equivalents excluded from net loss per share – diluted 3,351 4,435

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate ("AETR") for the full fiscal year to “ordinary” income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. The discrete effective tax rate method has been used to calculate taxes for the fiscal three months ended March 31, 2024. The Company has determined that since small changes in estimated “ordinary” income would result in significant changes in the estimated AETR, the historical method would not provide a reliable estimate for the fiscal three months ended March 31, 2024. The Company recorded a benefit from income taxes of $0.2 million and $3.4 million for the three months ended March 31, 2024 and 2023, respectively. The effective income tax rate was 9% and 37% for the three months ended March 31, 2024 and 2023, respectively. The benefit from income taxes for the three months ended March 31, 2024 is related to tax benefits from foreign-derived intangible income (FDII), research tax credits, and deductions for equity awards, offset by nondeductible stock-based compensation and Section 162(m) limitation on the tax deductibility of officers’ compensation. 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	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information The following table presents total revenue by geographic area based on the publisher’s billing address (in thousands): Three Months Ended March 31, 2024 2023 United States $ 40,507 $ 32,640 EMEA 20,144 17,844 APAC 4,967 3,978 Rest of the world 1,083 945 Total $ 66,701 $ 55,407 The following table presents long-lived assets, net, which consist primarily of property and equipment and operating lease right-of-use assets, by geographic area (in thousands): March 31, December 31, United States $ 63,354 $ 68,299 Rest of the world 16,669 13,532 Total $ 80,023 $ 81,831

401(k) Plan

401(k) Plan	3 Months Ended
	Mar. 31, 2024
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 $0.5 million and $0.4 million in matching contributions to the 401(k) Plan for the three months ended March 31, 2024 and 2023

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (2,454)	$ (5,871)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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. Certain prior period amounts reported in our condensed consolidated financial statements and notes thereto have been reclassified to conform to the current period presentation.
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 March 31, 2024, may result in actual outcomes that differ from those contemplated by the Company’s assumptions and estimates.
Concentration of Revenue and Accounts Receivable	Concentration of Revenue and Accounts Receivable
Recently Adopted Accounting Pronouncements	Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. In December 2023, FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Accounts Receivable, Allowance for Credit Loss	The following table presents the changes in the allowance for credit losses (in thousands): Three Months Ended March 31, 2024 2023 Allowance for credit losses, beginning balance $ 770 $ 1,765 Increase in provision for expected credit losses — — Write-offs 163 — Allowance for credit losses, ending balance $ 933 $ 1,765

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables set 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): March 31, 2024 Level 1 Level 2 Level 3 Total Financial Assets Money market funds $ 34,996 $ — $ — $ 34,996 Commercial paper — 3,980 — 3,980 Certificates of deposit — 11,308 — 11,308 Cash equivalents 34,996 15,288 — 50,284 Commercial paper — 47,835 — 47,835 U.S. Treasury and government debt securities — 46,052 — 46,052 Marketable securities — 93,887 — 93,887 Total financial assets $ 34,996 $ 109,175 $ — $ 144,171 December 31, 2023 Level 1 Level 2 Level 3 Total Financial Assets Money market funds $ 42,126 $ — $ — $ 42,126 Certificates of deposit — 12,528 — 12,528 Cash equivalents 42,126 12,528 — 54,654 Commercial paper — 50,962 — 50,962 Agency debt securities — 2,995 — 2,995 U.S. Treasury and government debt securities — 42,878 — 42,878 Marketable securities — 96,835 — 96,835 Total financial assets $ 42,126 $ 109,363 $ — $ 151,489

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Debt Securities, Available-for-sale	The following tables summarize the Company’s marketable securities by significant investment categories (in thousands): March 31, 2024 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Commercial paper $ 47,856 $ — $ (21) $ 47,835 U.S. Treasury and government debt securities 46,052 1 (1) 46,052 Total $ 93,908 $ 1 $ (22) $ 93,887 December 31, 2023 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Commercial paper $ 50,975 $ 3 $ (16) $ 50,962 Agency debt securities 2,997 — (2) 2,995 U.S. Treasury and government debt securities 42,867 12 (1) 42,878 Total $ 96,839 $ 15 $ (19) $ 96,835
Property, Plant and Equipment	Property, equipment and software, net consisted of the following (in thousands): March 31, December 31, Internal-use software $ 62,149 $ 56,257 Network hardware, computer equipment and software 137,757 137,709 Leasehold improvements 5,328 5,173 Furniture and fixtures 2,303 2,304 Property, equipment and software, gross 207,537 201,443 Less: accumulated depreciation and amortization (150,987) (140,714) Total property, equipment and software, net $ 56,550 $ 60,729
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable consisted of the following (in thousands): March 31, December 31, Payable to publishers $ 275,925 $ 335,061 Trade and other payables 13,251 12,612 Total accounts payable $ 289,176 $ 347,673
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): March 31, December 31, Accrued compensation $ 11,350 $ 18,784 Accrued and other current liabilities 8,413 6,900 Total accrued liabilities $ 19,763 $ 25,684

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Lease, Cost	The components of lease cost were as follows (in thousands): Three Months Ended March 31, 2024 2023 Operating lease cost $ 2,019 $ 1,834 Finance lease cost 47 47 Total lease cost $ 2,066 $ 1,881
Lessee, Operating Lease, Liability, Maturity	As of March 31, 2024, the maturities of lease liabilities under operating and finance leases were as follows (in thousands): Operating Leases Finance Leases Total Remainder of 2024 $ 5,924 $ 109 $ 6,033 2025 6,348 149 6,497 2026 6,557 153 6,710 2027 5,211 158 5,369 2028 1,813 40 1,853 Total minimum lease payments 25,853 609 26,462 Less: imputed interest (1,399) (26) (1,425) Total present value of lease liabilities $ 24,454 $ 583 $ 25,037
Finance Lease, Liability, Fiscal Year Maturity	As of March 31, 2024, the maturities of lease liabilities under operating and finance leases were as follows (in thousands): Operating Leases Finance Leases Total Remainder of 2024 $ 5,924 $ 109 $ 6,033 2025 6,348 149 6,497 2026 6,557 153 6,710 2027 5,211 158 5,369 2028 1,813 40 1,853 Total minimum lease payments 25,853 609 26,462 Less: imputed interest (1,399) (26) (1,425) Total present value of lease liabilities $ 24,454 $ 583 $ 25,037

Acquisition-related Intangibl_2

Acquisition-related Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Acquired Indefinite-Lived Intangible Assets by Major Class	Acquisition-related intangible assets, net consisted of the following (in thousands): March 31, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology $ 7,900 $ 2,431 $ 5,469 Total acquisition-related intangible assets $ 7,900 $ 2,431 $ 5,469 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology $ 7,900 $ 2,036 $ 5,864 Customer relationships 1,000 1,000 — Total acquisition-related intangible assets $ 8,900 $ 3,036 $ 5,864
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of March 31, 2024, estimated future amortization expense for acquisition-related intangible assets was as follows (in thousands): Remainder of 2024 $ 1,185 2025 1,580 2026 1,580 2027 1,124 Total estimated future amortization expense for acquisition-related intangible assets $ 5,469

Stockholders_ Equity and Stoc_2

Stockholders’ Equity and Stock Option Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	The following table summarizes stock option activity and related information under the Company’s equity incentive plans: Stock Options Number of Shares Underlying Outstanding Options Weighted-Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2023 7,079 $ 9.02 5.78 $ 67,418 Options granted 1,544 15.46 Options exercised (298) 3.16 Options canceled (14) 1.25 Outstanding as of March 31, 2024 8,311 $ 10.44 6.32 $ 118,987 Vested and exercisable as of March 31, 2024 5,543 $ 7.32 5.01 $ 97,522 The following table summarizes RSU activity and related information under the Company’s 2020 Plan: RSUs Number of Shares Weighted-Average Grant Date Fair Value per Share Unvested as of December 31, 2023 2,934 $ 19.49 Granted 2,038 15.95 Vested (230) 20.92 Canceled or forfeited (118) 17.22 Unvested as of March 31, 2024 4,624 $ 17.92
Share-based Payment Arrangement, Expensed and Capitalized, Amount	Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue $ 437 $ 316 Technology and development 1,441 1,008 Sales and marketing 3,238 2,709 General and administrative 3,995 3,026 Total stock-based compensation expense 9,111 7,059 Tax benefit from stock-based compensation (1,886) (1,318) Total stock-based compensation expense, net of tax effect $ 7,225 $ 5,741

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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 loss per share (in thousands, except per share data): Three Months Ended March 31, 2024 2023 Numerator: Net loss $ (2,454) $ (5,871) Denominator: Weighted average shares outstanding – basic and diluted 50,039 52,740 Net loss per share – basic and diluted $ (0.05) $ (0.11)
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 loss per share (in thousands, except per share data): Three Months Ended March 31, 2024 2023 Numerator: Net loss $ (2,454) $ (5,871) Denominator: Weighted average shares outstanding – basic and diluted 50,039 52,740 Net loss per share – basic and diluted $ (0.05) $ (0.11)
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 loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands): Three Months Ended March 31, 2024 2023 Options to purchase common stock 3,344 1,892 Unvested restricted stock units 7 2,451 ESPP — 92 Total common stock equivalents excluded from net loss per share – diluted 3,351 4,435

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	The following table presents total revenue by geographic area based on the publisher’s billing address (in thousands): Three Months Ended March 31, 2024 2023 United States $ 40,507 $ 32,640 EMEA 20,144 17,844 APAC 4,967 3,978 Rest of the world 1,083 945 Total $ 66,701 $ 55,407 The following table presents long-lived assets, net, which consist primarily of property and equipment and operating lease right-of-use assets, by geographic area (in thousands): March 31, December 31, United States $ 63,354 $ 68,299 Rest of the world 16,669 13,532 Total $ 80,023 $ 81,831

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Concentration Risk Percentage (Details) - Customer Concentration Risk	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue Benchmark | One Publisher
Concentration Risk [Line Items]
Concentration risk, percentage	11%
Accounts Receivable | Buyer One
Concentration Risk [Line Items]
Concentration risk, percentage	33%	30%
Accounts Receivable | Buyer Two
Concentration Risk [Line Items]
Concentration risk, percentage	22%	21%
Accounts Receivable | Buyer Three
Concentration Risk [Line Items]
Concentration risk, percentage	11%	14%

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	$ 770	$ 1,765
Increase in provision for expected credit losses	0	0
Write-offs	163	0
Allowance for credit losses, ending balance	$ 933	$ 1,765

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	$ 93,887	$ 96,835
Total financial assets	144,171	151,489
Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	50,284	54,654
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	34,996	42,126
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	3,980
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	11,308	12,528
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	0	0
Total financial assets	34,996	42,126
Level 1 | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	34,996	42,126
Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	34,996	42,126
Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0
Level 1 | 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 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	93,887	96,835
Total financial assets	109,175	109,363
Level 2 | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	15,288	12,528
Level 2 | 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 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	3,980
Level 2 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	11,308	12,528
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	0	0
Total financial assets	0	0
Level 3 | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Level 3 | 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 3 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0
Level 3 | 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	47,835	50,962
Commercial paper | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	0	0
Commercial paper | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	47,835	50,962
Commercial paper | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	0	0
Agency debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value		2,995
Agency debt securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value		0
Agency debt securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value		2,995
Agency debt securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value		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	46,052	42,878
U.S. Treasury and government debt securities | Level 1
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 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	46,052	42,878
U.S. Treasury and government debt securities | Level 3
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	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 93,908	$ 96,839
Unrealized Gain	1	15
Unrealized Loss	(22)	(19)
Marketable securities	93,887	96,835
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	47,856	50,975
Unrealized Gain	0	3
Unrealized Loss	(21)	(16)
Marketable securities	47,835	50,962
Agency debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		2,997
Unrealized Gain		0
Unrealized Loss		(2)
Marketable securities		2,995
U.S. Treasury and government debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	46,052	42,867
Unrealized Gain	1	12
Unrealized Loss	(1)	(1)
Marketable securities	$ 46,052	$ 42,878

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property, Equipment and Software, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	$ 207,537	$ 201,443
Less: accumulated depreciation and amortization	(150,987)	(140,714)
Property, equipment and software, net	56,550	60,729
Internal-use software
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	62,149	56,257
Network hardware, computer equipment and software
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	137,757	137,709
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	5,328	5,173
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	$ 2,303	$ 2,304

Balance Sheet Components - Narr

Balance Sheet Components - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation, depletion and amortization	$ 6,600,000	$ 7,300,000
Capitalized computer software additions	5,900,000	5,400,000
Capitalized Computer Software, Impairments	0	0
Internal-use software
Property, Plant and Equipment [Line Items]
Amortization	$ 4,200,000	$ 2,800,000

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accounts Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Payable to publishers	$ 275,925	$ 335,061
Trade and other payables	13,251	12,612
Total accounts payable	$ 289,176	$ 347,673

Balance Sheet Components - Sc_3

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation	$ 11,350	$ 18,784
Accrued and other current liabilities	8,413	6,900
Accrued liabilities	$ 19,763	$ 25,684

Senior Secured Credit Facilit_2

Senior Secured Credit Facilities Agreement (Details) - Revolving Credit Facility - Credit Agreement $ in Millions	Oct. 17, 2022 USD ($)
Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 110
Line of credit facility, accordion feature, increase limit	$ 90
Line of Credit | Minimum
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage	0.25%
Line of Credit | Maximum
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage	0.35%
Line of Credit | Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Line of Credit | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1%
Line of Credit | Secured Overnight Financing Rate (SOFR) | Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2%
Line of Credit | Secured Overnight Financing Rate (SOFR) | Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.75%
Line of Credit | Alternate Base Rate | Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1%
Line of Credit | Alternate Base Rate | Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Line of Credit | Applicable Interest Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	9.50%
Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 25
Swingline Sub-Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 25

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 2,019	$ 1,834
Finance lease cost	47	47
Total lease cost	$ 2,066	$ 1,881

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Leases [Abstract]
Operating lease right-of-use assets obtained in exchange for new lease obligations	$ 4
Operating leases	3.15%
Finance leases	2.24%
Operating lease term	3 years 8 months 12 days
Finance lease term	4 years

Leases - Lease Maturity (Detail

Leases - Lease Maturity (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Operating Leases
Remainder of 2024	$ 5,924
2025	6,348
2026	6,557
2027	5,211
2028	1,813
Total minimum lease payments	25,853
Less: imputed interest	(1,399)
Total present value of lease liabilities	24,454
Finance Leases
Remainder of 2024	109
2025	149
2026	153
2027	158
2028	40
Total minimum lease payments	609
Less: imputed interest	(26)
Total present value of lease liabilities	583
Total
Remainder of 2024	6,033
2025	6,497
2026	6,710
2027	5,369
2028	1,853
Total minimum lease payments	26,462
Less: imputed interest	(1,425)
Total present value of lease liabilities	$ 25,037

Acquisition-related Intangibl_3

Acquisition-related Intangible Assets, Net - Acquisition-Related Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 7,900	$ 8,900
Accumulated Amortization	2,431	3,036
Net Carrying Amount	5,469	5,864
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,900	7,900
Accumulated Amortization	2,431	2,036
Net Carrying Amount	$ 5,469	5,864
Customer Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		1,000
Accumulated Amortization		1,000
Net Carrying Amount		$ 0

Acquisition-related Intangibl_4

Acquisition-related Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 0.4	$ 1.3
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	3 years 6 months

Acquisition-related Intangibl_5

Acquisition-related Intangible Assets, Net - Estimated Future Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 1,185
2025	1,580
2026	1,580
2027	1,124
Net Carrying Amount	$ 5,469	$ 5,864

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($) instrument	Dec. 31, 2023 USD ($) instrument
Other Commitments [Line Items]
Number of letters of credit | instrument	2	2
Irrevocable Letters of Credit due July 2028
Other Commitments [Line Items]
Letters of credit outstanding, amount	$ 3.5
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				3 Months Ended
	May 31, 2023 purchasePeriod	Jun. 01, 2022 purchasePeriod	Nov. 30, 2020 shares	Mar. 31, 2024 USD ($) calendarYear shares	Feb. 29, 2024 USD ($)	Feb. 28, 2023 USD ($)
Class of Stock [Line Items]
Number of calendar years | calendarYear				10
Discount from market price, purchase date				5%
Number of purchase periods | purchasePeriod	2	1
Amount withheld for employee stock purchase plan				$ 1.1
Share-based Payment Arrangement, Option
Class of Stock [Line Items]
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount				$ 25.5
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition				2 years 11 months 1 day
Unvested restricted stock units
Class of Stock [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition				3 years
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount				$ 75.2
ESPP
Class of Stock [Line Items]
Common stock reserved for issuance (in shares) | shares				401,599
Number of calendar years | calendarYear				10
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition				2 months 1 day
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount				$ 0.2
Percentage of outstanding stock maximum			1%
Discount from market price, purchase date				85%
Offering period				27 months
Purchase period	6 months	6 months
Common Class A
Class of Stock [Line Items]
Common stock reserved for issuance (in shares) | shares				3,025,245
Issuance of common stock related to employee stock purchase plan (in shares) | shares				0
Common Class A | ESPP
Class of Stock [Line Items]
Number of shares authorized | shares			7,500,000
2023 Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount						$ 75
Stock repurchase program, remaining authorized repurchase amount				$ 100
Stock repurchased and retired during period (in shares) | shares				894,651
Stock repurchased and retired during period, value				$ 15.7
2024 Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount					$ 100

Stockholders_ Equity and Stoc_4

Stockholders’ Equity and Stock Option Plans - Summary of Stock Option Activity and Related Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Shares Underlying Outstanding Options (in thousands)
Beginning balance (in shares)	7,079
Options granted (in shares)	1,544
Options exercised (in shares)	(298)
Options canceled (in shares)	(14)
Ending balance (in shares)	8,311	7,079
Vested (in shares)	5,543
Weighted-Average Exercise Price
Beginning balance (in usd per share)	$ 9.02
Options granted (in usd per share)	15.46
Options exercised (in usd per share)	3.16
Options canceled (in usd per share)	1.25
Ending balance (in usd per share)	10.44	$ 9.02
Vested (in usd per share)	$ 7.32
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual term (years)	6 years 3 months 25 days	5 years 9 months 10 days
Weighted average remaining contractual term vested (in years)	5 years 3 days
Aggregate intrinsic value, awards outstanding	$ 118,987	$ 67,418
Aggregate intrinsic value, vested	$ 97,522

Stockholders_ Equity and Stoc_5

Stockholders’ Equity and Stock Option Plans - Summary of Restricted Stock Units and Related Information (Details) - Unvested restricted stock units shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Shares Underlying Outstanding Options (in thousands)
Unvested beginning balance (in shares) | shares	2,934
Granted (in shares) | shares	2,038
Vested (in shares) | shares	(230)
Canceled/Forfeited (in shares) | shares	(118)
Unvested ending balance (in shares) | shares	4,624
Weighted-Average Exercise Price
Unvested beginning balance (in usd per share) | $ / shares	$ 19.49
Granted (in usd per share) | $ / shares	15.95
Vested (in usd per share) | $ / shares	20.92
Canceled/Forfeited (in usd per share) | $ / shares	17.22
Unvested ending balance (in usd per share) | $ / shares	$ 17.92

Stockholders_ Equity and Stoc_6

Stockholders’ Equity and Stock Option Plans - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 9,111	$ 7,059
Tax benefit from stock-based compensation	(1,886)	(1,318)
Total stock-based compensation expense, net of tax effect	7,225	5,741
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	437	316
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,441	1,008
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3,238	2,709
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3,995	$ 3,026

Net Loss Per Share - Basic and

Net Loss Per Share - Basic and Diluted Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss	$ (2,454)	$ (5,871)
Denominator:
Weighted average common shares outstanding – basic (in shares)	50,039	52,740
Weighted average common shares outstanding – diluted (in shares)	50,039	52,740
Net loss per share – diluted (in usd per share)	$ (0.05)	$ (0.11)
Net loss per share – diluted (in usd per share)	$ (0.05)	$ (0.11)

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total common stock equivalents excluded from net income per share attributable to common stockholders – diluted (in shares)	3,351	4,435
Options to purchase common stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total common stock equivalents excluded from net income per share attributable to common stockholders – diluted (in shares)	3,344	1,892
Unvested restricted stock units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total common stock equivalents excluded from net income per share attributable to common stockholders – diluted (in shares)	7	2,451
ESPP
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total common stock equivalents excluded from net income per share attributable to common stockholders – diluted (in shares)	0	92

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Benefit from income taxes	$ (249)	$ (3,375)
Effective income tax rate reconciliation, percent	9%	37%

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 66,701	$ 55,407
Total	80,023		$ 81,831
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	40,507	32,640
Total	63,354		68,299
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	20,144	17,844
APAC
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	4,967	3,978
Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1,083	$ 945
Total	$ 16,669		$ 13,532

401(k) Plan - Narrative (Detail

401(k) Plan - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Defined contribution plan, maximum annual contributions per employee, percent	100%
Defined contribution plan, employer discretionary contribution amount	$ 0.5	$ 0.4