Olo (OLO) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	May 06, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-40213
Entity Registrant Name	Olo Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-2971562
Entity Address, Address Line One	285 Fulton Street
Entity Address, Address Line Two	One World Trade Center
Entity Address, Address Line Three	82nd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10007
City Area Code	212
Local Phone Number	260-0895
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Trading Symbol	OLO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001431695
Amendment Flag	false
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		91,145,552
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		69,027,693

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 463,733	$ 514,445
Accounts receivable, net of allowances of $677 and $657, respectively	47,410	42,319
Contract assets	474	568
Deferred contract costs	2,551	2,567
Prepaid expenses and other current assets	9,763	5,718
Total current assets	523,931	565,617
Property and equipment, net	5,873	3,304
Intangible assets, net	24,713	19,635
Goodwill	207,607	162,956
Contract assets, noncurrent	521	387
Deferred contract costs, noncurrent	3,390	3,616
Operating lease right-of-use asset	17,920	0
Other assets, noncurrent	356	361
Total assets	784,311	755,876
Current liabilities:
Accounts payable	3,360	2,184
Accrued expenses and other current liabilities	49,572	45,395
Unearned revenue	3,924	1,190
Operating lease liability, current	2,594	0
Total current liabilities	59,450	48,769
Unearned revenue, noncurrent	2,050	3,014
Operating lease liability, noncurrent	17,680	0
Other liabilities, noncurrent	126	2,343
Total liabilities	79,306	54,126
Commitments and contingencies (Note 15)
Stockholders’ equity:
Class A common stock, $0.001 par value; 1,700,000,000 shares authorized at March 31, 2022 and December 31, 2021; 89,660,186 and 78,550,530 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively. Class B common stock, $0.001 par value; 185,000,000 shares authorized at March 31, 2022 and December 31, 2021; 70,027,999 and 79,149,659 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	160	158
Preferred stock, $0.001 par value; 20,000,000 shares authorized at March 31, 2022 and December 31, 2021	0	0
Additional paid-in capital	827,928	813,166
Accumulated deficit	(123,083)	(111,574)
Total stockholders’ equity	705,005	701,750
Total liabilities and stockholders’ equity	$ 784,311	$ 755,876

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts receivable, net of allowance	$ 677	$ 657
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Common Class A
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,700,000,000	1,700,000,000
Common stock, shares issued (in shares)	89,660,186	78,550,530
Common stock, shares outstanding (in shares)	89,660,186	78,550,530
Common Class B
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	185,000,000	185,000,000
Common stock, shares issued (in shares)	70,027,999	79,149,659
Common stock, shares outstanding (in shares)	70,027,999	79,149,659

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:	$ 42,756	$ 36,123
Cost of revenue:	12,802	6,850
Gross Profit	29,954	29,273
Operating expenses:
Research and development	16,825	14,456
General and administrative	17,961	18,454
Sales and marketing	8,070	3,836
Total operating expenses	42,856	36,746
Loss from operations	(12,902)	(7,473)
Other income (expenses), net:
Other income (expense), net	58	(18)
Change in fair value of warrant liability	0	(18,930)
Total other income (expenses), net	58	(18,948)
Loss before income taxes	(12,844)	(26,421)
(Benefit) provision for income taxes	(1,335)	36
Net loss	(11,509)	(26,457)
Comprehensive loss	(11,509)	(26,457)
Accretion of redeemable convertible preferred stock to redemption value	0	(14)
Net loss attributable to Class A and Class B common stockholders	$ (11,509)	$ (26,471)
Net loss per share attributable to Class A and Class B common stockholders:
Basic (in USD per share)	$ (0.07)	$ (0.63)
Diluted (in USD per share)	$ (0.07)	$ (0.63)
Weighted-average Class A and Class B common shares outstanding:
Basic (in shares)	159,190,371	41,855,757
Diluted (in shares)	159,190,371	41,855,757
Platform
Revenue:	$ 41,466	$ 34,923
Cost of revenue:	11,024	5,607
Professional services and other
Revenue:	1,290	1,200
Cost of revenue:	$ 1,778	$ 1,243

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Class A and Class B Common Stock	Additional Paid In Capital	Accumulated Deficit
Temporary equity, shares outstanding at beginning of period (in shares) at Dec. 31, 2020	58,962,749
Temporary equity, value of shares outstanding at beginning of period at Dec. 31, 2020	$ 111,737
Redeemable Convertible Preferred Stock
Accretion of redeemable convertible preferred stock to redemption value	$ 14
Issuance of preferred stock on exercises of warrants (in shares)	1,681,848
Issuance of preferred stock on exercise of warrants	$ 2
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)	(60,644,597)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	$ (111,753)
Temporary equity, shares outstanding at end of period (in shares) at Mar. 31, 2021	0
Temporary equity, value of shares outstanding at end of period at Mar. 31, 2021	$ 0
Shares outstanding at beginning of period (in shares) at Dec. 31, 2020		22,320,286
Stockholders' equity balance at beginning of period at Dec. 31, 2020	(52,481)	$ 22	$ 16,798	$ (69,301)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Initial public offering, net of underwriting discount and deferred offering costs (in shares)		20,700,000
Initial public offering, net of underwriting discount and deferred offering costs	477,826	$ 21	477,805
Accretion of redeemable convertible preferred stock to redemption value	(14)		(14)
Issuance of preferred stock on exercise of warrants	39,056		39,056
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)		100,196,780
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	111,753	$ 100	111,653
Issuance of common stock upon settlement of Share Appreciation Rights (in shares)		1,642,570
Issuance of common stock upon settlement of Share Appreciation Rights	2,847	$ 2	2,845
Issuance of common stock in connection with charitable donation (in shares)		172,918
Issuance of common stock in connection with charitable donation	5,125		5,125
Issuance of common stock on exercise of stock options (in shares)		1,965,824
Issuance of common stock on exercise of stock options	2,157	$ 2	2,155
Stock-based compensation	5,426		5,426
Net loss	(26,457)			(26,457)
Shares outstanding at end of period (in shares) at Mar. 31, 2021		146,998,378
Stockholders' equity balance at end of period at Mar. 31, 2021	$ 565,238	$ 147	660,849	(95,758)
Temporary equity, shares outstanding at beginning of period (in shares) at Dec. 31, 2021	0
Temporary equity, value of shares outstanding at beginning of period at Dec. 31, 2021	$ 0
Temporary equity, shares outstanding at end of period (in shares) at Mar. 31, 2022	0
Temporary equity, value of shares outstanding at end of period at Mar. 31, 2022	$ 0
Shares outstanding at beginning of period (in shares) at Dec. 31, 2021		157,700,189
Stockholders' equity balance at beginning of period at Dec. 31, 2021	$ 701,750	$ 158	813,166	(111,574)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)		136,662
Issuance of common stock on exercise of stock options (in shares)	1,851,334	1,851,334
Issuance of common stock on exercise of stock options	$ 2,307	$ 2	2,305
Stock-based compensation	12,457		12,457
Net loss	(11,509)			(11,509)
Shares outstanding at end of period (in shares) at Mar. 31, 2022		159,688,185
Stockholders' equity balance at end of period at Mar. 31, 2022	$ 705,005	$ 160	$ 827,928	$ (123,083)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net loss	$ (11,509)	$ (26,457)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	1,109	260
Stock-based compensation	11,708	5,402
Stock-based compensation in connection with vesting of Stock Appreciation Rights	0	2,847
Charitable donation of Class A common stock	0	5,125
Bad debt expense	248	88
Change in fair value of warrants	0	18,930
Amortization of operating lease right-of-use assets	552	0
Deferred income tax benefit	(1,421)	0
Impairment of internal-use software	475	0
Changes in operating assets and liabilities:
Accounts receivable	(4,888)	(2,390)
Contract assets	(40)	(425)
Prepaid expenses and other current assets	(3,515)	(1,014)
Deferred contract costs	242	(222)
Accounts payable	909	(6,772)
Accrued expenses and other current liabilities	4,186	8,524
Operating lease liabilities	(613)	0
Unearned revenue	1,687	371
Other liabilities, noncurrent	(19)	(58)
Net cash (used in) provided by operating activities	(889)	4,209
Investing activities
Purchases of property and equipment	(76)	(106)
Capitalized internal-use software	(2,462)	(72)
Acquisitions, net of cash acquired	(49,308)	0
Net cash used in investing activities	(51,846)	(178)
Financing activities
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts	0	485,541
Cash received for employee payroll tax withholdings	845	19,195
Cash paid for employee payroll tax withholdings	(845)	0
Proceeds from exercise of warrants	0	392
Payment of deferred offering costs	(226)	(448)
Proceeds from exercise of stock options	2,249	2,099
Net cash provided by financing activities	2,023	506,779
Net (decrease) increase in cash and cash equivalents	(50,712)	510,810
Cash and cash equivalents, beginning of period	514,445	75,756
Cash and cash equivalents, end of period	463,733	586,566
Supplemental disclosure of non-cash investing and financing activities
Accrued offering costs	140	4,476
Vesting of early exercised stock options	58	58
Accretion of redeemable convertible preferred stock to redemption value	0	14
Purchase of property and equipment on account	70	24
Capitalization of stock-based compensation for internal-use software	$ 749	$ 24

Business

Business	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Olo Inc. was formed on June 1, 2005 in Delaware and is headquartered in New York City. On January 14, 2020, our Board of Directors and stockholders approved our name change from Mobo Systems, Inc. to Olo Inc. Unless the context otherwise indicates or requires, references to “we,” “us,” “our,” and “the Company” shall refer to Olo Inc. We are an open SaaS platform for restaurants powering the industry’s digital transformation. Our platform powers restaurant brands’ on-demand digital commerce operations, enabling digital ordering, delivery, front-of-house management, and payments, while further strengthening and enhancing restaurants’ direct consumer relationships. We provide restaurants with a business-to-business-to-consumer, enterprise-grade, open SaaS platform to manage their complex digital businesses and enable fast and more personalized experiences for their consumers. Our platform and application programming interfaces seamlessly integrate with a wide range of solutions, unifying disparate technologies across the restaurant ecosystem. Restaurant brands rely on us to increase their digital omni-channel sales, maximize profitability, establish and maintain direct customer relationships, and collect, protect, and leverage valuable customer data. Emerging Growth Company Status We are an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. We have elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our financial statements may not be comparable to financial statements of issuers who are required to comply with the effective dates for new or revised accounting standards based on public company effective dates. We will remain an emerging growth company until the earliest of: (1) the last day of the fiscal year following the fifth anniversary of the completion of our initial public offering of Class A common stock (“IPO”); (2) the last day of the first fiscal year in which our annual gross revenue is $1.07 billion or more; (3) the date on which we have, during the previous rolling three-year period, issued more than $1 billion in non-convertible debt securities; and (4) the date on which we are deemed to be a large accelerated filer. Initial Public Offering On March 19, 2021, we completed our IPO in which we issued and sold 20,700,000 shares of our Class A common stock at the public offering price of $25.00 per share. We received net proceeds of approximately $485.5 million after deducting underwriting discounts and commissions. Upon completion of the IPO, $6.6 million of deferred offering costs, which consisted primarily of accounting, legal, and other fees related to our IPO, were reclassified into stockholders’ deficit as a reduction of the IPO proceeds.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. The December 31, 2021 condensed consolidated balance sheet was derived from the audited financial statements as of that date, but may not include all disclosures including certain footnotes required by U.S. GAAP on an annual reporting basis. These unaudited condensed consolidated financial statements have been prepared on a basis consistent with our annual financial statements and, in the opinion of management, reflect all adjustments, which include all normal recurring adjustments necessary to fairly state our financial position as of March 31, 2022 and our results of operations and comprehensive loss, our stockholders’ equity, and our cash flows for the three months ended March 31, 2022 and 2021. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022 or for any other future annual or interim period. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K filed with the SEC on February 25, 2022. All intercompany balances and transactions have been eliminated in consolidation. Certain prior-year amounts have been reclassified to conform to the current year presentation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. We regularly assess these estimates, including but not limited to, allowance for doubtful accounts, stock-based compensation including the determination of the fair value of our stock-based awards, realization of deferred tax assets, estimated life of our long lived assets, purchase price allocations for business combinations, valuation of the acquired intangibles purchased in a business combination, valuation of goodwill, estimated standalone selling price of our performance obligations, and estimated consideration for implementation services and transactional revenue in certain arrangements. We base these estimates on historical experience and on various other market-specific and relevant assumptions that we believe to be reasonable under the circumstances. Actual results could differ from these estimates and such differences could be material to our financial position and results of operations. Significant Accounting Policies Our significant accounting policies are outlined in Note 2, “Significant Accounting Policies” in the Notes to Consolidated Financial Statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2021. During the quarter ended March 31, 2022, there were no material changes to our critical accounting policies from those described in our Annual Report on Form 10-K for the year ended December 31, 2021, except as described below. Concentrations of Business and Credit Risk We are exposed to concentrations of credit risk primarily through our cash held by financial institutions. We primarily deposit our cash with two financial institutions and the amount on deposit exceeds federally insured limits. As of March 31, 2022, 14% of our accounts receivable were due from one customer. As of December 31, 2021, no customer had a balance over 10% of our accounts receivable. For the three months ended March 31, 2022 and 2021, one customer accounted for 13% and 25% of our revenue, respectively. Accounts Receivable, Net Accounts receivable, net are stated at net realizable value and include unbilled receivables. Unbilled receivables arise primarily from transactional services provided in advance of billing. Accounts receivable are net of an allowance for credit losses, are not collateralized, and do not bear interest. Payment terms vary by contract type but are generally due within 30 days. The accounts receivable balance at March 31, 2022 and December 31, 2021 included unbilled receivables of $0.3 million and $4.1 million, respectively. We assess the collectability of outstanding accounts receivable on an ongoing basis and maintain an allowance for credit losses for accounts receivable deemed uncollectible. Upon adoption of Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, we analyzed our accounts receivable portfolio for significant risks, historical activity, and an estimate of future collectability to determine the amount that will ultimately be collected. This estimate is analyzed annually and adjusted as necessary or upon certain triggering events. Identified risks pertaining to our accounts receivable include the delinquency level, customer type, and current economic environment. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. The following summarizes our allowance for doubtful accounts activity (in thousands): Balance at December 31, 2021 $ 657 Provision for expected credit losses 248 Writeoffs (228) Balance at March 31, 2022 $ 677 Business Combinations We account for acquisitions using the acquisition method of accounting and determine whether a transaction constitutes a business and is treated as a business combination or if the transaction does not constitute a business and is treated as an asset acquisition. The acquisition method of accounting requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The results of businesses acquired in a business combination are included in our consolidated financial statements from the date of acquisition. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates, including estimates of future revenue and adjusted earnings before interest and taxes and discount rates. Our estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ materially from estimates. Our estimates associated with the accounting for business combinations may change as additional information becomes available regarding the assets acquired and liabilities assumed. Any change in facts and circumstances that existed as of the acquisition date and impacts our estimates is recorded to goodwill if identified within the measurement period. Subsequent to the measurement period or our final determination of fair value of assets and liabilities, whichever is earlier, the adjustments will affect our earnings. Transaction related expenses incurred in a business combination are not included as a component of consideration transferred, but are accounted for as an expense in the period in which the costs are incurred. Goodwill and Intangible Assets Goodwill represents the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interest, if any, over the fair value of identifiable assets acquired and liabilities assumed in a business combination. We have no intangible assets, other than goodwill, with indefinite useful lives. Intangible assets other than goodwill are comprised of acquired developed technology, customer relationships, and trademarks. At initial recognition, intangible assets acquired in a business combination or asset acquisition are recognized at their fair value as of the date of acquisition. Following initial recognition, intangible assets are carried at acquisition date fair value less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset. We review goodwill for impairment annually on October 1st (beginning day of the fourth quarter) of each fiscal year or whenever events or changes in circumstances indicate that an impairment may exist. In conducting our annual impairment test, we review qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If factors indicate that the fair value of the reporting unit is less than its carrying amount, we perform a quantitative assessment and the fair value of the reporting unit is determined by analyzing the expected present value of future cash flows. If the carrying value of the reporting unit continues to exceed its fair value, the fair value of the reporting unit’s goodwill is calculated and an impairment loss equal to the excess is recorded. We assess the impairment of intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Fair Value Measurement Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 inputs: Based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs: Based on observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs: Based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities, and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The following summarizes assets and liabilities as of March 31, 2022 and December 31, 2021 that are measured at fair value on a recurring basis, by level, within the fair value hierarchy (in thousands): March 31, 2022 Level 1 Level 2 Level 3 Cash and cash equivalents: Money market funds $ 295,152 $ — $ — Total $ 295,152 $ — $ — December 31, 2021 Level 1 Level 2 Level 3 Cash and cash equivalents: Money market funds $ 295,101 $ — $ — Total $ 295,101 $ — $ — There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the periods presented. Our assets measured at fair value on a nonrecurring basis include long-lived assets and finite-lived intangibles, which are considered to be Level 3 inputs. During the three months ended March 31, 2021, we determined that the estimated fair value of a portion of our internal-use software was non-recoverable, and we recorded a non-cash impairment charge of $0.5 million, as more fully described in “Note 4—Property and Equipment.” Accounts receivable, accounts payable and accrued expenses are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. Leases Prior to the adoption of Accounting Standards Codification (“ASC”) 842, Leases , on January 1, 2022 We categorized leases at their inception as either operating or capital. In the ordinary course of business, we enter into non-cancelable operating leases for office space. We recognized lease costs on a straight-line basis and treated lease incentives as a reduction of rent expense over the term of the agreement. The difference between cash rent payments and rent expense was recorded as a deferred rent liability, with the amount expected to be amortized within the next twelve months classified as a current liability. We subleased a portion of our office space and recognize rental income on a straight-line basis as an offset to rent expense within general and administrative costs. The difference between cash rent payments received and rental income was recorded within prepaid expenses and other current assets. Subsequent to the adoption of ASC 842 on January 1, 2022 We determine if an arrangement is a lease or contains a lease at inception. Our lease agreements are generally for office facilities, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. Our leases may also contain non-lease components such as payments of maintenance, utilities, and taxes, which we have elected to account for separately, as these amounts are readily determinable. At the commencement date of a lease, we recognize a liability to make lease payments and an asset representing the right to use the underlying asset during the lease term. The lease liability is measured at the present value of the minimum rental payments discounted using our incremental borrowing rate (“IBR”) over the lease term (or, if readily determinable, the rate implicit in the lease). The right-of-use (“ROU”) asset is measured at cost, which includes the initial measurement of the lease liability and initial direct costs incurred and excludes lease incentives. We subleased a portion of our office space and recognize rental income on a straight-line basis as an offset to other leases costs, net within general and administrative expenses. The lease term used to measure ROU lease assets and lease liabilities may include renewal options which are deemed reasonably certain to be exercised. Operating lease costs are recognized on a straight-line basis over the lease term. Variable lease payments are expensed as incurred. Our leases do not contain any material residual value guarantees or material restrictive covenants. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (Topic 842) (“ASC 842”) , which requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Additional disclosures are required to allow financial statement users to assess the amount, timing, and uncertainty of cash flows arising from leasing activities. A modified retrospective transition approach is required for leases existing at the time of adoption. We adopted and began applying the standard on January 1, 2022 using the modified retrospective approach and applied it to all existing leases as of the adoption date. We will continue to present prior period amounts under ASC 840, Leases . In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard which does not require us to reassess whether contracts that existed or expired prior to the adoption date contained an embedded lease, reassess historical lease classification, or evaluate initial direct costs for leases that were in effect at the adoption date. We did not elect the hindsight practical expedient related to determining the lease term. As a result of implementing this guidance, we recognized $20.6 million in operating lease right-of-use assets as of January 1, 2022, and derecognized $2.4 million of previously recognized deferred rent. We also recorded $2.5 million in current operating lease liabilities and $18.1 million in operating lease liabilities, net of current portion in our condensed consolidated balance sheet as of January 1, 2022. The adoption of ASC 842 did not result in a cumulative-effect adjustment on retained earnings. See “Note 10—Leases” for additional details. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires an entity to utilize the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model results in more timely recognition of credit losses. This guidance also requires new disclosures for financial assets measured at amortized cost, loans, and available-for-sale debt securities. We adopted this standard as of January 1, 2022. The adoption did not have a material impact on our condensed consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires an acquirer to recognize and measure contract assets and contract liabilities in accordance with ASC Topic 606. Under prior guidance, an acquirer generally recognized assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers, at fair value on the acquisition date. ASU No. 2021-08 results in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under ASC Topic 606, Revenue from Contracts with Customers . ASU No. 2021-08 is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. We early adopted ASU No 2021-08 as of January 1, 2022 on a prospective basis and the adoption impact of the new standard was not material to our condensed consolidated financial statements. The standard did not impact our contract assets or liabilities prior to the adoption date.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The following table disaggregates revenue by type (in thousands): Three Months Ended March 31, 2022 Platform Professional Total Timing of revenue recognition Transferred over time $ 20,801 $ 1,290 $ 22,091 Transferred at a point in time 20,665 — 20,665 Total revenue $ 41,466 $ 1,290 $ 42,756 Three Months Ended March 31, 2021 Platform Professional Total Timing of revenue recognition Transferred over time $ 14,543 $ 1,200 $ 15,743 Transferred at a point in time 20,380 — 20,380 Total revenue $ 34,923 $ 1,200 $ 36,123 Contract Balances Contract Asset Professional services revenue is generally recognized ratably over the implementation period, beginning on the commencement date of each contract. Platform revenue is recognized as the services are delivered. Under ASC Topic 606, Revenue from Contracts with Customers , we record a contract asset when revenue recognized on a contract exceeds the billings. Our standard billing terms are monthly; however, the billings may not be consistent with the pattern of recognition, based on when services are performed. Contract assets were $1.0 million for both periods ending March 31, 2022 and December 31, 2021. Unearned Revenue Unearned revenue primarily consists of billings or payments received in advance of revenue recognition from subscription services and is recognized as revenue when transfer of control to customers has occurred. During the three months ended March 31, 2022, we recognized $0.5 million of revenue related to contracts that were included in unearned revenue at December 31, 2021. During the three months ended March 31, 2021, we recognized $0.1 million of revenue related to contracts that were included in unearned revenue at December 31, 2020. As of March 31, 2022, our remaining performance obligations were approximately $41.0 million, approximately 38% of which we expect to recognize as revenue over the next twelve months, and substantially all of the remaining revenue will be recognized thereafter over the next 24 to 48 months. These amounts only include contracts subject to a guaranteed fixed amount or the guaranteed minimum under variable contracts. Unrecognized revenues under contracts disclosed above do not include: (1) contracts with an original expected term of one year or less; (2) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage; and (3) agreements for which our right to invoice corresponds with the value provided to the customer. Deferred Contract Costs The following table summarizes the activity of current and non-current deferred contract costs (in thousands): Balance at December 31, 2021 $ 6,183 Capitalization of deferred contract costs 586 Amortization of deferred contract costs (828) Balance at March 31, 2022 $ 5,941

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consisted of the following (in thousands): Estimated Useful Life As of March 31, 2022 As of December 31, 2021 Computer and office equipment 3 - 5 $ 1,933 $ 1,800 Capitalized internal-use software 3 6,128 3,392 Furniture and fixtures 10 413 386 Leasehold improvements Shorter of estimated useful life or remaining term of lease 384 374 Total property and equipment 8,858 5,952 Less: accumulated depreciation and amortization of internal-use software (2,985) (2,648) Total property and equipment, net $ 5,873 $ 3,304 Depreciation and amortization expense from property and equipment was approximately $0.3 million for each of the three months ended March 31, 2022 and 2021. For the three months ended March 31, 2022, we recorded a non-cash impairment charge of $0.5 million related to a portion of our internal-use software that was abandoned. This amount was recorded in research and development expenses within the condensed consolidated statement of operations and comprehensive loss.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Omnivore Acquisition On February 20, 2022, we signed a definitive agreement to acquire Omnivore Technologies, Inc., (“Omnivore”) a restaurant technology provider that connects restaurants’ Point of Sale systems with technologies that improve efficiency and increase profitability. We closed the acquisition on March 4, 2022 for total consideration of approximately $49.4 million in cash, net of cash acquired. The operating results of Omnivore have been included in our consolidated statement of operations and comprehensive loss since the acquisition date. Actual results of operations from the date of acquisition through March 31, 2022 and supplemental pro forma revenue and results of operations have not been presented because the effects were not material to the consolidated financial statements. Purchase Price Allocation The acquisition was accounted for under the acquisition method in accordance with ASC 805, Business Combinations . We recognized and measured the identifiable assets acquired and liabilities assumed at their estimated fair values on the date of acquisition. The following table summarizes the preliminary allocation of the purchase price to the fair value of the assets acquired and liabilities assumed of Omnivore as of March 4, 2022 (in thousands): Initial Fair Value Estimate Accounts receivable $ 451 Other current assets 148 Operating lease right-of-use asset 236 Property and equipment 24 Other assets, noncurrent 9 Customer relationships 1,290 Developed technology 4,410 Trademark 150 Goodwill 44,745 Accounts payable (198) Accrued expenses and other current liabilities (101) Unearned revenue (83) Operating lease liability, current (81) Operating lease liability, noncurrent (177) Deferred tax liability, net (1,421) Total purchase price, net of cash acquired $ 49,402 Customer relationships were measured at fair value using the multiple-period excess earnings method under the income approach. Significant inputs used to measure the fair value include an estimate of projected revenue and costs associated with existing customers, and a discount rate of 11.0%. Developed technology was measured at fair value using the relief-from-royalty method of the income approach. Significant inputs used to measure the fair value include an estimate of projected revenue from existing technology, a pre-tax royalty rate of 20.0% and a discount rate of 11.0%. Trademark was measured at fair value using the relief-from-royalty method under the income approach. Significant inputs used to measure the fair value include an estimate of projected revenue from the trademark, a pre-tax royalty rate of 1.0% and a discount rate of 11.0%. The preliminary purchase price allocation resulted in the recognition of $44.7 million of goodwill. Goodwill represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including an experienced workforce that will help accelerate product development and go to market strategy, as well as expected future synergies generated by integrating Omnivore’s products with those in our existing platform. Accordingly, Omnivore will be reported along with our historical solutions under the same operating segment. None of the goodwill is expected to be deductible for tax purposes. We recorded $1.0 million in transaction related expenses, primarily related to transaction related compensation, advisory, legal, valuation, and other professional fees, for the three months ended March 31, 2022. The transaction related expenses are recorded within the consolidated statements of operations and comprehensive (loss) income as follows (in thousands): Operating expenses: Sales and marketing 79 General and administrative 929 Total transaction costs $ 1,008 We expect to finalize the purchase price allocation after management has further analyzed and assessed a number of the factors used in establishing the fair values of assets acquired and liabilities assumed as of the acquisition date, including, but not limited to, the working capital acquired. Wisely Acquisition On October 21, 2021, we signed a definitive agreement to acquire all of the outstanding shares of Wisely Inc. (“Wisely”), a customer intelligence and engagement platform for restaurants. We believe Wisely’s Customer Engagement and Front-of-House solutions complement our existing solution suite and enhance our value to our customers. We closed the acquisition on November 4, 2021 for total consideration of approximately $177.8 million, consisting of $75.2 million in cash (net of cash acquired), $96.6 million of Class A common stock, and $5.9 million of substituted stock options granted in connection with the acquisition. The fair values of the Class A common stock and substituted stock options were based on a price per Class A common share of $27.93, which is equal to the closing price of our Class A common stock on the date of the transaction. As a result of the equity consideration component, we issued approximately 3.5 million shares of our Class A common stock and granted approximately 0.2 million fully vested stock options at the acquisition date. The fair value of the substituted options granted was based upon the estimated value of vested stock options held by Wisely employees immediately prior to the acquisition. We recorded $0.1 million in transaction related expenses, primarily related to legal and insurance fees, for the three months ended March 31, 2022 in general and administrative expenses within the condensed consolidated statement of operations and comprehensive loss.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The following table summarizes the changes in the carrying amount of goodwill (in thousands): Balance at December 31, 2021 $ 162,956 Adjustment to Wisely acquisition (94) Acquisition of Omnivore 44,745 Balance at March 31, 2022 $ 207,607 The gross book value and accumulated amortization of intangible assets, net, as of March 31, 2022 were as follows (in thousands): Weighted-average Remaining Useful Life (in years) Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology 5.7 $ 14,595 $ (738) $ 13,857 Customer relationships 7.6 10,921 (502) 10,419 Trademark 2.7 486 (49) 437 Balance at March 31, 2022 $ 26,002 $ (1,289) $ 24,713 Amortization expense associated with intangible assets was $0.8 million for the three months ended March 31, 2022. As of March 31, 2022, estimated amortization related to the identifiable acquisition-related intangible assets expected to be recognized in future periods was as follows (in thousands): 2022 (remaining) $ 2,975 2023 3,967 2024 3,949 2025 3,813 2026 3,804 Thereafter 6,205 Total $ 24,713 No goodwill or intangible asset impairment losses were recognized during the three months ended March 31, 2022. See “Note 5—Acquisitions” for additional information on the acquisitions of Omnivore and Wisely.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): As of March 31, 2022 As of December 31, 2021 Prepaid software licensing fees $ 2,894 $ 1,888 Prepaid insurance 3,365 1,298 Other 3,504 2,532 Total prepaid expenses and other current assets $ 9,763 $ 5,718

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other current liabilities c onsisted of the following (in thousands): As of March 31, 2022 As of December 31, 2021 Accrued delivery service partner fees 40,124 35,441 Accrued compensation and benefits 3,565 4,189 Other 2,350 2,421 Professional and consulting fees 2,103 1,806 Accrued taxes 1,430 1,538 Total accrued expenses and other current liabilities $ 49,572 $ 45,395

Line of Credit

Line of Credit	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Line of Credit	Line of Credit In May 2012, we entered into a Loan and Security Agreement with Pacific Western Bank for a revolving line of credit with a maturity date of May 15, 2013 (the “Loan Agreement”). Since the Loan Agreement, we amended and restated the agreement in February 2020, and have executed subsequent amendments to extend the maturity date until June 30, 2022. Advances under the Formula Line bear interest equal to the greater of (A) 0.20% above Pacific Western Bank’s prime rate then in effect; or (B) 4.50%. Advances under the Non-Formula Line bear interest equal to the greater of (i) 0.75% above Pacific Western Bank’s prime rate then in effect; or (ii) 5.00%. Interest is due and payable monthly in arrears. We may prepay advances under the credit facility in whole or in part at any time without premium or penalty. In April 2021, we amended the Loan Agreement and exercised our option to increase our available line of credit from $25.0 million to $35.0 million. Additionally, we amended our minimum EBITDA and minimum net revenue covenants, which reset each annual period. In May 2021, we issued a letter of credit to DoorDash, Inc., or DoorDash, in the amount of $25.0 million in connection with our Restated Delivery Network Agreement. In August 2021, we amended our Loan Agreement to maintain minimum cash deposits with Pacific Western Bank equal to the lesser of $75.0 million or an amount equal to 50% of all of our cash deposits with any bank, and to extend certain reporting requirements from 30 to 45 days after each quarter end. In December 2021 and in connection with the Wisely Acquisition, we further amended our Loan Agreement to reflect Wisely LLC as an additional borrower. In January 2022, we further amended our Loan Agreement (the “Fourth Amendment”) to extend the maturity date to May 12, 2022. In March 2022, we further amended our Loan Agreement (the “Fifth Amendment”) to provide consent for our acquisition of Omnivore and to set compliance thresholds for 2022. In May 2022, we further amended our Loan Agreement (the “Sixth Amendment”) to extend the maturity date to June 30, 2022. The foregoing description of the material terms of the Fourth Amendment, the Fifth Amendment, and Sixth Amendment does not purport to be complete and is subject to, and is qualified in its entirety by, reference to the full terms of the Fourth Amendment and the Fifth Amendment, which we have filed as exhibits to this Quarterly Report on Form 10-Q, and with respect to the Sixth Amendment, which we intend to file as an exhibit to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. We refer to the Loan Agreement, as amended, as the “Amended Loan Agreement.” As of March 31, 2022 , we had $8.6 million available under the Amended Loan Agreement, after consideration of $25.0 million in our letter of credit to DoorDash and $1.4 million in our letter of credit on the lease of our headquarters. As of March 31, 2022, we had no outstanding borrowings under the line of credit , and no amounts have been drawn against any of our letters of credit. Our obligations under the Amended Loan Agreement are secured by substantially all of our assets. The Amended Loan Agreement contains customary affirmative and negative covenants, including covenants that require Pacific Western Bank’s consent to, among other things, merge or consolidate or acquire assets, make investments, incur additional indebtedness or guarantee indebtedness of others, pay dividends or redeem or repurchase any capital stock, enter into transactions with affiliates outside the ordinary course of business, and create liens on our assets. We are also required to comply with certain minimum EBITDA and minimum revenue covenants. We were in compliance with these covenants as of March 31, 2022. The Amended Loan Agreement also contains events of default that include, among other things, non-payment defaults, covenant defaults, insolvency defaults, cross-defaults to other indebtedness and material obligations, judgment defaults, inaccuracy of representations and warranties, and a material adverse change. Any default that is not cured or waived could result in the acceleration of the obligations under the credit facility, an increase in the applicable interest rate under the credit facility to a per annum rate equal to 5.00% above the applicable interest rate and would permit Pacific Western Bank to exercise remedies with respect to all of the collateral that is securing the credit facility. Pacific Western Bank has the right to terminate its obligation to make further advances to us immediately and without notice upon the occurrence and during the continuance of an event of default. We may terminate the Formula Line or the Non-Formula Line at any time prior to the maturity date, upon two business days written notice to Pacific Western Bank, at which time all then outstanding obligations arising under the Amended Loan Agreement, including any unpaid interest thereon, will accelerate and become immediately due and payable. There was no interest expense related to the Amended Loan Agreement

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Leases We have non-cancelable operating leases for our headquarters in New York City (“Headquarters Lease”) that expires in May 2030 and for our former office that expires in September 2023. We sublease a portion of our former office space, which we ceased using in connection with the signing of the Headquarters Lease. The sublease expires in March 2023. As a result of the acquisition of Omnivore, we have a non-cancelable operating lease in Clearwater, Florida that expires in January 2025. Our lease terms include periods under options to extend or terminate the leases. Currently, there are no operating leases where we believe it is reasonably certain that we will exercise any option to extend the initial term. As disclosed in “Note 2—Significant Accounting Policies,” we adopted ASC 842 on January 1, 2022. We have elected the “package of practical expedients,” which permits us not to reassess under ASC 842 our prior conclusions on expired or existing leases about lease identification, lease classification, and initial direct costs. Payments of maintenance, utilities, and taxes, are expensed as incurred and excluded from right-of-use assets and lease liabilities, and were immaterial for the three months ended March 31, 2022. Furthermore, we elected to not capitalize leases with a term of 12 months or less and recognize the lease expense for such leases on a straight-line basis over the lease term. The IBR is the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. We determined our IBR by obtaining interest rates from various external financing sources and made certain adjustments to reflect the terms of the lease and type of the asset leased. The elements of lease expense were as follows (in thousands): Three Months Ended 2022 Operating lease costs $ 828 Other lease income (87) Total lease costs $ 741 Rent expense, excluding sublease income, under ASC 840, Leases , was $0.8 million for the three months ended March 31, 2021 and rental income was $0.1 million for the three months ended March 31, 2021. Cash paid for amounts included in the initial measurement of lease liabilities were $0.9 million for the three months ended March 31, 2022. As of March 31, 2022, the total remaining operating lease payments included in the measurement of lease liabilities are as follows (in thousands): 2022 (remaining) $ 2,717 2023 3,444 2024 2,877 2025 2,893 2026 2,960 Thereafter 10,114 Total future minimum lease payments 25,005 Less: imputed interest (4,731) Total $ 20,274 The weighted average remaining lease term and discount rate for the operating leases were as follows: As of March 31, Weighted average remaining lease term (years) 7.7 years Weighted average discount rate 5.37% As of December 31, 2021, our future minimum payments under non-cancelable leases for operating facilities as determined prior to the adoption of ASC 842 were as follows (in thousands): 2022 $ 3,559 2023 3,352 2024 2,780 2025 2,885 2026 2,960 Thereafter 10,113 Total $ 25,649

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Changes in Capital Structure On March 5, 2021, our Board of Directors and stockholders approved an amended and restated certificate of incorporation effecting a 17-for-1 forward stock split of our issued and outstanding shares of common stock and Series A, A-1, B, C, D, E preferred stock. Additionally, all outstanding equity instruments, including our time-based stock options, performance-based SARs, and preferred stock warrants, were adjusted to reflect the 17-for-1 forward stock split. The stock split was effected on March 5, 2021. The par value of the Class B common stock and redeemable convertible preferred stock was not adjusted as a result of the stock split. All issued and outstanding Class B common stock, redeemable convertible preferred stock, warrants to purchase shares of redeemable convertible preferred stock, and stock options, as well as the per share amounts, included in the accompanying financial statements have been adjusted to reflect this stock split for all periods presented. On March 5, 2021, our Board of Directors and stockholders approved and we implemented a dual class common stock structure where all existing shares of common stock converted to Class B common stock and we authorized a new class of common stock, Class A common stock. The authorized share capital for Class A common stock is 1,700,000,000 and the authorized share capital for Class B common stock is 185,000,000. The Class A common stock is entitled to one vote per share and the Class B common stock is entitled to ten votes per share. The Class A and Class B common stock have the same rights and privileges and rank equally, share ratably, and are identical in all respects and for all matters except for voting, conversion, and transfer rights. The Class B common stock converts to Class A common stock at any time at the option of the holder. References in the accompanying financial statements have been adjusted to reflect the dual class common stock structure and the changes in the number of authorized shares of common stock. We also authorized a total of 20,000,000 shares of undesignated preferred stock, par value $0.001 per share. Effective March 5, 2021, 124,012,926 outstanding shares of common stock were converted into an equivalent number of shares of our Class B common stock. Class A common stock and Class B common stock reserved for future issuance consisted of the following: As of March 31, As of December 31, Shares available for grant under employee stock purchase plan 3,760,115 3,760,115 Shares available for grant under stock option plan 19,714,647 18,994,572 Restricted stock units 3,573,464 1,082,980 Options issued and outstanding under stock option plan 35,445,788 36,716,816 Total common stock reserved for future issuance 62,494,014 60,554,483 Charitable Contributions In March 2021, our Board of Directors approved the issuance of 1,729,189 shares of our Class A common stock to an independent donor-advised fund sponsor, Tides Foundation, in conjunction with our Olo for Good initiative. We donated 172,918 shares of our Class A common stock to Tides Foundation and recognized $5.1 million as a non-cash general and

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Equity Incentive Plans On March 5, 2021, our Board of Directors adopted our 2021 Equity Incentive Plan (“2021 Plan”). Prior to that date, we had established our 2015 Equity Incentive Plan (“2015 Plan”) and 2005 Equity Incentive Plan (“2005 Plan” and collectively with the 2021 Plan and 2015 Plan, the “Plans”). The 2021 Plan serves as the successor to the 2015 Plan and 2005 Plan and provides for the issuance of incentive and nonqualified stock options, SARs, restricted stock, and RSUs, to employees, directors, consultants, and advisors. Stock options under the Plans may be granted with contractual terms of up to ten years (or five years if granted to a greater than 10.0% stockholder) and at prices no less than 100.0% of the estimated fair value of the shares on the date of grant as determined by our Board of Directors; provided, however, that the exercise price of an incentive stock option (“ISO”) and nonqualified stock option (“NSO”) granted to a greater than 10.0% stockholder shall not be less than 110.0% of the estimated fair value of the shares on the date of grant. Awards granted under the Plans generally vest over four years. Certain stock options have an early exercise feature. Shares purchased pursuant to the early exercise of stock options are subject to repurchase until those shares vest; therefore, cash received in exchange for unvested shares exercised is recorded as a liability on the accompanying condensed balance sheets, and is reclassified to Class B common stock and additional paid-in capital as the shares vest. There were 98,889 and 120,088 early exercised shares outstanding as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022, there is a liability in the amount of $0.3 million, of which $0.2 million was recorded in accrued expenses and other current liabilities in our balance sheet because vesting is within the next 12 months, and $0.1 million was recorded in other liabilities, non-current, because vesting is beyond the next 12 months. On March 13, 2021, our Board of Directors adopted a non-employee director compensation policy that became effective upon our IPO. The policy provides for annual cash retainers for non-employee directors and an additional cash retainer for those non-employee directors that serve as chairpersons or members of our audit, compensation, and nominating and corporate governance committees. Additionally, directors will have the option to receive their annual retainer amounts in cash or equity. Each new non-employee director appointed to the Board of Directors after the IPO date will be granted an initial RSU award with a value of $0.3 million subject to vesting over a three-year period. Certain non-employee directors who had served for at least six months prior to the IPO effective date and did not have unvested equity awards were granted 39,870 RSU awards on March 17, 2021 with a total value of approximately $1.0 million, which will fully vest on the day immediately prior to our 2022 annual meeting of stockholders. As of March 31, 2022 and December 31, 2021 the maximum number of shares authorized for issuance to participants under the Plans was 24,817,791 and 20,615,612, respectively. As of March 31, 2022 and December 31, 2021, the number of shares available for issuance to participants under the Plans was 19,714,647 and 18,994,572, respectively. During the three months ended March 31, 2022 and 2021, no SARs were granted to employees. The SARs outstanding as of the time of the IPO were equity-classified and were measured at the grant date fair value. The SARs were vested and settled upon completion of the IPO and 1,642,570 shares of Class B common stock were issued in connection with this event. Compensation expense of $2.8 million was recognized for the three months ended March 31, 2021. Restricted Stock Units The following summarizes the activity for the unvested RSUs during the three months ended March 31, 2022: Shares Weighted- Unvested at December 31, 2021 1,082,980 $ 27.70 Granted 2,740,027 18.78 Vested (136,662) 20.32 Forfeited and canceled (112,881) 23.25 Unvested at March 31, 2022 3,573,464 $ 21.28 The total fair value of RSUs vested during the three months ended March 31, 2022 was $1.7 million. Future stock-based compensation for unvested RSUs awarded as of March 31, 2022 was approximately $71.3 million and is expected to be recognized over a weighted-average period of 3.66 years. Stock Options The following summarizes our stock option activity for the three months ended March 31, 2022 (in thousands, except share and per share amounts): Number of Weighted- Weighted- Aggregate As of December 31, 2021 36,716,816 $ 3.55 5.76 $ 633,730 Granted 859,038 15.75 Exercised (1,851,334) 1.25 Forfeited (278,732) 7.16 Vested and expected to vest as of March 31, 2022 35,445,788 $ 3.94 5.71 $ 330,083 Exercisable as of March 31, 2022 25,631,502 $ 2.29 4.61 $ 280,924 The following table summarizes the weighted-average grant date fair value of options granted, intrinsic value of options exercised, and grant date fair value of options vested for the three months ended March 31, 2022 and 2021 (in thousands, except per share amounts): Three Months Ended 2022 2021 Weighted-average grant date fair value of options granted $ 15.75 $ 10.50 Intrinsic value of options exercised $ 30,849 $ 53,411 Total grant date fair value of options vested $ 13,699 $ 5,950 Future stock-based compensation for unvested employee options granted and outstanding as of March 31, 2022 was $65.3 million and is expected to be recognized over a weighted-average period of 2.39 years. Valuation Assumptions We estimated the fair value of stock options granted using the Black-Scholes option pricing model with the following weighted-average assumptions: Three Months Ended 2022 2021 Expected term (in years) 5.24 5.48 - 6.07 Volatility 32% 52% Risk-free interest rate 1.62% 0.50% - 0.67% Dividend yield 0% 0% Fair value of underlying common stock $15.75 $16.78 - $18.09 We elected to use the midpoint practical expedient to calculate the expected term. 2021 Employee Stock Purchase Plan On March 5, 2021, our Board of Directors and stockholders adopted our ESPP. The ESPP became effective immediately prior to the IPO. The ESPP authorized the issuance of 3,900,000 shares of our Class A common stock pursuant to purchase rights granted to our employees or to employees of any of our designated affiliates. The number of shares of our Class A common stock reserved for issuance will automatically increase on January 1 of each calendar year, commencing on January 1, 2022 through January 1, 2031, by the lesser of (1) 1.0% of the total number of shares of our Class A common stock outstanding on December 31 of the preceding calendar year, or (2) 11,700,000 Class A common shares; provided, that prior to the date of any such increase, our Board of Directors may determine that such increase will be less than the amount set forth in clauses (1) and (2). Employees may contribute, normally through payroll deductions, up to 15% of their earnings for the purchase of our Class A common stock under the ESPP. Our Class A common stock will be purchased for the accounts of employees participating in the ESPP at a price per Class A common share equal to the lower of (a) 85% of the fair market value of our Class A common stock on the first trading date of an offering, or (b) 85% of the fair market value of our Class A common stock on the date of purchase. The current offering period began in December 2021 and ends in June 2022. For the three months ended March 31, 2022, we recorded approximately $0.4 million of compensation expense associated with our ESPP. Stock-Based Compensation Expense The classification of stock-based compensation expense, which includes expense for stock options, RSUs, SARs, and ESPP charges, by line item within the consolidated statements of operations and comprehensive (loss) income was as follows (in thousands): Three Months Ended 2022 2021 Cost of revenue - platform $ 1,470 $ 436 Cost of revenue - professional services and other 210 115 Research and development 3,398 3,452 General and administrative 5,038 3,858 Sales and marketing 1,592 388 Total stock-based compensation expense $ 11,708 $ 8,249

Warrants

Warrants	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Warrants	Warrants Redeemable Convertible Preferred Stock Warrants Prior to the IPO, warrants to purchase 1,682,847 shares of our outstanding redeemable convertible preferred stock were exercised and converted into redeemable convertible preferred stock. Upon completion of the IPO, all shares of our

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We had an effective tax rate of 10.39% and (0.14)% for the three months ended March 31, 2022 and 2021, respectively. The effective tax rate for the three months ended March 31, 2022 is driven primarily by the release of a portion of our valuation allowance for deferred tax assets following the recording of a deferred income tax liability as part of our accounting for the acquisition of Omnivore and adjustments to the full valuation allowance on our deferred tax assets, partially offset by state taxes. We maintain a full valuation allowance on our net federal and state deferred tax assets as we have concluded that it is more likely than not that the deferred tax assets will not be realized. We evaluated the available evidence supporting the realization of our deferred tax assets, including the amount and timing of future taxable income, and have determined that it is more likely than not that our net deferred tax assets will not be realized. Due to uncertainties surrounding the realization of the deferred tax assets, we maintain a full valuation allowance against substantially all of our net deferred tax assets. When we determine that we will be able to realize some portion or all of our deferred tax assets, an adjustment to our valuation allowance on our deferred tax assets would have the effect of increasing net income in the period such determination is made. We applied ASC 740, Income Taxes

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. If we determine that a loss is reasonably possible, and the loss or range of loss can be estimated, we will disclose the possible loss in the notes to our financial statements. Accounting for contingencies requires us to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. Legal costs incurred in connection with loss contingencies are expensed as incurred.

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common Stockholders A reconciliation of net loss available to common stockholders and the number of shares in the calculation of basic net loss per share is as follows (in thousands, except share and per share data): Three Months Ended March 31, 2022 2021 Numerator: Net loss and comprehensive loss $ (11,509) $ (26,457) Less: accretion of redeemable convertible preferred stock to redemption value — (14) Net loss attributable to Class A and Class B common stockholders—basic and diluted $ (11,509) $ (26,471) Three Months Ended March 31, 2022 2021 Denominator: Weighted-average Class A and Class B common shares outstanding—basic and diluted 159,190,371 41,855,757 Net loss per share attributable to Class A and Class B common stockholders––basic and diluted $ (0.07) $ (0.63) The following participating securities 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 (on an as-converted basis): Three Months Ended March 31, 2022 2021 Outstanding stock options 35,445,788 43,621,733 Outstanding restricted stock units 3,573,464 39,870 Outstanding shares estimated to be purchased under ESPP 112,116 — Total 39,131,368 43,661,603

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. The December 31, 2021 condensed consolidated balance sheet was derived from the audited financial statements as of that date, but may not include all disclosures including certain footnotes required by U.S. GAAP on an annual reporting basis. These unaudited condensed consolidated financial statements have been prepared on a basis consistent with our annual financial statements and, in the opinion of management, reflect all adjustments, which include all normal recurring adjustments necessary to fairly state our financial position as of March 31, 2022 and our results of operations and comprehensive loss, our stockholders’ equity, and our cash flows for the three months ended March 31, 2022 and 2021. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022 or for any other future annual or interim period. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K filed with the SEC on February 25, 2022. All intercompany balances and transactions have been eliminated in consolidation. Certain prior-year amounts have been reclassified to conform to the current year presentation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period.
Concentrations of Business	Concentrations of Business and Credit RiskWe are exposed to concentrations of credit risk primarily through our cash held by financial institutions. We primarily deposit our cash with two financial institutions and the amount on deposit exceeds federally insured limits. As of March 31, 2022, 14% of our accounts receivable were due from one customer. As of December 31, 2021, no customer had a balance over 10% of our accounts receivable. For the three months ended March 31, 2022 and 2021, one customer accounted for 13% and 25% of our revenue, respectively.
Credit Risks	Concentrations of Business and Credit RiskWe are exposed to concentrations of credit risk primarily through our cash held by financial institutions. We primarily deposit our cash with two financial institutions and the amount on deposit exceeds federally insured limits. As of March 31, 2022, 14% of our accounts receivable were due from one customer. As of December 31, 2021, no customer had a balance over 10% of our accounts receivable. For the three months ended March 31, 2022 and 2021, one customer accounted for 13% and 25% of our revenue, respectively.
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable, net are stated at net realizable value and include unbilled receivables. Unbilled receivables arise primarily from transactional services provided in advance of billing. Accounts receivable are net of an allowance for credit losses, are not collateralized, and do not bear interest. Payment terms vary by contract type but are generally due within 30 days. The accounts receivable balance at March 31, 2022 and December 31, 2021 included unbilled receivables of $0.3 million and $4.1 million, respectively. We assess the collectability of outstanding accounts receivable on an ongoing basis and maintain an allowance for credit losses for accounts receivable deemed uncollectible. Upon adoption of Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, we analyzed our accounts receivable portfolio for significant risks, historical activity, and an estimate of future collectability to determine the amount that will ultimately be collected. This estimate is analyzed annually and adjusted as necessary or upon certain triggering events. Identified risks pertaining to our accounts receivable include the delinquency level, customer type, and current economic environment. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. The following summarizes our allowance for doubtful accounts activity (in thousands): Balance at December 31, 2021 $ 657 Provision for expected credit losses 248 Writeoffs (228) Balance at March 31, 2022 $ 677
Business Combinations	Business Combinations We account for acquisitions using the acquisition method of accounting and determine whether a transaction constitutes a business and is treated as a business combination or if the transaction does not constitute a business and is treated as an asset acquisition. The acquisition method of accounting requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The results of businesses acquired in a business combination are included in our consolidated financial statements from the date of acquisition. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates, including estimates of future revenue and adjusted earnings before interest and taxes and discount rates. Our estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ materially from estimates. Our estimates associated with the accounting for business combinations may change as additional information becomes available regarding the assets acquired and liabilities assumed. Any change in facts and circumstances that existed as of the acquisition date and impacts our estimates is recorded to goodwill if identified within the measurement period. Subsequent to the measurement period or our final determination of fair value of assets and liabilities, whichever is earlier, the adjustments will affect our earnings. Transaction related expenses incurred in a business combination are not included as a component of consideration transferred, but are accounted for as an expense in the period in which the costs are incurred.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interest, if any, over the fair value of identifiable assets acquired and liabilities assumed in a business combination. We have no intangible assets, other than goodwill, with indefinite useful lives. Intangible assets other than goodwill are comprised of acquired developed technology, customer relationships, and trademarks. At initial recognition, intangible assets acquired in a business combination or asset acquisition are recognized at their fair value as of the date of acquisition. Following initial recognition, intangible assets are carried at acquisition date fair value less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset. We review goodwill for impairment annually on October 1st (beginning day of the fourth quarter) of each fiscal year or whenever events or changes in circumstances indicate that an impairment may exist. In conducting our annual impairment test, we review qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If factors indicate that the fair value of the reporting unit is less than its carrying amount, we perform a quantitative assessment and the fair value of the reporting unit is determined by analyzing the expected present value of future cash flows. If the carrying value of the reporting unit continues to exceed its fair value, the fair value of the reporting unit’s goodwill is calculated and an impairment loss equal to the excess is recorded. We assess the impairment of intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Fair Value Measurement	Fair Value Measurement Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 inputs: Based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs: Based on observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs: Based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities, and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The following summarizes assets and liabilities as of March 31, 2022 and December 31, 2021 that are measured at fair value on a recurring basis, by level, within the fair value hierarchy (in thousands): March 31, 2022 Level 1 Level 2 Level 3 Cash and cash equivalents: Money market funds $ 295,152 $ — $ — Total $ 295,152 $ — $ — December 31, 2021 Level 1 Level 2 Level 3 Cash and cash equivalents: Money market funds $ 295,101 $ — $ — Total $ 295,101 $ — $ — There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the periods presented. Our assets measured at fair value on a nonrecurring basis include long-lived assets and finite-lived intangibles, which are considered to be Level 3 inputs. During the three months ended March 31, 2021, we determined that the estimated fair value of a portion of our internal-use software was non-recoverable, and we recorded a non-cash impairment charge of $0.5 million, as more fully described in “Note 4—Property and Equipment.”
Leases	Leases Prior to the adoption of Accounting Standards Codification (“ASC”) 842, Leases , on January 1, 2022 We categorized leases at their inception as either operating or capital. In the ordinary course of business, we enter into non-cancelable operating leases for office space. We recognized lease costs on a straight-line basis and treated lease incentives as a reduction of rent expense over the term of the agreement. The difference between cash rent payments and rent expense was recorded as a deferred rent liability, with the amount expected to be amortized within the next twelve months classified as a current liability. We subleased a portion of our office space and recognize rental income on a straight-line basis as an offset to rent expense within general and administrative costs. The difference between cash rent payments received and rental income was recorded within prepaid expenses and other current assets. Subsequent to the adoption of ASC 842 on January 1, 2022 We determine if an arrangement is a lease or contains a lease at inception. Our lease agreements are generally for office facilities, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. Our leases may also contain non-lease components such as payments of maintenance, utilities, and taxes, which we have elected to account for separately, as these amounts are readily determinable. At the commencement date of a lease, we recognize a liability to make lease payments and an asset representing the right to use the underlying asset during the lease term. The lease liability is measured at the present value of the minimum rental payments discounted using our incremental borrowing rate (“IBR”) over the lease term (or, if readily determinable, the rate implicit in the lease). The right-of-use (“ROU”) asset is measured at cost, which includes the initial measurement of the lease liability and initial direct costs incurred and excludes lease incentives. We subleased a portion of our office space and recognize rental income on a straight-line basis as an offset to other leases costs, net within general and administrative expenses. The lease term used to measure ROU lease assets and lease liabilities may include renewal options which are deemed reasonably certain to be exercised. Operating lease costs are recognized on a straight-line basis over the lease term. Variable lease payments are expensed as incurred. Our leases do not contain any material residual value guarantees or material restrictive covenants.
Recently Adopted and Not Yet Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (Topic 842) (“ASC 842”) , which requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Additional disclosures are required to allow financial statement users to assess the amount, timing, and uncertainty of cash flows arising from leasing activities. A modified retrospective transition approach is required for leases existing at the time of adoption. We adopted and began applying the standard on January 1, 2022 using the modified retrospective approach and applied it to all existing leases as of the adoption date. We will continue to present prior period amounts under ASC 840, Leases . In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard which does not require us to reassess whether contracts that existed or expired prior to the adoption date contained an embedded lease, reassess historical lease classification, or evaluate initial direct costs for leases that were in effect at the adoption date. We did not elect the hindsight practical expedient related to determining the lease term. As a result of implementing this guidance, we recognized $20.6 million in operating lease right-of-use assets as of January 1, 2022, and derecognized $2.4 million of previously recognized deferred rent. We also recorded $2.5 million in current operating lease liabilities and $18.1 million in operating lease liabilities, net of current portion in our condensed consolidated balance sheet as of January 1, 2022. The adoption of ASC 842 did not result in a cumulative-effect adjustment on retained earnings. See “Note 10—Leases” for additional details. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires an entity to utilize the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model results in more timely recognition of credit losses. This guidance also requires new disclosures for financial assets measured at amortized cost, loans, and available-for-sale debt securities. We adopted this standard as of January 1, 2022. The adoption did not have a material impact on our condensed consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires an acquirer to recognize and measure contract assets and contract liabilities in accordance with ASC Topic 606. Under prior guidance, an acquirer generally recognized assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers, at fair value on the acquisition date. ASU No. 2021-08 results in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under ASC Topic 606, Revenue from Contracts with Customers . ASU No. 2021-08 is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. We early adopted ASU No 2021-08 as of January 1, 2022 on a prospective basis and the adoption impact of the new standard was not material to our condensed consolidated financial statements. The standard did not impact our contract assets or liabilities prior to the adoption date.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Rollforward of Allowance for Doubtful Accounts	The following summarizes our allowance for doubtful accounts activity (in thousands): Balance at December 31, 2021 $ 657 Provision for expected credit losses 248 Writeoffs (228) Balance at March 31, 2022 $ 677
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following summarizes assets and liabilities as of March 31, 2022 and December 31, 2021 that are measured at fair value on a recurring basis, by level, within the fair value hierarchy (in thousands): March 31, 2022 Level 1 Level 2 Level 3 Cash and cash equivalents: Money market funds $ 295,152 $ — $ — Total $ 295,152 $ — $ — December 31, 2021 Level 1 Level 2 Level 3 Cash and cash equivalents: Money market funds $ 295,101 $ — $ — Total $ 295,101 $ — $ —

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table disaggregates revenue by type (in thousands): Three Months Ended March 31, 2022 Platform Professional Total Timing of revenue recognition Transferred over time $ 20,801 $ 1,290 $ 22,091 Transferred at a point in time 20,665 — 20,665 Total revenue $ 41,466 $ 1,290 $ 42,756 Three Months Ended March 31, 2021 Platform Professional Total Timing of revenue recognition Transferred over time $ 14,543 $ 1,200 $ 15,743 Transferred at a point in time 20,380 — 20,380 Total revenue $ 34,923 $ 1,200 $ 36,123
Schedule of Current and Non-current Deferred Contract Costs	The following table summarizes the activity of current and non-current deferred contract costs (in thousands): Balance at December 31, 2021 $ 6,183 Capitalization of deferred contract costs 586 Amortization of deferred contract costs (828) Balance at March 31, 2022 $ 5,941

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consisted of the following (in thousands): Estimated Useful Life As of March 31, 2022 As of December 31, 2021 Computer and office equipment 3 - 5 $ 1,933 $ 1,800 Capitalized internal-use software 3 6,128 3,392 Furniture and fixtures 10 413 386 Leasehold improvements Shorter of estimated useful life or remaining term of lease 384 374 Total property and equipment 8,858 5,952 Less: accumulated depreciation and amortization of internal-use software (2,985) (2,648) Total property and equipment, net $ 5,873 $ 3,304

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary allocation of the purchase price to the fair value of the assets acquired and liabilities assumed of Omnivore as of March 4, 2022 (in thousands): Initial Fair Value Estimate Accounts receivable $ 451 Other current assets 148 Operating lease right-of-use asset 236 Property and equipment 24 Other assets, noncurrent 9 Customer relationships 1,290 Developed technology 4,410 Trademark 150 Goodwill 44,745 Accounts payable (198) Accrued expenses and other current liabilities (101) Unearned revenue (83) Operating lease liability, current (81) Operating lease liability, noncurrent (177) Deferred tax liability, net (1,421) Total purchase price, net of cash acquired $ 49,402
Business Combination, Transaction Costs	The transaction related expenses are recorded within the consolidated statements of operations and comprehensive (loss) income as follows (in thousands): Operating expenses: Sales and marketing 79 General and administrative 929 Total transaction costs $ 1,008

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table summarizes the changes in the carrying amount of goodwill (in thousands): Balance at December 31, 2021 $ 162,956 Adjustment to Wisely acquisition (94) Acquisition of Omnivore 44,745 Balance at March 31, 2022 $ 207,607
Schedule of Finite-Lived Intangible Assets	The gross book value and accumulated amortization of intangible assets, net, as of March 31, 2022 were as follows (in thousands): Weighted-average Remaining Useful Life (in years) Gross Carrying Value Accumulated Amortization Net Carrying Value Developed technology 5.7 $ 14,595 $ (738) $ 13,857 Customer relationships 7.6 10,921 (502) 10,419 Trademark 2.7 486 (49) 437 Balance at March 31, 2022 $ 26,002 $ (1,289) $ 24,713
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of March 31, 2022, estimated amortization related to the identifiable acquisition-related intangible assets expected to be recognized in future periods was as follows (in thousands): 2022 (remaining) $ 2,975 2023 3,967 2024 3,949 2025 3,813 2026 3,804 Thereafter 6,205 Total $ 24,713

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following (in thousands): As of March 31, 2022 As of December 31, 2021 Prepaid software licensing fees $ 2,894 $ 1,888 Prepaid insurance 3,365 1,298 Other 3,504 2,532 Total prepaid expenses and other current assets $ 9,763 $ 5,718

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities c onsisted of the following (in thousands): As of March 31, 2022 As of December 31, 2021 Accrued delivery service partner fees 40,124 35,441 Accrued compensation and benefits 3,565 4,189 Other 2,350 2,421 Professional and consulting fees 2,103 1,806 Accrued taxes 1,430 1,538 Total accrued expenses and other current liabilities $ 49,572 $ 45,395

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Lease Costs	The elements of lease expense were as follows (in thousands): Three Months Ended 2022 Operating lease costs $ 828 Other lease income (87) Total lease costs $ 741 The weighted average remaining lease term and discount rate for the operating leases were as follows: As of March 31, Weighted average remaining lease term (years) 7.7 years Weighted average discount rate 5.37%
Schedule of Payments Under Non-cancelable Operating Leases	As of March 31, 2022, the total remaining operating lease payments included in the measurement of lease liabilities are as follows (in thousands): 2022 (remaining) $ 2,717 2023 3,444 2024 2,877 2025 2,893 2026 2,960 Thereafter 10,114 Total future minimum lease payments 25,005 Less: imputed interest (4,731) Total $ 20,274
Schedule of Future Minimum Rental Payments for Operating Leases	As of December 31, 2021, our future minimum payments under non-cancelable leases for operating facilities as determined prior to the adoption of ASC 842 were as follows (in thousands): 2022 $ 3,559 2023 3,352 2024 2,780 2025 2,885 2026 2,960 Thereafter 10,113 Total $ 25,649

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Common Stock Reserved for Future Issuance	Class A common stock and Class B common stock reserved for future issuance consisted of the following: As of March 31, As of December 31, Shares available for grant under employee stock purchase plan 3,760,115 3,760,115 Shares available for grant under stock option plan 19,714,647 18,994,572 Restricted stock units 3,573,464 1,082,980 Options issued and outstanding under stock option plan 35,445,788 36,716,816 Total common stock reserved for future issuance 62,494,014 60,554,483

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Restricted Stock Unit, Activity	The following summarizes the activity for the unvested RSUs during the three months ended March 31, 2022: Shares Weighted- Unvested at December 31, 2021 1,082,980 $ 27.70 Granted 2,740,027 18.78 Vested (136,662) 20.32 Forfeited and canceled (112,881) 23.25 Unvested at March 31, 2022 3,573,464 $ 21.28
Schedule of Stock Options	The following summarizes our stock option activity for the three months ended March 31, 2022 (in thousands, except share and per share amounts): Number of Weighted- Weighted- Aggregate As of December 31, 2021 36,716,816 $ 3.55 5.76 $ 633,730 Granted 859,038 15.75 Exercised (1,851,334) 1.25 Forfeited (278,732) 7.16 Vested and expected to vest as of March 31, 2022 35,445,788 $ 3.94 5.71 $ 330,083 Exercisable as of March 31, 2022 25,631,502 $ 2.29 4.61 $ 280,924
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	The following table summarizes the weighted-average grant date fair value of options granted, intrinsic value of options exercised, and grant date fair value of options vested for the three months ended March 31, 2022 and 2021 (in thousands, except per share amounts): Three Months Ended 2022 2021 Weighted-average grant date fair value of options granted $ 15.75 $ 10.50 Intrinsic value of options exercised $ 30,849 $ 53,411 Total grant date fair value of options vested $ 13,699 $ 5,950
Schedule of Black-Scholes Option Pricing Model Assumptions	We estimated the fair value of stock options granted using the Black-Scholes option pricing model with the following weighted-average assumptions: Three Months Ended 2022 2021 Expected term (in years) 5.24 5.48 - 6.07 Volatility 32% 52% Risk-free interest rate 1.62% 0.50% - 0.67% Dividend yield 0% 0% Fair value of underlying common stock $15.75 $16.78 - $18.09
Schedule of Stock-based Compensation By Statement of Operations Line Item	The classification of stock-based compensation expense, which includes expense for stock options, RSUs, SARs, and ESPP charges, by line item within the consolidated statements of operations and comprehensive (loss) income was as follows (in thousands): Three Months Ended 2022 2021 Cost of revenue - platform $ 1,470 $ 436 Cost of revenue - professional services and other 210 115 Research and development 3,398 3,452 General and administrative 5,038 3,858 Sales and marketing 1,592 388 Total stock-based compensation expense $ 11,708 $ 8,249

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Net Loss Available to Common Stockholders	A reconciliation of net loss available to common stockholders and the number of shares in the calculation of basic net loss per share is as follows (in thousands, except share and per share data): Three Months Ended March 31, 2022 2021 Numerator: Net loss and comprehensive loss $ (11,509) $ (26,457) Less: accretion of redeemable convertible preferred stock to redemption value — (14) Net loss attributable to Class A and Class B common stockholders—basic and diluted $ (11,509) $ (26,471) Three Months Ended March 31, 2022 2021 Denominator: Weighted-average Class A and Class B common shares outstanding—basic and diluted 159,190,371 41,855,757 Net loss per share attributable to Class A and Class B common stockholders––basic and diluted $ (0.07) $ (0.63)
Schedule of Anti-dilutive Securities Excluded from Loss per Share	The following participating securities 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 (on an as-converted basis): Three Months Ended March 31, 2022 2021 Outstanding stock options 35,445,788 43,621,733 Outstanding restricted stock units 3,573,464 39,870 Outstanding shares estimated to be purchased under ESPP 112,116 — Total 39,131,368 43,661,603

Business (Details)

Business (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 19, 2021	Mar. 18, 2021	Mar. 31, 2022	Mar. 31, 2021
Class of Stock [Line Items]
Stock issuance costs			$ 226	$ 448
Issuance of preferred stock on exercises of warrants (in shares)				1,681,848
IPO
Class of Stock [Line Items]
Stock issuance costs	$ 6,600
Common Class A | IPO
Class of Stock [Line Items]
Shares issued and sold (in shares)	20,700,000
Public offing price per share (in USD per share)	$ 25
Proceeds from public offering	$ 485,500
Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Issuance of preferred stock on exercises of warrants (in shares)		1,682,847
Common Class B
Class of Stock [Line Items]
Shares converted (in shares)		100,196,780
Common Class B | Stock Appreciation Rights (SARs)
Class of Stock [Line Items]
Shares issued upon vesting and settlement (in shares)		1,642,570

Significant Accounting Polici_4

Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Jan. 01, 2022
Property, Plant and Equipment [Line Items]
Unbilled receivables	$ 300		$ 4,100
Impairment of internal-use software	475	$ 0
Operating lease right-of-use asset	17,920		0	$ 20,600
Deferred rent				2,400
Operating lease liability, current	$ 2,594		$ 0	2,500
Operating lease, liability, non current, net of current				$ 18,100
Accounts Receivable | Customer Concentration Risk | Largest Customer
Property, Plant and Equipment [Line Items]
Concentration risk	14.00%		0.00%
Revenue Benchmark | Customer Concentration Risk | Largest Customer
Property, Plant and Equipment [Line Items]
Concentration risk	13.00%	25.00%

Significant Accounting Polici_5

Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning allowance	$ 657
Provision for expected credit losses	248	$ 88
Writeoffs	(228)
Ending allowance	$ 677

Significant Accounting Polici_6

Significant Accounting Policies - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value asset	$ 295,152	$ 295,101
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value asset	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value asset	0	0
Money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value asset	295,152	295,101
Money market funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value asset	0	0
Money market funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value asset	$ 0	$ 0

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue:	$ 42,756	$ 36,123
Transferred over time
Disaggregation of Revenue [Line Items]
Revenue:	22,091	15,743
Transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue:	20,665	20,380
Platform
Disaggregation of Revenue [Line Items]
Revenue:	41,466	34,923
Platform | Transferred over time
Disaggregation of Revenue [Line Items]
Revenue:	20,801	14,543
Platform | Transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue:	20,665	20,380
Professional services and other
Disaggregation of Revenue [Line Items]
Revenue:	1,290	1,200
Professional services and other | Transferred over time
Disaggregation of Revenue [Line Items]
Revenue:	1,290	1,200
Professional services and other | Transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue:	$ 0	$ 0

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract assets	$ 1		$ 1
Revenue recognized previously unearned	0.5	$ 0.1
Remaining performance obligations	$ 41
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent of remaining performance obligation expected to be recognized	38.00%
Revenue, remaining performance obligation, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	48 months

Revenue Recognition - Deferred

Revenue Recognition - Deferred Contract Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Capitalized Contract Cost [Roll Forward]
Capitalized contract cost balance at beginning of period	$ 6,183
Capitalization of deferred contract costs	586
Amortization of deferred contract costs	(828)
Capitalized contract cost balance at end of period	$ 5,941

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,858		$ 5,952
Less: accumulated depreciation and amortization of internal-use software	(2,985)		(2,648)
Total property and equipment, net	5,873		3,304
Depreciation	300	$ 300
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,933		1,800
Computer and office equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	3 years
Computer and office equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	5 years
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	3 years
Property and equipment, gross	$ 6,128		3,392
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in Years)	10 years
Property and equipment, gross	$ 413		386
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 384		$ 374

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details)	Mar. 04, 2022USD ($)	Nov. 04, 2021USD ($)$ / sharesshares	Mar. 31, 2022USD ($)shares	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Asset Acquisition [Line Items]
Goodwill			$ 207,607,000		$ 162,956,000
Acquisition, net of cash acquired			$ 49,308,000	$ 0
SARs granted (in shares) | shares			859,038
Adjustment to Wisely acquisition			$ (94,000)
Omnivore Technologies, Inc.
Asset Acquisition [Line Items]
Business combination consideration transferred	$ 49,400,000
Goodwill	44,745,000
Goodwill, deductible for tax purposes	$ 0
Total transaction costs			1,008,000
Omnivore Technologies, Inc. | Customer relationships | Discount Rate
Asset Acquisition [Line Items]
Intangible assets, measurement input	0.110
Omnivore Technologies, Inc. | Developed technology | Pre Tax Royalty Rate
Asset Acquisition [Line Items]
Intangible assets, measurement input	0.200
Omnivore Technologies, Inc. | Developed technology | Discount Rate
Asset Acquisition [Line Items]
Intangible assets, measurement input	0.110
Omnivore Technologies, Inc. | Trademark | Pre Tax Royalty Rate
Asset Acquisition [Line Items]
Intangible assets, measurement input	0.010
Omnivore Technologies, Inc. | Trademark | Discount Rate
Asset Acquisition [Line Items]
Intangible assets, measurement input	0.110
Wisely Inc.
Asset Acquisition [Line Items]
Business combination consideration transferred		$ 177,800,000
Total transaction costs			100,000
Acquisition, net of cash acquired		75,200,000
Issuance of Class A common stock		96,600,000
Fair value of substituted stock options		$ 5,900,000
Business acquisition, share price (usd per share) | $ / shares		$ 27.93
Business acquisition, equity interest issued or issuable, number of shares (in shares) | shares		3,500,000
SARs granted (in shares) | shares		200,000
Adjustment to Wisely acquisition			$ (100,000)

Acquisitions - Allocation (Deta

Acquisitions - Allocation (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 04, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 207,607		$ 162,956
Omnivore Technologies, Inc.
Business Acquisition [Line Items]
Accounts receivable		$ 451
Other current assets		148
Operating lease right-of-use asset		236
Property and equipment		24
Other assets, noncurrent		9
Goodwill		44,745
Accounts payable		(198)
Accrued expenses and other current liabilities		(101)
Unearned revenue		(83)
Operating lease liability, current		(81)
Operating lease liability, noncurrent		(177)
Deferred tax liability, net		(1,421)
Total purchase price, net of cash acquired		49,402
Omnivore Technologies, Inc. | Customer relationships
Business Acquisition [Line Items]
Intangible assets		1,290
Omnivore Technologies, Inc. | Developed technology
Business Acquisition [Line Items]
Intangible assets		4,410
Omnivore Technologies, Inc. | Trademark
Business Acquisition [Line Items]
Intangible assets		$ 150

Acquisitions - Transaction Cost

Acquisitions - Transaction Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Asset Acquisition [Line Items]
Sales and marketing	$ 8,070	$ 3,836
General and administrative	17,961	$ 18,454
Omnivore Technologies, Inc.
Asset Acquisition [Line Items]
Sales and marketing	79
General and administrative	929
Total transaction costs	$ 1,008

Acquisitions - Purchase Conside

Acquisitions - Purchase Consideration (Details) - USD ($) $ in Thousands	Nov. 04, 2021	Mar. 31, 2022	Mar. 31, 2021
Asset Acquisition [Line Items]
Acquisition, net of cash acquired		$ 49,308	$ 0
Wisely Inc.
Asset Acquisition [Line Items]
Acquisition, net of cash acquired	$ 75,200
Issuance of Class A common stock	96,600
Fair value of substituted stock options	5,900
Total purchase price, net of cash acquired	$ 177,800

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Rollforward (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Goodwill [Roll Forward]
Balance as of the beginning of the period	$ 162,956
Adjustment to Wisely acquisition	(94)
Acquisition of Omnivore	44,745
Balance as of the end of the period	$ 207,607

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Gross Book Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 26,002
Accumulated Amortization	(1,289)
Net Carrying Value	$ 24,713	$ 19,635
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	5 years 8 months 12 days
Gross Carrying Value	$ 14,595
Accumulated Amortization	(738)
Net Carrying Value	$ 13,857
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	7 years 7 months 6 days
Gross Carrying Value	$ 10,921
Accumulated Amortization	(502)
Net Carrying Value	$ 10,419
Trademark
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	2 years 8 months 12 days
Gross Carrying Value	$ 486
Accumulated Amortization	(49)
Net Carrying Value	$ 437

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 0.8

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Future Amortization (Details) $ in Thousands	Mar. 31, 2022USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (remaining)	$ 2,975
2023	3,967
2024	3,949
2025	3,813
2026	3,804
Thereafter	6,205
Total	$ 24,713

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid software licensing fees	$ 2,894	$ 1,888
Prepaid insurance	3,365	1,298
Other	3,504	2,532
Total prepaid expenses and other current assets	$ 9,763	$ 5,718

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued delivery service partner fees	$ 40,124	$ 35,441
Accrued compensation and benefits	3,565	4,189
Other	2,350	2,421
Professional and consulting fees	2,103	1,806
Accrued taxes	1,430	1,538
Total accrued expenses and other current liabilities	$ 49,572	$ 45,395

Line of Credit (Details)

Line of Credit (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Aug. 01, 2021	May 06, 2021	Apr. 30, 2021	Mar. 31, 2021
Revolving Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 1,400,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 35,000,000	$ 25,000,000
Line of credit facility, cash deposits requirement		$ 75,000,000
Line of credit facility, requirement percentage		50.00%
Current borrowing capacity	8,600,000
Outstanding balance of credit	$ 0
Failure to cure default, increase in interest rate	5.00%
Non-Formula Line | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Interest rate	5.00%
Non-Formula Line | Revolving Credit Facility | Prime Rate | Line of Credit
Debt Instrument [Line Items]
Basis spread	0.75%
Formula Line | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Interest rate	4.50%
Formula Line | Revolving Credit Facility | Prime Rate | Line of Credit
Debt Instrument [Line Items]
Basis spread	0.20%
DoorDash Agreement | Letter of Credit
Debt Instrument [Line Items]
Letter of credit issued amount	$ 25,000,000		$ 25,000,000
Amounts drawn against letter of credit	$ 0

Leases - Lease Expenses (Detail

Leases - Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease costs	$ 828
Other lease income	(87)	$ (100)
Total lease costs	$ 741

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Rent expense		$ 800
Rental income	$ 87	$ 100
Operating lease, payments	$ 900

Leases - Maturities (Details)

Leases - Maturities (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
2022 (remaining)	$ 2,717
2023	3,444
2024	2,877
2025	2,893
2026	2,960
Thereafter	10,114
Total future minimum lease payments	25,005
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(4,731)
Total	$ 20,274

Leases - Weighted Average (Deta

Leases - Weighted Average (Details)	Mar. 31, 2022
Leases [Abstract]
Weighted average remaining lease term (years)	7 years 8 months 12 days
Weighted average discount rate	5.37%

Leases - Maturities Prior to Ad

Leases - Maturities Prior to Adoption (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 3,559
2023	3,352
2024	2,780
2025	2,885
2026	2,960
Thereafter	10,113
Total	$ 25,649

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	Mar. 05, 2021vote$ / sharesshares	Mar. 31, 2021shares	Mar. 31, 2021USD ($)shares	Mar. 31, 2022$ / sharesshares	Dec. 31, 2021$ / sharesshares
Class of Stock [Line Items]
Stock split ratio	17
Preferred stock, shares authorized (in shares)	20,000,000			20,000,000	20,000,000
Preferred stock, par value (in USD per share) | $ / shares	$ 0.001			$ 0.001	$ 0.001
Issuance of common stock in connection with charitable donation | $			$ 5,125
Common Class A
Class of Stock [Line Items]
Common stock authorized (in shares)	1,700,000,000			1,700,000,000	1,700,000,000
Number of votes per share of common stock | vote	1
Outstanding shares reclassified (in shares)				89,660,186	78,550,530
Approved shares for issuance in connection with charitable donation (in shares)		1,729,189
Issuance of common stock in connection with charitable donation (in shares)			172,918
Issuance of common stock in connection with charitable donation | $			$ 5,100
Donated shares (in shares)				345,836
Common Class B
Class of Stock [Line Items]
Common stock authorized (in shares)	185,000,000			185,000,000	185,000,000
Number of votes per share of common stock | vote	10
Outstanding shares reclassified (in shares)	124,012,926			70,027,999	79,149,659

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	62,494,014	60,554,483
Shares available for grant under employee stock purchase plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	3,760,115	3,760,115
Outstanding stock options
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	19,714,647	18,994,572
Restricted stock units
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	3,573,464	1,082,980
Options issued and outstanding under stock option plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	35,445,788	36,716,816

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	Mar. 18, 2021	Mar. 17, 2021	Mar. 13, 2021	Mar. 05, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding shares exercised early (in shares)					98,889		120,088
Liability recorded for unvested shares exercised early					$ 300
Accrued expenses and other liabilities recorded for unvested shares exercised early					200
Other liabilities, non-current, recorded for unvested shares exercised early					$ 100
Common shares authorized for issuance (in shares)					24,817,791		20,615,612
Common stock reserved for future issuance (in shares)					62,494,014		60,554,483
SARs granted (in shares)					859,038
Stock-based compensation expense					$ 11,708	$ 8,249
Future stock-based compensation for unvested options granted and outstanding					$ 65,300
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period					10 years
Percent determining major stockholder					10.00%
Percentage of fair value of shares at grant date to determine purchase price					100.00%
Vesting period (in years)					4 years
Common stock reserved for future issuance (in shares)					19,714,647		18,994,572
Weighted-average recognition period					2 years 4 months 20 days
Options | 10% Stockholder
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period					5 years
Incentive Stock Option (ISO) And Nonqualified Stock Option (NSO) | 10% Stockholder
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of fair value of shares at grant date to determine purchase price					110.00%
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of awards granted		$ 1,000
RSUs granted (in shares)					2,740,027
Fair value of awards vested during the period					$ 1,700
Unrecognized compensation expense					$ 71,300
Weighted-average recognition period					3 years 7 months 28 days
Restricted stock units | Board Of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			3 years
Value of awards granted			$ 300
RSUs granted (in shares)		39,870
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
SARs granted (in shares)					0	0
Stock-based compensation expense						$ 2,800
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense					$ 400
Minimum | Incentive Stock Option (ISO) And Nonqualified Stock Option (NSO)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent determining major stockholder					10.00%
Common Class B | Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued upon vesting and settlement (in shares)	1,642,570
Common Class A | ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of fair value of shares at grant date to determine purchase price				85.00%
Common shares authorized for issuance (in shares)				3,900,000
Annual percent increase of number of shares reserved for issuance				1.00%
Annual increase of number of shares reserved for issuance (in shares)				11,700,000
Percentage of earnings applied to purchase of stock under ESPP				15.00%

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of RSUs (Details) - Restricted stock units	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Shares
RSUs unvested at beginning of period (in shares) | shares	1,082,980
RSUs granted (in shares) | shares	2,740,027
RSUs vested (in shares) | shares	(136,662)
RSUs forfeited and canceled (in shares) | shares	(112,881)
RSUs unvested at end of period (in shares) | shares	3,573,464
Weighted- Average Grant Date Fair Value
Weighted-average grant date fair value of RSUs unvested at beginning of period (in USD per share) | $ / shares	$ 27.70
Weighted-average grant date fair value of RSUs granted (in USD per share) | $ / shares	18.78
Weighted-average grant date fair value of RSUs vested (in USD per share) | $ / shares	20.32
Weighted-average grant date fair value of RSUs forfeited and canceled (in USD per share) | $ / shares	23.25
Weighted-average grant date fair value of RSUs unvested at end of period (in USD per share) | $ / shares	$ 21.28

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of options outstanding
Options outstanding at beginning of period (in shares)	36,716,816
Awards granted and awarded (in shares)	859,038
Options exercised (in shares)	(1,851,334)
Options forfeited (in shares)	(278,732)
Options outstanding at end of period (in shares)	35,445,788	36,716,816
Options vested and expected to vest (in shares)	35,445,788
Options exercisable (in shares)	25,631,502
Weighted- average exercise price
Weighted-average exercise price of options outstanding at beginning of period (in USD per share)	$ 3.55
Weighted-average exercise price of options granted (in USD per share)	15.75
Weighted-average exercise price of options exercised (in USD per share)	1.25
Weighted-average exercise price of options forfeited (in USD per share)	7.16
Weighted-average exercise price of options outstanding at end of period (in USD per share)	3.94	$ 3.55
Weighted-average exercise price of options vested and expected to vest (in USD per share)	3.94
Weighted-average exercise price of options exercisable (in USD per share)	$ 2.29
Weighted-average remaining contractual term of options outstanding (in years)	5 years 8 months 15 days	5 years 9 months 3 days
Weighted-average remaining contractual term of options vested and expected to vest (in years)	5 years 8 months 15 days
Weighted-average remaining contractual term of options exercisable (in years)	4 years 7 months 9 days
Aggregate intrinsic value of shares outstanding	$ 330,083	$ 633,730
Aggregate intrinsic value of options vested and expected to vest	330,083
Aggregate intrinsic value of shares exercisable	$ 280,924

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Additional Stock Option Disclosures (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Weighted-average grant date fair value of options granted (in USD per share)	$ 15.75	$ 10.50
Aggregate intrinsic value of options exercised	$ 30,849	$ 53,411
Grant date fair value of options vested	$ 13,699	$ 5,950

Stock-Based Compensation - Sc_4

Stock-Based Compensation - Schedule of Black-Scholes Assumptions (Details) - Options - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 2 months 26 days
Volatility	32.00%	52.00%
Risk-free interest rate	1.62%
Minimum risk-free interest rate		0.50%
Maximum risk-free interest rate		0.67%
Dividend yield	0.00%	0.00%
Fair value of underlying common stock (in USD per share)	$ 15.75
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		5 years 5 months 23 days
Fair value of underlying common stock (in USD per share)		$ 16.78
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		6 years 25 days
Fair value of underlying common stock (in USD per share)		$ 18.09

Stock-Based Compensation - Sc_5

Stock-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 11,708	$ 8,249
Cost of Sales | Platform
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,470	436
Cost of Sales | Professional services and other
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	210	115
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,398	3,452
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	5,038	3,858
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,592	$ 388

Warrants (Details)

Warrants (Details) - USD ($) $ in Thousands	Mar. 18, 2021	Mar. 31, 2022	Mar. 31, 2021
Class of Warrant or Right [Line Items]
Shares exercised (in shares)			1,681,848
Change in fair value of warrants		$ 0	$ 18,930
Redeemable Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Shares exercised (in shares)	1,682,847
Common Class B
Class of Warrant or Right [Line Items]
Shares converted (in shares)	100,196,780
Redeemable Convertible Preferred Stock Warrants
Class of Warrant or Right [Line Items]
Change in fair value of warrants			$ 18,900

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	10.39%	(0.14%)

Net Loss per Share Attributab_3

Net Loss per Share Attributable to Common Stockholders - Schedule of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss and comprehensive loss	$ (11,509)	$ (26,457)
Less: accretion of redeemable convertible preferred stock to redemption value	0	(14)
Net loss attributable to Class A and Class B common stockholders - basic	(11,509)	(26,471)
Net loss attributable to Class A and Class B common stockholders - diluted	$ (11,509)	$ (26,471)
Weighted-average Class A and Class B common shares outstanding - basic (in shares)	159,190,371	41,855,757
Weighted-average Class A and Class B common shares outstanding - diluted (in shares)	159,190,371	41,855,757
Net loss per share attributable to Class A and Class B common stockholders - basic (in shares)	$ (0.07)	$ (0.63)
Net loss per share attributable to Class A and Class B common stockholders - diluted (in shares)	$ (0.07)	$ (0.63)

Net Loss per Share Attributab_4

Net Loss per Share Attributable to Common Stockholders - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net loss per share (in shares)	39,131,368	43,661,603
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net loss per share (in shares)	35,445,788	43,621,733
Outstanding restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net loss per share (in shares)	3,573,464	39,870
Outstanding shares estimated to be purchased under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net loss per share (in shares)	112,116	0