Appian (APPN) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Document and Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-38098
Entity Registrant Name	APPIAN CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	54-1956084
Entity Address, Address Line One	7950 Jones Branch Drive
Entity Address, City or Town	McLean
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	(703)
Local Phone Number	442-8844
Title of 12(b) Security	Class A Common Stock
Trading Symbol	APPN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001441683
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Document and Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		41,619,346
Class B Common Stock
Document and Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		31,497,596

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 171,530	$ 148,132
Short-term investments and marketable securities	65,430	47,863
Accounts receivable, net of allowance of $2,206 and $2,125, respectively	134,016	165,964
Deferred commissions, current	30,389	30,196
Prepaid expenses and other current assets	32,720	28,093
Restricted cash, current	2,272	2,249
Total current assets	436,357	422,497
Property and equipment, net of accumulated depreciation of $21,054 and $18,864, respectively	44,514	41,855
Goodwill	26,618	26,349
Intangible assets, net of accumulated amortization of $3,486 and $2,715, respectively	4,562	5,251
Right-of-use assets for operating leases	39,197	37,248
Deferred commissions, net of current portion	55,471	55,788
Deferred tax assets	2,466	1,940
Other assets	3,171	3,286
Total assets	612,356	594,214
Current liabilities
Accounts payable	7,104	7,997
Accrued expenses	11,943	12,227
Accrued compensation and related benefits	34,630	40,718
Deferred revenue	191,672	194,768
Debt	65,431	2,740
Operating lease liabilities	9,876	8,681
Other current liabilities	4,295	3,121
Total current liabilities	324,951	270,252
Long-term debt	142,874	115,379
Operating lease liabilities	60,079	57,225
Deferred revenue	3,734	5,556
Deferred tax liabilities	86	102
Total liabilities	531,724	448,514
Stockholders’ equity
Additional paid-in capital	579,378	561,390
Accumulated other comprehensive loss	(11,118)	(7,246)
Accumulated deficit	(487,635)	(408,451)
Total stockholders’ equity	80,632	145,700
Total liabilities and stockholders’ equity	612,356	594,214
Class A Common Stock
Stockholders’ equity
Common stock	4	4
Class B Common Stock
Stockholders’ equity
Common stock	$ 3	$ 3

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Allowance for doubtful accounts	$ 2,206	$ 2,125
Accumulated depreciation	21,054	18,864
Finite-lived intangible assets, accumulated amortization	$ 3,486	$ 2,715
Class A Common Stock
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	41,615,737	41,320,091
Common stock, shares outstanding (in shares)	41,615,737	41,320,091
Class B Common Stock
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	31,497,596	31,497,796
Common stock, shares outstanding (in shares)	31,497,596	31,497,796

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue
Total revenue	$ 127,715	$ 110,063	$ 262,950	$ 224,329
Cost of revenue
Total cost of revenue	36,845	33,293	72,938	64,314
Gross profit	90,870	76,770	190,012	160,015
Operating expenses
Sales and marketing	62,581	56,166	125,671	102,192
Research and development	39,743	33,842	81,367	63,778
General and administrative	29,208	29,509	58,902	60,658
Total operating expenses	131,532	119,517	265,940	226,628
Operating loss	(40,662)	(42,747)	(75,928)	(66,613)
Other non-operating expense
Other (income) expense, net	(3,886)	6,153	(6,576)	6,940
Interest expense	4,755	60	7,873	134
Total other non-operating expense	869	6,213	1,297	7,074
Loss before income taxes	(41,531)	(48,960)	(77,225)	(73,687)
Income tax expense (benefit)	824	394	1,959	(1,179)
Net loss	$ (42,355)	$ (49,354)	$ (79,184)	$ (72,508)
Net loss per share:
Basic (in usd per share)	$ (0.58)	$ (0.68)	$ (1.09)	$ (1)
Diluted (in usd per share)	$ (0.58)	$ (0.68)	$ (1.09)	$ (1)
Weighted average common shares outstanding:
Basic (in shares)	73,041	72,390	72,956	72,272
Diluted (in shares)	73,041	72,390	72,956	72,272
Subscriptions
Revenue
Total revenue	$ 93,794	$ 76,668	$ 192,751	$ 160,388
Cost of revenue
Total cost of revenue	10,779	8,528	21,227	16,751
Professional services
Revenue
Total revenue	33,921	33,395	70,199	63,941
Cost of revenue
Total cost of revenue	$ 26,066	$ 24,765	$ 51,711	$ 47,563

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (42,355)	$ (49,354)	$ (79,184)	$ (72,508)
Comprehensive loss, net of income taxes
Foreign currency translation adjustments	(3,127)	1,967	(3,873)	2,724
Unrealized (losses) gains on available-for-sale securities	(45)	(83)	1	(194)
Total other comprehensive loss, net of income taxes	$ (45,527)	$ (47,470)	$ (83,056)	$ (69,978)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		71,462,094
Beginning balance at Dec. 31, 2021	$ 233,917	$ 7	$ 497,128	$ (5,687)	$ (257,531)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(23,154)				(23,154)
Issuance of common stock to directors (in shares)		2,395
Vesting of restricted stock units (in shares)		47,038
Exercise of stock options (in shares)		815,833
Exercise of stock options	24,404		24,404
Stock-based compensation expense	6,943		6,943
Other comprehensive income (loss)	646			646
Ending balance (in shares) at Mar. 31, 2022		72,327,360
Ending balance at Mar. 31, 2022	242,756	$ 7	528,475	(5,041)	(280,685)
Beginning balance (in shares) at Dec. 31, 2021		71,462,094
Beginning balance at Dec. 31, 2021	233,917	$ 7	497,128	(5,687)	(257,531)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(72,508)
Ending balance (in shares) at Jun. 30, 2022		72,444,514
Ending balance at Jun. 30, 2022	205,060	$ 7	538,249	(3,157)	(330,039)
Beginning balance (in shares) at Mar. 31, 2022		72,327,360
Beginning balance at Mar. 31, 2022	242,756	$ 7	528,475	(5,041)	(280,685)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(49,354)				(49,354)
Issuance of common stock to directors (in shares)		2,565
Vesting of restricted stock units (in shares)		52,634
Exercise of stock options (in shares)		61,955
Exercise of stock options	626		626
Stock-based compensation expense	9,148		9,148
Other comprehensive income (loss)	1,884			1,884
Ending balance (in shares) at Jun. 30, 2022		72,444,514
Ending balance at Jun. 30, 2022	205,060	$ 7	538,249	(3,157)	(330,039)
Beginning balance (in shares) at Dec. 31, 2022		72,817,887
Beginning balance at Dec. 31, 2022	145,700	$ 7	561,390	(7,246)	(408,451)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(36,829)				(36,829)
Issuance of common stock to directors (in shares)		6,713
Vesting of restricted stock units (in shares)		111,296
Vesting of restricted stock units	(2,959)		(2,959)
Exercise of stock options (in shares)		19,483
Exercise of stock options	131		131
Stock-based compensation expense	11,056		11,056
Other comprehensive income (loss)	(700)			(700)
Ending balance (in shares) at Mar. 31, 2023		72,955,379
Ending balance at Mar. 31, 2023	116,399	$ 7	569,618	(7,946)	(445,280)
Beginning balance (in shares) at Dec. 31, 2022		72,817,887
Beginning balance at Dec. 31, 2022	145,700	$ 7	561,390	(7,246)	(408,451)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(79,184)
Ending balance (in shares) at Jun. 30, 2023		73,113,333
Ending balance at Jun. 30, 2023	80,632	$ 7	579,378	(11,118)	(487,635)
Beginning balance (in shares) at Mar. 31, 2023		72,955,379
Beginning balance at Mar. 31, 2023	116,399	$ 7	569,618	(7,946)	(445,280)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(42,355)				(42,355)
Issuance of common stock to directors (in shares)		4,928
Vesting of restricted stock units (in shares)		99,836
Vesting of restricted stock units	(1,816)		(1,816)
Exercise of stock options (in shares)		53,190
Exercise of stock options	428		428
Stock-based compensation expense	11,148		11,148
Other comprehensive income (loss)	(3,172)			(3,172)
Ending balance (in shares) at Jun. 30, 2023		73,113,333
Ending balance at Jun. 30, 2023	$ 80,632	$ 7	$ 579,378	$ (11,118)	$ (487,635)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net loss	$ (79,184)	$ (72,508)
Adjustments to reconcile net loss to net cash used by operating activities
Stock-based compensation	22,204	16,091
Depreciation and amortization	4,705	3,573
Bad debt expense	419	(1)
Amortization of debt issuance costs	223	0
Deferred income taxes	(518)	(1,302)
Changes in assets and liabilities
Accounts receivable	28,663	12,132
Prepaid expenses and other assets	(4,924)	(5,334)
Deferred commissions	123	(1,777)
Accounts payable and accrued expenses	719	2,098
Accrued compensation and related benefits	(6,240)	(4,923)
Other current and non-current liabilities	1,066	(395)
Deferred revenue	(6,574)	2,990
Operating lease assets and liabilities	2,116	(905)
Net cash used by operating activities	(37,202)	(50,261)
Cash flows from investing activities
Purchases of investments	(53,443)	(31,214)
Proceeds from investments	35,876	36,473
Purchases of property and equipment	(7,805)	(4,685)
Net cash (used by) provided by investing activities	(25,372)	574
Cash flows from financing activities
Proceeds from borrowings	92,000	0
Debt repayments	(1,687)	0
Payments for debt issuance costs	(411)	0
Payments for employee taxes related to the net share settlement of equity awards	(4,775)	0
Proceeds from exercise of common stock options	559	25,030
Net cash provided by financing activities	85,686	25,030
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	309	(205)
Net increase (decrease) in cash, cash equivalents, and restricted cash	23,421	(24,862)
Cash, cash equivalents, and restricted cash at beginning of period	150,381	103,960
Cash, cash equivalents, and restricted cash at end of period	173,802	79,098
Supplemental disclosure of cash flow information
Cash paid for interest	2,731	145
Cash paid for income taxes	1,472	524
Supplemental disclosure of non-cash investing and financing activities
Accrued capital expenditures	$ 392	$ 96

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Organization and Description of Business	1. Organization and Description of Business Appian Corporation (together with its subsidiaries, “Appian,” the “Company,” “we,” or “our”) is a software company that automates business processes. The Appian AI-Powered Process Platform includes everything you need to design, automate, and optimize even the most complex processes, from start to finish. The world's most innovative organizations trust Appian to improve their workflows, unify data, and optimize operations—resulting in better growth and superior customer experiences. We are headquartered in McLean, Virginia and operate both in the U.S. and internationally, including Australia, Canada, France, Germany, India, Italy, Japan, Mexico, the Netherlands, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

Accounting Policies

Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Accounting Policies	2. Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for interim financial reporting. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, changes in stockholders’ equity, and cash flows. The results of operations for the current period are not necessarily indicative of the results for the full year or the results for any future periods. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (the “SEC”) on February 16, 2023. Use of Estimates The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Although we believe the estimates we use are reasonable, due to the inherent uncertainty involved in making these estimates, actual results reported in future periods could differ from those estimates. Significant estimates embedded in the condensed consolidated financial statements include, but are not limited to, revenue recognition, income taxes and the related valuation allowance established against deferred tax assets, costs to obtain a contract with a customer, and stock-based compensation. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Appian and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Revenue Recognition Refer to Note 3 for a detailed discussion on specific revenue recognition principles related to our major revenue streams. Cost of Revenue Subscriptions Cost of subscriptions revenue consists primarily of fees paid to our third-party managed hosting providers and other third-party service providers, personnel costs such as payroll and benefits for our technology operations and customer support teams, amortization of developed technology, and allocated facility costs and overhead. Professional Services Cost of professional services revenue includes all direct and indirect costs to deliver our professional services and training, including employee compensation for our global professional services and training personnel, third-party contractor costs, allocated facility costs and overhead, and the costs of billable expenses such as travel and lodging. The unpredictability of the timing of providing services related to significant professional services agreements sold on a standalone basis may cause significant fluctuations in our quarterly financial results. Concentration of Credit and Customer Risk Our financial instruments exposed to concentration of credit and customer risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable, and our short- and long-term investments. Deposits held with banks may exceed the amount of insurance provided on such deposits; however, we believe the financial institutions holding our cash deposits are financially sound and, accordingly, minimal credit risk exists with respect to these balances. With regard to our customers, credit evaluation and account monitoring procedures are used to minimize the risk of loss. Revenue generated from government agencies represented 20.1% and 20.3% of our revenue for the three and six months ended June 30, 2023, respectively, of which the top three U.S. federal government agencies generated 4.6% and 4.4% of our revenue for the three and six months ended June 30, 2023, respectively. Additionally, 38.4% and 35.8% of our revenue during the three and six months ended June 30, 2023, respectively, was generated from international customers. Revenue generated from government agencies represented 18.2% of our revenue for the three and six months ended June 30, 2022, of which the top three U.S. federal government agencies generated 5.2% and 4.8% of our revenue for the three and six months ended June 30, 2022, respectively. Additionally, 35.0% and 34.2% of our revenue during the three and six months ended June 30, 2022, respectively, was generated from international customers. No single end-customer accounted for more than 10% of our total revenue in the three and six months ended June 30, 2023 or 2022. Cash, Cash Equivalents, and Restricted Cash We consider all highly liquid investments with an original or remaining maturity of three months or less at the date of purchase, as well as overnight repurchase agreements, to be cash equivalents. Restricted cash consists of cash designated to settle an escrow liability stemming from a holdback agreement enacted pursuant to our acquisition of Lana Labs GmbH. We paid 25% of the balance on September 28, 2022, and the remaining 75% of the balance is due on August 11, 2023. The following table presents a reconciliation of cash, cash equivalents, and restricted cash as presented in the consolidated statements of cash flows (in thousands): As of June 30, 2023 December 31, 2022 June 30, 2022 December 31, 2021 Cash and cash equivalents $ 171,530 $ 148,132 $ 76,185 $ 100,796 Restricted cash, current 2,272 2,249 728 791 Restricted cash, net of current portion — — 2,185 2,373 Total cash, cash equivalents, and restricted cash $ 173,802 $ 150,381 $ 79,098 $ 103,960 Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are stated at realizable value, net of an allowance for doubtful accounts. The allowance for doubtful accounts is based on our assessment of the collectability of accounts and incorporates an estimation of expected lifetime credit losses on our receivables. We regularly review the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, customer creditworthiness, and current economic trends. If the financial condition of our customers were to deteriorate, resulting in their inability to make required payments, additional provisions for doubtful accounts would be required and would increase bad debt expense. The allowance for doubtful accounts totaled $2.2 million and $2.1 million as of June 30, 2023 and December 31, 2022, respectively. Assets Recognized from the Costs to Obtain a Contract with a Customer We capitalize costs of obtaining a contract with a customer, which consists of sales commissions paid to our sales team, that are incremental costs to obtaining customer contracts. These costs are recorded as deferred commissions in the consolidated balance sheets. Costs to obtain a contract for a new customer or upsell are amortized over an estimated economic life of five years as sales commissions on initial sales are not commensurate with sales commissions on contract renewals. We determine the estimated economic life based on both qualitative and quantitative factors such as expected renewals, product life cycles, contractual terms, and customer attrition. We periodically review the carrying amount of deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the estimated economic life. Commissions paid relating to contract renewals are deferred and amortized over the related renewal period. We also capitalize the incremental fringe benefits associated with commission expenses paid to our direct sales team. Costs to obtain a contract for professional services arrangements are expensed as incurred as the contractual period of our professional services arrangements are one year or less. Amortization associated with deferred commission is recorded to sales and marketing expense in our consolidated statements of operations. Total commission expense was $11.3 million and $22.3 million for the three and six months ended June 30, 2023, respectively. Total commission expense was $8.7 million and $16.9 million for the three and six months ended June 30, 2022, respectively. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Significant additions or improvements extending the useful life of an asset are capitalized, while repairs and maintenance costs which do not significantly improve the related assets or extend their useful lives are charged to expense as incurred. The following table outlines the useful lives of our major asset categories: Asset Category Useful Life (in years) Computer software 3 Computer hardware 3 Equipment 5 Office furniture and fixtures 10 Leasehold improvements (a) (a) Leasehold improvements have an estimated useful life of the shorter of the useful life of the assets or the lease term. Severance Costs In 2023, we have incurred severance costs related to involuntary reductions in our workforce designed to right-size our employee base and improve operations. Severance costs totaled $2.1 million and $6.3 million for the three and six months ended June 30, 2023, respectively. Recent Accounting Pronouncements Adopted We did not adopt any new accounting guidance in 2023 that had a material impact on our condensed consolidated financial statements or disclosures. Not Yet Adopted There is no pending accounting guidance that we expect to have a material impact on our condensed consolidated financial statements or disclosures.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	3. Revenue Revenue Recognition The following table summarizes revenue recorded during the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cloud subscriptions $ 74,442 $ 57,083 $ 144,134 $ 110,462 Term license subscriptions 12,999 14,063 36,150 38,770 Maintenance and support 6,353 5,522 12,467 11,156 Total subscriptions 93,794 76,668 192,751 160,388 Professional services 33,921 33,395 70,199 63,941 Total revenue $ 127,715 $ 110,063 $ 262,950 $ 224,329 Performance Obligations and Timing of Revenue Recognition We primarily sell products and services that fall into the categories discussed below. Each category contains one or more performance obligations that are either (1) capable of being distinct (i.e., the customer can benefit from the product or service on its own or together with readily available resources, including those purchased separately from us) and distinct within the context of the contract (i.e., separately identified from other promises in the contract) or (2) a series of distinct products or services that are substantially the same and have the same pattern of transfer to the customer. Our term license subscriptions are delivered at a point in time while our cloud subscriptions, maintenance and support, and professional services are delivered over time. Subscriptions Revenue Subscriptions revenue is primarily related to (1) cloud subscriptions bundled with maintenance and support and hosting services and (2) term license subscriptions bundled with maintenance and support. We generally charge subscription fees on a per-user basis or through non-user based single application licenses. We bill customers and collect payment for subscriptions to our platform in advance on an annual, quarterly, or monthly basis. In certain instances, our customers have paid their entire contract up front. Cloud Subscriptions We generate cloud-based subscriptions revenue primarily from the sales of subscriptions to access our cloud offering, together with related support services to our customers. We perform all required maintenance and support for our cloud offering. Revenue is recognized on a ratable basis over the contract term beginning on the date the service is made available to the customer. Our cloud-based subscription contracts generally have a term of one Term License Subscriptions Our term license subscription revenue is derived from customers with on-premises installations of our platform. The majority of our contracts are one year in length. Although term license subscriptions are sold with maintenance and support, the software is fully functional at the beginning of the subscription and is considered a distinct performance obligation. If a cloud-based subscription includes the right for the customer to take possession of the license, the revenue is treated as a term license. Revenue from term license subscriptions is recognized when control of the software license has transferred to the customer, which is the later of delivery or commencement of the contract term. Maintenance and Support Maintenance and support subscriptions include both technical support and when-and-if-available software upgrades, which are treated as a single performance obligation as they are considered a series of distinct services that are substantially the same and have the same duration and measure of progress. Revenue from maintenance and support is recognized ratably over the contract period, which is the period over which the customer has continuous access to maintenance and support. Professional Services Revenue Our professional services revenue is comprised of fees for consulting services, including application development and deployment assistance as well as training services related to our platform. Our professional services are considered distinct performance obligations when sold standalone or with other products. Consulting Services We sell consulting services to assist customers in planning and executing the deployment of our software. Customers are not required to use consulting services to fully benefit from the software. Consulting services are regularly sold on a standalone basis and either (1) under a fixed-fee arrangement or (2) on a time and materials basis. Consulting services contracts are considered separate performance obligations because they do not integrate with each other or with other products and services to deliver a combined output to the customer, do not modify or customize (or are not modified or customized by) each other or other products and services, and do not affect the customer's ability to use the other consulting offerings or other products and services. Revenue under consulting contracts is recognized over time as services are delivered. For time and materials-based consulting contracts, we have elected the practical expedient of recognizing revenue upon invoicing since the invoiced amount corresponds directly to the value of our service to date. Training Services We sell various training services to our customers. Training services are sold in the form of prepaid training credits that are redeemed based on a fixed rate per course. Training revenue is recognized when the associated training services are delivered. Significant Judgments and Estimates Determining the Transaction Price The transaction price is the total amount of consideration we expect to receive in exchange for the service offerings in a contract and may include both fixed and variable components. Variable consideration is included in the transaction price to the extent it is probable a significant reversal will not occur. The amount of variable consideration excluded from the transaction price for the three and six months ended June 30, 2023 and 2022 was insignificant. Our estimates of variable consideration are also subject to subsequent true-up adjustments and may result in changes to transaction prices; however, such true-up adjustments are not expected to be material. Allocating the Transaction Price Based on Standalone Selling Prices (“SSP”) We allocate the transaction price to each performance obligation in a contract based on its relative SSP. The SSP is the observable price at which we sell the product or service separately. In the absence of observable pricing, we estimate SSP using the residual approach. We establish SSP as follows: 1. Cloud subscriptions - Given the highly variable selling price of our cloud subscriptions, we establish the SSP of our cloud subscriptions using a residual approach after first determining the SSP of consulting and training services. We have concluded the residual approach to estimating the SSP of our cloud subscriptions is an appropriate allocation of the transaction price. 2. Term license subscriptions - Given the highly variable selling price of our term license subscriptions, we have established the SSP of term license subscriptions using a residual approach after first determining the SSP of maintenance and support. Maintenance and support is sold on a standalone basis in conjunction with renewals of our legacy perpetual software licenses and within a narrow range of the net license fee. Because an economic relationship exists between the license and maintenance and support, we have concluded the residual approach to estimating the SSP of term license subscriptions is an appropriate allocation of the transaction price. 3. Maintenance and support - We establish the SSP of maintenance and support as a percentage of the stated net subscription fee based on observable pricing of maintenance and support renewals from our legacy perpetual software licenses. 4. Consulting and training services - The SSP of consulting and training services is established based on the observable pricing of standalone sales within each geographic region where the services are sold. Contract Balances Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to our contracts with customers. Contract assets primarily relate to unbilled amounts for contracts with customers for which the amount of revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to accounts receivable when the right to invoice becomes unconditional. As of June 30, 2023 and December 31, 2022, contract assets of $12.9 million and $14.3 million, respectively, are included in the Prepaid expenses and other current assets and Other assets line items in our consolidated balance sheets. Contract liabilities consist of deferred revenue and include payments received in advance of the satisfaction of performance obligations. Deferred revenue is then recognized as the revenue recognition criteria are met. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current, and the remaining deferred revenue is recorded as non-current. For the six months ended June 30, 2023, we recognized $141.3 million of revenue that was included in the deferred revenue balance as of December 31, 2022. Transaction Price Allocated to the Remaining Performance Obligations As of June 30, 2023, we had an aggregate transaction price of $383.8 million allocated to unsatisfied performance obligations. We expect to recognize $245.0 million of this balance as revenue over the next 12 months with the remaining amount recognized thereafter.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	4. Leases As of June 30, 2023, our lease portfolio consists entirely of operating leases, most of which are for corporate offices. Our operating leases have remaining lease terms with various expiration dates through 2031, and some leases include options to extend the term for up to an additional 10 years. Lease Costs Expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense. We have lease agreements which require payments for lease and non-lease components (i.e., common area maintenance) that are accounted for as a single lease component. Variable lease payment amounts that cannot be determined at the commencement of the lease such as maintenance costs, utilities, and service charges, are not included in right-of-use (“ROU”) assets or lease liabilities but rather are expensed as incurred and recorded as variable lease expense. The following table sets forth the components of lease expense for the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease cost $ 2,145 $ 1,626 $ 4,291 $ 3,260 Short-term lease cost 423 76 788 164 Variable lease cost 959 953 1,985 1,926 Total $ 3,527 $ 2,655 $ 7,064 $ 5,350 Sublease income totaled $0.3 million and $0.7 million for the three and six months ended June 30, 2023, respectively. Supplemental Lease Information Supplemental balance sheet information related to operating leases as of June 30, 2023 and December 31, 2022 is presented in the following table (in thousands, except for lease term and discount rate): June 30, 2023 December 31, 2022 Right-of-use assets for operating leases $ 39,197 $ 37,248 Operating lease liabilities, current $ 9,876 $ 8,681 Operating lease liabilities, net of current portion 60,079 57,225 Total operating lease liabilities $ 69,955 $ 65,906 Weighted average remaining lease term (in years) 8.0 8.4 Weighted average discount rate 9.4 % 9.4 % Supplemental cash flow and expense information related to operating leases for the three and six months ended June 30, 2023 and 2022 is shown below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating cash outflows for operating leases $ 988 $ 2,074 $ 2,120 $ 4,159 Amortization of operating lease right-of-use assets 591 325 1,243 631 Interest expense on operating lease liabilities 1,552 1,305 3,047 2,626 A summary of our future minimum lease commitments under non-cancellable operating leases as of June 30, 2023 is shown below (in thousands): Operating Leases 2023 (excluding the six months ended June 30, 2023) $ 4,777 2024 11,660 2025 12,413 2026 12,699 2027 12,901 Thereafter 46,864 Total lease payments 101,314 Less: imputed interest (31,359) Total $ 69,955

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	5. Goodwill and Intangible Assets The following table details the changes in goodwill during the six months ended June 30, 2023 and fiscal year ended December 31, 2022 (in thousands): Carrying Amount Balance as of December 31, 2021 $ 27,795 Foreign currency translation adjustments (1,446) Balance as of December 31, 2022 26,349 Foreign currency translation adjustments 269 Balance as of June 30, 2023 $ 26,618 Intangible assets, net consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): As of June 30, 2023 December 31, 2022 Developed technology $ 6,963 $ 6,893 Customer relationships 1,085 1,073 Intangible assets, gross 8,048 7,966 Less: accumulated amortization (3,486) (2,715) Intangible assets, net $ 4,562 $ 5,251 Intangible amortization expense was $0.4 million and $0.7 million for the three and six months ended June 30, 2023, respectively. Intangible amortization expense was $0.4 million and $0.8 million for the three and six months ended June 30, 2022, respectively. As of June 30, 2023, the weighted average remaining amortization periods for developed technology, non-RPA customer relationships, and RPA customer relationships were approximately 3.0 years, 8.2 years, and 6.5 years, respectively. The following table shows the projected annual amortization expense related to amortizable intangible assets as of June 30, 2023: Projected Amortization 2023 (excluding the six months ended June 30, 2023) $ 743 2024 1,486 2025 1,182 2026 761 2027 93 Thereafter 297 Total projected amortization expense $ 4,562

Property and Equipment, net

Property and Equipment, net	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, net	6. Property and Equipment, net Property and equipment, net consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): As of June 30, 2023 December 31, 2022 Leasehold improvements $ 51,294 $ 45,959 Office furniture and fixtures 3,783 3,476 Computer hardware 9,483 9,689 Computer software 820 1,353 Equipment 188 242 Property and equipment, gross 65,568 60,719 Less: accumulated depreciation (21,054) (18,864) Property and equipment, net $ 44,514 $ 41,855 Depreciation expense totaled $2.0 million and $4.0 million for the three and six months ended June 30, 2023, respectively. Depreciation expense totaled $1.4 million and $2.8 million for the three and six months ended June 30, 2022, respectively. We had no disposals or retirements during the three months ended June 30, 2023 and disposed of $1.4 million worth of fully depreciated property and equipment during the six months ended June 30, 2023. There were no disposals or retirements during the three and six months ended June 30, 2022.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Accrued Expenses	7. Accrued Expenses Accrued expenses consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): As of June 30, 2023 December 31, 2022 Hosting costs $ 2,936 $ 2,802 Legal costs 530 475 Marketing and tradeshow expenses 1,144 1,000 Third party license fees 759 1,223 Contract labor costs 978 1,465 Reimbursable employee expenses 1,009 1,004 Audit and tax expenses 1,251 911 Capital expenditures 349 744 Other accrued expenses 2,987 2,603 Total $ 11,943 $ 12,227

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	8. Debt Senior Secured Credit Facilities Credit Agreement We have a Senior Secured Credit Facilities Credit Agreement (the “Credit Agreement”) which provides for a five-year term loan facility in an aggregate principal amount of $150.0 million and, in addition, up to $75.0 million for a revolving credit facility, including a letter of credit sub-facility in the aggregate availability amount of $15.0 million and a swingline sub-facility in the aggregate availability amount of $10.0 million (as a sublimit of the revolving loan facility). The Credit Agreement matures on November 3, 2027. We will use the proceeds from the $150.0 million term loan and access to the revolving credit facility to fund the continued growth of our business and support our working capital requirements. Under the agreement, we may elect whether amounts drawn bear interest on the outstanding principal amount at a rate per annum equal to either (a) the higher of the Prime rate or the Federal Funds Effective (“Base Rate”) rate plus 0.50% or (b) the forward-looking term rate based on the secured overnight financing rate (“Term SOFR”). An additional interest rate margin is added to the elected interest rates. During the first three years of the Credit Agreement, the additional interest rate margin ranges from 1.50% to 2.50% in the case of Base Rate advances or from 2.50% to 3.50% in the case of Term SOFR advances, depending on our debt to recurring revenue leverage ratio (as defined in the Credit Agreement). During the final two years of the Credit Agreement, the interest rate margin ranges from 0.5% to 2.5% in the case of Base Rate advances and from 1.5% to 3.5% in the case of Term SOFR advances, depending on our debt to consolidated adjusted EBITDA leverage ratio (as defined in the Credit Agreement). In addition, the Credit Agreement contains other customary representations, warranties and covenants, including covenants by us limiting additional indebtedness, guaranties, liens, fundamental changes, mergers and consolidations, dispositions of assets, investments, paying dividends on capital stock or redeeming, repurchasing or retiring capital stock, or prepaying certain junior indebtedness and preferred stock, certain corporate changes, and transactions with affiliates. The Credit Agreement also provides for customary events of default, including but not limited to, non-payment, breaches or defaults in the performance of covenants, insolvency, bankruptcy, and the occurrence of a material adverse effect on us. The following table summarizes outstanding debt balances (in thousands): As of June 30, 2023 December 31, 2022 Borrowings under revolving credit facility expiring November 3, 2027 $ 62,000 $ — Secured term loan facility 147,687 119,375 Less: Debt issuance costs (1,382) (1,256) Total debt, net of debt issuance costs $ 208,305 $ 118,119 Debt, current $ 65,431 $ 2,740 Long-term debt, net of current portion 142,874 115,379 Total debt $ 208,305 $ 118,119 We were in compliance with all covenants contained in the Credit Agreement. We believe, based on our current financial forecasts and trends, that we will remain compliant with all covenants for the foreseeable future. As of June 30, 2023, we had $62.0 million outstanding under our $75.0 million revolving credit facility, and we had outstanding letters of credit totaling $11.9 million in connection with securing our leased office space.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes The provision for income taxes is based upon the estimated annual effective tax rates for the year applied to the current period income before tax plus the tax effect of any significant or unusual items, discrete events, or changes in tax law. Our operating subsidiaries are exposed to statutory effective tax rates ranging from zero to approximately 35%. Fluctuations in the distribution of pre-tax income among our operating subsidiaries can lead to fluctuations of the effective tax rate in the condensed consolidated financial statements. For the three and six months ended June 30, 2023, the actual effective tax rates were (2.0)% and (2.5)%, respectively. For the three and six months ended June 30, 2022, the actual effective tax rates were (0.8)% and 1.6%, respectively. The tax benefit recognized in the six months ended June 30, 2022 was primarily driven by a discrete benefit of $1.1 million related to the release of a valuation allowance for Lana Labs GmbH as a result of post-acquisition tax planning and the merger of German subsidiaries. As of June 30, 2023, our net unrecognized tax benefits totaled $4.5 million, which if recognized would result in no net effect on the effective tax rate due to a valuation allowance. The amount of reasonably possible unrecognized tax benefits that could decrease over the next 12 months due to the expiration of certain statutes of limitations or settlements of tax audits is not material to our condensed consolidated financial statements. We file income tax returns in the U.S. federal jurisdiction and in various state and foreign jurisdictions. Due to our net operating loss carryforwards, the tax years 2016 through 2022 remain open to examination by the major taxing jurisdictions to which we are subject. There are no open examinations that would have a meaningful impact to our condensed consolidated financial statements.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	10. Stock-Based Compensation We account for stock-based compensation expense related to stock-based awards based on the estimated fair value of the award on the grant date. We calculate the fair value of stock options containing only a service condition using the Black-Scholes option pricing model. The fair value of restricted stock units (“RSUs”) is based on the closing market price of our common stock on the Nasdaq Global Market on the date of grant. For service-based awards such as RSUs, stock-based compensation expense is recognized on a straight-line basis over the requisite service period. In June 2022, our Board of Directors granted to our Chief Executive Officer (“CEO”) a stock option award that is eligible to vest based on the achievement of various stock price appreciation targets. This 2022 CEO option grant is our only stock-based award that vests based on the achievement of market conditions. For awards with market based conditions, compensation expense is measured using a Monte Carlo simulation and expense is recognized using the accelerated attribution method over the derived service period based on the expected market performance as of the grant date. We account for forfeitures of our stock-based awards as they occur rather than estimating expected forfeitures. As of June 30, 2023, the total compensation cost related to unvested stock options not yet recognized, which relates exclusively to the 2022 CEO option grant, was $13.5 million and will be recognized over a weighted average period of 2.7 years. Total unrecognized compensation cost related to unvested RSUs was approximately $47.8 million, which will be recognized over a weighted average period of 1.4 years. The following table summarizes the components of our stock-based compensation expense for the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of revenue Subscriptions $ 230 $ 249 $ 502 $ 428 Professional services 1,472 1,330 3,063 2,387 Operating expenses Sales and marketing 2,772 2,266 5,217 4,054 Research and development 2,910 3,063 6,536 5,377 General and administrative 3,764 2,240 6,886 3,845 Total stock-based compensation expense $ 11,148 $ 9,148 $ 22,204 $ 16,091

Basic and Diluted Loss per Shar

Basic and Diluted Loss per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Basic and Diluted Loss per Share	11. Basic and Diluted Loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the reporting period. Diluted loss per share is computed similar to basic, except the weighted average number of common shares outstanding is increased to include additional outstanding shares from the assumed exercise of stock options and vesting of RSUs, if dilutive. The dilutive effect, if any, of convertible shares is calculated using the treasury stock method. As we reported net losses for all periods presented, all outstanding shares would be considered antidilutive if they were to be assumed as vested or exercised. The following outstanding securities, prior to the use of the treasury stock method, have been excluded from the computation of diluted weighted-average shares outstanding for the respective periods below because they would have been antidilutive to earnings per share: Three and Six Months Ended June 30, 2023 2022 Stock options 2,625,286 2,758,608 Non-vested restricted stock units 1,125,505 1,378,284

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Minimum Purchase Commitments In July 2021, we executed a non-cancellable cloud hosting arrangement with Amazon Web Services (“AWS”) that contains provisions for minimum purchase commitments. Specifically, purchase commitments under the agreement total $131.0 million over five years. The agreement, which is in its second year as of June 30, 2023, contains minimum spending requirements of $25.0 million in the second year and $28.0 million in each of the third, fourth, and fifth years. Spending under this agreement for the three and six months ended June 30, 2023 totaled $9.1 million and $18.5 million, respectively. Spending under this agreement for the three and six months ended June 30, 2022 totaled $8.1 million and $15.9 million, respectively. The timing of payments under the agreement may vary. However, we expect to meet our minimum purchase commitments for the remainder of the contract term. Exclusive of the AWS contract, we have other non-cancellable agreements for subscription software products that contain provisions stipulating minimum purchase commitments. However, the annual purchase commitments under these contracts are, individually and in the aggregate, immaterial to our condensed consolidated financial statements. Pegasystems Litigation On May 29, 2020, we filed a civil complaint against Pegasystems, Inc. (“Pegasystems”) and Youyong Zou, a Virginia resident, in the Circuit Court for Fairfax County, Virginia. Appian Corp v. Pegasystems Inc. & Youyong Zou, No. 2020-07216 (Fairfax Cty. Ct.). On May 10, 2022, we announced the jury awarded us $2.036 billion in damages for misappropriation of our trade secrets and $1 in damages for violating the Virginia Computer Crimes Act. Pegasystems filed several post-trial motions seeking relief in the form of reducing the damages award or setting aside the jury’s verdict and either granting a new trial or entering judgment in Pegasystems’ favor. All of these motions were denied, and final judgment was entered by the Court on September 15, 2022. The final judgment reaffirmed the $2.036 billion in damages and also ordered Pegasystems to pay Appian $23.6 million in attorney's fees associated with the case as well as statutory post-judgment interest on the judgment at an annual rate of 6%, or approximately $122.0 million per year. Defendant Youyong Zou has satisfied the judgment of $5,000 (plus interest) against him in lieu of appealing that judgment. On September 15, 2022, Pegasystems filed a notice of appeal, and on February 6, 2023, Pegasystems filed its opening brief with the Court of Appeals of Virginia. On March 29, 2023, we filed our response brief. Pegasystems filed a reply brief on May 3, 2023. The timeline of the case is solely within the control of the Court of Appeals until it rules. Pegasystems is not required to pay us the judgment, attorney’s fees, or post-judgment interest until all appeals are exhausted. We cannot predict the outcome of any appeals or the time it will take to resolve them. Consistent with other judgments, there is no guarantee we will be able to collect all or any portion of the judgment. Consequently, we will not record the award in our consolidated financial statements until all contingencies are resolved and we collect on the judgment. Other Legal Matters From time to time, we are subject to legal, regulatory, and other proceedings and claims that arise in the ordinary course of business. Other than as disclosed elsewhere in this Quarterly Report, we are not presently a party to any legal proceedings that, if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results, financial condition, or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.

Segment and Geographic Informat

Segment and Geographic Information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment and Geographic Information	13. Segment and Geographic Information We operate one operating and reportable segment, representing our consolidated business that helps organizations build applications and workflows rapidly with our low-code platform to maximize their resources and improve business results. Our reportable segment determination is based on our management and internal reporting structure, the nature of the subscriptions and services we offer, and the financial information that is evaluated regularly by our chief operation decision maker. The following table summarizes revenue by geography for the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Domestic $ 78,694 $ 71,567 $ 168,699 $ 147,606 International 49,021 38,496 94,251 76,723 Total $ 127,715 $ 110,063 $ 262,950 $ 224,329 With respect to geographic information, revenue is attributed to respective geographies based on the contracting address of the customer. There were no individual international countries from which more than 10% of our total revenue was attributable for the three and six months ended June 30, 2023 or 2022. Substantially all of our long-lived assets were held in the United States as of June 30, 2023 and December 31, 2022.

Investments and Fair Value Meas

Investments and Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments and Fair Value Measurements	14. Investments and Fair Value Measurements Fair Value Measurements U.S. GAAP establishes a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires us to use observable inputs when available and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows: • Level 1. Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities; • Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and • Level 3. Unobservable inputs for which there is little or no market data and which require us to develop our own estimates and assumptions reflecting those that a market participant would use. The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. There were no instruments measured at fair value on a recurring basis using significant unobservable inputs as of June 30, 2023 and December 31, 2022. The valuation techniques that may be used to measure fair value are as follows: • Market approach - Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities; • Income approach - Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts; and • Cost approach - Based on the amount that currently would be required to replace the service capacity of an asset (i.e., replacement cost). The carrying amounts of our cash, cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued expenses approximate fair value as of June 30, 2023 and December 31, 2022 because of the relatively short duration of these instruments. Additionally, the carrying value of our debt associated with the term loan facility approximates fair value because the interest rates are variable and reset on relatively short durations to the then market rates. Investments Our investment portfolio consists largely of debt investments classified as available-for-sale. Changes in the fair value of available-for-sale securities, excluding other-than-temporary impairments, are recorded in Other comprehensive income (loss). The components of our investments as of June 30, 2023 are as follows (in thousands): As of June 30, 2023 Fair Value Measurement Balance Sheet Classification Fair Value Level Cost Basis Unrealized Gains (Losses) Market Value Cash and Cash Equivalents Short-term Investments and Marketable Securities Money market fund Level 1 $ 55,800 $ — $ 55,800 $ 55,800 $ — U.S. Treasury bonds Level 1 17,002 (21) 16,981 — 16,981 Commercial paper Level 2 28,957 — 28,957 — 28,957 Corporate bonds Level 2 2,457 (1) 2,456 — 2,456 Agency bonds Level 2 17,035 1 17,036 — 17,036 Total investments $ 121,251 $ (21) $ 121,230 $ 55,800 $ 65,430 At December 31, 2022, our investments consisted of the following (in thousands): As of December 31, 2022 Fair Value Measurement Balance Sheet Classification Fair Value Level Cost Basis Unrealized Gains (Losses) Market Value Cash and Cash Equivalents Short-term Investments and Marketable Securities Money market fund Level 1 $ 39,469 $ — $ 39,469 $ 39,469 $ — U.S. Treasury bonds Level 1 9,396 (13) 9,383 — 9,383 Commercial paper Level 2 26,704 — 26,704 — 26,704 Corporate bonds Level 2 9,353 (12) 9,341 — 9,341 Agency bonds Level 2 2,432 3 2,435 — 2,435 Total investments $ 87,354 $ (22) $ 87,332 $ 39,469 $ 47,863 There were no Level 3 assets held at any point during the three and six months ended June 30, 2023 and 2022. Additionally, there were no transfers between Levels 1 and 2 during the six months ended June 30, 2023 and 2022. I nterest income on our investments totaled $2.7 million and $4.7 million for the three and six months ended June 30, 2023, respectively. I nterest income on our investments totaled $0.1 million and $0.2 million for the three and six months ended June 30, 2022, respectively. The amortized cost basis and fair value of debt securities as of June 30, 2023, by contractual maturity, are as follows (in thousands): As of June 30, 2023 Cost Basis Fair Value Due in one year or less $ 121,251 $ 121,230 Total investments $ 121,251 $ 121,230 Actual maturities may differ from the contractual maturities in the table above because borrowers have the right to call or prepay certain obligations.

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for interim financial reporting. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, changes in stockholders’ equity, and cash flows. The results of operations for the current period are not necessarily indicative of the results for the full year or the results for any future periods. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (the “SEC”) on February 16, 2023.
Use of Estimates	Use of Estimates The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Although we believe the estimates we use are reasonable, due to the inherent uncertainty involved in making these estimates, actual results reported in future periods could differ from those estimates. Significant estimates embedded in the condensed consolidated financial statements include, but are not limited to, revenue recognition, income taxes and the related valuation allowance established against deferred tax assets, costs to obtain a contract with a customer, and stock-based compensation.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Appian and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Cost of Revenue	Cost of Revenue Subscriptions Cost of subscriptions revenue consists primarily of fees paid to our third-party managed hosting providers and other third-party service providers, personnel costs such as payroll and benefits for our technology operations and customer support teams, amortization of developed technology, and allocated facility costs and overhead. Professional Services Cost of professional services revenue includes all direct and indirect costs to deliver our professional services and training, including employee compensation for our global professional services and training personnel, third-party contractor costs, allocated facility costs and overhead, and the costs of billable expenses such as travel and lodging. The unpredictability of the timing of providing services related to significant professional services agreements sold on a standalone basis may cause significant fluctuations in our quarterly financial results.
Concentration of Credit and Customer Risk	Concentration of Credit and Customer Risk Our financial instruments exposed to concentration of credit and customer risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable, and our short- and long-term investments. Deposits held with banks may exceed the amount of insurance provided on such deposits; however, we believe the financial institutions holding our cash deposits are financially sound and, accordingly, minimal credit risk exists with respect to these balances.
Cash , Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash We consider all highly liquid investments with an original or remaining maturity of three months or less at the date of purchase, as well as overnight repurchase agreements, to be cash equivalents. Restricted cash consists of cash designated to settle an escrow liability stemming from a holdback agreement enacted pursuant to our acquisition of Lana Labs GmbH. We paid 25% of the balance on September 28, 2022, and the remaining 75% of the balance is due on August 11, 2023.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful AccountsAccounts receivable are stated at realizable value, net of an allowance for doubtful accounts. The allowance for doubtful accounts is based on our assessment of the collectability of accounts and incorporates an estimation of expected lifetime credit losses on our receivables. We regularly review the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, customer creditworthiness, and current economic trends. If the financial condition of our customers were to deteriorate, resulting in their inability to make required payments, additional provisions for doubtful accounts would be required and would increase bad debt expense.
Assets Recognized from the Costs to Obtain a Contract with a Customer	Assets Recognized from the Costs to Obtain a Contract with a Customer We capitalize costs of obtaining a contract with a customer, which consists of sales commissions paid to our sales team, that are incremental costs to obtaining customer contracts. These costs are recorded as deferred commissions in the consolidated balance sheets. Costs to obtain a contract for a new customer or upsell are amortized over an estimated economic life of five years as sales commissions on initial sales are not commensurate with sales commissions on contract renewals. We determine the estimated economic life based on both qualitative and quantitative factors such as expected renewals, product life cycles, contractual terms, and customer attrition. We periodically review the carrying amount of deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the estimated economic life. Commissions paid relating to contract renewals are deferred and amortized over the related renewal period. We also capitalize the incremental fringe benefits associated with commission expenses paid to our direct sales team. Costs to obtain a contract for professional services arrangements are expensed as incurred as the contractual period of our professional services arrangements are one year or less.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Significant additions or improvements extending the useful life of an asset are capitalized, while repairs and maintenance costs which do not significantly improve the related assets or extend their useful lives are charged to expense as incurred. The following table outlines the useful lives of our major asset categories: Asset Category Useful Life (in years) Computer software 3 Computer hardware 3 Equipment 5 Office furniture and fixtures 10 Leasehold improvements (a) (a) Leasehold improvements have an estimated useful life of the shorter of the useful life of the assets or the lease term.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted We did not adopt any new accounting guidance in 2023 that had a material impact on our condensed consolidated financial statements or disclosures. Not Yet Adopted There is no pending accounting guidance that we expect to have a material impact on our condensed consolidated financial statements or disclosures.
Revenue Recognition	Revenue Recognition Performance Obligations and Timing of Revenue Recognition We primarily sell products and services that fall into the categories discussed below. Each category contains one or more performance obligations that are either (1) capable of being distinct (i.e., the customer can benefit from the product or service on its own or together with readily available resources, including those purchased separately from us) and distinct within the context of the contract (i.e., separately identified from other promises in the contract) or (2) a series of distinct products or services that are substantially the same and have the same pattern of transfer to the customer. Our term license subscriptions are delivered at a point in time while our cloud subscriptions, maintenance and support, and professional services are delivered over time. Subscriptions Revenue Subscriptions revenue is primarily related to (1) cloud subscriptions bundled with maintenance and support and hosting services and (2) term license subscriptions bundled with maintenance and support. We generally charge subscription fees on a per-user basis or through non-user based single application licenses. We bill customers and collect payment for subscriptions to our platform in advance on an annual, quarterly, or monthly basis. In certain instances, our customers have paid their entire contract up front. Cloud Subscriptions We generate cloud-based subscriptions revenue primarily from the sales of subscriptions to access our cloud offering, together with related support services to our customers. We perform all required maintenance and support for our cloud offering. Revenue is recognized on a ratable basis over the contract term beginning on the date the service is made available to the customer. Our cloud-based subscription contracts generally have a term of one Term License Subscriptions Our term license subscription revenue is derived from customers with on-premises installations of our platform. The majority of our contracts are one year in length. Although term license subscriptions are sold with maintenance and support, the software is fully functional at the beginning of the subscription and is considered a distinct performance obligation. If a cloud-based subscription includes the right for the customer to take possession of the license, the revenue is treated as a term license. Revenue from term license subscriptions is recognized when control of the software license has transferred to the customer, which is the later of delivery or commencement of the contract term. Maintenance and Support Maintenance and support subscriptions include both technical support and when-and-if-available software upgrades, which are treated as a single performance obligation as they are considered a series of distinct services that are substantially the same and have the same duration and measure of progress. Revenue from maintenance and support is recognized ratably over the contract period, which is the period over which the customer has continuous access to maintenance and support. Professional Services Revenue Our professional services revenue is comprised of fees for consulting services, including application development and deployment assistance as well as training services related to our platform. Our professional services are considered distinct performance obligations when sold standalone or with other products. Consulting Services We sell consulting services to assist customers in planning and executing the deployment of our software. Customers are not required to use consulting services to fully benefit from the software. Consulting services are regularly sold on a standalone basis and either (1) under a fixed-fee arrangement or (2) on a time and materials basis. Consulting services contracts are considered separate performance obligations because they do not integrate with each other or with other products and services to deliver a combined output to the customer, do not modify or customize (or are not modified or customized by) each other or other products and services, and do not affect the customer's ability to use the other consulting offerings or other products and services. Revenue under consulting contracts is recognized over time as services are delivered. For time and materials-based consulting contracts, we have elected the practical expedient of recognizing revenue upon invoicing since the invoiced amount corresponds directly to the value of our service to date. Training Services We sell various training services to our customers. Training services are sold in the form of prepaid training credits that are redeemed based on a fixed rate per course. Training revenue is recognized when the associated training services are delivered. Significant Judgments and Estimates Determining the Transaction Price The transaction price is the total amount of consideration we expect to receive in exchange for the service offerings in a contract and may include both fixed and variable components. Variable consideration is included in the transaction price to the extent it is probable a significant reversal will not occur. The amount of variable consideration excluded from the transaction price for the three and six months ended June 30, 2023 and 2022 was insignificant. Our estimates of variable consideration are also subject to subsequent true-up adjustments and may result in changes to transaction prices; however, such true-up adjustments are not expected to be material. Allocating the Transaction Price Based on Standalone Selling Prices (“SSP”) We allocate the transaction price to each performance obligation in a contract based on its relative SSP. The SSP is the observable price at which we sell the product or service separately. In the absence of observable pricing, we estimate SSP using the residual approach. We establish SSP as follows: 1. Cloud subscriptions - Given the highly variable selling price of our cloud subscriptions, we establish the SSP of our cloud subscriptions using a residual approach after first determining the SSP of consulting and training services. We have concluded the residual approach to estimating the SSP of our cloud subscriptions is an appropriate allocation of the transaction price. 2. Term license subscriptions - Given the highly variable selling price of our term license subscriptions, we have established the SSP of term license subscriptions using a residual approach after first determining the SSP of maintenance and support. Maintenance and support is sold on a standalone basis in conjunction with renewals of our legacy perpetual software licenses and within a narrow range of the net license fee. Because an economic relationship exists between the license and maintenance and support, we have concluded the residual approach to estimating the SSP of term license subscriptions is an appropriate allocation of the transaction price. 3. Maintenance and support - We establish the SSP of maintenance and support as a percentage of the stated net subscription fee based on observable pricing of maintenance and support renewals from our legacy perpetual software licenses. 4. Consulting and training services - The SSP of consulting and training services is established based on the observable pricing of standalone sales within each geographic region where the services are sold. Contract Balances
Stock-Based Compensation Expense	We account for stock-based compensation expense related to stock-based awards based on the estimated fair value of the award on the grant date. We calculate the fair value of stock options containing only a service condition using the Black-Scholes option pricing model. The fair value of restricted stock units (“RSUs”) is based on the closing market price of our common stock on the Nasdaq Global Market on the date of grant. For service-based awards such as RSUs, stock-based compensation expense is recognized on a straight-line basis over the requisite service period. In June 2022, our Board of Directors granted to our Chief Executive Officer (“CEO”) a stock option award that is eligible to vest based on the achievement of various stock price appreciation targets. This 2022 CEO option grant is our only stock-based award that vests based on the achievement of market conditions. For awards with market based conditions, compensation expense is measured using a Monte Carlo simulation and expense is recognized using the accelerated attribution method over the derived service period based on the expected market performance as of the grant date. We account for forfeitures of our stock-based awards as they occur rather than estimating expected forfeitures.
Fair Value Measurements	Fair Value Measurements U.S. GAAP establishes a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires us to use observable inputs when available and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows: • Level 1. Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities; • Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and • Level 3. Unobservable inputs for which there is little or no market data and which require us to develop our own estimates and assumptions reflecting those that a market participant would use. The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. There were no instruments measured at fair value on a recurring basis using significant unobservable inputs as of June 30, 2023 and December 31, 2022. The valuation techniques that may be used to measure fair value are as follows: • Market approach - Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities; • Income approach - Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts; and • Cost approach - Based on the amount that currently would be required to replace the service capacity of an asset (i.e., replacement cost).
Investments	InvestmentsOur investment portfolio consists largely of debt investments classified as available-for-sale. Changes in the fair value of available-for-sale securities, excluding other-than-temporary impairments, are recorded in Other comprehensive income (loss).

Accounting Policies (Tables)

Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table presents a reconciliation of cash, cash equivalents, and restricted cash as presented in the consolidated statements of cash flows (in thousands): As of June 30, 2023 December 31, 2022 June 30, 2022 December 31, 2021 Cash and cash equivalents $ 171,530 $ 148,132 $ 76,185 $ 100,796 Restricted cash, current 2,272 2,249 728 791 Restricted cash, net of current portion — — 2,185 2,373 Total cash, cash equivalents, and restricted cash $ 173,802 $ 150,381 $ 79,098 $ 103,960
Restrictions on Cash and Cash Equivalents	The following table presents a reconciliation of cash, cash equivalents, and restricted cash as presented in the consolidated statements of cash flows (in thousands): As of June 30, 2023 December 31, 2022 June 30, 2022 December 31, 2021 Cash and cash equivalents $ 171,530 $ 148,132 $ 76,185 $ 100,796 Restricted cash, current 2,272 2,249 728 791 Restricted cash, net of current portion — — 2,185 2,373 Total cash, cash equivalents, and restricted cash $ 173,802 $ 150,381 $ 79,098 $ 103,960
Schedule of Property and Equipment	The following table outlines the useful lives of our major asset categories: Asset Category Useful Life (in years) Computer software 3 Computer hardware 3 Equipment 5 Office furniture and fixtures 10 Leasehold improvements (a) (a) Leasehold improvements have an estimated useful life of the shorter of the useful life of the assets or the lease term. Property and equipment, net consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): As of June 30, 2023 December 31, 2022 Leasehold improvements $ 51,294 $ 45,959 Office furniture and fixtures 3,783 3,476 Computer hardware 9,483 9,689 Computer software 820 1,353 Equipment 188 242 Property and equipment, gross 65,568 60,719 Less: accumulated depreciation (21,054) (18,864) Property and equipment, net $ 44,514 $ 41,855

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Services	The following table summarizes revenue recorded during the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cloud subscriptions $ 74,442 $ 57,083 $ 144,134 $ 110,462 Term license subscriptions 12,999 14,063 36,150 38,770 Maintenance and support 6,353 5,522 12,467 11,156 Total subscriptions 93,794 76,668 192,751 160,388 Professional services 33,921 33,395 70,199 63,941 Total revenue $ 127,715 $ 110,063 $ 262,950 $ 224,329

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Components of Lease Expense	The following table sets forth the components of lease expense for the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease cost $ 2,145 $ 1,626 $ 4,291 $ 3,260 Short-term lease cost 423 76 788 164 Variable lease cost 959 953 1,985 1,926 Total $ 3,527 $ 2,655 $ 7,064 $ 5,350
Schedule of Supplemental Balance Sheet Information	Supplemental balance sheet information related to operating leases as of June 30, 2023 and December 31, 2022 is presented in the following table (in thousands, except for lease term and discount rate): June 30, 2023 December 31, 2022 Right-of-use assets for operating leases $ 39,197 $ 37,248 Operating lease liabilities, current $ 9,876 $ 8,681 Operating lease liabilities, net of current portion 60,079 57,225 Total operating lease liabilities $ 69,955 $ 65,906 Weighted average remaining lease term (in years) 8.0 8.4 Weighted average discount rate 9.4 % 9.4 %
Schedule of Supplemental Cash Flow Information	Supplemental cash flow and expense information related to operating leases for the three and six months ended June 30, 2023 and 2022 is shown below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating cash outflows for operating leases $ 988 $ 2,074 $ 2,120 $ 4,159 Amortization of operating lease right-of-use assets 591 325 1,243 631 Interest expense on operating lease liabilities 1,552 1,305 3,047 2,626
Schedule of Maturities of Operating Lease Liabilities	A summary of our future minimum lease commitments under non-cancellable operating leases as of June 30, 2023 is shown below (in thousands): Operating Leases 2023 (excluding the six months ended June 30, 2023) $ 4,777 2024 11,660 2025 12,413 2026 12,699 2027 12,901 Thereafter 46,864 Total lease payments 101,314 Less: imputed interest (31,359) Total $ 69,955

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table details the changes in goodwill during the six months ended June 30, 2023 and fiscal year ended December 31, 2022 (in thousands): Carrying Amount Balance as of December 31, 2021 $ 27,795 Foreign currency translation adjustments (1,446) Balance as of December 31, 2022 26,349 Foreign currency translation adjustments 269 Balance as of June 30, 2023 $ 26,618
Schedule of Finite-Lived Intangible Assets	Intangible assets, net consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): As of June 30, 2023 December 31, 2022 Developed technology $ 6,963 $ 6,893 Customer relationships 1,085 1,073 Intangible assets, gross 8,048 7,966 Less: accumulated amortization (3,486) (2,715) Intangible assets, net $ 4,562 $ 5,251
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table shows the projected annual amortization expense related to amortizable intangible assets as of June 30, 2023: Projected Amortization 2023 (excluding the six months ended June 30, 2023) $ 743 2024 1,486 2025 1,182 2026 761 2027 93 Thereafter 297 Total projected amortization expense $ 4,562

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, net	The following table outlines the useful lives of our major asset categories: Asset Category Useful Life (in years) Computer software 3 Computer hardware 3 Equipment 5 Office furniture and fixtures 10 Leasehold improvements (a) (a) Leasehold improvements have an estimated useful life of the shorter of the useful life of the assets or the lease term. Property and equipment, net consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): As of June 30, 2023 December 31, 2022 Leasehold improvements $ 51,294 $ 45,959 Office furniture and fixtures 3,783 3,476 Computer hardware 9,483 9,689 Computer software 820 1,353 Equipment 188 242 Property and equipment, gross 65,568 60,719 Less: accumulated depreciation (21,054) (18,864) Property and equipment, net $ 44,514 $ 41,855

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): As of June 30, 2023 December 31, 2022 Hosting costs $ 2,936 $ 2,802 Legal costs 530 475 Marketing and tradeshow expenses 1,144 1,000 Third party license fees 759 1,223 Contract labor costs 978 1,465 Reimbursable employee expenses 1,009 1,004 Audit and tax expenses 1,251 911 Capital expenditures 349 744 Other accrued expenses 2,987 2,603 Total $ 11,943 $ 12,227

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Long-Term Debt	The following table summarizes outstanding debt balances (in thousands): As of June 30, 2023 December 31, 2022 Borrowings under revolving credit facility expiring November 3, 2027 $ 62,000 $ — Secured term loan facility 147,687 119,375 Less: Debt issuance costs (1,382) (1,256) Total debt, net of debt issuance costs $ 208,305 $ 118,119 Debt, current $ 65,431 $ 2,740 Long-term debt, net of current portion 142,874 115,379 Total debt $ 208,305 $ 118,119

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense Included in Condensed Consolidated Statements of Operations	The following table summarizes the components of our stock-based compensation expense for the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of revenue Subscriptions $ 230 $ 249 $ 502 $ 428 Professional services 1,472 1,330 3,063 2,387 Operating expenses Sales and marketing 2,772 2,266 5,217 4,054 Research and development 2,910 3,063 6,536 5,377 General and administrative 3,764 2,240 6,886 3,845 Total stock-based compensation expense $ 11,148 $ 9,148 $ 22,204 $ 16,091

Basic and Diluted Loss per Sh_2

Basic and Diluted Loss per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Securities Excluded From Calculation of Weighted Average Common Shares	The following outstanding securities, prior to the use of the treasury stock method, have been excluded from the computation of diluted weighted-average shares outstanding for the respective periods below because they would have been antidilutive to earnings per share: Three and Six Months Ended June 30, 2023 2022 Stock options 2,625,286 2,758,608 Non-vested restricted stock units 1,125,505 1,378,284

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Revenue By Geography	The following table summarizes revenue by geography for the three and six months ended June 30, 2023 and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Domestic $ 78,694 $ 71,567 $ 168,699 $ 147,606 International 49,021 38,496 94,251 76,723 Total $ 127,715 $ 110,063 $ 262,950 $ 224,329

Investments and Fair Value Me_2

Investments and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Components of Investments	The components of our investments as of June 30, 2023 are as follows (in thousands): As of June 30, 2023 Fair Value Measurement Balance Sheet Classification Fair Value Level Cost Basis Unrealized Gains (Losses) Market Value Cash and Cash Equivalents Short-term Investments and Marketable Securities Money market fund Level 1 $ 55,800 $ — $ 55,800 $ 55,800 $ — U.S. Treasury bonds Level 1 17,002 (21) 16,981 — 16,981 Commercial paper Level 2 28,957 — 28,957 — 28,957 Corporate bonds Level 2 2,457 (1) 2,456 — 2,456 Agency bonds Level 2 17,035 1 17,036 — 17,036 Total investments $ 121,251 $ (21) $ 121,230 $ 55,800 $ 65,430 At December 31, 2022, our investments consisted of the following (in thousands): As of December 31, 2022 Fair Value Measurement Balance Sheet Classification Fair Value Level Cost Basis Unrealized Gains (Losses) Market Value Cash and Cash Equivalents Short-term Investments and Marketable Securities Money market fund Level 1 $ 39,469 $ — $ 39,469 $ 39,469 $ — U.S. Treasury bonds Level 1 9,396 (13) 9,383 — 9,383 Commercial paper Level 2 26,704 — 26,704 — 26,704 Corporate bonds Level 2 9,353 (12) 9,341 — 9,341 Agency bonds Level 2 2,432 3 2,435 — 2,435 Total investments $ 87,354 $ (22) $ 87,332 $ 39,469 $ 47,863
Schedule of Amortized Cost Basis and Fair Value of Debt Securities by Contractual Maturity	The amortized cost basis and fair value of debt securities as of June 30, 2023, by contractual maturity, are as follows (in thousands): As of June 30, 2023 Cost Basis Fair Value Due in one year or less $ 121,251 $ 121,230 Total investments $ 121,251 $ 121,230

Accounting Policies - Additiona

Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Aug. 11, 2023	Dec. 31, 2022	Sep. 28, 2022
Summary Of Significant Accounting Policies [Line Items]
Percentage of restricted cash balance							25%
Allowance for doubtful accounts	$ 2,206		$ 2,206			$ 2,125
Capitalized contract cost, amortization period	5 years		5 years
Commission expense	$ 11,300	$ 8,700	$ 22,300	$ 16,900
Severance costs	$ 2,100		$ 6,300
August 11, 2023 | Forecast
Summary Of Significant Accounting Policies [Line Items]
Percentage of restricted cash balance					75%
Sales Revenue, Net | Customer Concentration Risk | Government Agencies
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	20.10%	18.20%	20.30%	18.20%
Sales Revenue, Net | Customer Concentration Risk | Federal Government Agencies
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	4.60%	5.20%	4.40%	4.80%
Sales Revenue, Net | Customer Concentration Risk | Foreign Customers
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	38.40%	35%	35.80%	34.20%

Accounting Policies - Cash, Cas

Accounting Policies - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 171,530	$ 148,132	$ 76,185	$ 100,796
Restricted cash, current	2,272	2,249	728	791
Restricted cash, net of current portion	0	0	2,185	2,373
Total cash, cash equivalents, and restricted cash	$ 173,802	$ 150,381	$ 79,098	$ 103,960

Accounting Policies - Property

Accounting Policies - Property and Equipment, Useful Life (Details)	Jun. 30, 2023
Computer software
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	3 years
Computer hardware
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	3 years
Equipment
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	5 years
Office furniture and fixtures
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	10 years

Revenue - Revenue by Services (

Revenue - Revenue by Services (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 127,715	$ 110,063	$ 262,950	$ 224,329
Subscriptions
Disaggregation of Revenue [Line Items]
Total revenue	93,794	76,668	192,751	160,388
Cloud subscriptions
Disaggregation of Revenue [Line Items]
Total revenue	74,442	57,083	144,134	110,462
Term license subscriptions
Disaggregation of Revenue [Line Items]
Total revenue	12,999	14,063	36,150	38,770
Maintenance and support
Disaggregation of Revenue [Line Items]
Total revenue	6,353	5,522	12,467	11,156
Professional services
Disaggregation of Revenue [Line Items]
Total revenue	$ 33,921	$ 33,395	$ 70,199	$ 63,941

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract assets balances	$ 12.9	$ 14.3
Revenue recognized	141.3
Performance obligations	383.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations	$ 245
Revenue, remaining performance obligation, period (in months)	12 months
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Cloud subscriptions contract term	1 year
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Cloud subscriptions contract term	3 years

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
Leases [Abstract]
Renewal term	10 years	10 years
Sublease income	$ 0.3	$ 0.7

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 2,145	$ 1,626	$ 4,291	$ 3,260
Short-term lease cost	423	76	788	164
Variable lease cost	959	953	1,985	1,926
Total	$ 3,527	$ 2,655	$ 7,064	$ 5,350

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Right-of-use assets for operating leases	$ 39,197	$ 37,248
Operating lease liabilities, current	9,876	8,681
Operating lease liabilities, net of current portion	60,079	57,225
Total operating lease liabilities	$ 69,955	$ 65,906
Weighted average remaining lease term (in years)	8 years	8 years 4 months 24 days
Weighted average discount rate	9.40%	9.40%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating cash outflows for operating leases	$ 988	$ 2,074	$ 2,120	$ 4,159
Amortization of operating lease right-of-use assets	591	325	1,243	631
Interest expense on operating lease liabilities	$ 1,552	$ 1,305	$ 3,047	$ 2,626

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Operating Leases
2023 (excluding the six months ended June 30, 2023)	$ 4,777
2024	11,660
2025	12,413
2026	12,699
2027	12,901
Thereafter	46,864
Total lease payments	101,314
Less: imputed interest	(31,359)
Total	$ 69,955	$ 65,906

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Beginning balance	$ 26,349	$ 27,795
Foreign currency translation adjustments	269	(1,446)
Ending balance	$ 26,618	$ 26,349

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 8,048	$ 7,966
Less: accumulated amortization	(3,486)	(2,715)
Intangible assets, net	4,562	5,251
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	6,963	6,893
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 1,085	$ 1,073

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 0.4	$ 0.4	$ 0.7	$ 0.8
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years		3 years
Non-RPA customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	8 years 2 months 12 days		8 years 2 months 12 days
RPA customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	6 years 6 months		6 years 6 months

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (excluding the six months ended June 30, 2023)	$ 743
2024	1,486
2025	1,182
2026	761
2027	93
Thereafter	297
Intangible assets, net	$ 4,562	$ 5,251

Property and Equipment, net - S

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 65,568	$ 60,719
Less: accumulated depreciation	(21,054)	(18,864)
Property and equipment, net	44,514	41,855
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	51,294	45,959
Office furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,783	3,476
Computer hardware
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,483	9,689
Computer software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	820	1,353
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 188	$ 242

Property and Equipment, net - A

Property and Equipment, net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2	$ 1.4	$ 4	$ 2.8
Disposal of property plant and equipment	$ 0	$ 0	$ 1.4	$ 0

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Hosting costs	$ 2,936	$ 2,802
Legal costs	530	475
Marketing and tradeshow expenses	1,144	1,000
Third party license fees	759	1,223
Contract labor costs	978	1,465
Reimbursable employee expenses	1,009	1,004
Audit and tax expenses	1,251	911
Capital expenditures	349	744
Other accrued expenses	2,987	2,603
Total	$ 11,943	$ 12,227

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Outstanding letters of credit	$ 11,900,000
Letter of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	15,000,000
Swingline Sub-facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 10,000,000
Secured Debt | Term Loan Facility
Line of Credit Facility [Line Items]
Debt term	5 years
Aggregate principal amount	$ 150,000,000
Proceeds from long term debt	$ 150,000,000
Secured Debt | Term Loan Facility | Base Rate
Line of Credit Facility [Line Items]
Interest rate margin	0.50%
Line of Credit | Base Rate | Minimum
Line of Credit Facility [Line Items]
Interest rate margin	1.50%
Line of Credit | Base Rate | Minimum | EBITDA
Line of Credit Facility [Line Items]
Interest rate margin	0.50%
Line of Credit | Base Rate | Maximum
Line of Credit Facility [Line Items]
Interest rate margin	2.50%
Line of Credit | Base Rate | Maximum | EBITDA
Line of Credit Facility [Line Items]
Interest rate margin	2.50%
Line of Credit | SOFR | Minimum
Line of Credit Facility [Line Items]
Interest rate margin	2.50%
Line of Credit | SOFR | Minimum | EBITDA
Line of Credit Facility [Line Items]
Interest rate margin	1.50%
Line of Credit | SOFR | Maximum
Line of Credit Facility [Line Items]
Interest rate margin	3.50%
Line of Credit | SOFR | Maximum | EBITDA
Line of Credit Facility [Line Items]
Interest rate margin	3.50%
Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 75,000,000
Long-term debt	$ 62,000,000	$ 0

Debt - Outstanding Long-Term De

Debt - Outstanding Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Less: Debt issuance costs	$ (1,382)	$ (1,256)
Total debt, net of debt issuance costs	208,305	118,119
Debt, current	65,431	2,740
Long-term debt, net of current portion	142,874	115,379
Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Long-term debt	62,000	0
Secured Debt | Secured Term Loan Facility
Line of Credit Facility [Line Items]
Long-term debt	$ 147,687	$ 119,375

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Taxes [Line Items]
Effective tax rate	(2.00%)	(0.80%)	(2.50%)	1.60%
Discrete tax benefit related to release of valuation allowance			$ 1.1
Net unrecognized tax benefits which would impact effective tax rate if recognized	$ 4.5		$ 4.5
Minimum | Subsidiaries
Income Taxes [Line Items]
Effective tax rate			0%
Maximum | Subsidiaries
Income Taxes [Line Items]
Effective tax rate			35%

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Non-vested restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to unvested restricted stock units	$ 47.8
Weighted average remaining vesting period	1 year 4 months 24 days
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost related to nonvested stock options not yet recognized	$ 13.5
Chief Executive Officer | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to nonvested stock option recognized over weighted average period (in years)	2 years 8 months 12 days

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-based Compensation Expense Included in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 11,148	$ 9,148	$ 22,204	$ 16,091
Cost of revenue | Subscriptions
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	230	249	502	428
Cost of revenue | Professional services
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	1,472	1,330	3,063	2,387
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	2,772	2,266	5,217	4,054
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	2,910	3,063	6,536	5,377
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 3,764	$ 2,240	$ 6,886	$ 3,845

Basic and Diluted Loss per Sh_3

Basic and Diluted Loss per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities outstanding (in shares)	2,625,286	2,758,608	2,625,286	2,758,608
Non-vested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities outstanding (in shares)	1,125,505	1,378,284	1,125,505	1,378,284

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)			3 Months Ended		6 Months Ended
	Sep. 15, 2022	May 10, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jul. 31, 2021
Loss Contingencies [Line Items]
Purchase obligation							$ 131,000,000
Purchase obligation, year two							25,000,000
Purchase obligation, year three							28,000,000
Purchase obligation, year four							28,000,000
Purchase obligation, year five							$ 28,000,000
Payments for purchase obligation			$ 9,100,000	$ 8,100,000	$ 18,500,000	$ 15,900,000
Pegasystems Litigation | Misappropriation of Trade Secrets
Loss Contingencies [Line Items]
Damages awarded		$ 2,036,000,000
Pegasystems Litigation | Violation of Virginia Computer Crimes Act
Loss Contingencies [Line Items]
Damages awarded		$ 1
Pegasystems Litigation | Attorney's Fees Associated
Loss Contingencies [Line Items]
Damages awarded	$ 23,600,000
Pegasystems Litigation | Statutory Post Judgement Interest On Judgmental
Loss Contingencies [Line Items]
Damages awarded	$ 122,000,000
Interest on damages awarded (as a percentage)	6%
Youyong Zou Litigation
Loss Contingencies [Line Items]
Amount awarded in settlement	$ 5,000,000

Segment and Geographic Inform_3

Segment and Geographic Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			1
Number of reportable segments | segment			1
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 127,715	$ 110,063	$ 262,950	$ 224,329
Domestic
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	78,694	71,567	168,699	147,606
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 49,021	$ 38,496	$ 94,251	$ 76,723

Investments and Fair Value Me_3

Investments and Fair Value Measurements - Components of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Cost Basis	$ 121,251	$ 87,354
Unrealized Gains (Losses)	(21)	(22)
Market Value	121,230	87,332
Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Market Value	55,800	39,469
Short-term Investments and Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Market Value	65,430	47,863
Level 1 | Money market fund
Debt Securities, Available-for-sale [Line Items]
Cost Basis	55,800	39,469
Unrealized Gains (Losses)	0	0
Market Value	55,800	39,469
Level 1 | Money market fund | Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Market Value	55,800	39,469
Level 1 | Money market fund | Short-term Investments and Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Market Value	0	0
Level 1 | U.S. Treasury bonds
Debt Securities, Available-for-sale [Line Items]
Cost Basis	17,002	9,396
Unrealized Gains (Losses)	(21)	(13)
Market Value	16,981	9,383
Level 1 | U.S. Treasury bonds | Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Market Value	0	0
Level 1 | U.S. Treasury bonds | Short-term Investments and Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Market Value	16,981	9,383
Level 2 | Commercial paper
Debt Securities, Available-for-sale [Line Items]
Cost Basis	28,957	26,704
Unrealized Gains (Losses)	0	0
Market Value	28,957	26,704
Level 2 | Commercial paper | Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Market Value	0	0
Level 2 | Commercial paper | Short-term Investments and Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Market Value	28,957	26,704
Level 2 | Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Cost Basis	2,457	9,353
Unrealized Gains (Losses)	(1)	(12)
Market Value	2,456	9,341
Level 2 | Corporate bonds | Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Market Value	0	0
Level 2 | Corporate bonds | Short-term Investments and Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Market Value	2,456	9,341
Level 2 | Agency bonds
Debt Securities, Available-for-sale [Line Items]
Cost Basis	17,035	2,432
Unrealized Gains (Losses)	1	3
Market Value	17,036	2,435
Level 2 | Agency bonds | Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Market Value	0	0
Level 2 | Agency bonds | Short-term Investments and Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Market Value	$ 17,036	$ 2,435

Investments and Fair Value Me_4

Investments and Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment income, interest	$ 2,700,000	$ 100,000	$ 4,700,000	$ 200,000
Fair Value, Inputs, Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	$ 0	$ 0	$ 0	$ 0

Investments and Fair Value Me_5

Investments and Fair Value Measurements - Amortized Cost Basis and Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Cost Basis
Due in one year or less	$ 121,251
Cost Basis	121,251	$ 87,354
Fair Value
Due in one year or less	121,230
Market Value	$ 121,230	$ 87,332