Outbrain (OB) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40643
Entity Registrant Name	Outbrain Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5391629
Entity Address, Address Line One	111 West 19th Street,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10011
City Area Code	(646)
Local Phone Number	867-0149
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	OB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,842,763
Entity Central Index Key	0001454938
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 71,362	$ 70,889
Short-term investments in marketable securities	91,909	94,313
Accounts receivable, net of allowances	156,392	189,334
Prepaid expenses and other current assets	38,997	47,240
Total current assets	358,660	401,776
Non-current assets:
Long-term investments in marketable securities	68,349	65,767
Total property, equipment and capitalized software, net	41,736	42,461
Operating lease right-of-use assets, net	17,113	12,145
Intangible assets, net	19,516	20,396
Goodwill	63,063	63,063
Deferred tax assets	38,346	38,360
Other assets	19,875	20,669
TOTAL ASSETS	626,658	664,637
Current liabilities:
Accounts payable	139,763	150,812
Accrued compensation and benefits	19,055	18,620
Accrued and other current liabilities	95,594	119,703
Deferred revenue	6,987	8,486
Total current liabilities	261,399	297,621
Non-current liabilities:
Long-Term Debt	118,000	118,000
Operating lease liabilities, non-current	14,237	9,217
Other liabilities	16,094	16,735
TOTAL LIABILITIES	409,730	441,573
Commitments and Contingencies (Note 10)
STOCKHOLDERS’ EQUITY:
Common stock, par value of $0.001 per share − one billion shares authorized; 61,915,671 shares issued and 49,091,230 shares outstanding as of March 31, 2024; 61,567,520 shares issued and 49,726,518 shares outstanding as of December 31, 2023.	62	62
Preferred stock, par value of $0.001 per share − 100,000,000 shares authorized, none issued and outstanding as of March 31, 2024 and December 31, 2023	0	0
Additional paid-in capital	471,593	468,525
Treasury stock, at cost − 12,824,441 shares as of March 31, 2024 and 11,841,002 shares as of December 31, 2023	(71,704)	(67,689)
Accumulated other comprehensive loss	(9,200)	(9,052)
Accumulated deficit	(173,823)	(168,782)
TOTAL STOCKHOLDERS’ EQUITY	216,928	223,064
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 626,658	$ 664,637

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	61,915,671	61,567,520
Common stock, shares outstanding (in shares)	49,091,230	49,726,518
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, shares (in shares)	12,824,441	11,841,002

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 216,964	$ 231,774
Cost of revenue:
Traffic acquisition costs	164,810	179,576
Other cost of revenue	10,559	11,043
Total cost of revenue	175,369	190,619
Gross profit	41,595	41,155
Operating expenses:
Research and development	9,193	9,311
Sales and marketing	23,784	25,748
General and administrative	15,215	15,406
Total operating expenses	48,192	50,465
Loss from operations	(6,597)	(9,310)
Other income (expense), net:
Interest expense	937	1,867
Interest income and other income, net	1,405	3,860
Total other income, net	468	1,993
Loss before benefit from income taxes	(6,129)	(7,317)
Benefit from income taxes	(1,088)	(1,712)
Net loss	$ (5,041)	$ (5,605)
Weighted average shares outstanding:
Basic (in shares)	49,265,012	51,435,289
Diluted weighted average shares	49,265,012	51,435,289
Net loss per common share:
Basic (in usd per share)	$ (0.10)	$ (0.11)
Diluted (in usd per share)	$ (0.10)	$ (0.11)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (5,041)	$ (5,605)
Other comprehensive income (loss):
Foreign currency translation adjustments	98	(1,220)
Unrealized (losses) gains on available-for-sale investments in debt securities (net of taxes of $74 and $(123) for the three months ended March 31, 2024 and 2023, respectively)	(246)	420
Total other comprehensive loss	(148)	(800)
Comprehensive loss	$ (5,189)	$ (6,405)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Tax on unrealized gains	$ 74	$ (123)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Total Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance - beginning of period (in shares) at Dec. 31, 2022		60,175,020
Balance - beginning of period at Dec. 31, 2022	$ 217,786	$ 60	$ 455,831	$ (49,168)	$ (9,913)	$ (179,024)
Treasury stock, beginning balance (in shares) at Dec. 31, 2022				(7,948,275)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock in units (in shares)		281,469		(48,202)
Vesting of restricted stock units, net of shares withheld for taxes	(213)			$ (213)
Shares repurchased under the share repurchase program (in shares)				(1,313,073)
Shares repurchased under the share repurchase program	(6,142)			$ (6,142)
Stock-based compensation	2,895		2,895
Other Comprehensive Income (Loss)	(800)				(800)
Net Income (Loss)	(5,605)					(5,605)
Balance - end of period (in shares) at Mar. 31, 2023		60,456,489
Treasury stock, ending balance (in shares) at Mar. 31, 2023				(9,309,550)
Balance - end of period at Mar. 31, 2023	$ 207,921	$ 60	458,726	$ (55,523)	(10,713)	(184,629)
Balance - beginning of period (in shares) at Dec. 31, 2023	49,726,518	61,567,520
Balance - beginning of period at Dec. 31, 2023	$ 223,064	$ 62	468,525	$ (67,689)	(9,052)	(168,782)
Treasury stock, beginning balance (in shares) at Dec. 31, 2023	(11,841,002)			(11,841,002)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock in units (in shares)		348,151		(37,492)
Vesting of restricted stock units, net of shares withheld for taxes	$ (153)			$ (153)
Shares repurchased under the share repurchase program (in shares)				(945,947)
Shares repurchased under the share repurchase program	(3,862)			$ (3,862)
Stock-based compensation	3,068		3,068
Other Comprehensive Income (Loss)	(148)				(148)
Net Income (Loss)	$ (5,041)					(5,041)
Balance - end of period (in shares) at Mar. 31, 2024	49,091,230	61,915,671
Treasury stock, ending balance (in shares) at Mar. 31, 2024	(12,824,441)			(12,824,441)
Balance - end of period at Mar. 31, 2024	$ 216,928	$ 62	$ 471,593	$ (71,704)	$ (9,200)	$ (173,823)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ (5,041)	$ (5,605)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization of property and equipment	1,639	1,704
Amortization of capitalized software development costs	2,409	2,641
Amortization of intangible assets	852	1,596
Amortization of discount on marketable securities	(642)	(1,241)
Stock-based compensation	2,927	2,611
Non-cash operating lease expense	1,195	1,146
Provision for credit losses	1,693	2,639
Deferred income taxes	(174)	(437)
Other	338	(1,054)
Changes in operating assets and liabilities:
Accounts receivable	30,398	(1,478)
Prepaid expenses and other current assets	7,262	4,598
Accounts payable and other current liabilities	(31,875)	(28,017)
Operating lease liabilities	(1,205)	(1,138)
Deferred revenue	(1,471)	(317)
Other non-current assets and liabilities	300	1,874
Net cash provided by (used in) operating activities	8,605	(20,478)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of a business, net of cash acquired	(181)	(285)
Purchases of property and equipment	(1,335)	(3,749)
Capitalized software development costs	(2,627)	(2,853)
Purchases of marketable securities	(31,578)	(32,762)
Proceeds from maturities of marketable securities	31,492	35,615
Other	0	(5)
Net cash used in investing activities	(4,229)	(4,039)
CASH FLOWS FROM FINANCING ACTIVITIES:
Treasury stock repurchases and share withholdings on vested awards	(4,015)	(6,355)
Principal payments on finance lease obligations	(255)	(509)
Payment of contingent consideration liability up to acquisition-date fair value	0	(547)
Net cash used in financing activities	(4,270)	(7,411)
Effect of exchange rate changes	363	(436)
Net increase (decrease) in cash, cash equivalents and restricted cash	469	(32,364)
Cash, cash equivalents and restricted cash — Beginning	71,079	105,765
Cash, cash equivalents and restricted cash — Ending	71,548	73,401
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH TO THE CONDENSED CONSOLIDATED BALANCE SHEETS
Cash and cash equivalents	71,362	73,214
Restricted cash, included in other assets	186	187
Total cash, cash equivalents, and restricted cash	71,548	73,401
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for income taxes, net of refunds	2,133	2,313
Cash paid for interest	1,815	3,581
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Purchases of property and equipment included in accounts payable	418	820
Operating lease right-of-use assets obtained in exchange for lease obligations	6,055	1,339
Acquisition consideration payable	0	285
Stock-based compensation capitalized for software development costs	$ 141	$ 284

Organization, Description of Bu

Organization, Description of Business and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Description of Business and Summary of Significant Accounting Policies	Organization and Description of Business Outbrain Inc. (together with its subsidiaries, “Outbrain,” the “Company,” “we,” “our” or “us”), was incorporated in August 2006 in Delaware. The Company is headquartered in New York, New York and has wholly owned subsidiaries in Israel, Europe, Asia, Brazil and Australia. In connection with the Company’s initial public offering (“IPO”), its common stock began trading on The Nasdaq Stock Market LLC (“Nasdaq”) on July 23, 2021 under the “OB” ticker symbol. Outbrain is a leading technology platform that drives business results by connecting media owners and advertisers with engaged audiences to drive business outcomes across the Open Internet. The Company’s platform provides advertisements on media owners’ online properties. The Company generates revenue from advertisers through consumer engagements with advertisements that it delivers across a variety of third-party media owners’ online properties. The Company pays traffic acquisition costs to its media owner partners on whose digital properties the advertisements are shown. The Company’s advertiser solutions are mainly priced using a performance-based model based on the actual number of engagements generated by consumers, which is highly dependent on its ability to generate trustworthy and interesting advertisements to individual consumers based on its proprietary algorithms. A portion of the Company’s revenue is generated through advertisers participating in programmatic auctions wherein the pricing is determined by the auction results and not dependent on consumer engagement. Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and are unaudited. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on March 8, 2024 (“2023 Form 10-K”). Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and judgments are based on historical information and on various other assumptions that the Company believes are reasonable under the circumstances. Estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the allowance for credit losses, sales allowance, software development costs eligible for capitalization, valuation of deferred tax assets, the useful lives of property and equipment, the useful lives and fair value of intangible assets, valuation of goodwill, the fair value of stock-based awards, and the recognition and measurement of income tax uncertainties and other contingencies. Actual results could differ materially from these estimates. Certain Risks and Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, restricted cash, and accounts receivable. The Company’s cash and cash equivalents and restricted cash are generally invested in high-credit quality financial instruments with both banks and financial institutions to reduce the amount of exposure to any single financial institution. The Company generally does not require collateral to secure accounts receivable, with the exception of certain customers with higher potential credit risk who are required to prepay for their campaigns. No single advertiser accounted for 10% or more of the Company’s total revenue for the three months ended March 31, 2024 or 2023, or 10% or more of its gross accounts receivable balance as of March 31, 2024 and December 31, 2023. During the three months ended March 31, 2024 and 2023, none of the Company’s media owners accounted for 10% of its total traffic acquisition costs. Segment Information The Company has one operating and reporting segment. The Company’s chief operating decision maker is its Chief Executive Officer who makes resource allocation decisions and assesses performance based on financial information presented on a consolidated basis. New Accounting Pronouncements Under the JOBS Act, the Company meets the definition of an emerging growth company (“EGC”) and can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards would otherwise apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the Company is no longer an EGC or until the Company affirmatively and irrevocably opts out of the extended transition period. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires enhanced disclosures about significant segment expenses and profitability measures for all public entities, including those that have one reportable segment. The ASU is required to be applied retrospectively and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the impact of ASU 2023-07 on its segment disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 is focused on increased visibility into specific income tax components, requiring disclosures of specific categories and a greater disaggregation of information by jurisdiction within the effective tax rate reconciliation and income taxes paid disclosures. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. The Company is in the process of evaluating the impact of ASU 2023-09 on its tax-related disclosures. See Note 1 to the Company’s audited consolidated financial statements for the year ended December 31, 2023 in the Company’s 2023 Form 10-K for a complete disclosure of the Company’s significant accounting policies.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	The following table presents total revenue based on where the Company’s advertisers are physically located: Three Months Ended March 31, 2024 2023 (In thousands) USA $ 59,409 $ 72,216 Europe, the Middle East and Africa (EMEA) 135,819 133,754 Other 21,736 25,804 Total revenue $ 216,964 $ 231,774 Contract Balances. There were no contract assets as of March 31, 2024 or December 31, 2023. Contract liabilities primarily relate to advance payments and consideration received from customers. As of March 31, 2024 and December 31, 2023, the Company’s contract liabilities were recorded as deferred revenue in its condensed consolidated balance sheets.

Investments in Marketable Secur

Investments in Marketable Securities	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investments in Marketable Securities	All of the Company’s debt securities are classified as available-for-sale. The Company’s cash equivalents and investments as of March 31, 2024 and December 31, 2023 consisted of the following: March 31, 2024 (In thousands) Fair Value Level Amortized cost (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash Equivalents Short-term investments Long-term investments Money market funds 1 $ 13,238 $ — $ — $ 13,238 $ 13,238 $ — $ — U.S. Treasuries 2 15,007 — (15) 14,992 6,576 8,416 — U.S. government bonds 2 41,070 9 (124) 40,955 — 22,818 18,137 Commercial paper 2 13,197 1 (14) 13,184 1,499 11,685 — U.S. Corporate bonds 2 99,395 75 (268) 99,202 — 48,990 50,212 Total cash equivalents and investments $ 181,907 $ 85 $ (421) $ 181,571 $ 21,313 $ 91,909 $ 68,349 December 31, 2023 (In thousands) Fair Value Level Amortized cost (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash Equivalents Short-term investments Long-term investments Money market funds 1 $ 15,355 $ — $ — $ 15,355 $ 15,355 $ — $ — U.S. Treasuries 2 14,977 1 (29) 14,949 3,497 11,452 — U.S. government bonds 2 39,048 40 (114) 38,974 — 20,762 18,212 Commercial paper 2 9,422 11 (3) 9,430 — 9,430 — U.S. Corporate bonds 2 100,146 275 (197) 100,224 — 52,669 47,555 Total cash equivalents and investments $ 178,948 $ 327 $ (343) $ 178,932 $ 18,852 $ 94,313 $ 65,767 ___________________________ (1) The amortized cost of debt securities excludes accrued interest of $1.5 million and $1.4 million, respectively, as of March 31, 2024 and December 31, 2023. The following table presents the fair value of the Company’s available-for-sale securities by contractual maturity: March 31, 2024 (In thousands) Within 1 year $ 113,222 After 1 year through 3 years 68,349 Total fair value $ 181,571 The following table presents the fair value of investments and gross unrealized losses recorded in other comprehensive loss, by investment category and the length of time the securities have been in a continuous loss position: March 31, 2024 Less than 12 Months 12 Months or More Total (In thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Treasuries $ 12,291 $ (4) $ 2,701 $ (11) $ 14,992 $ (15) U.S. government bonds 23,948 (75) 11,589 (49) 35,537 (124) Commercial paper 9,757 (14) — — 9,757 (14) U.S. Corporate bonds 49,786 (195) 18,396 (73) 68,182 (268) Total $ 95,782 $ (288) $ 32,686 $ (133) $ 128,468 $ (421) December 31, 2023 Less than 12 Months 12 Months or More Total (In thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Treasuries $ 1,279 $ — $ 4,711 $ (29) $ 5,990 $ (29) U.S. government bonds 6,798 (9) 16,964 (105) 23,762 (114) Commercial paper 3,649 (3) — — 3,649 (3) U.S. Corporate bonds 40,031 (119) 18,840 (78) 58,871 (197) Total $ 51,757 $ (131) $ 40,515 $ (212) $ 92,272 $ (343) For marketable securities with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. No allowance for credit losses was recorded for these securities as of March 31, 2024 and December 31, 2023.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	The Company’s goodwill balance as of March 31, 2024 and December 31, 2023 was $63.1 million. The Company has not recorded any accumulated impairments of goodwill. The gross carrying amount and accumulated amortization of the Company’s intangible assets are as follows: March 31, 2024 Weighted Average Amortization Gross Value Accumulated Amortization Net Carrying Value (In thousands) Developed technology 8.0 years $ 18,411 $ (11,213) $ 7,198 Customer relationships 5.0 years 5,882 (5,477) 405 Publisher relationships 8.0 years 18,791 (11,018) 7,773 Trade names 8.8 years 5,290 (1,910) 3,380 Content provider relationships 5.0 years 284 (127) 157 Other 15.8 years 898 (295) 603 Total intangible assets, net $ 49,556 $ (30,040) $ 19,516 December 31, 2023 Weighted Average Amortization Gross Value Accumulated Amortization Net Carrying Value (In thousands) Developed technology 8.0 years $ 18,410 $ (10,900) $ 7,510 Customer relationships 5.0 years 5,972 (5,530) 442 Publisher relationships 8.0 years 18,973 (10,863) 8,110 Trade names 8.8 years 5,326 (1,779) 3,547 Content provider relationships 5.0 years 284 (113) 171 Other 15.8 years 898 (282) 616 Total intangible assets, net $ 49,863 $ (29,467) $ 20,396 No impairment charges were recorded for the Company’s intangible assets subject to amortization during the three months ended March 31, 2024 and 2023. As of March 31, 2024, estimated amortization related to the Company’s identifiable acquisition-related intangible assets in future periods was as follows: Amount (In thousands) 2024 $ 2,599 2025 3,466 2026 3,466 2027 3,111 2028 3,062 Thereafter 3,812 Total $ 19,516

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	Accounts Receivable and Allowance for Credit Losses Accounts receivable, net of allowance for credit losses consists of the following: March 31, 2024 December 31, 2023 (In thousands) Accounts receivable $ 167,979 $ 199,714 Allowance for credit losses (11,587) (10,380) Accounts receivable, net of allowance for credit losses $ 156,392 $ 189,334 The allowance for credit losses consists of the following activity: Three Months Ended Year Ended December 31, 2023 (In thousands) Allowance for credit losses, beginning balance $ 10,380 $ 5,512 Provision for credit losses 1,645 8,220 Write-offs (438) (3,352) Allowance for credit losses, ending balance $ 11,587 $ 10,380 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consists of the following: March 31, 2024 December 31, 2023 (In thousands) Prepaid traffic acquisition costs $ 22,046 $ 26,398 Prepaid taxes 7,070 11,371 Prepaid software licenses 3,342 2,224 Other prepaid expenses and other current assets 6,539 7,247 Total prepaid expenses and other current assets $ 38,997 $ 47,240 Property, Equipment and Capitalized Software, Net Property, equipment and capitalized software, net consists of the following: March 31, 2024 December 31, 2023 (In thousands) Capitalized software development costs $ 81,016 $ 78,389 Computer and equipment 62,134 61,529 Leasehold improvements 3,301 3,300 Software 3,243 3,221 Furniture and fixtures 1,091 1,098 Property, equipment, and capitalized software, gross 150,785 147,537 Less: accumulated depreciation and amortization (109,049) (105,076) Total property, equipment and capitalized software, net $ 41,736 $ 42,461 Accrued and Other Current Liabilities Accrued and other current liabilities consists of the following: March 31, 2024 December 31, 2023 (In thousands) Accrued traffic acquisition costs $ 58,270 $ 75,870 Accrued agency commissions 12,103 12,376 Accrued tax liabilities 11,504 15,596 Operating lease obligations, current 3,621 3,684 Accrued professional fees 3,330 3,261 Interest payable 753 1,566 Other 6,013 7,350 Total accrued and other current liabilities $ 95,594 $ 119,703 In addition to accrued traffic acquisition costs, accounts payable includes $127.9 million and $137.6 million of traffic acquisition costs as of March 31, 2024 and December 31, 2023, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company’s financial instruments include restricted time deposits, severance pay fund deposits and foreign currency forward contracts. The Company determines the fair value of its financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the Company uses the fair value hierarchy described below to distinguish between observable and unobservable inputs: Level I — Valuations based on quoted prices in active markets for identical assets and liabilities at the measurement date; Level II — Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be principally corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level III — Valuations based on unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. The following table sets forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy: March 31, 2024 Level I Level II Level III Total (In thousands) Financial Assets: Cash equivalents and investments (1) $ 13,238 $ 168,669 $ — $ 181,907 Restricted time deposit (2) — 186 — 186 Severance pay fund deposits (2) — 4,809 — 4,809 Foreign currency forward contract (3) — 513 — 513 Total financial assets $ 13,238 $ 174,177 $ — $ 187,415 Financial Liabilities: Foreign currency forward contract (4) — 266 — 266 Total financial liabilities $ — $ 266 $ — $ 266 December 31, 2023 Level I Level II Level III Total (In thousands) Financial Assets: Cash equivalents and investments (1) $ 15,355 $ 163,577 $ — $ 178,932 Restricted time deposit (2) — 190 — 190 Severance pay fund deposits (2) — 4,901 — 4,901 Foreign currency forward contract (3) — 1,254 — 1,254 Total financial assets $ 15,355 $ 169,922 $ — $ 185,277 Financial Liabilities: Foreign currency forward contract (4) — 106 — 106 Total financial liabilities $ — $ 106 $ — $ 106 _____________________ (1) Money market securities are valued using Level I of the fair value hierarchy, while the fair values of U.S. Treasuries, government bonds, commercial paper, and corporate bonds are considered Level II and are obtained from independent pricing services, which may use various methods, including quoted prices for identical or similar securities in active and inactive markets. See Note 3 for additional detail of the Company’s fixed income securities by balance sheet location. (2) Recorded within other assets. (3) Recorded within prepaid expenses and other current assets. (4) Recorded within accrued and other current liabilities. The Company records the fair values of the assets and liabilities relating to its undesignated foreign currency forward contracts on a gross basis in its condensed consolidated balance sheets, as they are not subject to master netting arrangements. There is no cash collateral required to be pledged by the Company or its counterparties. The Company enters into foreign currency forward exchange contracts to manage the effects of fluctuations in foreign currency exchange rates on its net cash flows from non-U.S. dollar denominated operations. By entering into foreign currency forward contracts, the Company is exposed to a potential credit risk that the counterparty to its contracts will fail to meet its contractual obligations. If a counterparty fails to perform, the Company’s maximum credit risk exposure would be the positive fair value of the foreign currency forward contracts, or any asset balance, which represents the amount the counterparty owes to the Company. In order to mitigate the counterparty risk, the Company performs an evaluation of its counterparty credit worthiness, and its forward contracts have a term of no more than 12 months. During the three months ended March 31, 2024 and 2023, the Company recognized net losses of $0.9 million and $0.1 million, respectively, within interest income and other income (expense), net in its condensed consolidated statements of operations, related to mark-to-market adjustments on its undesignated foreign currency forward contacts. The 2.95% Convertible Senior Notes due 2026 (“Convertible Notes”) are recorded within long-term debt on the Company’s condensed consolidated balance sheets at their carrying value, which may differ from their fair value. The fair value of Convertible Notes is estimated using external pricing data, including any available market data for other debt instruments with similar characteristics. The following table summarizes the carrying value and the estimated fair value of the Convertible Notes, based on Level II measurements of the fair value hierarchy: March 31, 2024 December 31, 2023 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (In thousands) Convertible Notes $ 118,000 $ 96,583 $ 118,000 $ 95,958 See Note 8 for additional information relating to the Convertible Notes.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Operating Leases	7. Leases The Company leases certain equipment and computers under finance lease arrangements, as well as office facilities and managed data center facilities under non-cancelable operating lease arrangements for its U.S. and international locations that expire on various dates through 2032. The following table summarizes assets and liabilities related to the Company’s operating and finance leases: Condensed Consolidated Balance Sheets Location March 31, 2024 December 31, 2023 (In thousands) Lease assets: Operating leases Operating lease right-of-use assets, net $ 17,113 $ 12,145 Finance leases Property, equipment and capitalized software, net 6 226 Total lease assets $ 17,119 $ 12,371 Lease liabilities: Current liabilities: Operating leases Accrued and other current liabilities $ 3,621 $ 3,684 Finance leases Accrued and other current liabilities 7 254 Non-current liabilities: Operating leases Operating lease liabilities, non-current 14,237 9,217 Finance leases Other liabilities — — Total lease liabilities $ 17,865 $ 13,155 The following table presents the components of the Company’s total lease expense: Three Months Ended March 31, 2024 2023 (In thousands) Operating lease cost Fixed lease costs (1) $ 1,195 $ 1,146 Variable lease costs (2) 131 32 Short-term lease costs (1) 115 139 Finance lease cost: Depreciation (3) 220 464 Interest (4) 3 34 Total lease cost $ 1,664 $ 1,815 _______________________________________________________________ (1) Recorded within cost of revenue and operating expenses. (2) Recorded within operating expenses. (3) Recorded within cost of revenue. (4) Recorded within interest expense. As of March 31, 2024, the maturities of the Company’s lease liabilities under operating and finance leases were as follows: Year Operating Leases Finance Leases (In thousands) Remainder of 2024 $ 3,727 $ 7 2025 4,845 — 2026 4,226 — 2027 3,784 — 2028 2,442 — Thereafter 3,595 — Total minimum payments required $ 22,619 $ 7 Less: imputed interest (4,761) — Total present value of lease liabilities $ 17,858 $ 7
Finance Leases	7. Leases The Company leases certain equipment and computers under finance lease arrangements, as well as office facilities and managed data center facilities under non-cancelable operating lease arrangements for its U.S. and international locations that expire on various dates through 2032. The following table summarizes assets and liabilities related to the Company’s operating and finance leases: Condensed Consolidated Balance Sheets Location March 31, 2024 December 31, 2023 (In thousands) Lease assets: Operating leases Operating lease right-of-use assets, net $ 17,113 $ 12,145 Finance leases Property, equipment and capitalized software, net 6 226 Total lease assets $ 17,119 $ 12,371 Lease liabilities: Current liabilities: Operating leases Accrued and other current liabilities $ 3,621 $ 3,684 Finance leases Accrued and other current liabilities 7 254 Non-current liabilities: Operating leases Operating lease liabilities, non-current 14,237 9,217 Finance leases Other liabilities — — Total lease liabilities $ 17,865 $ 13,155 The following table presents the components of the Company’s total lease expense: Three Months Ended March 31, 2024 2023 (In thousands) Operating lease cost Fixed lease costs (1) $ 1,195 $ 1,146 Variable lease costs (2) 131 32 Short-term lease costs (1) 115 139 Finance lease cost: Depreciation (3) 220 464 Interest (4) 3 34 Total lease cost $ 1,664 $ 1,815 _______________________________________________________________ (1) Recorded within cost of revenue and operating expenses. (2) Recorded within operating expenses. (3) Recorded within cost of revenue. (4) Recorded within interest expense. As of March 31, 2024, the maturities of the Company’s lease liabilities under operating and finance leases were as follows: Year Operating Leases Finance Leases (In thousands) Remainder of 2024 $ 3,727 $ 7 2025 4,845 — 2026 4,226 — 2027 3,784 — 2028 2,442 — Thereafter 3,595 — Total minimum payments required $ 22,619 $ 7 Less: imputed interest (4,761) — Total present value of lease liabilities $ 17,858 $ 7

Long Term Debt

Long Term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long Term Debt	Convertible Notes As of each of March 31, 2024 and December 31, 2023, the Company had $118.0 million principal amount of Convertible Notes outstanding, pursuant to an indenture, dated as of July 27, 2021 (the “Indenture”), between the Company and The Bank of New York Mellon, as trustee. The Convertible Notes mature on July 27, 2026, unless earlier converted, redeemed, or repurchased. Interest on the Convertible Notes is payable semi-annually in arrears on January 27 and July 27 of each year, beginning on January 27, 2022, at a rate of 2.95% per year. The initial conversion rate for the Convertible Notes is 40 shares of the Company’s common stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of $25 per share of the Company’s common stock), subject to adjustment. See No te 9 to th e Company’s 2023 Annual Report on Form 10-K for additional information relating to the Company’s Convertible Notes, including the redemption and conversion provisions. Revolving Credit Facility The Company’s First Amendment to the Second Amended and Restated Loan and Security Agreement with Silicon Valley Bank, a division of First Citizens Bank & Trust Company, provides, subject to borrowing availability and certain other conditions, for revolving loans in an aggregate principal amount of up to $75.0 million (the “Facility”), with a $15.0 million sub-facility for letters of credit. The Company’s borrowing availability under the Facility is calculated by reference to a borrowing base which is determined by specified percentages of eligible accounts receivable. The Facility will terminate on the earlier of (i) November 2, 2026 or (ii) 120 days prior to the maturity date of the Convertible Notes, unless all of the Convertible Notes have been converted to common equity securities of the Company. Outstanding loans under the Facility, as recently amended, accrue interest, at the Company’s option based upon borrowing availability under the Facility, at a rate equal to either (a) a base rate minus an applicable margin ranging from 1.5% to 1.0% per annum or (b) SOFR plus an applicable margin of 1.5% to 2.0% per annum, subject to a SOFR adjustment ranging from 0.10% to 0.15%, depending on the length of the borrowing. The undrawn portions of the commitments under the Facility are subject to a commitment fee at a rate ranging from 0.20% per annum to 0.30% per annum, based upon borrowing availability under the Facility. The Facility contains representations and warranties, including, without limitation, with respect to collateral; accounts receivable; financials; litigation, indictment and compliance with laws; disclosure and no material adverse effect, each of which is a condition to funding. Additionally, the Facility includes events of default and customary affirmative and negative covenants applicable to the Company and its subsidiaries, including, without limitation, restrictions on liens, indebtedness, investments, fundamental changes, dispositions, restricted payments and prepayment of the Convertible Notes and of junior indebtedness. The Facility contains a financial covenant that requires, in the event that credit extensions under the Facility equal or exceed 85% of the available commitments under the Facility or upon the occurrence of an event of default, the Company to maintain a minimum consolidated monthly fixed charge coverage ratio of 1.00. The obligations of the Company, and the other subsidiary co-borrowers under the 2021 Revolving Credit Facility are secured by a first-priority lien on substantially all the assets of the Company and such other subsidiary co-borrowers. The Company was in compliance with all of the related financial covenants as of March 31, 2024 and December 31, 2023. As of March 31, 2024 and December 31, 2023, the Company had no borrowings outstanding under the 2021 Revolving Credit Facility and its available borrowing capacity was $58.1 million and $75.0 million, respectively, based on the defined borrowing formula. Other assets in the Company’s condensed consolidated balance sheets as each of March 31, 2024 and December 31, 2023 included deferred financing costs of $0.3 million, which are being amortized over the term of the Facility.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	The Company’s interim provision for (benefit from) income taxes is determined based on its annual estimated effective tax rate, applied to the actual year-to-date income, and adjusted for the tax effects of any discrete items. The Company’s effective tax rates for the three months ended March 31, 2024 and 2023 , were 17.8% and 23.4%, respectively. The Company’s effective tax rate for the three months ended March 31, 2024 was lower than the United States federal statutory tax rate of 21%, primarily due to a deduction related to foreign-derived intangible income, partially offset by the tax impact related to the profitability of non-U.S. jurisdictions and certain non-deductible stock-based compensation expenses. The Company’s effective tax rate for the three months ended March 31, 2023 was higher than the U.S. federal statutory tax rate of 21%, primarily due to certain non-deductible stock-based compensation expenses partially offset by a deduction related to foreign-derived intangible income.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Legal Proceedings and Other Matters From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. In addition, the Company may receive letters alleging infringement of patent or other intellectual property rights. The Company is not currently a party to any material legal proceedings, nor is it aware of any pending or threatened litigation that, in its opinion, would have a material adverse effect on its business, operating results, cash flows or financial condition should such litigation be resolved unfavorably.

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Share Repurchases On December 14, 2022, the Company’s Board of Directors (the “Board”) approved a new share repurchase program, authorizing the Company to repurchase up to $30 million of its common stock, par value $0.001 per share, with no requirement to purchase any minimum number of shares. The manner, timing, and actual number of shares repurchased under the program will depend on a variety of factors, including price, general business and market conditions, and other investment opportunities. Shares may be repurchased through privately negotiated transactions or open market purchases, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The repurchase program may be commenced, suspended, or terminated at any time by the Company at its discretion without prior notice. The following is a summary of the Company’s share repurchase activity under its share repurchase program for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (In thousands, except share information) Shares repurchased 945,947 1,313,073 Fair value of shares repurchased $ 3,862 $ 6,142 As of March 31, 2024, the remaining availability under the Company’s $30 million share repurchase program was $8.6 million. Commission costs associated with share repurchases and excise taxes accrued as a result of the Inflation Reduction Act of 2022 do not reduce the remaining authorized amount under the repurchase programs. In addition, the Company may periodically withhold shares to satisfy employee tax withholding obligations arising in connection with the vesting of restricted stock units and exercise of options and warrants in accordance with the terms of the Company’s equity incentive plans and the underlying award agreements. During the three months ended March 31, 2024 and 2023, the Company withheld 37,492 and 48,202 shares, respectively, with a fair value of $0.2 million and $0.2 million, respectively, to satisfy the employee tax withholding obligations. The following table details the changes in accumulated other compressive loss, net of tax: Foreign Currency Translation Loss Unrealized Loss on Investments in Marketable Securities Total Accumulated Other Comprehensive Loss (In thousands) Balance–December 31, 2023 $ (9,039) $ (13) $ (9,052) Other comprehensive income (loss), net of tax 98 (246) (148) Balance–March 31, 2024 $ (8,941) $ (259) $ (9,200) There were no amounts reclassified from AOCI to earnings during any of the periods presented.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Equity Incentive Plans In July 2021, the Board and the Company’s stockholders approved the 2021 Long-Term Incentive Plan (the “2021 Plan”), which may be used to grant, among other award types, stock options, restricted stock units (“RSUs”) and performance stock units (“PSUs”). The number of shares of common stock reserved for future issuance under the 2021 Plan will be increased pursuant to provisions for annual automatic evergreen increases. The Company’s previous awards issued under its 2007 Omnibus Securities and Incentive Plan, as amended and restated on January 21, 2009 (“2007 Plan”), remain subject to the 2007 Plan. As of March 31, 2024, 8,727,382 and 827,216 sha res were available for grant under the 2021 Plan and the 2007 Plan, respectively. The Company generally issues new shares for stock option exercises and vesting of RSUs. The Company recognizes stock-based compensation expense for stock-based awards based on the estimated fair value of the awards. The Company estimates the fair value of its stock option awards on the grant date using the Black-Scholes option pricing model. The fair value of RSUs and PSUs is based on the fair value of the Company’s common stock on the date of grant, as adjusted based on achievement of any performance conditions. The Company accounts for forfeitures as they occur. The following table summarizes stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations for the periods presented: Three Months Ended March 31, 2024 2023 (In thousands) Research and development $ 713 $ 502 Sales and marketing 1,067 1,026 General and administrative 1,147 1,083 Total stock-based compensation $ 2,927 $ 2,611 As of March 31, 2024 , the Company’s remaining unrecognized stock-based compensation expense was $0.7 million for unvested stock options and $20.2 million for unvested RSUs. The following table summarizes stock option and RSU activity for the three months ended March 31, 2024: Stock Options (1) RSUs (2) Outstanding—December 31, 2023 2,409,553 3,507,083 Granted — 100,191 Exercised/Vested — (348,151) Forfeited (54,282) (46,475) Outstanding—March 31, 2024 2,355,271 3,212,648 ____________________ (1) Includes 2,861 SARs, which are accounted for as liability awards. (2) Includes 90,000 performance-based RSUs issued in 2023 with a grant date fair value of $4.82 per share. The weighted average grant date fair value of service-based RSUs granted during the three months ended March 31, 2024 was $3.85 per share. Stock-Based Awards Granted Outside of Equity Incentive Plans Warrants The Company issued equity-classified warrants to purchase shares of common stock to certain third-party advisors, consultants, and financial institutions, which expire between November 2024 and September 2026. As of March 31, 2024 and December 31, 2023, 188,235 warrants were outstanding and exercisable with a weighted average exercise price of $7.57. Employee Stock Purchase Plan As of March 31, 2024, approximately 2,849,545 shares of the Company’s common stock have been reserved for issuance under the Company’s 2021 Employee Stock Purchase Plan (the “ESPP”), which is subject to annual automatic evergreen increases. There have been no shares purchased under the ESPP as it is not yet active. See Note 13 to th e Company’s 2023 Annual Report on Form 10-K for additional information relating to the Company’s share-based compensation awards.

Net Income Loss Per Common Shar

Net Income Loss Per Common Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss Per Common Share	The following table presents the computation of the Company’s basic and diluted loss per share: Three Months Ended March 31, 2024 2023 (Dollars in thousands) Numerator: Net loss $ (5,041) $ (5,605) Denominator: Weighted-average shares - basic and diluted 49,265,012 51,435,289 Net loss per share: Basic $ (0.10) $ (0.11) Diluted $ (0.10) $ (0.11) The following weighted-average shares have been excluded from the calculation of diluted net loss per share for each period presented because they are anti-dilutive: Three Months Ended March 31, 2024 2023 Convertible debt 4,720,000 9,440,000 Options to purchase common stock 2,395,550 2,611,077 Warrants 188,235 188,235 Restricted stock units 3,418,466 2,435,522 Total shares excluded from diluted loss per share 10,722,251 14,674,834

Organization, Description of _2

Organization, Description of Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and are unaudited. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on March 8, 2024 (“2023 Form 10-K”).
Use of Estimates	Use of Estimates
Certain Risks and Concentrations	Certain Risks and Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, restricted cash, and accounts receivable. The Company’s cash and cash equivalents and restricted cash are generally invested in high-credit quality financial instruments with both banks and financial institutions to reduce the amount of exposure to any single financial institution.
Segment Information	Segment Information The Company has one operating and reporting segment. The Company’s chief operating decision maker is its Chief Executive Officer who makes resource allocation decisions and assesses performance based on financial information presented on a consolidated basis.
New Accounting Pronouncements And Recently Issued Accounting Pronouncements	New Accounting Pronouncements Under the JOBS Act, the Company meets the definition of an emerging growth company (“EGC”) and can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards would otherwise apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the Company is no longer an EGC or until the Company affirmatively and irrevocably opts out of the extended transition period. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires enhanced disclosures about significant segment expenses and profitability measures for all public entities, including those that have one reportable segment. The ASU is required to be applied retrospectively and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the impact of ASU 2023-07 on its segment disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 is focused on increased visibility into specific income tax components, requiring disclosures of specific categories and a greater disaggregation of information by jurisdiction within the effective tax rate reconciliation and income taxes paid disclosures. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. The Company is in the process of evaluating the impact of ASU 2023-09 on its tax-related disclosures.
Fair Value Measurement	The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company’s financial instruments include restricted time deposits, severance pay fund deposits and foreign currency forward contracts. The Company determines the fair value of its financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the Company uses the fair value hierarchy described below to distinguish between observable and unobservable inputs: Level I — Valuations based on quoted prices in active markets for identical assets and liabilities at the measurement date; Level II — Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be principally corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level III
Derivative Financial Instruments	The Company records the fair values of the assets and liabilities relating to its undesignated foreign currency forward contracts on a gross basis in its condensed consolidated balance sheets, as they are not subject to master netting arrangements. There is no cash collateral required to be pledged by the Company or its counterparties. The Company enters into foreign currency forward exchange contracts to manage the effects of fluctuations in foreign currency exchange rates on its net cash flows from non-U.S. dollar denominated operations.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Total Revenue Based on Location	The following table presents total revenue based on where the Company’s advertisers are physically located: Three Months Ended March 31, 2024 2023 (In thousands) USA $ 59,409 $ 72,216 Europe, the Middle East and Africa (EMEA) 135,819 133,754 Other 21,736 25,804 Total revenue $ 216,964 $ 231,774

Investments in Marketable Sec_2

Investments in Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-Sale	All of the Company’s debt securities are classified as available-for-sale. The Company’s cash equivalents and investments as of March 31, 2024 and December 31, 2023 consisted of the following: March 31, 2024 (In thousands) Fair Value Level Amortized cost (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash Equivalents Short-term investments Long-term investments Money market funds 1 $ 13,238 $ — $ — $ 13,238 $ 13,238 $ — $ — U.S. Treasuries 2 15,007 — (15) 14,992 6,576 8,416 — U.S. government bonds 2 41,070 9 (124) 40,955 — 22,818 18,137 Commercial paper 2 13,197 1 (14) 13,184 1,499 11,685 — U.S. Corporate bonds 2 99,395 75 (268) 99,202 — 48,990 50,212 Total cash equivalents and investments $ 181,907 $ 85 $ (421) $ 181,571 $ 21,313 $ 91,909 $ 68,349 December 31, 2023 (In thousands) Fair Value Level Amortized cost (1) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash Equivalents Short-term investments Long-term investments Money market funds 1 $ 15,355 $ — $ — $ 15,355 $ 15,355 $ — $ — U.S. Treasuries 2 14,977 1 (29) 14,949 3,497 11,452 — U.S. government bonds 2 39,048 40 (114) 38,974 — 20,762 18,212 Commercial paper 2 9,422 11 (3) 9,430 — 9,430 — U.S. Corporate bonds 2 100,146 275 (197) 100,224 — 52,669 47,555 Total cash equivalents and investments $ 178,948 $ 327 $ (343) $ 178,932 $ 18,852 $ 94,313 $ 65,767 ___________________________ (1) The amortized cost of debt securities excludes accrued interest of $1.5 million and $1.4 million, respectively, as of March 31, 2024 and December 31, 2023.
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value	The following table presents the fair value of investments and gross unrealized losses recorded in other comprehensive loss, by investment category and the length of time the securities have been in a continuous loss position: March 31, 2024 Less than 12 Months 12 Months or More Total (In thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Treasuries $ 12,291 $ (4) $ 2,701 $ (11) $ 14,992 $ (15) U.S. government bonds 23,948 (75) 11,589 (49) 35,537 (124) Commercial paper 9,757 (14) — — 9,757 (14) U.S. Corporate bonds 49,786 (195) 18,396 (73) 68,182 (268) Total $ 95,782 $ (288) $ 32,686 $ (133) $ 128,468 $ (421) December 31, 2023 Less than 12 Months 12 Months or More Total (In thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Treasuries $ 1,279 $ — $ 4,711 $ (29) $ 5,990 $ (29) U.S. government bonds 6,798 (9) 16,964 (105) 23,762 (114) Commercial paper 3,649 (3) — — 3,649 (3) U.S. Corporate bonds 40,031 (119) 18,840 (78) 58,871 (197) Total $ 51,757 $ (131) $ 40,515 $ (212) $ 92,272 $ (343)
Investments Classified by Contractual Maturity Date	The following table presents the fair value of the Company’s available-for-sale securities by contractual maturity: March 31, 2024 (In thousands) Within 1 year $ 113,222 After 1 year through 3 years 68,349 Total fair value $ 181,571

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The gross carrying amount and accumulated amortization of the Company’s intangible assets are as follows: March 31, 2024 Weighted Average Amortization Gross Value Accumulated Amortization Net Carrying Value (In thousands) Developed technology 8.0 years $ 18,411 $ (11,213) $ 7,198 Customer relationships 5.0 years 5,882 (5,477) 405 Publisher relationships 8.0 years 18,791 (11,018) 7,773 Trade names 8.8 years 5,290 (1,910) 3,380 Content provider relationships 5.0 years 284 (127) 157 Other 15.8 years 898 (295) 603 Total intangible assets, net $ 49,556 $ (30,040) $ 19,516 December 31, 2023 Weighted Average Amortization Gross Value Accumulated Amortization Net Carrying Value (In thousands) Developed technology 8.0 years $ 18,410 $ (10,900) $ 7,510 Customer relationships 5.0 years 5,972 (5,530) 442 Publisher relationships 8.0 years 18,973 (10,863) 8,110 Trade names 8.8 years 5,326 (1,779) 3,547 Content provider relationships 5.0 years 284 (113) 171 Other 15.8 years 898 (282) 616 Total intangible assets, net $ 49,863 $ (29,467) $ 20,396
Schedule of Estimated Amortization on Identifiable Acquisition-Related Intangible Assets	As of March 31, 2024, estimated amortization related to the Company’s identifiable acquisition-related intangible assets in future periods was as follows: Amount (In thousands) 2024 $ 2,599 2025 3,466 2026 3,466 2027 3,111 2028 3,062 Thereafter 3,812 Total $ 19,516

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts Receivable, Net	Accounts receivable, net of allowance for credit losses consists of the following: March 31, 2024 December 31, 2023 (In thousands) Accounts receivable $ 167,979 $ 199,714 Allowance for credit losses (11,587) (10,380) Accounts receivable, net of allowance for credit losses $ 156,392 $ 189,334
Activity in Allowance for Credit Losses	The allowance for credit losses consists of the following activity: Three Months Ended Year Ended December 31, 2023 (In thousands) Allowance for credit losses, beginning balance $ 10,380 $ 5,512 Provision for credit losses 1,645 8,220 Write-offs (438) (3,352) Allowance for credit losses, ending balance $ 11,587 $ 10,380
Schedule of Other Current Assets	Prepaid expenses and other current assets consists of the following: March 31, 2024 December 31, 2023 (In thousands) Prepaid traffic acquisition costs $ 22,046 $ 26,398 Prepaid taxes 7,070 11,371 Prepaid software licenses 3,342 2,224 Other prepaid expenses and other current assets 6,539 7,247 Total prepaid expenses and other current assets $ 38,997 $ 47,240
Property, Equipment and Capitalized Software, Net	Property, equipment and capitalized software, net consists of the following: March 31, 2024 December 31, 2023 (In thousands) Capitalized software development costs $ 81,016 $ 78,389 Computer and equipment 62,134 61,529 Leasehold improvements 3,301 3,300 Software 3,243 3,221 Furniture and fixtures 1,091 1,098 Property, equipment, and capitalized software, gross 150,785 147,537 Less: accumulated depreciation and amortization (109,049) (105,076) Total property, equipment and capitalized software, net $ 41,736 $ 42,461
Accrued and Other Current Liabilities	Accrued and other current liabilities consists of the following: March 31, 2024 December 31, 2023 (In thousands) Accrued traffic acquisition costs $ 58,270 $ 75,870 Accrued agency commissions 12,103 12,376 Accrued tax liabilities 11,504 15,596 Operating lease obligations, current 3,621 3,684 Accrued professional fees 3,330 3,261 Interest payable 753 1,566 Other 6,013 7,350 Total accrued and other current liabilities $ 95,594 $ 119,703

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table sets forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy: March 31, 2024 Level I Level II Level III Total (In thousands) Financial Assets: Cash equivalents and investments (1) $ 13,238 $ 168,669 $ — $ 181,907 Restricted time deposit (2) — 186 — 186 Severance pay fund deposits (2) — 4,809 — 4,809 Foreign currency forward contract (3) — 513 — 513 Total financial assets $ 13,238 $ 174,177 $ — $ 187,415 Financial Liabilities: Foreign currency forward contract (4) — 266 — 266 Total financial liabilities $ — $ 266 $ — $ 266 December 31, 2023 Level I Level II Level III Total (In thousands) Financial Assets: Cash equivalents and investments (1) $ 15,355 $ 163,577 $ — $ 178,932 Restricted time deposit (2) — 190 — 190 Severance pay fund deposits (2) — 4,901 — 4,901 Foreign currency forward contract (3) — 1,254 — 1,254 Total financial assets $ 15,355 $ 169,922 $ — $ 185,277 Financial Liabilities: Foreign currency forward contract (4) — 106 — 106 Total financial liabilities $ — $ 106 $ — $ 106 _____________________ (1) Money market securities are valued using Level I of the fair value hierarchy, while the fair values of U.S. Treasuries, government bonds, commercial paper, and corporate bonds are considered Level II and are obtained from independent pricing services, which may use various methods, including quoted prices for identical or similar securities in active and inactive markets. See Note 3 for additional detail of the Company’s fixed income securities by balance sheet location. (2) Recorded within other assets. (3) Recorded within prepaid expenses and other current assets. (4) Recorded within accrued and other current liabilities.
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value	The following table summarizes the carrying value and the estimated fair value of the Convertible Notes, based on Level II measurements of the fair value hierarchy: March 31, 2024 December 31, 2023 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (In thousands) Convertible Notes $ 118,000 $ 96,583 $ 118,000 $ 95,958

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Operating and Financing Leases, Assets and Liabilities	The following table summarizes assets and liabilities related to the Company’s operating and finance leases: Condensed Consolidated Balance Sheets Location March 31, 2024 December 31, 2023 (In thousands) Lease assets: Operating leases Operating lease right-of-use assets, net $ 17,113 $ 12,145 Finance leases Property, equipment and capitalized software, net 6 226 Total lease assets $ 17,119 $ 12,371 Lease liabilities: Current liabilities: Operating leases Accrued and other current liabilities $ 3,621 $ 3,684 Finance leases Accrued and other current liabilities 7 254 Non-current liabilities: Operating leases Operating lease liabilities, non-current 14,237 9,217 Finance leases Other liabilities — — Total lease liabilities $ 17,865 $ 13,155
Lease, Cost	The following table presents the components of the Company’s total lease expense: Three Months Ended March 31, 2024 2023 (In thousands) Operating lease cost Fixed lease costs (1) $ 1,195 $ 1,146 Variable lease costs (2) 131 32 Short-term lease costs (1) 115 139 Finance lease cost: Depreciation (3) 220 464 Interest (4) 3 34 Total lease cost $ 1,664 $ 1,815 _______________________________________________________________ (1) Recorded within cost of revenue and operating expenses. (2) Recorded within operating expenses. (3) Recorded within cost of revenue. (4) Recorded within interest expense.
Lessee, Operating Lease, Liability, Maturity	As of March 31, 2024, the maturities of the Company’s lease liabilities under operating and finance leases were as follows: Year Operating Leases Finance Leases (In thousands) Remainder of 2024 $ 3,727 $ 7 2025 4,845 — 2026 4,226 — 2027 3,784 — 2028 2,442 — Thereafter 3,595 — Total minimum payments required $ 22,619 $ 7 Less: imputed interest (4,761) — Total present value of lease liabilities $ 17,858 $ 7
Finance Lease, Liability, Fiscal Year Maturity	As of March 31, 2024, the maturities of the Company’s lease liabilities under operating and finance leases were as follows: Year Operating Leases Finance Leases (In thousands) Remainder of 2024 $ 3,727 $ 7 2025 4,845 — 2026 4,226 — 2027 3,784 — 2028 2,442 — Thereafter 3,595 — Total minimum payments required $ 22,619 $ 7 Less: imputed interest (4,761) — Total present value of lease liabilities $ 17,858 $ 7

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Tables)	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Common Stock Repurchases	The following is a summary of the Company’s share repurchase activity under its share repurchase program for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (In thousands, except share information) Shares repurchased 945,947 1,313,073 Fair value of shares repurchased $ 3,862 $ 6,142
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table details the changes in accumulated other compressive loss, net of tax: Foreign Currency Translation Loss Unrealized Loss on Investments in Marketable Securities Total Accumulated Other Comprehensive Loss (In thousands) Balance–December 31, 2023 $ (9,039) $ (13) $ (9,052) Other comprehensive income (loss), net of tax 98 (246) (148) Balance–March 31, 2024 $ (8,941) $ (259) $ (9,200)

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation	The following table summarizes stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations for the periods presented: Three Months Ended March 31, 2024 2023 (In thousands) Research and development $ 713 $ 502 Sales and marketing 1,067 1,026 General and administrative 1,147 1,083 Total stock-based compensation $ 2,927 $ 2,611
Share-Based Payment Arrangement, Activity	The following table summarizes stock option and RSU activity for the three months ended March 31, 2024: Stock Options (1) RSUs (2) Outstanding—December 31, 2023 2,409,553 3,507,083 Granted — 100,191 Exercised/Vested — (348,151) Forfeited (54,282) (46,475) Outstanding—March 31, 2024 2,355,271 3,212,648 ____________________ (1) Includes 2,861 SARs, which are accounted for as liability awards. (2)

Net Income Loss Per Common Sh_2

Net Income Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents the computation of the Company’s basic and diluted loss per share: Three Months Ended March 31, 2024 2023 (Dollars in thousands) Numerator: Net loss $ (5,041) $ (5,605) Denominator: Weighted-average shares - basic and diluted 49,265,012 51,435,289 Net loss per share: Basic $ (0.10) $ (0.11) Diluted $ (0.10) $ (0.11)
Schedule of Weighted Average Shares Excluded From Calculation of Diluted Income (Loss) Per Share	The following weighted-average shares have been excluded from the calculation of diluted net loss per share for each period presented because they are anti-dilutive: Three Months Ended March 31, 2024 2023 Convertible debt 4,720,000 9,440,000 Options to purchase common stock 2,395,550 2,611,077 Warrants 188,235 188,235 Restricted stock units 3,418,466 2,435,522 Total shares excluded from diluted loss per share 10,722,251 14,674,834

Organization, Description of _3

Organization, Description of Business and Summary of Significant Accounting Policies - Segment Information (Details)	3 Months Ended
	Mar. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1
Number of operating segments	1

Revenue Recognition- Disaggrega

Revenue Recognition- Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 216,964	$ 231,774
USA
Disaggregation of Revenue [Line Items]
Revenue	59,409	72,216
Europe, the Middle East and Africa (EMEA)
Disaggregation of Revenue [Line Items]
Revenue	135,819	133,754
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 21,736	$ 25,804

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract asset	$ 0	$ 0

Investments in Marketable Sec_3

Investments in Marketable Securities - Debt Securities, Available-for-Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	$ 181,907	$ 178,948
Gross Unrealized Gains	85	327
Gross Unrealized Losses	(421)	(343)
Estimated Fair Value	181,571	178,932
Cash Equivalents	21,313	18,852
Short-term investments in marketable securities	91,909	94,313
Long-term investments in marketable securities	68,349	65,767
Accrued interest	1,500	1,400
Level I | Money market funds
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	13,238	15,355
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	13,238	15,355
Level I | Money market funds | Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Cash Equivalents	13,238	15,355
Level I | Money market funds | Short And Long Term Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Short-term investments in marketable securities	0	0
Long-term investments in marketable securities	0	0
Level II | U.S. Treasuries
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	15,007	14,977
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(15)	(29)
Estimated Fair Value	14,992	14,949
Level II | U.S. Treasuries | Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Cash Equivalents	6,576	3,497
Level II | U.S. Treasuries | Short And Long Term Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Short-term investments in marketable securities	8,416	11,452
Long-term investments in marketable securities	0	0
Level II | U.S. government bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	41,070	39,048
Gross Unrealized Gains	9	40
Gross Unrealized Losses	(124)	(114)
Estimated Fair Value	40,955	38,974
Level II | U.S. government bonds | Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Cash Equivalents	0	0
Level II | U.S. government bonds | Short And Long Term Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Short-term investments in marketable securities	22,818	20,762
Long-term investments in marketable securities	18,137	18,212
Level II | Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	13,197	9,422
Gross Unrealized Gains	1	11
Gross Unrealized Losses	(14)	(3)
Estimated Fair Value	13,184	9,430
Level II | Commercial paper | Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Cash Equivalents	1,499	0
Level II | Commercial paper | Short And Long Term Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Short-term investments in marketable securities	11,685	9,430
Long-term investments in marketable securities	0	0
Level II | U.S. Corporate bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	99,395	100,146
Gross Unrealized Gains	75	275
Gross Unrealized Losses	(268)	(197)
Estimated Fair Value	99,202	100,224
Level II | U.S. Corporate bonds | Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Cash Equivalents	0	0
Level II | U.S. Corporate bonds | Short And Long Term Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Short-term investments in marketable securities	48,990	52,669
Long-term investments in marketable securities	$ 50,212	$ 47,555

Maturities of available-for-sal

Maturities of available-for-sale debt securities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Securities, Available-for-Sale, Maturity, Fair Value, Rolling Maturity [Abstract]
Within 1 year	$ 113,222
After 1 year through 3 years	68,349
Total fair value	$ 181,571

Fair value of AFS investments i

Fair value of AFS investments in unrealized loss position (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Debt securities, unrealized loss position less than 12 months, fair value	$ 95,782	$ 51,757
Debt securities, unrealized losses, less than 12 months	(288)	(131)
Debt securities, unrealized loss position, 12 months or longer, fair value	32,686	40,515
Debt securities, unrealized losses, 12 months or longer	(133)	(212)
Fair value of debt securities in an unrealized loss position	128,468	92,272
Aggregate amount of unrealized losses	(421)	(343)
U.S. Treasuries
Debt Securities, Available-for-Sale [Line Items]
Debt securities, unrealized loss position less than 12 months, fair value	12,291	1,279
Debt securities, unrealized losses, less than 12 months	(4)	0
Debt securities, unrealized loss position, 12 months or longer, fair value	2,701	4,711
Debt securities, unrealized losses, 12 months or longer	(11)	(29)
Fair value of debt securities in an unrealized loss position	14,992	5,990
Aggregate amount of unrealized losses	(15)	(29)
U.S. government bonds
Debt Securities, Available-for-Sale [Line Items]
Debt securities, unrealized loss position less than 12 months, fair value	23,948	6,798
Debt securities, unrealized losses, less than 12 months	(75)	(9)
Debt securities, unrealized loss position, 12 months or longer, fair value	11,589	16,964
Debt securities, unrealized losses, 12 months or longer	(49)	(105)
Fair value of debt securities in an unrealized loss position	35,537	23,762
Aggregate amount of unrealized losses	(124)	(114)
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Debt securities, unrealized loss position less than 12 months, fair value	9,757	3,649
Debt securities, unrealized losses, less than 12 months	(14)	(3)
Debt securities, unrealized loss position, 12 months or longer, fair value	0	0
Debt securities, unrealized losses, 12 months or longer	0	0
Fair value of debt securities in an unrealized loss position	9,757	3,649
Aggregate amount of unrealized losses	(14)	(3)
U.S. Corporate bonds
Debt Securities, Available-for-Sale [Line Items]
Debt securities, unrealized loss position less than 12 months, fair value	49,786	40,031
Debt securities, unrealized losses, less than 12 months	(195)	(119)
Debt securities, unrealized loss position, 12 months or longer, fair value	18,396	18,840
Debt securities, unrealized losses, 12 months or longer	(73)	(78)
Fair value of debt securities in an unrealized loss position	68,182	58,871
Aggregate amount of unrealized losses	$ (268)	$ (197)

Investments in Marketable Sec_4

Investments in Marketable Securities - Narrative (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Allowance for credit losses	$ 0	$ 0

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 63,063,000		$ 63,063,000
Accumulated impairments of goodwill	0
Impairment charges	$ 0	$ 0

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Value	$ 49,556	$ 49,863
Accumulated amortization	(30,040)	(29,467)
Net carrying value	$ 19,516	$ 20,396
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	8 years	8 years
Gross Value	$ 18,411	$ 18,410
Accumulated amortization	(11,213)	(10,900)
Net carrying value	$ 7,198	$ 7,510
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	5 years	5 years
Gross Value	$ 5,882	$ 5,972
Accumulated amortization	(5,477)	(5,530)
Net carrying value	$ 405	$ 442
Publisher relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	8 years	8 years
Gross Value	$ 18,791	$ 18,973
Accumulated amortization	(11,018)	(10,863)
Net carrying value	$ 7,773	$ 8,110
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	8 years 9 months 18 days	8 years 9 months 18 days
Gross Value	$ 5,290	$ 5,326
Accumulated amortization	(1,910)	(1,779)
Net carrying value	$ 3,380	$ 3,547
Content provider relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	5 years	5 years
Gross Value	$ 284	$ 284
Accumulated amortization	(127)	(113)
Net carrying value	$ 157	$ 171
Other
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	15 years 9 months 18 days	15 years 9 months 18 days
Gross Value	$ 898	$ 898
Accumulated amortization	(295)	(282)
Net carrying value	$ 603	$ 616

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Estimated Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 2,599
2025	3,466
2026	3,466
2027	3,111
2028	3,062
Thereafter	3,812
Net carrying value	$ 19,516	$ 20,396

Balance Sheet Components - Acco

Balance Sheet Components - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 167,979	$ 199,714
Allowance for credit losses	(11,587)	(10,380)	$ (5,512)
Accounts receivable, net of allowance for credit losses	$ 156,392	$ 189,334

Balance Sheet Components - Allo

Balance Sheet Components - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	$ 10,380	$ 5,512
Provision for credit losses	1,645	8,220
Write-offs	(438)	(3,352)
Allowance for credit losses, ending balance	$ 11,587	$ 10,380

Balance Sheet Components - Prep

Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid traffic acquisition costs	$ 22,046	$ 26,398
Prepaid taxes	7,070	11,371
Prepaid software licenses	3,342	2,224
Other prepaid expenses and other current assets	6,539	7,247
Total prepaid expenses and other current assets	$ 38,997	$ 47,240

Balance Sheet Components - Prop

Balance Sheet Components - Property, Equipment and Capitalized Software (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, equipment, and capitalized software, gross	$ 150,785	$ 147,537
Less: accumulated depreciation and amortization	(109,049)	(105,076)
Total property, equipment and capitalized software, net	41,736	42,461
Capitalized software development costs
Property, Plant and Equipment [Line Items]
Property, equipment, and capitalized software, gross	81,016	78,389
Computer and equipment
Property, Plant and Equipment [Line Items]
Property, equipment, and capitalized software, gross	62,134	61,529
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment, and capitalized software, gross	3,301	3,300
Software
Property, Plant and Equipment [Line Items]
Property, equipment, and capitalized software, gross	3,243	3,221
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, equipment, and capitalized software, gross	$ 1,091	$ 1,098

Balance Sheet Components - Accr

Balance Sheet Components - Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued traffic acquisition costs	$ 58,270	$ 75,870
Accrued agency commissions	12,103	12,376
Accrued tax liabilities	11,504	15,596
Operating lease obligations, current	3,621	3,684
Accrued professional fees	3,330	3,261
Interest payable	753	1,566
Other	6,013	7,350
Total accrued and other current liabilities	95,594	119,703
Accounts Payable
Traffic acquisition costs in accounts payable	$ 127,900	$ 137,600

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	$ 187,415	$ 185,277
Derivative liability	266	106
Total financial liabilities	$ 266	$ 106
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued and other current liabilities	Accrued and other current liabilities
Foreign currency forward contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	$ 513	$ 1,254
Cash equivalents and investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	181,907	178,932
Restricted time deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	186	190
Severance pay fund deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	4,809	4,901
Level I
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	13,238	15,355
Derivative liability	0	0
Total financial liabilities	0	0
Level I | Foreign currency forward contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	0	0
Level I | Cash equivalents and investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	13,238	15,355
Level I | Restricted time deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	0	0
Level I | Severance pay fund deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	0	0
Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	174,177	169,922
Derivative liability	266	106
Total financial liabilities	266	106
Level II | Foreign currency forward contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	513	1,254
Level II | Cash equivalents and investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	168,669	163,577
Level II | Restricted time deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	186	190
Level II | Severance pay fund deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	4,809	4,901
Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	0	0
Derivative liability	0	0
Total financial liabilities	0	0
Level III | Foreign currency forward contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	0	0
Level III | Cash equivalents and investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0	0
Level III | Restricted time deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	0	0
Level III | Severance pay fund deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	$ 0	$ 0

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Estimated Fair Value of Convertible Notes (Details) - Level II - Convertible notes - 2.95% Convertible Senior Notes Due 2026 - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 118,000	$ 118,000
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 96,583	$ 95,958

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Foreign currency forward contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gain (loss) on foreign currency derivative instruments	$ (0.9)	$ (0.1)

Leases - Assets and Liabilities

Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Lease assets:
Operating lease right-of-use assets, net	$ 17,113	$ 12,145
Finance Lease, Right-of-Use Asset	$ 6	$ 226
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total property, equipment and capitalized software, net	Total property, equipment and capitalized software, net
Total lease assets	$ 17,119	$ 12,371
Lease liabilities:
Operating Lease, Liability, Current	$ 3,621	$ 3,684
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued and other current liabilities	Accrued and other current liabilities
Finance Lease, Liability, Current	$ 7	$ 254
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued and other current liabilities	Accrued and other current liabilities
Operating lease liabilities, non-current	$ 14,237	$ 9,217
Finance Lease, Liability, Noncurrent	$ 0	$ 0
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Total lease liabilities	$ 17,865	$ 13,155

Leases - Lease, Cost (Details)

Leases - Lease, Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating Lease, Cost	$ 1,195	$ 1,146
Variable Lease, Cost	131	32
Short-Term Lease, Cost	115	139
Depreciation	220	464
Interest Expense	3	34
Total lease cost	$ 1,664	$ 1,815

Leases - Future Lease Payments

Leases - Future Lease Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Operating lease liabilities by fiscal year maturity
Lessee, Operating Lease, Liability, to be Paid, Year One	$ 3,727
Lessee, Operating Lease, Liability, to be Paid, Year Two	4,845
Lessee, Operating Lease, Liability, to be Paid, Year Three	4,226
Lessee, Operating Lease, Liability, to be Paid, Year Four	3,784
Lessee, Operating Lease, Liability, to be Paid, Year Five	2,442
Lessee, Operating Lease, Liability, to be Paid, after Year Five	3,595
Lessee, Operating Lease, Liability, to be Paid	22,619
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(4,761)
Lease liabilities	17,858
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Finance Lease, Liability, to be Paid, Year One	7
Finance Lease, Liability, to be Paid, Year Two	0
Finance Lease, Liability, to be Paid, Year Three	0
Finance Lease, Liability, to be Paid, Year Four	0
Finance Lease, Liability, to be Paid, Year Five	0
Finance Lease, Liability, to be Paid, after Year Five	0
Finance Lease, Liability, to be Paid, Total	7
Finance Lease, Liability, Undiscounted Excess Amount	0
Finance Lease, Liability	$ 7

Long Term Debt - Convertible No

Long Term Debt - Convertible Notes (Details) $ / shares in Units, $ in Thousands	Jul. 27, 2021 $ / shares	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Long-Term Debt | $		$ 118,000	$ 118,000
Convertible notes | 2.95% Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Interest rate	2.95%
Conversion price (in usd per share) | $ / shares	$ 25
Conversion rate	0.04

Long Term Debt - Revolving Cred

Long Term Debt - Revolving Credit Facility (Details)		3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 USD ($) Rate	Dec. 31, 2023 USD ($)
Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 15,000,000	$ 15,000,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 75,000,000	$ 75,000,000
Period prior to maturity date of convertible notes	120 days
Percentage of available commitments		85%
Minimum consolidated monthly fixed charge coverage ratio | Rate		1
Borrowings outstanding	$ 0	$ 0	$ 0
Available borrowing capacity	58,100,000	58,100,000	75,000,000
Deferred financing costs	$ 300,000	$ 300,000	$ 300,000
Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage		0.20%
Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage		0.30%
Revolving Credit Facility | Base Rate | Minimum
Line of Credit Facility [Line Items]
Margin rate		1%
Revolving Credit Facility | Base Rate | Maximum
Line of Credit Facility [Line Items]
Margin rate		1.50%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Line of Credit Facility [Line Items]
Margin rate		1.50%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Line of Credit Facility [Line Items]
Margin rate		2%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Adjustment [Member] | Minimum
Line of Credit Facility [Line Items]
Margin rate		0.10%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Adjustment [Member] | Maximum
Line of Credit Facility [Line Items]
Margin rate		0.15%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	17.80%	23.40%

Stockholders' Equity (Deficit_2

Stockholders' Equity (Deficit) - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 14, 2022
Temporary Equity [Line Items]
Common stock, par value (in usd per share)	$ 0.001		$ 0.001
Treasury stock, value, acquired, cost method	$ 3,862	$ 6,142
Number of shares withheld to satisfy employee tax withholding obligations (in shares)	37,492	48,202
Fair value of shares withheld to satisfy employee tax withholding obligations	$ 200	$ 200
December 2022 Repurchase Program
Temporary Equity [Line Items]
Stock repurchase program, authorized amount				$ 30,000
Common stock, par value (in usd per share)				$ 0.001
Treasury stock, shares, acquired (in shares)	945,947	1,313,073
Treasury stock, value, acquired, cost method	$ 3,862	$ 6,142
Stock repurchase program, remaining authorized repurchase amount	$ 8,600

Stockholders' Equity (Deficit_3

Stockholders' Equity (Deficit) - AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance - beginning of period	$ 223,064	$ 217,786
Other Comprehensive Income (Loss)	(148)	(800)
Balance - end of period	216,928	207,921
Foreign Currency Translation Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance - beginning of period	(9,039)
Other Comprehensive Income (Loss)	98
Balance - end of period	(8,941)
Unrealized Loss on Investments in Marketable Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance - beginning of period	(13)
Other Comprehensive Income (Loss)	(246)
Balance - end of period	(259)
Total Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance - beginning of period	(9,052)	(9,913)
Other Comprehensive Income (Loss)	(148)	(800)
Balance - end of period	(9,200)	(10,713)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ 0	$ 0

Stock-based Compensation - Stoc

Stock-based Compensation - Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,927	$ 2,611
Research and Development Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	713	502
Selling and Marketing Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,067	1,026
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 1,147	$ 1,083

Stock-based Compensation - Shar

Stock-based Compensation - Share-Based Payment Arrangement (Details) - shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Stock Options
Outstanding - beginning of period (in shares)	2,409,553
Granted (in shares)	0
Exercised (in shares)	0
Forfeited (in shares)	(54,282)
Outstanding - end of period (in shares)	2,355,271
RSUs
Number of Shares
Outstanding - beginning of period (in shares)	3,507,083
Granted (in shares)	100,191
Vested (in shares)	(348,151)
Forfeited (in shares)	(46,475)
Outstanding - end of period (in shares)	3,212,648
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number	90,000	90,000
SAR
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number	2,861	2,861

Stock-based Compensation - Awar

Stock-based Compensation - Awards Under the Plan, Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Stock option
Stock Options
Unrecognized stock-based compensation related to unvested awards	$ 0.7
RSUs
Stock Options
Unrecognized stock-based compensation related to unvested awards	$ 20.2
Granted (in shares)	100,191
Granted (in usd per share)	$ 3.85
SARs
Stock Options
Number of shares outstanding (in shares)	2,861	2,861
Performance Shares
Stock Options
Number of shares outstanding (in shares)	90,000	90,000
Weighted Average Grant Date Fair Value	$ 4.82	$ 4.82
2021 Plan
Stock Options
Number of shares available for grant (in shares)	8,727,382
2007 Plan
Stock Options
Number of shares available for grant (in shares)	827,216

Stock-based Compensation - Warr

Stock-based Compensation - Warrants, Narrative (Details) - Warrants - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Exercisable at end of period (in shares)	188,235	188,235
Number of shares outstanding (in shares)	188,235	188,235
Weighted average exercise price, outstanding, (in usd per share)	$ 7.57	$ 7.57

Stock-based Compensation - Empl

Stock-based Compensation - Employee Stock Purchase Plan (Details) - ESPP	3 Months Ended
	Mar. 31, 2024 shares
Stock Options
Number of shares reserved for future issuance (in shares)	2,849,545
Number of shares purchased (in shares)	0

Net Income Loss Per Common Sh_3

Net Income Loss Per Common Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator, Basic:
Net Income (Loss) Available to Common Stockholders, Basic	$ (5,041)	$ (5,605)
Numerator, Diluted:
Net Income (Loss) Available to Common Stockholders, Diluted	$ (5,041)	$ (5,605)
Denominator:
Basic weighted-average shares	49,265,012	51,435,289
Diluted weighted average shares	49,265,012	51,435,289
Net loss per common share:
Basic (in usd per share)	$ (0.10)	$ (0.11)
Diluted (in usd per share)	$ (0.10)	$ (0.11)

Net Income Loss Per Common Sh_4

Net Income Loss Per Common Share - Antidilutive Shares (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted loss per share	10,722,251	14,674,834
Convertible debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted loss per share	4,720,000	9,440,000
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted loss per share	2,395,550	2,611,077
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted loss per share	188,235	188,235
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted loss per share	3,418,466	2,435,522