Marqeta (MQ) 10-Q 7 Aug 24 2024 Q2 Quarterly report Financial data

Cover page

Cover page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-40465
Entity Registrant Name	Marqeta, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-4306690
Entity Address, Address Line One	180 Grand Avenue
Entity Address, Address Line Two	6th Floor
Entity Address, City or Town	Oakland
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94612
City Area Code	877
Local Phone Number	962-7738
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	MQ
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001522540
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Amendment Flag	false
Document Fiscal Period Focus	Q2
Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		471,849,781
Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		36,518,249

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 924,730	$ 980,972
Restricted cash	8,500	8,500
Short-term investments	228,833	268,724
Accounts receivable, net	25,956	19,540
Settlements receivable, net	27,765	29,922
Network incentives receivable	34,168	53,807
Prepaid expenses and other current assets	22,949	27,233
Total current assets	1,272,901	1,388,698
Operating lease right-of-use assets, net	5,653	6,488
Property and equipment, net	33,011	18,764
Intangible assets, net	32,702	35,631
Goodwill	123,523	123,523
Other assets	20,493	16,587
Total assets	1,488,283	1,589,691
Current liabilities:
Accounts payable	3,685	1,420
Revenue share payable	176,425	173,645
Accrued expenses and other current liabilities	157,736	161,514
Total current liabilities	337,846	336,579
Operating lease liabilities, net of current portion	3,254	5,126
Other liabilities	4,808	4,591
Total liabilities	345,908	346,296
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 100,000 and 100,000 shares authorized, no shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	0	0
Common stock, $0.0001 par value: 1,500,000 and 1,500,000 Class A shares authorized, 474,230 and 465,985 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively. 600,000 and 600,000 Class B shares authorized, 36,518 and 54,358 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	51	52
Additional paid-in capital	1,885,744	2,067,776
Accumulated other comprehensive (loss) income	(1,273)	762
Accumulated deficit	(742,147)	(825,195)
Total stockholders’ equity	1,142,375	1,243,395
Total liabilities and stockholders’ equity	$ 1,488,283	$ 1,589,691

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
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
Class A
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	474,230,000	465,985,000
Common stock, shares, outstanding (in shares)	474,230,000	465,985,000
Class B
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	36,518,000	54,358,000
Common stock, shares, outstanding (in shares)	36,518,000	54,358,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net revenue	$ 125,270	$ 231,115	$ 243,237	$ 448,456
Costs of revenue	45,917	146,506	79,725	274,685
Gross profit	79,353	84,609	163,512	173,771
Operating (benefit) expenses:
Compensation and benefits	103,166	113,521	198,156	248,159
Technology	14,769	13,154	27,887	27,744
Professional services	4,808	4,873	8,678	10,310
Occupancy	1,204	1,057	2,298	2,211
Depreciation and amortization	3,956	2,494	7,493	4,474
Marketing and advertising	728	561	1,106	1,002
Other operating expenses	3,418	5,103	7,322	10,336
Executive chairman long-term performance award	(157,738)	13,267	(144,617)	26,388
Total operating (benefit) expenses	(25,689)	154,030	108,323	330,624
Income (loss) from operations	105,042	(69,421)	55,189	(156,853)
Other income, net	14,216	10,762	28,143	22,434
Income (loss) before income tax expense	119,258	(58,659)	83,332	(134,419)
Income tax expense (benefit)	150	138	284	(6,821)
Net income (loss)	119,108	(58,797)	83,048	(127,598)
Other comprehensive income (loss), net of taxes:
Change in foreign currency translation adjustment	(85)	100	(197)	119
Net change in unrealized (loss) gain on short-term investments	(364)	1,607	(1,838)	5,642
Net other comprehensive (loss) income	(449)	1,707	(2,035)	5,761
Comprehensive income (loss)	$ 118,659	$ (57,090)	$ 81,013	$ (121,837)
Net income (loss) per share attributable to Class A and Class B common stockholders
Basic (in dollars per share)	$ 0.23	$ (0.11)	$ 0.16	$ (0.24)
Diluted (in dollars per share)	$ 0.23	$ (0.11)	$ 0.16	$ (0.24)
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders
Basic (in shares)	515,959,000	538,267,000	516,973,000	538,989,000
Diluted (in shares)	524,401,000	538,267,000	525,415,000	538,989,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (loss)	Accumulated Deficit
Balance at the beginning of the period (in shares) at Dec. 31, 2022		541,364,000
Balance at the beginning of the period at Dec. 31, 2022	$ 1,472,956	$ 53	$ 2,082,373	$ (7,237)	$ (602,233)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		803,000
Issuance of common stock upon exercise of options	1,051		1,051
Issuance of common stock net settlement of restricted stock units (in shares)		1,470,000
Issuance of common stock upon net settlement of restricted stock units	(3,746)		(3,746)
Vesting of common stock warrants	2,102		2,102
Share-based compensation	33,906		33,906
Executive chairman long-term performance award	13,121		13,121
Repurchase and retirement of common stock, including excise tax (in shares)		(3,206,000)
Repurchase and retirement of common stock, including excise tax	(20,993)		(20,993)
Change in accumulated other comprehensive income (loss)	4,054			4,054
Net income (loss)	(68,801)				(68,801)
Balance at the end of the period (in shares) at Mar. 31, 2023		540,431,000
Balance at the end of the period at Mar. 31, 2023	1,433,650	$ 53	2,107,814	(3,183)	(671,034)
Balance at the beginning of the period (in shares) at Dec. 31, 2022		541,364,000
Balance at the beginning of the period at Dec. 31, 2022	1,472,956	$ 53	2,082,373	(7,237)	(602,233)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Executive chairman long-term performance award	26,388
Change in accumulated other comprehensive income (loss)	5,761
Net income (loss)	(127,598)
Balance at the end of the period (in shares) at Jun. 30, 2023		534,216,000
Balance at the end of the period at Jun. 30, 2023	1,372,615	$ 52	2,103,870	(1,476)	(729,831)
Balance at the beginning of the period (in shares) at Mar. 31, 2023		540,431,000
Balance at the beginning of the period at Mar. 31, 2023	1,433,650	$ 53	2,107,814	(3,183)	(671,034)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		828,000
Issuance of common stock upon exercise of options	1,310		1,310
Issuance of common stock under employee stock purchase plan (in shares)		446,000
Issuance of common stock under employee stock purchase plan	1,775		1,775
Issuance of common stock net settlement of restricted stock units (in shares)		2,679,000
Issuance of common stock upon net settlement of restricted stock units	(6,324)		(6,324)
Vesting of common stock warrants	2,372		2,372
Share-based compensation	32,152		32,152
Executive chairman long-term performance award	13,267		13,267
Repurchase and retirement of common stock, including excise tax (in shares)		(10,168,000)
Repurchase and retirement of common stock, including excise tax	(48,497)	$ (1)	(48,496)
Change in accumulated other comprehensive income (loss)	1,707			1,707
Net income (loss)	(58,797)				(58,797)
Balance at the end of the period (in shares) at Jun. 30, 2023		534,216,000
Balance at the end of the period at Jun. 30, 2023	1,372,615	$ 52	2,103,870	(1,476)	(729,831)
Balance at the beginning of the period (in shares) at Dec. 31, 2023		520,343,000
Balance at the beginning of the period at Dec. 31, 2023	1,243,395	$ 52	2,067,776	762	(825,195)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		98,000
Issuance of common stock upon exercise of options	49		49
Issuance of common stock net settlement of restricted stock units (in shares)		2,806,000
Issuance of common stock upon net settlement of restricted stock units	(10,917)		(10,917)
Vesting of common stock warrants	2,100		2,100
Share-based compensation	33,393		33,393
Executive chairman long-term performance award	13,121		13,121
Repurchase and retirement of common stock, including excise tax (in shares)		(5,238,000)
Repurchase and retirement of common stock, including excise tax	(32,830)		(32,830)
Change in accumulated other comprehensive income (loss)	(1,586)			(1,586)
Net income (loss)	(36,060)				(36,060)
Balance at the end of the period (in shares) at Mar. 31, 2024		518,009,000
Balance at the end of the period at Mar. 31, 2024	1,210,665	$ 52	2,072,692	(824)	(861,255)
Balance at the beginning of the period (in shares) at Dec. 31, 2023		520,343,000
Balance at the beginning of the period at Dec. 31, 2023	1,243,395	$ 52	2,067,776	762	(825,195)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Executive chairman long-term performance award	(144,617)
Change in accumulated other comprehensive income (loss)	(2,035)
Net income (loss)	83,048
Balance at the end of the period (in shares) at Jun. 30, 2024		510,748,000
Balance at the end of the period at Jun. 30, 2024	1,142,375	$ 51	1,885,744	(1,273)	(742,147)
Balance at the beginning of the period (in shares) at Mar. 31, 2024		518,009,000
Balance at the beginning of the period at Mar. 31, 2024	1,210,665	$ 52	2,072,692	(824)	(861,255)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		33,000
Issuance of common stock upon exercise of options	59		59
Issuance of common stock under employee stock purchase plan (in shares)		327,000
Issuance of common stock under employee stock purchase plan	1,629		1,629
Issuance of common stock net settlement of restricted stock units (in shares)		3,338,000
Issuance of common stock upon net settlement of restricted stock units	(9,370)		(9,370)
Share-based compensation	38,209		38,209
Executive chairman long-term performance award	(157,738)		(157,738)
Repurchase and retirement of common stock, including excise tax (in shares)		(10,959,000)
Repurchase and retirement of common stock, including excise tax	(59,738)	$ (1)	(59,737)
Change in accumulated other comprehensive income (loss)	(449)			(449)
Net income (loss)	119,108				119,108
Balance at the end of the period (in shares) at Jun. 30, 2024		510,748,000
Balance at the end of the period at Jun. 30, 2024	$ 1,142,375	$ 51	$ 1,885,744	$ (1,273)	$ (742,147)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 83,048	$ (127,598)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	7,493	4,474
Share-based compensation expense	67,604	63,776
Executive chairman long-term performance award	(144,617)	26,388
Non-cash postcombination compensation expense	0	32,430
Non-cash operating leases expense	258	1,231
Amortization of premium (accretion of discount) on short-term investments	(1,823)	(2,311)
Other	(45)	499
Changes in operating assets and liabilities:
Accounts receivable	(6,692)	63
Settlements receivable	2,157	7,513
Network incentives receivable	19,639	(24,402)
Prepaid expenses and other assets	2,478	14,467
Accounts payable	1,413	(3,239)
Revenue share payable	2,780	(16,341)
Accrued expenses and other liabilities	(6,484)	(11,828)
Operating lease liabilities	(1,075)	(1,642)
Net cash provided by (used in) operating activities	26,134	(36,520)
Cash flows from investing activities:
Purchases of property and equipment	(2,193)	(668)
Capitalization of internal-use software	(10,471)	(6,395)
Business combination, net of cash acquired	0	(131,914)
Purchases of short-term investments	0	(279,548)
Maturities of short-term investments	40,000	296,000
Net cash provided by (used in) investing activities	27,336	(122,525)
Cash flows from financing activities:
Proceeds from exercise of stock options, including early exercised stock options, net of repurchase of early exercised unvested options	108	2,299
Proceeds from shares issued in connection with employee stock purchase plan	1,629	1,775
Taxes paid related to net share settlement of restricted stock units	(20,287)	(10,070)
Repurchase of common stock	(91,162)	(67,073)
Net cash used in financing activities	(109,712)	(73,069)
Net decrease in cash, cash equivalents, and restricted cash	(56,242)	(232,114)
Cash, cash equivalents, and restricted cash- Beginning of period	989,472	1,191,646
Cash, cash equivalents, and restricted cash - End of period	933,230	959,532
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	924,730	950,157
Restricted cash	8,500	9,375
Total cash, cash equivalents, and restricted cash	933,230	959,532
Supplemental disclosures of non-cash investing and financing activities:
Purchase of property and equipment accrued and not yet paid	2,262	137
Share-based compensation capitalized to internal-use software	3,998	2,282
Repurchase of common stock, including excise tax, accrued and not yet paid	$ 2,025	$ 2,417

Business Overview and Basis of

Business Overview and Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Business Overview and Basis of Presentation	Business Overview and Basis of Presentation Marqeta, Inc. (“the Company”) was incorporated in the state of Delaware in 2010 and creates digital payment technology for innovation leaders. The Company's modern card issuing platform empowers its customers to create customized and innovative payment card programs, giving them the configurability and flexibility to build better payment experiences. The Company provides all of its customers issuer processor services and for most of its customers it also acts as a card program manager. The Company primarily earns revenue from processing card transactions for its customers. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission, (“SEC”), for interim reporting. Certain information and note disclosures included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Condensed Consolidated Balance Sheet as of December 31, 2023 has been derived from the Company’s audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 28, 2024. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Annual Report on Form 10-K. The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying Condensed Consolidated Financial Statements reflect all adjustments of a normal, recurring nature considered necessary for a fair presentation of the Company's consolidated financial position, results of operations, comprehensive loss, and cash flows for the interim periods presented. The interim results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or for any other future annual or interim period. Reclassifications Prior period amounts related to our Executive Chairman Long-Term Performance Award have been reclassified to conform to the current period presentation. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make various estimates and assumptions relating to reported amounts of assets and liabilities, disclosure of contingent liabilities, and reported amounts of revenue and expenses. Significant estimates and assumptions include, but are not limited to, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, the estimation of contingent liabilities, the fair value of equity awards and warrants, share-based compensation, the estimation of variable consideration in contracts with customers, the reserve for contract contingencies and processing errors, the estimation of network incentives, and valuation of income taxes. Actual results could differ materially from these estimates. Business Risks and Uncertainties The Company has incurred net losses each quarter since its inception with the exception of the current quarter ended June 30, 2024. The Company had an accumulated deficit of $742.1 million as of June 30, 2024. The Company expects to incur net losses from operations for the foreseeable future as it incurs costs and expenses related to creating new products for customers, acquiring new customers, developing its brand, expanding into new geographies and developing the existing platform infrastructure. The Company believes that its cash and cash equivalents of $924.7 million and short-term investments of $228.8 million as of June 30, 2024 are sufficient to fund its operations through at least the next twelve months from the issuance of these financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Segment Information The Company operates as a single operating segment and reporting unit. The Company's chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, allocating resources, and evaluating the Company's financial performance. For the three and six months ended June 30, 2024, net revenue outside of the United States, based on the billing address of the customer, was 10% and 9%, respectively. For the three and six months ended June 30, 2023, net revenue outside of the United States, based on the billing address of the customer, was 3% and 3%, respectively. As of June 30, 2024 and December 31, 2023, long-lived assets located outside of the United States were not material. Restricted Cash Restricted cash consists of deposits with Issuing Banks to provide the Issuing Bank collateral in the event that customers’ funds are not deposited at the Issuing Banks in time to settle customers’ transactions with the Card Networks. Restricted cash also includes cash used to secure a letter of credit for the Company’s lease of its office headquarters in Oakland, California. “Issuing Banks” are financial institutions that issue payment cards (credit, debit, or prepaid) either on their own behalf or on behalf of a business. “Card Networks” are networks that provide the infrastructure for settlement and card payment information flows. Significant Accounting Policies There have been no material changes to our significant accounting policies from our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amended guidance requires incremental reportable segment disclosures, primarily about significant segment expenses. The amendments also require entities with a single reportable segment to provide all disclosures required by these amendments, and all existing segment disclosures. The amendments do not change how an entity identifies its operating segments, aggregates those operating segments, or applies quantitative thresholds to determine its reportable segments. The amendments will be applied retrospectively to all prior periods presented in the financial statements and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. The Company is evaluating the effect of adopting the new disclosure requirements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is evaluating the effect of adopting the new disclosure requirements.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregation of Revenue The following table provides information about disaggregated revenue from customers: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Platform services revenue, net $ 119,271 $ 226,198 $ 233,205 $ 436,530 Other services revenue 5,999 4,917 10,032 11,926 Total net revenue $ 125,270 $ 231,115 $ 243,237 $ 448,456 Contract Balances The following table provides information about contract assets and deferred revenue: Contract balance Balance sheet line reference June 30, December 31, Contract assets - current Prepaid expenses and other current assets $ 1,487 $ 1,461 Contract assets - non-current Other assets 10,843 9,397 Total contract assets $ 12,330 $ 10,858 Deferred revenue - current Accrued expenses and other current liabilities $ 10,265 $ 11,829 Deferred revenue - non-current Other liabilities 3,126 4,071 Total deferred revenue $ 13,391 $ 15,900 Net revenue recognized during the three months ended June 30, 2024 and 2023 that was included in the deferred revenue balances at the beginning of the respective periods was $4.3 million and $3.2 million, respectively. Net revenue recognized during the six months ended June 30, 2024 and 2023 that was included in the deferred revenue balances at the beginning of the respective periods was $6.0 million and $7.8 million, respectively. Remaining Performance Obligations The Company has performance obligations associated with commitments in customer contracts for future stand-ready obligations to process transactions throughout the contractual term. As of June 30, 2024, the aggregate amount of the transaction price allocated to our remaining performance obligations was $53.6 million. The Company expects to recognize approximately 64% within two years and the remaining 36% over the next three to five years.

Intangible Assets, net

Intangible Assets, net	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, net	Intangible Assets, net Intangible assets resulting from our business combinations consisted of the following as of the dates presented: June 30, December 31, Developed technology $ 41,000 $ 41,000 Accumulated amortization (8,298) (5,369) Intangible assets, net $ 32,702 $ 35,631 The amortization period for developed technology intangible assets is 7 years. Amortization expense for intangible assets was $1.5 million and $1.5 million for the three months ended June 30, 2024 and 2023 and $2.9 million and $2.4 million for the six months ended June 30, 2024 and 2023, respectively. Expected future amortization expense for intangible assets was as follows as of June 30, 2024: Remainder of 2024 $ 2,929 2025 5,857 2026 5,857 2027 5,857 2028 5,857 Thereafter 6,345 Total expected future amortization expense for intangible assets $ 32,702

Short-term Investments

Short-term Investments	6 Months Ended
	Jun. 30, 2024
Investments [Abstract]
Short-term Investments	Short-term Investments The Company's short-term investments are accounted for as securities available-for-sale and are classified within Current assets in the Condensed Consolidated Balance Sheets as the Company may sell these securities at any time for use in its operations, even prior to maturity. The amortized cost, unrealized gain (loss), and estimated fair value of the Company's short-term investments consisted of the following: June 30, 2024 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Short-term Investments U.S. treasury securities $ 216,100 $ — $ (669) $ 215,431 Asset-backed securities 10,441 — (36) 10,405 Corporate debt securities 2,998 — (1) 2,997 Total short-term investments $ 229,539 $ — $ (706) $ 228,833 December 31, 2023 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Short-term investments U.S. treasury securities $ 239,297 $ 970 $ (11) $ 240,256 U.S. agency securities 15,000 — (7) 14,993 Asset-backed securities 10,438 62 — 10,500 Corporate debt securities 2,981 — (6) 2,975 Total short-term investments $ 267,716 $ 1,032 $ (24) $ 268,724 The Company had twenty-four and four separate short-term investments in unrealized loss positions as of June 30, 2024 and December 31, 2023, respectively. The Company does not intend to sell any short-term investments that have unrealized losses as of June 30, 2024, nor anticipates that it is more likely than not that the Company will be required to sell such securities before any anticipated recovery of the entire amortized cost basis. There were no realized gains or losses from short-term investments that were reclassified out of accumulated other comprehensive income for the three and six months ended June 30, 2024 and 2023, respectively. For short-term investments that have unrealized losses, the Company evaluated whether (i) the Company has the intention to sell any of these investments, (ii) it is not more likely than not that the Company will be required to sell any of these available-for-sale debt securities before recovery of the entire amortized cost basis and (iii) the decline in the fair value of the investment is due to credit or non-credit related factors. Based on this evaluation, the Company determined that for its short-term investments, there were no material credit or non-credit related impairments as of June 30, 2024. The following table summarizes the stated maturities of the Company’s short-term investments: June 30, 2024 December 31, 2023 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 139,649 $ 139,436 $ 90,438 $ 90,533 Due after one year through four years 89,890 89,397 177,278 178,191 Total $ 229,539 $ 228,833 $ 267,716 $ 268,724

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following tables present the fair value hierarchy for assets and liabilities measured at fair value: June 30, 2024 Level 1 Level 2 Level 3 Total Fair Value Cash equivalents Money market funds $ 479,130 $ — $ — $ 479,130 U.S. treasury bills 198,796 — — 198,796 Commercial paper — 13,980 — 13,980 Corporate debt securities — 38,621 — 38,621 Certificates of deposit — 24,340 — 24,340 Short-term investments U.S. treasury securities 215,431 — — 215,431 Asset-backed securities — 10,405 — 10,405 Corporate debt securities — 2,997 — 2,997 Total assets measured at fair value $ 893,357 $ 90,343 $ — $ 983,700 December 31, 2023 Level 1 Level 2 Level 3 Total Fair Value Cash equivalents Money market funds $ 627,983 $ — $ — $ 627,983 U.S. treasury bills 230,602 — — 230,602 Short-term investments U.S. treasury securities 240,256 — — 240,256 U.S. agency securities — 14,993 — 14,993 Asset-backed securities — 10,500 — 10,500 Corporate debt securities — 2,975 — 2,975 Total assets measured at fair value $ 1,098,841 $ 28,468 $ — $ 1,127,309 The Company classifies money market funds, U.S. treasury bills, commercial paper, certificates of deposit, U.S. treasury securities, U.S. agency securities, asset-backed securities, and corporate debt securities within Level 1 or Level 2 of the fair value hierarchy because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs. There were no transfers of financial instruments between the fair value hierarchy levels during the three and six months ended June 30, 2024 and the year ended December 31, 2023.

Certain Balance Sheet Component

Certain Balance Sheet Components	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Certain Balance Sheet Components	Certain Balance Sheet Components Property and Equipment, net Property and equipment consisted of the following: June 30, December 31, Leasehold improvements $ 8,110 $ 8,110 Computer equipment 9,038 8,885 Furniture and fixtures 2,507 2,597 Internally developed and purchased software 37,890 19,324 57,545 38,916 Accumulated depreciation and amortization (24,534) (20,152) Property and equipment, net $ 33,011 $ 18,764 Depreciation and amortization expense related to property and equipment was $2.5 million and $1.0 million for the three months ended June 30, 2024 and 2023, respectively and $4.6 million and $2.0 million for the six months ended June 30, 2024 and 2023, respectively. The Company capitalized $7.2 million and $4.6 million as internal-use software development costs during the three months ended June 30, 2024, and 2023, respectively and $14.6 million and $8.7 million during the six months ended June 30, 2024, and 2023, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: June 30, December 31, 2023 Accrued costs of revenue $ 81,585 $ 74,357 Accrued compensation and benefits 27,762 42,305 Deferred revenue 10,265 11,829 Accrued technology costs 7,247 5,039 Due to issuing banks 7,892 7,892 Accrued tax liabilities 4,716 4,929 Accrued professional services 4,180 4,559 Operating lease liabilities, current portion 4,409 3,908 Reserve for contract contingencies and processing errors 4,033 3,754 Other accrued liabilities 5,647 2,942 Accrued expenses and other current liabilities $ 157,736 $ 161,514

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Letters of Credit In connection with the lease for its corporate headquarters office space, the Company is required to provide the landlord a letter of credit in the amount of $1.5 million. The Company has secured this letter of credit by depositing $1.5 million with the issuing financial institution, which deposit is classified as Restricted cash in the Condensed Consolidated Balance Sheets. Legal Contingencies From time to time in the normal course of business, the Company may be subject to various legal matters such as threatened or pending claims or proceedings. As of June 30, 2024 and December 31, 2023, there were no legal contingency matters, either individually or in aggregate, that would have a material adverse effect on the Company’s financial position, results of operations, or cash flows. Given the unpredictable nature of legal proceedings, the Company bases its assessment on the information available at the time. As additional information becomes available, the Company reassesses the potential liability and may revise the estimate. Settlement of Payment Transactions Customers deposit a certain amount of pre-funding into accounts maintained at Issuing Banks to settle their payment transactions. Such pre-funding amounts may only be used to settle customers’ payment transactions and are not considered assets of the Company. As such, the funds held in customers’ accounts at Issuing Banks are not reflected on the Company’s Condensed Consolidated Balance Sheets. If a customer fails to deposit sufficient funds to settle a transaction, the Company is liable to the Issuing Bank to settle the transaction and would therefore incur losses if such amounts cannot be subsequently recovered from the customer. The Company did not incur losses of this nature during the three and six months ended June 30, 2024 and 2023, respectively. Indemnifications In the ordinary course of business, the Company enters into agreements of varying scope and terms pursuant to which it agrees to indemnify customers, Card Networks, Issuing Banks, vendors, lessors, and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. With respect to Issuing Banks, the Company has received requests for indemnification from time to time and may indemnify the Issuing Bank for losses the Issuing Bank may incur for non-compliance with applicable law and regulation, if those losses resulted from the Company’s failure to perform under its program agreement with the Issuing Bank. In addition, the Company has entered into indemnification agreements with its directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers, or employees. No demands have been made upon the Company to provide indemnification under such agreements and there are no claims that the Company is aware of that could have a material effect on its Condensed Consolidated Financial Statements. The Company also includes service level commitments to its customers, warranting certain levels of performance and permitting those customers to receive credits in the event the Company fails to meet the levels specified.

Stock Incentive Plans

Stock Incentive Plans	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock Incentive Plans	Stock Incentive Plans During the first quarter of 2024, the Company granted performance-based restricted stock units (“PSUs”), under the 2021 Stock Option and Incentive Plan, to certain employees of the Company based on an initial target number. The final number of PSUs that may vest and settle depend upon the Company’s performance against pre-established performance metrics over a predefined performance period, contingent on the compensation committee’s approval of the level of achievement against the pre-established performance targets. The PSUs granted vest over three years and have a one year performance period with one-third of the PSUs subject to cliff vesting following the completion of the performance period then vesting in equal quarterly installments thereafter. Over the performance period, the number of PSUs that may be issued and the related share-based compensation expense that is recognized is adjusted upward or downward based upon the probability of achieving the approved performance targets against the performance metrics. Depending on the probability of achieving the pre-established performance targets, the number of PSUs issued could range from 0% to 200% of the target amount. Executive Chairman Long-Term Performance Award In April and May 2021, the Company’s board of directors granted the Company’s Executive Chairman and then-Chief Executive Officer equity incentive awards in the form of performance-based stock options covering 19,740,923 and 47,267 shares of the Company’s Class B common stock with an exercise price of $21.49 and $23.40 per share, respectively, (collectively, the “Executive Chairman Long-Term Performance Award”). The Executive Chairman Long-Term Performance Award vests upon the satisfaction of a specific service condition requiring service as either the Company’s Chief Executive Officer or Executive Chairman and the achievement of certain stock price hurdles over a seven year performance period following the expiration of the lock-up period associated with the Company’s initial public offering in 2021. During the second quarter of 2024, the Company’s Executive Chairman stepped down from his role and transitioned to a non-employee director role on the board of directors causing the Executive Chairman Long-Term Performance Award to be forfeited per its terms resulting in a one-time reversal of share-based compensation expenses of $167.3 million, of which $157.7m related to expenses recognized in previous periods. The Company accounts for forfeitures as they occur. A summary of the Company's stock option activity under the Plans is as follows: Number of Options Weighted-Average Exercise Price per Share Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (1) Balance as of December 31, 2023 36,671 $ 16.09 7.45 $ 24,481 Granted — 0.00 Exercised (130) 0.83 Canceled and forfeited (3) (20,308) 21.39 Balance as of June 30, 2024 16,232 $ 9.57 7.19 $ 12,678 Exercisable as of June 30, 2024 (2) 11,869 $ 10.55 6.72 $ 13,839 Vested as of June 30, 2024 10,549 $ 10.01 6.67 $ 11,681 (1) Intrinsic value is calculated based on the difference between the exercise price of in-the-money stock options and the fair value of the common stock as of the respective balance sheet dates. (2) The 2011 Plan allows for early exercise of stock options. Accordingly, options granted under this plan are included as exercisable stock options regardless of vesting status. (3) The forfeiture of the Executive Chairman Long-Term Performance Award resulted in 19,788 options forfeited. The following table presents the share-based compensation expense by award type recognized within the following line items in the Condensed Consolidated Statement of Operations and Comprehensive Loss and Condensed Consolidated Balance Sheet in the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Restricted stock units $ 28,656 $ 25,179 52,819 49,970 Stock options 5,974 5,309 12,585 12,793 Performance restricted stock units 1,368 — 1,608 — Employee Stock Purchase Plan 293 410 592 1,013 Share-based compensation recorded within Compensation and benefits 36,291 30,898 67,604 63,776 Executive chairman long-term performance award (157,738) 13,267 (144,617) 26,388 Property and equipment (capitalized internal-use software) 1,918 1,254 3,998 2,282 Total share-based compensation (benefit) expense $ (119,529) $ 45,419 (73,015) $ 92,446 Unrecognized compensation costs by award type as of June 30, 2024: Unrecognized compensation costs Weighted-average recognition period (in years) Restricted stock units, inclusive of PSUs $ 248,071 2.2 Stock options 28,801 1.7 Total $ 276,872

Stockholders_ Equity Transactio

Stockholders’ Equity Transactions	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders’ Equity Transactions	Stockholders’ Equity Transactions Share Repurchase Programs On May 6, 2024, the Company’s board of directors authorized a share repurchase program of up to $200 million of the Company’s Class A common stock (the “2024 Share Repurchase Program”). Under the 2024 Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, in privately negotiated transactions or by other means, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Exchange Act. The number of shares repurchased and the timing of purchases are based on general business and market conditions, and other factors, including legal requirements. The 2024 Share Repurchase Program has no set expiration date. During the three and six months ended June 30, 2024, the Company repurchased approximately 11.0 million shares in the open market for $59.1 million under the 2024 Share Repurchase Program, for an average price of $5.39. The total price of the shares repurchased and the related transaction costs and excise taxes of $0.6 million are reflected as a reduction to Common stock and Additional paid-in capital on the Company’s Condensed Consolidated Balance Sheets. As of June 30, 2024, $140.9 million remained available for future share repurchases under the 2024 Share Repurchase Program. Under the share repurchase program authorized in May 2023 (the “2023 Share Repurchase Program”), the Company repurchased 5.2 million shares in the open market for $32.8 million at an average price of $6.27 during the three and six months ended June 30, 2024. During the three and six months ended June 30, 2023, the Company repurchased 10.2 million shares in the open market for $48.5 million under the 2023 Share Repurchase Program, for an average price of $4.75. Repurchases under the 2023 Share Repurchase Program were completed as of March 31, 2024. Common Stock Conversions During the second quarter of 2024, a shareholder voluntarily converted 17.7 million outstanding shares of Class B common stock into shares of Class A common stock on a one-for-one basis. The rights, including the liquidation and dividend rights, of the holders of Class A common stock and Class B common stock are identical, except with respect to voting as Class A common stock holders are entitled to one vote per share while Class B common stock holders are entitled to 10 votes per share.

Net Income (Loss) Per Share Att

Net Income (Loss) Per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Income (Loss) Per Share Attributable to Common Stockholders	Net Income (Loss) Per Share Attributable to Common Stockholders Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding adjusted for the dilutive effect of all potential shares of common stock. In periods when the Company reported a net loss, diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive items were anti-dilutive. The Company calculated basic and diluted net income (loss) per share attributable to common stockholders as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 (1) 2024 2023 (1) Class A Class B Class A Class B Class A Class B Class A Class B Numerator Net income (loss) attributable to common stockholders, basic $ 109,105 $ 10,003 $ (52,764) $ (6,033) $ 75,207 $ 7,841 $ (114,389) $ (13,209) Net income (loss) attributable to common stockholders, diluted $ 108,544 $ 10,564 $ (52,764) $ (6,033) $ 74,830 $ 8,218 $ (114,389) $ (13,209) Denominator Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders 472,628 43,331 483,039 55,229 468,161 48,812 483,194 55,795 Effect of dilutive potential shares of common stock 5,263 3,179 — — 5,263 3,179 — — Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders 477,891 46,510 483,039 55,229 473,424 51,991 483,194 55,795 Net income (loss) per share attributable to common stockholders, basic $ 0.23 $ 0.23 $ (0.11) $ (0.11) 0.16 0.16 (0.24) (0.24) Net income (loss) per share attributable to common stockholders, diluted $ 0.23 $ 0.23 $ (0.11) $ (0.11) 0.16 0.16 (0.24) (0.24) (1) The prior period Net income (loss) per share for Class A and Class B common stock has been presented separately to conform with current period presentation, which had no impact on our previously reported basic or diluted Net income (loss) per share . As the liquidation and dividend rights are identical for Class A common stock and Class B common stock, the undistributed earnings are allocated on a proportionate basis and the resulting income (loss) per share will, therefore, be the same for both Class A common stock and Class B common stock on an individual or combined basis. Potentially dilutive securities that were excluded from the computation of diluted net income (loss) per share because including them would have had an anti-dilutive effect were as follows: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Class A Class B Class A Class B Stock options, restricted stock, and employee stock purchase plan 35,229 21,468 45,152 24,835 The following potentially dilutive securities were excluded from the computation of diluted net income (loss) per share during the three and six months ended June 30, 2023 because including them would have had an anti-dilutive effect as the Company was in a loss position during the period: As of June 30, 2023 Class A Class B Warrants to purchase Class B common stock — 1,900 Stock options, restricted stock, and employee stock purchase plan 53,171 30,626 Total 53,171 32,526

Income Tax

Income Tax	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Tax	Income Tax The Company recorded an income tax provision of $0.2 million and $0.1 million for the three months ended June 30, 2024 and 2023, respectively. The Company recorded an income tax provision of $0.3 million and a benefit of $6.8 million for the six months ended June 30, 2024 and 2023, respectively. The income tax provision for the six months ended June 30, 2024 was primarily attributable to income tax expenses in profitable foreign jurisdictions. The income tax benefit for the six months ended June 30, 2023 was primarily attributable to a $7.2 million partial valuation allowance release due to the acquisition of Power Finance Inc., offset by $0.4 million of income tax expenses resulting from profitable foreign operations. The Company is subject to income tax audits in the U.S. and foreign jurisdictions. We record liabilities related to uncertain tax positions and believe that we have provided adequate reserves for income tax uncertainties in all open tax years.

Concentration Risks and Signifi

Concentration Risks and Significant Customers	6 Months Ended
	Jun. 30, 2024
Risks and Uncertainties [Abstract]
Concentration Risks and Significant Customers	Concentration Risks and Significant Customers Financial instruments that potentially expose the Company to concentration of credit risk consist of cash and cash equivalents, short-term investments, and accounts receivable. Cash on deposit with financial institutions may exceed federally insured limits. As of June 30, 2024 and December 31, 2023, short-term investments were $228.8 million and $268.7 million, respectively, and there was no concentration of securities of the same issuer with an aggregate fair value greater than 5% of the total balance, except for U.S. Treasuries, which amounted to $215.4 million, or 94% of the short-term investments and $255.2 million, or 95% of the short-term investments, respectively. As of June 30, 2024 and December 31, 2023, all debt securities within the Company's portfolio are investment grade. A significant portion of the Company's payment transactions are settled through one Issuing Bank, Sutton Bank. For the three months ended June 30, 2024 and 2023, 72% and 77% of Total Processing Volume, which is the total dollar amount of payments processed through the Company’s platform, net of returns and chargebacks, was settled through Sutton Bank, respectively. For the six months ended June 30, 2024 and 2023, 73% and 78% of Total Processing Volume was settled through Sutton Bank, respectively. A significant portion of the Company's revenue is derived from one customer. For the three months ended June 30, 2024 and 2023, this customer accounted for 47% and 78% of the Company’s net revenue, respectively. For the six months ended June 30, 2024 and 2023, this customer accounted for 48% and 77% of the Company’s net revenue, respectively. As of June 30, 2024, two customers accounted for 21% and 10% of the Company’s accounts receivable balance.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 119,108	$ (36,060)	$ (58,797)	$ (68,801)	$ 83,048	$ (127,598)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission, (“SEC”), for interim reporting. Certain information and note disclosures included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Condensed Consolidated Balance Sheet as of December 31, 2023 has been derived from the Company’s audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 28, 2024. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Annual Report on Form 10-K. The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying Condensed Consolidated Financial Statements reflect all adjustments of a normal, recurring nature considered necessary for a fair presentation of the Company's consolidated financial position, results of operations, comprehensive loss, and cash flows for the interim periods presented. The interim results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or for any other future annual or interim period.
Reclassifications	Reclassifications Prior period amounts related to our Executive Chairman Long-Term Performance Award have been reclassified to conform to the current period presentation.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make various estimates and assumptions relating to reported amounts of assets and liabilities, disclosure of contingent liabilities, and reported amounts of revenue and expenses. Significant estimates and assumptions include, but are not limited to, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, the estimation of contingent liabilities, the fair value of equity awards and warrants, share-based compensation, the estimation of variable consideration in contracts with customers, the reserve for contract contingencies and processing errors, the estimation of network incentives, and valuation of income taxes. Actual results could differ materially from these estimates.
Segment Information	Segment Information The Company operates as a single operating segment and reporting unit. The Company's chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, allocating resources, and evaluating the Company's financial performance.
Restricted Cash	Restricted Cash Restricted cash consists of deposits with Issuing Banks to provide the Issuing Bank collateral in the event that customers’ funds are not deposited at the Issuing Banks in time to settle customers’ transactions with the Card Networks. Restricted cash also includes cash used to secure a letter of credit for the Company’s lease of its office headquarters in Oakland, California. “Issuing Banks” are financial institutions that issue payment cards (credit, debit, or prepaid) either on their own behalf or on behalf of a business. “Card Networks” are networks that provide the infrastructure for settlement and card payment information flows.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amended guidance requires incremental reportable segment disclosures, primarily about significant segment expenses. The amendments also require entities with a single reportable segment to provide all disclosures required by these amendments, and all existing segment disclosures. The amendments do not change how an entity identifies its operating segments, aggregates those operating segments, or applies quantitative thresholds to determine its reportable segments. The amendments will be applied retrospectively to all prior periods presented in the financial statements and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. The Company is evaluating the effect of adopting the new disclosure requirements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is evaluating the effect of adopting the new disclosure requirements.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Disaggregation of Revenue The following table provides information about disaggregated revenue from customers: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Platform services revenue, net $ 119,271 $ 226,198 $ 233,205 $ 436,530 Other services revenue 5,999 4,917 10,032 11,926 Total net revenue $ 125,270 $ 231,115 $ 243,237 $ 448,456
Contract with Customer, Contract Asset, Contract Liability, and Receivable	Contract Balances The following table provides information about contract assets and deferred revenue: Contract balance Balance sheet line reference June 30, December 31, Contract assets - current Prepaid expenses and other current assets $ 1,487 $ 1,461 Contract assets - non-current Other assets 10,843 9,397 Total contract assets $ 12,330 $ 10,858 Deferred revenue - current Accrued expenses and other current liabilities $ 10,265 $ 11,829 Deferred revenue - non-current Other liabilities 3,126 4,071 Total deferred revenue $ 13,391 $ 15,900

Intangible Assets, net (Tables)

Intangible Assets, net (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets resulting from our business combinations consisted of the following as of the dates presented: June 30, December 31, Developed technology $ 41,000 $ 41,000 Accumulated amortization (8,298) (5,369) Intangible assets, net $ 32,702 $ 35,631
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Expected future amortization expense for intangible assets was as follows as of June 30, 2024: Remainder of 2024 $ 2,929 2025 5,857 2026 5,857 2027 5,857 2028 5,857 Thereafter 6,345 Total expected future amortization expense for intangible assets $ 32,702

Short-term Investments (Tables)

Short-term Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Investments [Abstract]
Schedule of Short-term Investments	The amortized cost, unrealized gain (loss), and estimated fair value of the Company's short-term investments consisted of the following: June 30, 2024 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Short-term Investments U.S. treasury securities $ 216,100 $ — $ (669) $ 215,431 Asset-backed securities 10,441 — (36) 10,405 Corporate debt securities 2,998 — (1) 2,997 Total short-term investments $ 229,539 $ — $ (706) $ 228,833 December 31, 2023 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Short-term investments U.S. treasury securities $ 239,297 $ 970 $ (11) $ 240,256 U.S. agency securities 15,000 — (7) 14,993 Asset-backed securities 10,438 62 — 10,500 Corporate debt securities 2,981 — (6) 2,975 Total short-term investments $ 267,716 $ 1,032 $ (24) $ 268,724
Schedule of Available-for-sale Securities Reconciliation	The following table summarizes the stated maturities of the Company’s short-term investments: June 30, 2024 December 31, 2023 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 139,649 $ 139,436 $ 90,438 $ 90,533 Due after one year through four years 89,890 89,397 177,278 178,191 Total $ 229,539 $ 228,833 $ 267,716 $ 268,724

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities at Fair Value	The following tables present the fair value hierarchy for assets and liabilities measured at fair value: June 30, 2024 Level 1 Level 2 Level 3 Total Fair Value Cash equivalents Money market funds $ 479,130 $ — $ — $ 479,130 U.S. treasury bills 198,796 — — 198,796 Commercial paper — 13,980 — 13,980 Corporate debt securities — 38,621 — 38,621 Certificates of deposit — 24,340 — 24,340 Short-term investments U.S. treasury securities 215,431 — — 215,431 Asset-backed securities — 10,405 — 10,405 Corporate debt securities — 2,997 — 2,997 Total assets measured at fair value $ 893,357 $ 90,343 $ — $ 983,700 December 31, 2023 Level 1 Level 2 Level 3 Total Fair Value Cash equivalents Money market funds $ 627,983 $ — $ — $ 627,983 U.S. treasury bills 230,602 — — 230,602 Short-term investments U.S. treasury securities 240,256 — — 240,256 U.S. agency securities — 14,993 — 14,993 Asset-backed securities — 10,500 — 10,500 Corporate debt securities — 2,975 — 2,975 Total assets measured at fair value $ 1,098,841 $ 28,468 $ — $ 1,127,309

Certain Balance Sheet Compone_2

Certain Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment consisted of the following: June 30, December 31, Leasehold improvements $ 8,110 $ 8,110 Computer equipment 9,038 8,885 Furniture and fixtures 2,507 2,597 Internally developed and purchased software 37,890 19,324 57,545 38,916 Accumulated depreciation and amortization (24,534) (20,152) Property and equipment, net $ 33,011 $ 18,764
Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: June 30, December 31, 2023 Accrued costs of revenue $ 81,585 $ 74,357 Accrued compensation and benefits 27,762 42,305 Deferred revenue 10,265 11,829 Accrued technology costs 7,247 5,039 Due to issuing banks 7,892 7,892 Accrued tax liabilities 4,716 4,929 Accrued professional services 4,180 4,559 Operating lease liabilities, current portion 4,409 3,908 Reserve for contract contingencies and processing errors 4,033 3,754 Other accrued liabilities 5,647 2,942 Accrued expenses and other current liabilities $ 157,736 $ 161,514

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Options Activity Under the Plans	A summary of the Company's stock option activity under the Plans is as follows: Number of Options Weighted-Average Exercise Price per Share Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (1) Balance as of December 31, 2023 36,671 $ 16.09 7.45 $ 24,481 Granted — 0.00 Exercised (130) 0.83 Canceled and forfeited (3) (20,308) 21.39 Balance as of June 30, 2024 16,232 $ 9.57 7.19 $ 12,678 Exercisable as of June 30, 2024 (2) 11,869 $ 10.55 6.72 $ 13,839 Vested as of June 30, 2024 10,549 $ 10.01 6.67 $ 11,681 (1) Intrinsic value is calculated based on the difference between the exercise price of in-the-money stock options and the fair value of the common stock as of the respective balance sheet dates. (2) The 2011 Plan allows for early exercise of stock options. Accordingly, options granted under this plan are included as exercisable stock options regardless of vesting status. (3) The forfeiture of the Executive Chairman Long-Term Performance Award resulted in 19,788 options forfeited.
Schedule of Share-based Compensation Expense Recognized in the Period	The following table presents the share-based compensation expense by award type recognized within the following line items in the Condensed Consolidated Statement of Operations and Comprehensive Loss and Condensed Consolidated Balance Sheet in the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Restricted stock units $ 28,656 $ 25,179 52,819 49,970 Stock options 5,974 5,309 12,585 12,793 Performance restricted stock units 1,368 — 1,608 — Employee Stock Purchase Plan 293 410 592 1,013 Share-based compensation recorded within Compensation and benefits 36,291 30,898 67,604 63,776 Executive chairman long-term performance award (157,738) 13,267 (144,617) 26,388 Property and equipment (capitalized internal-use software) 1,918 1,254 3,998 2,282 Total share-based compensation (benefit) expense $ (119,529) $ 45,419 (73,015) $ 92,446
Schedule ​of Unrecognized Compensation Costs by Award	Unrecognized compensation costs by award type as of June 30, 2024: Unrecognized compensation costs Weighted-average recognition period (in years) Restricted stock units, inclusive of PSUs $ 248,071 2.2 Stock options 28,801 1.7 Total $ 276,872

Net Income (Loss) Per Share A_2

Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Income (Loss) Per Share, Basic and Diluted	The Company calculated basic and diluted net income (loss) per share attributable to common stockholders as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 (1) 2024 2023 (1) Class A Class B Class A Class B Class A Class B Class A Class B Numerator Net income (loss) attributable to common stockholders, basic $ 109,105 $ 10,003 $ (52,764) $ (6,033) $ 75,207 $ 7,841 $ (114,389) $ (13,209) Net income (loss) attributable to common stockholders, diluted $ 108,544 $ 10,564 $ (52,764) $ (6,033) $ 74,830 $ 8,218 $ (114,389) $ (13,209) Denominator Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders 472,628 43,331 483,039 55,229 468,161 48,812 483,194 55,795 Effect of dilutive potential shares of common stock 5,263 3,179 — — 5,263 3,179 — — Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders 477,891 46,510 483,039 55,229 473,424 51,991 483,194 55,795 Net income (loss) per share attributable to common stockholders, basic $ 0.23 $ 0.23 $ (0.11) $ (0.11) 0.16 0.16 (0.24) (0.24) Net income (loss) per share attributable to common stockholders, diluted $ 0.23 $ 0.23 $ (0.11) $ (0.11) 0.16 0.16 (0.24) (0.24) (1) The prior period Net income (loss) per share for Class A and Class B common stock has been presented separately to conform with current period presentation, which had no impact on our previously reported basic or diluted Net income (loss) per share .
Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share	Potentially dilutive securities that were excluded from the computation of diluted net income (loss) per share because including them would have had an anti-dilutive effect were as follows: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Class A Class B Class A Class B Stock options, restricted stock, and employee stock purchase plan 35,229 21,468 45,152 24,835 The following potentially dilutive securities were excluded from the computation of diluted net income (loss) per share during the three and six months ended June 30, 2023 because including them would have had an anti-dilutive effect as the Company was in a loss position during the period: As of June 30, 2023 Class A Class B Warrants to purchase Class B common stock — 1,900 Stock options, restricted stock, and employee stock purchase plan 53,171 30,626 Total 53,171 32,526

Business Overview and Basis o_2

Business Overview and Basis of Presentation (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Accounting Policies [Abstract]
Accumulated deficit	$ 742,147	$ 825,195
Cash and cash equivalents	924,730	$ 980,972	$ 950,157
Short-term investments	$ 228,800

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
UNITED STATES | Revenue Benchmark | Geographic Concentration Risk
Product Information [Line Items]
Concentration risk, percentage	10%	3%	9%	3%

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net revenue	$ 125,270	$ 231,115	$ 243,237	$ 448,456
Platform services revenue, net
Disaggregation of Revenue [Line Items]
Net revenue	119,271	226,198	233,205	436,530
Other services revenue
Disaggregation of Revenue [Line Items]
Net revenue	$ 5,999	$ 4,917	$ 10,032	$ 11,926

Revenue - Contract Assets and D

Revenue - Contract Assets and Deferred Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total contract assets	$ 12,330	$ 10,858
Deferred revenue - current	10,265	11,829
Total deferred revenue	13,391	15,900
Prepaid expenses and other current assets
Disaggregation of Revenue [Line Items]
Contract assets - current	1,487	1,461
Other assets
Disaggregation of Revenue [Line Items]
Contract assets - non-current	10,843	9,397
Accrued expenses and other current liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue - current	10,265	11,829
Other liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue - non-current	$ 3,126	$ 4,071

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized during the period	$ 4.3	$ 3.2	$ 6	$ 7.8

Revenue - Revenue Remaining Per

Revenue - Revenue Remaining Performance Obligations (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 53,600
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	64%
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	36%

Intangible Assets, net - Schedu

Intangible Assets, net - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Developed technology	$ 41,000	$ 41,000
Accumulated amortization	(8,298)	(5,369)
Total expected future amortization expense for intangible assets	$ 32,702	$ 35,631

Intangible Assets, net - Narrat

Intangible Assets, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization period	7 years		7 years
Amortization expenses	$ 1.5	$ 1.5	$ 2.9	$ 2.4

Intangible Assets, net - Sche_2

Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 2,929
2025	5,857
2026	5,857
2027	5,857
2028	5,857
Thereafter	6,345
Total expected future amortization expense for intangible assets	$ 32,702	$ 35,631

Short-term Investments - Unreal

Short-term Investments - Unrealized Gain (Loss) on Short-Term Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 229,539	$ 267,716
Unrealized Gain	0	1,032
Unrealized Loss	(706)	(24)
Short-term investments	228,833	268,724
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	216,100	239,297
Unrealized Gain	0	970
Unrealized Loss	(669)	(11)
Short-term investments	215,431	240,256
U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		15,000
Unrealized Gain		0
Unrealized Loss		(7)
Short-term investments		14,993
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,441	10,438
Unrealized Gain	0	62
Unrealized Loss	(36)	0
Short-term investments	10,405	10,500
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,998	2,981
Unrealized Gain	0	0
Unrealized Loss	(1)	(6)
Short-term investments	$ 2,997	$ 2,975

Short-term Investments - Narrat

Short-term Investments - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) investment	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) investment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 investment
Investments [Abstract]
Number of marketable securities in unrealized loss positions | investment	24		24		4
Realized gains or losses reclassified out of accumulated other comprehensive loss | $	$ 0	$ 0	$ 0	$ 0

Short-term Investments - Stated

Short-term Investments - Stated Maturities of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Amortized Cost
Due within one year	$ 139,649	$ 90,438
Due after one year through four years	89,890	177,278
Amortized Cost	229,539	267,716
Estimated Fair Value
Due within one year	139,436	90,533
Due after one year through four years	89,397	178,191
Total	$ 228,833	$ 268,724

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Short-term investments	$ 228,833	$ 268,724
Fair Value, Measurements, Recurring
Assets
Total assets measured at fair value	983,700	1,127,309
Level 1 | Fair Value, Measurements, Recurring
Assets
Total assets measured at fair value	893,357	1,098,841
Level 2 | Fair Value, Measurements, Recurring
Assets
Total assets measured at fair value	90,343	28,468
Level 3 | Fair Value, Measurements, Recurring
Assets
Total assets measured at fair value	0	0
Money market funds | Fair Value, Measurements, Recurring
Assets
Cash equivalents	479,130	627,983
Money market funds | Level 1 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	479,130	627,983
Money market funds | Level 2 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	0	0
Money market funds | Level 3 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	0	0
U.S. treasury bills | Fair Value, Measurements, Recurring
Assets
Cash equivalents	198,796	230,602
U.S. treasury bills | Level 1 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	198,796	230,602
U.S. treasury bills | Level 2 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	0	0
U.S. treasury bills | Level 3 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	0	0
Commercial paper | Fair Value, Measurements, Recurring
Assets
Cash equivalents	13,980
Commercial paper | Level 1 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	0
Commercial paper | Level 2 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	13,980
Commercial paper | Level 3 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	0
Corporate debt securities | Fair Value, Measurements, Recurring
Assets
Cash equivalents	38,621
Short-term investments	2,997	2,975
Corporate debt securities | Level 1 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	0
Short-term investments	0	0
Corporate debt securities | Level 2 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	38,621
Short-term investments	2,997	2,975
Corporate debt securities | Level 3 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	0
Short-term investments	0	0
Certificate of deposits | Fair Value, Measurements, Recurring
Assets
Cash equivalents	24,340
Certificate of deposits | Level 1 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	0
Certificate of deposits | Level 2 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	24,340
Certificate of deposits | Level 3 | Fair Value, Measurements, Recurring
Assets
Cash equivalents	0
U.S. treasury securities | Fair Value, Measurements, Recurring
Assets
Short-term investments	215,431	240,256
U.S. treasury securities | Level 1 | Fair Value, Measurements, Recurring
Assets
Short-term investments	215,431	240,256
U.S. treasury securities | Level 2 | Fair Value, Measurements, Recurring
Assets
Short-term investments	0	0
U.S. treasury securities | Level 3 | Fair Value, Measurements, Recurring
Assets
Short-term investments	0	0
U.S. agency securities | Fair Value, Measurements, Recurring
Assets
Short-term investments		14,993
U.S. agency securities | Level 1 | Fair Value, Measurements, Recurring
Assets
Short-term investments		0
U.S. agency securities | Level 2 | Fair Value, Measurements, Recurring
Assets
Short-term investments		14,993
U.S. agency securities | Level 3 | Fair Value, Measurements, Recurring
Assets
Short-term investments		0
Asset-backed securities | Fair Value, Measurements, Recurring
Assets
Short-term investments	10,405	10,500
Asset-backed securities | Level 1 | Fair Value, Measurements, Recurring
Assets
Short-term investments	0	0
Asset-backed securities | Level 2 | Fair Value, Measurements, Recurring
Assets
Short-term investments	10,405	10,500
Asset-backed securities | Level 3 | Fair Value, Measurements, Recurring
Assets
Short-term investments	$ 0	$ 0

Certain Balance Sheet Compone_3

Certain Balance Sheet Components - Property and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 57,545		$ 57,545		$ 38,916
Accumulated depreciation and amortization	(24,534)		(24,534)		(20,152)
Operating lease right-of-use assets, net	33,011		33,011		18,764
Depreciation and amortization	3,956	$ 2,494	7,493	$ 4,474
Capitalized internal-use software costs	7,200	4,600	14,600	8,700
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,110		8,110		8,110
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,038		9,038		8,885
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,507		2,507		2,597
Internally developed and purchased software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	37,890		37,890		$ 19,324
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 2,500	$ 1,000	$ 4,600	$ 2,000

Certain Balance Sheet Compone_4

Certain Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued costs of revenue	$ 81,585	$ 74,357
Accrued compensation and benefits	27,762	42,305
Deferred revenue	10,265	11,829
Accrued technology costs	7,247	5,039
Due to issuing banks	7,892	7,892
Accrued tax liabilities	4,716	4,929
Accrued professional services	4,180	4,559
Operating lease liabilities, current portion	4,409	3,908
Reserve for contract contingencies and processing errors	4,033	3,754
Other accrued liabilities	5,647	2,942
Accrued expenses and other current liabilities	$ 157,736	$ 161,514
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - Letter of Credit $ in Millions	Jun. 30, 2024 USD ($)
Guarantor Obligations
Letters of credit, amount	$ 1.5
Restricted Cash
Guarantor Obligations
Deposit assets	$ 1.5

Stock Incentive Plans - Narrati

Stock Incentive Plans - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended	6 Months Ended
	May 31, 2021 $ / shares	May 30, 2021 shares	Apr. 30, 2021 $ / shares shares	Jun. 30, 2024 USD ($)	Jun. 30, 2024
Performance restricted stock units | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)					7 years
Granted (in shares) | shares		47,267	19,740,923
Granted (in dollars per share) | $ / shares	$ 23.40		$ 21.49
Performance restricted stock units | 2021 Stock Option And Incentive Plan | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Forfeiture of Long-Term Performance Awards				$ 167,300
Forfeiture of Long-Term Performance Awards related to expenses recognized in prior periods				$ 157,700
Minimum | Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Percentage of performance targets					0
Minimum | Phantom Share Units (PSUs) | 2021 Stock Option And Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)					1 year
Maximum | Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Percentage of performance targets					2
Maximum | Phantom Share Units (PSUs) | 2021 Stock Option And Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)					3 years

Stock Incentive Plans - Summary

Stock Incentive Plans - Summary of Stock Option Activity Under Stock Incentive Plan (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Stock Options
Number of Options
Balance at the beginning of the period (in shares)	36,671,000
Granted (in shares)	0
Exercised (in shares)	(130,000)
Canceled and forfeited (in shares)	(20,308,000)
Balance at the end of the period (in shares)	16,232,000	36,671,000
Number of options, Exercisable	11,869,000
Weighted-Average Exercise Price per Share
Balance at the beginning of the period (in dollars per share) | $ / shares	$ 16.09
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	0.83
Canceled and forfeited (in dollars per share) | $ / shares	21.39
Balance at the end of the period (in dollars per share) | $ / shares	9.57	$ 16.09
Exercisable, Weighted-Average Exercise Price, Per Share (in dollars per share) | $ / shares	$ 10.55
Option Activity, Additional Disclosures
Options outstanding, Weighted Average Remaining Contractual Life (Years)	7 years 2 months 8 days	7 years 5 months 12 days
Exercisable, Weighted Average Remaining Contractual Life (in years)	6 years 8 months 19 days
Options outstanding, Aggregate Intrinsic Value (in USD) | $	$ 12,678	$ 24,481
Exercisable, Aggregate Intrinsic Value | $	$ 13,839
Vested, Number of Options (in shares)	10,549,000
Vested, Weighted-Average Exercise Price per Share (in dollars per share) | $ / shares	$ 10.01
Options Vested, Weighted Average Remaining Contractual Life (Years)	6 years 8 months 1 day
Options Vested, Aggregate Intrinsic Value (in USD) | $	$ 11,681
Chairman Long-Term Performance Award
Number of Options
Canceled and forfeited (in shares)	(19,788,000)

Stock Incentive Plans - Schedul

Stock Incentive Plans - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	$ 36,291		$ 30,898		$ 67,604	$ 63,776
Executive chairman long-term performance award	(157,738)	$ 13,121	13,267	$ 13,121	(144,617)	26,388
Property and equipment (capitalized internal-use software)	1,918		1,254		3,998	2,282
Total share-based compensation (benefit) expense	(119,529)		45,419		(73,015)	92,446
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	28,656		25,179		52,819	49,970
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	5,974		5,309		12,585	12,793
Performance restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	1,368		0		1,608	0
Employee Stock Purchase Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation recorded within Compensation and benefits	$ 293		$ 410		$ 592	$ 1,013

Stock Incentive Plans - Sched_2

Stock Incentive Plans - Schedule of Unrecognized Compensation Costs by Award (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation costs	$ 276,872
Performance restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation costs	$ 248,071
Weighted-average recognition period (in years)	2 years 2 months 12 days
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation costs	$ 28,801
Weighted-average recognition period (in years)	1 year 8 months 12 days

Stockholders_ Equity Transact_2

Stockholders’ Equity Transactions- Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	May 06, 2024
Class of Warrant or Right [Line Items]
Repurchase of early exercised stock options (in shares)	$ 59,738,000	$ 32,830,000	$ 48,497,000	$ 20,993,000
2024 Share Repurchase Program
Class of Warrant or Right [Line Items]
Stock repurchase program, authorized amount							$ 200,000,000
Repurchase of early exercised stock options (in shares)	11				11
Repurchase of early exercised stock options (in shares)	$ 59,100,000				$ 59,100,000
Shares repurchased, average price per share (in usd per share)	$ 5.39				$ 5.39
Stock repurchase, transaction costs	$ 600,000				$ 600,000
Stock repurchase program, remaining authorized repurchase amount	$ 140,900,000				$ 140,900,000
2023 Share Repurchase Program
Class of Warrant or Right [Line Items]
Repurchase of early exercised stock options (in shares)	5.2		10.2		5.2	10.2
Repurchase of early exercised stock options (in shares)	$ 32,800,000		$ 48,500,000		$ 32,800,000	$ 48,500,000
Shares repurchased, average price per share (in usd per share)	$ 6.27		$ 4.75		$ 6.27	$ 4.75

Stockholders_ Equity Transact_3

Stockholders’ Equity Transactions- Narrative (Details) shares in Millions	6 Months Ended
	Jun. 30, 2024 vote shares
Class A
Class of Warrant or Right [Line Items]
Number of vote (votes per share)	1
Class B
Class of Warrant or Right [Line Items]
Number of vote (votes per share)	10
Mr. Jason Gardner | Class A
Class of Warrant or Right [Line Items]
Conversion of common stock (in shares) | shares	17.7
Common stock conversion ratio	1

Net Income (Loss) Per Share A_3

Net Income (Loss) Per Share Attributable to Common Stockholders - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders, basic (in shares)	515,959,000	538,267,000	516,973,000	538,989,000
Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders, diluted (in shares)	524,401,000	538,267,000	525,415,000	538,989,000
Net income (loss) per share attributable to common stockholders, basic (in dollars per share)	$ 0.23	$ (0.11)	$ 0.16	$ (0.24)
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share)	$ 0.23	$ (0.11)	$ 0.16	$ (0.24)
Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) attributable to Class A and Class B common stockholders, basic	$ 109,105	$ (52,764)	$ 75,207	$ (114,389)
Net income (loss) attributable to common stockholders, diluted	$ 108,544	$ (52,764)	$ 74,830	$ (114,389)
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders, basic (in shares)	472,628,000	483,039,000	468,161,000	483,194,000
Effect of dilutive potential shares of common stock (in shares)	5,263,000	0	5,263,000	0
Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders, diluted (in shares)	477,891,000	483,039,000	473,424,000	483,194,000
Net income (loss) per share attributable to common stockholders, basic (in dollars per share)	$ 0.23	$ (0.11)	$ 0.16	$ (0.24)
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share)	$ 0.23	$ (0.11)	$ 0.16	$ (0.24)
Class B
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) attributable to Class A and Class B common stockholders, basic	$ 10,003	$ (6,033)	$ 7,841	$ (13,209)
Net income (loss) attributable to common stockholders, diluted	$ 10,564	$ (6,033)	$ 8,218	$ (13,209)
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders, basic (in shares)	43,331,000	55,229,000	48,812,000	55,795,000
Effect of dilutive potential shares of common stock (in shares)	3,179,000	0	3,179,000	0
Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders, diluted (in shares)	46,510,000	55,229,000	51,991,000	55,795,000
Net income (loss) per share attributable to common stockholders, basic (in dollars per share)	$ 0.23	$ (0.11)	$ 0.16	$ (0.24)
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share)	$ 0.23	$ (0.11)	$ 0.16	$ (0.24)

Net Income (Loss) Per Share A_4

Net Income (Loss) Per Share Attributable to Common Stockholders - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)		53,171,000		53,171,000
Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)		32,526,000		32,526,000
Stock options, restricted stock, and employee stock purchase plan | Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	35,229,000	53,171,000	45,152,000	53,171,000
Stock options, restricted stock, and employee stock purchase plan | Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	21,468,000	30,626,000	24,835,000	30,626,000
Warrants to purchase Class B common stock | Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)		0		0
Warrants to purchase Class B common stock | Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)		1,900,000		1,900,000

Income Tax (Details)

Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 150	$ 138	$ 284	$ (6,821)
Partial valuation allowance		7,200		7,200
Profitable foreign operations		$ 400		$ 400

Concentration Risks and Signi_2

Concentration Risks and Significant Customers (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023	Jun. 30, 2024 USD ($) bank	Jun. 30, 2023	Dec. 31, 2023 USD ($)
Concentration Risk [Line Items]
Short-term investments	$ 228,833		$ 228,833		$ 268,724
Number of issuing bank payment settlement through transaction | bank			1
Debt Securities, Available-For-Sale | Credit Concentration Risk
Concentration Risk [Line Items]
Short-term investments	$ 215,400		$ 215,400		$ 255,200
Debt Securities, Available-For-Sale | Credit Concentration Risk | Marketable Securities
Concentration Risk [Line Items]
Concentration risk, percentage			94%		95%
Accounts Receivable | Credit Concentration Risk | Largest customer
Concentration Risk [Line Items]
Concentration risk, percentage			21%
Accounts Receivable | Credit Concentration Risk | Customer 2
Concentration Risk [Line Items]
Concentration risk, percentage			10%
Accounts Receivable | Credit Concentration Risk | Sutton Bank
Concentration Risk [Line Items]
Concentration risk, percentage	72%	77%	73%	78%
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Largest customer
Concentration Risk [Line Items]
Concentration risk, percentage	47%	78%	48%	77%