DigitalOcean (DOCN) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-40252
Entity Registrant Name	DigitalOcean Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-5207470
Entity Address, Address Line One	101 6th Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10013
City Area Code	646
Local Phone Number	827-4366
Title of 12(b) Security	Common stock, par value $0.000025 per share
Trading Symbol	DOCN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		106,060,494
Entity Central Index Key	0001582961
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 464,836	$ 1,713,387
Marketable securities	1,090,370	0
Accounts receivable, less allowance for doubtful accounts of $5,155 and $4,212, respectively	42,527	39,619
Prepaid expenses and other current assets	14,171	17,050
Total current assets	1,611,904	1,770,056
Noncurrent assets:
Property and equipment, net	259,385	249,643
Restricted cash	2,038	2,038
Goodwill	32,170	32,170
Intangible assets, net	46,453	42,915
Deferred tax assets	89	88
Other assets	4,789	4,085
Total assets	1,956,828	2,100,995
Current liabilities:
Accounts payable	16,329	12,657
Accrued other expenses	25,627	31,907
Deferred revenue	5,248	4,826
Other current liabilities	15,247	8,849
Total current liabilities	62,451	58,239
Noncurrent liabilities:
Deferred tax liabilities	421	421
Long-term debt	1,464,525	1,462,676
Other long-term liabilities	1,600	1,462
Total liabilities	1,528,997	1,522,798
Commitments and Contingencies (Note 8)
Preferred stock ($0.000025 par value per share; 10,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2022 and December 31, 2021)	0	0
Common stock ($0.000025 par value per share; 750,000,000 shares authorized; 107,956,057 and 109,175,863 issued; and 105,987,829 and 107,207,635 outstanding as of March 31, 2022 and December 31, 2021, respectively)	2	2
Treasury stock, at cost (1,968,228 shares at March 31, 2022 and December 31, 2021)	(4,598)	(4,598)
Additional paid-in capital	639,388	769,705
Accumulated other comprehensive loss	(2,300)	(374)
Accumulated deficit	(204,661)	(186,538)
Total stockholders’ equity	427,831	578,197
Total liabilities and stockholders’ equity	$ 1,956,828	$ 2,100,995

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 127,327	$ 93,661
Cost of revenue	46,757	39,544
Gross profit	80,570	54,117
Operating expenses:
Research and development	37,241	22,402
Sales and marketing	19,044	10,421
General and administrative	37,424	18,040
Total operating expenses	93,709	50,863
Loss from operations	(13,139)	3,254
Other (income) expense:
Interest expense	2,059	2,256
Loss on extinguishment of debt	407	3,435
Other income, net	(820)	(94)
Other (income) expense	1,646	5,597
Loss before income taxes	(14,785)	(2,343)
Income tax expense	3,338	996
Net loss attributable to common stockholders	$ (18,123)	$ (3,339)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.17)	$ (0.07)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.17)	$ (0.07)
Weighted-average shares used to compute net loss per share, basic (in shares)	106,980,000	49,432,000
Weighted average shares used to compute net loss per share, diluted (in shares)	106,980,000	49,432,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Other Comprehensive Income [Abstract]
Net loss attributable to common stockholders	$ (18,123)	$ (3,339)
Other comprehensive loss:
Foreign currency translation adjustments, net of taxes	(18)	12
Unrealized loss on available-for-sale marketable securities, net of taxes	(1,908)	0
Comprehensive loss	$ (20,049)	$ (3,327)

Consolidated Statements of Conv

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehen-sive Loss	Accumulated Deficit
Convertible preferred stock outstanding at beginning of period (in shares) at Dec. 31, 2020	45,472,229
Convertible preferred stock outstanding at beginning of period at Dec. 31, 2020	$ 173,074
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of convertible preferred stock to common stock in connection with initial public offering (in shares)	(45,472,229)
Conversion of convertible preferred stock to common stock in connection with initial public offering	$ (173,074)
Convertible preferred stock outstanding at end of period (in shares) at Mar. 31, 2021	0
Convertible preferred stock outstanding at end of period at Mar. 31, 2021	$ 0
Total stockholders’ equity (deficit) at beginning of period (in shares) at Dec. 31, 2020		45,299,339	(1,968,228)
Total stockholders’ equity (deficit) at beginning of period at Dec. 31, 2020	(72,094)	$ 1	$ (4,598)	$ 99,783	$ (245)	$ (167,035)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity incentive plan, net of taxes withheld (in shares)		1,033,806
Issuance of common stock under equity incentive plan, net of taxes withheld	3,740			3,740
Stock-based compensation	6,685			6,685
Issuance of common stock in connection with initial public offering, net of underwriting discounts and issuance costs (in shares)		16,500,000
Issuance of common stock in connection with initial public offering, net of underwriting discounts and issuance costs	723,126	$ 1		723,125
Conversion of convertible preferred stock to common stock in connection with initial public offering (in shares)		45,472,229
Conversion of convertible preferred stock to common stock in connection with initial public offering	173,074			173,074
Conversion of redeemable preferred stock warrants to common stock warrants	13,906			13,906
Other comprehensive loss	12				12
Net loss attributable to common stockholders	(3,339)					(3,339)
Total stockholders’ equity (deficit) at the end of the period (in shares) at Mar. 31, 2021		108,305,374	(1,968,228)
Total stockholders’ equity (deficit) at end of period at Mar. 31, 2021	845,110	$ 2	$ (4,598)	1,020,313	(233)	(170,374)
Total stockholders’ equity (deficit) at beginning of period (in shares) at Dec. 31, 2021		109,175,863	(1,968,228)
Total stockholders’ equity (deficit) at beginning of period at Dec. 31, 2021	$ 578,197	$ 2	$ (4,598)	769,705	(374)	(186,538)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity incentive plan, net of taxes withheld (in shares)	997,561	1,357,665
Issuance of common stock under equity incentive plan, net of taxes withheld	$ (6,709)			(6,709)
Repurchase and retirement of common stock (in shares)	(2,577,471)	(2,577,471)
Repurchase and retirement of common stock	$ (150,000)			(150,000)
Stock-based compensation	26,392			26,392
Other comprehensive loss	(1,926)				(1,926)
Net loss attributable to common stockholders	$ (18,123)					(18,123)
Total stockholders’ equity (deficit) at the end of the period (in shares) at Mar. 31, 2022	107,956,057		(1,968,228)
Total stockholders’ equity (deficit) at end of period at Mar. 31, 2022	$ 427,831	$ 2	$ (4,598)	$ 639,388	$ (2,300)	$ (204,661)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net loss attributable to common stockholders	$ (18,123)	$ (3,339)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	23,933	20,951
Stock-based compensation	25,981	6,624
Bad debt expense	4,023	1,607
Loss on extinguishment of debt	407	3,435
Net accretion of discounts and amortization on available-for-sale securities	(117)	0
Non-cash interest expense	1,959	205
Revaluation of warrants	0	(556)
Other	623	(335)
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable	(6,931)	(3,749)
Prepaid expenses and other current assets	2,878	2,554
Accounts payable and accrued expenses	(10,535)	(7,413)
Deferred revenue	422	48
Other assets and liabilities	5,763	(241)
Net cash provided by operating activities	30,283	19,791
Investing activities
Capital expenditures - property and equipment	(22,976)	(22,398)
Capital expenditures - internal-use software development	(2,276)	(1,370)
Cash paid for asset acquisition	(4,000)	0
Purchase of available-for-sale securities	1,091,279	0
Purchased interest on available-for-sale securities	(1,530)	0
Proceeds from interest on available-for-sale securities	649	0
Proceeds from sale of equipment	457	81
Net cash used in investing activities	(1,120,955)	(23,687)
Financing activities
Repayment of notes payable	0	(33,213)
Repayment of term loan	0	(166,814)
Repayment of borrowings under revolving credit facility	0	(63,200)
Payment of debt issuance costs	(921)	0
Proceeds related to the issuance of common stock under equity incentive plan	5,426	3,740
Employee payroll taxes paid related to net settlement of equity awards	(12,384)	0
Proceeds from initial public offering, net of underwriting discounts and commissions and other offering costs	0	723,125
Repurchase and retirement of common stock	(150,000)	0
Net cash (used in) provided by financing activities	(157,879)	463,638
(Decrease) increase in cash, cash equivalents and restricted cash	(1,248,551)	459,742
Cash, cash equivalents and restricted cash - beginning of period	1,715,425	102,537
Cash, cash equivalents and restricted cash - end of period	466,874	562,279
Supplemental disclosures of cash flow information:
Cash paid for interest	92	2,000
Cash paid for taxes (net of refunds)	1,003	463
Non-cash investing and financing activities:
Capitalized stock-based compensation	411	62
Property and equipment received but not yet paid, included in Accounts payable and Accrued other expenses	20,846	18,473
Seller financed equipment purchases	0	428
Debt issuance costs included in accounts payable and accrued liabilities	$ 297	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 5,155	$ 4,212
Preferred stock, par value (in usd per share)	$ 0.000025	$ 0.000025
Preferred stock, shares authorized (in shares)	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)		$ 0.000025
Common stock, shares authorized (in shares)	750,000,000
Common stock, shares issued (in shares)	107,956,057	109,175,863
Common stock, shares outstanding (in shares)	105,987,829	107,207,635
Treasury stock, shares (in shares)	1,968,228	1,968,228

Nature of the Business and Orga

Nature of the Business and Organization	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Organization	Nature of the Business and OrganizationDigitalOcean Holdings, Inc. and its subsidiaries (collectively, the “Company”, “we”, “our”, “us”) is a leading cloud computing platform offering on-demand infrastructure and platform tools for developers, start-ups and small-to-medium size businesses. The Company was founded with the guiding principle that the transformative benefits of the cloud should be easy to leverage, broadly accessible, reliable and affordable. The Company’s platform simplifies cloud computing, enabling its customers to rapidly accelerate innovation and increase their productivity and agility. The Company offers mission-critical infrastructure solutions across compute, storage and networking, and also enables developers to extend the native capabilities of the Company’s cloud with fully managed application, container and database offerings.The Company has adopted a holding company structure and the primary operations are performed globally through our wholly-owned operating subsidiaries.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include accounts of the Company and all wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s financial position as of March 31, 2022, results of operations for the three months ended March 31, 2022 and 2021, cash flows for the three months ended March 31, 2022 and 2021, and stockholders' equity for the three months ended March 31, 2022 and 2021. Use of Estimates The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires management to make, on an ongoing basis, estimates, judgments and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Such estimates include, but are not limited to, those related to revenue recognition and allowance for doubtful accounts, useful lives and realizability of long-lived assets, capitalized internal-use software development costs, accounting for stock-based compensation, valuation allowances against deferred tax assets, fair value of marketable securities, the fair value and useful lives of tangible and intangible assets acquired and liabilities assumed resulting from business combinations. Management bases its estimates on historical experience and on various other assumptions which management believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Restricted Cash Restricted cash includes deposits in financial institutions related to letters of credit used to secure lease agreements. The following table reconciles cash, cash equivalents and restricted cash per the Condensed Consolidated Statements of Cash Flows: March 31, 2022 2021 Cash and cash equivalents $ 464,836 $ 560,053 Restricted cash 2,038 2,226 Total cash, cash equivalents and restricted cash $ 466,874 $ 562,279 Marketable Securities The Company’s marketable securities consist of commercial paper, U.S. treasury securities and commercial debt securities. The Company determines the appropriate classification of its marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its marketable securities as available-for-sale securities as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its marketable securities within Current assets on the Condensed Consolidated Balance Sheets. Available-for-sale securities are recorded at fair value each reporting period. Premiums and discounts are amortized or accreted over the life of the related available-for-sale security as an adjustment to yield using the effective interest method. Interest income is recognized when earned. Unrealized gains and losses on these marketable securities are presented net of tax and reported as a separate component of Accumulated other comprehensive loss until realized. Realized gains and losses are determined based on the specific identification method and are reported in Other (income) expense, net in the Condensed Consolidated Statements of Operations. The Company periodically evaluates its marketable securities to assess whether an investment’s fair value is less than its amortized cost basis and if the decline in the fair value is attributable to a credit loss. Declines in fair value judged to be related to credit loss are reported in Other (income) expense, net in the Condensed Consolidated Statements of Operations. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable primarily represents revenue recognized that was not invoiced at the balance sheet date and is primarily billed and collected in the following month. Trade accounts receivable are carried at the original invoiced amount less an estimated allowance for doubtful accounts based on the probability of future collection. Management determines the adequacy of the allowance based on historical loss patterns, the number of days that customer invoices are past due and an evaluation of the potential risk of loss associated with specific accounts. When management becomes aware of circumstances that may further decrease the likelihood of collection, it records a specific allowance against amounts due, which reduces the receivable to the amount that management reasonably believes will be collected. The Company records changes in the estimate to the allowance for doubtful accounts through bad debt expense and reverses the allowance after the potential for recovery is considered remote. The following table presents the changes in our allowance for doubtful accounts for the period presented: Amount Balance as of December 31, 2021 $ 4,212 Bad debt expense, net of recoveries 4,023 Write-offs (3,080) Balance as of March 31, 2022 $ 5,155 Deferred Revenue Deferred revenue was $5,248 and $4,826 as of March 31, 2022 and December 31, 2021, respectively. Revenue recognized during the three months ended March 31, 2022 and 2021 was $1,735 and $1,725, respectively, which was included in each deferred revenue balance at the beginning of each respective period. Asset Acquisition The Company applies the principles provided in ASC 805, Business Combinations ("ASC 805") to determine whether a transaction involves an asset or a business. If it is determined an acquisition is an asset acquisition, the purchase consideration (which will include certain transaction costs) is allocated to the acquired assets and liabilities based on their relative fair values. In March 2022, the Company acquired the assets of the CSS Tricks website (“CSS Tricks”) from Midwest Coast Studios LLC for total purchase consideration of $4,000. The intangible assets will be amortized over 3 to 5 years. Segment Information The Company’s chief operating decision maker, the chief executive officer, reviews discrete financial information presented on a consolidated basis for purposes of regularly making operating decisions, allocation of resources, and assessing financial performance. Accordingly, the Company has one operating and reporting segment. Geographical Information Revenue, as determined based on the billing address of the Company’s customers, was as follows: Three Months Ended March 31, 2022 2021 North America 38 % 38 % Europe 29 29 Asia 23 23 Other 10 10 Total 100 % 100 % Revenue derived from customers in the United States was 31% of total revenue for the periods ended March 31, 2022 and 2021. No country outside of the United States had revenue greater than 10% of total consolidated revenue in any period presented. Property and equipment located in the United States was 50% as of March 31, 2022 and December 31, 2021, respectively, with the remainder of net assets residing in international locations, primarily in the Netherlands, Singapore and Germany. Concentration of Credit Risk The amounts reflected in the Condensed Consolidated Balance Sheets for cash and cash equivalents, restricted cash, and trade accounts receivable are exposed to concentrations of credit risk. Although the Company maintains cash and cash equivalents with multiple financial institutions, the deposits, at times, may exceed federally insured limits. The Company believes that the financial institutions that hold its cash and cash equivalents are financially sound and, accordingly, minimal credit risk exists with respect to these balances. The Company’s customer base consists of a significant number of geographically dispersed customers. No customer represented 10% or more of accounts receivable, net as of March 31, 2022 and December 31, 2021. Additionally, no customer accounted for 10% or more of total revenue during the three months ended March 31, 2022 and 2021. Sublease Lease termination costs consist of expenses related to future rent payments for which the Company no longer intends to receive any economic benefit. A sublease liability is recorded when the Company ceases to use leased space, which is included as Other current liabilities and Other noncurrent liabilities on the Condensed Consolidated Balance Sheets. Lease termination costs are calculated as the present value of lease payments, net of expected sublease income, and the loss on disposition of assets. The sublease loss is included in General and administrative on the Condensed Consolidated Statements of Operations. Recent Accounting Pronouncements – Pending Adoption The following effective dates represent the requirements for private companies which the Company has elected as an emerging growth company. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-02, Leases (Topic 842), and additional changes, modifications, clarifications, or interpretations related to this guidance thereafter (“ASU 2016-02”). ASU 2016-02 requires a reporting entity to recognize right-of-use assets and lease liabilities on the balance sheet for operating leases to increase transparency and comparability. ASU 2016-02 is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022 with early adoption permitted. The Company expects to elect the package of transition practical expedients, which allows it to carry forward its historical assessment of (1) whether contracts are or contain leases, (2) lease classification, and (3) initial direct costs. In addition, the Company expects to elect the practical expedient that allows lessees the option to account for lease and non-lease components together as a single component for all classes of underlying assets. The Company has made substantial progress in executing its implementation plan. It is in the process of revising its controls and processes to address the lease standard and has substantially completed the implementation and data input for the lease accounting software tool that it will use post-adoption. ASU 2016-02 also requires expanded disclosure regarding the amounts, timing and uncertainties of cash flows related to a company’s lease portfolio. The Company is evaluating these disclosure requirements and is incorporating the collection of relevant data into its existing financial reporting processes. While the Company expects the adoption of this standard to result in an increase to the reported assets and liabilities, the Company is currently evaluating the impact of adoption on the condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, with subsequent amendments, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires immediate recognition of management’s estimates of current expected credit losses. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2022, and interim periods within annual periods beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of adoption on the condensed consolidated financial statements. Recent Accounting Pronouncements – Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 eliminates certain exceptions in FASB Topic 740: Income Taxes (“ASC 740”) related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. The Company adopted the new standard and there was an immaterial impact to the condensed consolidated financial statements and related disclosures.

Balance Sheet Details

Balance Sheet Details	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Details	Balance Sheet Details Property and equipment, net Property and equipment, net consisted of the following: March 31, 2022 December 31, 2021 Computers and equipment $ 515,557 $ 487,484 Furniture and fixtures 1,511 1,511 Leasehold improvements 6,820 6,820 Internal-use software 70,889 68,321 Property and equipment, gross $ 594,777 $ 564,136 Less: accumulated amortization $ (52,413) $ (49,268) Less: accumulated depreciation (282,979) (265,225) Property and equipment, net $ 259,385 $ 249,643 Depreciation expense on property and equipment for the three months ended March 31, 2022 and 2021 was $20,326 and $17,219, respectively. The Company capitalized costs related to the development of computer software for internal use of $2,687 and $1,432 for the three months ended March 31, 2022 and 2021, respectively, which is included in internal-use software costs within Property and equipment, net. Amortization expense related to internal-use software for the three months ended March 31, 2022 and 2021 was $3,145 and $3,657, respectively. During the three months ended March 31, 2022, the Company recorded an impairment loss of $120 related to software that is no longer being used. There was no such impairment loss recorded for the three months ended March 31, 2021. This impairment loss is included in Cost of revenue and Research and development on the Consolidated Statements of Operations.

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Marketable Securities The following is a summary of available-for-sale marketable securities, excluding those securities classified within cash and cash equivalents, on the Condensed Consolidated Balance Sheets as of March 31, 2022. The Company did not hold any available-for-sale marketable securities as of December 31, 2021. March 31, 2022 Amortized Gross Unrealized Gains Gross Unrealized Losses Fair U.S. treasury securities $ 720,546 $ — $ (1,231) $ 719,315 Corporate debt securities 35,145 — (70) 35,075 Commercial paper 336,582 1 (603) 335,980 Total Marketable securities $ 1,092,273 $ 1 $ (1,904) $ 1,090,370 As of March 31, 2022, all of the Company’s available-for-sale short-term investments were due within one year. The Company does not believe that any unrealized losses are attributable to credit-related factors based on its evaluation of available evidence. To determine whether a decline in value is related to credit loss, the Company evaluates, among other factors: the extent to which the fair value is less than the amortized cost basis, changes to the rating of the security by a rating agency and any adverse conditions specifically related to an issuer of a security or its industry. Unrealized gains and losses on marketable securities are presented net of tax.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value MeasurementsThe fair value of our financial assets measured on a recurring basis is as follows: March 31, 2022 Level I Level II Total Cash and cash equivalents: Cash $ 376,909 $ — $ 376,909 Money market funds 7,967 — 7,967 Commercial paper — 79,960 79,960 Total Cash and cash equivalents $ 384,876 $ 79,960 $ 464,836 Marketable securities: U.S. treasury securities $ 719,315 $ — $ 719,315 Corporate debt securities — 35,075 35,075 Commercial paper — 335,980 335,980 Total Marketable securities $ 719,315 $ 371,055 $ 1,090,370 December 31, 2021 Level I Level II Total Cash and cash equivalents: Cash $ 1,093,425 $ — $ 1,093,425 Commercial paper — 269,945 269,945 Certificate of deposits — 350,017 350,017 Total Cash and cash equivalents $ 1,093,425 $ 619,962 $ 1,713,387 The Company classifies its highly liquid money market funds and U.S. treasury securities within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its commercial paper, corporate debt securities and certificates of deposit within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded. The Company had no level 3 financial assets as of March 31, 2022 and December 31, 2021. Financial Instruments Not Recorded at Fair Value on a Recurring Basis The Company reports financial instruments at fair value, with the exception of the 0% Convertible Senior Notes due December 1, 2026 (“Convertible Notes”). Financial instruments that are not recorded at fair value on a recurring basis are measured at fair value on a quarterly basis for disclosure purposes. The carrying values and estimated fair values of financial instruments not recorded at fair value are as follows: March 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Convertible Notes $ 1,464,525 $ 1,197,825 $ 1,462,676 $ 1,462,676 The carrying value of the Convertible Notes as of March 31, 2022 and December 31, 2021 was net of unamortized debt issuance costs of $35,475 and $37,324, respectively. The total fair value of the Convertible Notes was determined based on the closing trading price as of the last day of trading for the period. The Company considers the fair value to be a Level 2 valuation due to the limited trading activity.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt Credit Facility In February and March 2020, the Company entered into and subsequently amended a second amended and restated credit agreement with KeyBank National Association as administrative agent. In November 2021, the Company further amended such credit agreement to revise certain covenants that restricted the incurrence of indebtedness to permit the issuance of the convertible notes discussed below. In March 2022, the Company entered into a third amended and restated credit agreement (the “Credit Facility”) to, among other modifications, (i) remove the term loan component of the existing credit facility, which had been previously repaid in full; (ii) increase the maximum borrowing limit of the revolving credit facility from $150,000 to $250,000; (iii) extend the maturity date; (iv) replace the existing maximum total net leverage ratio financial covenant with a maximum senior secured net leverage ratio financial covenant; (v) eliminate the financial covenant requirement of maintaining a minimum debt service coverage ratio; (vi) reduce the interest rates applicable to any principal amounts outstanding on the revolving credit facility as well as the annual commitment fee for unused amounts on the revolving credit facility; and (vii) replace the benchmark reference rate for U.S. Dollar loans from LIBOR to the forward-looking term rate based on the secured overnight financing rate plus a customary adjustment (“Adjusted Term SOFR”). At March 31, 2022, the Company had available borrowing capacity of $250,000 on the Credit Facility. The Credit Facility will mature on the earlier of (a) March 29, 2027 and (b) 90 days before the maturity date applicable to any outstanding convertible notes issued by the Company in an aggregate principal amount equal to or greater than $100 million. The Credit Facility is secured by a first-priority security interest in substantially all of the assets of the Company. The Credit Facility contains certain financial and operational covenants, including a maximum senior secured net leverage ratio financial covenant of 3.50x. As of March 31, 2022, the Company was in compliance with all covenants under the Credit Facility. The per annum interest rate applicable to any principal amounts outstanding under the Credit Facility for U.S. Dollar loans will be equal to (i) Adjusted Term SOFR plus (ii) an applicable margin varying from 1.25% to 2.00%, subject to a pricing grid based on the senior secured net leverage ratio. The Credit Facility provides for an annual commitment fee varying from 0.20% to 0.30%, also subject to a pricing grid based on the senior secured net leverage ratio, applied to the average daily unused amount of the revolving credit facility. The Company incurred commitment fees on the unused balance of the Credit Facility of $95 and $67 for the three months ended March 31, 2022 and 2021, respectively. In connection with the Credit Facility, the Company incurred $1,218 of additional debt issuance costs which, together with $662 of the then unamortized financing fees, will be amortized over the remaining term of the facility. The Company recognized a loss on extinguishment of debt of $407 for the three months ended March 31, 2022. The loss on extinguishment of debt represent a non-cash adjustment to reconcile net income to net cash provided by operating activities within the Condensed Consolidated Statements of Cash Flows. Amortization of deferred financing fees for the three months ended March 31, 2022 and 2021 was $92 and $1,973, respectively. Convertible Notes In November 2021, the Company issued $1,500,000 aggregate principal amount of Convertible Notes in a private offering, including the exercise in full of the over-allotment option granted to the initial purchasers of $200,000. The Convertible Notes are senior unsecured obligations of the Company and do not bear regular interest, and the principal amount of the Convertible Notes does not accrete. The Convertible Notes will mature on December 1, 2026 unless earlier converted, redeemed, or repurchased. The net proceeds from this offering were $1,461,795, after deducting underwriting fees, expenses and commissions. Amortization of deferred financing fees for the three months ended March 31, 2022 was $1,868. Each $1,000 of principal of the Convertible Notes will initially be convertible into 5.6018 shares of the Company’s common stock, which is equivalent to an initial conversion price of approximately $178.51 per share, subject to adjustment as set forth in the indenture governing the Convertible Notes. Holders of these Convertible Notes may convert their Convertible Notes at their option at any time prior to the close of the business day immediately preceding June 1, 2026, only under the following circumstances: 1. during any calendar quarter commencing after the calendar quarter ending on March 31, 2022, if the last reported sale price of the Company’s common stock exceeds 130% of the conversion price for each of at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter on each applicable trading day; 2. during the five business day period after any ten consecutive trading day period (such ten consecutive trading day period, the “measurement period”) in which the trading price of the Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the common stock on such trading day and the conversion rate on such trading day; 3. if the Company calls such Convertible Notes for redemption, at any time prior to the close of business on the business day immediately preceding the redemption date; 4. upon the occurrence of specified corporate events or distributions on the common stock. On or after June 1, 2026 until the close of business on the scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Convertible Notes at the option of the holder regardless of the foregoing circumstances. Upon conversion of the Convertible Notes, the Company will pay or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election. It is the Company's current intent to settle the principal amount of the Convertible Notes with common stock. The Company may redeem for cash all or any portion of the Convertible Notes, at its option, on or after December 2, 2024 and on or before the 25th scheduled trading day immediately before the maturity date, if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price then in effect on each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the trading day immediately preceding the date on which the Company provides a notice of redemption at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus any accrued and unpaid special interest and additional interest, if any, to, but excluding, the redemption date. Upon the occurrence of a fundamental change (as defined in the indenture governing the Convertible Notes), subject to certain conditions, holders may require the Company to repurchase all or a portion of the Convertible Notes for cash at a price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus any accrued and unpaid special interest and additional interest, if any, to, but excluding, the fundamental change repurchase date.

Operating Leases

Operating Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Operating Leases	Operating Leases The Company leases data center facilities and office space under generally non-cancelable operating lease agreements, which expire at various dates through 2027. Facility leases generally include renewal options and may include escalating rental payment provisions. Additionally, the leases may require us to pay a portion of the related operating expenses. Rent expense related to these operating leases for the three months ended March 31, 2022 and 2021 was $12,409, and $11,990, respectively. In March 2022, the Company entered into a separate sublease agreement related to its New York office space. As defined within the lease and sublease agreements, the Company remains primarily liable to the landlord for the performance of all obligations in the event that the sublessee does not perform its obligations under the lease. As a result of the sublease arrangement, future minimum rental commitments under operating leases will be offset by sublease amounts to be paid by the sublessee. The Company recognized a loss on the sublease of $788 for the three months ended March 31, 2022. The total of minimum sublease amounts to be received in the future under non-cancelable subleases is $3,184 as of March 31, 2022. Future minimum rental payments under operating lease agreements, which included renewals and modifications as of March 31, 2022, were as follows: 2022 (nine months remaining) $ 36,432 2023 39,509 2024 40,166 2025 11,553 2026 8,610 Thereafter 2,435 Total minimum operating lease payments $ 138,705

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments As of March 31, 2022, the Company had long-term commitments for bandwidth usage with various networks and internet service providers and entered into purchase orders with various vendors. The Company’s purchase commitments have not materially changed since December 31, 2021. Letters of Credit In conjunction with the execution of certain office space operating leases, letters of credit in the aggregate amount of $2,038 were issued and outstanding as of March 31, 2022 and December 31, 2021. No draws have been made under such letters of credit. These funds are included as Restricted cash on the Condensed Consolidated Balance Sheets as they are related to long-term operating leases and are included in beginning and ending Cash, cash equivalents and restricted cash in the Condensed Consolidated Statements of Cash Flows. Certain of the letters of credit can be reduced on an annual basis until the end of 2022, at which point the deposit required will similarly reduce to meet minimum threshold requirements. Legal Proceedings The Company may be involved in various legal proceedings and litigation arising in the ordinary course of business. While it is not feasible to predict or determine the ultimate disposition of any such litigation matters, the Company believes that any such legal proceedings will not have a material adverse effect on its condensed consolidated financial position, results of operations, or liquidity.

Stockholders_ Equity (Deficit)

Stockholders’ Equity (Deficit)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders’ Equity (Deficit)	Stockholders’ Equity Common Stock The Company’s amended and restated certificate of incorporation authorizes the issuance of common and preferred stock. Holders of common stock are entitled to one vote per share. As of March 31, 2022 and December 31, 2021, the Company was authorized to issue 750,000,000 shares of common stock with a par value of $0.000025 per share. Preferred Stock In connection with the IPO, the Company's amended and restated certificate of incorporation became effective, which authorized the issuance of 10,000,000 shares of preferred stock with a par value of $0.000025 per share with rights and preferences, including voting rights, designated from time to time by the Company's Board of Directors. No shares of preferred stock were issued or outstanding as of March 31, 2022 or December 31, 2021. Share Buyback Program On February 23, 2022, the Company's Board of Directors approved the repurchase of up to an aggregate of $300,000 of the Company’s common stock (the “Program”). Pursuant to the Program, repurchases of the Company's common stock will be made at prevailing market prices through open market purchases or in negotiated transactions off the market. The Program is authorized throughout fiscal year 2022; however, the Company is not obligated to acquire any particular amount of common stock and the Program may be extended, modified, suspended or discontinued at any time at the Company’s discretion. During the three months ended March 31, 2022 and since the commencement of the Program, the Company repurchased and retired 2,577,471 shares of common stock at an average price of $58.20 per share for an aggregate purchase price of $150,000. All purchased shares were retired and are reflected as a reduction of Common stock for the par value of shares, with the excess applied to Additional paid-in capital. As of March 31, 2022, the dollar value of shares that remained available to be purchased by the Company under the Program was $150,000. Treasury Stock The Company records treasury stock at the cost to acquire shares and is included as a component of Stockholders’ equity. At March 31, 2022 and December 31, 2021, the Company had 1,968,228 shares of treasury stock which were carried at its cost basis of $4,598 on the Condensed Consolidated Balance Sheets.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Equity Incentive Plan In March 2021, the Company’s Board of Directors adopted, and the stockholders approved, the 2021 Equity Incentive Plan. The 2021 Equity Incentive Plan is a successor to and continuation of the 2013 Stock Plan. The 2021 Equity Incentive Plan became effective on the date of the IPO with no further grants being made under the 2013 Stock Plan, however, awards outstanding under our 2013 Stock Plan will continue to be governed by their existing terms. The 2021 Equity Incentive Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units awards (“RSUs”), performance awards, and other awards to employees, directors, and consultants up to an aggregate of 36,290,381 shares of common stock as of March 31, 2022. Shares issued pursuant to the exercise of these awards are transferable by the holder. Stock Options Stock options granted have a maximum term of ten years from the grant date, are exercisable upon vesting and vest over a period of four years. Stock option activity for the three months ended March 31, 2022 was as follows: Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Life in Years Aggregate Intrinsic Value Outstanding at January 1, 2022 12,434,159 $ 7.19 7.64 $ 909,494 Exercised (997,561) 5.44 Forfeited or cancelled (201,916) 6.75 Outstanding at March 31, 2022 11,234,682 7.35 7.39 567,373 Vested and exercisable at March 31, 2022 6,097,743 6.11 7.01 315,509 Vested and unvested expected to vest at March 31, 2022 9,889,941 $ 7.01 7.31 $ 502,800 The aggregate intrinsic value represents the difference between the fair value of common stock and the exercise price of outstanding in-the-money options. The aggregate intrinsic value of exercised options for the three months ended March 31, 2022 and 2021 was $54,392 and $39,650, respectively. No options were granted during the three months ended March 31, 2022 and 2021. The aggregate estimated fair value of stock options granted to participants that vested during the three months ended March 31, 2022 and 2021 was $4,698 and $4,998, respectively. As of March 31, 2022, there was $25,853 of unrecognized stock-based compensation expense related to outstanding stock options granted that is expected to be recognized over a weighted-average period of 2.23 years. RSUs RSUs granted vest over four years. RSU activity for the three months ended March 31, 2022 was as follows: Shares Weighted-Average Fair Value Unvested balance at January 1, 2022 3,334,137 $ 45.74 Granted 1,119,024 52.39 Vested (454,639) 42.83 Forfeited or cancelled (60,762) 45.26 Unvested balance at March 31, 2022 3,937,760 47.97 Vested and expected to vest at March 31, 2022 2,437,477 $ 47.96 As of March 31, 2022, there was $105,405 of unrecognized stock-based compensation expense related to outstanding RSUs granted that is expected to be recognized over a weighted-average period of 3.27 years. PRSUs The Company issued performance-based restricted stock units (“PRSUs”) which will vest based on the achievement of each award’s established performance targets. PRSU activity for the three months ended March 31, 2022 was as follows: Shares Weighted-Average Fair Value Unvested balance at January 1, 2022 578,949 $ 48.04 Granted 436,387 60.72 Vested (103,059) 41.24 Forfeited or cancelled (30,497) 41.24 Adjusted by performance factor (89,769) 41.24 Unvested balance at March 31, 2022 792,011 $ 56.94 At the end of each reporting period, the Company will adjust compensation expense for the PRSUs based on its best estimate of attainment of the below specified performance metrics. The cumulative effect on current and prior periods of a change in the estimated number of PRSUs that are expected to be earned during the performance period will be recognized as an adjustment to earnings in the period of the revision. Compensation cost in connection with the probable number of shares that will vest will be recognized using the accelerated attribution method. As of March 31, 2022, the Company determined that it was probable that the LTIP PRSUs and the other PRSU awards would vest, resulting in $14,606 of unrecognized stock-based compensation that is expected to be recognized over a weighted-average period of 1.5 years. LTIP PRSUs The Company grants LTIP PRSUs to certain executives of the Company during the first fiscal quarter. A percentage of the LTIP PRSUs will become eligible to vest based on the Company’s financial performance level at the end of each fiscal year. The financial performance level is determined as the percentage equal to the sum of the revenue growth percentage and profitability percentage. The number of LTIP PRSUs received will depend on the achievement of financial metrics relative to the approved performance targets. Depending on the actual financial metrics achieved relative to the target financial metrics throughout the defined performance period of the award, the number of LTIP PRSUs that vest could range from 0% to 200% of the target amount, and are subject to the Board of Director’s approval of the level of achievement against the approved performance targets. Assuming the minimum performance target is achieved, one-third of the aggregate number of the LTIP PRSUs shall vest on the later of (i) March 1 or (ii) two trading days following the public release of the Company’s financial results, and the remainder shall vest in eight equal quarterly installments subject, in each case, to the individual’s continuous service through the applicable vesting. On February 24, 2022, the financial performance of the LTIP PRSUs granted in 2021 was determined to be achieved at 155% of the target amount. This resulted in a performance factor reduction of 89,769 shares from the original maximum shares achievable of 398,949. On March 1, 2022, 103,059 shares vested. With respect to the LTIP award granted in 2021, as of March 31, 2022, there were 30,497 shares that had been forfeited and the remaining 175,624 shares will vest quarterly through March 1, 2024. On March 1, 2022, the Company granted an LTIP PRSU award with a maximum shares achievable of 436,387, subject to the above actual financial metrics achieved relative to the target financial metrics for fiscal year 2022. Other PRSUs In addition to the above awards, certain other PRSUs have been awarded subject to other various performance measures including the achievement of revenue targets and product launches. MRSUs On July 27, 2021, the Company’s Board of Directors granted a market-based restricted stock unit (“MRSU”) award for 3,000,000 shares of the Company’s common stock to the Company’s Chief Executive Officer, Yancey Spruill, which will vest upon the satisfaction of certain service conditions and the achievement of certain Company stock price goals, as described below. The MRSU, which is estimated to have a grant date fair value of approximately $75,300 derived by using a discrete model based on multiple stock price-paths developed through the use of a Monte Carlo simulation, is divided into five tranches that will be earned based on the achievement of stock price goals, measured based on the average of the Company’s closing stock price over a consecutive ninety (90) trading day period during the performance period as set forth in the table below. Tranche Company Stock Price Target Number of Eligible MRSUs 1 $93.50 475,000 2 $140.00 575,000 3 $187.00 650,000 4 $233.50 650,000 5 $280.50 650,000 To the extent earned based on the stock price targets set forth above, the MRSU will vest over a seven-year period beginning on the date of grant in annual amounts equal to 14%, 14%, 14%, 14%, 14%, 15% and 15%, respectively, on each anniversary of the date of grant. MRSU activity for the three months ended March 31, 2022 was as follows: Shares Weighted-Average Fair Value Unvested balance at January 1, 2022 3,000,000 $ 25.12 Granted — — Unvested balance at March 31, 2022 3,000,000 $ 25.12 As of March 31, 2022, there was $63,540 of unrecognized stock-based compensation related to the MRSUs granted that is expected to be recognized over a weighted-average period of 4.17 years. ESPP In March 2021, the Company’s Board of Directors adopted, and the stockholders approved, the 2021 Employee Stock Purchase Plan (“ESPP”). The ESPP provides for the grant of up to an aggregate of 3,272,076 shares of common stock as of March 31, 2022. The initial offering period commenced on the IPO date and consists of two purchase periods, the first of which had a purchase date of November 19, 2021 and the second and final purchase period will have a purchase date of May 20, 2022. After the end of the initial offering period, a new offering will automatically begin on the date that immediately follows the conclusion of the preceding offering. Eligible employees enroll in the offering period at the start of each purchase period, whereby they may purchase a number of shares at a price per share equal to 85% of the lesser of (1) the stock price at the employee’s first participation in the offering period or (2) the fair market value of the Company’s common stock on the purchase date. There were 117,996 shares purchased by employees during the year ended December 31, 2021, net of shares withheld for taxes. As of March 31, 2022, 3,154,080 shares of common stock remain available for issuance under the ESPP. The Company recorded stock-based compensation under this plan of $1,361 for the three months ended March 31, 2022. No stock-based compensation was recorded for the three months ended March 31, 2021. As of March 31, 2022, $4,230 has been withheld on behalf of employees. Restricted Shares In connection with our acquisition of Nimbella, we issued 200,204 shares of restricted stock for $63.11 per share for a total value of $12,635 to the founders of Nimbella. These shares vest equally on March 1, 2023 and September 1, 2024 and are expensed on a straight line basis over 36 months. The restricted stock is subject to forfeiture and dependent upon each founder’s continuous service on the vesting date. Total stock-based compensation for the three months ended March 31, 2022 was $1,053. No stock compensation was recorded for the three months ended March 31, 2021. As of March 31, 2022, there was $10,191 of unrecognized stock-based compensation related to outstanding restricted shares granted that is expected to be recognized over a weighted-average period of 2.45 years. Stock-Based Compensation Stock-based compensation was included in the Condensed Consolidated Statements of Operations as follows: Three Months Ended March 31, 2022 2021 Cost of revenue $ 432 $ 196 Research and development 9,720 2,636 Sales and marketing 3,346 1,137 General and administrative 12,483 2,655 Total $ 25,981 $ 6,624

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common Stockholders The following table presents the calculation of basic and diluted net loss per share: Three Months Ended March 31, 2022 2021 Numerator: Net loss attributable to common stockholders $ (18,123) $ (3,339) Denominator: Weighted average shares, in thousands, used to compute net loss per share, basic and diluted 106,980 49,432 Net loss per share attributable to common stockholders, basic and diluted $ (0.17) $ (0.07) Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: March 31, 2022 2021 Warrants — 308,632 Stock Options 11,234,682 15,712,369 RSUs 3,937,760 2,063,088 PRSUs 792,011 — MRSU 3,000,000 — ESPP 125,524 — Convertible Notes 8,402,700 — Total 27,492,677 18,084,089

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The computation of the provision for or benefit from income taxes for interim periods is determined by applying the estimated annual effective tax rate to year-to-date income (loss) before tax and adjusting for discrete tax items recorded in the period, if any. For the three months ended March 31, 2022, the Company recorded a tax expense of $3,338. The effective tax rate for the three months ended March 31, 2022 was (22.6)%. The effective tax rate differs from the statutory rate primarily as a result of not recognizing deferred tax assets for U.S. losses due to a full valuation allowance against the U.S. deferred tax assets, and excess tax benefits from stock-based compensation. For the three months ended March 31, 2021, the Company recorded a tax expense of $996. The effective tax rate for the three months ended March 31, 2021 was (42.5)%. The effective tax rate differs from the statutory rate primarily as a result of not recognizing deferred tax assets for U.S. losses due to a full valuation allowance against the U.S. deferred tax assets, and excess tax benefits from stock-based compensation. The provision for income taxes consists primarily of income taxes related to international jurisdictions in which the Company conducts business. Based on the available supporting evidence, including the amount and timing of future taxable income, the Company has concluded that it is more likely than not that a significant portion of the deferred tax assets will not be realized. As such, the Company maintains a full valuation allowance on its U.S. deferred tax assets. For the three months ended March 31, 2022, uncertain tax positions recorded by the Company resulted in an expense of $83. For the three months ended March 31, 2021, uncertain tax positions recorded by the Company resulted in an expense of $68. To the extent the remaining uncertain tax positions are ultimately recognized, the Company’s effective tax rate may be impacted in future periods. The Company’s policy is to recognize interest and penalties related to uncertain tax positions in income tax expense.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of ConsolidationThe accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include accounts of the Company and all wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires management to make, on an ongoing basis, estimates, judgments and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Such estimates include, but are not limited to, those related to revenue recognition and allowance for doubtful accounts, useful lives and realizability of long-lived assets, capitalized internal-use software development costs, accounting for stock-based compensation, valuation allowances against deferred tax assets, fair value of marketable securities, the fair value and useful lives of tangible and intangible assets acquired and liabilities assumed resulting from business combinations. Management bases its estimates on historical experience and on various other assumptions which management believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.
Restricted Cash	Restricted CashRestricted cash includes deposits in financial institutions related to letters of credit used to secure lease agreements.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable primarily represents revenue recognized that was not invoiced at the balance sheet date and is primarily billed and collected in the following month. Trade accounts receivable are carried at the original invoiced amount less an estimated allowance for doubtful accounts based on the probability of future collection. Management determines the adequacy of the allowance based on historical loss patterns, the number of days that customer invoices are past due and an evaluation of the potential risk of loss associated with specific accounts. When management becomes aware of circumstances that may further decrease the likelihood of collection, it records a specific allowance against amounts due, which reduces the receivable to the amount that management reasonably believes will be collected. The Company records changes in the estimate to the allowance for doubtful accounts through bad debt expense and reverses the allowance after the potential for recovery is considered remote.
Marketable Securities	Marketable Securities The Company’s marketable securities consist of commercial paper, U.S. treasury securities and commercial debt securities. The Company determines the appropriate classification of its marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its marketable securities as available-for-sale securities as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its marketable securities within Current assets on the Condensed Consolidated Balance Sheets. Available-for-sale securities are recorded at fair value each reporting period. Premiums and discounts are amortized or accreted over the life of the related available-for-sale security as an adjustment to yield using the effective interest method. Interest income is recognized when earned. Unrealized gains and losses on these marketable securities are presented net of tax and reported as a separate component of Accumulated other comprehensive loss until realized. Realized gains and losses are determined based on the specific identification method and are reported in Other (income) expense, net in the Condensed Consolidated Statements of Operations. The Company periodically evaluates its marketable securities to assess whether an investment’s fair value is less than its amortized cost basis and if the decline in the fair value is attributable to a credit loss. Declines in fair value judged to be related to credit loss are reported in Other (income) expense, net in the Condensed Consolidated Statements of Operations.
Segment Information	Segment Information The Company’s chief operating decision maker, the chief executive officer, reviews discrete financial information presented on a consolidated basis for purposes of regularly making operating decisions, allocation of resources, and assessing financial performance. Accordingly, the Company has one operating and reporting segment.
Concentration of Credit Risk	Concentration of Credit Risk The amounts reflected in the Condensed Consolidated Balance Sheets for cash and cash equivalents, restricted cash, and trade accounts receivable are exposed to concentrations of credit risk. Although the Company maintains cash and cash equivalents with multiple financial institutions, the deposits, at times, may exceed federally insured limits. The Company believes that the financial institutions that hold its cash and cash equivalents are financially sound and, accordingly, minimal credit risk exists with respect to these balances.
Sublease	Sublease Lease termination costs consist of expenses related to future rent payments for which the Company no longer intends to receive any economic benefit. A sublease liability is recorded when the Company ceases to use leased space, which is included as Other current liabilities and Other noncurrent liabilities on the Condensed Consolidated Balance Sheets. Lease termination costs are calculated as the present value of lease payments, net of expected sublease income, and the loss on disposition of assets. The sublease loss is included in General and administrative on the Condensed Consolidated Statements of Operations.
Recent Accounting Pronouncements – Pending Adoption and Adopted	Recent Accounting Pronouncements – Pending Adoption The following effective dates represent the requirements for private companies which the Company has elected as an emerging growth company. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-02, Leases (Topic 842), and additional changes, modifications, clarifications, or interpretations related to this guidance thereafter (“ASU 2016-02”). ASU 2016-02 requires a reporting entity to recognize right-of-use assets and lease liabilities on the balance sheet for operating leases to increase transparency and comparability. ASU 2016-02 is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022 with early adoption permitted. The Company expects to elect the package of transition practical expedients, which allows it to carry forward its historical assessment of (1) whether contracts are or contain leases, (2) lease classification, and (3) initial direct costs. In addition, the Company expects to elect the practical expedient that allows lessees the option to account for lease and non-lease components together as a single component for all classes of underlying assets. The Company has made substantial progress in executing its implementation plan. It is in the process of revising its controls and processes to address the lease standard and has substantially completed the implementation and data input for the lease accounting software tool that it will use post-adoption. ASU 2016-02 also requires expanded disclosure regarding the amounts, timing and uncertainties of cash flows related to a company’s lease portfolio. The Company is evaluating these disclosure requirements and is incorporating the collection of relevant data into its existing financial reporting processes. While the Company expects the adoption of this standard to result in an increase to the reported assets and liabilities, the Company is currently evaluating the impact of adoption on the condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, with subsequent amendments, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires immediate recognition of management’s estimates of current expected credit losses. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2022, and interim periods within annual periods beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of adoption on the condensed consolidated financial statements. Recent Accounting Pronouncements – Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 eliminates certain exceptions in FASB Topic 740: Income Taxes (“ASC 740”) related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. The Company adopted the new standard and there was an immaterial impact to the condensed consolidated financial statements and related disclosures.
Asset Acquisition	Asset Acquisition The Company applies the principles provided in ASC 805, Business Combinations ("ASC 805") to determine whether a transaction involves an asset or a business. If it is determined an acquisition is an asset acquisition, the purchase consideration (which will include certain transaction costs) is allocated to the acquired assets and liabilities based on their relative fair values.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Reconciliation of Cash and Cash Equivalents	The following table reconciles cash, cash equivalents and restricted cash per the Condensed Consolidated Statements of Cash Flows: March 31, 2022 2021 Cash and cash equivalents $ 464,836 $ 560,053 Restricted cash 2,038 2,226 Total cash, cash equivalents and restricted cash $ 466,874 $ 562,279
Reconciliation of Restricted Cash	The following table reconciles cash, cash equivalents and restricted cash per the Condensed Consolidated Statements of Cash Flows: March 31, 2022 2021 Cash and cash equivalents $ 464,836 $ 560,053 Restricted cash 2,038 2,226 Total cash, cash equivalents and restricted cash $ 466,874 $ 562,279
Disclosure of Changes in Allowance for Doubtful Accounts	The following table presents the changes in our allowance for doubtful accounts for the period presented: Amount Balance as of December 31, 2021 $ 4,212 Bad debt expense, net of recoveries 4,023 Write-offs (3,080) Balance as of March 31, 2022 $ 5,155
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following: March 31, 2022 December 31, 2021 Computers and equipment $ 515,557 $ 487,484 Furniture and fixtures 1,511 1,511 Leasehold improvements 6,820 6,820 Internal-use software 70,889 68,321 Property and equipment, gross $ 594,777 $ 564,136 Less: accumulated amortization $ (52,413) $ (49,268) Less: accumulated depreciation (282,979) (265,225) Property and equipment, net $ 259,385 $ 249,643
Revenue by Geographic Areas	Revenue, as determined based on the billing address of the Company’s customers, was as follows: Three Months Ended March 31, 2022 2021 North America 38 % 38 % Europe 29 29 Asia 23 23 Other 10 10 Total 100 % 100 %

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following: March 31, 2022 December 31, 2021 Computers and equipment $ 515,557 $ 487,484 Furniture and fixtures 1,511 1,511 Leasehold improvements 6,820 6,820 Internal-use software 70,889 68,321 Property and equipment, gross $ 594,777 $ 564,136 Less: accumulated amortization $ (52,413) $ (49,268) Less: accumulated depreciation (282,979) (265,225) Property and equipment, net $ 259,385 $ 249,643

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	The following is a summary of available-for-sale marketable securities, excluding those securities classified within cash and cash equivalents, on the Condensed Consolidated Balance Sheets as of March 31, 2022. The Company did not hold any available-for-sale marketable securities as of December 31, 2021. March 31, 2022 Amortized Gross Unrealized Gains Gross Unrealized Losses Fair U.S. treasury securities $ 720,546 $ — $ (1,231) $ 719,315 Corporate debt securities 35,145 — (70) 35,075 Commercial paper 336,582 1 (603) 335,980 Total Marketable securities $ 1,092,273 $ 1 $ (1,904) $ 1,090,370

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Liabilities Measured on a Recurring Basis	The fair value of our financial assets measured on a recurring basis is as follows: March 31, 2022 Level I Level II Total Cash and cash equivalents: Cash $ 376,909 $ — $ 376,909 Money market funds 7,967 — 7,967 Commercial paper — 79,960 79,960 Total Cash and cash equivalents $ 384,876 $ 79,960 $ 464,836 Marketable securities: U.S. treasury securities $ 719,315 $ — $ 719,315 Corporate debt securities — 35,075 35,075 Commercial paper — 335,980 335,980 Total Marketable securities $ 719,315 $ 371,055 $ 1,090,370 December 31, 2021 Level I Level II Total Cash and cash equivalents: Cash $ 1,093,425 $ — $ 1,093,425 Commercial paper — 269,945 269,945 Certificate of deposits — 350,017 350,017 Total Cash and cash equivalents $ 1,093,425 $ 619,962 $ 1,713,387 March 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Convertible Notes $ 1,464,525 $ 1,197,825 $ 1,462,676 $ 1,462,676

Operating Leases (Tables)

Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Maturities of Operating Leases	Future minimum rental payments under operating lease agreements, which included renewals and modifications as of March 31, 2022, were as follows: 2022 (nine months remaining) $ 36,432 2023 39,509 2024 40,166 2025 11,553 2026 8,610 Thereafter 2,435 Total minimum operating lease payments $ 138,705

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	Stock option activity for the three months ended March 31, 2022 was as follows: Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Life in Years Aggregate Intrinsic Value Outstanding at January 1, 2022 12,434,159 $ 7.19 7.64 $ 909,494 Exercised (997,561) 5.44 Forfeited or cancelled (201,916) 6.75 Outstanding at March 31, 2022 11,234,682 7.35 7.39 567,373 Vested and exercisable at March 31, 2022 6,097,743 6.11 7.01 315,509 Vested and unvested expected to vest at March 31, 2022 9,889,941 $ 7.01 7.31 $ 502,800
Schedule of RSU Activity	RSU activity for the three months ended March 31, 2022 was as follows: Shares Weighted-Average Fair Value Unvested balance at January 1, 2022 3,334,137 $ 45.74 Granted 1,119,024 52.39 Vested (454,639) 42.83 Forfeited or cancelled (60,762) 45.26 Unvested balance at March 31, 2022 3,937,760 47.97 Vested and expected to vest at March 31, 2022 2,437,477 $ 47.96
Schedule of PRSU Activity	PRSU activity for the three months ended March 31, 2022 was as follows: Shares Weighted-Average Fair Value Unvested balance at January 1, 2022 578,949 $ 48.04 Granted 436,387 60.72 Vested (103,059) 41.24 Forfeited or cancelled (30,497) 41.24 Adjusted by performance factor (89,769) 41.24 Unvested balance at March 31, 2022 792,011 $ 56.94
Summary of Share-Based Payment Arrangement and Price Targets	The MRSU, which is estimated to have a grant date fair value of approximately $75,300 derived by using a discrete model based on multiple stock price-paths developed through the use of a Monte Carlo simulation, is divided into five tranches that will be earned based on the achievement of stock price goals, measured based on the average of the Company’s closing stock price over a consecutive ninety (90) trading day period during the performance period as set forth in the table below. Tranche Company Stock Price Target Number of Eligible MRSUs 1 $93.50 475,000 2 $140.00 575,000 3 $187.00 650,000 4 $233.50 650,000 5 $280.50 650,000
Schedule of MRSU Activity	MRSU activity for the three months ended March 31, 2022 was as follows: Shares Weighted-Average Fair Value Unvested balance at January 1, 2022 3,000,000 $ 25.12 Granted — — Unvested balance at March 31, 2022 3,000,000 $ 25.12
Summary of Stock-Based Compensation Expense	Stock-based compensation was included in the Condensed Consolidated Statements of Operations as follows: Three Months Ended March 31, 2022 2021 Cost of revenue $ 432 $ 196 Research and development 9,720 2,636 Sales and marketing 3,346 1,137 General and administrative 12,483 2,655 Total $ 25,981 $ 6,624

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Net Loss Per Share	The following table presents the calculation of basic and diluted net loss per share: Three Months Ended March 31, 2022 2021 Numerator: Net loss attributable to common stockholders $ (18,123) $ (3,339) Denominator: Weighted average shares, in thousands, used to compute net loss per share, basic and diluted 106,980 49,432 Net loss per share attributable to common stockholders, basic and diluted $ (0.17) $ (0.07)
Schedule of Anti-Dilutive Securities Excluded from Computation of Net Loss Per Share	Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: March 31, 2022 2021 Warrants — 308,632 Stock Options 11,234,682 15,712,369 RSUs 3,937,760 2,063,088 PRSUs 792,011 — MRSU 3,000,000 — ESPP 125,524 — Convertible Notes 8,402,700 — Total 27,492,677 18,084,089

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 464,836	$ 1,713,387	$ 560,053
Restricted cash	2,038		2,226
Total cash, cash equivalents and restricted cash	$ 466,874	$ 1,715,425	$ 562,279	$ 102,537

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Disclosure of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 4,212
Bad debt expense, net of recoveries	4,023	$ 1,607
Write-offs	(3,080)
Ending Balance	$ 5,155

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Revenue by Geographic Areas (Details) - Geographic Concentration Risk - Revenue from Contract with Customer	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	100.00%	100.00%
North America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	38.00%	38.00%
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	29.00%	29.00%
Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	23.00%	23.00%
Other Geographical Areas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	10.00%	10.00%
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	31.00%

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Concentration Risk [Line Items]
Goodwill		$ 32,170		$ 32,170
Deferred revenue		5,248		$ 4,826
Revenue recognized during period		$ 1,735	$ 1,725
Number of operating segments | segment		1
Number of reportable segments | segment		1
CSS Tricks
Concentration Risk [Line Items]
Cash consideration transferred	$ 4,000
Technology-Based Intangible Assets [Member]
Concentration Risk [Line Items]
Useful life		3 years
Internet Domain Names
Concentration Risk [Line Items]
Useful life		5 years
Geographic Concentration Risk | Revenue from Contract with Customer
Concentration Risk [Line Items]
Concentration risk, percentage		100.00%	100.00%
U.S. | Geographic Concentration Risk | Revenue from Contract with Customer
Concentration Risk [Line Items]
Concentration risk, percentage		31.00%
U.S. | Geographic Concentration Risk | Property and Equipment
Concentration Risk [Line Items]
Concentration risk, percentage		50.00%

Balance Sheet Details - Schedul

Balance Sheet Details - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 594,777	$ 564,136
Less: accumulated amortization	(52,413)	(49,268)
Less: accumulated depreciation	(282,979)	(265,225)
Property and equipment, net	259,385	249,643
Computers and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	515,557	487,484
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,511	1,511
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,820	6,820
Internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 70,889	$ 68,321

Balance Sheet Details - Narrati

Balance Sheet Details - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 20,326	$ 17,219
Capitalized computer software	2,687	1,432
Amortization expense related to internal-use software	3,145	3,657
Impairment loss	$ 120	$ 0

Marketable Securities (Details)

Marketable Securities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 1,092,273
Debt Securities, Available-for-sale, Unrealized Gain	1
Debt Securities, Available-for-sale, Unrealized Loss	(1,904)
Marketable securities:	1,090,370
Debt Securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	720,546
Debt Securities, Available-for-sale, Unrealized Gain	0
Debt Securities, Available-for-sale, Unrealized Loss	(1,231)
Marketable securities:	719,315
Commercial Paper
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	35,145
Debt Securities, Available-for-sale, Unrealized Gain	0
Debt Securities, Available-for-sale, Unrealized Loss	(70)
Marketable securities:	35,075
US Treasury Securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	336,582
Debt Securities, Available-for-sale, Unrealized Gain	1
Debt Securities, Available-for-sale, Unrealized Loss	(603)
Marketable securities:	$ 335,980

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Nov. 30, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unamortized discount and debt issuance costs	$ 35,475	$ 37,324
Convertible Senior Notes Due 2026 | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate			0.00%

Fair Value Measurements - Conve

Fair Value Measurements - Convertible Notes Measurement (Details) - Convertible Notes - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible Notes	$ 1,464,525	$ 1,462,676
Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible Notes	$ 1,197,825	$ 1,462,676

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents:	$ 464,836
Marketable securities:	1,090,370
Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents:		$ 1,713,387
Level I | Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents:	384,876	1,093,425
Marketable securities:	719,315
Level II | Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents:	79,960	619,962
Marketable securities:	371,055
Cash | Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents:	376,909	1,093,425
Cash | Level I | Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents:	376,909	1,093,425
Cash | Level II | Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents:	0	0
Money Market Funds | Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents:	7,967	269,945
Money Market Funds | Level I | Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents:	7,967	0
Money Market Funds | Level II | Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents:	0	269,945
Commercial Paper
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Marketable securities:	35,075
Commercial Paper | Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents:	79,960	350,017
Marketable securities:	335,980
Commercial Paper | Level I | Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents:	0	0
Marketable securities:	0
Commercial Paper | Level II | Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents:	79,960	$ 350,017
Marketable securities:	335,980
US Treasury Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Marketable securities:	335,980
US Treasury Securities | Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Marketable securities:	719,315
US Treasury Securities | Level I | Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Marketable securities:	719,315
US Treasury Securities | Level II | Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Marketable securities:	0
Corporate Debt Securities | Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Marketable securities:	35,075
Corporate Debt Securities | Level I | Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Marketable securities:	0
Corporate Debt Securities | Level II | Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Marketable securities:	$ 35,075

Debt - Narrative (Details)

Debt - Narrative (Details)	1 Months Ended	3 Months Ended
	Nov. 30, 2021USD ($)d$ / shares	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 407,000	$ 3,435,000
Interest and amortization of deferred financing fees		2,059,000	2,256,000
Proceeds from issuance of convertible notes, net of issuance costs	$ 1,461,795,000
Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	250,000,000
Debt instrument, face amount		100,000,000
Commitment fees on unused balance		95,000	67,000
Debt issuance costs		1,218,000
Financing fees		662,000
Amortization		92,000	1,973,000
Amortization		$ 92,000	$ 1,973,000
Credit Facility | KayBank National Association
Debt Instrument [Line Items]
Debt service coverage ratio		3.50
Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Variable Rate Component One | Minimum
Debt Instrument [Line Items]
Variable rate		1.25%
Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Variable Rate Component One | Maximum
Debt Instrument [Line Items]
Variable rate		2.00%
Term Loan
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 407,000
Senior Notes | Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,500,000,000
Interest and amortization of deferred financing fees		$ 1,868,000
Conversion ratio, number of shares	5.6018
Conversion price | $ / shares	$ 178.51
Scheduled trading days	25 days
Redemption price, percentage	100.00%
Senior Notes | Convertible Senior Notes Due 2026 | Debt Conversion, Period One
Debt Instrument [Line Items]
Percentage of stock price trigger	130.00%
Trading days | d	20,000
Consecutive trading days | d	30,000
Senior Notes | Convertible Senior Notes Due 2026 | Debt Conversion, Period Two
Debt Instrument [Line Items]
Consecutive trading days | d	10,000
Business days after trading period | d	5,000
Redemption price, percentage	98.00%
Senior Notes | Convertible Senior Notes Due 2026 | Underwriters' Option
Debt Instrument [Line Items]
Consideration received	$ 200,000,000
Line of Credit | Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 150,000,000
Line of Credit | Credit Facility | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage		0.20%
Line of Credit | Credit Facility | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage		0.30%

Operating Leases - Narrative (D

Operating Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating leases, rent expense	$ 12,409	$ 11,990
Sublease loss	788
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals	$ 3,184

Operating Leases - Maturities o

Operating Leases - Maturities of Operating Leases (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
2022 (nine months remaining)	$ 36,432
2023	39,509
2024	40,166
2025	11,553
2026	8,610
Thereafter	2,435
Total minimum operating lease payments	$ 138,705

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding, amount	$ 2,038	$ 2,038

Stockholders_ Equity (Deficit)

Stockholders’ Equity (Deficit) - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)vote$ / sharesshares	Feb. 23, 2022USD ($)	Dec. 31, 2021USD ($)$ / sharesshares	Mar. 31, 2021$ / shares
Equity [Abstract]
Common stock, voting rights | vote	1
Common stock, shares authorized (in shares)	750,000,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.000025	$ 0.000025
Preferred stock, shares authorized (in shares)	10,000,000
Preferred stock, par value (in usd per share) | $ / shares	$ 0.000025		$ 0.000025
Preferred stock, shares outstanding (in shares)	0		0
Preferred stock, shares issued (in shares)	0		0
Stock repurchase program, authorized amount | $		$ 300,000
Repurchase and retirement of common stock (in shares)	2,577,471
Stock repurchased and retired (in usd per share) | $ / shares	$ 58.20
Repurchase and retirement of common stock | $	$ 150,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $	$ 150,000
Treasury stock, shares (in shares)	1,968,228		1,968,228
Treasury stock, at cost (1,968,228 shares at March 31, 2022 and December 31, 2021) | $	$ (4,598)		$ (4,598)

Stock-Based Compensation - Equi

Stock-Based Compensation - Equity Incentive Plan (Details)	Mar. 31, 2022shares
2021 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares of common stock awarded (in shares)	36,290,381

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, exercised in period, intrinsic value		$ 54,392	$ 39,650
Options, granted, number (in shares)		0
Stock options, granted in period, aggregate estimated fair value		$ 4,698	$ 4,998
Stock options, unrecognized stock-based compensation expense		$ 25,853
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, expiration period		10 years
Stock options, vesting period		4 years
Unrecognized stock-based compensation expense, average recognition period	2 years 2 months 23 days

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 01, 2021	Mar. 31, 2022
Number of Options Outstanding
Number of options outstanding at the beginning of the period (in shares)		12,434,159
Exercised (in shares)		(997,561)
Forfeited or cancelled (in shares)		(201,916)
Number of options outstanding at the end of the period (in shares)		11,234,682
Vested and exercisable at end of period (in shares)		6,097,743
Vested and unvested expected to vest at end of period (in shares)		9,889,941
Weighted-Average Exercise Price
Weighted-average exercise price outstanding at beginning of period (in dollars per share)		$ 7.19
Exercised (in dollars per share)		5.44
Forfeited or cancelled (in dollars per share)		6.75
Weighted-average exercise price outstanding at end of period (in dollars per share)		7.35
Vested and exercisable at end of period (in dollars per share)		6.11
Vested and unvested expected to vest at end of period (in dollars per share)		$ 7.01
Weighted-Average Remaining Life in Years
Weighted average remaining life (in years)	7 years 7 months 20 days	7 years 4 months 20 days
Vested and exercisable at end of period (in years)		7 years 3 days
Vested and unvested expected to vest at end of period (in years)		7 years 3 months 21 days
Aggregate Intrinsic Value
Aggregate intrinsic value at beginning of period		$ 909,494
Aggregate intrinsic value at end of period		567,373
Vested and exercisable at March 31, 2022		315,509
Vested and unvested expected to vest at March 31, 2022		$ 502,800

Stock-Based Compensation - RSUs

Stock-Based Compensation - RSUs (Details) - RSUs $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, vesting period	4 years
Unrecognized stock-based compensation expense	$ 105,405
Unrecognized stock-based compensation expense, average recognition period	3 years 3 months 7 days

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of RSU & PRSU Activity (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
RSUs
Shares
Unvested balance at beginning of period (in shares)	3,334,137
Granted (in shares)	1,119,024
Vested (in shares)	(454,639)
Forfeited or cancelled (in shares)	(60,762)
Unvested balance at end of period (in shares)	3,937,760
Vested and expected to vest (in shares)	2,437,477
Weighted-Average Fair Value
Unvested balance at beginning of period (in dollars per share) | $ / shares	$ 45.74
Granted (in dollars per share) | $ / shares	52.39
Vested (in dollars per share) | $ / shares	42.83
Forfeited or cancelled (in dollars per share) | $ / shares	45.26
Unvested balance at end of period (in dollars per share) | $ / shares	47.97
Vested and expected to vest (in dollars per share) | $ / shares	$ 47.96
PRSUs
Shares
Unvested balance at beginning of period (in shares)	578,949
Granted (in shares)	436,387
Vested (in shares)	(103,059)
Forfeited or cancelled (in shares)	(30,497)
Unvested balance at end of period (in shares)	792,011
Weighted-Average Fair Value
Unvested balance at beginning of period (in dollars per share) | $ / shares	$ 48.04
Granted (in dollars per share) | $ / shares	60.72
Vested (in dollars per share) | $ / shares	41.24
Unvested balance at end of period (in dollars per share) | $ / shares	$ 56.94

Stock-Based Compensation - PRSU

Stock-Based Compensation - PRSUs (Details)	Mar. 01, 2022shares	Feb. 24, 2022shares	Jul. 27, 2021segment	Jun. 10, 2021segment	Mar. 31, 2022USD ($)$ / sharesshares	Dec. 31, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trading days | segment			90
Forfeited or cancelled (in dollars per share) | $ / shares					$ 6.75
Adjusted by performance factor					(89,769)
Adjusted for performance factor (in usd per share) | $ / shares					$ 41.24
Repurchase and retirement of common stock | $					$ 150,000,000
Vested and unvested expected to vest at end of period (in shares)					9,889,941
Options, granted, number (in shares)					0
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense | $					$ 14,606,000
Unrecognized stock-based compensation expense, average recognition period					1 year 6 months
Number of quarterly installments | segment				8
Granted (in shares)					436,387
Vested (in dollars per share) | $ / shares					$ 41.24
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					(103,059)
Forfeited or cancelled (in dollars per share) | $ / shares					$ 41.24
Forfeited or cancelled (in shares)					(30,497)
RSU, unvested, number at beginning of period (in shares)					792,011	578,949
RSU, unvested, weighted average grant date fair value (in dollars per share) | $ / shares					$ 56.94	$ 48.04
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Target Award		15500.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	103,059
Repurchase and retirement of common stock | $					$ 30,497
Vested and unvested expected to vest at end of period (in shares)					175,624
Options, granted, number (in shares)		398,949
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Increases (Decreases) in Period		89,769
PRSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trading days | segment				2
Options, granted, number (in shares)	436,387

Stock-Based Compensation - MRSU

Stock-Based Compensation - MRSUs (Details) $ in Thousands	Jul. 27, 2021USD ($)segmenttrancheshares	Mar. 31, 2022USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trading days | segment	90
MRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved for future issuance, number available for grant (in shares) | shares	3,000,000
Grant date fair value	$ 75,300
Number of tranches | tranche	5
Unrecognized stock-based compensation expense		$ 63,540
Weighted-average period expected for recognition of compensation expense		4 years 2 months 1 day
MRSUs | 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	14.00%
MRSUs | 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	14.00%
MRSUs | 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	14.00%
MRSUs | 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	14.00%
MRSUs | 5
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	14.00%
MRSUs | 6
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	15.00%
MRSUs | 7
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	15.00%

Stock-Based Compensation - MR_2

Stock-Based Compensation - MRSUs Share-Based Payment Arrangements and Price Targets (Details) - MRSUs	Jul. 27, 2021$ / sharesshares
1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company stock price target (in dollars per share) | $ / shares	$ 93.50
Number of eligible MRSUs (in shares) | shares	475,000
2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company stock price target (in dollars per share) | $ / shares	$ 140
Number of eligible MRSUs (in shares) | shares	575,000
3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company stock price target (in dollars per share) | $ / shares	$ 187
Number of eligible MRSUs (in shares) | shares	650,000
4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company stock price target (in dollars per share) | $ / shares	$ 233.50
Number of eligible MRSUs (in shares) | shares	650,000
5
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company stock price target (in dollars per share) | $ / shares	$ 280.50
Number of eligible MRSUs (in shares) | shares	650,000

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of MRSU Activity (Details) - MRSU	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Shares
Unvested balance at beginning of period (in shares) | shares	3,000,000
Granted (in shares) | shares	0
Unvested balance at end of period (in shares) | shares	3,000,000
Weighted-Average Fair Value
Unvested balance at beginning of period (in dollars per share) | $ / shares	$ 25.12
Granted (in dollars per share) | $ / shares	0
Unvested balance at end of period (in dollars per share) | $ / shares	$ 25.12

Stock-Based Compensation - ESPP

Stock-Based Compensation - ESPP and RSUs (Details) - USD ($)	Nov. 19, 2021	Sep. 01, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 25,981,000	$ 6,624,000
IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based award, amount withheld for employees			$ 4,230,000
2021 Employee Stock Purchase Plan | Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock authorized for future issuance (in shares)						3,272,076
Purchase price of common stock, percent	85.00%
Purchases related to ESPP (in shares)			117,996
Shares of common stock reserved for future issuance, number available for grant (in shares)			3,154,080
Stock-based compensation expense			$ 1,361,000	0
2021 Employee Stock Purchase Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			1,053,000	$ 0
Acquisition of Nimbella | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		200,204
Restricted stock share price (in dollars per share)					$ 63.11
Value of restricted stock granted to founders of Nimbella			$ 12,635,000
Stock options, vesting period			36 months
Unrecognized stock-based compensation expense			$ 10,191,000
Weighted-average period expected for recognition of compensation expense			2 years 5 months 12 days

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 25,981	$ 6,624
Cost of Sales [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	432	196
Research and Development Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	9,720	2,636
Selling and Marketing Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,346	1,137
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 12,483	$ 2,655

Net Loss per Share Attributab_3

Net Loss per Share Attributable to Common Stockholder - Schedule of Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss attributable to common stockholders, basic	$ (18,123)	$ (3,339)
Net loss attributable to common stockholders, diluted	$ (18,123)	$ (3,339)
Denominator:
Weighted average shares used to compute net loss per share, basic (in shares)	106,980,000	49,432,000
Weighted average shares used to compute net loss per share, diluted (in shares)	106,980,000	49,432,000
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.17)	$ (0.07)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.17)	$ (0.07)

Net Loss per Share Attributab_4

Net Loss per Share Attributable to Common Stockholder - Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	27,492,677	18,084,089
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	0	308,632
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	11,234,682	15,712,369
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	3,937,760	2,063,088
PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	792,011	0
MRSU
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	3,000,000	0
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	125,524	0
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	8,402,700	0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 3,338	$ 996
Effective income tax rate	(22.60%)	(42.50%)
Uncertain tax positions expense	$ 83	$ 68