Udemy (UDMY) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-40956
Entity Registrant Name	Udemy, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1779864
Entity Address, Address Line One	600 Harrison Street
Entity Address, Address Line Two	3rd Floor
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94107
City Area Code	415
Local Phone Number	813-1710
Title of 12(b) Security	Common Stock, $0.00001 par value
Trading Symbol	UDMY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		150,386,557
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Entity Central Index Key	0001607939
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 323,227	$ 313,685
Marketable securities	142,287	151,687
Accounts receivable, net	86,995	104,530
Prepaid expenses and other current assets	14,155	14,878
Deferred contract costs, current	38,678	30,234
Total current assets	605,342	615,014
Property and equipment, net	5,485	7,012
Capitalized software, net	30,350	27,412
Operating lease right-of-use assets	8,620	11,377
Restricted cash, non-current	3,529	3,629
Deferred contract costs, non-current	35,174	35,411
Strategic investments	10,311	12,104
Intangible assets, net	7,197	9,331
Goodwill	12,646	12,646
Other assets	3,490	3,632
Total assets	722,144	737,568
Current liabilities:
Accounts payable	5,314	14,529
Accrued expenses and other current liabilities	27,166	31,247
Content costs payable	37,105	37,310
Accrued compensation and benefits	21,520	22,882
Operating lease liabilities, current	7,081	7,002
Deferred revenue, current	285,346	273,937
Total current liabilities	383,532	386,907
Operating lease liabilities, non-current	3,282	6,545
Deferred revenue, non-current	2,179	4,342
Other liabilities, non-current	30	464
Total liabilities	389,023	398,258
Note 8 – Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.00001 par value - 50,000,000 shares authorized; zero shares issued and outstanding as of June 30, 2023, and December 31, 2022.	0	0
Common stock, $0.00001 par value - 950,000,000 shares authorized; 149,845,546 and 145,013,786 shares issued and outstanding as of June 30, 2023, and December 31, 2022, respectively.	1	1
Additional paid-in capital	1,015,851	951,946
Accumulated other comprehensive loss	(48)	(233)
Accumulated deficit	(682,683)	(612,404)
Total stockholders’ equity	333,121	339,310
Total liabilities and stockholders' equity	$ 722,144	$ 737,568

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	950,000,000	950,000,000
Common stock, shares issued (in shares)	149,845,546	145,013,786
Common stock, shares outstanding (in shares)	149,845,546	145,013,786

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 178,240	$ 153,112	$ 354,670	$ 305,335
Cost of revenue	75,938	65,812	152,639	132,250
Gross profit	102,302	87,300	202,031	173,085
Operating expenses
Sales and marketing	77,371	68,421	157,028	135,299
Research and development	29,635	23,963	60,522	46,533
General and administrative	22,623	23,443	48,957	45,096
Restructuring charges	135	0	10,263	0
Total operating expenses	129,764	115,827	276,770	226,928
Loss from operations	(27,462)	(28,527)	(74,739)	(53,843)
Other income (expense)
Interest income, net	4,944	127	8,876	370
Other expense, net	(2,161)	(672)	(2,303)	(916)
Total other income (expense), net	2,783	(545)	6,573	(546)
Net loss before taxes	(24,679)	(29,072)	(68,166)	(54,389)
Income tax provision	(1,056)	(308)	(2,113)	(640)
Net loss	(25,735)	(29,380)	(70,279)	(55,029)
Net loss	$ (25,735)	$ (29,380)	$ (70,279)	$ (55,029)
Net loss per share
Basic (in dollars per share)	$ (0.17)	$ (0.21)	$ (0.48)	$ (0.39)
Diluted (in dollars per share)	$ (0.17)	$ (0.21)	$ (0.48)	$ (0.39)
Weighted-average shares used in computing net loss per share
Basic (in shares)	148,071,315	140,035,203	146,910,959	139,691,508
Diluted (in shares)	148,071,315	140,035,203	146,910,959	139,691,508

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (25,735)	$ (29,380)	$ (70,279)	$ (55,029)
Net loss	(25,735)	(29,380)	(70,279)	(55,029)
Foreign currency translation loss, net of tax	(5)	(28)	(16)	(18)
Change in unrealized loss on marketable securities, net of tax	53	0	201	0
Comprehensive loss	$ (25,687)	$ (29,408)	$ (70,094)	$ (55,047)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		139,164,693
Beginning balance at Dec. 31, 2021	$ 389,700	$ 1	$ 848,229	$ (1)	$ (458,529)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	31,029		31,029
Exercise of stock options (in shares)		846,284
Exercise of stock options	3,634		3,634
Vesting of restricted stock units (in shares)		85,206
Vesting of restricted stock units	67		67
Issuances of common stock under employee stock purchase plan (in shares)		526,754
Issuance of common stock under employee stock purchase plan	5,563		5,563
Cumulative translation adjustment	(18)			(18)
Net loss	(55,029)				(55,029)
Ending balance (in shares) at Jun. 30, 2022		140,622,937
Ending balance at Jun. 30, 2022	374,946	$ 1	888,522	(19)	(513,558)
Beginning balance (in shares) at Mar. 31, 2022		139,573,416
Beginning balance at Mar. 31, 2022	380,508	$ 1	864,676	9	(484,178)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	16,097		16,097
Exercise of stock options (in shares)		469,706
Exercise of stock options	2,119		2,119
Vesting of restricted stock units (in shares)		53,061
Vesting of restricted stock units	67		67
Issuances of common stock under employee stock purchase plan (in shares)		526,754
Issuance of common stock under employee stock purchase plan	5,563		5,563
Cumulative translation adjustment	(28)			(28)
Net loss	(29,380)				(29,380)
Ending balance (in shares) at Jun. 30, 2022		140,622,937
Ending balance at Jun. 30, 2022	374,946	$ 1	888,522	(19)	(513,558)
Beginning balance (in shares) at Dec. 31, 2022		145,013,786
Beginning balance at Dec. 31, 2022	339,310	$ 1	951,946	(233)	(612,404)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	54,263		54,263
Exercise of stock options (in shares)		1,362,403
Exercise of stock options	4,777		4,777
Vesting of restricted stock units (in shares)		2,844,246
Vesting of restricted stock units	108		108
Issuances of common stock under employee stock purchase plan (in shares)		625,111
Issuance of common stock under employee stock purchase plan	4,757		4,757
Other comprehensive income (loss)	185			185
Cumulative translation adjustment	(16)
Net loss	(70,279)				(70,279)
Ending balance (in shares) at Jun. 30, 2023		149,845,546
Ending balance at Jun. 30, 2023	333,121	$ 1	1,015,851	(48)	(682,683)
Beginning balance (in shares) at Mar. 31, 2023		146,627,024
Beginning balance at Mar. 31, 2023	325,085	$ 1	982,128	(96)	(656,948)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	25,530		25,530
Exercise of stock options (in shares)		1,006,887
Exercise of stock options	3,328		3,328
Vesting of restricted stock units (in shares)		1,586,524
Vesting of restricted stock units	108		108
Issuances of common stock under employee stock purchase plan (in shares)		625,111
Issuance of common stock under employee stock purchase plan	4,757		4,757
Other comprehensive income (loss)	48			48
Cumulative translation adjustment	(5)
Net loss	(25,735)				(25,735)
Ending balance (in shares) at Jun. 30, 2023		149,845,546
Ending balance at Jun. 30, 2023	$ 333,121	$ 1	$ 1,015,851	$ (48)	$ (682,683)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (70,279)	$ (55,029)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	11,886	10,200
Amortization of deferred sales commissions	21,829	13,965
Stock-based compensation	49,444	28,074
Allowance for credit losses	1,011	517
Accretion of marketable securities	(3,431)	0
Non-cash operating lease expense	3,012	3,101
Unrealized loss on strategic investments	1,793	0
Other	633	252
Changes in operating assets and liabilities:
Accounts receivable	16,524	3,356
Prepaid expenses and other assets	505	1,243
Deferred contract costs	(30,036)	(27,381)
Accounts payable, accrued expenses and other liabilities	(14,899)	(22,034)
Content costs payable	(206)	(2,652)
Operating lease liabilities	(3,436)	(3,146)
Deferred revenue	9,246	33,099
Net cash used in operating activities	(6,404)	(16,435)
Cash flows from investing activities:
Purchases of marketable securities	(125,968)	0
Proceeds from maturities of marketable securities	139,000	0
Purchases of property and equipment	(243)	(699)
Capitalized software costs	(6,385)	(6,643)
Purchases of strategic investments	0	(5,000)
Net cash provided by (used in) investing activities	6,404	(12,342)
Cash flows from financing activities:
Net proceeds from exercise of stock options	4,710	3,831
Proceeds from share purchases under employee stock purchase plan	4,757	5,563
Payment of deferred offering costs	0	(1,586)
Net cash provided by financing activities	9,467	7,808
Effect of foreign exchange rates on cash flows	(25)	(4)
Net increase (decrease) in cash, cash equivalents and restricted cash	9,442	(20,973)
Cash, cash equivalents and restricted cash—Beginning of period	317,314	536,768
Cash, cash equivalents and restricted cash—End of period	326,756	515,795
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	323,227	512,166
Restricted cash, non-current	3,529	3,629
Total cash, cash equivalents and restricted cash	326,756	515,795
Supplemental disclosures of cash flow information:
Interest paid	568	10
Income taxes paid	990	388
Supplemental disclosure of non-cash investing and financing activities:
Stock-based compensation in capitalized costs	4,768	2,646
Change in unrealized loss on marketable securities	$ 202	$ 0

Organization and description of

Organization and description of business	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and description of business	1. Organization and description of business Description of business Udemy, Inc. (“Udemy” or the “Company”) was incorporated in January 2010 under the laws of the state of Delaware. The Company is headquartered in San Francisco, California. Udemy is a global learning company whose online platform empowers organizations and individuals with flexible and effective skill acquisition and development. The Company’s learning marketplace platform enables tens of thousands of subject matter experts to develop, distribute and enhance content that reaches Udemy’s broad global audience of learners. Udemy leverages technology, data and insights to deliver personalized and effective learning experiences. The Company further curates its highest-quality content from the marketplace for Udemy Business, which enables companies around the world to offer engaging, effective, on-demand learning for all employees, immersive laboratory-style learning for tech teams, and cohort-based learning focused on leadership development.

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of significant accounting policies	2. Summary of significant accounting policies Basis of consolidation and presentation — The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation, and all other normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results of the periods presented have been made. Segment information — On March 1, 2023, Greg Brown became the Company’s new Chief Executive Officer and chief operating decision maker (“CODM”). The Company defines its segments as those operations the CODM regularly reviews to allocate resources and assess performance. For the three and six months ended June 30, 2023 and 2022, the Company operated under two operating and reportable segments: Enterprise and Consumer. The Company continually monitors and reviews its segment reporting structure in accordance with Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting, to determine whether any changes have occurred that would impact its reportable segments. For further information on the Com pany’s segment reporting, see Note 13 – Segment and geographic information. Use of estimates — The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the results of operations during the reporting periods. Significant estimates and assumptions reflected in the condensed consolidated financial statements include, but are not limited to, allowance for credit losses, capitalization of internally developed software and ass ociated useful lives, stock-based compensation, determination of the income tax valuation allowance and the potential outcome of uncertain tax positions, estimated instructor withholding tax obligations, estimated service period for consumer single course purchases, the period of benefit for deferred commissions, t he fair value and associated useful lives of intangible assets and goodwill acquired via business combinations, and the valuation of privately-held strategic investments, including impairments. Management periodically evaluates such estimates and assumptions for continued reasonableness. Actual results may ultimately differ from management’s estimates and such differences could be material to the Company’s financial position and results of operations. Concentration of credit risk — Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, restricted cash, and accounts receivable. For cash and restricted cash, the Company is exposed to credit risk in the event of default by the financial institutions to the extent the amounts recorded on the accompanying condensed consolidated balance sheets are in excess of federal insurance limits. The Company’s investments, classified as cash equivalents and marketable securities, consist of high-credit-quality instruments and fixed-income securities. The Company generally does not require collateral or other security in support of accounts receivable. To reduce credit risk, management performs ongoing evaluations of its customers’ financial condition and maintains an allowance based upon expected c redit losses of outstanding receivables. The Company had no customers which accounted for more than 10% of accounts receivable as of June 30, 2023 or December 31, 2022. No customer accounted for more than 10% of total revenue during the three and six months ended June 30, 2023 or 2022. Summary of significant ac counting policies— Except as described below, there were no significant changes to the Company’s significant accounting policies disclosed in Note 2 – Summary of significant accounting policies of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on February 27, 2023 (the “Annual Report”). Stock-based compensation — The Company accounts for its stock-based compensation pursuant to ASC Topic 718, Compensation-Stock Compensation. The Company granted performance-based restricted stock units (“PSUs”) in the first quarter of 2023, which vest based on the achievement of predefined corporate performance metrics and are subject to ongoing service conditions. The Company determines the fair value of PSUs based on the fair value of the Company’s common stock on the date of grant. Because PSUs have both performance and service-based vesting conditions, the Company separately attributes stock-based compensation expense for each vesting tranche of the award over their requisite service periods. Management estimates the number of PSUs that are expected to vest based on the anticipated achievement of the specified performance metrics. If the performance-based vesting condition is considered probable of being achieved, the Company recognizes expense over the requisite service period based on the probable outcome of achievement. If the performance goals are not met, or are considered improbable, no compensation cost is recognized, and any previously recognized compensation cost is reversed. Accounts receivable, net — Accounts receivable primarily represent amounts owed to the Company for Enterprise subscriptions. Also included in accounts receivable are amounts due from payment processors or mobile application store partners that settle over a period longer than five business days. Accounts receivable balances are recorded at the invoiced amount and are non-interest-bearing. Accounts receivable is presented net of allowance for credit losses in the accompanying condensed consolidated balance sheets. The Company maintains an allowance based upon expected credit losses of outstanding receivables. Management derives its estimate using a variety of factors, including historical collection and loss patterns; the current aging of receivables; geographic and other customer-specific credit risk factors; and reasonable and supportable forecasts of future economic conditions which inform adjustments to historical loss patterns. The provision for expected credit losses is recorded in general and administrative expenses in the accompanying condensed consolidated statements of operations. Accounts receivable deemed to be uncollectible are written off, net of expected or actual recoveries. Balance at Beginning of Period Charged to Expenses Charges Utilized/Written-off, Net of Recoveries Balance at End of Period Allowance for credit losses (in thousands) Six Months Ended June 30, 2023 $ 1,528 $ 1,011 $ (776) $ 1,763 Six Months Ended June 30, 2022 $ 678 $ 517 $ (117) $ 1,078 Self-insurance — Beginning in 2023, the Company became self-insured for medical benefits offered to certain employees, up to certain stop-loss limits. Such costs are accrued based on known claims and estimates of incurred but not reported (“IBNR”) claims. IBNR claims are estimated using historical claim information and actuarial estimates. As of June 30, 2023, the accrued liability for self-insurance totaled $1.1 million and is included in accrued compensation and benefits on the condensed consolidated balance sheets. Recently Adopted Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted There are no recently issued accounting pronouncements that are expected to have a material impact on the Company’s condensed consolidated financial statements.

Revenue recognition

Revenue recognition	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognition	3. Revenue recognition Deferred revenue — Revenue recognized for the three months ended June 30, 2023, from amounts included in deferred revenue as of March 31, 2023 was $135.2 million. Revenue recognized for the three months ended June 30, 2022, from amounts included in deferred revenue as of March 31, 2022 was $115.2 million. Revenue recognized for the six months ended June 30, 2023, from amounts included in deferred revenue as of December 31, 2022 was $200.5 million. R evenue recognized for the six months ended June 30, 2022, from amounts included in deferred revenue as of December 31, 2021 was $157.8 million. The below table presents a summary of deferred revenue balances by reportable segment (in thousands): June 30, December 31, December 31, 2023 2022 2021 Deferred revenue: Enterprise $ 229,456 $ 219,030 $ 148,966 Consumer 58,069 59,249 61,588 Total deferred revenue $ 287,525 $ 278,279 $ 210,554 Remaining performance obligations — Remaining performance obligations represent the aggregate amount of the transaction price in contracts for performance obligations not delivered, or partially undelivered, as of the end of the reporting period. Remaining performance obligations primarily relate to unearned and unbilled revenue from multi-year Enterprise subscription contracts with future installment payments, as well as unearned revenue from Consumer single course purchases and subscriptions at the end of any given period. As of June 30, 2023 , the aggregate transaction price for remaining performance obligations was $509.0 million, of which 72% is expected to be recognized over the next twelve months and the remainder thereafter. Deferred contract costs — The following table represents a rollforward of the Company’s deferred contract costs (in thousands): Balance at Beginning of Period Additions Amortization Expense Balance at End of Period Six Months Ended June 30, 2023 $ 65,645 $ 30,036 $ (21,829) $ 73,852 Six Months Ended June 30, 2022 $ 44,545 $ 27,381 $ (13,965) $ 57,961

Investments and fair value meas

Investments and fair value measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Investments and fair value measurements	4. Investments and fair value measurements The Company’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis within the fair value hierarchy are as follows (in thousands): As of June 30, 2023 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 281,719 $ — $ — Marketable securities: U.S. government securities $ — $ 142,287 $ — Non-current assets: Strategic investments $ — $ — $ 10,311 Non-current liabilities: Cash settled stock appreciation rights $ — $ — $ 30 As of December 31, 2022 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 130,377 $ — $ — U.S. government securities — 48,900 — Total cash equivalents $ 130,377 $ 48,900 $ — Marketable securities: U.S. government securities $ — $ 151,687 $ — Non-current assets: Strategic investments $ — $ — $ 12,104 Non-current liabilities: Cash settled stock appreciation rights $ — $ — $ 462 The Company’s money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted prices in active markets. The Company’s investments in U.S. government securities are classified within Level 2 of the fair value hierarchy because they have been valued using inputs other than quoted prices in active markets that are directly or indirectly observable. The Company’s strategic investment and stock appreciation rights (“SARs”) are classified within Level 3 of the fair value hierarchy because they have been valued using significant unobservable inputs for which the Company has been required to develop its own assumptions. A summary of the changes in the fair value of Level 3 financial instruments, of which remeasurement of SARs and impairment of strategic investments are recognized in the condensed consolidated statements of operations, is as follows (in thousands): Stock Appreciation Rights Strategic Investments Balance— March 31, 2023 $ 264 $ 12,104 Vesting and remeasurement of SARs 19 — Exercises of SARs (253) — Unrealized loss on strategic investments — (1,793) Balance— June 30, 2023 $ 30 $ 10,311 Balance— March 31, 2022 $ 508 $ 15,000 Vesting and remeasurement of SARs, net (89) — Balance— June 30, 2022 $ 419 $ 15,000 Balance— December 31, 2022 $ 462 $ 12,104 Vesting and remeasurement of SARs (179) — Exercises of SARs (253) — Unrealized loss on strategic investments — (1,793) Balance— June 30, 2023 $ 30 $ 10,311 Balance— December 31, 2021 $ 818 $ 10,000 Vesting and remeasurement of SARs, net (399) — Purchases of strategic investments — 5,000 Balance— June 30, 2022 $ 419 $ 15,000 The Company evaluates its strategic investment for impairment at each reporting period. This evaluation consists of several potential qualitative and quantitative impairment indicators including, but not limited to, the investee's financial metrics, whether there were any significant adverse changes in the economic environment or general market conditions of the geographies and industries in which the investee operates, and any other publicly available information that may affect the value of the investment. Based on the assessment performed as of June 30, 2023, the Company recorded an impairment loss of $1.8 million during the three and six months ended June 30, 2023. The difference between the strategic investment’s cost basis of $15.0 million and the carrying value of $10.3 million is due to cumulative impairment charges of $4.7 million recorded through June 30, 2023.

Consolidated balance sheet comp

Consolidated balance sheet components	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated balance sheet components	5. Consolidated balance sheet components Cash, cash equivalents, and marketable securities — The amortized cost, unrealized gains and losses, and estimated fair value of cash, cash equivalents, and marketable securities consisted of the following (in thousands): As of June 30, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and cash equivalents: Cash $ 41,508 $ — $ — $ 41,508 Money market funds 281,719 — — 281,719 Total cash and cash equivalents 323,227 — — 323,227 Marketable securities: U.S. government securities 142,298 21 (32) 142,287 Total cash, cash equivalents, and marketable securities $ 465,525 $ 21 $ (32) $ 465,514 As of December 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and cash equivalents: Cash $ 134,408 $ — $ — $ 134,408 Money market funds 130,377 — — 130,377 U.S. government securities 48,899 4 (3) 48,900 Total cash and cash equivalents 313,684 4 (3) 313,685 Marketable securities: U.S. government securities 151,900 30 (243) 151,687 Total cash, cash equivalents, and marketable securities $ 465,584 $ 34 $ (246) $ 465,372 Cash equivalents and marketable securities in an unrealized loss position consisted of the following (in thousands): June 30, 2023 December 31, 2022 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Cash equivalents: U.S. government securities $ — $ — $ 24,960 $ (3) Marketable securities: U.S. government securities 38,765 (32) 59,057 (243) Total securities in an unrealized loss position $ 38,765 $ (32) $ 84,017 $ (246) Realized gains and losses reclassified from accumulated other comprehensive loss to other income (expense), net were zero for the three and six months ended June 30, 2023. No securities had been in a continuous unrealized loss position for twelve months or longer as of June 30, 2023 or December 31, 2022. The Company does not intend to sell available-for-sale marketable debt securities in unrealized loss positions, and it is more likely than not that the Company will hold these securities until maturity or recovery of the cost basis. As of June 30, 2023 and December 31, 2022, the Company did not have an allowance for credit losses related to its available-for-sale debt securities due to a zero loss expectation for the portfolio which consists solely of U.S. government securities. As of June 30, 2023, the entirety of the Company’s marketable securities portfolio had remaining contractual maturities of one year or less. Property and equipment, net — Property and equipment, net consisted of the following (in thousands): June 30, December 31, 2023 2022 Leasehold improvements $ 19,020 $ 19,109 Computers and equipment 7,775 7,820 Furniture and fixtures 4,678 4,870 Purchased software 383 383 Construction in progress 12 — Total property and equipment 31,868 32,182 Less accumulated depreciation and amortization (26,383) (25,170) Property and equipment, net $ 5,485 $ 7,012 Depreciation expe nse was $0.8 million and $1.1 million for the three months ended June 30, 2023 and 2022, respectively, and $1.6 million and $2.3 million for the six months ended June 30, 2023 and 2022, respectively. Capitalized software, net — Capitalized software, net consisted of the following (in thousands): June 30, December 31, 2023 2022 Capitalized software $ 74,797 $ 63,748 Less accumulated amortization (44,447) (36,336) Capitalized software, net $ 30,350 $ 27,412 Amortization expense of capitalized software was $4.3 million and $3.0 million for the three months ended June 30, 2023 and 2022, respectively, and $8.2 million and $5.7 million for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, expected amortization expense for capitalized software over the remaining asset lives was as follows (in thousands): Remainder of 2023 $ 8,465 2024 13,319 2025 7,479 2026 1,087 Total expected amortization $ 30,350 Intangible assets, net and goodwill— As of June 30, 2023, intangible assets, net acquired as part of the CorpU business combination were as follows (in thousands): Estimated Useful Lives Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net Customer relationships 6 years $ 5,500 $ (1,698) $ 3,802 Vendor relationships 3 years 4,500 (2,778) 1,722 Developed technology 3 years 4,200 (2,593) 1,607 Tradename 2 years 900 (834) 66 Total $ 15,100 $ (7,903) $ 7,197 As of December 31, 2022, intangible assets, net acquired as part of the CorpU business combination were as follows (in thousands): Estimated Useful Lives Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net Customer relationships 6 years $ 5,500 $ (1,239) $ 4,261 Vendor relationships 3 years 4,500 (2,028) 2,472 Developed technology 3 years 4,200 (1,893) 2,307 Tradename 2 years 900 (609) 291 Total $ 15,100 $ (5,769) $ 9,331 Amortization expense of intangible assets was $1.0 million and $1.0 million for the three months ended June 30, 2023 and 2022, respectively, and $2.1 million and $2.1 million for the six months ended June 30, 2023 and 2022, respectively. The expected future amortization expense for intangible assets as of June 30, 2023 was as follows (in thousands): Remainder of 2023 $ 1,974 2024 2,795 2025 917 2026 917 2027 594 Total expected amortization $ 7,197 Goodwill in the amount of $12.6 million was established as part of the CorpU acquisition on August 24, 2021, and allocated to the Enterprise segment. This amount represents the excess of the purchase price over the fair value of net assets acquired. There have been no adjustments to the carrying amount of goodwill as of June 30, 2023. The Company tests for impairment at least annually, or whenever events or changes in circumstances occur that could impact the recoverability of these assets. No such triggering events were noted for the three and six months ended June 30, 2023 or 2022.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	6. Leases The Company applies the guidance under Topic 842 for leases of real estate facilities under non-cancelable operating leases with various expiration dates through fiscal year 2026. The Company recognized the following amounts related to its operating leases in its condensed consolidated statements of operations and cash flows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease costs $ 1,564 $ 1,698 $ 3,234 $ 3,399 Variable lease costs $ 231 $ 203 $ 545 $ 407 Cash paid for amounts included in the measurement of operating lease liabilities, net of lease incentives $ 3,697 $ 3,044 Future minimum lease payments under noncancellable operating leases with initial lease terms in excess of one year as of June 30, 2023, were as follows (in thousands): 2023 $ 3,590 2024 5,918 2025 809 2026 410 Gross lease payments 10,727 Less imputed interest (364) Present value of operating lease liabilities $ 10,363

Accrued expenses and other curr

Accrued expenses and other current liabilities	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Accrued expenses and other current liabilities	7. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following (in thousands): June 30, December 31, 2023 2022 Accrued expenses $ 9,539 $ 8,494 Indirect tax reserves 3,914 6,627 Indirect tax payables 7,161 9,137 Other current liabilities 6,552 6,989 Accrued expenses and other current liabilities $ 27,166 $ 31,247 Indirect tax payables relate to amounts collected from customers on behalf of third-party taxing authorities, primarily on sales in the U.S. and in international jurisdictions. Indirect tax payables also include withholding taxes on payments made to the Company’s instructors before remitting these amounts to the taxing authorities. As of June 30, 2023, indirect tax reserves consist of the residual interest payable on the Company’s instructor withholding tax reserves and other indirect tax reserves. Instructor withholding tax reserves — Prior to March 2020, the Company had not obtained appropriate taxpayer identification forms from instructors, nor remitted applicable tax withholding amounts to the U.S. Internal Revenue Service (“IRS”) where required. In accordance with GAAP, the Company recorded a provision for its tax exposure when it was both probable that a liability had been incurred and the amount of the exposure could be reasonably estimated. Beginning in March 2020, the Company began collecting appropriate taxpayer identification forms from its instructors, assessing whether the forms justified a reduced rate of withholding or withholding exemption, and remitting withholding tax payments to the IRS where required. The Company also began reporting payments to its non-U.S. instructors and the IRS annually where required to do so. In 2020, the Company approached the IRS to address the historical tax withholding amounts for instructors and engaged in a voluntary disclosure program. As of June 30, 2023, the Company has filed all outstanding withholding tax returns and has paid the associated tax obligation to the IRS. The estimated interest associated with the reserve is still outstanding. Changes in the estimated amount the Company has determined it will owe are recorded in general and administrative expenses in the accompanying condensed consolidated statements of operations. Estimated interest is recorded in interest income (expense), net in the accompanying condensed consolidated statement of operations. Changes to the instructor withholding tax reserve are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Balance, beginning of period $ 2,572 $ 15,693 $ 2,528 $ 17,036 Amounts charged to (released from) expense 45 157 89 (1,186) Net payments and settlements — — — — Balance, end of period $ 2,617 $ 15,850 $ 2,617 $ 15,850

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	8. Commitments and contingencies Noncancellable purchase commitments — The Company has contractual commitments with its cloud infrastructure provider, network service providers and paid advertising vendors that are noncancellable. As of June 30, 2023, the Company had $56.7 million w orth of future minimum payments under the Company’s noncancellable purchase commitments which are expected to be paid through 2026. Indemnification — The Company enters into indemnification provisions under agreements with other parties in the ordinary course of business, including certain business partners, investors, contractors, and the Company’s officers, directors, and certain employees. The Company has agreed to indemnify and defend the indemnified party’s claims and related losses suffered or incurred by the indemnified party resulting from actual or threatened third-party claims because of the Company’s activities or, in some cases, non-compliance with certain representations and warranties made by the Company. In general, the Company does not record any liability for these indemnities in the accompanying condensed consolidated balance sheets as the amounts cannot be reasonably estimated and are not considered probable. The Company does, however, accrue for losses for any known contingent liability, including those that may arise from indemnification provisions, when future payment is probable. To date, losses recorded in the Company’s condensed consolidated statements of operations in connection with the indemnification provisions have not been material. Litigation — From time to time, in the ordinary course of business, the Company is subject to legal proceedings, claims, investigations, and other proceedings, including claims of alleged infringement of third-party patents and other intellectual property rights, and commercial, employment, and other matters. In accordance with generally accepted accounting principles, the Company makes a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least annually and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. The outcome of such litigation is not expected to have a material effect on the financial position, results of operation and cash flows of the Company. The Company has recorded an immaterial amount related to all outstanding litigation matters in the accompanying condensed consolidated balance sheets, within accrued expenses and other current liabilities as of June 30, 2023, and December 31, 2022.

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income taxes	9. Income taxes The provision for income taxes for interim periods is determined using an estimate of the Company’s annual effective tax rate, adjusted for discrete items, if any, that are taken into consideration in the relevant period. Each quarter, the Company updates the estimate of the annual effective tax rate, and if the estimated tax rate changes, the Company records a cumulative adjustment to the provision. The Company had an effective tax rate of (4.28)% and (1.10)% for the three months ended June 30, 2023, and 2022 respectively, and (3.10)% and (1.20)% for the six months ended June 30, 2023 and 2022, respectively. The difference between the 21% statutory federal tax rate and the effective tax rate was primarily a result of income earned in jurisdictions with higher statutory tax rates, foreign withholding taxes, and tax credits offset by change in valuation allowance. As of June 30, 2023 and December 31, 2022, the Company has provided a valuation allowance against U.S. federal and state deferred tax assets. Management continues to evaluate the realizability of deferred tax assets and the related valuation allowance. If management's assessment of the deferred tax assets or the corresponding valuation allowance were to change, the Company would record the related adjustment to income during the period in which management makes the determination. The Company recognizes interest and penalties associated with uncertain tax positions as part of the income tax provision. To date, the Company has not recognized any interest and penalties in its condensed consolidated statements of operations, nor has it accrued for or made payments for interest and penalties. The Company is subject to taxation in the U.S. and various foreign jurisdictions. Due to NOL carryforwards and tax credit carryforwards, the statutes of limitations remain open for tax years from inception of the Company through 2022. There are currently no income tax audits underway by U.S. federal or state tax authorities. There is an income audit in India that began in the year ended December 31, 2022, but no notices or assessments have been issued at this time.

Related party transactions

Related party transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related party transactions	10. Related party transactions Naspers Ltd. (“Naspers”), through an investment entity controlled by Prosus N.V. (“Prosus”), beneficially owns more than 5% of the Company’s outstanding capital stock. A current member of the Company’s Board of Directors is the Chief Executive Officer of a Prosus operating subsidiary, OLX Global B.V. A former member of the Company’s Board of Directors, who resigned in September 2022, was an executive officer of Prosus. Naspers and cer tain entities directly and indirectly controlled by Naspers are customers of the Company’s Enterprise subscription offering. The Company recorded $0.4 million of revenue from services provided to these customers during both the three months ended June 30, 2023 and 2022, and $0.7 million and $0.8 million during the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023 and December 31, 2022, the Company had an accounts receivable balance of $0.1 million with these customers. Insight Partners, where a member of the Company’s Board of Directors is a Managing Director, is affiliated with certain vendors that the Company has contracted to provide technology and software solutions. The Company recorded $0.1 million and $0.3 million of operating expenses with these vendors during three months ended June 30, 2023 and 2022, respectively, and $0.3 million and $0.5 million during the six months ended June 30, 2023 and 2022, respectively. The Company did not have an accounts payable balance with these vendors as of June 30, 2023, and December 31, 2022. Certain members of the Company’s Board of Directors also serve as executive officers for customers of the Company’s Enterprise subscription offering. During both the three months ended June 30, 2023 and 2022, the Company recorded $0.1 million of revenue from services provided to these customers. During both the six months ended June 30, 2023 and 2022, the Company recorded $0.2 million of revenue from services provided to these customers. As of June 30, 2023 and December 31, 2022, the Company had an accounts receivable balance with these customers of zero and $0.4 million, respectively.

Stockholders' equity

Stockholders' equity	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stockholders' equity	11. Stockholders' equity Preferred stock — In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 50,000,000 shares of undesignated preferred stock with a par value of $0.00001 per share with rights and preferences, including voting rights, designated from time to time by the board of directors. Common stock — Common stockholders are entitled to one vote per share. As of June 30, 2023 and December 31, 2022, the following shares of common stock were available for future issuance: June 30, December 31, 2023 2022 2010 Equity Incentive Plan: Stock options outstanding 8,836,101 10,333,771 2021 Equity Incentive Plan: RSUs outstanding and PSUs (1) 18,667,968 16,178,101 Shares available for future issuance under: 2021 Equity Incentive Plan 4,865,969 2,814,126 2021 Employee Stock Purchase Plan 2,754,604 1,929,578 Total shares of common stock reserved 35,124,642 31,255,576 (1) The number of PSUs reserved for issuance is based on the maximum achievement of the corporate performance metric. Equity incentive plans — In 2010, the Company adopted the 2010 Equity Incentive Plan (the “2010 Plan”). The 2010 Plan provided for incentive stock options (“ISOs”), non-statutory stock options (“NSOs”, collectively with ISOs, “stock options”), SARs, restricted stock, and restricted stock units (“RSUs”) to be granted to eligible employees, directors, and consultants. The 2010 Plan was terminated in October 2021 in connection with the IPO but continues to govern the terms and conditions of the outstanding awards granted pursuant to the 2010 Plan. No further equity awards will be granted under the 2010 Plan. The Company adopted the 2021 Equity Incentive Plan (the "2021 Plan") in September 2021, which became effective on October 28, 2021 (collectively with the 2010 Plan, the “Equity Incentive Plans”) and was approved by the Company’s stockholders. The 2021 Plan provides for the granting of ISOs, NSOs, SARs, restricted stock, RSUs, and performance awards to eligible employees, directors, and consultants. The Company initially reserved 13,800,000 shares for issuance under the 2021 Plan. The amount available for issuance is subject to an annual increase on the first day of each calendar year, beginning on January 1, 2023, in an amount equal to 5% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding calendar year or a lesser amount determined by the Company’s Board of Directors or compensation committee. The amount available for issuance shall also include Returning Shares, which are any shares subject to awards granted under the 2010 Plan that, on or after October 29, 2021, expire or otherwise terminate without having been exercised in full, are tendered to or withheld by the Company for payment of an exercise price or for tax withholding obligations, or are forfeited to or repurchased by the Company due to failure to vest. On January 1, 2023, the shares available for future grants under the 2021 Plan automatically increased by 7,250,689 pursuant to the above evergreen provision of the 2021 Plan. Stock options — The Company may grant stock options at exercise prices not less than the fair market value at the date of grant. These options generally expire 10 years from the date of grant. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period for each award, which is generally even over four years. The following is a summary of activity for stock options having only service-based vesting conditions under the Equity Incentive Plans: Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Balance - December 31, 2022 10,283,771 $ 4.18 6.38 $ 66,234 Granted — — Exercised (1,362,403) 3.51 Canceled (135,267) 9.32 Balance - June 30, 2023 8,786,101 $ 4.21 2.82 $ 57,714 Vested & expected to vest as of June 30, 2023 8,786,101 $ 4.21 2.82 $ 57,714 Exercisable as of June 30, 2023 8,202,806 $ 4.03 2.73 $ 55,236 There were no stock options granted during the six months ended June 30, 2023 or 2022. The decrease in weighted average remaining contractual term during the period is due to stock options held by the Company’s former CEO, Mr. Coccari, which will expire if not exercised by the end of the 90-day post-termination exercise window that begins upon completion of his transition agreement in February 2024. Refer to further discussion below under other equity transactions. As of June 30, 2023, total unrecognized stock-based compensation expense related to unvested stock options was $1.5 million, which will be recognized over a weighted average period of 0.7 years. Stock appreciation rights — The Company may grant SARs at exercise prices not less than the fair market value at the date of grant. The SARs are liability-classified awards that generally expire 10 years from the date of grant. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period for each award, which is generally even over four years. The following is a summary of activity for SARs under the Equity Incentive Plans: SARs Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Balance - December 31, 2022 81,770 $ 5.44 6.90 $ 418 Granted — — Exercised (67,781) 5.30 Canceled (9,289) 6.58 Balance - June 30, 2023 4,700 $ 5.11 6.48 $ 26 Vested & expected to vest as of June 30, 2023 4,700 $ 5.11 6.48 $ 26 Exercisable as of June 30, 2023 4,199 $ 4.95 6.45 $ 24 There were no SARs granted during the six months ended June 30, 2023 or 2022. As of June 30, 2023, total unrecognized stock-based compensation expense related to unvested SARs was immaterial. Restricted stock units and performance-based restricted stock units — The fair value of RSUs is determined using the fair value of the Company’s common stock on the date of grant. The Company recognizes stock-based compensation expense for RSUs with service-based vesting conditions on a straight-line basis over the requisite service period for each award, which typically vest over a three During the first quarter of 2023, the Company granted 645,833 PSUs to certain executives at target. Each PSU conveys a right to receive one share of the Company’s common stock on the date it vests, provided that the number of PSUs that will ultimately vest may vary from 0% to 150% of target based upon the achievement of the corporate performance metric at the end of the performance period. One quarter of the eligible PSUs vest upon certification of the corporate performance metric in the first quarter of 2024, and the remaining 75% will vest equally over the following 12 quarters thereafter, subject to continual service by the grantee. Total stock-based compensation expense to be recognized may fluctuate during the performance period due to changes in forecasted achievement. The corporate performance metric associated with these awards has been considered probable of being achieved since the grant date, and as of June 30, 2023, management estimated a payout rate equal to 83% of the number of target shares granted. A summary of RSU and PSU activity under the 2021 Plan is as follows: RSUs Outstanding Weighted Average Grant Date Fair Value PSUs Outstanding Weighted Average Grant Date Fair Value Unvested - December 31, 2022 16,178,101 $ 17.37 — $ — Granted 5,908,855 $ 9.31 645,833 $ 8.89 Released (2,844,246) $ 16.92 — $ — Canceled (1,543,474) $ 16.31 — $ — Unvested - June 30, 2023 17,699,236 $ 14.84 645,833 $ 8.89 As of June 30, 2023, total unrecognized stock-based compensation expense related to unvested RSUs was $224.1 million, which will be recognized over a weighted average period of 3.0 years. As of June 30, 2023, total unrecognized stock-based compensation expense related to unvested PSUs was $3.9 million, which will be recognized over a weighted average period of 1.9 years. Performance-based stock options — There have been no other changes to the Company’s performance-based stock options compared to those described in Note 14— Stockholders’ equity, included in Part II, Item 8 of the Company’s Annual Report. As of June 30, 2023, there were 50,000 performance-based stock options outstanding, of which 19,791 were exercisable. As of June 30, 2023, total unrecognized stock-based compensation expense related to unvested performance-based stock options was immaterial. Employee stock purchase plan — The 2021 Employee Stock Purchase Plan (the “ESPP”) became effective on October 29, 2021. The Company initially reserved 2,800,000 shares of the Company's common stock under the ESPP. Shares reserved for issuance shall increase on the first day of the fiscal year, beginning in fiscal 2023, in an amount equal to the least of 1% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year, three times the initial number of shares reserved under the ESPP, or a lesser amount determined by the Company’s Board of Directors or compensation committee. On January 1, 2023, the shares available for future grants under the ESPP automatically increased by 1,450,137 pursuant to the above evergreen provision of the 2021 ESPP. During the six months ended June 30, 2023, 625,111 shares of common stock were issued under the ESPP. On May 20, 2023, the Company’s ESPP purchase price was reset for both the May 2022 and November 2022 offering periods. Under the reset provision, if the closing stock price on the purchase date falls below the closing stock price on the offering date of an ongoing offering period, the ongoing offering terminates immediately following the purchase of ESPP shares on the purchase date. Participants in the terminated offering are then automatically enrolled in the new offering period. The ESPP reset resulted in incremental compensation cost of $5.9 million which, along with the unrecognized expense remaining from the original grant date fair value, will be recognized on a straight-line basis over the new offering period ending in May 2025. The following table summarizes the weighted-average assumptions used in the Black-Scholes option-pricing model to estimate the fair value of employee stock purchase rights granted under the new ESPP offering period: Three and Six Months Ended June 30, 2023 Risk-free interest rate 4.5% Expected volatility 69.7% Expected life (in years) 1.6 Expected dividend yield —% As of June 30, 2023, total unrecognized compensation cost for the ESPP was $11.2 million, which will be recognized on a straight-line basis over the next 1.9 years. Other equity transactions — On February 28, 2023, the Company entered into a transition agreement with Mr. Coccari under which he will provide transition advice through February 28, 2024. During the transition period, he will continue to meet the definition of a service provider under the 2021 Plan, and his equity incentive awards will continue to vest in accordance with their original vesting schedules. Because the scope of services to be provided under the transition period represent a substantive reduction in services being provided by the former CEO, the Company recognize d $3.1 million in stock-based compensation expense during the three months ended March 31, 2023, that would have otherwise been recognized from April 2023 to February 2024. On August 24, 2021, the Company issued 61,300 shares of Udemy restricted common stock to a former executive of CorpU at a grant date fair v alue per share of $34.14. The total compensation cost recognized during both the three months ended June 30, 2023 and 2022 was $0.1 million, and $0.3 million for both the six months ended June 30, 2023 and 2022. As of June 30, 2023, total compensation cost related to the restricted stock not yet recognized was $0.8 million, which will be recognized on a straight-line basis over the next 1.2 years. Total stock-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of revenue $ 1,749 $ 989 $ 3,342 $ 1,829 Sales and marketing 8,099 5,007 15,376 9,144 Research and development 6,423 3,711 12,717 7,045 General and administrative 6,890 5,025 16,801 10,056 Restructuring charges — — 1,208 — Total stock-based compensation expense $ 23,161 $ 14,732 $ 49,444 $ 28,074 The Company capitalized $2.4 million and $1.4 million of stock-based compensation expense as capitalized software during the three months ended June 30, 2023 and 2022, respectively, and $4.7 million and $2.6 million during the six months ended June 30, 2023 and 2022, respectively.

Net loss per share

Net loss per share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss per share	12. Net loss per share The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ (25,735) $ (29,380) $ (70,279) $ (55,029) Denominator: Weighted-average shares used in computing net loss per share Basic and diluted 148,071,315 140,035,203 146,910,959 139,691,508 Net loss per share Basic and diluted $ (0.17) $ (0.21) $ (0.48) $ (0.39) The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations, because the impact of including them would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Stock options 8,836,101 18,553,783 8,836,101 18,553,783 RSUs, PSUs, and restricted stock 18,297,774 8,049,418 18,297,774 8,049,418 Contingently issuable shares under ESPP 159,077 132,041 159,077 132,041 Total potentially dilutive securities 27,292,952 26,735,242 27,292,952 26,735,242

Segment and geographic informat

Segment and geographic information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment and geographic information	13. Segment and geographic information The Company’s Chief Executive Officer is its CODM. The CODM reviews separate financial information presented for the Company’s two segments, Enterprise and Consumer, in order to allocate resources and evaluate the Company’s financial performance. Financial information for each reportable segment was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenue Enterprise $ 101,619 $ 74,627 $ 196,861 $ 139,538 Consumer 76,621 78,485 157,809 165,797 Total revenue 178,240 153,112 354,670 305,335 Segment cost of revenue Enterprise 33,952 24,682 66,819 46,845 Consumer 35,132 36,211 72,628 76,008 Total segment cost of revenue 69,084 60,893 139,447 122,853 Segment gross profit Enterprise 67,667 49,945 130,042 92,693 Consumer 41,489 42,274 85,181 89,789 Total segment gross profit 109,156 92,219 215,223 182,482 Reconciliation of segment gross profit to gross profit Amortization of capitalized software 4,270 3,015 8,173 5,739 Amortization of intangible assets 725 726 1,450 1,450 Depreciation 111 189 228 379 Stock-based compensation 1,748 989 3,341 1,829 Total reconciling items 6,854 4,919 13,192 9,397 Total gross profit $ 102,302 $ 87,300 $ 202,031 $ 173,085 Geographic information Revenue : The following table summarizes the revenue by region based on the billing address of the Company’s customers (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 North America $ 71,814 $ 62,863 $ 143,521 $ 123,451 Europe, Middle East, Africa 54,540 46,229 109,091 93,954 Asia Pacific 39,342 32,727 77,501 65,915 Latin America 12,544 11,293 24,557 22,015 Total revenue $ 178,240 $ 153,112 $ 354,670 $ 305,335 No single country other than the United States represented 10% or more of the Company’s total revenue du ring the three and six months ended June 30, 2023 or 2022. Long-lived assets : The following table presents the Company’s long-lived assets, which consist of tangible property and equipment, net of depreciation, and operating lease ROU assets, by geographic region (in thousands): June 30, December 31, 2023 2022 North America $ 9,782 $ 12,782 Rest of world 4,291 5,556 Total long-lived assets $ 14,073 $ 18,338

Restructuring charges

Restructuring charges	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring charges	14. Restructuring charges On February 13, 2023, the Company communicated to its employees that in response to current macroeconomic conditions and to further streamline its operations and cost structure, it would reduce its global workforce by approximately 10%. As a result, the Company recognized restructuring charges of $10.1 million in the first quarter of 2023, primarily consisting of $8.9 million of personnel expenses such as salaries and wages, one-time severance payments, and other benefits. The Company also recognized $1.2 million of stock-based compensation expense on the communication date, resulting from impacted employees having no future substantive service requirement but continuing to vest into their equity awards during legally required retention periods as well as certain modifications to enable additional vesting after impacted employees’ termination dates. The Company expects the restructuring to be complete by the end of the third quarter of 2023. Restructuring charges are presented as separate operating expenses within the Company’s condensed consolidated statements of operations. The following table summarizes the activity related to the restructuring liability recorded in accrued compensation and benefits in the accompanying condensed consolidated balance sheets (in thousands): Beginning balance— March 31, 2023 $ 4,544 Restructuring charges 135 Settlements (4,335) Ending balance— June 30, 2023 $ 344 Beginning balance— January 1, 2023 $ — Restructuring charges 9,055 Settlements (8,711) Ending balance— June 30, 2023 $ 344

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (25,735)	$ (29,380)	$ (70,279)	$ (55,029)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of consolidation and presentation	Basis of consolidation and presentation —
Segment information	Segment information — On March 1, 2023, Greg Brown became the Company’s new Chief Executive Officer and chief operating decision maker (“CODM”). The Company defines its segments as those operations the CODM regularly reviews to allocate resources and assess performance. For the three and six months ended June 30, 2023 and 2022, the Company operated under two operating and reportable segments: Enterprise and Consumer. The Company continually monitors and reviews its segment reporting structure in accordance with Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting, to determine whether any changes have occurred that would impact its reportable segments. For further information on the Com pany’s segment reporting, see Note 13 – Segment and geographic information.
Use of estimates	Use of estimates — The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the results of operations during the reporting periods. Significant estimates and assumptions reflected in the condensed consolidated financial statements include, but are not limited to, allowance for credit losses, capitalization of internally developed software and ass ociated useful lives, stock-based compensation, determination of the income tax valuation allowance and the potential outcome of uncertain tax positions, estimated instructor withholding tax obligations, estimated service period for consumer single course purchases, the period of benefit for deferred commissions, t he fair value and associated useful lives of intangible assets and goodwill acquired via business combinations, and the valuation of privately-held strategic investments, including impairments. Management periodically evaluates such estimates and assumptions for continued reasonableness. Actual results may ultimately differ from management’s estimates and such differences could be material to the Company’s financial position and results of operations.
Concentration of credit risk	Concentration of credit risk — Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, restricted cash, and accounts receivable. For cash and restricted cash, the Company is exposed to credit risk in the event of default by the financial institutions to the extent the amounts recorded on the accompanying condensed consolidated balance sheets are in excess of federal insurance limits. The Company’s investments, classified as cash equivalents and marketable securities, consist of high-credit-quality instruments and fixed-income securities.
Stock-based compensation	Stock-based compensation — The Company accounts for its stock-based compensation pursuant to ASC Topic 718, Compensation-Stock Compensation. The Company granted performance-based restricted stock units (“PSUs”) in the first quarter of 2023, which vest based on the achievement of predefined corporate performance metrics and are subject to ongoing service conditions. The Company determines the fair value of PSUs based on the fair value of the Company’s common stock on the date of grant. Because PSUs have both performance and service-based vesting conditions, the Company separately attributes stock-based compensation expense for each vesting tranche of the award over their requisite service periods.
Accounts receivable, net	Accounts receivable, net — Accounts receivable primarily represent amounts owed to the Company for Enterprise subscriptions. Also included in accounts receivable are amounts due from payment processors or mobile application store partners that settle over a period longer than five business days. Accounts receivable balances are recorded at the invoiced amount and are non-interest-bearing. Accounts receivable is presented net of allowance for credit losses in the accompanying condensed consolidated balance sheets. The Company maintains an allowance based upon expected credit losses of outstanding receivables. Management derives its estimate using a variety of factors, including historical collection and loss patterns; the current aging of receivables; geographic and other customer-specific credit risk factors; and reasonable and supportable forecasts of future economic conditions which inform adjustments to historical loss patterns. The provision for expected credit losses is recorded in general and administrative expenses in the accompanying condensed consolidated statements of operations. Accounts receivable deemed to be uncollectible are written off, net of expected or actual recoveries.
Self-insurance	Self-insurance —
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted There are no recently issued accounting pronouncements that are expected to have a material impact on the Company’s condensed consolidated financial statements.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Allowance for Credit Losses	Balance at Beginning of Period Charged to Expenses Charges Utilized/Written-off, Net of Recoveries Balance at End of Period Allowance for credit losses (in thousands) Six Months Ended June 30, 2023 $ 1,528 $ 1,011 $ (776) $ 1,763 Six Months Ended June 30, 2022 $ 678 $ 517 $ (117) $ 1,078

Revenue recognition (Tables)

Revenue recognition (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Summary of Deferred Revenue Balances by Reportable Segment	The below table presents a summary of deferred revenue balances by reportable segment (in thousands): June 30, December 31, December 31, 2023 2022 2021 Deferred revenue: Enterprise $ 229,456 $ 219,030 $ 148,966 Consumer 58,069 59,249 61,588 Total deferred revenue $ 287,525 $ 278,279 $ 210,554
Summary of Deferred Contract Costs	The following table represents a rollforward of the Company’s deferred contract costs (in thousands): Balance at Beginning of Period Additions Amortization Expense Balance at End of Period Six Months Ended June 30, 2023 $ 65,645 $ 30,036 $ (21,829) $ 73,852 Six Months Ended June 30, 2022 $ 44,545 $ 27,381 $ (13,965) $ 57,961

Investments and fair value me_2

Investments and fair value measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Investments on Condensed Consolidated Balance Sheets	The Company’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis within the fair value hierarchy are as follows (in thousands): As of June 30, 2023 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 281,719 $ — $ — Marketable securities: U.S. government securities $ — $ 142,287 $ — Non-current assets: Strategic investments $ — $ — $ 10,311 Non-current liabilities: Cash settled stock appreciation rights $ — $ — $ 30 As of December 31, 2022 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 130,377 $ — $ — U.S. government securities — 48,900 — Total cash equivalents $ 130,377 $ 48,900 $ — Marketable securities: U.S. government securities $ — $ 151,687 $ — Non-current assets: Strategic investments $ — $ — $ 12,104 Non-current liabilities: Cash settled stock appreciation rights $ — $ — $ 462
Summary of Investments on Condensed Consolidated Balance Sheets	The Company’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis within the fair value hierarchy are as follows (in thousands): As of June 30, 2023 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 281,719 $ — $ — Marketable securities: U.S. government securities $ — $ 142,287 $ — Non-current assets: Strategic investments $ — $ — $ 10,311 Non-current liabilities: Cash settled stock appreciation rights $ — $ — $ 30 As of December 31, 2022 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 130,377 $ — $ — U.S. government securities — 48,900 — Total cash equivalents $ 130,377 $ 48,900 $ — Marketable securities: U.S. government securities $ — $ 151,687 $ — Non-current assets: Strategic investments $ — $ — $ 12,104 Non-current liabilities: Cash settled stock appreciation rights $ — $ — $ 462
Summary of the Changes in the Fair Value of Level 3 Financial Instruments	A summary of the changes in the fair value of Level 3 financial instruments, of which remeasurement of SARs and impairment of strategic investments are recognized in the condensed consolidated statements of operations, is as follows (in thousands): Stock Appreciation Rights Strategic Investments Balance— March 31, 2023 $ 264 $ 12,104 Vesting and remeasurement of SARs 19 — Exercises of SARs (253) — Unrealized loss on strategic investments — (1,793) Balance— June 30, 2023 $ 30 $ 10,311 Balance— March 31, 2022 $ 508 $ 15,000 Vesting and remeasurement of SARs, net (89) — Balance— June 30, 2022 $ 419 $ 15,000 Balance— December 31, 2022 $ 462 $ 12,104 Vesting and remeasurement of SARs (179) — Exercises of SARs (253) — Unrealized loss on strategic investments — (1,793) Balance— June 30, 2023 $ 30 $ 10,311 Balance— December 31, 2021 $ 818 $ 10,000 Vesting and remeasurement of SARs, net (399) — Purchases of strategic investments — 5,000 Balance— June 30, 2022 $ 419 $ 15,000
Summary of the Changes in the Fair Value of Level 3 Financial Instruments	A summary of the changes in the fair value of Level 3 financial instruments, of which remeasurement of SARs and impairment of strategic investments are recognized in the condensed consolidated statements of operations, is as follows (in thousands): Stock Appreciation Rights Strategic Investments Balance— March 31, 2023 $ 264 $ 12,104 Vesting and remeasurement of SARs 19 — Exercises of SARs (253) — Unrealized loss on strategic investments — (1,793) Balance— June 30, 2023 $ 30 $ 10,311 Balance— March 31, 2022 $ 508 $ 15,000 Vesting and remeasurement of SARs, net (89) — Balance— June 30, 2022 $ 419 $ 15,000 Balance— December 31, 2022 $ 462 $ 12,104 Vesting and remeasurement of SARs (179) — Exercises of SARs (253) — Unrealized loss on strategic investments — (1,793) Balance— June 30, 2023 $ 30 $ 10,311 Balance— December 31, 2021 $ 818 $ 10,000 Vesting and remeasurement of SARs, net (399) — Purchases of strategic investments — 5,000 Balance— June 30, 2022 $ 419 $ 15,000

Consolidated balance sheet co_2

Consolidated balance sheet components (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Cash, Cash Equivalents, and Marketable Securities	The amortized cost, unrealized gains and losses, and estimated fair value of cash, cash equivalents, and marketable securities consisted of the following (in thousands): As of June 30, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and cash equivalents: Cash $ 41,508 $ — $ — $ 41,508 Money market funds 281,719 — — 281,719 Total cash and cash equivalents 323,227 — — 323,227 Marketable securities: U.S. government securities 142,298 21 (32) 142,287 Total cash, cash equivalents, and marketable securities $ 465,525 $ 21 $ (32) $ 465,514 As of December 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and cash equivalents: Cash $ 134,408 $ — $ — $ 134,408 Money market funds 130,377 — — 130,377 U.S. government securities 48,899 4 (3) 48,900 Total cash and cash equivalents 313,684 4 (3) 313,685 Marketable securities: U.S. government securities 151,900 30 (243) 151,687 Total cash, cash equivalents, and marketable securities $ 465,584 $ 34 $ (246) $ 465,372 Cash equivalents and marketable securities in an unrealized loss position consisted of the following (in thousands): June 30, 2023 December 31, 2022 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Cash equivalents: U.S. government securities $ — $ — $ 24,960 $ (3) Marketable securities: U.S. government securities 38,765 (32) 59,057 (243) Total securities in an unrealized loss position $ 38,765 $ (32) $ 84,017 $ (246)
Summary of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): June 30, December 31, 2023 2022 Leasehold improvements $ 19,020 $ 19,109 Computers and equipment 7,775 7,820 Furniture and fixtures 4,678 4,870 Purchased software 383 383 Construction in progress 12 — Total property and equipment 31,868 32,182 Less accumulated depreciation and amortization (26,383) (25,170) Property and equipment, net $ 5,485 $ 7,012
Summary of Capitalized Software, Net	Capitalized software, net consisted of the following (in thousands): June 30, December 31, 2023 2022 Capitalized software $ 74,797 $ 63,748 Less accumulated amortization (44,447) (36,336) Capitalized software, net $ 30,350 $ 27,412
Summary of Expected Amortization Expense	As of June 30, 2023, expected amortization expense for capitalized software over the remaining asset lives was as follows (in thousands): Remainder of 2023 $ 8,465 2024 13,319 2025 7,479 2026 1,087 Total expected amortization $ 30,350 The expected future amortization expense for intangible assets as of June 30, 2023 was as follows (in thousands): Remainder of 2023 $ 1,974 2024 2,795 2025 917 2026 917 2027 594 Total expected amortization $ 7,197
Summary of Intangible Assets Acquired through Business Combination	Intangible assets, net and goodwill— As of June 30, 2023, intangible assets, net acquired as part of the CorpU business combination were as follows (in thousands): Estimated Useful Lives Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net Customer relationships 6 years $ 5,500 $ (1,698) $ 3,802 Vendor relationships 3 years 4,500 (2,778) 1,722 Developed technology 3 years 4,200 (2,593) 1,607 Tradename 2 years 900 (834) 66 Total $ 15,100 $ (7,903) $ 7,197 As of December 31, 2022, intangible assets, net acquired as part of the CorpU business combination were as follows (in thousands): Estimated Useful Lives Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net Customer relationships 6 years $ 5,500 $ (1,239) $ 4,261 Vendor relationships 3 years 4,500 (2,028) 2,472 Developed technology 3 years 4,200 (1,893) 2,307 Tradename 2 years 900 (609) 291 Total $ 15,100 $ (5,769) $ 9,331

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Summary of Information Pertaining to Operating Leases	The Company recognized the following amounts related to its operating leases in its condensed consolidated statements of operations and cash flows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease costs $ 1,564 $ 1,698 $ 3,234 $ 3,399 Variable lease costs $ 231 $ 203 $ 545 $ 407 Cash paid for amounts included in the measurement of operating lease liabilities, net of lease incentives $ 3,697 $ 3,044
Summary of Future Minimum Lease Payments	Future minimum lease payments under noncancellable operating leases with initial lease terms in excess of one year as of June 30, 2023, were as follows (in thousands): 2023 $ 3,590 2024 5,918 2025 809 2026 410 Gross lease payments 10,727 Less imputed interest (364) Present value of operating lease liabilities $ 10,363

Accrued expenses and other cu_2

Accrued expenses and other current liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): June 30, December 31, 2023 2022 Accrued expenses $ 9,539 $ 8,494 Indirect tax reserves 3,914 6,627 Indirect tax payables 7,161 9,137 Other current liabilities 6,552 6,989 Accrued expenses and other current liabilities $ 27,166 $ 31,247
Summary of Changes to the Withholding Tax Reserve	Changes to the instructor withholding tax reserve are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Balance, beginning of period $ 2,572 $ 15,693 $ 2,528 $ 17,036 Amounts charged to (released from) expense 45 157 89 (1,186) Net payments and settlements — — — — Balance, end of period $ 2,617 $ 15,850 $ 2,617 $ 15,850

Stockholders' equity (Tables)

Stockholders' equity (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Common Stock Reserved for Future Issuance	As of June 30, 2023 and December 31, 2022, the following shares of common stock were available for future issuance: June 30, December 31, 2023 2022 2010 Equity Incentive Plan: Stock options outstanding 8,836,101 10,333,771 2021 Equity Incentive Plan: RSUs outstanding and PSUs (1) 18,667,968 16,178,101 Shares available for future issuance under: 2021 Equity Incentive Plan 4,865,969 2,814,126 2021 Employee Stock Purchase Plan 2,754,604 1,929,578 Total shares of common stock reserved 35,124,642 31,255,576 (1) The number of PSUs reserved for issuance is based on the maximum achievement of the corporate performance metric.
Summary of Option Activity	The following is a summary of activity for stock options having only service-based vesting conditions under the Equity Incentive Plans: Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Balance - December 31, 2022 10,283,771 $ 4.18 6.38 $ 66,234 Granted — — Exercised (1,362,403) 3.51 Canceled (135,267) 9.32 Balance - June 30, 2023 8,786,101 $ 4.21 2.82 $ 57,714 Vested & expected to vest as of June 30, 2023 8,786,101 $ 4.21 2.82 $ 57,714 Exercisable as of June 30, 2023 8,202,806 $ 4.03 2.73 $ 55,236
Summary of Stock Appreciation Rights	The following is a summary of activity for SARs under the Equity Incentive Plans: SARs Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Balance - December 31, 2022 81,770 $ 5.44 6.90 $ 418 Granted — — Exercised (67,781) 5.30 Canceled (9,289) 6.58 Balance - June 30, 2023 4,700 $ 5.11 6.48 $ 26 Vested & expected to vest as of June 30, 2023 4,700 $ 5.11 6.48 $ 26 Exercisable as of June 30, 2023 4,199 $ 4.95 6.45 $ 24
Summary of Restricted Stock Unit Activity	A summary of RSU and PSU activity under the 2021 Plan is as follows: RSUs Outstanding Weighted Average Grant Date Fair Value PSUs Outstanding Weighted Average Grant Date Fair Value Unvested - December 31, 2022 16,178,101 $ 17.37 — $ — Granted 5,908,855 $ 9.31 645,833 $ 8.89 Released (2,844,246) $ 16.92 — $ — Canceled (1,543,474) $ 16.31 — $ — Unvested - June 30, 2023 17,699,236 $ 14.84 645,833 $ 8.89
Summary of Performance-Based Options	A summary of RSU and PSU activity under the 2021 Plan is as follows: RSUs Outstanding Weighted Average Grant Date Fair Value PSUs Outstanding Weighted Average Grant Date Fair Value Unvested - December 31, 2022 16,178,101 $ 17.37 — $ — Granted 5,908,855 $ 9.31 645,833 $ 8.89 Released (2,844,246) $ 16.92 — $ — Canceled (1,543,474) $ 16.31 — $ — Unvested - June 30, 2023 17,699,236 $ 14.84 645,833 $ 8.89
Summary of Weighted Average Assumptions, Options	The following table summarizes the weighted-average assumptions used in the Black-Scholes option-pricing model to estimate the fair value of employee stock purchase rights granted under the new ESPP offering period: Three and Six Months Ended June 30, 2023 Risk-free interest rate 4.5% Expected volatility 69.7% Expected life (in years) 1.6 Expected dividend yield —%
Summary of Stock-Based Compensation Expense	Total stock-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of revenue $ 1,749 $ 989 $ 3,342 $ 1,829 Sales and marketing 8,099 5,007 15,376 9,144 Research and development 6,423 3,711 12,717 7,045 General and administrative 6,890 5,025 16,801 10,056 Restructuring charges — — 1,208 — Total stock-based compensation expense $ 23,161 $ 14,732 $ 49,444 $ 28,074

Net loss per share (Tables)

Net loss per share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Summary of Net Earnings (Loss) per Share	The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ (25,735) $ (29,380) $ (70,279) $ (55,029) Denominator: Weighted-average shares used in computing net loss per share Basic and diluted 148,071,315 140,035,203 146,910,959 139,691,508 Net loss per share Basic and diluted $ (0.17) $ (0.21) $ (0.48) $ (0.39)
Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss per Share	The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations, because the impact of including them would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Stock options 8,836,101 18,553,783 8,836,101 18,553,783 RSUs, PSUs, and restricted stock 18,297,774 8,049,418 18,297,774 8,049,418 Contingently issuable shares under ESPP 159,077 132,041 159,077 132,041 Total potentially dilutive securities 27,292,952 26,735,242 27,292,952 26,735,242

Segment and geographic inform_2

Segment and geographic information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Summary of Financial Information by Each Reportable Segment	Financial information for each reportable segment was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenue Enterprise $ 101,619 $ 74,627 $ 196,861 $ 139,538 Consumer 76,621 78,485 157,809 165,797 Total revenue 178,240 153,112 354,670 305,335 Segment cost of revenue Enterprise 33,952 24,682 66,819 46,845 Consumer 35,132 36,211 72,628 76,008 Total segment cost of revenue 69,084 60,893 139,447 122,853 Segment gross profit Enterprise 67,667 49,945 130,042 92,693 Consumer 41,489 42,274 85,181 89,789 Total segment gross profit 109,156 92,219 215,223 182,482 Reconciliation of segment gross profit to gross profit Amortization of capitalized software 4,270 3,015 8,173 5,739 Amortization of intangible assets 725 726 1,450 1,450 Depreciation 111 189 228 379 Stock-based compensation 1,748 989 3,341 1,829 Total reconciling items 6,854 4,919 13,192 9,397 Total gross profit $ 102,302 $ 87,300 $ 202,031 $ 173,085
Summary of Revenue by Region	The following table summarizes the revenue by region based on the billing address of the Company’s customers (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 North America $ 71,814 $ 62,863 $ 143,521 $ 123,451 Europe, Middle East, Africa 54,540 46,229 109,091 93,954 Asia Pacific 39,342 32,727 77,501 65,915 Latin America 12,544 11,293 24,557 22,015 Total revenue $ 178,240 $ 153,112 $ 354,670 $ 305,335
Summary of Long-lived Assets by Region	The following table presents the Company’s long-lived assets, which consist of tangible property and equipment, net of depreciation, and operating lease ROU assets, by geographic region (in thousands): June 30, December 31, 2023 2022 North America $ 9,782 $ 12,782 Rest of world 4,291 5,556 Total long-lived assets $ 14,073 $ 18,338

Restructuring charges (Tables)

Restructuring charges (Tables)	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Summary of Restructuring Charges	The following table summarizes the activity related to the restructuring liability recorded in accrued compensation and benefits in the accompanying condensed consolidated balance sheets (in thousands): Beginning balance— March 31, 2023 $ 4,544 Restructuring charges 135 Settlements (4,335) Ending balance— June 30, 2023 $ 344 Beginning balance— January 1, 2023 $ — Restructuring charges 9,055 Settlements (8,711) Ending balance— June 30, 2023 $ 344

Summary of significant accoun_4

Summary of significant accounting policies - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 segment	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 segment
Accounting Policies [Abstract]
Number of operating segments	2	2	2	2
Number of reportable segments	2	2	2	2
Self insurance | $	$ 1.1		$ 1.1

Summary of significant accoun_5

Summary of significant accounting policies - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 1,528	$ 678
Charged to Expenses	1,011	517
Charges Utilized/Written-off, Net of Recoveries	(776)	(117)
Balance at End of Period	$ 1,763	$ 1,078

Revenue recognition - Narrative

Revenue recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability, revenue recognized	$ 135.2	$ 115.2	$ 200.5	$ 157.8
Remaining performance obligation, amount	$ 509		$ 509
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	72%		72%
Revenue, remaining performance obligation, period	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	31%		31%
Revenue, remaining performance obligation, period

Revenue recognition - Summary o

Revenue recognition - Summary of Deferred Revenue Balances by Reportable Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total deferred revenue	$ 287,525	$ 278,279	$ 210,554
Enterprise
Disaggregation of Revenue [Line Items]
Total deferred revenue	229,456	219,030	148,966
Consumer
Disaggregation of Revenue [Line Items]
Total deferred revenue	$ 58,069	$ 59,249	$ 61,588

Revenue recognition - Summary_2

Revenue recognition - Summary of Deferred Contract Costs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Deferred contract costs [Roll Forward]
Balance at Beginning of Period	$ 65,645	$ 44,545
Amortization Expense	(21,829)	(13,965)
Additions	30,036	27,381
Balance at End of Period	$ 73,852	$ 57,961

Investments and fair value me_3

Investments and fair value measurements - Summary of Investments on Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Marketable securities	$ 465,514	$ 465,372
Strategic investments	10,311	12,104
Level 1
Assets
Cash equivalents		130,377
Strategic investments	0	0
Non-current liabilities:
Cash settled stock appreciation rights	0	0
Level 1 | U.S. government securities
Assets
Cash equivalents		0
Marketable securities	0	0
Level 1 | Money market funds
Assets
Cash equivalents	281,719	130,377
Level 2
Assets
Cash equivalents		48,900
Strategic investments	0	0
Non-current liabilities:
Cash settled stock appreciation rights	0	0
Level 2 | U.S. government securities
Assets
Cash equivalents		48,900
Marketable securities	142,287	151,687
Level 2 | Money market funds
Assets
Cash equivalents	0	0
Level 3
Assets
Cash equivalents		0
Strategic investments	10,311	12,104
Non-current liabilities:
Cash settled stock appreciation rights	30	462
Level 3 | U.S. government securities
Assets
Cash equivalents		0
Marketable securities	0	0
Level 3 | Money market funds
Assets
Cash equivalents	$ 0	$ 0

Investments and fair value me_4

Investments and fair value measurements - Summary of the Changes in the Fair Value of Level 3 Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Strategic Investments
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Vesting and remeasurement of SARs	$ 0	$ 0	$ 0	$ 0
Exercises of SARs	0		0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	12,104	15,000	12,104	10,000
Unrealized loss on strategic investments	(1,793)		(1,793)
Purchases of strategic investments				5,000
Ending balance	10,311	15,000	10,311	15,000
Stock Appreciation Rights
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	264	508	462	818
Vesting and remeasurement of SARs	19	(89)	(179)	(399)
Exercises of SARs	(253)		(253)
Unrealized loss on strategic investments	0		0
Ending balance	$ 30	$ 419	$ 30	419
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Purchases of strategic investments				$ 0

Investments and fair value me_5

Investments and fair value measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Impairment of strategic investment	$ 1,800	$ 1,800
Strategic investment’s cost basis	15,000	15,000
Strategic investments	10,311	10,311	$ 12,104
Cumulative impairment charges	$ 4,700	$ 4,700

Consolidated balance sheet co_3

Consolidated balance sheet components - Summary of Cash, Cash Equivalents, and Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Amortized Cost	$ 465,525	$ 465,584
Unrealized Gains	21	34
Unrealized Losses	(32)	(246)
Fair Value	465,514	465,372
Unrealized loss position, fair value	38,765	84,017
Cash and Cash Equivalents
Cash and Cash Equivalents [Line Items]
Amortized Cost	323,227	313,684
Unrealized Gains	0	4
Unrealized Losses	0	(3)
Fair Value	323,227	313,685
Unrealized loss position, fair value	0	24,960
Cash and Cash Equivalents | Cash
Cash and Cash Equivalents [Line Items]
Amortized Cost	41,508	134,408
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	41,508	134,408
Cash and Cash Equivalents | Money market funds
Cash and Cash Equivalents [Line Items]
Amortized Cost	281,719	130,377
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	281,719	130,377
Cash and Cash Equivalents | U.S. government securities
Cash and Cash Equivalents [Line Items]
Amortized Cost		48,899
Unrealized Gains		4
Unrealized Losses		(3)
Fair Value		48,900
Marketable Securities | U.S. government securities
Cash and Cash Equivalents [Line Items]
Amortized Cost	142,298	151,900
Unrealized Gains	21	30
Unrealized Losses	(32)	(243)
Fair Value	142,287	151,687
Unrealized loss position, fair value	$ 38,765	$ 59,057

Consolidated balance sheet co_4

Consolidated balance sheet components - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) security	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) security	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) security	Aug. 24, 2021 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Realized gains and losses reclassified from accumulated other comprehensive loss to other income (expense), net	$ 0		$ 0
Number of continuous unrealized loss position for twelve months or longer | security	0		0		0
Depreciation	$ 800	$ 1,100	$ 1,600	$ 2,300
Amortization of capitalized software	4,300	3,000	8,200	5,700
Amortization of intangible assets	1,000	$ 1,000	2,100	$ 2,100
Goodwill	$ 12,646		$ 12,646		$ 12,646
CorpU
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill						$ 12,600

Consolidated balance sheet co_5

Consolidated balance sheet components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 31,868	$ 32,182
Less accumulated depreciation and amortization	(26,383)	(25,170)
Property and equipment, net	5,485	7,012
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	19,020	19,109
Computers and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	7,775	7,820
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	4,678	4,870
Purchased software
Property, Plant and Equipment [Line Items]
Total property and equipment	383	383
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 12	$ 0

Consolidated balance sheet co_6

Consolidated balance sheet components - Summary of Capitalized Software, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capitalized software	$ 74,797	$ 63,748
Less accumulated amortization	(44,447)	(36,336)
Total expected amortization	$ 30,350	$ 27,412

Consolidated balance sheet co_7

Consolidated balance sheet components - Summary of Expected Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Remainder of 2023	$ 8,465
2024	13,319
2025	7,479
2026	1,087
Total expected amortization	$ 30,350	$ 27,412

Consolidated balance sheet co_8

Consolidated balance sheet components - Summary of Intangible Assets Acquired through Business Combination (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross	$ 15,100	$ 15,100
Accumulated Amortization	(7,903)	(5,769)
Intangible Assets, Net	$ 7,197	$ 9,331
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	6 years	6 years
Intangible Assets, Gross	$ 5,500	$ 5,500
Accumulated Amortization	(1,698)	(1,239)
Intangible Assets, Net	$ 3,802	$ 4,261
Vendor relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	3 years	3 years
Intangible Assets, Gross	$ 4,500	$ 4,500
Accumulated Amortization	(2,778)	(2,028)
Intangible Assets, Net	$ 1,722	$ 2,472
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	3 years	3 years
Intangible Assets, Gross	$ 4,200	$ 4,200
Accumulated Amortization	(2,593)	(1,893)
Intangible Assets, Net	$ 1,607	$ 2,307
Tradename
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	2 years	2 years
Intangible Assets, Gross	$ 900	$ 900
Accumulated Amortization	(834)	(609)
Intangible Assets, Net	$ 66	$ 291

Consolidated balance sheet co_9

Consolidated balance sheet components - Summary of Expected Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Remainder of 2023	$ 1,974
2024	2,795
2025	917
2026	917
2027	594
Total expected amortization	$ 7,197	$ 9,331

Leases - Summary of Information

Leases - Summary of Information Pertaining to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease costs	$ 1,564	$ 1,698	$ 3,234	$ 3,399
Variable lease costs	231	203	545	407
Cash paid for amounts included in the measurement of operating lease liabilities, net of lease incentives			$ 3,697	$ 3,044

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023	$ 3,590
2024	5,918
2025	809
2026	410
Gross lease payments	10,727
Less imputed interest	(364)
Present value of operating lease liabilities	$ 10,363

Accrued expenses and other cu_3

Accrued expenses and other current liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued expenses	$ 9,539	$ 8,494
Indirect tax reserves	3,914	6,627
Indirect tax payables	7,161	9,137
Other current liabilities	6,552	6,989
Accrued expenses and other current liabilities	$ 27,166	$ 31,247

Accrued expenses and other cu_4

Accrued expenses and other current liabilities - Schedule of Changes to Withholding Tax Reserve (Details) - Historical Tax Withholding Possible Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Loss Contingency Accrual [Roll Forward]
Balance, beginning of period	$ 2,572	$ 15,693	$ 2,528	$ 17,036
Amounts charged to (released from) expense	45	157	89	(1,186)
Net payments and settlements	0	0	0	0
Balance, end of period	$ 2,617	$ 15,850	$ 2,617	$ 15,850

Commitments and contingencies -

Commitments and contingencies - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Future minimum payments	$ 56.7

Income taxes - Narrative (Detai

Income taxes - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate, percent	(4.28%)	(1.10%)	(3.10%)	(1.20%)

Related party transactions (Det

Related party transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Revenue	$ 178,240	$ 153,112	$ 354,670	$ 305,335
Accounts receivable, net	86,995		86,995		$ 104,530
General and administrative	22,623	23,443	$ 48,957	45,096
Naspers
Related Party Transaction [Line Items]
Ownership percentage			5%
Affiliated Entity | Naspers Ltd. and Other Entity
Related Party Transaction [Line Items]
Revenue	400	400	$ 700	800
Accounts receivable, net	100		100		100
Affiliated Entity | Certain Vendors
Related Party Transaction [Line Items]
General and administrative	100	300	300	500
Board of Directors | Enterprise Subscription Offering
Related Party Transaction [Line Items]
Revenue	100	$ 100	200	$ 200
Accounts receivable, net	$ 0		$ 0		$ 400

Stockholders' equity - Narrativ

Stockholders' equity - Narrative (Details) $ / shares in Units, $ in Thousands				3 Months Ended		6 Months Ended
	May 20, 2023 USD ($)	Jan. 01, 2023 shares	Aug. 24, 2021 $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) vote $ / shares shares	Jun. 30, 2022 USD ($) shares	Dec. 31, 2022 $ / shares shares	Oct. 29, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares authorized (in shares)				50,000,000		50,000,000		50,000,000
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.00001		$ 0.00001		$ 0.00001
Number of votes per common stock | vote						1
Unrecognized compensation costs, options | $				$ 1,500		$ 1,500
Total shares of common stock reserved (in shares)				35,124,642		35,124,642		31,255,576
Stock-based compensation | $				$ 23,161	$ 14,732	$ 49,444	$ 28,074
Stock-based compensation capitalized as a software | $				$ 2,400	1,400	4,700	$ 2,600
Tender Offer to Sell Common Stock to an Investor
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $						$ 3,100
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term (in years)						10 years
Award vesting period (in years)						4 years
Unrecognized compensation costs, period for recognition (in years)						8 months 12 days
Stock options outstanding (in shares)				8,836,101		8,836,101		10,333,771
Stock Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term (in years)						10 years
Award vesting period (in years)						4 years
Granted (in shares)						0	0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition (in years)						3 years
Unrecognized compensation costs, excluding options | $				$ 224,100		$ 224,100
Restricted stock issued for business combination, grant date fair value (in dollars per share) | $ / shares				$ 14.84		$ 14.84		$ 17.37
Restricted Stock Units (RSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)						3 years
Restricted Stock Units (RSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)						4 years
Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition (in years)						1 year 10 months 24 days
Granted (in shares)						645,833
Corporate performance metric attainment percentage				0.83		0.83
Number of shares right to receive (in shares)						1
Award vesting rights, percentage						75%
Unrecognized compensation costs, excluding options | $				$ 3,900		$ 3,900
Stock options outstanding (in shares)				50,000		50,000
Restricted stock issued for business combination, grant date fair value (in dollars per share) | $ / shares				$ 8.89		$ 8.89		$ 0
Performance-Based Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage						0%
Performance-Based Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage						150%
Contingently issuable shares under ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition (in years)						1 year 10 months 24 days
Unrecognized compensation costs, excluding options | $				$ 11,200		$ 11,200
Total shares of common stock reserved (in shares)		1,450,137							2,800,000
Minimum annual increase in shares reserved for issuance						1%
Shares issued (in shares)						625,111
Incremental compensation cost | $	$ 5,900
Percent of outstanding shares						300%
Restricted stock | CorpU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition (in years)						1 year 2 months 12 days
Unrecognized compensation costs, excluding options | $				800		$ 800
Stock-based compensation | $				$ 100	$ 100	$ 300	$ 300
Restricted stock issued for business combination (in shares)			61,300
Restricted stock issued for business combination, grant date fair value (in dollars per share) | $ / shares			$ 34.14
2021 Stock incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares)				13,800,000		13,800,000
Annual percentage increase, term						0.05
Number of shares reserved for future issuance increased (in shares)		7,250,689
Granted (in shares)						0	0
Stock options outstanding (in shares)				8,786,101		8,786,101		10,283,771
Amended and Restated 2010 Equity Incentive Plan | Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)				19,791		19,791

Stockholders' equity - Summary

Stockholders' equity - Summary of Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved (in shares)	35,124,642	31,255,576
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	8,836,101	10,333,771
Restricted Stock Units RSU and Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs outstanding and PSUs (in shares)	18,667,968	16,178,101
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options available for future issuance (in shares)	4,865,969	2,814,126
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options available for future issuance (in shares)	2,754,604	1,929,578

Stockholders' equity - Summar_2

Stockholders' equity - Summary of Stock Option Activity (Details) - 2021 Stock incentive Plan - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Options Outstanding
Outstanding, beginning balance (in shares)	10,283,771
Granted (in shares)	0	0
Exercised (in shares)	(1,362,403)
Canceled (in shares)	(135,267)
Outstanding, ending balance (in shares)	8,786,101		10,283,771
Vested & expected to vest, awards outstanding (in shares)	8,786,101
Exercisable, awards outstanding (in shares)	8,202,806
Weighted Average Exercise Price
Outstanding, beginning balance (in USD per share)	$ 4.18
Granted (in USD per share)	0
Exercised (in USD per share)	3.51
Canceled (in USD per share)	9.32
Outstanding, ending balance (in USD per share)	4.21		$ 4.18
Vested & expected to vest, weighted average exercise price (in USD per shares)	4.21
Exercisable, weighted average exercise price (in USD per share)	$ 4.03
Outstanding, weighted average remaining contractual term	2 years 9 months 25 days		6 years 4 months 17 days
Outstanding, aggregate intrinsic value	$ 57,714		$ 66,234
Vested & expected to vest, weighted average remaining contractual term	2 years 9 months 25 days
Vested & expected to vest, aggregate intrinsic value	$ 57,714
Exercisable, weighted average remaining contractual term	2 years 8 months 23 days
Exercisable, aggregate intrinsic value	$ 55,236

Stockholders' equity - Summar_3

Stockholders' equity - Summary of SARs Activity (Details) - Stock Appreciation Rights - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
SARs Outstanding
Outstanding, beginning balance (in shares)	81,770
Granted (in shares)	0	0
Exercised (in shares)	(67,781)
Canceled (in shares)	(9,289)
Outstanding, ending balance (in shares)	4,700		81,770
Vested and expected to vest, SARs outstanding (in shares)	4,700
Exercisable, SARs outstanding (in shares)	4,199
Weighted Average Exercise Price
Outstanding, beginning balance (in USD per share)	$ 5.44
Granted (in USD per share)	0
Exercised (in USD per share)	5.30
Canceled (in USD per share)	6.58
Outstanding, ending balance (in USD per share)	5.11		$ 5.44
Vested and expected to vest, weighted average exercise price (in USD per shares)	5.11
Exercisable, weighted average exercise price (in USD per share)	$ 4.95
Outstanding, weighted average remaining contractual term	6 years 5 months 23 days		6 years 10 months 24 days
Outstanding, aggregate intrinsic value	$ 26		$ 418
Vested and expected to vest, weighted average remaining contractual term	6 years 5 months 23 days
Vested and expected to vest, aggregate intrinsic value	$ 26
Exercisable, weighted average remaining contractual term	6 years 5 months 12 days
Exercisable, aggregate intrinsic value	$ 24

Stockholders' equity - RSU Acti

Stockholders' equity - RSU Activity (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Restricted Stock Units (RSUs)
RSUs Outstanding
Unvested beginning balance (in shares) | shares	16,178,101
Granted (in shares) | shares	5,908,855
Released (in shares) | shares	(2,844,246)
Canceled (in shares) | shares	(1,543,474)
Unvested ending balance (in shares) | shares	17,699,236
Weighted Average Grant Date Fair Value
Unvested beginning balance (in USD per share) | $ / shares	$ 17.37
Granted (in USD per share) | $ / shares	9.31
Released (in USD per share) | $ / shares	16.92
Canceled (in USD per share) | $ / shares	16.31
Unvested ending balance (in USD per share) | $ / shares	$ 14.84
Performance-Based Awards
RSUs Outstanding
Unvested beginning balance (in shares) | shares	0
Granted (in shares) | shares	645,833
Released (in shares) | shares	0
Canceled (in shares) | shares	0
Unvested ending balance (in shares) | shares	645,833
Weighted Average Grant Date Fair Value
Unvested beginning balance (in USD per share) | $ / shares	$ 0
Granted (in USD per share) | $ / shares	8.89
Released (in USD per share) | $ / shares	0
Canceled (in USD per share) | $ / shares	0
Unvested ending balance (in USD per share) | $ / shares	$ 8.89

Stockholders' equity - Summar_4

Stockholders' equity - Summary of Weighted Average Assumptions, Options (Details) - Stock options	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.50%	4.50%
Expected volatility	69.70%	69.70%
Expected life (in years)	1 year 7 months 6 days	1 year 7 months 6 days
Expected dividend yield	0%	0%

Stockholders' equity - Stock-Ba

Stockholders' equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 23,161	$ 14,732	$ 49,444	$ 28,074
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	1,749	989	3,342	1,829
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	8,099	5,007	15,376	9,144
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	6,423	3,711	12,717	7,045
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	6,890	5,025	16,801	10,056
Restructuring charges
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 0	$ 0	$ 1,208	$ 0

Net loss per share - Summary of

Net loss per share - Summary of Net Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net loss	$ (25,735)	$ (29,380)	$ (70,279)	$ (55,029)
Net loss	$ (25,735)	$ (29,380)	$ (70,279)	$ (55,029)
Weighted-average shares used in computing net loss per share
Basic (in shares)	148,071,315	140,035,203	146,910,959	139,691,508
Diluted (in shares)	148,071,315	140,035,203	146,910,959	139,691,508
Net loss per share
Basic (in dollars per share)	$ (0.17)	$ (0.21)	$ (0.48)	$ (0.39)
Diluted (in dollars per share)	$ (0.17)	$ (0.21)	$ (0.48)	$ (0.39)

Net loss per share - Summary _2

Net loss per share - Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	27,292,952	26,735,242	27,292,952	26,735,242
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	8,836,101	18,553,783	8,836,101	18,553,783
RSUs, PSUs, and restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	18,297,774	8,049,418	18,297,774	8,049,418
Contingently issuable shares under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	159,077	132,041	159,077	132,041

Segment and geographic inform_3

Segment and geographic information - Narrative (Details) - segment	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting [Abstract]
Number of operating segments	2	2	2	2
Number of reportable segments	2	2	2	2

Segment and geographic inform_4

Segment and geographic information - Summary of Financial Information by Each Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 178,240	$ 153,112	$ 354,670	$ 305,335
Segment cost of revenue	75,938	65,812	152,639	132,250
Gross profit	102,302	87,300	202,031	173,085
Reconciliation of segment gross profit to gross profit
Amortization of capitalized software	4,300	3,000	8,200	5,700
Amortization of intangible assets	1,000	1,000	2,100	2,100
Depreciation	800	1,100	1,600	2,300
Stock-based compensation	23,161	14,732	49,444	28,074
Gross profit	102,302	87,300	202,031	173,085
Operating Segments
Segment Reporting Information [Line Items]
Revenue	178,240	153,112	354,670	305,335
Segment cost of revenue	69,084	60,893	139,447	122,853
Gross profit	109,156	92,219	215,223	182,482
Reconciliation of segment gross profit to gross profit
Gross profit	109,156	92,219	215,223	182,482
Segment Reconciling Items
Segment Reporting Information [Line Items]
Gross profit	6,854	4,919	13,192	9,397
Reconciliation of segment gross profit to gross profit
Amortization of capitalized software	4,270	3,015	8,173	5,739
Amortization of intangible assets	725	726	1,450	1,450
Depreciation	111	189	228	379
Stock-based compensation	1,748	989	3,341	1,829
Gross profit	6,854	4,919	13,192	9,397
Enterprise | Operating Segments
Segment Reporting Information [Line Items]
Revenue	101,619	74,627	196,861	139,538
Segment cost of revenue	33,952	24,682	66,819	46,845
Gross profit	67,667	49,945	130,042	92,693
Reconciliation of segment gross profit to gross profit
Gross profit	67,667	49,945	130,042	92,693
Consumer | Operating Segments
Segment Reporting Information [Line Items]
Revenue	76,621	78,485	157,809	165,797
Segment cost of revenue	35,132	36,211	72,628	76,008
Gross profit	41,489	42,274	85,181	89,789
Reconciliation of segment gross profit to gross profit
Gross profit	$ 41,489	$ 42,274	$ 85,181	$ 89,789

Segment and geographic inform_5

Segment and geographic information - Summary of Revenue by Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 178,240	$ 153,112	$ 354,670	$ 305,335
North America
Segment Reporting Information [Line Items]
Revenue	71,814	62,863	143,521	123,451
Europe, Middle East, Africa
Segment Reporting Information [Line Items]
Revenue	54,540	46,229	109,091	93,954
Asia Pacific
Segment Reporting Information [Line Items]
Revenue	39,342	32,727	77,501	65,915
Latin America
Segment Reporting Information [Line Items]
Revenue	$ 12,544	$ 11,293	$ 24,557	$ 22,015

Segment and geographic inform_6

Segment and geographic information - Summary of Long-lived Assets by Region (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total long-lived assets	$ 14,073	$ 18,338
North America
Segment Reporting Information [Line Items]
Total long-lived assets	9,782	12,782
Rest of world
Segment Reporting Information [Line Items]
Total long-lived assets	$ 4,291	$ 5,556

Restructuring charges (Details)

Restructuring charges (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
	Feb. 13, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Reduction in global workforce, percent	10%
Restructuring charges		$ 135	$ 10,100	$ 0	$ 10,263	$ 0
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 135	8,900		$ 9,055
Share-Based Payment Arrangement
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 1,200

Restructuring charges - Summary

Restructuring charges - Summary of Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Reserve [Roll Forward]
Restructuring charges	$ 135	$ 10,100	$ 0	$ 10,263	$ 0
Employee Severance
Restructuring Reserve [Roll Forward]
Beginning balance	4,544	0		0
Restructuring charges	135	8,900		9,055
Settlements	(4,335)			(8,711)
Ending balance	$ 344	$ 4,544		$ 344