Procore (PCOR) 10-Q 31 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-40396
Entity Registrant Name	Procore Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-1636261
Entity Address, Address Line One	6309 Carpinteria Avenue
Entity Address, City or Town	Carpinteria
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93013
City Area Code	866
Local Phone Number	477-6267
Title of 12(b) Security	Common stock, $0.0001 par value
Trading Symbol	PCOR
Security Exchange Name	NYSE
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		148,663,906
Amendment Flag	false
Entity Central Index Key	0001611052
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 439,298	$ 357,790
Marketable securities, current (amortized cost of $316,530 and $320,166 at September 30, 2024 and December 31, 2023, respectively)	317,650	320,161
Accounts receivable, net of allowance for credit losses of $4,550 and $4,791 at September 30, 2024 and December 31, 2023, respectively	173,386	206,644
Contract cost asset, current	32,150	28,718
Prepaid expenses and other current assets	54,248	42,421
Total current assets	1,016,732	955,734
Marketable securities, non-current (amortized cost of $52,283 and $0 at September 30, 2024 and December 31, 2023, respectively)	52,283	0
Capitalized software development costs, net	102,449	83,045
Property and equipment, net	35,952	36,258
Right of use assets - finance leases	32,391	34,375
Right of use assets - operating leases	32,676	44,141
Contract cost asset, non-current	44,593	44,564
Intangible assets, net	131,754	137,546
Goodwill	550,221	539,354
Other assets	19,686	18,551
Total assets	2,018,737	1,893,568
Current liabilities
Accounts payable	25,006	13,177
Accrued expenses	91,227	100,075
Deferred revenue, current	501,599	501,903
Other current liabilities	31,187	27,275
Total current liabilities	649,019	642,430
Deferred revenue, non-current	4,822	7,692
Finance lease liabilities, non-current	41,853	43,581
Operating lease liabilities, non-current	32,070	37,923
Other liabilities, non-current	5,324	6,332
Total liabilities	733,088	737,958
Contingencies (Note 9)
Stockholders’ equity
Preferred stock, $0.0001 par value, 100,000,000 shares authorized at September 30, 2024 and December 31, 2023; 0 shares issued and outstanding at September 30, 2024 and December 31, 2023.	0	0
Common stock, $0.0001 par value, 1,000,000,000 shares authorized at September 30, 2024 and December 31, 2023; 148,663,793 and 144,806,464 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively.	15	15
Additional paid-in capital	2,468,450	2,295,807
Accumulated other comprehensive loss	(314)	(1,375)
Accumulated deficit	(1,182,502)	(1,138,837)
Total stockholders’ equity	1,285,649	1,155,610
Total liabilities and stockholders’ equity	$ 2,018,737	$ 1,893,568

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Marketable securities, amortized cost, current	$ 316,530	$ 320,166
Allowance for credit losses	4,550	4,791
Marketable securities, amortized cost, noncurrent	$ 52,283	$ 0
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	148,663,793	144,806,464
Common stock, shares outstanding (in shares)	148,663,793	144,806,464

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Revenue	$ 295,885	$ 247,907	$ 849,660	$ 689,969
Cost of revenue	54,954	44,125	148,778	126,631
Gross profit	240,931	203,782	700,882	563,338
Operating expenses
Sales and marketing	141,370	129,672	390,286	372,397
Research and development	80,791	72,708	223,698	225,960
General and administrative	55,267	51,753	157,077	143,324
Total operating expenses	277,428	254,133	771,061	741,681
Loss from operations	(36,497)	(50,351)	(70,179)	(178,343)
Interest income	5,962	4,721	17,714	14,612
Interest expense	(488)	(490)	(1,439)	(1,477)
Accretion income, net	3,816	2,952	10,665	6,615
Other income (expense), net	466	(486)	(26)	(1,009)
Loss before (benefit from) provision for income taxes	(26,741)	(43,654)	(43,265)	(159,602)
(Benefit from) provision for income taxes	(353)	193	400	573
Net loss	$ (26,388)	$ (43,847)	$ (43,665)	$ (160,175)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.18)	$ (0.31)	$ (0.30)	$ (1.13)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.18)	$ (0.31)	$ (0.30)	$ (1.13)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	148,134,585	142,828,406	146,854,541	141,249,446
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	148,134,585	142,828,406	146,854,541	141,249,446
Other comprehensive income (loss)
Foreign currency translation adjustment, net of tax	$ 509	$ (565)	$ (64)	$ (186)
Unrealized gain on available-for-sale debt and marketable securities, net of tax	1,504	141	1,125	77
Total other comprehensive income (loss)	2,013	(424)	1,061	(109)
Comprehensive loss	$ (24,375)	$ (44,271)	$ (42,604)	$ (160,284)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		139,159,534
Beginning balance at Dec. 31, 2022	$ 1,116,780	$ 14	$ 2,068,225	$ (2,316)	$ (949,143)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		272,032
Exercise of stock options	3,651		3,651
Stock-based compensation	47,060		47,060
Issuance of common stock upon settlement of restricted stock units (in shares)		940,122
Other comprehensive income (loss)	308			308
Net loss	(63,447)				(63,447)
Ending balance (in shares) at Mar. 31, 2023		140,371,688
Ending balance at Mar. 31, 2023	1,104,352	$ 14	2,118,936	(2,008)	(1,012,590)
Beginning balance (in shares) at Dec. 31, 2022		139,159,534
Beginning balance at Dec. 31, 2022	1,116,780	$ 14	2,068,225	(2,316)	(949,143)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(160,175)
Ending balance (in shares) at Sep. 30, 2023		143,452,776
Ending balance at Sep. 30, 2023	1,123,751	$ 14	2,235,480	(2,425)	(1,109,318)
Beginning balance (in shares) at Mar. 31, 2023		140,371,688
Beginning balance at Mar. 31, 2023	1,104,352	$ 14	2,118,936	(2,008)	(1,012,590)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		549,328
Exercise of stock options	7,304		7,304
Stock-based compensation	44,647		44,647
Issuance of common stock upon settlement of restricted stock units (in shares)		963,723
Issuance of common stock for employee stock purchase plan (in shares)		316,042
Issuance of common stock for employee stock purchase plan	13,006		13,006
Other comprehensive income (loss)	7			7
Net loss	(52,881)				(52,881)
Ending balance (in shares) at Jun. 30, 2023		142,200,781
Ending balance at Jun. 30, 2023	1,116,435	$ 14	2,183,893	(2,001)	(1,065,471)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		311,427
Exercise of stock options	4,071		4,071
Stock-based compensation	47,516		47,516
Issuance of common stock upon settlement of restricted stock units (in shares)		940,568
Other comprehensive income (loss)	(424)			(424)
Net loss	(43,847)				(43,847)
Ending balance (in shares) at Sep. 30, 2023		143,452,776
Ending balance at Sep. 30, 2023	1,123,751	$ 14	2,235,480	(2,425)	(1,109,318)
Beginning balance (in shares) at Dec. 31, 2023		144,806,464
Beginning balance at Dec. 31, 2023	1,155,610	$ 15	2,295,807	(1,375)	(1,138,837)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		471,310
Exercise of stock options	7,140		7,140
Stock-based compensation	42,590		42,590
Issuance of common stock upon settlement of restricted stock units (in shares)		994,029
Other comprehensive income (loss)	(693)			(693)
Net loss	(10,966)				(10,966)
Ending balance (in shares) at Mar. 31, 2024		146,271,803
Ending balance at Mar. 31, 2024	1,193,681	$ 15	2,345,537	(2,068)	(1,149,803)
Beginning balance (in shares) at Dec. 31, 2023		144,806,464
Beginning balance at Dec. 31, 2023	$ 1,155,610	$ 15	2,295,807	(1,375)	(1,138,837)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	962,063
Net loss	$ (43,665)
Ending balance (in shares) at Sep. 30, 2024		148,663,793
Ending balance at Sep. 30, 2024	1,285,649	$ 15	2,468,450	(314)	(1,182,502)
Beginning balance (in shares) at Mar. 31, 2024		146,271,803
Beginning balance at Mar. 31, 2024	1,193,681	$ 15	2,345,537	(2,068)	(1,149,803)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		294,901
Exercise of stock options	2,779		2,779
Stock-based compensation	52,721		52,721
Issuance of common stock upon settlement of restricted stock units (in shares)		835,497
Issuance of common stock for employee stock purchase plan (in shares)		276,349
Issuance of common stock for employee stock purchase plan	13,187		13,187
Other comprehensive income (loss)	(259)			(259)
Net loss	(6,311)				(6,311)
Ending balance (in shares) at Jun. 30, 2024		147,678,550
Ending balance at Jun. 30, 2024	1,255,798	$ 15	2,414,224	(2,327)	(1,156,114)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		195,852
Exercise of stock options	2,452		2,452
Stock-based compensation	51,774		51,774
Issuance of common stock upon settlement of restricted stock units (in shares)		789,391
Other comprehensive income (loss)	2,013			2,013
Net loss	(26,388)				(26,388)
Ending balance (in shares) at Sep. 30, 2024		148,663,793
Ending balance at Sep. 30, 2024	$ 1,285,649	$ 15	$ 2,468,450	$ (314)	$ (1,182,502)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net loss	$ (43,665)	$ (160,175)
Adjustments to reconcile net loss to net cash provided by operating activities
Stock-based compensation	137,532	132,234
Depreciation and amortization	65,127	51,943
Accretion of discounts on marketable debt securities, net	(10,131)	(6,615)
Abandonment of long-lived assets	818	812
Noncash operating lease expense	7,906	7,932
Unrealized foreign currency loss, net	295	739
Deferred income taxes	4	7
Provision for credit losses	648	6,882
(Increase) decrease in fair value of strategic investments	(457)	155
Changes in operating assets and liabilities, net of effect of asset acquisitions and business combinations
Accounts receivable	34,296	3,144
Deferred contract cost assets	(3,217)	(5,099)
Prepaid expenses and other assets	(12,121)	(1,878)
Accounts payable	11,029	2,258
Accrued expenses and other liabilities	(8,475)	(1,975)
Deferred revenue	(6,268)	29,080
Operating lease liabilities	(6,205)	(8,172)
Net cash provided by operating activities	167,116	51,272
Investing activities
Purchases of property and equipment	(7,510)	(8,073)
Capitalized software development costs	(32,453)	(25,187)
Purchases of strategic investments	(1,917)	(526)
Purchases of marketable securities	(410,619)	(309,282)
Maturities of marketable securities	371,718	287,620
Sales of marketable securities	0	5,452
Originations of materials financing	0	(23,585)
Customer repayments of materials financing	1,571	21,053
Acquisition of a business, net of cash acquired	(25,945)	0
Asset acquisitions, net of cash acquired	(3,792)	(6,011)
Net cash used in investing activities	(108,947)	(58,539)
Financing activities
Proceeds from stock option exercises	12,371	15,094
Proceeds from employee stock purchase plan	13,187	13,006
Payment of deferred business combination consideration	(1,470)	0
Payment of deferred asset acquisition consideration	(81)	0
Principal payments under finance lease agreements, net of proceeds from lease incentives	(1,569)	(1,450)
Net cash provided by financing activities	22,438	26,650
Net increase in cash and cash equivalents	80,607	19,383
Effect of exchange rate changes on cash	901	(881)
Cash and cash equivalents, beginning of period	357,790	299,816
Cash and cash equivalents, end of period	439,298	318,318
Supplemental disclosure of cash flow information
Cash paid for interest other than finance leases	25	4
Cash paid for income taxes, net of refunds received	2,099	682
Stock-based compensation capitalized for cloud-computing arrangement costs	95	246
Cash received for lease incentives	394	537
Operating cash flows from finance leases	1,414	1,473
Operating cash flows from operating leases	8,142	9,710
Financing cash flows from finance leases	1,652	1,536
Noncash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expenses at period end	2,099	792
Capitalized software development costs included in accounts payable and accrued expenses at period end	3,907	1,693
Stock-based compensation capitalized for software development	9,458	6,743
Deferred asset acquisition payment included in other current liabilities and accrued expenses at period end	1,400	370
Right of use assets obtained or modified in exchange for operating lease liabilities	$ (3,599)	$ 13,638

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS Description of business Procore Technologies, Inc. (together with its subsidiaries, “Procore” or the “Company”) provides a cloud-based construction management platform and related products and services that allow the construction industry’s key stakeholders, such as owners, general contractors, specialty contractors, architects, and engineers, to collaborate on construction projects.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying condensed consolidated financial statements include the interim financial statements of Procore. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP” or “U.S. GAAP”) and are unaudited. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2023. The condensed consolidated balance sheet information as of December 31, 2023 has been derived from the Company’s audited consolidated financial statements. The condensed consolidated financial statements have been prepared on a basis consistent with that used to prepare the audited annual consolidated financial statements and include, in the opinion of management, all adjustments, consisting of normal recurring items, necessary for the fair statement of the condensed consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. Use of estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management periodically evaluates its estimates and assumptions for continued reasonableness, primarily with respect to revenue recognition, the period of benefit of contract cost assets, the fair value of assets acquired and liabilities assumed in a business combination or asset acquisition, stock-based compensation expense, the recoverability of goodwill and long-lived assets, useful lives of long-lived assets, capitalization of software development costs, income taxes, including related reserves and allowances, provision for credit losses, incremental borrowing rates and estimation of lease terms applied in lease accounting, and self-insurance reserve estimates. Appropriate adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation. Management bases its estimates on historical experience and on various other assumptions that management believes to be reasonable. Actual results could differ from the Company’s estimates. Segments The Company operates as a single operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), in deciding how to allocate resources and assess performance. The Company’s CODM is its Chief Executive Officer (“CEO”). In recent years, the Company has completed a number of acquisitions which have allowed it to expand its platform capabilities and related product and service offerings. While the Company provides different product and service offerings, including as a result of its acquisitions, its business operates as one operating segment because its CODM evaluates the Company’s financial information for purposes of assessing financial performance and allocating resources on a consolidated basis. Business combinations The Company assesses whether an acquisition is a business combination or an asset acquisition. If substantially all of the gross assets acquired are concentrated in a single asset or group of similar assets, then the acquisition is accounted for as an asset acquisition where the purchase consideration is allocated on a relative fair value basis to the assets acquired. Goodwill is not recorded in an asset acquisition. If the gross assets are not concentrated in a single asset or group of similar assets, then the Company determines if the set of assets acquired represents a business. A business is an integrated set of activities and assets capable of being conducted and managed for the purpose of providing a return. Depending on the nature of the acquisition, judgment may be required to determine if the set of assets acquired is a business combination or not. The Company applies the acquisition method of accounting for a business combination. Under this method of accounting, assets acquired and liabilities assumed are recorded at their respective fair values at the date of the acquisition. Any excess of the purchase price over the fair value of the net assets acquired is recognized as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company adjusts the provisional amounts of assets acquired and liabilities assumed with the corresponding offset to goodwill to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded within the Company’s consolidated statements of operations and comprehensive loss. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to estimated level of effort and related costs of reproducing or replacing the assets acquired, future cash inflows and outflows, and discount rates, among other items. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are assumed to be buyers and sellers in the principal (most advantageous) market for the asset or liability. Additionally, fair value measurements for an asset assume the highest and best use of that asset by market participants. As a result, the Company may be required to value the acquired assets at fair value measures that do not reflect its intended use of those assets. Use of different estimates and judgments could yield different results. Although the Company believes the assumptions and estimates it has made are reasonable and appropriate, they are based in part on historical experience and information that may be obtained from management of the acquired company and are inherently uncertain. Marketable securities Investments with stated maturities of greater than three months are classified as marketable securities, which consist of United States (“U.S.”) treasury securities, commercial paper, corporate notes and obligations, and time deposits. All marketable securities held as of September 30, 2024 and December 31, 2023 are classified as available-for-sale debt securities, which are recorded at fair value. The Company’s marketable securities are classified as either short-term or long-term in the accompanying condensed consolidated balance sheets based on the security’s contractual maturity at balance sheet date. The Company re-evaluates such classifications at each balance sheet date. The Company periodically assesses its portfolio of marketable securities for impairment. The Company evaluates each investment in an unrealized loss position to determine if any portion of the unrealized loss is related to credit losses. In determining whether a credit loss may exist, the Company considers the extent of the unrealized loss position, any adverse conditions specifically related to the security or the issuer’s operating environment, the pay structure of the security, the issuer’s payment history, and any changes in the issuer’s credit rating. Unrealized losses on marketable securities due to expected credit losses are recognized in other expense, net in the accompanying condensed consolidated statements of operations and comprehensive loss, and any excess unrealized gains and losses, net of tax, that are not due to expected credit losses are included in accumulated other comprehensive loss, a component of stockholders’ equity. During the nine months ended September 30, 2024 and 2023, there were no credit losses recorded on marketable securities. Interest recorded on marketable securities is recorded in interest income, with accretion of discounts, net of amortization of premiums, recorded in accretion income, net, on the accompanying condensed consolidated statements of operations and comprehensive loss. Materials financing revenues and receivables In connection with its acquisition of Express Lien, Inc. (d/b/a Levelset) (“Levelset”), in November 2021, the Company assumed a materials financing program to help facilitate the purchase of construction materials from fulfillment partners (the Company’s suppliers) on behalf of its customers, allowing such customers to finance their materials purchases from the Company on deferred payment terms. Prior to the Company ceasing originations under its materials financing program in October 2023, the fulfillment partner was primarily responsible for fulfilling the materials purchases and the Company did not have control over such materials. The Company earned revenues from origination fees and finance charges on the amounts it financed for customers on deferred payment terms, which were typically 120 days. Such fees earned were computed and recognized based on the effective interest method and are presented net of any related reserves and amortization of deferred origination costs. During the nine months ended September 30, 2024, credit losses incurred in connection with the Company’s materials financing program were immaterial. During the nine months ended September 30, 2023, the Company incurred credit losses of $7.0 million in connection with its materials financing program, which are recorded in general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive loss. Gross receivables outstanding from customers under the materials financing program were $5.7 million and the related allowance for expected credit losses for materials financing receivables was $3.8 million as of December 31, 2023. As of September 30, 2024, the entire gross materials financing receivables of $0.6 million were fully reserved. Materials financing receivables, net of allowances, are recorded within prepaid expenses and other current assets on the accompanying condensed consolidated balance sheets. Self-insurance reserves In January 2022, the Company elected to partially self-fund its health insurance plan. To reduce its risk related to high-dollar claims, the Company maintains individual stop-loss insurance. The Company estimates its exposure for claims incurred at the end of each reporting period, including claims not yet reported, with the assistance of an independent third-party actuary. As of September 30, 2024 and December 31, 2023, the Company’s self-insurance accrual was $2.6 million and $3.3 million, respectively, included within other current liabilities on the accompanying condensed consolidated balance sheets. Strategic investments Investments in equity securities The Company holds investments in equity securities of certain privately held companies, which do not have readily determinable fair values. The Company does not have a controlling interest or significant influence in these companies. The Company has elected to measure the non-marketable equity securities at cost, with remeasurements to fair value only upon the occurrence of observable price changes in orderly transactions for the identical or similar securities of the same issuer, or in the event of any impairment. This election is reassessed each reporting period to determine whether a non-marketable equity security has a readily determinable fair value, in which case the security would no longer be eligible for this election. All gains and losses on such equity securities, realized and unrealized, are recorded in other expense, net on the accompanying condensed consolidated statements of operations and comprehensive loss. The Company evaluates its non-marketable equity securities for impairment at each reporting period based on a qualitative assessment that considers various potential impairment indicators. If an impairment exists, a loss is recognized in the accompanying condensed consolidated statements of operations and comprehensive loss for the amount by which the carrying value exceeds the fair value of the investment. Investments in limited partnership funds The Company also holds investments in certain limited partnership funds. The Company does not hold a controlling interest or significant influence in these limited partnerships. The fair value of such investments is valued using the Net Asset Value (“NAV”) provided by the fund administrator as a practical expedient. Available-for-sale debt securities The Company also holds certain investments in debt securities of privately held companies, which are classified as available-for-sale debt securities. Such available-for-sale debt securities are recorded at fair value with changes in fair value recorded in other comprehensive loss. The Company periodically reviews its available-for-sale debt securities to determine if there has been an other-than-temporary decline in fair value. If the impairment is deemed other-than-temporary, the portion of the impairment related to credit losses is recognized in other (expense) income, net in the accompanying condensed consolidated statements of operations and comprehensive loss, and the portion related to non-credit related losses is recognized as a component of comprehensive loss. Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Fair value measurements are based on a fair value hierarchy using three levels of inputs, of which the first two are considered observable and the last is considered unobservable, as follows: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of September 30, 2024 and December 31, 2023, the carrying value of the Company’s financial instruments included in current assets and current liabilities (including accounts receivable, accounts payable, and accrued expenses) approximate fair value due to the short-term nature of such items. The Company measures its cash held in money market funds, marketable securities, and investments in available-for-sale debt securities at fair value each reporting period. The estimation of fair value for available-for-sale debt securities in private companies requires the use of significant unobservable inputs, and as a result, the Company classifies these assets as Level 3 within the fair value hierarchy. The Company’s investments in equity securities of privately held companies are recorded at fair value on a non-recurring basis. For investments without a readily determinable fair value, the Company looks to observable transactions, such as the issuance of new equity by an investee, as indicators of investee enterprise value and uses them to estimate the fair value of the investments. The Company’s investments in limited partnerships are valued using NAV as a practical expedient and therefore excluded from the fair value hierarchy. Restricted cash During the three months ended June 30, 2023, $3.1 million of restricted cash relating to corporate credit cards was released from restriction. The Company held no restricted cash as of September 30, 2024 and December 31, 2023. Deferred revenue Contract liabilities consist of revenue that is deferred when the Company has the contractual right to invoice in advance of transferring services to its customers. The Company recognized revenue of $238.0 million and $204.3 million during the three months ended September 30, 2024 and 2023, respectively, that was included in deferred revenue balances at the beginning of the respective periods. The Company recognized revenue of $439.8 million and $362.0 million during the nine months ended September 30, 2024 and 2023, respectively, that was included in deferred revenue balances at the beginning of the respective periods. Remaining performance obligations The transaction price allocated to remaining performance obligations (“RPO”) represents the contracted transaction price that has not yet been recognized as revenue, which includes deferred revenue and amounts under non-cancelable contracts that will be invoiced and recognized as revenue in future periods. The Company’s current RPO represents future revenue under existing contracts that is expected to be recognized as revenue in the next 12 months. As of September 30, 2024, the aggregate amount of the transaction price allocated to RPO was $1.1 billion, of which the Company expects to recognize $738.9 million, or approximately 69%, as revenue in the next 12 months, and substantially all of the remaining $334.6 million between 12 and 36 months thereafter.

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS Marketable securities Marketable securities consisted of the following as of September 30, 2024 (in thousands): Amortized Cost Gross Gross Fair Value U.S. treasury securities $ 133,454 $ 300 $ — $ 133,754 Commercial paper 36,023 59 (2) 36,080 Corporate notes and obligations 199,336 780 (17) 200,099 Total marketable securities $ 368,813 $ 1,139 $ (19) $ 369,933 Marketable securities consisted of the following as of December 31, 2023 (in thousands): Amortized Cost Gross Gross Fair Value U.S. treasury securities $ 128,479 $ 124 $ (27) $ 128,576 Commercial paper 47,415 1 (35) 47,381 Corporate notes and obligations 139,747 61 (128) 139,680 Time deposits 4,525 — (1) 4,524 Total marketable securities $ 320,166 $ 186 $ (191) $ 320,161 The following table summarizes the estimated fair value of investments classified as marketable securities by contractual maturity date (in thousands): September 30, December 31, Due within 1 year $ 317,650 $ 320,161 Due in 1 to 2 years 52,283 — Total marketable securities $ 369,933 $ 320,161 During the nine months ended September 30, 2024 and 2023, there were maturities of marketable securities of $371.7 million and $287.6 million, respectively. During the nine months ended September 30, 2023, there were sales of marketable securities of $5.5 million. There were no sales of marketable securities during the nine months ended September 30, 2024. Realized losses on sales of marketable securities are recorded in other expense, net on the condensed consolidated statements of operations and comprehensive loss. Such losses were immaterial during the nine months ended September 30, 2023. There were no impairments of marketable securities during the nine months ended September 30, 2024 or 2023. Strategic investments Strategic investment activity during the nine months ended September 30, 2024 is summarized as follows (in thousands): Equity Securities Limited Partnerships Available-for- Sale Debt Total Balance as of December 31, 2023 $ 7,179 $ 3,986 $ 362 $ 11,527 Interest accrued on available-for-sale debt securities — — 6 6 Purchases of strategic investments 498 1,419 — 1,917 Unrealized gain (loss) on strategic investments 671 (30) — 641 Impairment of strategic investments (184) — — (184) Balance as of September 30, 2024 $ 8,164 $ 5,375 $ 368 $ 13,907 Strategic investment activity during the nine months ended September 30, 2023 is summarized as follows (in thousands): Equity Securities Limited Partnerships Available-for- Sale Debt Total Balance as of December 31, 2022 $ 7,286 $ 3,402 $ 355 $ 11,043 Interest accrued on available-for-sale debt securities — — 5 5 Purchases of strategic investments — 526 — 526 Unrealized loss on strategic investments — (155) — (155) Balance as of September 30, 2023 $ 7,286 $ 3,773 $ 360 $ 11,419

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS Financial assets measured at fair value on a recurring basis within the fair value hierarchy are summarized as follows (in thousands): September 30, 2024 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 326,137 $ — $ — $ 326,137 U.S. treasury securities 23,106 — — 23,106 Commercial paper — 19,348 — 19,348 Corporate notes and obligations — 6,572 — 6,572 Marketable securities: U.S. treasury securities 133,754 — — 133,754 Commercial paper — 36,080 — 36,080 Corporate notes and obligations — 200,099 — 200,099 Strategic investments: Investments in available-for-sale debt securities — — 368 368 Total $ 482,997 $ 262,099 $ 368 $ 745,464 December 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 303,452 $ — $ — $ 303,452 Marketable securities: U.S. treasury securities 128,576 — — 128,576 Commercial paper — 47,381 — 47,381 Corporate notes and obligations — 139,680 — 139,680 Time deposits — 4,524 — 4,524 Strategic investments: Investments in available-for-sale debt securities — — 362 362 Total $ 432,028 $ 191,585 $ 362 $ 623,975

LEASES

LEASES	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
LEASES	LEASES The Company has primarily entered into lease arrangements for office space, in addition to other miscellaneous equipment. The Company’s leases have initial non-cancelable lease terms ranging from one During the nine months ended September 30, 2024, the Company modified its office lease in Austin, Texas to extend the lease terms and adjust the rent obligations, which resulted in an increase of $10.7 million in future rent commitments through 2036. Total operating lease commencements and modifications during the period resulted in net decreases to right of use assets–operating leases and corresponding operating lease liabilities on the accompanying condensed consolidated balance sheets of $3.6 million and $4.0 million, respectively, which primarily relate to the modified lease in Texas. These decreases to the asset and liability were primarily due to higher discount rates in 2024 as compared to the original lease commencement periods, and tenant improvement allowances.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS Intelliwave On May 30, 2024, the Company completed the acquisition of all outstanding equity of Intelliwave Technologies Inc. (“Intelliwave”), a construction materials management company, for $29.8 million in cash consideration, of which $1.5 million was paid during the three months ended September 30, 2024. The purpose of this acquisition was to accelerate development of the Company’s Workforce Management solution. On the acquisition date, $4.3 million in cash was placed in an escrow account held by a third-party escrow agent for potential breaches of representations, warranties, and indemnities. $3.8 million of the escrow amount was included in the purchase consideration and is scheduled to be released from escrow to Intelliwave stockholders 18 months after the acquisition date (subject to any indemnification claims), and $0.5 million of the escrow amount was excluded from the purchase consideration and is scheduled to be released from escrow to Intelliwave stockholders 24 months after the acquisition date (subject to any indemnification claims). The preliminary purchase consideration was allocated to the following assets and liabilities at the acquisition date (in thousands): Fair Value Useful Life Assets acquired Cash and cash equivalents $ 2,390 Accounts receivable 964 Prepaid expenses and other current assets 17 Other non-current assets 388 Developed technology intangible asset 16,000 7 years Customer relationships intangible asset 4,700 10 years Goodwill 11,333 Total assets acquired $ 35,792 Liabilities assumed Deferred revenue, current (2,210) Other current liabilities (2,605) Other non-current liabilities (388) Net deferred tax liabilities (790) Total liabilities assumed $ (5,993) Net assets acquired $ 29,799 The measurement period for the valuation of assets acquired and liabilities assumed ends as soon as information on the facts and circumstances that existed as of the acquisition date becomes available, but does not exceed 12 months. The purchase price allocation is subject to future adjustments, including to finalize the closing net working capital. During the three months ended September 30, 2024, the Company recorded a measurement period adjustment which did not have a material impact on goodwill. Developed technology intangible asset represents the fair value of Intelliwave’s technology, which was valued considering both the cost to rebuild and relief from royalty methods. Key assumptions under the cost to rebuild method include the estimated level of effort and related costs of reproducing or replacing the acquired technology. Key assumptions under the relief from royalty method include forecasted revenue to be generated from the developed technology, an estimated royalty rate applicable to the technology, and a discount rate. Developed technology is amortized on a straight-line basis, which approximates the pattern in which the economic benefits of the technology are consumed, over its estimated useful life of seven years. The amortization expense is recorded in cost of revenue in the accompanying condensed consolidated statements of operations and comprehensive loss. Customer relationships represent the fair value of the underlying relationships with Intelliwave’s existing customers, which were valued using the excess earnings method. Key assumptions under the excess earnings method include estimated future revenues, costs, cash flows, and a discount rate. The customer relationship intangible asset is amortized on a straight-line basis, which approximates the pattern in which the economic benefits of the customer relationships are consumed, over its estimated useful life of ten years. The amortization expense is recorded in sales and marketing expenses in the accompanying condensed consolidated statements of operations and comprehensive loss. The $11.3 million goodwill balance is primarily attributable to synergies and expanded market opportunities that are expected to be achieved from the integration of Intelliwave with the Company’s offerings and assembled workforce. Substantially all of the goodwill balance is not deductible for income taxes purposes. The Company issued 65,269 performance-based restricted stock units (“PSUs”) and 67,807 service-based restricted stock units (“RSUs”) at a grant date fair value of $68.96 per share in order to retain certain employees of Intelliwave. The PSUs issued to Intelliwave employees will vest upon the achievement of certain integration milestones. The total grant date fair value of the PSUs and RSUs was excluded from purchase consideration and is recognized as post-combination expense. See Note 10 to these condensed consolidated financial statements for details on how the Company expenses stock-based compensation. The Company has not separately presented pro forma results reflecting the acquisition of Intelliwave or revenue and operating losses of Intelliwave for the period from the acquisition date through September 30, 2024, as the impacts were not material to the condensed consolidated financial statements. The acquisition-related transaction costs were not material and were expensed as incurred in the accompanying condensed consolidated statements of operations and comprehensive loss.

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS AND GOODWILL	INTANGIBLE ASSETS AND GOODWILL Intangible assets During the nine months ended September 30, 2024, the Company completed the acquisition of Intelliwave, which was accounted for as a business combination, as described above in Note 6. During that period, the Company also acquired another developed technology for $3.9 million, which was accounted for as an asset acquisition. The acquired developed technology has an estimated useful life of four years, and the amortization expense is recorded in cost of revenue on the accompanying condensed consolidated statements of operations and comprehensive loss. The Company’s finite-lived and indefinite-lived intangible assets are summarized as follows (in thousands): September 30, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Remaining Useful Life (Years) Developed technology $ 186,183 $ (87,868) $ 98,315 4.1 Customer relationships 71,050 (40,459) 30,591 4.8 Total finite-lived intangible assets 257,233 (128,327) 128,906 4.3 In-process research and development 2,848 — 2,848 Total intangible assets $ 260,081 $ (128,327) $ 131,754 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Remaining Useful Life (Years) Developed technology $ 166,453 $ (67,221) $ 99,232 4.3 Customer relationships 66,350 (30,884) 35,466 4.2 Total finite-lived intangible assets 232,803 (98,105) 134,698 4.3 In-process research and development 2,848 — 2,848 Total intangible assets $ 235,651 $ (98,105) $ 137,546 The Company estimates that there is no significant residual value related to its finite-lived intangible assets. Amortization expense recorded on the Company’s finite-lived intangible assets is summarized as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenue $ 6,698 $ 5,506 $ 18,739 $ 16,492 Sales and marketing 3,224 3,106 9,475 9,319 Research and development 668 678 2,008 2,087 Total amortization of acquired intangible assets $ 10,590 $ 9,290 $ 30,222 $ 27,898 Goodwill The following table presents the changes in carrying amount of goodwill during the nine months ended September 30, 2024 (in thousands): Beginning balance $ 539,354 Additions 11,333 Other adjustments, net (1) (466) Ending balance $ 550,221 (1) Includes measurement period adjustments for Intelliwave and the effect of foreign currency translation. The addition to goodwill was due to the acquisition of Intelliwave, as disclosed in Note 6 to these condensed consolidated financial statements. There was no impairment of goodwill during the periods presented.

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
	Sep. 30, 2024
Accrued Liabilities, Current [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES The following represents the components of accrued expenses contained within the Company’s condensed consolidated balance sheets at the end of each period (in thousands): September 30, December 31, Accrued bonuses $ 19,058 $ 31,786 Accrued commissions 12,655 16,494 Accrued salary, payroll tax, and employee benefit liabilities 43,383 36,171 Other accrued expenses 16,131 15,624 Total accrued expenses $ 91,227 $ 100,075

CONTINGENCIES

CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES Litigation From time to time, the Company may be subject to various litigation matters arising in the ordinary course of business. However, the Company is not aware of any currently pending legal matters or claims that could have a material adverse effect on its financial position, results of operations, or cash flows should such litigation be resolved unfavorably. Indemnifications In the ordinary course of business, the Company may provide indemnification of varying scope and terms to customers, vendors, investors, directors, and officers with respect to certain matters, including, but not limited to, losses arising out of its breach of such agreements, breaches of confidentiality or data protection requirements, services to be provided by the Company, or from intellectual property infringement claims made by third parties. These indemnification provisions may survive termination of the underlying agreement and the maximum potential amount of future payments the Company could be required to make under these indemnification provisions may not be subject to maximum loss clauses or be covered by the Company’s insurance programs. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is indeterminable. The Company has never paid a material claim, nor has the Company been sued in connection with these indemnification arrangements. To date, the Company has not accrued a liability for these guarantees because the likelihood of incurring a payment obligation, if any, in connection with these guarantees is not probable or reasonably estimable.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION 2021 Equity Incentive Plan In May 2021, the Company’s board of directors (the “Board”) adopted, and the stockholders approved, the 2021 Equity Incentive Plan (the “2021 Plan”) with the purpose of granting stock-based awards, including stock options, stock appreciation rights, restricted stock awards (“RSAs”), RSUs, PSUs, and other forms of awards, to employees, directors, and consultants. As of December 31, 2023, a total of 44,622,937 shares of common stock were authorized for issuance under the 2021 Plan. The number of shares of the Company’s common stock reserved for issuance under the 2021 Plan automatically increases on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to either (i) 5% of the total number of shares of the Company’s common stock outstanding on December 31 of the fiscal year before the date of each automatic increase, or (ii) a lesser number of shares determined by the Board prior to the applicable January 1. Accordingly, on January 1, 2024, the number of shares of common stock that may be issued under the 2021 Plan increased by an additional 7,240,323 shares. As a result, as of September 30, 2024, a total of 51,863,260 shares of common stock are authorized for issuance under the 2021 Plan. As of September 30, 2024, a total of 33,973,395 shares of common stock were available for issuance under the 2021 Plan. No stock options have been issued under the 2021 Plan. Stock options No stock options were granted during the periods presented. The following table summarizes the stock option activity during the nine months ended September 30, 2024: Number of Weighted- Outstanding at December 31, 2023 4,340,052 $ 12.57 Exercised (962,063) 12.86 Canceled/Forfeited (750) 19.16 Outstanding at September 30, 2024 3,377,239 12.48 Exercisable at September 30, 2024 3,377,239 $ 12.48 As of September 30, 2024, there is no unrecognized stock-based compensation cost for stock options previously granted by the Company. Restricted stock units Service-based restricted stock units In 2018, the Company began issuing RSUs to certain employees, officers, non-employee consultants, and directors. Other than as described below, all of the RSUs granted subsequent to the Company’s initial public offering (“IPO”) vest based solely on continued service, which is generally over four years, on either a quarterly or annual vesting schedule. The following table summarizes the RSU activity during the nine months ended September 30, 2024: Number of Weighted- Outstanding at December 31, 2023 7,382,073 $ 59.35 Granted 3,612,068 74.43 Vested (2,603,690) 60.54 Canceled/Forfeited (1,011,285) 64.78 Outstanding at September 30, 2024 7,379,166 $ 65.63 As of September 30, 2024, the total unrecognized stock‑based compensation cost for all RSUs outstanding was $453.8 million, which is expected to be recognized over a weighted‑average vesting period of 2.6 years. Performance-based restricted stock units Beginning in 2022, the Company granted PSUs to certain non-executive employees with vesting terms based on the achievement of certain operating performance goals. In March 2024, the Company granted its CEO an aggregate target number of 46,986 PSUs (the “CEO PSUs”) that will vest (if at all) over a three-year period, subject to the achievement of certain financial performance goals and continued service through the applicable vesting date. The actual number of CEO PSUs that become eligible to vest will be determined based on the attainment level of the applicable performance goal, as certified by the Compensation Committee of the Board. A target number of 35,239 CEO PSUs (75% of the CEO PSUs) will become eligible to vest based on the attainment level of a revenue performance goal for fiscal year 2024, which was set at the beginning of fiscal year 2024, with a payout range of 0% to 200% of target. A target number of 11,747 CEO PSUs (25% of the CEO PSUs) will become eligible to vest based on the attainment of a non-GAAP operating margin performance goal for fiscal year 2024, which was set at the beginning of fiscal year 2024, with a payout range of 0% to 150% of target. One third of the CEO PSUs that become eligible to vest will vest on February 20, 2025 (or a subsequent quarterly vesting date, to the extent the number of CEO PSUs eligible to vest have not been certified by such date). The remaining CEO PSUs that become eligible to vest will vest in substantially equal installments quarterly over the two years following February 20, 2025. The Company recognizes compensation expense for PSUs in the period in which it becomes probable that the underlying performance target will be achieved. Compensation expense for awards that contain performance conditions is calculated using the graded vesting method and the portion of expense recognized in any period may fluctuate depending on changing estimates of the achievement of the performance conditions. The following table summarizes the PSU activity during the nine months ended September 30, 2024: Number of Weighted- Outstanding at December 31, 2023 77,971 $ 55.63 Granted (1) 112,255 74.49 Vested (15,227) 63.52 Outstanding at September 30, 2024 174,999 $ 67.04 (1) This represents awards granted at 100% attainment of the performance conditions. As of September 30, 2024, the total unrecognized stock‑based compensation cost for all PSUs outstanding was $4.6 million, which is expected to be recognized over a weighted‑average vesting period of 1.7 years. Restricted stock awards In November 2021, the Company issued 199,670 RSAs to certain key employees in connection with the acquisition of Levelset that vest based on their continued service over a two-year period. The fair value of the RSAs issued was $95.05 per share, which was the closing trading stock price of the Company’s common stock on the acquisition date. These shares are released from restriction quarterly over a two-year period assuming the continued service of the employees. As of September 30, 2024 and December 31, 2023, all shares had vested, as such there was no stock-based compensation expense recognized during the nine months ended September 30, 2024. During the nine months ended September 30, 2023, the Company recognized stock-based compensation expense of $7.7 million, including $5.5 million related to RSAs whose vesting was accelerated upon the departure of certain employees. During the nine months ended September 30, 2023, the Company also expensed $3.4 million related to the accelerated vesting of cash retention amounts upon such employees’ departure. Employee Stock Purchase Plan In May 2021, the Board adopted, and the stockholders approved, the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective immediately prior to the effective date of the Company’s IPO. As of December 31, 2023, a total of 5,332,064 shares of common stock had been reserved for issuance under the ESPP. The number of shares of the Company’s common stock reserved for issuance under the ESPP automatically increases on January 1 of each year for a period of ten years, beginning on January 1, 2022 and continuing through January 1, 2031, by the lesser of (i) 1% of the total number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding year; and (ii) 3,900,000 shares, except before the date of any such increase, the Board may determine that such increase will be less than the amount set forth in clauses (i) and (ii). Accordingly, on January 1, 2024, the number of shares of common stock reserved under the ESPP increased by an additional 1,448,064 shares. The offering periods are scheduled to start in May and November of each year. The ESPP provides for consecutive offering periods that will typically have a duration of 12 months in length and comprise two purchase periods of six months in length, subject to reset and rollover provisions. The ESPP provides eligible employees with an opportunity to purchase shares of the Company’s common stock through payroll deductions of up to 15% of their eligible compensation, subject to a maximum of $25,000 of stock per calendar year. A participant may purchase a maximum of 2,500 shares of common stock during a purchase period. Amounts deducted and accumulated by the participant are used to purchase shares of common stock at the end of each six-month purchase period. The purchase price of the shares will be 85% of the lower of the fair market value of the common stock on (i) the first trading day of the applicable offering period and (ii) the last trading day of each purchase period in the related offering period. However, in the event the fair value of the common stock on the purchase date is lower than the fair value on the first trading day of the offering period, the offering period is terminated immediately following the purchase and a new offering period begins the following day. Participants may end their participation at any time prior to the last 15 days of a purchase period and will be repaid their accrued contributions that have not yet been used to purchase shares of common stock. Participation ends automatically upon termination of employment. The fair value of the ESPP purchase rights on the date of grant using the Black-Scholes option pricing model was estimated using the following assumptions during the nine months ended September 30, 2024: Risk-free interest rate 5.04% to 5.33% Expected term (in years) 0.5 to 1.0 Estimated dividend yield 0.00% Estimated weighted-average volatility 29.90% to 39.27% The term of the ESPP purchase rights is the offering period. Beginning in the fourth quarter of 2023, the Company estimates volatility for ESPP purchase rights based on the historical volatility of its own common stock price. Prior to that, given the Company’s limited trading history, the Company estimated volatility using the historical volatilities of a group of public companies in a similar industry and stage of life cycle, selected by management, in addition to considering the Company’s own historical volatility, for a period commensurate with the term of the ESPP purchase rights. The interest rate is derived from government bonds with a similar term to the ESPP purchase right granted. The Company has not declared, nor does it expect to declare, dividends in the foreseeable future. Consequently, an expected dividend yield of zero was utilized. The fair value of the Company’s common stock used to value ESPP purchase rights is based on the trading price of its publicly traded common stock. Employee payroll contributions accrued in connection with the ESPP were $9.8 million and $5.0 million as of September 30, 2024 and December 31, 2023, respectively, and are included within accrued expenses on the accompanying condensed consolidated balance sheets. Employee payroll contributions ultimately used to purchase shares will be reclassified to stockholders’ equity on the purchase date. Stock-based compensation expense related to the ESPP is recognized on a straight-line basis over the offering period. During the nine months ended September 30, 2024 and 2023, the Company recognized stock-based compensation expense of $6.6 million and $7.9 million, respectively, in connection with the ESPP. During the nine months ended September 30, 2024 and 2023, 276,349 and 316,042 shares of the Company’s common stock were purchased under the ESPP, respectively. As of September 30, 2024, unrecognized stock-based compensation expense related to the ESPP was $4.6 million, which is expected to be recognized over a weighted-average period of 0.4 years. Stock-based compensation The Company recorded total stock-based compensation cost from stock options, RSUs, PSUs, RSAs, and the ESPP as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenue $ 2,079 $ 1,931 $ 6,015 $ 5,509 Sales and marketing 13,924 14,310 42,408 41,781 Research and development 18,311 16,347 49,657 52,395 General and administrative 13,861 12,221 39,452 32,549 Total stock-based compensation expense $ 48,175 $ 44,809 $ 137,532 $ 132,234 Stock-based compensation capitalized for software development and cloud-computing arrangement implementation costs 3,599 2,706 9,553 6,989 Total stock-based compensation cost $ 51,774 $ 47,515 $ 147,085 $ 139,223

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended September 30, 2024 and 2023, income tax (benefits) expenses recorded by the Company were $(0.4) million and $0.2 million, respectively. For the nine months ended September 30, 2024 and 2023, income tax expenses recorded by the Company were $0.4 million and $0.6 million, respectively. As of September 30, 2024, the Company maintained a full valuation allowance on its U.S. federal and state net deferred tax assets as it was more likely than not that those deferred tax assets would not be realized. In determining quarterly provisions for income taxes, the Company uses the annual estimated effective tax rate applied to the actual year-to-date income or loss, adjusted for discrete items, if any, arising in that quarter. The Company’s annual estimated effective tax rate differs from the U.S. federal statutory rate of 21% primarily as a result of state taxes, foreign taxes, and changes in the Company’s valuation allowance.

NET LOSS PER SHARE

NET LOSS PER SHARE	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE Basic and diluted net loss per share is presented in conformity with the two-class method required for participating securities. Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. As the Company has reported net losses attributable to common stockholders for all periods presented, all potentially dilutive securities are anti-dilutive and accordingly, basic net loss per share attributable to common stockholders equals diluted net loss per share attributable to common stockholders. The following weighted-average potentially dilutive shares are excluded from the calculation of diluted earnings per share as they are anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 RSUs, PSUs, and RSAs subject to future vesting 7,797,263 8,536,196 7,718,910 8,706,812 Shares issuable pursuant to the ESPP 462,177 626,176 397,394 506,780 Shares of common stock issuable from stock options 3,477,429 4,691,842 3,772,744 5,147,097 Total 11,736,869 13,854,214 11,889,048 14,360,689

GEOGRAPHIC INFORMATION

GEOGRAPHIC INFORMATION	9 Months Ended
	Sep. 30, 2024
Geographic Areas, Revenues from External Customers [Abstract]
GEOGRAPHIC INFORMATION	GEOGRAPHIC INFORMATION The following table sets forth the Company’s revenues by geographic region, which is determined based on the billing location of the customer (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue by geographic region: U.S. $ 251,806 $ 212,902 $ 724,273 $ 593,135 Rest of the world 44,079 35,005 125,387 96,834 Total revenue $ 295,885 $ 247,907 $ 849,660 $ 689,969 Percentage of revenue by geographic region: U.S. 85 % 86 % 85 % 86 % Rest of the world 15 % 14 % 15 % 14 %

RESTRUCTURING

RESTRUCTURING	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING	RESTRUCTURING In January 2024, the Company executed a reduction of 4% of its global workforce as part of its ongoing evaluation of its operations to ensure alignment of its workforce with, and to enable greater investment in, key growth opportunities. The reduction in force was completed by March 31, 2024. The following table summarizes the severance and other benefit costs incurred during the nine months ended September 30, 2024 by line item within the condensed consolidated statement of operations and comprehensive loss (in thousands) related to this restructuring event: Cost of revenue $ 318 Sales and marketing 1,298 Research and development 1,750 General and administrative 819 Total restructuring-related costs $ 4,185 As of September 30, 2024 , the remaining liability was immaterial for restructuring-related costs.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (26,388)	$ (43,847)	$ (43,665)	$ (160,175)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Benjamin C. Singer [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Type of Trading Arrangement Name and Position Action Adoption/Termination Date Rule 10b5-1* Non-Rule 10b5-1** Total Shares of Common Stock to be Sold*** Expiration Date Benjamin C. Singer, Chief Legal Officer & Corporate Secretary Adoption August 15, 2024 x 76,928**** November 30, 2025 * Contract, instruction, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. ** “Non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K under the Exchange Act. ***Represents the maximum number of shares that may be sold pursuant to the Rule 10b5-1 trading arrangement. The number of shares actually sold may be lower and will depend on the satisfaction of certain conditions as set forth in the written plan. **** The actual number of shares that will be sold under this Rule 10b5-1 trading arrangement will be based in part on the number of shares sold to satisfy tax withholding obligations arising from the vesting of certain shares subject to the trading arrangement, which number is not yet determinable.
Name	Benjamin C. Singer
Title	Chief Legal Officer & Corporate Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 15, 2024
Expiration Date	November 30, 2025
Arrangement Duration	472 days
Aggregate Available	76,928	76,928

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying condensed consolidated financial statements include the interim financial statements of Procore. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP” or “U.S. GAAP”) and are unaudited. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2023. The condensed consolidated balance sheet information as of December 31, 2023 has been derived from the Company’s audited consolidated financial statements. The condensed consolidated financial statements have been prepared on a basis consistent with that used to prepare the audited annual consolidated financial statements and include, in the opinion of management, all adjustments, consisting of normal recurring items, necessary for the fair statement of the condensed consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.
Use of estimates	Use of estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management periodically evaluates its estimates and assumptions for continued reasonableness, primarily with respect to revenue recognition, the period of benefit of contract cost assets, the fair value of assets acquired and liabilities assumed in a business combination or asset acquisition, stock-based compensation expense, the recoverability of goodwill and long-lived assets, useful lives of long-lived assets, capitalization of software development costs, income taxes, including related reserves and allowances, provision for credit losses, incremental borrowing rates and estimation of lease terms applied in lease accounting, and self-insurance reserve estimates. Appropriate adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation. Management bases its estimates on historical experience and on various other assumptions that management believes to be reasonable. Actual results could differ from the Company’s estimates.
Segments	Segments The Company operates as a single operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), in deciding how to allocate resources and assess performance. The Company’s CODM is its Chief Executive Officer (“CEO”). In recent years, the Company has completed a number of acquisitions which have allowed it to expand its platform capabilities and related product and service offerings. While the Company provides different product and service offerings, including as a result of its acquisitions, its business operates as one operating segment because its CODM evaluates the Company’s financial information for purposes of assessing financial performance and allocating resources on a consolidated basis.
Business combinations	Business combinations The Company assesses whether an acquisition is a business combination or an asset acquisition. If substantially all of the gross assets acquired are concentrated in a single asset or group of similar assets, then the acquisition is accounted for as an asset acquisition where the purchase consideration is allocated on a relative fair value basis to the assets acquired. Goodwill is not recorded in an asset acquisition. If the gross assets are not concentrated in a single asset or group of similar assets, then the Company determines if the set of assets acquired represents a business. A business is an integrated set of activities and assets capable of being conducted and managed for the purpose of providing a return. Depending on the nature of the acquisition, judgment may be required to determine if the set of assets acquired is a business combination or not. The Company applies the acquisition method of accounting for a business combination. Under this method of accounting, assets acquired and liabilities assumed are recorded at their respective fair values at the date of the acquisition. Any excess of the purchase price over the fair value of the net assets acquired is recognized as goodwill. During the measurement period, which may be up to one year from the acquisition date, the Company adjusts the provisional amounts of assets acquired and liabilities assumed with the corresponding offset to goodwill to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded within the Company’s consolidated statements of operations and comprehensive loss. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to estimated level of effort and related costs of reproducing or replacing the assets acquired, future cash inflows and outflows, and discount rates, among other items. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are assumed to be buyers and sellers in the principal (most advantageous) market for the asset or liability. Additionally, fair value measurements for an asset assume the highest and best use of that asset by market participants. As a result, the Company may be required to value the acquired assets at fair value measures that do not reflect its intended use of those assets. Use of different estimates and judgments could yield different results. Although the Company believes the assumptions and estimates it has made are reasonable and appropriate, they are based in part on historical experience and information that may be obtained from management of the acquired company and are inherently uncertain.
Marketable securities	Marketable securities Investments with stated maturities of greater than three months are classified as marketable securities, which consist of United States (“U.S.”) treasury securities, commercial paper, corporate notes and obligations, and time deposits. All marketable securities held as of September 30, 2024 and December 31, 2023 are classified as available-for-sale debt securities, which are recorded at fair value. The Company’s marketable securities are classified as either short-term or long-term in the accompanying condensed consolidated balance sheets based on the security’s contractual maturity at balance sheet date. The Company re-evaluates such classifications at each balance sheet date. The Company periodically assesses its portfolio of marketable securities for impairment. The Company evaluates each investment in an unrealized loss position to determine if any portion of the unrealized loss is related to credit losses. In determining whether a credit loss may exist, the Company considers the extent of the unrealized loss position, any adverse conditions specifically related to the security or the issuer’s operating environment, the pay structure of the security, the issuer’s payment history, and any changes in the issuer’s credit rating. Unrealized losses on marketable securities due to expected credit losses are recognized in other expense, net in the accompanying condensed consolidated statements of operations and comprehensive loss, and any excess unrealized gains and losses, net of tax, that are not due to expected credit losses are included in accumulated other comprehensive loss, a component of stockholders’ equity. During the nine months ended September 30, 2024 and 2023, there were no credit losses recorded on marketable securities. Interest recorded on marketable securities is recorded in interest income, with accretion of discounts, net of amortization of premiums, recorded in accretion income, net, on the accompanying condensed consolidated statements of operations and comprehensive loss.
Materials financing revenues and receivables	Materials financing revenues and receivables In connection with its acquisition of Express Lien, Inc. (d/b/a Levelset) (“Levelset”), in November 2021, the Company assumed a materials financing program to help facilitate the purchase of construction materials from fulfillment partners (the Company’s suppliers) on behalf of its customers, allowing such customers to finance their materials purchases from the Company on deferred payment terms. Prior to the Company ceasing originations under its materials financing program in October 2023, the fulfillment partner was primarily responsible for fulfilling the materials purchases and the Company did not have control over such materials. The Company earned revenues from origination fees and finance charges on the amounts it financed for customers on deferred payment terms, which were typically 120 days. Such fees earned were computed and recognized based on the effective interest method and are presented net of any related reserves and amortization of deferred origination costs. During the nine months ended September 30, 2024, credit losses incurred in connection with the Company’s materials financing program were immaterial. During the nine months ended September 30, 2023, the Company incurred credit losses of $7.0 million in connection with its materials financing program, which are recorded in general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive loss.
Self-insurance reserves	Self-insurance reserves
Strategic Investments	Strategic investments Investments in equity securities The Company holds investments in equity securities of certain privately held companies, which do not have readily determinable fair values. The Company does not have a controlling interest or significant influence in these companies. The Company has elected to measure the non-marketable equity securities at cost, with remeasurements to fair value only upon the occurrence of observable price changes in orderly transactions for the identical or similar securities of the same issuer, or in the event of any impairment. This election is reassessed each reporting period to determine whether a non-marketable equity security has a readily determinable fair value, in which case the security would no longer be eligible for this election. All gains and losses on such equity securities, realized and unrealized, are recorded in other expense, net on the accompanying condensed consolidated statements of operations and comprehensive loss. The Company evaluates its non-marketable equity securities for impairment at each reporting period based on a qualitative assessment that considers various potential impairment indicators. If an impairment exists, a loss is recognized in the accompanying condensed consolidated statements of operations and comprehensive loss for the amount by which the carrying value exceeds the fair value of the investment. Investments in limited partnership funds The Company also holds investments in certain limited partnership funds. The Company does not hold a controlling interest or significant influence in these limited partnerships. The fair value of such investments is valued using the Net Asset Value (“NAV”) provided by the fund administrator as a practical expedient. Available-for-sale debt securities
Fair value measurements	Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Fair value measurements are based on a fair value hierarchy using three levels of inputs, of which the first two are considered observable and the last is considered unobservable, as follows: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of September 30, 2024 and December 31, 2023, the carrying value of the Company’s financial instruments included in current assets and current liabilities (including accounts receivable, accounts payable, and accrued expenses) approximate fair value due to the short-term nature of such items. The Company measures its cash held in money market funds, marketable securities, and investments in available-for-sale debt securities at fair value each reporting period. The estimation of fair value for available-for-sale debt securities in private companies requires the use of significant unobservable inputs, and as a result, the Company classifies these assets as Level 3 within the fair value hierarchy. The Company’s investments in equity securities of privately held companies are recorded at fair value on a non-recurring basis. For investments without a readily determinable fair value, the Company looks to observable transactions, such as the issuance of new equity by an investee, as indicators of investee enterprise value and uses them to estimate the fair value of the investments. The Company’s investments in limited partnerships are valued using NAV as a practical expedient and therefore excluded from the fair value hierarchy.
Deferred revenue	Deferred revenue Contract liabilities consist of revenue that is deferred when the Company has the contractual right to invoice in advance of transferring services to its customers. The Company recognized revenue of $238.0 million and $204.3 million during the three months ended September 30, 2024 and 2023, respectively, that was included in deferred revenue balances at the beginning of the respective periods. The Company recognized revenue of $439.8 million and $362.0 million during the nine months ended September 30, 2024 and 2023, respectively, that was included in deferred revenue balances at the beginning of the respective periods.
Remaining performance obligation	Remaining performance obligations

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	Marketable securities consisted of the following as of September 30, 2024 (in thousands): Amortized Cost Gross Gross Fair Value U.S. treasury securities $ 133,454 $ 300 $ — $ 133,754 Commercial paper 36,023 59 (2) 36,080 Corporate notes and obligations 199,336 780 (17) 200,099 Total marketable securities $ 368,813 $ 1,139 $ (19) $ 369,933 Marketable securities consisted of the following as of December 31, 2023 (in thousands): Amortized Cost Gross Gross Fair Value U.S. treasury securities $ 128,479 $ 124 $ (27) $ 128,576 Commercial paper 47,415 1 (35) 47,381 Corporate notes and obligations 139,747 61 (128) 139,680 Time deposits 4,525 — (1) 4,524 Total marketable securities $ 320,166 $ 186 $ (191) $ 320,161
Investments Classified by Contractual Maturity Date	The following table summarizes the estimated fair value of investments classified as marketable securities by contractual maturity date (in thousands): September 30, December 31, Due within 1 year $ 317,650 $ 320,161 Due in 1 to 2 years 52,283 — Total marketable securities $ 369,933 $ 320,161
Schedule of Strategic Investments Activity	Strategic investment activity during the nine months ended September 30, 2024 is summarized as follows (in thousands): Equity Securities Limited Partnerships Available-for- Sale Debt Total Balance as of December 31, 2023 $ 7,179 $ 3,986 $ 362 $ 11,527 Interest accrued on available-for-sale debt securities — — 6 6 Purchases of strategic investments 498 1,419 — 1,917 Unrealized gain (loss) on strategic investments 671 (30) — 641 Impairment of strategic investments (184) — — (184) Balance as of September 30, 2024 $ 8,164 $ 5,375 $ 368 $ 13,907 Strategic investment activity during the nine months ended September 30, 2023 is summarized as follows (in thousands): Equity Securities Limited Partnerships Available-for- Sale Debt Total Balance as of December 31, 2022 $ 7,286 $ 3,402 $ 355 $ 11,043 Interest accrued on available-for-sale debt securities — — 5 5 Purchases of strategic investments — 526 — 526 Unrealized loss on strategic investments — (155) — (155) Balance as of September 30, 2023 $ 7,286 $ 3,773 $ 360 $ 11,419

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Measured at Fair Value on Recurring Basis Within Fair Value Hierarchy	Financial assets measured at fair value on a recurring basis within the fair value hierarchy are summarized as follows (in thousands): September 30, 2024 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 326,137 $ — $ — $ 326,137 U.S. treasury securities 23,106 — — 23,106 Commercial paper — 19,348 — 19,348 Corporate notes and obligations — 6,572 — 6,572 Marketable securities: U.S. treasury securities 133,754 — — 133,754 Commercial paper — 36,080 — 36,080 Corporate notes and obligations — 200,099 — 200,099 Strategic investments: Investments in available-for-sale debt securities — — 368 368 Total $ 482,997 $ 262,099 $ 368 $ 745,464 December 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 303,452 $ — $ — $ 303,452 Marketable securities: U.S. treasury securities 128,576 — — 128,576 Commercial paper — 47,381 — 47,381 Corporate notes and obligations — 139,680 — 139,680 Time deposits — 4,524 — 4,524 Strategic investments: Investments in available-for-sale debt securities — — 362 362 Total $ 432,028 $ 191,585 $ 362 $ 623,975

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The preliminary purchase consideration was allocated to the following assets and liabilities at the acquisition date (in thousands): Fair Value Useful Life Assets acquired Cash and cash equivalents $ 2,390 Accounts receivable 964 Prepaid expenses and other current assets 17 Other non-current assets 388 Developed technology intangible asset 16,000 7 years Customer relationships intangible asset 4,700 10 years Goodwill 11,333 Total assets acquired $ 35,792 Liabilities assumed Deferred revenue, current (2,210) Other current liabilities (2,605) Other non-current liabilities (388) Net deferred tax liabilities (790) Total liabilities assumed $ (5,993) Net assets acquired $ 29,799

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Finite-lived Intangible Assets	The Company’s finite-lived and indefinite-lived intangible assets are summarized as follows (in thousands): September 30, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Remaining Useful Life (Years) Developed technology $ 186,183 $ (87,868) $ 98,315 4.1 Customer relationships 71,050 (40,459) 30,591 4.8 Total finite-lived intangible assets 257,233 (128,327) 128,906 4.3 In-process research and development 2,848 — 2,848 Total intangible assets $ 260,081 $ (128,327) $ 131,754 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Remaining Useful Life (Years) Developed technology $ 166,453 $ (67,221) $ 99,232 4.3 Customer relationships 66,350 (30,884) 35,466 4.2 Total finite-lived intangible assets 232,803 (98,105) 134,698 4.3 In-process research and development 2,848 — 2,848 Total intangible assets $ 235,651 $ (98,105) $ 137,546
Summary of Intangible Assets Amortization Expense	The Company estimates that there is no significant residual value related to its finite-lived intangible assets. Amortization expense recorded on the Company’s finite-lived intangible assets is summarized as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenue $ 6,698 $ 5,506 $ 18,739 $ 16,492 Sales and marketing 3,224 3,106 9,475 9,319 Research and development 668 678 2,008 2,087 Total amortization of acquired intangible assets $ 10,590 $ 9,290 $ 30,222 $ 27,898
Schedule of Goodwill	The following table presents the changes in carrying amount of goodwill during the nine months ended September 30, 2024 (in thousands): Beginning balance $ 539,354 Additions 11,333 Other adjustments, net (1) (466) Ending balance $ 550,221 (1) Includes measurement period adjustments for Intelliwave and the effect of foreign currency translation.

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
	Sep. 30, 2024
Accrued Liabilities, Current [Abstract]
Schedule of Components of Accrued Expenses	The following represents the components of accrued expenses contained within the Company’s condensed consolidated balance sheets at the end of each period (in thousands): September 30, December 31, Accrued bonuses $ 19,058 $ 31,786 Accrued commissions 12,655 16,494 Accrued salary, payroll tax, and employee benefit liabilities 43,383 36,171 Other accrued expenses 16,131 15,624 Total accrued expenses $ 91,227 $ 100,075

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes the stock option activity during the nine months ended September 30, 2024: Number of Weighted- Outstanding at December 31, 2023 4,340,052 $ 12.57 Exercised (962,063) 12.86 Canceled/Forfeited (750) 19.16 Outstanding at September 30, 2024 3,377,239 12.48 Exercisable at September 30, 2024 3,377,239 $ 12.48
Summary of Activity in Connection with RSUs	The following table summarizes the RSU activity during the nine months ended September 30, 2024: Number of Weighted- Outstanding at December 31, 2023 7,382,073 $ 59.35 Granted 3,612,068 74.43 Vested (2,603,690) 60.54 Canceled/Forfeited (1,011,285) 64.78 Outstanding at September 30, 2024 7,379,166 $ 65.63
Summary of Activity in Connection with PSUs	The following table summarizes the PSU activity during the nine months ended September 30, 2024: Number of Weighted- Outstanding at December 31, 2023 77,971 $ 55.63 Granted (1) 112,255 74.49 Vested (15,227) 63.52 Outstanding at September 30, 2024 174,999 $ 67.04 (1) This represents awards granted at 100% attainment of the performance conditions.
Schedule of Estimate Fair Value on Date of Grant	The fair value of the ESPP purchase rights on the date of grant using the Black-Scholes option pricing model was estimated using the following assumptions during the nine months ended September 30, 2024: Risk-free interest rate 5.04% to 5.33% Expected term (in years) 0.5 to 1.0 Estimated dividend yield 0.00% Estimated weighted-average volatility 29.90% to 39.27%
Summary of Total Stock-based Compensation Cost from Stock Options, RSUs, ESPP, RSAs, and Sales of Stock	The Company recorded total stock-based compensation cost from stock options, RSUs, PSUs, RSAs, and the ESPP as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenue $ 2,079 $ 1,931 $ 6,015 $ 5,509 Sales and marketing 13,924 14,310 42,408 41,781 Research and development 18,311 16,347 49,657 52,395 General and administrative 13,861 12,221 39,452 32,549 Total stock-based compensation expense $ 48,175 $ 44,809 $ 137,532 $ 132,234 Stock-based compensation capitalized for software development and cloud-computing arrangement implementation costs 3,599 2,706 9,553 6,989 Total stock-based compensation cost $ 51,774 $ 47,515 $ 147,085 $ 139,223

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Summary of Weighted Average Potentially Dilutive Shares are Excluded from Calculation of Diluted Earnings Per Share	The following weighted-average potentially dilutive shares are excluded from the calculation of diluted earnings per share as they are anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 RSUs, PSUs, and RSAs subject to future vesting 7,797,263 8,536,196 7,718,910 8,706,812 Shares issuable pursuant to the ESPP 462,177 626,176 397,394 506,780 Shares of common stock issuable from stock options 3,477,429 4,691,842 3,772,744 5,147,097 Total 11,736,869 13,854,214 11,889,048 14,360,689

GEOGRAPHIC INFORMATION (Tables)

GEOGRAPHIC INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2024
Geographic Areas, Revenues from External Customers [Abstract]
Summary of Revenue by Geographic Region	The following table sets forth the Company’s revenues by geographic region, which is determined based on the billing location of the customer (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue by geographic region: U.S. $ 251,806 $ 212,902 $ 724,273 $ 593,135 Rest of the world 44,079 35,005 125,387 96,834 Total revenue $ 295,885 $ 247,907 $ 849,660 $ 689,969 Percentage of revenue by geographic region: U.S. 85 % 86 % 85 % 86 % Rest of the world 15 % 14 % 15 % 14 %

RESTRUCTURING (Tables)

RESTRUCTURING (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following table summarizes the severance and other benefit costs incurred during the nine months ended September 30, 2024 by line item within the condensed consolidated statement of operations and comprehensive loss (in thousands) related to this restructuring event: Cost of revenue $ 318 Sales and marketing 1,298 Research and development 1,750 General and administrative 819 Total restructuring-related costs $ 4,185

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	3 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Number of operating segments | segment				1
Credit losses on marketable securities				$ 0	$ 0
Credit loss expense				0	7,000,000
Receivables outstanding from customers	$ 600,000			600,000		$ 5,700,000
Allowance for expected credit losses						3,800,000
Self-insurance accrual, net	2,600,000			2,600,000		3,300,000
Deferred revenue, revenue recognized	238,000,000	$ 204,300,000		439,800,000	$ 362,000,000
Aggregate amount of transaction price allocated to remaining performance obligations	1,100,000,000			1,100,000,000
Money market funds
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Restricted cash released from restriction			$ 3,100,000
Restricted cash	0			0		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Aggregate amount of transaction price allocated to remaining performance obligations	$ 738,900,000			$ 738,900,000
Percentage of remaining performance obligation expects to recognize as revenue	69%			69%
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months			12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Aggregate amount of transaction price allocated to remaining performance obligations	$ 334,600,000			$ 334,600,000
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months			12 months
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	36 months			36 months

INVESTMENTS - Schedule of Marke

INVESTMENTS - Schedule of Marketable Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 368,813	$ 320,166
Gross Unrealized Gains	1,139	186
Gross Unrealized Losses	(19)	(191)
Fair Value	369,933	320,161
U.S. treasury securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	133,454	128,479
Gross Unrealized Gains	300	124
Gross Unrealized Losses	0	(27)
Fair Value	133,754	128,576
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	36,023	47,415
Gross Unrealized Gains	59	1
Gross Unrealized Losses	(2)	(35)
Fair Value	36,080	47,381
Corporate notes and obligations
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	199,336	139,747
Gross Unrealized Gains	780	61
Gross Unrealized Losses	(17)	(128)
Fair Value	$ 200,099	139,680
Time deposits
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost		4,525
Gross Unrealized Gains		0
Gross Unrealized Losses		(1)
Fair Value		$ 4,524

INVESTMENTS - Schedule of Contr

INVESTMENTS - Schedule of Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Due within 1 year	$ 317,650	$ 320,161
Due in 1 to 2 years	52,283	0
Total marketable securities	$ 369,933	$ 320,161

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Debt Securities, Available-for-Sale [Line Items]
Maturities of marketable securities	$ 371,718	$ 287,620
Sales of marketable securities	0	$ 5,452
Maximum
Debt Securities, Available-for-Sale [Line Items]
Contractual obligation	$ 7,200

INVESTMENTS - Schedule of Strat

INVESTMENTS - Schedule of Strategic Investments Activity (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) In Strategic Investments [Roll Forward]
Beginning balance	$ 11,527	$ 11,043
Interest accrued on available-for-sale debt securities	6	5
Purchases of strategic investments	1,917	526
Unrealized gain (loss) on strategic investments	641	(155)
Impairment of strategic investments	(184)
Ending balance	13,907	11,419
Limited Partnerships
Increase (Decrease) In Strategic Investments [Roll Forward]
Beginning balance	3,986	3,402
Interest accrued on available-for-sale debt securities	0	0
Purchases of strategic investments	1,419	526
Unrealized gain (loss) on strategic investments	(30)	(155)
Impairment of strategic investments	0
Ending balance	5,375	3,773
Available-for- Sale Debt Securities
Increase (Decrease) In Strategic Investments [Roll Forward]
Beginning balance	362	355
Interest accrued on available-for-sale debt securities	6	5
Purchases of strategic investments	0	0
Unrealized gain (loss) on strategic investments	0	0
Impairment of strategic investments	0
Ending balance	368	360
Equity Securities
Increase (Decrease) In Strategic Investments [Roll Forward]
Beginning balance	7,179	7,286
Interest accrued on available-for-sale debt securities	0	0
Purchases of strategic investments	498	0
Unrealized gain (loss) on strategic investments	671	0
Impairment of strategic investments	(184)
Ending balance	$ 8,164	$ 7,286

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable securities:
Marketable securities, fair value	$ 369,933	$ 320,161
Strategic investments:
Investments in available-for-sale debt securities	368	362
Total	745,464	623,975
U.S. treasury securities
Cash equivalents:
Cash equivalents, fair value	23,106
Marketable securities:
Marketable securities, fair value	133,754	128,576
Commercial paper
Cash equivalents:
Cash equivalents, fair value	19,348
Marketable securities:
Marketable securities, fair value	36,080	47,381
Corporate notes and obligations
Cash equivalents:
Cash equivalents, fair value	6,572
Marketable securities:
Marketable securities, fair value	200,099	139,680
Time deposits
Marketable securities:
Marketable securities, fair value		4,524
Money market funds
Cash equivalents:
Cash equivalents, fair value	326,137	303,452
Level 1
Strategic investments:
Investments in available-for-sale debt securities	0	0
Total	482,997	432,028
Level 1 | U.S. treasury securities
Cash equivalents:
Cash equivalents, fair value	23,106
Marketable securities:
Marketable securities, fair value	133,754	128,576
Level 1 | Commercial paper
Cash equivalents:
Cash equivalents, fair value	0
Marketable securities:
Marketable securities, fair value	0	0
Level 1 | Corporate notes and obligations
Cash equivalents:
Cash equivalents, fair value	0
Marketable securities:
Marketable securities, fair value	0	0
Level 1 | Time deposits
Marketable securities:
Marketable securities, fair value		0
Level 1 | Money market funds
Cash equivalents:
Cash equivalents, fair value	326,137	303,452
Level 2
Strategic investments:
Investments in available-for-sale debt securities	0	0
Total	262,099	191,585
Level 2 | U.S. treasury securities
Cash equivalents:
Cash equivalents, fair value	0
Marketable securities:
Marketable securities, fair value	0	0
Level 2 | Commercial paper
Cash equivalents:
Cash equivalents, fair value	19,348
Marketable securities:
Marketable securities, fair value	36,080	47,381
Level 2 | Corporate notes and obligations
Cash equivalents:
Cash equivalents, fair value	6,572
Marketable securities:
Marketable securities, fair value	200,099	139,680
Level 2 | Time deposits
Marketable securities:
Marketable securities, fair value		4,524
Level 2 | Money market funds
Cash equivalents:
Cash equivalents, fair value	0	0
Level 3
Strategic investments:
Investments in available-for-sale debt securities	368	362
Total	368	362
Level 3 | U.S. treasury securities
Cash equivalents:
Cash equivalents, fair value	0
Marketable securities:
Marketable securities, fair value	0	0
Level 3 | Commercial paper
Cash equivalents:
Cash equivalents, fair value	0
Marketable securities:
Marketable securities, fair value	0	0
Level 3 | Corporate notes and obligations
Cash equivalents:
Cash equivalents, fair value	0
Marketable securities:
Marketable securities, fair value	0	0
Level 3 | Time deposits
Marketable securities:
Marketable securities, fair value		0
Level 3 | Money market funds
Cash equivalents:
Cash equivalents, fair value	$ 0	$ 0

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Lessee Lease Description [Line Items]
Increase in future rent commitments	$ 10,700
Operating lease liabilities	(6,205)	$ (8,172)
Austin Texas Office Space
Lessee Lease Description [Line Items]
Decrease in operating lease right-of-use asset	(3,600)
Operating lease liabilities	$ (4,000)
Minimum
Lessee Lease Description [Line Items]
Non-cancelable lease term	1 year
Maximum
Lessee Lease Description [Line Items]
Non-cancelable lease term	12 years
Lease extension period	10 years

BUSINESS COMBINATIONS - Narrati

BUSINESS COMBINATIONS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	May 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 550,221	$ 539,354
Intelliwave Technologies, Inc
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 29,800
Cash payment to acquire business		1,500
Escrow deposit	4,300
Escrow deposit to be released in eighteen months		3,800
Escrow deposit to be released in twenty four months		$ 500
Goodwill	$ 11,333
Intelliwave Technologies, Inc | Performance Shares
Business Acquisition [Line Items]
Equity instruments other than options, issued in connection with acquisitions (in shares)	65,269
Intelliwave Technologies, Inc | Restricted Stock Units
Business Acquisition [Line Items]
Equity instruments other than options, issued in connection with acquisitions (in shares)	67,807
Grant date fair value (in dollars per share)	$ 68.96
Intelliwave Technologies, Inc | Developed technology
Business Acquisition [Line Items]
Useful Life	7 years
Intelliwave Technologies, Inc | Customer relationships
Business Acquisition [Line Items]
Useful Life	10 years

BUSINESS COMBINATIONS - Schedul

BUSINESS COMBINATIONS - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	May 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Assets acquired
Goodwill		$ 550,221	$ 539,354
Intelliwave Technologies, Inc
Assets acquired
Cash and cash equivalents	$ 2,390
Accounts receivable	964
Prepaid expenses and other current assets	17
Other non-current assets	388
Goodwill	11,333
Total assets acquired	35,792
Liabilities assumed
Deferred revenue, current	(2,210)
Other current liabilities	(2,605)
Other non-current liabilities	(388)
Net deferred tax liabilities	(790)
Total liabilities assumed	(5,993)
Net assets acquired	29,799
Intelliwave Technologies, Inc | Developed technology
Assets acquired
Intangible assets	$ 16,000
Useful Life	7 years
Intelliwave Technologies, Inc | Customer relationships
Assets acquired
Intangible assets	$ 4,700
Useful Life	10 years

INTANGIBLE ASSETS AND GOODWIL_2

INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life (Years)	4 years 3 months 18 days	4 years 3 months 18 days
Impairment of goodwill	$ 0
Developed technology
Finite Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life (Years)	4 years 1 month 6 days	4 years 3 months 18 days
Developed Technology Acquisition | Developed technology
Finite Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 3,900,000
Weighted-Average Remaining Useful Life (Years)	4 years

INTANGIBLE ASSETS AND GOODWIL_3

INTANGIBLE ASSETS AND GOODWILL - Schedule of Finite-lived and Indefinite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 257,233	$ 232,803
Accumulated Amortization	(128,327)	(98,105)
Net Carrying Amount	$ 128,906	$ 134,698
Weighted-Average Remaining Useful Life (Years)	4 years 3 months 18 days	4 years 3 months 18 days
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	$ 260,081	$ 235,651
Accumulated Amortization	(128,327)	(98,105)
Net Carrying Amount	131,754	137,546
In-process research and development
Indefinite-Lived Intangible Assets [Line Items]
In-process research and development	2,848	2,848
Developed technology
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	186,183	166,453
Accumulated Amortization	(87,868)	(67,221)
Net Carrying Amount	$ 98,315	$ 99,232
Weighted-Average Remaining Useful Life (Years)	4 years 1 month 6 days	4 years 3 months 18 days
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (87,868)	$ (67,221)
Customer relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	71,050	66,350
Accumulated Amortization	(40,459)	(30,884)
Net Carrying Amount	$ 30,591	$ 35,466
Weighted-Average Remaining Useful Life (Years)	4 years 9 months 18 days	4 years 2 months 12 days
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (40,459)	$ (30,884)

INTANGIBLE ASSETS AND GOODWIL_4

INTANGIBLE ASSETS AND GOODWILL - Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite Lived Intangible Assets [Line Items]
Amortization of acquired intangible assets	$ 10,590	$ 9,290	$ 30,222	$ 27,898
Cost of revenue
Finite Lived Intangible Assets [Line Items]
Amortization of acquired intangible assets	6,698	5,506	18,739	16,492
Sales and marketing
Finite Lived Intangible Assets [Line Items]
Amortization of acquired intangible assets	3,224	3,106	9,475	9,319
Research and development
Finite Lived Intangible Assets [Line Items]
Amortization of acquired intangible assets	$ 668	$ 678	$ 2,008	$ 2,087

INTANGIBLE ASSETS AND GOODWIL_5

INTANGIBLE ASSETS AND GOODWILL - Summary of Changes to Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 539,354
Additions	11,333
Other adjustments, net	(466)
Ending balance	$ 550,221

ACCRUED EXPENSES - Components o

ACCRUED EXPENSES - Components of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued bonuses	$ 19,058	$ 31,786
Accrued commissions	12,655	16,494
Accrued salary, payroll tax, and employee benefit liabilities	43,383	36,171
Other accrued expenses	16,131	15,624
Total accrued expenses	$ 91,227	$ 100,075

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details)			1 Months Ended			3 Months Ended		9 Months Ended
	Jan. 01, 2024 shares	Jan. 01, 2022	Mar. 31, 2024 shares	Nov. 30, 2021 $ / shares shares	May 31, 2021 USD ($) purchase_period shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($) shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options issued (in shares)						3,377,239		3,377,239		4,340,052
Shares granted (in shares)						0	0	0	0
Total unrecognized stock-based compensation expense (less than) | $						$ 0		$ 0
Stock-based compensation expense | $						48,175,000	$ 44,809,000	137,532,000	$ 132,234,000
Accrued salary, payroll tax, and employee benefit liabilities | $						43,383,000		43,383,000		$ 36,171,000
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized stock-based compensation expense | $						$ 4,600,000		$ 4,600,000
Total unrecognized compensation cost, weighted-average period								4 months 24 days
Stock-based compensation expense | $								$ 6,600,000	$ 7,900,000
Offering period (in months)					12 months
Number of purchase periods | purchase_period					2
Duration of purchase periods (in months)					6 months
Percentage of eligible compensation					15%
Maximum amount each participant can contribute to a defined contribution plan per calendar year | $					$ 25,000
Maximum number of shares each participant can purchase during purchase period (in shares)					2,500
Purchase price, threshold, percentage of fair market value					85%
Withdrawal period, before end of purchase period (in days)					15 days
Expected dividend yield utilized						0		0
Accrued salary, payroll tax, and employee benefit liabilities | $						$ 9,800,000		$ 9,800,000		$ 5,000,000
Common stock purchased (in shares)								276,349	316,042
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized stock-based compensation expense | $						453,800,000		$ 453,800,000
Total unrecognized compensation cost, weighted-average period								2 years 7 months 6 days
Shares granted (in shares)								3,612,068
Restricted Stock Units | IPO | Quarterly or Annual Vesting Schedule
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs vesting period (in years)								4 years
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs vesting period (in years)			3 years
Total unrecognized stock-based compensation expense | $						$ 4,600,000		$ 4,600,000
Total unrecognized compensation cost, weighted-average period								1 year 8 months 12 days
Shares granted (in shares)			46,986					112,255
Award payout range, percentage								1
Performance Shares | Revenue Performance Goals
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted (in shares)								35,239
Percentage of awards								75%
Performance Shares | Revenue Performance Goals | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award payout range, percentage								0
Performance Shares | Revenue Performance Goals | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award payout range, percentage								2
Performance Shares | Non-GAAP Operating Margin Performance
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted (in shares)								11,747
Percentage of awards								25%
Performance Shares | Non-GAAP Operating Margin Performance | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award payout range, percentage								0
Performance Shares | Non-GAAP Operating Margin Performance | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award payout range, percentage								1.50
Performance Shares | Final Vesting, After February 20, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs vesting period (in years)								2 years
Performance Shares | On Or After February 20, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award payout range, percentage								0.33
Restricted Stock Awards | Levelset
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs vesting period (in years)				2 years
Issuance of unregistered common stock for certain employees (in shares)				199,670
Business acquisition, vesting period				2 years
Share price (in dollars per share) | $ / shares				$ 95.05
Stock-based compensation expense | $								$ 0	$ 7,700,000
Stock-based compensation expense related to early vested RSAs | $									5,500,000
Holdback amount expensed | $									$ 3,400,000
Common Stock | Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares outstanding as a percent					1%
Maximum number of additional shares of common stock that may be issued (in shares)					3,900,000
Maximum amount common stock that may be issued (in shares)	1,448,064				5,332,064
Period of common stock reserved for issuance (in years)					10 years
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options issued (in shares)						0		0
2021 Equity Incentive Plan | Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for issuance (in shares)						33,973,395		33,973,395		44,622,937
Shares outstanding as a percent		5%
Maximum number of additional shares of common stock that may be issued (in shares)	7,240,323
Maximum amount common stock that may be issued (in shares)						51,863,260		51,863,260

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Stock Option Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	4,340,052
Exercised (in shares)	(962,063)
Canceled/forfeited (in shares)	(750)
Outstanding, end of period (in shares)	3,377,239
Exercisable (in shares)	3,377,239
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding, beginning of period (in dollars per share)	$ 12.57
Exercised (in dollars per share)	12.86
Canceled/forfeited (in dollars per share)	19.16
Outstanding, end of period (in dollars per share)	12.48
Exercisable (in dollars per share)	$ 12.48

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of RSU and PSU Activity (Details) - $ / shares	1 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 30, 2024
Restricted Stock Units
Number of Shares
Outstanding, beginning of period (in shares)		7,382,073
Granted (in shares)		3,612,068
Vested (in shares)		(2,603,690)
Canceled/Forfeited (in shares)		(1,011,285)
Outstanding, end of period (in shares)		7,379,166
Weighted- Average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share)		$ 59.35
Granted (in dollars per share)		74.43
Vested (in dollars per share)		60.54
Canceled/forfeited (in dollars per share)		64.78
Outstanding, end of period (in dollars per share)		$ 65.63
Performance Shares
Number of Shares
Outstanding, beginning of period (in shares)		77,971
Granted (in shares)	46,986	112,255
Vested (in shares)		(15,227)
Outstanding, end of period (in shares)		174,999
Weighted- Average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share)		$ 55.63
Granted (in dollars per share)		74.49
Vested (in dollars per share)		63.52
Outstanding, end of period (in dollars per share)		$ 67.04

STOCK-BASED COMPENSATION - Su_3

STOCK-BASED COMPENSATION - Summary of ESPP Valuation Assumptions (Details) - Employee Stock Purchase Plan	9 Months Ended
	Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, minimum	5.04%
Risk-free interest rate, maximum	5.33%
Estimated dividend yield	0%
Estimated weighted-average volatility, minimum	29.90%
Estimated weighted-average volatility, maximum	39.27%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 months
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	1 year

STOCK-BASED COMPENSATION - Su_4

STOCK-BASED COMPENSATION - Summary of Total Stock-based Compensation Cost from Stock Options, RSUs, ESPP, RSAs, and Sales of Stock (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 48,175	$ 44,809	$ 137,532	$ 132,234
Stock-based compensation capitalized for software development and cloud-computing arrangement implementation costs	3,599	2,706	9,553	6,989
Total stock-based compensation cost	51,774	47,515	147,085	139,223
Cost of revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,079	1,931	6,015	5,509
Sales and marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	13,924	14,310	42,408	41,781
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	18,311	16,347	49,657	52,395
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 13,861	$ 12,221	$ 39,452	$ 32,549

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ (353)	$ 193	$ 400	$ 573
Federal statutory income tax rate			21%

NET LOSS PER SHARE - Summary of

NET LOSS PER SHARE - Summary of Potentially Dilutive Shares Excluded from Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted-average potentially dilutive shares excluded from the calculation of diluted earnings per share (in shares)	11,736,869	13,854,214	11,889,048	14,360,689
RSUs, PSUs, and RSAs subject to future vesting
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted-average potentially dilutive shares excluded from the calculation of diluted earnings per share (in shares)	7,797,263	8,536,196	7,718,910	8,706,812
Shares issuable pursuant to the ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted-average potentially dilutive shares excluded from the calculation of diluted earnings per share (in shares)	462,177	626,176	397,394	506,780
Shares of common stock issuable from stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted-average potentially dilutive shares excluded from the calculation of diluted earnings per share (in shares)	3,477,429	4,691,842	3,772,744	5,147,097

GEOGRAPHIC INFORMATION - Summar

GEOGRAPHIC INFORMATION - Summary of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 295,885	$ 247,907	$ 849,660	$ 689,969
U.S.
Segment Reporting Information [Line Items]
Revenue	$ 251,806	$ 212,902	$ 724,273	$ 593,135
U.S. | Revenue | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	85%	86%	85%	86%
Rest of the world
Segment Reporting Information [Line Items]
Revenue	$ 44,079	$ 35,005	$ 125,387	$ 96,834
Rest of the world | Revenue | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	15%	14%	15%	14%

RESTRUCTURING - Narrative (Deta

RESTRUCTURING - Narrative (Details) - USD ($)	1 Months Ended
	Jan. 31, 2024	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Reduction of global workforce (in percent)	4%
Restructuring reserve		$ 0

RESTRUCTURING - Restructuring-R

RESTRUCTURING - Restructuring-Related Costs (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Total restructuring-related costs	$ 4,185
Cost of revenue
Restructuring Cost and Reserve [Line Items]
Total restructuring-related costs	318
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Total restructuring-related costs	1,298
Research and development
Restructuring Cost and Reserve [Line Items]
Total restructuring-related costs	1,750
General and administrative
Restructuring Cost and Reserve [Line Items]
Total restructuring-related costs	$ 819

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Millions	Oct. 29, 2024 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Share repurchase program, authorized, amount	$ 300