ZipRecruiter (ZIP) 10-Q 8 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 01, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-40406
Entity Registrant Name	ZIPRECRUITER, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2976158
Entity Address, Address Line One	604 Arizona Avenue
Entity Address, City or Town	Santa Monica
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90401
City Area Code	877
Local Phone Number	252-1062
Title of 12(b) Security	Class A common stock, $0.00001 par value per share
Trading Symbol	ZIP
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 Central Index Key	0001617553
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		76,199,866
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		22,633,316

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 243,339	$ 227,380
Marketable securities	253,665	342,975
Accounts receivable, net of allowances of $5,171 and $3,693 at September 30, 2023 and December 31, 2022, respectively	32,990	44,421
Prepaid expenses and other assets	11,031	12,648
Deferred commissions, current portion	5,090	4,870
Total current assets	546,115	632,294
Property and equipment, net	6,746	8,103
Operating lease right-of-use assets	9,766	12,179
Internal-use software, net	18,186	15,758
Deferred commissions, net of current portion	4,383	4,813
Goodwill	1,724	1,724
Deferred tax assets, net	55,487	38,653
Other assets	823	1,039
Total assets	643,230	714,563
Current liabilities
Accounts payable	8,614	21,175
Accrued expenses	41,406	69,115
Accrued interest	5,964	12,837
Deferred revenue	16,224	19,580
Operating lease liabilities, current portion	4,464	5,429
Other current liabilities	14,148	1,527
Total current liabilities	90,820	129,663
Operating lease liabilities, net of current portion	9,935	13,018
Long-term borrowings	542,317	541,559
Other long-term liabilities	12,090	1,703
Total liabilities	655,162	685,943
Commitments and contingencies
Stockholders' equity (deficit)
Preferred Stock, $0.00001 par value; 50,000 shares authorized as of September 30, 2023 and December 31, 2022; no shares issued and outstanding as of September 30, 2023 and December 31, 2022	0	0
Class B treasury stock, 195 shares outstanding as of September 30, 2023 and December 31, 2022	(644)	(644)
Additional paid-in capital	0	35,926
Accumulated deficit	(11,162)	(6,290)
Accumulated other comprehensive loss	(127)	(373)
Total stockholders' equity (deficit)	(11,932)	28,620
Total liabilities and stockholders' equity (deficit)	643,230	714,563
Common Class A
Stockholders' equity (deficit)
Common stock	1	1
Common Class B
Stockholders' equity (deficit)
Common stock	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Accounts receivable, allowance for credit loss, current	$ 5,171	$ 3,693
Stockholders' equity (deficit)
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Treasury stock (in shares)	195,000	195,000
Common Class A
Stockholders' equity (deficit)
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	700,000,000	700,000,000
Common stock, issued (in shares)	76,199,000	74,320,000
Common stock, outstanding (in shares)	76,199,000	74,320,000
Common Class B
Stockholders' equity (deficit)
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	700,000,000	700,000,000
Common stock, issued (in shares)	22,829,000	30,379,000
Common stock, outstanding (in shares)	22,634,000	30,184,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue	$ 155,630	$ 226,968	$ 509,800	$ 694,171
Cost of revenue	14,533	21,839	50,831	65,202
Gross profit	141,097	205,129	458,969	628,969
Operating expenses
Sales and marketing	55,648	112,574	216,171	386,795
Research and development	32,136	33,008	109,047	93,577
General and administrative	20,647	30,076	67,601	79,805
Total operating expenses	108,431	175,658	392,819	560,177
Income from operations	32,666	29,471	66,150	68,792
Other income (expense)
Interest expense	(7,351)	(7,361)	(22,038)	(21,157)
Other income (expense), net	4,695	321	14,731	332
Total other income (expense), net	(2,656)	(7,040)	(7,307)	(20,825)
Income before income taxes	30,010	22,431	58,843	47,967
Income tax expense	5,934	1,875	15,376	5,884
Net income	$ 24,076	$ 20,556	$ 43,467	$ 42,083
Net income per share:
Basic (in dollars per share)	$ 0.24	$ 0.18	$ 0.43	$ 0.36
Diluted (in dollars per share)	$ 0.23	$ 0.17	$ 0.41	$ 0.34
Weighted average shares used in computing net income per share:
Basic (in shares)	99,800	113,059	101,409	116,184
Diluted (in shares)	104,707	119,810	106,688	123,616

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 24,076	$ 20,556	$ 43,467	$ 42,083
Other comprehensive income (loss), net of tax
Unrealized gains (losses) on available-for-sale debt securities	149	(146)	246	(146)
Total other comprehensive income (loss)	149	(146)	246	(146)
Total comprehensive income	$ 24,225	$ 20,410	$ 43,713	$ 41,937

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Total	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Common Class A Common Stock	Common Class B Common Stock	Common Class B Treasury Stock
Beginning balance (in shares) at Dec. 31, 2021					87,843	30,571
Beginning balance at Dec. 31, 2021	$ 234,968	$ 303,395	$ (67,784)	$ 0	$ 1	$ 0	$ (644)
Beginning balance (in shares) at Dec. 31, 2021							(195)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class B stock to Class A stock (in shares)					1,446	(1,446)
Issuance of common stock upon exercise of options (in shares)						1,180
Issuance of common stock upon exercise of options	2,078	2,078
Issuance of common stock upon the vesting and settlement of RSUs (in shares)					354	433
Stock-based compensation	21,112	21,112
Shares withheld related to net share settlement (in shares)					(133)	(181)
Shares withheld related to net share settlement	(5,902)	(5,902)
Stock issued under employee stock purchase plan (in shares)					290
Shares issued under employee stock purchase plan	5,293	5,293
Repurchase and retirement of common stock (in shares)					(2,420)
Repurchase and retirement of common stock	(62,349)	(62,349)
Net income	8,417		8,417
Ending balance (in shares) at Mar. 31, 2022					87,380	30,557
Ending balance at Mar. 31, 2022	203,617	263,627	(59,367)	0	$ 1	$ 0	$ (644)
Ending balance (in shares) at Mar. 31, 2022							(195)
Beginning balance (in shares) at Dec. 31, 2021					87,843	30,571
Beginning balance at Dec. 31, 2021	234,968	303,395	(67,784)	0	$ 1	$ 0	$ (644)
Beginning balance (in shares) at Dec. 31, 2021							(195)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	42,083
Other comprehensive income (loss)	(146)
Ending balance (in shares) at Sep. 30, 2022					81,090	30,557
Ending balance at Sep. 30, 2022	133,262	159,752	(25,701)	(146)	$ 1	$ 0	$ (644)
Ending balance (in shares) at Sep. 30, 2022							(195)
Beginning balance (in shares) at Mar. 31, 2022					87,380	30,557
Beginning balance at Mar. 31, 2022	203,617	263,627	(59,367)	0	$ 1	$ 0	$ (644)
Beginning balance (in shares) at Mar. 31, 2022							(195)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class B stock to Class A stock (in shares)					663	(663)
Issuance of common stock upon exercise of options (in shares)					5	460
Issuance of common stock upon exercise of options	1,099	1,099
Issuance of common stock upon the vesting and settlement of RSUs (in shares)					275	348
Vesting of early exercised options	97	97
Stock-based compensation	18,200	18,200
Shares withheld related to net share settlement (in shares)					(94)	(145)
Shares withheld related to net share settlement	(3,665)	(3,665)
Repurchase and retirement of common stock (in shares)					(4,807)
Repurchase and retirement of common stock	(82,878)	(82,878)
Net income	13,110		13,110
Ending balance (in shares) at Jun. 30, 2022					83,422	30,557
Ending balance at Jun. 30, 2022	149,580	196,480	(46,257)	0	$ 1	$ 0	$ (644)
Ending balance (in shares) at Jun. 30, 2022							(195)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class B stock to Class A stock (in shares)					619	(619)
Issuance of common stock upon exercise of options (in shares)						421
Issuance of common stock upon exercise of options	646	646
Issuance of common stock upon the vesting and settlement of RSUs (in shares)					380	341
Stock-based compensation	19,844	19,844
Shares withheld related to net share settlement (in shares)					(127)	(143)
Shares withheld related to net share settlement	(5,168)	(5,168)
Stock issued under employee stock purchase plan (in shares)					159
Shares issued under employee stock purchase plan	2,836	2,836
Repurchase and retirement of common stock (in shares)					(3,363)
Repurchase and retirement of common stock	(54,886)	(54,886)
Net income	20,556		20,556
Other comprehensive income (loss)	(146)			(146)
Ending balance (in shares) at Sep. 30, 2022					81,090	30,557
Ending balance at Sep. 30, 2022	133,262	159,752	(25,701)	(146)	$ 1	$ 0	$ (644)
Ending balance (in shares) at Sep. 30, 2022							(195)
Beginning balance (in shares) at Dec. 31, 2022					74,320	30,379
Beginning balance at Dec. 31, 2022	$ 28,620	35,926	(6,290)	(373)	$ 1	$ 0	$ (644)
Beginning balance (in shares) at Dec. 31, 2022	(195)						(195)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class B stock to Class A stock (in shares)					4,568	(4,568)
Issuance of common stock upon exercise of options (in shares)					6	658
Issuance of common stock upon exercise of options	$ 1,298	1,298
Issuance of common stock upon the vesting and settlement of RSUs (in shares)					525	269
Stock-based compensation	22,088	22,088
Shares withheld related to net share settlement (in shares)					(191)	(109)
Shares withheld related to net share settlement	(4,511)	(4,511)
Stock issued under employee stock purchase plan (in shares)					237
Shares issued under employee stock purchase plan	4,221	4,221
Repurchase and retirement of common stock (in shares)					(3,806)
Repurchase and retirement of common stock	(60,292)	(59,022)	(1,270)
Share repurchase excise tax	(459)		(459)
Net income	5,011		5,011
Other comprehensive income (loss)	161			161
Ending balance (in shares) at Mar. 31, 2023					75,659	26,629
Ending balance at Mar. 31, 2023	(3,863)	0	(3,008)	(212)	$ 1	$ 0	$ (644)
Ending balance (in shares) at Mar. 31, 2023							(195)
Beginning balance (in shares) at Dec. 31, 2022					74,320	30,379
Beginning balance at Dec. 31, 2022	$ 28,620	35,926	(6,290)	(373)	$ 1	$ 0	$ (644)
Beginning balance (in shares) at Dec. 31, 2022	(195)						(195)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 43,467
Other comprehensive income (loss)	246
Ending balance (in shares) at Sep. 30, 2023					76,199	22,829
Ending balance at Sep. 30, 2023	$ (11,932)	0	(11,162)	(127)	$ 1	$ 0	$ (644)
Ending balance (in shares) at Sep. 30, 2023	(195)						(195)
Beginning balance (in shares) at Mar. 31, 2023					75,659	26,629
Beginning balance at Mar. 31, 2023	$ (3,863)	0	(3,008)	(212)	$ 1	$ 0	$ (644)
Beginning balance (in shares) at Mar. 31, 2023							(195)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class B stock to Class A stock (in shares)					558	(558)
Issuance of common stock upon exercise of options (in shares)					6	449
Issuance of common stock upon exercise of options	1,224	1,224
Issuance of common stock upon the vesting and settlement of RSUs (in shares)					570	198
Stock-based compensation	18,040	18,040
Shares withheld related to net share settlement (in shares)					(187)	(89)
Shares withheld related to net share settlement	(4,585)	(4,585)
Repurchase and retirement of common stock (in shares)					(3,188)
Repurchase and retirement of common stock	(50,592)	(14,679)	(35,913)
Share repurchase excise tax	(392)		(392)
Net income	14,380		14,380
Other comprehensive income (loss)	(64)			(64)
Ending balance (in shares) at Jun. 30, 2023					73,418	26,629
Ending balance at Jun. 30, 2023	(25,852)	0	(24,933)	(276)	$ 1	$ 0	$ (644)
Ending balance (in shares) at Jun. 30, 2023							(195)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class B stock to Class A stock (in shares)					4,161	(4,161)
Issuance of common stock upon exercise of options (in shares)					5	268
Issuance of common stock upon exercise of options	965	965
Issuance of common stock upon the vesting and settlement of RSUs (in shares)					603	169
Stock-based compensation	19,331	19,331
Shares withheld related to net share settlement (in shares)					(209)	(76)
Shares withheld related to net share settlement	(4,321)	(4,321)
Stock issued under employee stock purchase plan (in shares)					153
Shares issued under employee stock purchase plan	2,175	2,175
Repurchase and retirement of common stock (in shares)					(1,932)
Repurchase and retirement of common stock	(28,269)	(18,150)	(10,119)
Share repurchase excise tax	(186)		(186)
Net income	24,076		24,076
Other comprehensive income (loss)	149			149
Ending balance (in shares) at Sep. 30, 2023					76,199	22,829
Ending balance at Sep. 30, 2023	$ (11,932)	$ 0	$ (11,162)	$ (127)	$ 1	$ 0	$ (644)
Ending balance (in shares) at Sep. 30, 2023	(195)						(195)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income	$ 43,467	$ 42,083
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	58,305	57,478
Depreciation and amortization	8,459	7,989
Provision for bad debts	2,495	2,203
Deferred income taxes	(16,834)	(2,547)
Non-cash lease expense	3,190	3,467
Amortization and accretion of marketable securities	(8,573)	(156)
Other	1,197	2,838
Change in operating assets and liabilities:
Accounts receivable	8,936	(8,186)
Prepaid expenses and other current assets	1,083	(1,740)
Deferred commissions, net	209	(611)
Other assets	426	2,090
Accounts payable	(12,591)	(11,008)
Accrued expenses and other liabilities	(5,996)	(11,163)
Accrued interest	(6,873)	5,938
Deferred revenue	(3,355)	805
Operating lease liabilities	(4,792)	(5,132)
Net cash provided by operating activities	68,753	84,348
Cash flows from investing activities
Purchases of property and equipment	(809)	(2,224)
Capitalized internal-use software costs	(7,531)	(6,336)
Purchases of marketable securities	(323,791)	(186,719)
Paydowns, maturities, and redemptions of marketable securities	421,522	0
Net cash provided by (used in) investing activities	89,391	(195,279)
Cash flows from financing activities
Proceeds from issuance of senior unsecured notes	0	550,000
Payment of senior unsecured notes’ issuance fees	0	(9,378)
Payments of tax withholdings on net settlement of equity awards	(13,417)	(14,735)
Repurchase of common stock	(139,153)	(198,678)
Proceeds from exercise of stock options	3,989	3,950
Proceeds from issuance of stock under employee stock purchase plan	6,396	8,129
Net cash provided by (used in) financing activities	(142,185)	339,288
Net increase in cash and cash equivalents	15,959	228,357
Beginning of period	227,380	254,621
End of period	$ 243,339	$ 482,978

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business ZipRecruiter, Inc. was incorporated in the state of Delaware on June 29, 2010. Hereinafter, ZipRecruiter, Inc. and its wholly owned subsidiaries ZipRecruiter Israel Ltd., ZipRecruiter UK Ltd., and ZipRecruiter Canada Ltd. are collectively referred to as “ZipRecruiter” or the “Company.” The Company is a two-sided marketplace that enables employers and job seekers to connect with one another online to fill job opportunities.

Basis of Presentation, Principl

Basis of Presentation, Principles of Consolidation, and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation, Principles of Consolidation, and Summary of Significant Accounting Policies	Basis of Presentation, Principles of Consolidation, and Summary of Significant Accounting Policies The unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, certain information and disclosures normally included in consolidated financial statements presented in accordance with U.S. GAAP have been condensed or omitted. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 Form 10-K”). The condensed consolidated balance sheet as of December 31, 2022 has been derived from the Company’s audited consolidated financial statements. In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments) necessary for the fair statement of the condensed consolidated financial statements. There have been no changes in the Company’s accounting policies from those disclosed in the Company’s audited consolidated financial statements and the related notes included in the 2022 Form 10-K. The operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results expected for the full year ending December 31, 2023 or any future period. 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 amounts reported in the condensed consolidated financial statements and footnotes thereto. Actual results could differ from those estimates. Investments The Company classifies and accounts for its money market mutual funds which have readily determinable fair values as equity securities, and it carries such securities at fair value with unrealized gains and losses reported in other income (expense), net in its condensed consolidated statements of operations. The Company classifies and accounts for its debt securities as available-for-sale, and it carries such securities at fair value with unrealized gains and losses reported net of tax as a separate component of stockholders’ equity (deficit) in accumulated other comprehensive loss. During the three and nine months ended September 30, 2023, in connection with its available-for-sale debt securities, the Company recorded pre-tax unrealized gains of $0.1 million and $0.2 million, respectively, in other comprehensive income (loss), with no associated tax benefit. The Company recorded pre-tax unrealized losses in other comprehensive income (loss) of $0.2 million with an associated tax benefit of $0.1 million in available-for-sale debt securities during both the three and nine months ended September 30, 2022. The Company determines any realized gains and losses on the sale of its available-for-sale debt securities using a specific identification method, and it records such gains and losses through other income (expense), net in its condensed consolidated statements of operations. During the three and nine months ended September 30, 2023 and 2022, the Company did not have any sales of its available-for-sale debt securities and consequently, did not reclassify any amounts out of accumulated other comprehensive loss into other income (expense), net in the condensed consolidated statements of operations. Segments and Geographic Information The Company operates as a single operating segment. The Company’s Chief Operating Decision Maker, the CEO, regularly reviews financial information presented on a consolidated basis for purposes of assessing financial performance and allocating resources. Revenue is attributed to geographic regions based on locations where services are provided to the Company’s customers. Foreign countries outside of the United States, in aggregate, accounted for less than 2% of the Company’s revenue for the three and nine months ended September 30, 2023 and 2022. In addition, property and equipment and operating lease right-of-use (“ROU”) assets outside of the United States were not material as of September 30, 2023 and December 31, 2022. Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, marketable securities, and accounts receivable. The Company maintains its cash accounts with large financial institutions and at times, the cash accounts may exceed Federal Deposit Insurance Corporation limits. The Company has not experienced any losses in such accounts. As of September 30, 2023, the Company maintains its cash accounts with several large financial institutions which the Company believes are financially sound. Accordingly, the Company believes minimal credit risk exists with respect to these cash balances. The Company invests only in highly rated debt and equity securities. The Company believes the financial institutions that hold its investments are financially sound, and accordingly, are subject to minimal credit risk. One customer accounted for 13% and 12% of the Company’s outstanding accounts receivable as of September 30, 2023 and December 31, 2022, respectively. The Company does not consider the concentration of its accounts receivable to be a material risk. For the three and nine months ended September 30, 2023 and 2022, there were no customers that individually represented 10% or more of revenue. The Company uses third parties to collect its credit card receivables and believes risk related to its credit card processors is minimal. Share Repurchase Program All shares repurchased under the Company’s share repurchase program are purchased for immediate retirement. Repurchased shares reduce the Company’s outstanding shares and its weighted average number of common shares outstanding for purposes of calculating basic and diluted earnings per share. All excess of repurchase price over par value for shares repurchased is allocated to retained earnings to the extent the Company has retained earnings. If the Company has an accumulated deficit, all excess of repurchase price over par value for shares repurchased is allocated first to additional paid-in capital, to the extent the Company has additional paid-in capital, until depleted, and then to accumulated deficit in the Company’s condensed consolidated statements of changes in stockholders’ equity (deficit). The Company may repurchase shares of common stock through open market or privately negotiated transactions, block purchases, or pursuant to one or more Rule 10b5-1 plans. For more information on the Company’s share repurchase program, please see Note 9. Excise Tax Imposed by Inflation Reduction Act The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. The net value is determined by the fair market value of the stock repurchased during the tax year, reduced by the fair market value of stock issued during the tax year, including stock issued to employees. As of September 30, 2023, the Company reflected $1.0 million of excise tax as part of the cost basis of the stock repurchased during the nine months ended September 30, 2023, and recorded a corresponding liability for the excise taxes payable in accrued expenses on its condensed consolidated balance sheet. Recent Accounting Pronouncements Accounting Pronouncements Not Yet Adopted The Company reviewed all recently issued accounting pronouncements and concluded they were either not applicable or not expected to have a material impact on the Company’s condensed consolidated financial statements.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share The following table presents the Company’s basic net income per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net income per share, basic: Net income $ 24,076 $ 20,556 $ 43,467 $ 42,083 Weighted average shares of Class A and Class B common stock outstanding 99,800 113,059 101,409 116,184 Net income per share, basic $ 0.24 $ 0.18 $ 0.43 $ 0.36 The following table presents the Company’s diluted net income per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net income per share, diluted: Numerator: Net income $ 24,076 $ 20,556 $ 43,467 $ 42,083 Denominator: Weighted average shares of Class A and Class B common stock outstanding, basic 99,800 113,059 101,409 116,184 Effect of dilutive securities: Options to purchase common stock 4,608 6,640 4,943 7,255 Unvested restricted stock units 273 111 325 177 Employee stock purchase plan 26 — 11 — Weighted average shares of Class A and Class B common stock outstanding, diluted 104,707 119,810 106,688 123,616 Net income per share, diluted $ 0.23 $ 0.17 $ 0.41 $ 0.34 The following table presents the weighted average number of potentially dilutive common stock equivalents excluded from the computation of diluted net income per share because their inclusion would have been anti-dilutive (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Options to purchase common stock 5 102 3 77 Unvested restricted stock units 5,770 6,197 6,032 5,777 Employee stock purchase plan 126 245 136 213 Total shares excluded from diluted net income per share 5,901 6,544 6,171 6,067

Revenue Information

Revenue Information	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Information	Revenue Information The Company disaggregates revenue into two streams: subscription revenue and performance-based revenue. The following table presents the Company’s revenue streams (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Subscription $ 122,431 $ 175,129 $ 402,599 $ 537,290 Performance-based 33,199 51,839 107,201 156,881 Total revenue $ 155,630 $ 226,968 $ 509,800 $ 694,171 The Company recognized $16.9 million and $24.1 million of revenue during the three months ended September 30, 2023 and 2022, respectively, that was included in the deferred revenue balances as of June 30, 2023 and 2022, respectively. The Company recognized $19.4 million and $23.1 million of revenue during the nine months ended September 30, 2023 and 2022, respectively, that was included in the deferred revenue balances as of December 31, 2022 and 2021, respectively. As of September 30, 2023 and December 31, 2022, the Company had no contract assets. Performance Obligations No revenue was recognized during the three and nine months ended September 30, 2023 and 2022 from performance obligations satisfied in previous periods.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses consist of the following (in thousands): September 30, December 31, 2023 2022 Accrued compensation and benefits $ 14,126 $ 31,791 Accrued marketing 9,562 10,937 Accrued commissions 4,331 5,716 Accrued refunds and customer liabilities 2,376 2,863 Accrued partner expenses 2,202 7,465 Accrued non-income taxes 1,739 3,605 Other accrued expenses 7,070 6,738 Total accrued expenses $ 41,406 $ 69,115

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Credit Facility The Company has a $250.0 million credit facility which matures in April 2026. On March 28, 2023, the Company entered into a Fourth Amendment to the Credit Agreement with the administrative agent to replace the London Interbank Offered Rate (“LIBOR”) reference rate with the Secured Overnight Financing Rate (“SOFR”) reference rate (as defined therein). No other terms or conditions of the Credit Agreement were changed as a result of this amendment. The Company had no amounts outstanding under its credit facility and was in compliance with the financial covenants as of September 30, 2023. The amount available under the credit facility as of September 30, 2023 was $245.2 million, which is the credit limit less letters of credit outstanding of $4.8 million. Senior Unsecured Notes On January 12, 2022, the Company issued an aggregate principal amount of $550.0 million senior unsecured notes (the “Notes”) in a private placement. The Notes will mature on January 15, 2030 and bear interest at a rate of 5% per year. Interest on the Notes is payable semi-annually in arrears on January 15 and July 15 of each year. Unpaid interest amounts are included within accrued interest in the Company’s condensed consolidated balance sheets. At its sole discretion, the Company has the option to redeem the Notes at any time in whole or in part at specified redemption prices. The Company includes its Notes, net of debt issuance costs, within long-term borrowings in its condensed consolidated balance sheets. As of September 30, 2023, the Company had a carrying amount of approximately $7.7 million of debt issuance costs related to the Notes. For both the three months ended September 30, 2023 and 2022, the Company recognized $7.1 million in interest expense related to the Notes, and for the nine months ended September 30, 2023 and 2022, the Company recognized $21.4 million and $20.5 million, respectively, in interest expense related to the Notes, with an effective interest rate of 5.4%. Such interest expense includes $0.3 million and $0.2 million related to the amortization of debt issuance costs for the three months ended September 30, 2023 and 2022, respectively, and $0.8 million and $0.7 million related to the amortization of debt issuance costs for the nine months ended September 30, 2023 and 2022, respectively.

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. If the Company determines that it is probable that a loss has been incurred and the amount is reasonably estimable, the Company will record a liability. However, if the Company determines that a contingent loss is reasonably possible and the loss or range of loss can be estimated, the Company will disclose the possible loss in the condensed consolidated financial statements. Legal costs relating to loss contingencies are expensed as incurred. Indemnification In the ordinary course of business, the Company may provide indemnification of varying scopes and terms to customers, investors, directors and officers with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements, services to be provided by the Company, or from certain 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. 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. As of September 30, 2023, the Company has not accrued a liability for these indemnification arrangements because the likelihood of incurring a payment obligation, if any, in connection with these indemnification arrangements is neither probable nor reasonably estimable. Non-income Taxes The Company collects and remits sales, use, and other taxes (“non-income taxes”) relating to the sale of the Company’s services in various jurisdictions. The Company accrues non-income taxes that may result from examinations by, or any anticipated negotiated agreements with, these tax authorities when a loss is probable and reasonably estimable. If the Company determines that a loss is reasonably possible and the loss or range of loss can be estimated, then the reasonably possible loss is disclosed. Due to the inherent complexity and uncertainty of these matters and judicial process in certain jurisdictions, the final outcome may be materially different from the Company’s expectations. Restructuring On May 31, 2023, the Company announced and committed to a restructuring plan to optimize its cost structure and drive long-term efficiency in response to the impact of macroeconomic conditions. This plan resulted in a reduction in the Company’s global workforce of approximately 20%. The Company recorded restructuring costs of $8.3 million during the three months ended June 30, 2023 primarily related to employee severance and continuation of health benefits. Included in the $8.3 million of restructuring costs were non-cash charges of $0.3 million pertaining to fixed asset disposals incurred in conjunction with the restructuring plan. Restructuring costs were presented as $3.9 million in sales and marketing, $3.4 million in research and development, and $1.0 million in general and administrative expenses within the condensed consolidated statements of operations. During the three months ended September 30, 2023, the Company reversed $0.7 million associated with the restructuring costs liability that existed at June 30, 2023 when it was determined such costs would not need to be paid and recorded additional restructuring costs of $0.3 million related to employee severance and continuation of health benefits. Of the restructuring costs liability outstanding as of September 30, 2023, the Company expects the remaining costs to be paid by the end of 2023. The following table presents the restructuring costs liability for the nine months ended September 30, 2023, which is included in accrued expenses in the Company’s condensed consolidated balance sheets: Nine Months Ended September 30, 2023 Accrual, at December 31, 2022 $ — Expense 8,336 Cash payments (7,189) Non-cash adjustments (650) Accrual, at September 30, 2023 $ 497

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Financial Instruments	Financial Instruments Fair Value Measurements The following table presents the Company’s financial assets measured at fair value on a recurring basis, as well as the amortized cost basis and gross unrealized gains and losses of those assets as of September 30, 2023 (in thousands): Balance Sheet Classification Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and Cash Equivalents Marketable Securities Level 1: Cash $ 217,930 $ — $ — $ 217,930 $ 217,930 $ — Money market mutual funds 17,308 — — 17,308 17,308 — U.S. treasury securities 160,817 4 (46) 160,775 2,500 158,275 Subtotal 396,055 4 (46) 396,013 237,738 158,275 Level 2: Commercial paper 21,316 — — 21,316 — 21,316 Certificates of deposit 5,518 — — 5,518 — 5,518 Corporate notes and obligations 41,397 3 (42) 41,358 5,601 35,757 Asset-backed securities 9,958 2 (22) 9,938 — 9,938 U.S. agency securities 22,886 — (25) 22,861 — 22,861 Subtotal 101,075 5 (89) 100,991 5,601 95,390 Total cash, cash equivalents, and marketable securities $ 497,130 $ 9 $ (135) $ 497,004 $ 243,339 $ 253,665 As of December 31, 2022, the Company’s financial assets consisted of the following (in thousands): Balance Sheet Classification Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and Cash Equivalents Marketable Securities Level 1: Cash $ 166,341 $ — $ — $ 166,341 $ 166,341 $ — Money market mutual funds 49,545 — — 49,545 49,545 — U.S. treasury securities 204,580 9 (180) 204,409 2,995 201,414 Subtotal 420,466 9 (180) 420,295 218,881 201,414 Level 2: Commercial paper 41,348 — — 41,348 — 41,348 Certificates of deposit 6,116 — — 6,116 — 6,116 Corporate notes and obligations 63,912 10 (202) 63,720 1,519 62,201 Asset-backed securities 15,150 17 (29) 15,138 — 15,138 U.S. agency securities 23,736 5 (3) 23,738 6,980 16,758 Subtotal 150,262 32 (234) 150,060 8,499 141,561 Total cash, cash equivalents, and marketable securities $ 570,728 $ 41 $ (414) $ 570,355 $ 227,380 $ 342,975 The Company’s money market mutual funds and treasury securities are measured at fair value using quoted prices in active markets for identical assets and are classified within Level 1 in the fair value hierarchy. The fair values of the Company’s Level 2 commercial paper and certificates of deposit are determined using quoted prices in markets that are not active or using model-driven valuations employing significant inputs derived from observable market data. The fair values of the Company’s Level 2 corporate notes and obligations, asset-backed securities, and U.S. agency securities are determined using an evaluated price based on a compilation of reported market information, such as benchmark yield curves, credit spreads and estimated default rates. The carrying amounts of the Company’s remaining financial instruments not discussed in the above table, including accounts receivable, accounts payable, and accrued expenses, approximate fair value because of their short-term maturities, except for the Company’s senior unsecured notes which are valued on a quarterly basis for disclosure purposes only based on quoted prices for the notes in less active markets and categorized accordingly as Level 2 in the fair value hierarchy. The aggregate fair value of the Notes as of September 30, 2023 was estimated to be approximately $434.5 million. Equity Securities The Company’s investments in equity securities consist primarily of money market mutual funds. During the three and nine months ended September 30, 2023 and 2022, the Company recorded no material unrealized gains or losses in connection with its money market mutual funds held as of September 30, 2023. Available-for-sale Debt Securities The following table summarizes the fair value of the Company’s available-for-sale debt securities by contractual maturity as of September 30, 2023 (in thousands): Due within 1 year $ 254,522 Due after 1 year through 5 years 7,243 Total available-for-sale debt securities $ 261,765 Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations. The following table summarizes the available-for-sale debt securities which have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for more than 12 months as of September 30, 2023 (in thousands): Less Than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Asset-backed securities $ 5,633 $ (20) $ 236 $ (2) $ 5,869 $ (22) Corporate notes and obligations 27,991 (19) 5,836 (23) 33,827 (42) U.S. treasury securities 97,537 (46) — — 97,537 (46) U.S. agency securities 20,360 (25) — — 20,360 (25) Total available-for-sale debt securities $ 151,521 $ (110) $ 6,072 $ (25) $ 157,593 $ (135) The following table summarizes the available-for-sale debt securities which have been in a continuous unrealized loss position for less than 12 months as of December 31, 2022 (in thousands): Fair Value Gross Unrealized Losses Asset-backed securities $ 6,598 $ (29) Corporate notes and obligations 55,136 (202) U.S. treasury securities 149,128 (180) U.S. agency securities 7,517 (3) Total available-for-sale debt securities $ 218,379 $ (414) The Company had no available-for-sale debt securities in a continuous unrealized loss position for more than 12 months as of December 31, 2022. The Company did not recognize any credit losses for its available-for-sale debt securities during the three and nine months ended September 30, 2023 and 2022. The Company had no ending allowance balances for credit losses as of September 30, 2023 or December 31, 2022.

Share Repurchase Program

Share Repurchase Program	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share Repurchase Program	Share Repurchase Program In 2022, the Company’s board of directors authorized the Company to repurchase up to $450.0 million of outstanding shares of its common stock pursuant to a share repurchase program (the “Program”). In May 2023, the Company’s board of directors authorized an increase to the Program of $100.0 million, which resulted in a total of $550.0 million of outstanding shares of its common stock authorized for repurchase. Under the Program, the Company may repurchase shares of common stock through open market or privately negotiated transactions, block purchases, or pursuant to one or more Rule 10b5-1 plans. The Program does not obligate the Company to repurchase shares of common stock. There is no minimum or maximum number of shares to be repurchased under the Program. During the nine months ended September 30, 2023, the Company repurchased 8.9 million shares of its Class A common stock for $138.9 million under the Program, including 6.9 million shares of its Class A common stock delivered under a Rule 10b5-1 plan totaling $110.7 million, 1.9 million shares of its Class A common stock purchased in the open market totaling $28.2 million, and 0.1 million shares of its Class A common stock delivered upon the final settlement of an accelerated share repurchase agreement that the Company entered into in December 2022 with a major financial institution for which the payment was made in December 2022. Approximately $71.8 million remains available for future repurchases of Class A common stock under the Program as of September 30, 2023.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Total stock-based compensation expense is recorded in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Cost of revenue $ 171 $ 210 $ 495 $ 613 Sales and marketing 3,068 2,890 9,567 7,947 Research and development 8,921 7,655 26,686 23,215 General and administrative 6,935 8,569 21,557 25,703 Total stock-based compensation $ 19,095 $ 19,324 $ 58,305 $ 57,478 Equity Incentive Plan and Employee Stock Purchase Plan Under the Company’s 2021 Equity Incentive Plan, as of September 30, 2023, 24.4 million shares of Class A common stock were authorized, of which 14.2 million shares of Class A common stock were available for future issuance. The number of shares reserved for issuance was increased in January 2023 pursuant to the evergreen provisions set forth in the 2021 Equity Incentive Plan. Under the Company’s 2021 Employee Stock Purchase Plan (the “ESPP”), as of September 30, 2023, 3.0 million shares of Class A common stock were authorized. The number of shares reserved for issuance was increased in January 2023 pursuant to the evergreen provisions set forth in the ESPP. The ESPP provides for concurrent six-month offering and purchase periods beginning February 15 and August 15 of each year. During the three months ended September 30, 2023, 0.2 million shares of Class A common stock were purchased under the ESPP for an aggregate amount of $2.2 million. During the nine months ended September 30, 2023, 0.4 million shares of Class A common stock were purchased under the ESPP for an aggregate amount of $6.4 million. For the ESPP, the Company recorded stock-based compensation expense of $0.5 million and $1.5 million during the three and nine months ended September 30, 2023, respectively, and $0.6 million and $1.9 million during the three and nine months ended September 30, 2022, respectively. As of September 30, 2023, there was $1.1 million of unrecognized stock-based compensation expense that is expected to be recognized over the remaining term of the offering period ending February 14, 2024. As of September 30, 2023, the Company recorded a liability of $0.9 million related to the accumulated payroll deductions, which are refundable to employees who withdraw from the ESPP. This amount is included within accrued expenses in the condensed consolidated balance sheets. Stock Options A summary of the Company’s stock option activity for the nine months ended September 30, 2023 is as follows (in thousands, except weighted average information): Number of Options Outstanding Weighted Average Exercise Price Per Share Outstanding at December 31, 2022 6,746 $ 2.31 Granted — — Exercised (1,394) 2.50 Forfeited/Canceled (36) 2.58 Outstanding at September 30, 2023 5,316 $ 2.26 Exercisable at September 30, 2023 5,210 $ 2.26 As of September 30, 2023, total remaining stock-based compensation expense for unvested stock options is $1.4 million, which is expected to be recognized over a weighted average period of 0.7 years. Restricted Stock Units The Company’s CEO Performance Award provides for a grant of 1.4 million RSUs consisting of five vesting tranches with a vesting schedule based upon achieving stock price targets as well as satisfying certain minimum service requirements. During the three and nine months ended September 30, 2023, the Company recorded stock-based compensation expense of $1.5 million and $4.5 million, respectively, related to the CEO Performance Award. During the three and nine months ended September 30, 2022, the Company recorded stock-based compensation expense of $1.5 million and $4.4 million, respectively, related to the CEO Performance Award. For all RSUs, excluding the CEO Performance Award, the Company recorded stock-based compensation expense of $16.7 million and $51.3 million during the three and nine months ended September 30, 2023, respectively, and $17.1 million and $50.2 million during the three and nine months ended September 30, 2022, respectively. A summary of the Company’s RSU activity for the nine months ended September 30, 2023 is as follows (in thousands, except weighted average information): Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested at December 31, 2022 7,641 $ 21.20 Granted 4,820 20.49 Vested (2,333) 22.64 Forfeited/Canceled (1,434) 21.99 Unvested at September 30, 2023 8,694 $ 20.17

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company computes its provision (benefit) for income taxes by applying the estimated annual effective tax rate to pretax income or loss and adjusts the provision for discrete tax items recorded in the period. The income tax expense, effective tax rates, and statutory federal income tax rates for the three and nine months ended September 30, 2023 and September 30, 2022 were as follows (in thousands, except percentages): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Income tax expense $ 5,934 $ 1,875 $ 15,376 $ 5,884 Effective tax rate 19.8 % 8.4 % 26.1 % 12.3 % Statutory federal income tax rate 21 % 21 % 21 % 21 % The effective tax rate for the three months ended September 30, 2023 differed from the U.S. federal statutory tax rate of 21% primarily due to state taxes, tax detriments relating to the settlement of RSUs, certain non-deductible expenses, and limitations on the amount of deductible officer compensation, more than offset by the net tax benefits from research and development tax credits. The effective tax rate for the nine months ended September 30, 2023 differed from the U.S. federal statutory tax rate of 21% primarily due to state taxes, tax detriments relating to the settlement of RSUs, certain non-deductible expenses, and limitations on the amount of deductible officer compensation, partially offset by the net tax benefits from research and development tax credits. The effective tax rate for the three and nine months ended September 30, 2022 differed from the U.S. federal statutory tax rate of 21% primarily due to excess tax benefits relating to the exercise of non-qualified stock options and settlement of RSUs and from the tax benefits from research and development tax credits, partially offset by state taxes, non-deductible expenses including certain stock-based compensation expenses, and limitations on the amount of deductible officer compensation.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 24,076	$ 14,380	$ 5,011	$ 20,556	$ 13,110	$ 8,417	$ 43,467	$ 42,083

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2023 shares	Sep. 30, 2023 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
Ryan Sakamoto [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 25, 2023, Ryan Sakamoto, our Executive Vice President, Chief Legal Officer, adopted a Rule 10b5-1 Plan for the potential sale of up to 51,232 shares of common stock. The plan’s expiration date is December 31, 2024.
Name	Ryan Sakamoto
Title	Executive Vice President, Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 25, 2023
Arrangement Duration	494 days
Aggregate Available	51,232	51,232
Qasim Saifee [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 8, 2023, Qasim Saifee, our Chief Operating Officer, adopted a Rule 10b5-1 Plan for the potential sale of up to 442,225 shares of common stock. The plan’s expiration date is December 31, 2024.
Name	Qasim Saifee
Title	Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 8, 2023
Arrangement Duration	480 days
Aggregate Available	442,225	442,225
Ian Siegel [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 11, 2023, The Siegel Family Trust dtd 11/7/2005, affiliated with Ian Siegel, our Chief Executive Officer, adopted a Rule 10b5-1 Plan for the potential sale of up to 2,000,000 shares of common stock. The plan’s expiration date is December 27, 2024.
Name	Ian Siegel
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 11, 2023
Arrangement Duration	473 days
Aggregate Available	2,000,000	2,000,000
Amy Garefis [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 12, 2023, Amy Garefis, our Executive Vice President, Chief People Officer, adopted a Rule 10b5-1 Plan for the potential sale of up to 80,457 shares of common stock. The plan’s expiration date is December 31, 2024.
Name	Amy Garefis
Title	Executive Vice President, Chief People Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 12, 2023
Arrangement Duration	476 days
Aggregate Available	80,457	80,457
Timothy Yarbrough [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 12, 2023, The Yarbrough Family Trust, affiliated with Timothy Yarbrough, our Executive Vice President, Chief Financial Officer, adopted a Rule 10b5-1 Plan for the potential sale of up to 179,825 shares of common stock. The plan’s expiration date is December 31, 2024.
Name	Timothy Yarbrough
Title	Executive Vice President, Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 12, 2023
Arrangement Duration	476 days
Aggregate Available	179,825	179,825
David Travers [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 14, 2023, David Travers, our President, adopted a Rule 10b5-1 Plan for the potential sale of up to 349,888 shares of common stock. The plan’s expiration date is December 27, 2024.
Name	David Travers
Title	President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 14, 2023
Arrangement Duration	470 days
Aggregate Available	349,888	349,888

Basis of Presentation, Princi_2

Basis of Presentation, Principles of Consolidation, and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	The unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, certain information and disclosures normally included in consolidated financial statements presented in accordance with U.S. GAAP have been condensed or omitted. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 Form 10-K”). The condensed consolidated balance sheet as of December 31, 2022 has been derived from the Company’s audited consolidated financial statements. In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments) necessary for the fair statement of the condensed consolidated financial statements. There have been no changes in the Company’s accounting policies from those disclosed in the Company’s audited consolidated financial statements and the related notes included in the 2022 Form 10-K.
Use of Estimates	The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and footnotes thereto. Actual results could differ from those estimates.
Investments	The Company classifies and accounts for its money market mutual funds which have readily determinable fair values as equity securities, and it carries such securities at fair value with unrealized gains and losses reported in other income (expense), net in its condensed consolidated statements of operations. The Company classifies and accounts for its debt securities as available-for-sale, and it carries such securities at fair value with unrealized gains and losses reported net of tax as a separate component of stockholders’ equity (deficit) in accumulated other comprehensive loss. During the three and nine months ended September 30, 2023, in connection with its available-for-sale debt securities, the Company recorded pre-tax unrealized gains of $0.1 million and $0.2 million, respectively, in other comprehensive income (loss), with no associated tax benefit. The Company recorded pre-tax unrealized losses in other comprehensive income (loss) of $0.2 million with an associated tax benefit of $0.1 million in available-for-sale debt securities during both the three and nine months ended September 30, 2022. The Company determines any realized gains and losses on the sale of its available-for-sale debt securities using a specific identification method, and it records such gains and losses through other income (expense), net in its condensed consolidated statements of operations. During the three and nine months ended September 30, 2023 and 2022, the Company did not have any sales of its available-for-sale debt securities and consequently, did not reclassify any amounts out of accumulated other comprehensive loss into other income (expense), net in the condensed consolidated statements of operations.
Segments and Geographic Information	The Company operates as a single operating segment. The Company’s Chief Operating Decision Maker, the CEO, regularly reviews financial information presented on a consolidated basis for purposes of assessing financial performance and allocating resources.
Concentration of Credit Risk	Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, marketable securities, and accounts receivable. The Company maintains its cash accounts with large financial institutions and at times, the cash accounts may exceed Federal Deposit Insurance Corporation limits. The Company has not experienced any losses in such accounts. As of September 30, 2023, the Company maintains its cash accounts with several large financial institutions which the Company believes are financially sound. Accordingly, the Company believes minimal credit risk exists with respect to these cash balances. The Company invests only in highly rated debt and equity securities. The Company believes the financial institutions that hold its investments are financially sound, and accordingly, are subject to minimal credit risk.
Share Repurchase Program	All shares repurchased under the Company’s share repurchase program are purchased for immediate retirement. Repurchased shares reduce the Company’s outstanding shares and its weighted average number of common shares outstanding for purposes of calculating basic and diluted earnings per share. All excess of repurchase price over par value for shares repurchased is allocated to retained earnings to the extent the Company has retained earnings. If the Company has an accumulated deficit, all excess of repurchase price over par value for shares repurchased is allocated first to additional paid-in capital, to the extent the Company has additional paid-in capital, until depleted, and then to accumulated deficit in the Company’s condensed consolidated statements of changes in stockholders’ equity (deficit).
Recent Accounting Pronouncements	Accounting Pronouncements Not Yet Adopted The Company reviewed all recently issued accounting pronouncements and concluded they were either not applicable or not expected to have a material impact on the Company’s condensed consolidated financial statements.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method	The following table presents the Company’s basic net income per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net income per share, basic: Net income $ 24,076 $ 20,556 $ 43,467 $ 42,083 Weighted average shares of Class A and Class B common stock outstanding 99,800 113,059 101,409 116,184 Net income per share, basic $ 0.24 $ 0.18 $ 0.43 $ 0.36
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method	The following table presents the Company’s diluted net income per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net income per share, diluted: Numerator: Net income $ 24,076 $ 20,556 $ 43,467 $ 42,083 Denominator: Weighted average shares of Class A and Class B common stock outstanding, basic 99,800 113,059 101,409 116,184 Effect of dilutive securities: Options to purchase common stock 4,608 6,640 4,943 7,255 Unvested restricted stock units 273 111 325 177 Employee stock purchase plan 26 — 11 — Weighted average shares of Class A and Class B common stock outstanding, diluted 104,707 119,810 106,688 123,616 Net income per share, diluted $ 0.23 $ 0.17 $ 0.41 $ 0.34
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table presents the weighted average number of potentially dilutive common stock equivalents excluded from the computation of diluted net income per share because their inclusion would have been anti-dilutive (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Options to purchase common stock 5 102 3 77 Unvested restricted stock units 5,770 6,197 6,032 5,777 Employee stock purchase plan 126 245 136 213 Total shares excluded from diluted net income per share 5,901 6,544 6,171 6,067

Revenue Information (Tables)

Revenue Information (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents the Company’s revenue streams (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Subscription $ 122,431 $ 175,129 $ 402,599 $ 537,290 Performance-based 33,199 51,839 107,201 156,881 Total revenue $ 155,630 $ 226,968 $ 509,800 $ 694,171

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued expenses consist of the following (in thousands): September 30, December 31, 2023 2022 Accrued compensation and benefits $ 14,126 $ 31,791 Accrued marketing 9,562 10,937 Accrued commissions 4,331 5,716 Accrued refunds and customer liabilities 2,376 2,863 Accrued partner expenses 2,202 7,465 Accrued non-income taxes 1,739 3,605 Other accrued expenses 7,070 6,738 Total accrued expenses $ 41,406 $ 69,115

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Restructuring and Related Costs	The following table presents the restructuring costs liability for the nine months ended September 30, 2023, which is included in accrued expenses in the Company’s condensed consolidated balance sheets: Nine Months Ended September 30, 2023 Accrual, at December 31, 2022 $ — Expense 8,336 Cash payments (7,189) Non-cash adjustments (650) Accrual, at September 30, 2023 $ 497

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis	The following table presents the Company’s financial assets measured at fair value on a recurring basis, as well as the amortized cost basis and gross unrealized gains and losses of those assets as of September 30, 2023 (in thousands): Balance Sheet Classification Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and Cash Equivalents Marketable Securities Level 1: Cash $ 217,930 $ — $ — $ 217,930 $ 217,930 $ — Money market mutual funds 17,308 — — 17,308 17,308 — U.S. treasury securities 160,817 4 (46) 160,775 2,500 158,275 Subtotal 396,055 4 (46) 396,013 237,738 158,275 Level 2: Commercial paper 21,316 — — 21,316 — 21,316 Certificates of deposit 5,518 — — 5,518 — 5,518 Corporate notes and obligations 41,397 3 (42) 41,358 5,601 35,757 Asset-backed securities 9,958 2 (22) 9,938 — 9,938 U.S. agency securities 22,886 — (25) 22,861 — 22,861 Subtotal 101,075 5 (89) 100,991 5,601 95,390 Total cash, cash equivalents, and marketable securities $ 497,130 $ 9 $ (135) $ 497,004 $ 243,339 $ 253,665 As of December 31, 2022, the Company’s financial assets consisted of the following (in thousands): Balance Sheet Classification Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and Cash Equivalents Marketable Securities Level 1: Cash $ 166,341 $ — $ — $ 166,341 $ 166,341 $ — Money market mutual funds 49,545 — — 49,545 49,545 — U.S. treasury securities 204,580 9 (180) 204,409 2,995 201,414 Subtotal 420,466 9 (180) 420,295 218,881 201,414 Level 2: Commercial paper 41,348 — — 41,348 — 41,348 Certificates of deposit 6,116 — — 6,116 — 6,116 Corporate notes and obligations 63,912 10 (202) 63,720 1,519 62,201 Asset-backed securities 15,150 17 (29) 15,138 — 15,138 U.S. agency securities 23,736 5 (3) 23,738 6,980 16,758 Subtotal 150,262 32 (234) 150,060 8,499 141,561 Total cash, cash equivalents, and marketable securities $ 570,728 $ 41 $ (414) $ 570,355 $ 227,380 $ 342,975
Schedule of Investments Classified by Contractual Maturity Date	The following table summarizes the fair value of the Company’s available-for-sale debt securities by contractual maturity as of September 30, 2023 (in thousands): Due within 1 year $ 254,522 Due after 1 year through 5 years 7,243 Total available-for-sale debt securities $ 261,765
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value	The following table summarizes the available-for-sale debt securities which have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for more than 12 months as of September 30, 2023 (in thousands): Less Than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Asset-backed securities $ 5,633 $ (20) $ 236 $ (2) $ 5,869 $ (22) Corporate notes and obligations 27,991 (19) 5,836 (23) 33,827 (42) U.S. treasury securities 97,537 (46) — — 97,537 (46) U.S. agency securities 20,360 (25) — — 20,360 (25) Total available-for-sale debt securities $ 151,521 $ (110) $ 6,072 $ (25) $ 157,593 $ (135) The following table summarizes the available-for-sale debt securities which have been in a continuous unrealized loss position for less than 12 months as of December 31, 2022 (in thousands): Fair Value Gross Unrealized Losses Asset-backed securities $ 6,598 $ (29) Corporate notes and obligations 55,136 (202) U.S. treasury securities 149,128 (180) U.S. agency securities 7,517 (3) Total available-for-sale debt securities $ 218,379 $ (414)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount	Total stock-based compensation expense is recorded in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Cost of revenue $ 171 $ 210 $ 495 $ 613 Sales and marketing 3,068 2,890 9,567 7,947 Research and development 8,921 7,655 26,686 23,215 General and administrative 6,935 8,569 21,557 25,703 Total stock-based compensation $ 19,095 $ 19,324 $ 58,305 $ 57,478
Schedule of Stock Options Roll Forward	A summary of the Company’s stock option activity for the nine months ended September 30, 2023 is as follows (in thousands, except weighted average information): Number of Options Outstanding Weighted Average Exercise Price Per Share Outstanding at December 31, 2022 6,746 $ 2.31 Granted — — Exercised (1,394) 2.50 Forfeited/Canceled (36) 2.58 Outstanding at September 30, 2023 5,316 $ 2.26 Exercisable at September 30, 2023 5,210 $ 2.26
Schedule of Nonvested Restricted Stock Units Activity	A summary of the Company’s RSU activity for the nine months ended September 30, 2023 is as follows (in thousands, except weighted average information): Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested at December 31, 2022 7,641 $ 21.20 Granted 4,820 20.49 Vested (2,333) 22.64 Forfeited/Canceled (1,434) 21.99 Unvested at September 30, 2023 8,694 $ 20.17

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The income tax expense, effective tax rates, and statutory federal income tax rates for the three and nine months ended September 30, 2023 and September 30, 2022 were as follows (in thousands, except percentages): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Income tax expense $ 5,934 $ 1,875 $ 15,376 $ 5,884 Effective tax rate 19.8 % 8.4 % 26.1 % 12.3 % Statutory federal income tax rate 21 % 21 % 21 % 21 %

Basis of Presentation, Princi_3

Basis of Presentation, Principles of Consolidation, and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Concentration Risk [Line Items]
Gain (loss) recognized in other comprehensive income	$ 100	$ (200)	$ 200	$ (200)
Associated tax benefit	0		0
Available for sale debt securities	261,765	100	261,765	100
Available for sale debt securities, reclassified	0	$ 0	0	$ 0
Excise tax	$ 1,000		$ 1,000
Revenue Benchmark | Geographic Concentration Risk | Non-US
Concentration Risk [Line Items]
Concentration risk (as a percent)	2%	2%	2%	2%
Accounts Receivable | Customer Concentration Risk | Customer One
Concentration Risk [Line Items]
Concentration risk (as a percent)			13%		12%

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income per share, basic:
Net income	$ 24,076	$ 14,380	$ 5,011	$ 20,556	$ 13,110	$ 8,417	$ 43,467	$ 42,083
Weighted average shares of Class A and Class B common stock outstanding basic (in shares)	99,800			113,059			101,409	116,184
Net income per share, basic (in dollars per share)	$ 0.24			$ 0.18			$ 0.43	$ 0.36

Net Income Per Share - Schedu_2

Net Income Per Share - Schedule of Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income	$ 24,076	$ 20,556	$ 43,467	$ 42,083
Denominator:
Weighted average shares of Class A and Class B common stock outstanding basic (in shares)	99,800	113,059	101,409	116,184
Effect of dilutive securities:
Weighted average shares of Class A and Class B common stock outstanding, diluted (in shares)	104,707	119,810	106,688	123,616
Net income per share, diluted (in dollars per share)	$ 0.23	$ 0.17	$ 0.41	$ 0.34
Options to purchase common stock
Effect of dilutive securities:
Share based payment arrangements (in shares)	4,608	6,640	4,943	7,255
Unvested restricted stock units
Effect of dilutive securities:
Share based payment arrangements (in shares)	273	111	325	177
Employee stock purchase plan
Effect of dilutive securities:
Share based payment arrangements (in shares)	26	0	11	0

Net Income Per Share - Schedu_3

Net Income Per Share - Schedule of Antidilutive Options (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share (in shares)	5,901	6,544	6,171	6,067
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share (in shares)	5	102	3	77
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share (in shares)	5,770	6,197	6,032	5,777
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share (in shares)	126	245	136	213

Revenue Information - Narrative

Revenue Information - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) revenueStream	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) revenueStream	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Number of revenue streams | revenueStream	2		2
Revenue that was included in deferred revenue balances	$ 16,900,000	$ 24,100,000	$ 19,400,000	$ 23,100,000
Contract assets	0		0		$ 0
Revenue recognized from performance obligations satisfied in previous periods	$ 0	$ 0	$ 0	$ 0

Revenue Information - Schedule

Revenue Information - Schedule of Revenue Streams (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 155,630	$ 226,968	$ 509,800	$ 694,171
Subscription
Disaggregation of Revenue [Line Items]
Total revenue	122,431	175,129	402,599	537,290
Performance-based
Disaggregation of Revenue [Line Items]
Total revenue	$ 33,199	$ 51,839	$ 107,201	$ 156,881

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 14,126	$ 31,791
Accrued marketing	9,562	10,937
Accrued commissions	4,331	5,716
Accrued refunds and customer liabilities	2,376	2,863
Accrued non-income taxes	1,739	3,605
Accrued partner expenses	2,202	7,465
Other accrued expenses	7,070	6,738
Total accrued expenses	$ 41,406	$ 69,115

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jan. 12, 2022
Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility	$ 250,000,000		$ 250,000,000
Line of credit, amount available	245,200,000		245,200,000
Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Long-term debt outstanding	0		0
Line of Credit | Letter of Credit
Line of Credit Facility [Line Items]
Long-term debt outstanding	4,800,000		4,800,000
Senior Notes
Line of Credit Facility [Line Items]
Debt issuance costs	7,700,000		7,700,000
Senior Notes | Senior Notes Due 2030
Line of Credit Facility [Line Items]
Convertible notes issued					$ 550,000,000
Debt instrument, stated rate					5%
Interest expense	$ 7,100,000	$ 7,100,000	$ 21,400,000	$ 20,500,000
Effective interest rate	5.40%	5.40%	5.40%	5.40%
Amortization of debt issuance costs	$ 300,000	$ 200,000	$ 800,000	$ 700,000

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
	May 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2023
Loss Contingencies [Line Items]
Accrued liability for indemnification arrangements		$ 0		$ 0
Reduction in workforce	20%
Restructuring charges		300,000	$ 8,300,000	8,336,000
Non-cash charges			300,000
Non-cash adjustments		$ 700,000		$ 650,000
Sales and marketing
Loss Contingencies [Line Items]
Restructuring charges			3,900,000
Research and development
Loss Contingencies [Line Items]
Restructuring charges			3,400,000
General and administrative
Loss Contingencies [Line Items]
Restructuring charges			$ 1,000,000

Commitment and Contingencies _2

Commitment and Contingencies - Rollforward of Restructuring Cost Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Accrual, at beginning of year			$ 0
Expense	$ 300	$ 8,300	8,336
Cash payments			(7,189)
Non-cash adjustments	(700)		(650)
Accrual, at end of year	$ 497		$ 497

Financial Instruments - Amortiz

Financial Instruments - Amortized Cost, Unrealized Gains and Losses, and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Debt Securities, Available-for-Sale [Line Items]
Fair Value Measurement, available for sale debt securities	$ 261,765		$ 100
Balance Sheet Classification, Cash and Cash Equivalents	243,339	$ 227,380
Balance Sheet Classification, Marketable Securities	253,665	342,975
U.S. treasury securities
Debt Securities, Available-for-Sale [Line Items]
Balance Sheet Classification, Cash and Cash Equivalents	2,500	2,995
Balance Sheet Classification, Marketable Securities	158,275	201,414
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Balance Sheet Classification, Marketable Securities	21,316	41,348
Certificates of deposit
Debt Securities, Available-for-Sale [Line Items]
Balance Sheet Classification, Marketable Securities	5,518	6,116
Corporate notes and obligations
Debt Securities, Available-for-Sale [Line Items]
Balance Sheet Classification, Cash and Cash Equivalents	5,601	1,519
Balance Sheet Classification, Marketable Securities	35,757	62,201
Asset-backed securities
Debt Securities, Available-for-Sale [Line Items]
Balance Sheet Classification, Marketable Securities	9,938	15,138
U.S. agency securities
Debt Securities, Available-for-Sale [Line Items]
Balance Sheet Classification, Cash and Cash Equivalents		6,980
Balance Sheet Classification, Marketable Securities	22,861	16,758
Fair Value, Measurements, Recurring
Debt Securities, Available-for-Sale [Line Items]
Fair Value Measurement, Gross Unrealized Gains	9	41
Fair Value Measurement, Gross Unrealized Losses	(135)	(414)
Total cash, cash equivalents, and marketable securities	497,004	570,355
Debt securities, available-for-sale, amortized cost and cash and cash equivalents	497,130	570,728
Level 1
Debt Securities, Available-for-Sale [Line Items]
Balance Sheet Classification, Cash and Cash Equivalents	237,738	218,881
Balance Sheet Classification, Marketable Securities	158,275	201,414
Level 1 | Fair Value, Measurements, Recurring
Debt Securities, Available-for-Sale [Line Items]
Fair Value Measurement, Gross Unrealized Gains	4	9
Fair Value Measurement, Gross Unrealized Losses	(46)	(180)
Total cash, cash equivalents, and marketable securities	396,013	420,295
Debt securities, available-for-sale, amortized cost and cash and cash equivalents	396,055	420,466
Level 1 | Fair Value, Measurements, Recurring | U.S. treasury securities
Debt Securities, Available-for-Sale [Line Items]
Fair Value Measurement, Amortized Cost Basis	160,817	204,580
Fair Value Measurement, Gross Unrealized Gains	4	9
Fair Value Measurement, Gross Unrealized Losses	(46)	(180)
Fair Value Measurement, available for sale debt securities	160,775	204,409
Level 2
Debt Securities, Available-for-Sale [Line Items]
Balance Sheet Classification, Cash and Cash Equivalents	5,601	8,499
Balance Sheet Classification, Marketable Securities	95,390	141,561
Level 2 | Fair Value, Measurements, Recurring
Debt Securities, Available-for-Sale [Line Items]
Fair Value Measurement, Gross Unrealized Gains	5	32
Fair Value Measurement, Gross Unrealized Losses	(89)	(234)
Total cash, cash equivalents, and marketable securities	100,991	150,060
Debt securities, available-for-sale, amortized cost and cash and cash equivalents	101,075	150,262
Level 2 | Fair Value, Measurements, Recurring | Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Fair Value Measurement, Amortized Cost Basis	21,316	41,348
Fair Value Measurement, available for sale debt securities	21,316	41,348
Level 2 | Fair Value, Measurements, Recurring | Certificates of deposit
Debt Securities, Available-for-Sale [Line Items]
Fair Value Measurement, Amortized Cost Basis	5,518	6,116
Fair Value Measurement, available for sale debt securities	5,518	6,116
Level 2 | Fair Value, Measurements, Recurring | Corporate notes and obligations
Debt Securities, Available-for-Sale [Line Items]
Fair Value Measurement, Amortized Cost Basis	41,397	63,912
Fair Value Measurement, Gross Unrealized Gains	3	10
Fair Value Measurement, Gross Unrealized Losses	(42)	(202)
Fair Value Measurement, available for sale debt securities	41,358	63,720
Level 2 | Fair Value, Measurements, Recurring | Asset-backed securities
Debt Securities, Available-for-Sale [Line Items]
Fair Value Measurement, Amortized Cost Basis	9,958	15,150
Fair Value Measurement, Gross Unrealized Gains	2	17
Fair Value Measurement, Gross Unrealized Losses	(22)	(29)
Fair Value Measurement, available for sale debt securities	9,938	15,138
Level 2 | Fair Value, Measurements, Recurring | U.S. agency securities
Debt Securities, Available-for-Sale [Line Items]
Fair Value Measurement, Amortized Cost Basis	22,886	23,736
Fair Value Measurement, Gross Unrealized Gains	0	5
Fair Value Measurement, Gross Unrealized Losses	(25)	(3)
Fair Value Measurement, available for sale debt securities	22,861	23,738
Cash
Debt Securities, Available-for-Sale [Line Items]
Balance Sheet Classification, Cash and Cash Equivalents	217,930	166,341
Cash | Level 1 | Fair Value, Measurements, Recurring
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalent	217,930	166,341
Money market mutual funds
Debt Securities, Available-for-Sale [Line Items]
Balance Sheet Classification, Cash and Cash Equivalents	17,308	49,545
Money market mutual funds | Level 1 | Fair Value, Measurements, Recurring
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalent	$ 17,308	$ 49,545

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Unrealized gains (losses) on equity securities	$ 0	$ 0	$ 0	$ 0
12 months or longer, gross unrealized losses	25,000		25,000		$ 0
Credit losses recorded for available-for-sale debt securities	0	$ 0	0	$ 0
Level 2
Debt Securities, Available-for-Sale [Line Items]
Fair value of debt	$ 434,500,000		$ 434,500,000

Financial Instruments - Availab

Financial Instruments - Available-for-sale Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Available-for-Sale Securities, Debt Maturities [Abstract]
Due within 1 year	$ 254,522
Due after 1 year through 5 years	7,243
Total available-for-sale debt securities	$ 261,765	$ 100

Financial Instruments - Avail_2

Financial Instruments - Available-for-sale Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Fair value, less than 12 Months	$ 151,521	$ 218,379
Gross unrealized losses, less than 12 months	(110)	(414)
Fair value, 12 months or greater	6,072
Gross unrealized losses, 12 months or greater	(25)	0
Fair value, total	157,593
Gross unrealized losses, total	(135)
Asset-backed securities
Debt Securities, Available-for-Sale [Line Items]
Fair value, less than 12 Months	5,633	6,598
Gross unrealized losses, less than 12 months	(20)	(29)
Fair value, 12 months or greater	236
Gross unrealized losses, 12 months or greater	(2)
Fair value, total	5,869
Gross unrealized losses, total	(22)
Corporate notes and obligations
Debt Securities, Available-for-Sale [Line Items]
Fair value, less than 12 Months	27,991	55,136
Gross unrealized losses, less than 12 months	(19)	(202)
Fair value, 12 months or greater	5,836
Gross unrealized losses, 12 months or greater	(23)
Fair value, total	33,827
Gross unrealized losses, total	(42)
U.S. treasury securities
Debt Securities, Available-for-Sale [Line Items]
Fair value, less than 12 Months	97,537	149,128
Gross unrealized losses, less than 12 months	(46)	(180)
Fair value, 12 months or greater	0
Gross unrealized losses, 12 months or greater	0
Fair value, total	97,537
Gross unrealized losses, total	(46)
U.S. agency securities
Debt Securities, Available-for-Sale [Line Items]
Fair value, less than 12 Months	20,360	7,517
Gross unrealized losses, less than 12 months	(25)	$ (3)
Fair value, 12 months or greater	0
Gross unrealized losses, 12 months or greater	0
Fair value, total	20,360
Gross unrealized losses, total	$ (25)

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) shares in Millions	9 Months Ended
	Sep. 30, 2023	May 31, 2023	Dec. 31, 2022
Accelerated Share Repurchases [Line Items]
Authorized amount for repurchase		$ 550,000,000	$ 450,000,000
Stock repurchase program, increased limit		$ 100,000,000
Common Class A
Accelerated Share Repurchases [Line Items]
Common shares repurchased (in shares)	8.9
Common shares repurchased, amount	$ 138,900,000
Stock repurchase program, remaining authorized amount for future purchase	$ 71,800,000
Share Repurchased under Plan | Common Class A
Accelerated Share Repurchases [Line Items]
Common shares repurchased (in shares)	6.9
Common shares repurchased, amount	$ 110,700,000
Accelerated Share Repurchase Agreement | Common Class A
Accelerated Share Repurchases [Line Items]
Common shares repurchased (in shares)	0.1
Common Stock Purchased, Open Market | Common Class A
Accelerated Share Repurchases [Line Items]
Common shares repurchased (in shares)	1.9
Common shares repurchased, amount	$ 28,200,000

Stock-Based Compensation - Tota

Stock-Based Compensation - Total Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 19,095	$ 19,324	$ 58,305	$ 57,478
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	171	210	495	613
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	3,068	2,890	9,567	7,947
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	8,921	7,655	26,686	23,215
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 6,935	$ 8,569	$ 21,557	$ 25,703

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) tranche shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) tranche shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 19,095	$ 19,324	$ 58,305	$ 57,478
Total remaining stock-based compensation expense for unvested stock options	1,400		$ 1,400
Stock based compensation, weighted average period of recognition			8 months 12 days
Unvested restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	16,700	17,100	$ 51,300	50,200
Unrecognized stock based compensation expense	145,500		$ 145,500
Stock based compensation, weighted average period of recognition			1 year 6 months
Restricted stock units granted (in shares) | shares			4,820,000
Chief Executive Officer | Unvested restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	1,500	1,500	$ 4,500	4,400
Unrecognized stock based compensation expense	$ 8,900		$ 8,900
Stock based compensation, weighted average period of recognition			1 year 9 months 18 days
Restricted stock units granted (in shares) | shares			1,400,000
Number of vesting tranches | tranche	5		5
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, authorized (in shares) | shares	700,000,000		700,000,000		700,000,000
Shares reserved for issuance (in shares) | shares	3,000,000		3,000,000
Shares purchased under ESPP (in shares) | shares	200,000		400,000
Aggregate amount of shares purchased	$ 2,200		$ 6,400
Equity Incentive Plan 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, authorized (in shares) | shares	24,400,000		24,400,000
Shares initially reserved for issuance (in shares) | shares	14,200,000		14,200,000
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 500	$ 600	$ 1,500	$ 1,900
Unrecognized stock based compensation expense	1,100		1,100
Accrued employee stock purchase plan contribution	$ 900		$ 900

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Equity Incentive Plans, 2012, 2014, 2021 - $ / shares	9 Months Ended
	Sep. 30, 2023
Number of Options Outstanding
Beginning balance (in shares)	6,746,000
Granted (in shares)	0
Exercised (in shares)	(1,394,000)
Forfeited/cancelled (in shares)	(36,000)
Ending balance (in shares)	5,316,000
Exercisable (in shares)	5,210,000
Weighted Average Exercise Price Per Share
Beginning balance, outstanding (in dollars per share)	$ 2.31
Granted (in dollars per share)	0
Exercised (in dollars per share)	2.50
Forfeited/Cancelled (in dollars per share)	2.58
Ending balance, outstanding (in dollars per share)	2.26
Exercisable (in dollars per share)	$ 2.26

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSU Activity (Details) - Unvested restricted stock units	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Number of Shares
Beginning balance (in shares) | shares	7,641,000
Granted (in shares) | shares	4,820,000
Vested (in shares) | shares	(2,333,000)
Forfeited/Canceled (in shares) | shares	(1,434,000)
Ending balance (in shares) | shares	8,694,000
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) | $ / shares	$ 21.20
Granted (in dollars per share) | $ / shares	20.49
Vested (in dollars per share) | $ / shares	22.64
Forfeited/Canceled (in dollars per share) | $ / shares	21.99
Ending balance (in dollars per share) | $ / shares	$ 20.17

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 5,934	$ 1,875	$ 15,376	$ 5,884
Effective tax rate	19.80%	8.40%	26.10%	12.30%
Statutory federal income tax rate	21%	21%	21%	21%