Toast (TOST) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 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	001-40819
Entity Registrant Name	Toast, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-4168768
Entity Address, Address Line One	401 Park Drive
Entity Address, City or Town	Boston,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02215
City Area Code	617
Local Phone Number	297-1005
Title of 12(b) Security	Class A common stock, par value of $0.000001 per share
Trading Symbol	TOST
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	0001650164
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		425,261,924
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		114,945,975

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 514	$ 547
Marketable securities	516	474
Accounts receivable, net	95	77
Inventories, net	98	110
Deferred costs, net	56	44
Prepaid expenses and other current assets	201	155
Total current assets	1,480	1,407
Property and equipment, net	69	61
Operating lease right-of-use assets	23	77
Intangible assets, net	28	29
Goodwill	113	107
Restricted cash	49	28
Deferred costs, non-current	59	38
Other non-current assets	13	14
Total non-current assets	354	354
Total assets	1,834	1,761
Current liabilities:
Accounts payable	27	30
Operating lease liabilities	10	14
Deferred revenue	38	39
Accrued expenses and other current liabilities	499	413
Total current liabilities	574	496
Warrants to purchase common stock	72	68
Operating lease liabilities, non-current	22	80
Deferred revenue, non-current	14	7
Other long-term liabilities	3	12
Total liabilities	685	663
Commitments and Contingencies (Note 14)
Stockholders’ Equity:
Preferred stock- par value $0.000001; 100,000,000 shares authorized, no shares issued or outstanding	0	0
Treasury stock, at cost; 225,000 shares outstanding at September 30, 2023 and December 31, 2022	0	0
Accumulated other comprehensive loss	(2)	(2)
Additional paid-in capital	2,738	2,477
Accumulated deficit	(1,587)	(1,377)
Total stockholders’ equity	1,149	1,098
Total liabilities and stockholders’ equity	1,834	1,761
Class A common stock
Stockholders’ Equity:
Common stock	0	0
Class B common stock
Stockholders’ Equity:
Common stock	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Stockholders’ Equity:
Preferred stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Treasury stock (in shares)	225,000	225,000
Class A common stock
Stockholders’ Equity:
Common stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Common stock, authorized (in shares)	7,000,000,000	7,000,000,000
Common stock, issued (in shares)	423,611,258	353,094,009
Common stock, outstanding (in shares)	423,611,258	353,094,009
Class B common stock
Stockholders’ Equity:
Common stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Common stock, authorized (in shares)	700,000,000	700,000,000
Common stock, issued (in shares)	114,944,182	169,933,289
Common stock, outstanding (in shares)	114,944,182	169,933,289

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Total revenue	$ 1,032	$ 752	$ 2,829	$ 1,963
Costs of revenue:
Amortization of acquired intangible assets	1	1	4	4
Total costs of revenue	806	601	2,221	1,610
Gross profit	226	151	608	353
Operating expenses:
Sales and marketing	100	84	299	232
Research and development	87	74	264	203
General and administrative	98	78	276	203
Total operating expenses	285	236	839	638
Loss from operations	(59)	(85)	(231)	(285)
Other income (expense):
Interest income, net	10	3	27	5
Change in fair value of warrant liability	18	(21)	(5)	102
Other income (expense), net	0	1	0	(1)
Loss before benefit (provision) for income taxes	(31)	(102)	(209)	(179)
Benefit (provision) for income taxes	0	4	(1)	4
Net loss	$ (31)	$ (98)	$ (210)	$ (175)
Net loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.06)	$ (0.19)	$ (0.40)	$ (0.34)
Diluted (in dollars per share)	$ (0.09)	$ (0.19)	$ (0.40)	$ (0.54)
Weighted average shares used in computing net loss per share:
Basic (in shares)	535,219,532	513,719,867	529,535,807	509,507,937
Diluted (in shares)	536,534,932	513,719,867	529,535,807	510,000,352
Subscription services
Revenue:
Total revenue	$ 131	$ 90	$ 358	$ 230
Costs of revenue:
Cost of revenue	43	29	118	81
Financial technology solutions
Revenue:
Total revenue	856	628	2,338	1,628
Costs of revenue:
Cost of revenue	674	494	1,828	1,289
Hardware
Revenue:
Total revenue	34	27	106	86
Costs of revenue:
Cost of revenue	58	52	181	165
Professional services
Revenue:
Total revenue	11	7	27	19
Costs of revenue:
Cost of revenue	$ 30	$ 25	$ 90	$ 71

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (31)	$ (98)	$ (210)	$ (175)
Other comprehensive income (loss):
Unrealized gains (losses) on marketable securities, net of tax effect of $0	0	1	0	(2)
Currency translation adjustments	0	0	0	(1)
Total other comprehensive income (loss)	0	1	0	(3)
Comprehensive loss	$ (31)	$ (97)	$ (210)	$ (178)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Unrealized gain (losses) on marketable securities, net of tax	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Class A and Class B Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2021		507,170,365
Beginning balance at Dec. 31, 2021	$ 1,091	$ 0	$ 0	$ 2,194	$ (1,102)	$ (1)
Beginning balance (in shares) at Dec. 31, 2021			225,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)		(33,475)
Issuance of common stock upon net exercise of common stock warrants (in shares)		371,573
Issuance of common stock upon net exercise of common stock warrants	18			18
Issuance of common stock upon exercise of common stock options (in shares)		6,360,377
Issuance of common stock upon exercise of common stock options	12			12
Issuance of common stock upon vesting of restricted stock units (in shares)		3,511,292
Stock-based compensation expense	172			172
Vesting of restricted stock	3			3
Issuance of common stock in connection with business combinations (in shares)		1,375,407
Issuance of common stock in connection with business combinations	1			1
Currency translation adjustments	(1)					(1)
Unrealized gain (loss) on marketable securities	(2)					(2)
Net loss	(175)				(175)
Ending balance (in shares) at Sep. 30, 2022		518,755,539
Ending balance at Sep. 30, 2022	1,119	$ 0	$ 0	2,400	(1,277)	(4)
Ending balance (in shares) at Sep. 30, 2022			225,000
Beginning balance (in shares) at Dec. 31, 2021		507,170,365
Beginning balance at Dec. 31, 2021	1,091	$ 0	$ 0	2,194	(1,102)	(1)
Beginning balance (in shares) at Dec. 31, 2021			225,000
Ending balance (in shares) at Dec. 31, 2022		523,027,298
Ending balance at Dec. 31, 2022	$ 1,098	$ 0	$ 0	2,477	(1,377)	(2)
Ending balance (in shares) at Dec. 31, 2022	225,000		225,000
Beginning balance (in shares) at Jun. 30, 2022		513,406,811
Beginning balance at Jun. 30, 2022	$ 1,150	$ 0	$ 0	2,334	(1,179)	(5)
Beginning balance (in shares) at Jun. 30, 2022			225,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of common stock options (in shares)		1,950,077
Issuance of common stock upon exercise of common stock options	5			5
Issuance of common stock upon vesting of restricted stock units (in shares)		2,060,423
Stock-based compensation expense	60			60
Vesting of restricted stock	1			1
Issuance of common stock in connection with business combinations (in shares)		1,338,228
Currency translation adjustments	0
Unrealized gain (loss) on marketable securities	1					1
Net loss	(98)				(98)
Ending balance (in shares) at Sep. 30, 2022		518,755,539
Ending balance at Sep. 30, 2022	1,119	$ 0	$ 0	2,400	(1,277)	(4)
Ending balance (in shares) at Sep. 30, 2022			225,000
Beginning balance (in shares) at Dec. 31, 2022		523,027,298
Beginning balance at Dec. 31, 2022	$ 1,098	$ 0	$ 0	2,477	(1,377)	(2)
Beginning balance (in shares) at Dec. 31, 2022	225,000		225,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)		(44,440)
Issuance of common stock upon net exercise of common stock warrants (in shares)		19,494
Issuance of common stock upon net exercise of common stock warrants	$ 1			1
Issuance of common stock upon exercise of common stock options (in shares)	6,479,120	6,479,120
Issuance of common stock upon exercise of common stock options	$ 20			20
Issuance of common stock upon vesting of restricted stock units (in shares)		7,733,268
Stock-based compensation expense	216			216
Vesting of restricted stock	2			2
Issuance of common stock under employee stock purchase plan (in shares)		727,849
Issuance of common stock under employee stock purchase plan	11			11
Issuance of common stock in connection with business combinations (in shares)		65,962
Issuance of common stock in connection with business combinations	1			1
Currency translation adjustments	0
Unrealized gain (loss) on marketable securities	0
Charitable contribution stock-based expense (in shares)		546,889
Issuance of common stock in connection with charitable contribution	10			10
Net loss	(210)				(210)
Ending balance (in shares) at Sep. 30, 2023		538,555,440
Ending balance at Sep. 30, 2023	$ 1,149	$ 0	$ 0	2,738	(1,587)	(2)
Ending balance (in shares) at Sep. 30, 2023	225,000		225,000
Beginning balance (in shares) at Jun. 30, 2023		532,936,724
Beginning balance at Jun. 30, 2023	$ 1,079	$ 0	$ 0	2,637	(1,556)	(2)
Beginning balance (in shares) at Jun. 30, 2023			225,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of common stock options (in shares)		1,688,813
Issuance of common stock upon exercise of common stock options	9			9
Issuance of common stock upon vesting of restricted stock units (in shares)		2,942,251
Stock-based compensation expense	75			75
Issuance of common stock under employee stock purchase plan (in shares)		440,763
Issuance of common stock under employee stock purchase plan	7			7
Currency translation adjustments	0
Unrealized gain (loss) on marketable securities	0
Charitable contribution stock-based expense (in shares)		546,889
Issuance of common stock in connection with charitable contribution	10			10
Net loss	(31)				(31)
Ending balance (in shares) at Sep. 30, 2023		538,555,440
Ending balance at Sep. 30, 2023	$ 1,149	$ 0	$ 0	$ 2,738	$ (1,587)	$ (2)
Ending balance (in shares) at Sep. 30, 2023	225,000		225,000

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (210)	$ (175)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	22	18
Stock-based compensation expense	206	167
Amortization of deferred costs	44	32
Change in fair value of warrant liability	5	(102)
Credit loss expense	44	18
Stock-based charitable contribution expense	10	0
Asset impairments	15	0
Other	(14)	1
Changes in operating assets and liabilities:
Accounts receivable, net	(24)	(30)
Prepaid expenses and other current assets	(7)	(17)
Deferred costs, net	(77)	(53)
Inventories, net	13	(53)
Accounts payable	(3)	(12)
Accrued expenses and other current liabilities	17	91
Deferred revenue	6	(9)
Other assets and liabilities	(4)	(13)
Net cash provided by (used in) operating activities	43	(137)
Cash flows from investing activities:
Cash paid for acquisition, net of cash acquired	(9)	(46)
Capitalized software	(27)	(10)
Purchases of property and equipment	(4)	(13)
Purchases of marketable securities	(479)	(187)
Proceeds from the sale of marketable securities	23	41
Maturities of marketable securities	414	190
Other investing activities	(3)	0
Net cash used in investing activities	(85)	(25)
Cash flows from financing activities:
Change in customer funds obligations, net	27	26
Proceeds from issuance of common stock	31	12
Payment of contingent consideration	0	(2)
Net cash provided by financing activities	58	36
Net increase (decrease) in cash, cash equivalents, cash held on behalf of customers and restricted cash	16	(126)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(1)	(1)
Cash, cash equivalents, cash held on behalf of customers and restricted cash at beginning of period	635	851
Cash, cash equivalents, cash held on behalf of customers and restricted cash at end of period	650	724
Reconciliation of cash, cash equivalents, cash held on behalf of customers and restricted cash
Cash and cash equivalents	514	644
Cash held on behalf of customers	87	61
Restricted cash	49	19
Total cash, cash equivalents, cash held on behalf of customers and restricted cash	650	724
Supplemental disclosure of non-cash investing and financing activities:
Issuance of Class B common stock upon exercise of common stock warrants	$ 1	$ 18

Description of Business, Basis

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies	Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies Toast, Inc. (“we,” or “the Company”), is a cloud-based all-in-one digital technology platform purpose-built for the entire restaurant community. We provide a comprehensive platform of software as a service (SaaS) products and financial technology solutions, including integrated payment processing, restaurant-grade hardware, and a broad ecosystem of third-party partners. We serve as the restaurant operating system, connecting front of house and back of house operations across dine in, take out and delivery channels. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, and the rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. Accordingly, they do not include all of the financial information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly our financial position, results of operations, comprehensive loss, stockholders’ equity, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be expected for the full year ending December 31, 2023 or any other future interim periods. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2022, or the 2022 Annual Report. The Condensed Consolidated Balance Sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date. Risks and Uncertainties We are subject to a number of risks and uncertainties, including global events and macroeconomic conditions such as inflation and its potential impact on consumer spending, rising interest rates, global supply chain issues, and public health concerns, which may also impact consumer behavior, the restaurant industry, and our business. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions. These estimates and assumptions 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. Reclassifications Certain amounts in prior period financial statements have been reclassified to conform to the current period presentation.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicates the level of the fair value hierarchy used to determine such fair values: September 30, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 251 $ — $ — $ 251 Commercial paper — 88 — 88 Certificates of deposit — 41 — 41 Corporate bonds — 71 — 71 U.S. government agency securities — 80 — 80 Treasury securities — 154 — 154 Asset-backed securities — 82 — 82 $ 251 $ 516 $ — $ 767 Liabilities: Warrants to purchase common stock $ — $ — $ 72 $ 72 $ — $ — $ 72 $ 72 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 483 $ — $ — $ 483 Commercial paper — 140 — 140 Certificates of deposit — 104 — 104 Corporate bonds — 109 — 109 U.S. government agency securities — 33 — 33 Treasury securities — 60 — 60 Asset-backed securities — 28 — 28 $ 483 $ 474 $ — $ 957 Liabilities: Warrants to purchase common stock $ — $ — $ 68 $ 68 Contingent consideration — — 4 4 $ — $ — $ 72 $ 72 During the nine months ended September 30, 2023 and 2022, there were no transfers into or out of Level 3 measurements within the fair value hierarchy. Valuation of Warrants to Purchase Common Stock The fair value of the warrants was determined using the Black-Scholes option-pricing model. The following table indicates the weighted-average assumptions made in estimating the fair value as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Risk-free interest rate 4.7 % 4.1 % Contractual term (in years) 4 4 Expected volatility 68.3 % 60.3 % Expected dividend yield — % — % Exercise price per share $ 17.16 $ 17.16 Fair Value of Liabilities The following tables provide a roll-forward of the aggregate fair value of our common stock warrant liability for which fair value is determined using Level 3 inputs: Common Stock Warrant Balance as of December 31, 2022 $ 68 Change in fair value 5 Settlement (1) Balance as of September 30, 2023 $ 72 Common Stock Warrant Liability Balance as of December 31, 2021 $ 181 Change in fair value (102) Settlement (18) Balance as of September 30, 2022 $ 61

Marketable Securities

Marketable Securities	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Marketable Securities The amortized cost, gross unrealized holding losses and fair value of marketable securities, excluding accrued interest receivable, consisted of the following: September 30, 2023 Amortized Cost Gross Unrealized Losses Fair Value Commercial paper $ 88 $ — $ 88 Certificates of deposit 41 — 41 Corporate bonds 71 — 71 U.S. government agency securities 80 — 80 Treasury securities 156 (2) 154 Asset-backed securities 82 — 82 Total $ 518 $ (2) $ 516 December 31, 2022 Amortized Cost Gross Unrealized Losses Fair Value Commercial paper $ 140 $ — $ 140 Certificates of deposit 104 — 104 Corporate bonds 110 (1) 109 U.S. government agency securities 33 — 33 Treasury securities 61 (1) 60 Asset-backed securities 28 — 28 Total $ 476 $ (2) $ 474 The fair values of marketable securities by contractual maturities at September 30, 2023: September 30, Due within 1 year $ 340 Due after 1 year through 5 years 172 Due after 5 years and thereafter 4 Total marketable securities $ 516 We review marketable securities for impairment during each reporting period to determine if any of the securities have experienced an other-than-temporary decline in fair value. There were no impairment losses or expected credit losses related to our marketable securities during the three and nine months ended September 30, 2023 and 2022.

Loan Servicing Activities and A

Loan Servicing Activities and Acquired Loans Receivable, Net	9 Months Ended
	Sep. 30, 2023
Guarantees and Product Warranties [Abstract]
Loan Servicing Activities and Acquired Loans Receivable, Net	Loan Servicing Activities and Acquired Loans Receivable, Net We service loans originated by our bank partner and assume liability for loan defaults on a limited basis based on a specified percentage of the total loans originated, which are measured on a quarterly basis. If the merchant’s payments are delayed for a defined period of time, the loan is considered delinquent and we are required to purchase the loan from our bank partner. The loan purchase, net of expected recoveries, reduces our potential liability with respect to the quarterly cohort of loans from which the defaulted loan originated. This obligation represents a financial guarantee with a contingent aspect related to our contingent obligation to purchase defaulted loans, and a non-contingent aspect related to our obligation to perform under the guarantee. We recognize a liability for both these elements which are included in accrued expenses and other current liabilities on our Condensed Consolidated Balance Sheets. Changes in the contingent liability for expected credit losses for the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Beginning balance $ 22 $ 5 $ 14 $ 2 Credit loss expense 16 6 38 11 Reductions due to loan purchase (9) (3) (23) (5) Ending balance $ 29 $ 8 $ 29 $ 8 The balance of the non-contingent stand-ready liability was $11 and $6, respectively, as of September 30, 2023 and December 31, 2022.

Lessee Arrangements

Lessee Arrangements	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Lessee Arrangements	Lessee Arrangements During the second quarter of fiscal year 2023, we entered into an agreement to terminate the lease for a portion of our corporate headquarters in Boston, MA, and modify the remaining lease term to end on December 31, 2024. As a result, we agreed to pay a net fee of $11. We recorded a net charge of $12 within general and administrative expenses on our Condensed Consolidated Statement of Operations, inclusive of a loss on impairment of certain property plant and equipment associated with the terminated portion of the lease. The components of lease expense were as follows for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating lease expense $ 2 $ 6 $ 10 $ 17 Variable lease expense 1 1 2 3 Total $ 3 $ 7 $ 12 $ 20 The following table summarizes supplemental cash flow information related to cash paid for amounts included in the measurement of lease liabilities during the nine months ended September 30, 2023 and 2022: Nine Months Ended September 30, 2023 2022 Operating cash flows for operating leases $ (13) $ (19) Supplemental non-cash amounts of increases in lease liabilities from obtaining right-of-use assets/ (decreases) of lease liabilities from lease terminations and modifications (54) 11 Total $ (67) $ (8)

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Revolving Line of Credit On March 2, 2023, we entered into an amendment to our revolving credit facility agreement, as amended, the 2021 Facility, to replace the London Interbank Offered Rate, or LIBOR, with the Secured Overnight Financing Rate, or SOFR. Under the terms of the amendment, interest on loans will be determined based on loan type and accrue at an annual rate, as defined in the agreement, of 1.50% per annum; or 0.5% per annum plus the highest of: (i) the Prime Rate, (ii) the Federal Reserve Bank of New York Rate plus 0.5%, or (iii) the Adjusted SOFR based upon loan duration plus 1.00%. The 2021 Facility is subject to a minimum liquidity covenant of $250. As of September 30, 2023 and December 31, 2022, no amounts were drawn or outstanding under the 2021 Facility which had $330 available as of each period end.

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations Delphi Display Systems, Inc. On February 14, 2023, we acquired 100% of the outstanding capital stock of Delphi Display Systems, Inc., or Delphi, a provider of digital display solutions and drive-thru technology, for a total purchase price of $10, to extend our growing suite of products benefiting quick-service restaurants and enterprise brands. We have not finalized the purchase price allocation. The purchase price was preliminarily allocated to goodwill, intangible assets and other net assets of $6, $3 and $1, respectively. Intangible assets consisted of $2 of developed technology and $1 of customer relationships, each with estimated useful lives of 5 years. Goodwill is not deductible for tax purposes, and primarily attributable to synergies expected to arise after the acquisition. The operating results of Delphi have been reflected in our results of operations from the date of the acquisition, but were not material to our consolidated financial statements.

Other Balance Sheet Information

Other Balance Sheet Information	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other Balance Sheet Information	Other Balance Sheet Information Accounts receivable, net consisted of the following: September 30, December 31, Accounts receivable $ 65 $ 45 Unbilled receivables 41 44 Less: Allowance for credit losses (11) (12) Accounts receivable, net $ 95 $ 77 Our allowance for credit losses was comprised of the following: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Beginning balance $ (10) $ (5) $ (12) $ (4) Additions (4) (4) (7) (7) Write offs 3 1 8 3 Ending balance $ (11) $ (8) $ (11) $ (8) Prepaid expenses and other current assets consisted of the following: September 30, December 31, Cash held on behalf of customers $ 87 $ 60 Prepaid expenses 22 27 Deposits for inventory purchases 10 20 Other current assets 82 48 $ 201 $ 155 Accrued expenses and current liabilities consisted of the following: September 30, December 31, Accrued transaction-based costs $ 224 $ 181 Accrued payroll and bonus 50 59 Customer funds obligation 87 60 Accrued expenses 54 45 Accrued commissions 20 15 Contingent liability for expected credit losses 29 14 Other liabilities 35 39 $ 499 $ 413

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers The following table summarizes the activity in deferred revenue: Nine Months Ended September 30, 2023 2022 Deferred revenue, beginning of year $ 46 $ 56 Deferred revenue, end of period 52 48 Revenue recognized in the period from amounts included in deferred revenue at the beginning of period $ 38 $ 45 As of September 30, 2023, approximately $617 of revenue is expected to be recognized from remaining performance obligations for customer contracts. We expect to recognize revenue of approximately $569 from these remaining performance obligations over the next 24 months, with the balance recognized thereafter. The following tables summarize the activity in deferred contract acquisition costs and the classification of deferred costs: Nine Months Ended September 30, 2023 2022 Beginning balance $ 82 $ 55 Capitalization of sales commissions costs 77 53 Amortization of sales commissions costs (44) (32) Ending balance $ 115 $ 76

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense recognized for the three and nine months ended September 30, 2023 and 2022, is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Costs of revenue $ 11 $ 8 $ 32 $ 24 Sales and marketing 15 12 43 37 Research and development 23 18 69 52 General and administrative 22 19 62 54 Total Stock based compensation $ 71 $ 57 $ 206 $ 167 Stock-based compensation expense of $4 and $10, respectively, was capitalized as software development costs during the three and nine months ended September 30, 2023. Stock-based compensation expense of $3 and $5, respectively, was capitalized as software development costs during each of the three and nine months ended September 30, 2022. Stock Options The fair value of each option grant was estimated on its grant date using the Black-Scholes option-pricing model. The following table indicates the weighted-average assumptions made in estimating the fair value for the nine months ended September 30, 2023 and 2022: Nine Months Ended September 30, 2023 2022 Risk-free interest rate 3.90 % 2.37 % Expected term (in years) 6.1 6.1 Expected volatility 56.19 % 52.28 % Expected dividend yield — % — % Weighted-average fair value of common stock $ 18.01 $ 17.20 Weighted-average grant date fair value $ 10.24 $ 8.89 The following is a summary of stock option activity under our stock option plans for the nine months ended September 30, 2023: (in millions, except share and per share amounts) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (1) Outstanding as of December 31, 2022 53,728,512 $ 5.98 6.9 $ 655 Granted 3,147,911 18.01 Exercised (6,479,120) 3.07 Forfeited (1,077,890) 13.09 Outstanding as of September 30, 2023 49,319,413 $ 6.98 6.5 $ 587 Options vested and expected to vest as of September 30, 2023 47,502,892 $ 6.73 6.4 $ 577 Options exercisable as of September 30, 2023 42,553,432 $ 5.17 6.1 $ 576 (1 ) The aggregate intrinsic value was determined as the difference between the closing price of the Class A common stock on the last trading day of September 2023, or the date of exercise, as appropriate, and the exercise price, multiplied by the number of in-the-money options that would have been received by the option holders had all option holders exercised their in-the-money options at period end. There were no options granted during the three months ended September 30, 2023. The weighted average grant date fair value of options granted during the three months ended September 30, 2022 was $15.94. The aggregate intrinsic values of options exercised was $30 and $116, respectively, during the three and nine months ended September 30, 2023 and $31 and $112, respectively, during the three and nine months ended September 30, 2022. As of September 30, 2023, total unrecognized stock-based compensation expense related to option awards was $92 and is expected to be recognized over the remaining weighted-average service period of 2.7 years . Restricted Stock Units The following table summarizes RSU activity during the nine months ended September 30, 2023 : RSU Weighted Average Grant Date Fair Value Unvested balance as of December 31, 2022 31,242,263 $ 22.11 Granted 13,848,380 $ 18.82 Vested (7,759,507) $ 21.69 Forfeited (2,109,436) $ 21.77 Unvested balance as of September 30, 2023 35,221,700 $ 20.93 The weighted average grant-date fair value of RSUs granted during the three months ended September 30, 2023 and 2022 was $22.41 and $17.37, respectively. The weighted average grant-date fair value of RSUs granted during the nine months ended September 30, 2022 was 18.23. The fair value of RSUs vested during the three months ended September 30, 2023 and 2022 was $66 and $32, respectively. The fair value of RSUs vested during the nine months ended September 30, 2023 and 2022 was $159 and $61, respectively. As of September 30, 2023, total unrecognized stock-based compensation expense related to the RSUs was $532 and is expected to be recognized over the remaining weighted-average service period of 3 years. As of September 30, 2023, we had 67,377,775 shares of Class A common stock available for future issuance under our 2021 Stock Option and Incentive Plan. 2021 Employee Stock Purchase Plan In 2021, our Board adopted, and our stockholders approved, the 2021 Employee Stock Purchase Plan ("ESPP") which became effective on September 23, 2021. As of September 30, 2023, 21,212,317 shares of our Class A common stock were available for issuance to participating employees who are allowed to purchase shares of Class A common stock at a price equal to 85% of its fair market value at the beginning or the end of the offering period, whichever is lower. During the three months ended September 30, 2023, 440,763 shares were purchased under the ESPP at $15.51 per share, resulting in cash proceeds of $7. During the nine months ended September 30, 2023, 727,849 shares were purchased under the ESPP at $15.57 per share, resulting in cash proceeds of $11. No shares were purchased under the ESPP during the three and nine months ended September 30, 2022. Restricted Stock The number of issued and outstanding shares of Class A and Class B common stock subject to restrictions as of September 30, 2023 and December 31, 2022, were 881,133 and 2,703,538, respectively. As of September 30, 2023, this included 30,015 shares of Class A common stock and Class B common stock issued upon the early exercise of stock options and 851,118 shares of restricted Class A common stock issued to certain members of management of Delphi and Sling, Inc. as part of their consideration in connection with the acquisitions. As of December 31, 2022, this included 1,365,310 shares of Class A common stock and Class B common stock issued upon the early exercise of stock options and 1,338,228 shares of restricted Class A common stock issued to certain members of management of Sling, Inc. as part of their consideration in connection with the acquisition in 2022.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective income tax rate was (0.2)% and 4.0% for the three months ended September 30, 2023 and 2022 , respectively, and was (0.5)% and 2.0% for the nine months ended September 30, 2023 and 2022, respectively. The effective tax rate for each period differs from the statutory rate primarily as a result of having a full valuation allowance maintained against our deferred tax assets, along with the release of a portion of our valuation allowance as a result of acquisitions. The benefit (provision) for income taxes was $0 and $4 for the three months ended September 30, 2023 and 2022, respectively, and $(1) and $4 for the nine months ended September 30, 2023 and 2022, respectively. The change in the benefit (provision) is primarily driven by changes in the provision recorded on the earnings of our non-US subsidiaries and a non-recurring benefit recognized in the three and nine months ended September 30, 2022 from the acquisition of Sling of $5. The non-recurring benefit resulted from the release of a portion of our valuation allowance due to temporary differences available as a source of income to realize the benefit of certain pre-existing Toast, Inc. deferred tax assets.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	Net Loss Per Share Attributable to Common Stockholders Basic net loss per share is determined by dividing net loss by the weighted average shares outstanding for the period. We analyze the potential dilutive effect of stock options, unvested restricted stock, RSUs, our ESPP, and warrants to purchase common stock, during periods we generate net income, or when income is recognized related to changes in fair value of warrant liabilities. During the three months ended September 30, 2023 and nine months ended September 30, 2022, we recorded a gain on fair value remeasurement of warrant liabilities which was added back to net loss to adjust for the dilutive impact of the warrants. We adjusted the weighted average shares outstanding for the incremental dilutive shares using the treasury stock method. During the nine months ended September 30, 2023, we recorded a loss on fair value remeasurement of warrants to purchase common stock which are excluded from the computation of diluted net loss per share due to their anti-dilutive impact. During the three months ended September 30, 2022, the exercise price for the warrants to purchase common stock exceeded the average trading price of our Class A common stock for the period, and therefore the warrants were anti-dilutive and excluded from the computation of diluted net loss per share. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the three and nine months ended September 30, 2023 and 2022: (in millions, except share and per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net loss, basic $ (31) $ (98) $ (210) $ (175) Gain on change in fair value of warrant liability 18 — — 102 Net loss, diluted $ (49) $ (98) $ (210) $ (277) Denominator: Weighted average shares of common stock outstanding—basic 535,219,532 513,719,867 529,535,807 509,507,937 Effect of dilutive securities: Warrants to purchase Class B common stock 1,315,400 — — 492,415 Weighted average shares of common stock outstanding—diluted 536,534,932 513,719,867 529,535,807 510,000,352 Net loss per share, basic $ (0.06) $ (0.19) $ (0.40) $ (0.34) Net loss per share, diluted $ (0.09) $ (0.19) $ (0.40) $ (0.54) We excluded the following potential shares of common stock from the computation of diluted net loss per share because including them would have an anti-dilutive effect for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Options to purchase Class A common stock and Class B common stock 49,319,413 55,688,962 49,319,413 55,688,962 Unvested restricted stock 881,133 3,309,223 881,133 3,309,223 Unvested restricted stock units 35,221,700 28,848,298 35,221,700 28,848,298 Warrants to purchase Class B common stock — 6,902,633 6,790,080 — Employee Stock Purchase Plan 62,538 24,588 62,538 24,588 85,484,784 94,773,704 92,274,864 87,871,071

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information We have significant operations in the United States, Ireland, and India. We did not generate material revenue in any country other than the United States during the three and nine months ended September 30, 2023 and 2022. The following table sets forth the breakdown of long-lived assets based on geography: September 30, December 31, United States $ 79 $ 122 Ireland 8 10 India 4 5 Other 1 1 Total long-lived assets $ 92 $ 138 Tangible long-lived assets consist of property and equipment and operating lease right-of-use assets. Long-lived assets are based upon the country in which the asset is located.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments We have non-cancelable purchase obligations with hardware suppliers and cloud service providers. As of September 30, 2023, there were no material changes outside the ordinary course of business to our commitments, as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022. Legal Proceedings From time to time, we may be involved in legal actions arising in the ordinary course of business. Each of these matters is subject to various uncertainties, and it is possible that some of these matters may be resolved unfavorably. We establish accruals for losses that management deems to be probable and subject to a reasonable estimate. We do not expect any claims with a reasonably possible adverse outcome to have a material impact.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (31)	$ (98)	$ (210)	$ (175)

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
Brian Elworthy [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 8, 2023, Brian Elworthy, our General Counsel and Corporate Secretary, entered into a trading plan pursuant to Rule 10b5-1 of the Exchange Act. Mr. Elworthy’s Rule 10b5-1 trading plan provides for the sale from time to time of a maximum of 263,534 shares of our Class A common stock pursuant to the terms of the plan. Mr. Elworthy’s Rule 10b5-1 trading plan expires on May 31, 2024, or earlier if all transactions under the trading arrangement are completed. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c).
Name	Brian Elworthy
Title	General Counsel and Corporate Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 8, 2023
Arrangement Duration	266 days
Aggregate Available	263,534	263,534

Description of Business, Basi_2

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, and the rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. Accordingly, they do not include all of the financial information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly our financial position, results of operations, comprehensive loss, stockholders’ equity, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be expected for the full year ending December 31, 2023 or any other future interim periods.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions. These estimates and assumptions 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.
Reclassifications	Reclassifications Certain amounts in prior period financial statements have been reclassified to conform to the current period presentation.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured on Recurring Basis	The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicates the level of the fair value hierarchy used to determine such fair values: September 30, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 251 $ — $ — $ 251 Commercial paper — 88 — 88 Certificates of deposit — 41 — 41 Corporate bonds — 71 — 71 U.S. government agency securities — 80 — 80 Treasury securities — 154 — 154 Asset-backed securities — 82 — 82 $ 251 $ 516 $ — $ 767 Liabilities: Warrants to purchase common stock $ — $ — $ 72 $ 72 $ — $ — $ 72 $ 72 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 483 $ — $ — $ 483 Commercial paper — 140 — 140 Certificates of deposit — 104 — 104 Corporate bonds — 109 — 109 U.S. government agency securities — 33 — 33 Treasury securities — 60 — 60 Asset-backed securities — 28 — 28 $ 483 $ 474 $ — $ 957 Liabilities: Warrants to purchase common stock $ — $ — $ 68 $ 68 Contingent consideration — — 4 4 $ — $ — $ 72 $ 72
Schedule of Measurement Inputs and Valuation Techniques	The following table indicates the weighted-average assumptions made in estimating the fair value as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Risk-free interest rate 4.7 % 4.1 % Contractual term (in years) 4 4 Expected volatility 68.3 % 60.3 % Expected dividend yield — % — % Exercise price per share $ 17.16 $ 17.16
Schedule of Liabilities Measured on Recurring and Nonrecurring Basis	The following tables provide a roll-forward of the aggregate fair value of our common stock warrant liability for which fair value is determined using Level 3 inputs: Common Stock Warrant Balance as of December 31, 2022 $ 68 Change in fair value 5 Settlement (1) Balance as of September 30, 2023 $ 72 Common Stock Warrant Liability Balance as of December 31, 2021 $ 181 Change in fair value (102) Settlement (18) Balance as of September 30, 2022 $ 61

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Debt Securities Available-for-sale	The amortized cost, gross unrealized holding losses and fair value of marketable securities, excluding accrued interest receivable, consisted of the following: September 30, 2023 Amortized Cost Gross Unrealized Losses Fair Value Commercial paper $ 88 $ — $ 88 Certificates of deposit 41 — 41 Corporate bonds 71 — 71 U.S. government agency securities 80 — 80 Treasury securities 156 (2) 154 Asset-backed securities 82 — 82 Total $ 518 $ (2) $ 516 December 31, 2022 Amortized Cost Gross Unrealized Losses Fair Value Commercial paper $ 140 $ — $ 140 Certificates of deposit 104 — 104 Corporate bonds 110 (1) 109 U.S. government agency securities 33 — 33 Treasury securities 61 (1) 60 Asset-backed securities 28 — 28 Total $ 476 $ (2) $ 474 The fair values of marketable securities by contractual maturities at September 30, 2023: September 30, Due within 1 year $ 340 Due after 1 year through 5 years 172 Due after 5 years and thereafter 4 Total marketable securities $ 516

Loan Servicing Activities and_2

Loan Servicing Activities and Acquired Loans Receivable, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Guarantees and Product Warranties [Abstract]
Schedule of Off-Balance Sheet Credit Loss Liability	Changes in the contingent liability for expected credit losses for the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Beginning balance $ 22 $ 5 $ 14 $ 2 Credit loss expense 16 6 38 11 Reductions due to loan purchase (9) (3) (23) (5) Ending balance $ 29 $ 8 $ 29 $ 8

Lessee Arrangements (Tables)

Lessee Arrangements (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Lease Cost	The components of lease expense were as follows for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating lease expense $ 2 $ 6 $ 10 $ 17 Variable lease expense 1 1 2 3 Total $ 3 $ 7 $ 12 $ 20 The following table summarizes supplemental cash flow information related to cash paid for amounts included in the measurement of lease liabilities during the nine months ended September 30, 2023 and 2022: Nine Months Ended September 30, 2023 2022 Operating cash flows for operating leases $ (13) $ (19) Supplemental non-cash amounts of increases in lease liabilities from obtaining right-of-use assets/ (decreases) of lease liabilities from lease terminations and modifications (54) 11 Total $ (67) $ (8)

Other Balance Sheet Informati_2

Other Balance Sheet Information (Tables)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts Receivable	Accounts receivable, net consisted of the following: September 30, December 31, Accounts receivable $ 65 $ 45 Unbilled receivables 41 44 Less: Allowance for credit losses (11) (12) Accounts receivable, net $ 95 $ 77
Schedule of Accounts Receivable Allowance for Credit Loss	Our allowance for credit losses was comprised of the following: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Beginning balance $ (10) $ (5) $ (12) $ (4) Additions (4) (4) (7) (7) Write offs 3 1 8 3 Ending balance $ (11) $ (8) $ (11) $ (8)
Schedule of Prepaid and Other Current Assets	Prepaid expenses and other current assets consisted of the following: September 30, December 31, Cash held on behalf of customers $ 87 $ 60 Prepaid expenses 22 27 Deposits for inventory purchases 10 20 Other current assets 82 48 $ 201 $ 155
Schedule of Accounts Payable and Accrued Liabilities	Accrued expenses and current liabilities consisted of the following: September 30, December 31, Accrued transaction-based costs $ 224 $ 181 Accrued payroll and bonus 50 59 Customer funds obligation 87 60 Accrued expenses 54 45 Accrued commissions 20 15 Contingent liability for expected credit losses 29 14 Other liabilities 35 39 $ 499 $ 413

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Contract Asset Contract Liability and Receivable	The following table summarizes the activity in deferred revenue: Nine Months Ended September 30, 2023 2022 Deferred revenue, beginning of year $ 46 $ 56 Deferred revenue, end of period 52 48 Revenue recognized in the period from amounts included in deferred revenue at the beginning of period $ 38 $ 45
Schedule of Capitalized Contract Cost	The following tables summarize the activity in deferred contract acquisition costs and the classification of deferred costs: Nine Months Ended September 30, 2023 2022 Beginning balance $ 82 $ 55 Capitalization of sales commissions costs 77 53 Amortization of sales commissions costs (44) (32) Ending balance $ 115 $ 76

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Expense	Stock-based compensation expense recognized for the three and nine months ended September 30, 2023 and 2022, is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Costs of revenue $ 11 $ 8 $ 32 $ 24 Sales and marketing 15 12 43 37 Research and development 23 18 69 52 General and administrative 22 19 62 54 Total Stock based compensation $ 71 $ 57 $ 206 $ 167
Schedule of Stock Options Valuation Assumptions	The following table indicates the weighted-average assumptions made in estimating the fair value for the nine months ended September 30, 2023 and 2022: Nine Months Ended September 30, 2023 2022 Risk-free interest rate 3.90 % 2.37 % Expected term (in years) 6.1 6.1 Expected volatility 56.19 % 52.28 % Expected dividend yield — % — % Weighted-average fair value of common stock $ 18.01 $ 17.20 Weighted-average grant date fair value $ 10.24 $ 8.89
Schedule of Stock Option Activity	The following is a summary of stock option activity under our stock option plans for the nine months ended September 30, 2023: (in millions, except share and per share amounts) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (1) Outstanding as of December 31, 2022 53,728,512 $ 5.98 6.9 $ 655 Granted 3,147,911 18.01 Exercised (6,479,120) 3.07 Forfeited (1,077,890) 13.09 Outstanding as of September 30, 2023 49,319,413 $ 6.98 6.5 $ 587 Options vested and expected to vest as of September 30, 2023 47,502,892 $ 6.73 6.4 $ 577 Options exercisable as of September 30, 2023 42,553,432 $ 5.17 6.1 $ 576 (1 ) The aggregate intrinsic value was determined as the difference between the closing price of the Class A common stock on the last trading day of September 2023, or the date of exercise, as appropriate, and the exercise price, multiplied by the number of in-the-money options that would have been received by the option holders had all option holders exercised their in-the-money options at period end.
Schedule of Restricted Stock Unit Activity	The following table summarizes RSU activity during the nine months ended September 30, 2023 : RSU Weighted Average Grant Date Fair Value Unvested balance as of December 31, 2022 31,242,263 $ 22.11 Granted 13,848,380 $ 18.82 Vested (7,759,507) $ 21.69 Forfeited (2,109,436) $ 21.77 Unvested balance as of September 30, 2023 35,221,700 $ 20.93

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Net Loss Per Share Basic and Diluted	The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the three and nine months ended September 30, 2023 and 2022: (in millions, except share and per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net loss, basic $ (31) $ (98) $ (210) $ (175) Gain on change in fair value of warrant liability 18 — — 102 Net loss, diluted $ (49) $ (98) $ (210) $ (277) Denominator: Weighted average shares of common stock outstanding—basic 535,219,532 513,719,867 529,535,807 509,507,937 Effect of dilutive securities: Warrants to purchase Class B common stock 1,315,400 — — 492,415 Weighted average shares of common stock outstanding—diluted 536,534,932 513,719,867 529,535,807 510,000,352 Net loss per share, basic $ (0.06) $ (0.19) $ (0.40) $ (0.34) Net loss per share, diluted $ (0.09) $ (0.19) $ (0.40) $ (0.54)
Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share	We excluded the following potential shares of common stock from the computation of diluted net loss per share because including them would have an anti-dilutive effect for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Options to purchase Class A common stock and Class B common stock 49,319,413 55,688,962 49,319,413 55,688,962 Unvested restricted stock 881,133 3,309,223 881,133 3,309,223 Unvested restricted stock units 35,221,700 28,848,298 35,221,700 28,848,298 Warrants to purchase Class B common stock — 6,902,633 6,790,080 — Employee Stock Purchase Plan 62,538 24,588 62,538 24,588 85,484,784 94,773,704 92,274,864 87,871,071

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Long-lived Assets by Geographic Areas	The following table sets forth the breakdown of long-lived assets based on geography: September 30, December 31, United States $ 79 $ 122 Ireland 8 10 India 4 5 Other 1 1 Total long-lived assets $ 92 $ 138

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants to purchase common stock	$ 72	$ 68
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	767	957
Warrants to purchase common stock	72	68
Contingent consideration		4
Total liabilities	72	72
Level 1 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	251	483
Warrants to purchase common stock	0	0
Contingent consideration		0
Total liabilities	0	0
Level 2 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	516	474
Warrants to purchase common stock	0	0
Contingent consideration		0
Total liabilities	0	0
Level 3 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Warrants to purchase common stock	72	68
Contingent consideration		4
Total liabilities	72	72
Money market funds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	251	483
Money market funds | Level 1 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	251	483
Money market funds | Level 2 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Money market funds | Level 3 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Commercial paper | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	88	140
Commercial paper | Level 1 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Commercial paper | Level 2 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	88	140
Commercial paper | Level 3 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Certificates of deposit | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	41	104
Certificates of deposit | Level 1 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Certificates of deposit | Level 2 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	41	104
Certificates of deposit | Level 3 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Corporate bonds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	71	109
Corporate bonds | Level 1 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Corporate bonds | Level 2 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	71	109
Corporate bonds | Level 3 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
U.S. government agency securities | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	80	33
U.S. government agency securities | Level 1 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
U.S. government agency securities | Level 2 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	80	33
U.S. government agency securities | Level 3 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Treasury securities | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	154	60
Treasury securities | Level 1 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Treasury securities | Level 2 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	154	60
Treasury securities | Level 3 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Asset-backed securities | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	82	28
Asset-backed securities | Level 1 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Asset-backed securities | Level 2 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	82	28
Asset-backed securities | Level 3 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of Weighted Average Assumptions (Details) - Level 3	Sep. 30, 2023	Dec. 31, 2022
Risk-free interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement inputs	0.047	0.041
Contractual term (in years)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement inputs	4	4
Expected volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement inputs	0.683	0.603
Expected dividend yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement inputs	0	0
Exercise price per share
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement inputs	17.16	17.16

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Schedule of Rollforward of Level 3 Inputs (Details) - Common Stock Warrants - Common Stock Warrant Liability - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 68	$ 181
Change in fair value	5	(102)
Settlement	(1)	(18)
Ending balance	$ 72	$ 61

Marketable Securities - Schedul

Marketable Securities - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 518	$ 476
Gross Unrealized Losses	(2)	(2)
Fair Value	516	474
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	88	140
Gross Unrealized Losses	0	0
Fair Value	88	140
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	41	104
Gross Unrealized Losses	0	0
Fair Value	41	104
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	71	110
Gross Unrealized Losses	0	(1)
Fair Value	71	109
U.S. government agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	80	33
Gross Unrealized Losses	0	0
Fair Value	80	33
Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	156	61
Gross Unrealized Losses	(2)	(1)
Fair Value	154	60
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	82	28
Gross Unrealized Losses	0	0
Fair Value	$ 82	$ 28

Marketable Securities - Sched_2

Marketable Securities - Scheduled Maturities of Available-for-Sale Securities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Due within 1 year	$ 340
Due after 1 year through 5 years	172
Due after 5 years and thereafter	4
Total marketable securities	$ 516	$ 474

Loan Servicing Activities and_3

Loan Servicing Activities and Acquired Loans Receivable, Net - Schedule of Rollforward of Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Beginning balance	$ 22	$ 5	$ 14	$ 2
Credit loss expense	16	6	38	11
Reductions due to loan purchase	(9)	(3)	(23)	(5)
Ending balance	$ 29	$ 8	$ 29	$ 8

Loan Servicing Activities and_4

Loan Servicing Activities and Acquired Loans Receivable, Net - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Non-contingent Stand-ready Liability
Guarantor Obligations [Line Items]
Guarantee liability	$ 11	$ 6

Lessee Arrangements - Narrative

Lessee Arrangements - Narrative (Details) $ in Millions	3 Months Ended
	Jun. 30, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, termination fee	$ 11
General and administrative
Lessee, Lease, Description [Line Items]
Operating lease, termination fee	$ 12

Lessee Arrangements - Schedule

Lessee Arrangements - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease expense	$ 2	$ 6	$ 10	$ 17
Variable lease expense	1	1	2	3
Total	$ 3	$ 7	$ 12	$ 20

Lessee Arrangements - Schedul_2

Lessee Arrangements - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating cash flows for operating leases	$ (13)	$ (19)
Supplemental non-cash amounts of increases in lease liabilities from obtaining right-of-use assets/ (decreases) of lease liabilities from lease terminations and modifications	(54)	11
Total	$ (67)	$ (8)

Debt (Details)

Debt (Details) - Revolving Credit Facility - 2021 Credit Facility - Line of Credit - USD ($)	Mar. 02, 2023	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Minimum liquidity amount	$ 250,000,000
Long term debt, amount available		$ 0	$ 0
Maximum borrowing capacity	$ 330,000,000
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Federal Reserve Bank of New York Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Adjusted SOFR Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1%

Business Combinations - Delphi

Business Combinations - Delphi Display Systems, Inc (Details) - USD ($) $ in Millions	Feb. 14, 2023	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 113	$ 107
Delphi Display Systems, Inc
Business Acquisition [Line Items]
Voting interest acquired (as a percent)	100%
Consideration transferred	$ 10
Goodwill	6
Intangible assets	3
Other assets	1
Delphi Display Systems, Inc | Developed Technology
Business Acquisition [Line Items]
Intangible assets	$ 2
Finite lived intangibles acquired, weighted average useful life (in years)	5 years
Delphi Display Systems, Inc | Customer Relationships
Business Acquisition [Line Items]
Intangible assets	$ 1
Finite lived intangibles acquired, weighted average useful life (in years)	5 years

Other Balance Sheet Informati_3

Other Balance Sheet Information - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 65		$ 45
Unbilled receivables	41		44
Less: Allowance for credit losses	(11)	$ (10)	(12)	$ (8)	$ (5)	$ (4)
Accounts receivable, net	$ 95		$ 77

Other Balance Sheet Informati_4

Other Balance Sheet Information - Schedule of Allowance For Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (10)	$ (5)	$ (12)	$ (4)
Additions	(4)	(4)	(7)	(7)
Write offs	3	1	8	3
Ending balance	$ (11)	$ (8)	$ (11)	$ (8)

Other Balance Sheet Informati_5

Other Balance Sheet Information - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash held on behalf of customers	$ 87	$ 60	$ 61
Prepaid expenses	22	27
Deposits for inventory purchases	10	20
Other current assets	82	48
Prepaid expenses and other current assets	$ 201	$ 155

Other Balance Sheet Informati_6

Other Balance Sheet Information - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued transaction-based costs	$ 224	$ 181
Accrued payroll and bonus	50	59
Customer funds obligation	87	60
Accrued expenses	54	45
Accrued commissions	20	15
Contingent liability for expected credit losses	29	14
Other liabilities	35	39
Accrued expenses and other current liabilities	$ 499	$ 413

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Schedule of Activity of Deferred Revenue (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 52	$ 48	$ 46	$ 56
Revenue recognized in the period from amounts included in deferred revenue at the beginning of period	$ 38	$ 45

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 617
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 569
Remaining performance obligation, period (in months)	24 months

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Schedule of Capitalized Costs (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in Capitalized Contract Costs [Roll Forward]
Beginning balance	$ 82	$ 55
Capitalization of sales commissions costs	77	53
Amortization of sales commissions costs	(44)	(32)
Ending balance	$ 115	$ 76

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-based Compensation (Details) - USD ($) $ in Millions	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	$ 71	$ 57	$ 206	$ 167
Costs of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock based compensation	11	8	32	24
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock based compensation	15	12	43	37
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock based compensation	23	18	69	52
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock based compensation	$ 22	$ 19	$ 62	$ 54

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation included in capitalized software	$ 4,000,000	$ 3,000,000	$ 10,000,000	$ 5,000,000
Granted (in shares)	0		3,147,911
Weighted average fair value per share of options granted (in dollars per share)		$ 15.94
Aggregate intrinsic value of options exercised	$ 30,000,000	$ 31,000,000	$ 116,000,000	$ 112,000,000
Unrecognized stock-based compensation expense related to options	$ 92,000,000		$ 92,000,000
Expected period for recognition (in years)			2 years 8 months 12 days
Issuance of common stock under employee stock purchase plan (in shares)	440,763	0	727,849	0
Issuance of common stock under employee stock purchase plan	$ 7,000,000		$ 11,000,000
Shares exercised (in shares)			6,479,120
Stock based compensation	71,000,000	$ 57,000,000	$ 206,000,000	$ 167,000,000
Pledge One Percent Movement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual pledged percentage of maximum (as a percent)			1%
Stock based compensation	$ 10,000,000	$ 0	$ 10,000,000	$ 0
Class A and Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock issued (in shares)	2,942,251	2,060,423	7,733,268	3,511,292
Shares exercised (in shares)	1,688,813	1,950,077	6,479,120	6,360,377
Issuance of common stock in connection with business combinations (in shares)		1,338,228	65,962	1,375,407
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)	67,377,775		67,377,775
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value per share of options granted (in dollars per share)	$ 22.41	$ 17.37		$ 18.23
Expected period for recognition (in years)			3 years
Fair value of RSUs vested	$ 66,000,000	$ 32,000,000	$ 159,000,000	$ 61,000,000
Total unrecognized stock-based compensation expense related to RSUs	$ 532,000,000		$ 532,000,000
Restricted stock outstanding (in shares)	35,221,700		35,221,700		31,242,263
Shares exercised (in shares)			30,015		1,365,310
RSU | Class A and Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock issued (in shares)			881,133		2,703,538
Restricted stock outstanding (in shares)	881,133		881,133		2,703,538
RSU | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock in connection with business combinations (in shares)			851,118		1,338,228
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value per share of options granted (in dollars per share)	$ 15.51		$ 15.57
Share based compensation arrangement by share based payment award, discount from market price (as percent)			85%
Employee Stock Purchase Plan | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)	21,212,317		21,212,317

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Weighted Average Assumptions (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value (in dollars per share)	$ 15.94
Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate		3.90%	2.37%
Expected term (in years)		6 years 1 month 6 days	6 years 1 month 6 days
Expected volatility		56.19%	52.28%
Expected dividend yield		0%	0%
Weighted-average fair value of common stock (in dollars per share)	$ 17.20	$ 18.01	$ 17.20
Weighted-average grant date fair value (in dollars per share)		$ 10.24	$ 8.89

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Number of Shares
Beginning balance (in shares)		53,728,512
Granted (in shares)	0	3,147,911
Exercised (in shares)		(6,479,120)
Forfeited (in shares)		(1,077,890)
Ending balance (in shares)	49,319,413	49,319,413	53,728,512
Options vested and expected to vest (in shares)	47,502,892	47,502,892
Options exercisable (in shares)	42,553,432	42,553,432
Weighted Average Exercise Price
Beginning balance (in dollars per share)		$ 5.98
Granted (in dollars per share)		18.01
Exercised (in dollars per share)		3.07
Forfeited (in dollars per share)		13.09
Ending balance (in dollars per share)	$ 6.98	6.98	$ 5.98
Options vested and expected to vest, Weighted average exercise price (in dollars per share)	6.73	6.73
Options exercisable, Weighted average exercise price per share (in dollars per share)	$ 5.17	$ 5.17
Weighted Average Remaining Contractual Term (Years)
Options outstanding (in years)		6 years 6 months	6 years 10 months 24 days
Options vested and expected to vest		6 years 4 months 24 days
Options exercisable (in years)		6 years 1 month 6 days
Aggregate Intrinsic Value
Options outstanding	$ 587	$ 587	$ 655
Options vested and expected to vest	577	577
Options exercisable	$ 576	$ 576

Stock-Based Compensation - Sc_4

Stock-Based Compensation - Schedule of RSU Activity (Details) - RSU	9 Months Ended
	Sep. 30, 2023 $ / shares shares
RSU
Beginning balance (in shares) | shares	31,242,263
Granted (in shares) | shares	13,848,380
Vested (in shares) | shares	(7,759,507)
Forfeited (in shares) | shares	(2,109,436)
Ending balance (in shares) | shares	35,221,700
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 22.11
Granted (in dollars per share) | $ / shares	18.82
Vested (in dollars per share) | $ / shares	21.69
Forfeited (in dollars per share) | $ / shares	21.77
Ending balance (in dollars per share) | $ / shares	$ 20.93

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	(0.20%)	4%	(0.50%)	2%
Benefit (provision) for income taxes	$ 0	$ 4	$ (1)	$ 4
Non-recurring income tax benefit from acquisition		$ 5		$ 5

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - Schedule of Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss, basic	$ (31)	$ (98)	$ (210)	$ (175)
Gain on change in fair value of warrant liability	18	0	0	102
Net loss, diluted	$ (49)	$ (98)	$ (210)	$ (277)
Denominator:
Weighted average shares of common stock outstanding - basic (in shares)	535,219,532	513,719,867	529,535,807	509,507,937
Effect of dilutive securities:
Warrants to purchase Class B common stock (in shares)	1,315,400	0	0	492,415
Weighted average shares of common stock outstanding - diluted (in shares)	536,534,932	513,719,867	529,535,807	510,000,352
Net loss per share, basic (in dollars per share)	$ (0.06)	$ (0.19)	$ (0.40)	$ (0.34)
Net loss per share, diluted (in dollars per share)	$ (0.09)	$ (0.19)	$ (0.40)	$ (0.54)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Shares (Details) - shares	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]
Antidilutive shares excluded from computation of earnings per share (in shares)	85,484,784	94,773,704	92,274,864	87,871,071
Options to purchase Class A common stock and Class B common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)	49,319,413	55,688,962	49,319,413	55,688,962
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)	881,133	3,309,223	881,133	3,309,223
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)	35,221,700	28,848,298	35,221,700	28,848,298
Common Stock Warrant Liability
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)	0	6,902,633	6,790,080	0
Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)	62,538	24,588	62,538	24,588

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 92	$ 138
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	79	122
Ireland
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	8	10
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	4	5
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 1	$ 1