Toast (TOST) 10-Q 6 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	333 Summer Street
Entity Address, City or Town	Boston,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210
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	2024
Document Fiscal Period Focus	Q2
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		461,000,000
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		101,000,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 691	$ 605
Marketable securities	528	519
Accounts receivable, net	101	69
Inventories, net	110	118
Other current assets	309	259
Total current assets	1,739	1,570
Property and equipment, net	90	75
Operating lease right-of-use assets	33	36
Intangible assets, net	23	26
Goodwill	113	113
Restricted cash	58	55
Other non-current assets	99	83
Total non-current assets	416	388
Total assets	2,155	1,958
Current liabilities:
Accounts payable	33	32
Deferred revenue	62	39
Accrued expenses and other current liabilities	641	592
Total current liabilities	736	663
Warrants to purchase common stock	101	64
Operating lease liabilities	29	33
Other long-term liabilities	6	4
Total liabilities	872	764
Commitments and Contingencies (Note 11)
Stockholders’ Equity:
Preferred stock - par value $0.000001; 100 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.000001 par value: Class A - 7,000 shares authorized; 458 and 429 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively Class B - 700 shares authorized; 102 and 114 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	0	0
Accumulated other comprehensive loss	(1)	0
Additional paid-in capital	2,976	2,817
Accumulated deficit	(1,692)	(1,623)
Total stockholders’ equity	1,283	1,194
Total liabilities and stockholders’ equity	$ 2,155	$ 1,958

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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
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)	458,000,000	429,000,000
Common stock, outstanding (in shares)	458,000,000	429,000,000
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)	102,000,000	114,000,000
Common stock, outstanding (in shares)	102,000,000	114,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Total revenue	$ 1,242	$ 978	$ 2,318	$ 1,797
Costs of revenue:
Amortization of acquired intangible assets	1	1	2	2
Total costs of revenue	956	770	1,781	1,415
Gross profit	286	208	537	382
Operating expenses:
Sales and marketing	115	100	222	199
Research and development	87	92	169	177
General and administrative	75	96	149	179
Restructuring expenses	4	0	46	0
Total operating expenses	281	288	586	555
Income (loss) from operations	5	(80)	(49)	(173)
Other income (expense):
Interest income, net	10	9	20	17
Change in fair value of warrant liability	(1)	(26)	(37)	(23)
Other income (expense), net	0	0	(1)	1
Income (loss) before taxes	14	(97)	(67)	(178)
Income tax expense	0	(1)	(2)	(1)
Net income (loss)	$ 14	$ (98)	$ (69)	$ (179)
Earnings (loss) per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.03	$ (0.19)	$ (0.13)	$ (0.34)
Diluted (in dollars per share)	$ 0.02	$ (0.19)	$ (0.13)	$ (0.34)
Weighted-average shares used in computing earnings (loss) per share:
Basic (in shares)	556	529	552	527
Diluted (in shares)	587	529	552	527
Subscription services
Revenue:
Total revenue	$ 166	$ 121	$ 318	$ 227
Costs of revenue:
Cost of revenue	53	39	103	75
Financial technology solutions
Revenue:
Total revenue	1,023	808	1,896	1,482
Costs of revenue:
Cost of revenue	806	631	1,488	1,155
Hardware and professional services
Revenue:
Total revenue	53	49	104	88
Costs of revenue:
Cost of revenue	$ 96	$ 99	$ 188	$ 183

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 14	$ (98)	$ (69)	$ (179)
Other comprehensive loss:
Unrealized losses on marketable securities, net of tax effect of $0	0	(2)	(1)	0
Total other comprehensive loss	0	(2)	(1)	0
Comprehensive income (loss)	$ 14	$ (100)	$ (70)	$ (179)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Unrealized 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	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2022	$ 1,098	$ 2,477	$ (1,377)	$ (2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon net exercise of common stock warrants	1	1
Issuance of common stock under equity plans	17	17
Stock-based compensation	141	141
Issuance of stock in connection with business combination	1	1
Other comprehensive loss, net of tax	0
Net income (loss)	(179)		(179)
Ending balance at Jun. 30, 2023	1,079	2,637	(1,556)	(2)
Beginning balance at Mar. 31, 2023	1,098	2,556	(1,458)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon net exercise of common stock warrants	1	1
Issuance of common stock under equity plans	6	6
Stock-based compensation	74	74
Other comprehensive loss, net of tax	(2)			(2)
Net income (loss)	(98)		(98)
Ending balance at Jun. 30, 2023	1,079	2,637	(1,556)	(2)
Beginning balance at Dec. 31, 2023	1,194	2,817	(1,623)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity plans	55	55
Stock-based compensation	140	140
Share repurchases	(36)	(36)
Other comprehensive loss, net of tax	(1)			(1)
Net income (loss)	(69)		(69)
Ending balance at Jun. 30, 2024	1,283	2,976	(1,692)	(1)
Beginning balance at Mar. 31, 2024	1,203	2,910	(1,706)	(1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity plans	27	27
Stock-based compensation	71	71
Share repurchases	(32)	(32)
Other comprehensive loss, net of tax	0
Net income (loss)	14		14
Ending balance at Jun. 30, 2024	$ 1,283	$ 2,976	$ (1,692)	$ (1)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (69)	$ (179)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	23	14
Stock-based compensation expense	133	135
Amortization of deferred contract acquisition costs	38	28
Change in fair value of warrant liability	37	23
Credit loss expense	32	25
Asset impairments	1	15
Other non-cash items	(3)	(13)
Changes in operating assets and liabilities:
Accounts receivable, net	(45)	(42)
Other current assets	(14)	(3)
Deferred contract acquisition costs	(63)	(50)
Inventories, net	8	4
Accounts payable	2	12
Accrued expenses and other current liabilities	1	24
Deferred revenue	24	7
Operating lease right-of-use assets and operating lease liabilities, net	0	1
Other assets and liabilities	(1)	(6)
Net cash provided by (used in) operating activities	104	(5)
Cash flows from investing activities:
Cash paid for acquisition, net of cash acquired	0	(9)
Capital expenditures	(29)	(21)
Purchases of marketable securities	(276)	(351)
Proceeds from the sale of marketable securities	53	13
Maturities of marketable securities	219	315
Other investing activities	0	(1)
Net cash used in investing activities	(33)	(54)
Cash flows from financing activities:
Change in customer funds obligations, net	28	31
Proceeds from issuance of common stock	55	15
Repurchases of Class A common stock	(36)	0
Net cash provided by financing activities	47	46
Net increase (decrease) in cash, cash equivalents, cash held on behalf of customers and restricted cash	118	(13)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(1)	0
Cash, cash equivalents, cash held on behalf of customers and restricted cash at beginning of period	747	635
Cash, cash equivalents, cash held on behalf of customers and restricted cash at end of period	864	622
Reconciliation of cash, cash equivalents, cash held on behalf of customers and restricted cash
Cash and cash equivalents	691	488
Cash held on behalf of customers	115	91
Restricted cash	58	43
Total cash, cash equivalents, cash held on behalf of customers and restricted cash	$ 864	$ 622

Description of Business, Basis

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
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, or 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 service models including dine-in, takeout, delivery, catering, and retail. 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 the 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 income (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, 2024 or any other future interim periods. The accompanying unaudited condensed consolidated financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the unaudited condensed consolidated financial statements. 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, 2023, or the 2023 Annual Report. As of June 30, 2024, there have been no material changes in the Company's significant accounting policies from those that were disclosed in the Annual Report on Form 10-K, unless otherwise discussed below. 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 any public health concerns, which may also impact consumer behavior, the restaurant industry, and our business. Use of Estimates

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Financial Instruments	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 (in millions): June 30, 2024 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 264 $ — $ — $ 264 Commercial paper — 34 — 34 Corporate bonds — 89 — 89 U.S. government agency securities — 11 — 11 Treasury securities — 231 — 231 Asset-backed securities — 163 — 163 $ 264 $ 528 $ — $ 792 Liabilities: Warrants to purchase common stock $ — $ — $ 101 $ 101 $ — $ — $ 101 $ 101 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 267 $ — $ — $ 267 Commercial paper — 53 — 53 Certificates of deposit — 29 — 29 Corporate bonds — 80 — 80 U.S. government agency securities — 37 — 37 Treasury securities — 213 — 213 Asset-backed securities — 107 — 107 $ 267 $ 519 $ — $ 786 Liabilities: Warrants to purchase common stock $ — $ — $ 64 $ 64 $ — $ — $ 64 $ 64 During the six months ended June 30, 2024, there were no transfers into or out of Level 3 measurements within the fair value hierarchy. Marketable Securities The fair values of marketable securities by contractual maturities at June 30, 2024 were as follows (in millions): June 30, 2024 Due within 1 year $ 283 Due after 1 year through 5 years 242 Due after 5 years and thereafter 3 Total marketable securities $ 528 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: June 30, 2024 December 31, 2023 Risk-free interest rate 4.5 % 4.0 % Contractual term (in years) 3 3 Expected volatility 64.3 % 63.8 % Expected dividend yield — % — % Exercise price per share $ 17.50 $ 17.16 Fair Value of Liabilities The following table provides a roll-forward of the aggregate fair value of our common stock warrant liability for which fair value is determined using Level 3 inputs (in millions): Common Stock Warrant Balance as of December 31, 2023 $ 64 Change in fair value 37 Balance as of June 30, 2024 $ 101 As of June 30, 2024, the maximum number of shares of our Class B common stock that could be required to be issued upon the exercise of outstanding warrants was 7 million.

Loan Servicing Activities and A

Loan Servicing Activities and Acquired Loans Receivable, Net	6 Months Ended
	Jun. 30, 2024
Guarantees and Product Warranties [Abstract]
Loan Servicing Activities and Acquired Loans Receivable, Net	Loan Servicing Activities and Acquired Loans Receivable, Net Changes in the contingent liability for expected credit losses for the three and six months ended June 30, 2024 and 2023 were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Beginning balance $ 26 $ 19 $ 29 $ 14 Credit loss expense 9 10 20 22 Reductions due to loan purchases (9) (7) (23) (14) Ending balance $ 26 $ 22 $ 26 $ 22 As of June 30, 2024 and December 31, 2023, the non-contingent stand-ready liability was $10 million and $11 million, respectively. As of June 30, 2024 and December 31, 2023, $58 million and $55 million, respectively, were classified as restricted cash on the condensed consolidated balance sheets, representing cash held with commercial lending institutions. The restrictions are related to cash held as collateral pursuant to an agreement with the originating third-party bank for the working capital loans serviced by Toast Capital.

Lessee Arrangements

Lessee Arrangements	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Lessee Arrangements	Lessee Arrangements The components of lease expense were as follows for the three and six months ended June 30, 2024 and 2023 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease expense $ 3 $ 4 $ 6 $ 8 Variable lease expense 1 — 2 1 Total $ 4 $ 4 $ 8 $ 9 Operating lease expense reflects the non-cash amortization of right-of-use-assets. The following table summarizes supplemental cash flow information related to operating leases during the six months ended June 30, 2024 and 2023 (in millions): Six Months Ended June 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities $ 7 $ 11 Supplemental non-cash amounts of increases in lease liabilities from obtaining right-of-use assets / (decreases) of lease liabilities from lease terminations and modifications 2 (55)

Other Balance Sheet Information

Other Balance Sheet Information	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other Balance Sheet Information	Other Balance Sheet Information Accounts Receivable, net (in millions) June 30, 2024 December 31, 2023 Accounts receivable $ 82 $ 57 Unbilled receivables 33 23 Less: Allowance for credit losses (14) (11) Accounts receivable, net $ 101 $ 69 Our allowance for credit losses was comprised of the following (in millions): Six Months Ended June 30, 2024 2023 Beginning Balance $ (11) $ (12) Additions (10) (3) Write offs 7 5 Ending Balance $ (14) $ (10) Other Current Assets (in millions) June 30, 2024 December 31, 2023 Cash held on behalf of customers $ 115 $ 87 Other receivables 70 58 Deferred contract acquisition costs 67 60 Prepaid expenses 33 24 Other 24 30 $ 309 $ 259 Accrued Expenses and Current Liabilities (in millions) June 30, 2024 December 31, 2023 Accrued transaction-based costs $ 292 $ 253 Customer funds obligation 115 87 Accrued expenses 71 68 Accrued payroll and bonus 64 78 Contingent liability for expected credit losses 26 29 Accrued commissions 20 25 Operating lease liability 11 11 Other 42 41 $ 641 $ 592

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2024
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 (in millions): Six Months Ended June 30, 2024 Deferred revenue, beginning of period $ 41 Deferred revenue, end of period 65 Revenue recognized in the period from amounts included in deferred revenue at the beginning of period $ 35 As of June 30, 2024, approximately $749 million of revenue is expected to be recognized from remaining performance obligations for customer contracts. We expect to recognize revenue of approximately $697 million 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 (in millions): Six Months Ended June 30, 2024 Beginning balance $ 127 Capitalization of sales commissions costs 60 Amortization of sales commissions costs (38) Ending balance $ 149 Amortization expense attributable to deferred contract acquisition costs was $28 million for the six months ended June 30, 2023.

Stockholders_ Equity

Stockholders’ Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity Shares of Stock The following table shows the changes in Class A and Class B shares of common stock (in millions): Six Months Ended June 30, 2024 Class A and B common stock (in shares) Balance, beginning of period 543 Issuance of common stock under equity plans 18 Repurchases of common stock (1) Balance, end of period 560 Stock-Based Compensation Stock-based compensation expense recognized for the three and six months ended June 30, 2024 and 2023, is as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenue $ 10 $ 11 $ 20 $ 20 Sales and marketing 16 15 27 28 Research and development 22 25 40 46 General and administrative 17 21 34 41 Restructuring expenses 2 — $ 12 $ — $ 67 $ 72 $ 133 $ 135 Stock-based compensation of $4 million and $7 million, respectively, was capitalized as software development costs for the three and six months ended June 30, 2024. Stock-based compensation of $3 million and $6 million, respectively, was capitalized as software development costs for the three and six months ended June 30, 2023. Stock Options The following is a summary of stock option activity under our stock option plans for the six months ended June 30, 2024: (in millions, except per share amounts) Number of Shares (in millions) Weighted- Average Exercise Price (per share) Weighted-Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value (in millions) (1) Outstanding as of December 31, 2023 48 $ 7.07 Granted 2 24.58 Exercised (12) 3.96 Forfeited (2) 11.30 Outstanding as of June 30, 2024 36 $ 8.79 Options vested and expected to vest as of June 30, 2024 35 $ 8.43 6.1 $ 598 (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 June 2024, 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. The aggregate intrinsic values of options exercised was $132 million and $234 million, respectively, during the three and six months ended June 30, 2024. As of June 30, 2024, total unrecognized stock-based compensation expense related to option awards was $75 million and is expected to be recognized over the remaining weighted-average service period of 2.6 years. Restricted Stock Units The following table summarizes restricted stock units, or RSU, activity during the six months ended June 30, 2024 : RSU (in millions) Weighted-Average Grant Date Fair Value (per share) Outstanding balance as of December 31, 2023 33 $ 20.70 Granted 6 $ 24.23 Vested (6) $ 21.37 Forfeited (5) $ 20.82 Outstanding balance as of June 30, 2024 28 $ 21.30 Expected to vest, as of June 30, 2024 25 $ 21.29 The fair value of RSUs vested during the three and six months ended June 30, 2024 was $69 million and $126 million, respectively. As of June 30, 2024, total unrecognized stock-based compensation expense related to the RSUs was $446 million and is expected to be recognized over the remaining weighted-average service period of 2.7 years. Share Repurchase Program In February 2024, we announced the authorization of a share repurchase program for the repurchase of shares in our Class A common stock, in an aggregate amount of up to $250 million. The repurchase program has no expiration date, does not obligate us to acquire any particular amount of our Class A common stock, and it may be suspended at any time at our discretion. The timing and actual number of shares repurchased may depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. During the three and six months ended June 30, 2024, we repurchased $32 million and $36 million, respectively, in Class A common stock. At June 30, 2024, approximately $214 million remained authorized for repurchase under our share repurchase program.

Restructuring Plan

Restructuring Plan	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring Plan	Restructuring Plan In February 2024, we announced a restructuring plan, or the Restructuring Plan, designed to promote overall operating expense efficiency, including a reduction in force and certain other actions to reorganize our facilities and operations. In connection with this Restructuring Plan, we incurred restructuring and restructuring-related charges of $4 million and $46 million, respectively, during the three and six months ended June 30, 2024. These charges were recorded within restructuring expenses on our Condensed Consolidated Statements of Operations, primarily consisting of cash severance costs and the acceleration of stock-based compensation for certain terminated employees. As of June 30, 2024, accrued restructuring expenses were immaterial. We expect total costs of up to approximately $50 million to be incurred in connection with this Restructuring Plan and for the costs to be fully captured by the end of fiscal year 2024.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective income tax rate was 3.2% and (0.8)% for the three months ended June 30, 2024 and 2023 , respectively, and was (2.4)% and (0.5)% for the six months ended June 30, 2024 and 2023, 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 in the six months ended June 30, 2023 as a result of an acquisition. The income tax expense was $0 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $2 million and $1 million for the six months ended June 30, 2024 and 2023, respectively.

Earnings or Loss Per Share Attr

Earnings or Loss Per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings or Loss Per Share Attributable to Common Stockholders	Earnings or Loss Per Share Attributable to Common Stockholders Basic earnings or loss per share is determined by dividing net income or loss by the weighted-average shares outstanding for the period. We analyze the potential dilutive effect of stock options, unvested restricted stock, RSUs, our employee stock purchase plan, 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. Class A common stock and Class B common stock share proportionately, on a per share basis, in our net income (losses) and participate equally in the dividends on common stock, if declared. We allocate net income (losses) attributable to common stock between the common stock classes on a one-to-one basis when computing earnings (loss) per share. As a result, basic and diluted earnings (loss) per share of Class A common stock and Class B common stock are equivalent. During the three and six months ended June 30, 2024 and June 30, 2023, we recorded a loss on fair value remeasurement of our warrant liability, which was excluded from the calculation of diluted earnings per share due to its anti-dilutive effect. The following table sets forth the computation of basic and diluted earnings (loss) per share attributable to common stockholders for the three and six months ended June 30, 2024 and 2023 (in millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income (loss), basic $ 14 $ (98) $ (69) $ (179) Less: Gain on change in fair value of warrant liabilities — — — — Net income (loss), diluted $ 14 $ (98) $ (69) $ (179) Denominator: Weighted-average shares of common stock outstanding—basic 556 529 552 527 Dilutive common share equivalents included in dilutive shares 31 — — — Weighted-average shares of common stock outstanding—diluted 587 529 552 527 Earnings (loss) per share, basic $ 0.03 $ (0.19) $ (0.13) $ (0.34) Earnings (loss) per share, diluted $ 0.02 $ (0.19) $ (0.13) $ (0.34) We excluded the following potential shares of common stock from the computation of diluted earnings (loss) per share because including them would have an anti-dilutive effect for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Options to purchase Class A common stock and Class B common stock — 52 36 52 Unvested restricted stock — 2 — 2 Unvested restricted stock units — 37 28 37 Warrants to purchase Class B common stock 7 7 7 7 7 98 71 98

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 reasonable estimates. We do not expect any claims with a reasonably possible adverse outcome to have a material impact on us, and, accordingly, have not accrued for any material claims.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 14	$ (98)	$ (69)	$ (179)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Jonathan Vassil [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 31, 2024, Jonathan Vassil, our Chief Revenue Officer, entered into a trading plan pursuant to Rule 10b5-1 of the Exchange Act. Mr. Vassil's Rule 10b5-1 trading plan provides for the sale from time to time of a maximum of 150,000 shares of our Class A common stock pursuant to the terms of the plan. Mr. Vassil's Rule 10b5-1 trading plan expires on February 28, 2025, 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	Jonathan Vassil
Title	Chief Revenue Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 31, 2024
Expiration Date	February 28, 2025
Arrangement Duration	273 days
Aggregate Available	150,000	150,000
Stephen Fredette [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 11, 2024, Stephen Fredette, our President, Co-Founder and board member, entered into a trading plan pursuant to Rule 10b5-1 of the Exchange Act. Mr. Fredette’s Rule 10b5-1 trading plan provides for the sale from time to time of a maximum of 963,444 shares of our Class A common stock and the donation from time to time of a maximum of 500,000 shares of our Class A common stock pursuant to the terms of the plan. Mr. Fredette’s Rule 10b5-1 trading plan expires on March 6, 2025, 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	Stephen Fredette
Title	President, Co-Founder and board member
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 11, 2024
Expiration Date	March 6, 2025
Arrangement Duration	268 days
Stephen Fredette Trading Arrangement, Common Stock [Member] | Stephen Fredette [Member]
Trading Arrangements, by Individual
Aggregate Available	963,444	963,444
Stephen Fredette Trading Arrangement, Common Stock, Donation [Member] | Stephen Fredette [Member]
Trading Arrangements, by Individual
Aggregate Available	500,000	500,000

Description of Business, Basi_2

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
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 the 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 income (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, 2024 or any other future interim periods. The accompanying unaudited condensed consolidated financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the unaudited condensed consolidated financial statements. 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, 2023, or the 2023 Annual Report. As of June 30, 2024, there have been no material changes in the Company's significant accounting policies from those that were disclosed in the Annual Report on Form 10-K, unless otherwise discussed below.
Use of Estimates	Use of Estimates

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
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 (in millions): June 30, 2024 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 264 $ — $ — $ 264 Commercial paper — 34 — 34 Corporate bonds — 89 — 89 U.S. government agency securities — 11 — 11 Treasury securities — 231 — 231 Asset-backed securities — 163 — 163 $ 264 $ 528 $ — $ 792 Liabilities: Warrants to purchase common stock $ — $ — $ 101 $ 101 $ — $ — $ 101 $ 101 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 267 $ — $ — $ 267 Commercial paper — 53 — 53 Certificates of deposit — 29 — 29 Corporate bonds — 80 — 80 U.S. government agency securities — 37 — 37 Treasury securities — 213 — 213 Asset-backed securities — 107 — 107 $ 267 $ 519 $ — $ 786 Liabilities: Warrants to purchase common stock $ — $ — $ 64 $ 64 $ — $ — $ 64 $ 64
Schedule of Marketable Securities	The fair values of marketable securities by contractual maturities at June 30, 2024 were as follows (in millions): June 30, 2024 Due within 1 year $ 283 Due after 1 year through 5 years 242 Due after 5 years and thereafter 3 Total marketable securities $ 528
Schedule of Measurement Inputs and Valuation Techniques	The following table indicates the weighted-average assumptions made in estimating the fair value as of: June 30, 2024 December 31, 2023 Risk-free interest rate 4.5 % 4.0 % Contractual term (in years) 3 3 Expected volatility 64.3 % 63.8 % Expected dividend yield — % — % Exercise price per share $ 17.50 $ 17.16
Schedule of Liabilities Measured on Recurring and Nonrecurring Basis	The following table provides a roll-forward of the aggregate fair value of our common stock warrant liability for which fair value is determined using Level 3 inputs (in millions): Common Stock Warrant Balance as of December 31, 2023 $ 64 Change in fair value 37 Balance as of June 30, 2024 $ 101

Loan Servicing Activities and_2

Loan Servicing Activities and Acquired Loans Receivable, Net (Tables)	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 and 2023 were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Beginning balance $ 26 $ 19 $ 29 $ 14 Credit loss expense 9 10 20 22 Reductions due to loan purchases (9) (7) (23) (14) Ending balance $ 26 $ 22 $ 26 $ 22

Lessee Arrangements (Tables)

Lessee Arrangements (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Lease Cost	The components of lease expense were as follows for the three and six months ended June 30, 2024 and 2023 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease expense $ 3 $ 4 $ 6 $ 8 Variable lease expense 1 — 2 1 Total $ 4 $ 4 $ 8 $ 9 The following table summarizes supplemental cash flow information related to operating leases during the six months ended June 30, 2024 and 2023 (in millions): Six Months Ended June 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities $ 7 $ 11 Supplemental non-cash amounts of increases in lease liabilities from obtaining right-of-use assets / (decreases) of lease liabilities from lease terminations and modifications 2 (55)

Other Balance Sheet Informati_2

Other Balance Sheet Information (Tables)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts Receivable, net	Accounts Receivable, net (in millions) June 30, 2024 December 31, 2023 Accounts receivable $ 82 $ 57 Unbilled receivables 33 23 Less: Allowance for credit losses (14) (11) Accounts receivable, net $ 101 $ 69
Schedule of Allowance for Credit Loss	Our allowance for credit losses was comprised of the following (in millions): Six Months Ended June 30, 2024 2023 Beginning Balance $ (11) $ (12) Additions (10) (3) Write offs 7 5 Ending Balance $ (14) $ (10)
Schedule of Other Current Assets	Other Current Assets (in millions) June 30, 2024 December 31, 2023 Cash held on behalf of customers $ 115 $ 87 Other receivables 70 58 Deferred contract acquisition costs 67 60 Prepaid expenses 33 24 Other 24 30 $ 309 $ 259
Schedule of Accrued Expenses and Other Current Liabilities	Accrued Expenses and Current Liabilities (in millions) June 30, 2024 December 31, 2023 Accrued transaction-based costs $ 292 $ 253 Customer funds obligation 115 87 Accrued expenses 71 68 Accrued payroll and bonus 64 78 Contingent liability for expected credit losses 26 29 Accrued commissions 20 25 Operating lease liability 11 11 Other 42 41 $ 641 $ 592

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Contract Asset Contract Liability and Receivable	The following table summarizes the activity in deferred revenue (in millions): Six Months Ended June 30, 2024 Deferred revenue, beginning of period $ 41 Deferred revenue, end of period 65 Revenue recognized in the period from amounts included in deferred revenue at the beginning of period $ 35
Schedule of Capitalized Contract Cost	The following tables summarize the activity in deferred contract acquisition costs (in millions): Six Months Ended June 30, 2024 Beginning balance $ 127 Capitalization of sales commissions costs 60 Amortization of sales commissions costs (38) Ending balance $ 149

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Common Stock Outstanding Roll Forward	The following table shows the changes in Class A and Class B shares of common stock (in millions): Six Months Ended June 30, 2024 Class A and B common stock (in shares) Balance, beginning of period 543 Issuance of common stock under equity plans 18 Repurchases of common stock (1) Balance, end of period 560
Schedule of Share-based Compensation Expense	Stock-based compensation expense recognized for the three and six months ended June 30, 2024 and 2023, is as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenue $ 10 $ 11 $ 20 $ 20 Sales and marketing 16 15 27 28 Research and development 22 25 40 46 General and administrative 17 21 34 41 Restructuring expenses 2 — $ 12 $ — $ 67 $ 72 $ 133 $ 135
Schedule of Stock Option Activity	The following is a summary of stock option activity under our stock option plans for the six months ended June 30, 2024: (in millions, except per share amounts) Number of Shares (in millions) Weighted- Average Exercise Price (per share) Weighted-Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value (in millions) (1) Outstanding as of December 31, 2023 48 $ 7.07 Granted 2 24.58 Exercised (12) 3.96 Forfeited (2) 11.30 Outstanding as of June 30, 2024 36 $ 8.79 Options vested and expected to vest as of June 30, 2024 35 $ 8.43 6.1 $ 598 (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 June 2024, 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 restricted stock units, or RSU, activity during the six months ended June 30, 2024 : RSU (in millions) Weighted-Average Grant Date Fair Value (per share) Outstanding balance as of December 31, 2023 33 $ 20.70 Granted 6 $ 24.23 Vested (6) $ 21.37 Forfeited (5) $ 20.82 Outstanding balance as of June 30, 2024 28 $ 21.30 Expected to vest, as of June 30, 2024 25 $ 21.29

Earnings or Loss Per Share At_2

Earnings or Loss Per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings or Loss Per Share Basic and Diluted	The following table sets forth the computation of basic and diluted earnings (loss) per share attributable to common stockholders for the three and six months ended June 30, 2024 and 2023 (in millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income (loss), basic $ 14 $ (98) $ (69) $ (179) Less: Gain on change in fair value of warrant liabilities — — — — Net income (loss), diluted $ 14 $ (98) $ (69) $ (179) Denominator: Weighted-average shares of common stock outstanding—basic 556 529 552 527 Dilutive common share equivalents included in dilutive shares 31 — — — Weighted-average shares of common stock outstanding—diluted 587 529 552 527 Earnings (loss) per share, basic $ 0.03 $ (0.19) $ (0.13) $ (0.34) Earnings (loss) per share, diluted $ 0.02 $ (0.19) $ (0.13) $ (0.34)
Schedule of Antidilutive Securities Excluded from Computation of Earnings or Loss Per Share	We excluded the following potential shares of common stock from the computation of diluted earnings (loss) per share because including them would have an anti-dilutive effect for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Options to purchase Class A common stock and Class B common stock — 52 36 52 Unvested restricted stock — 2 — 2 Unvested restricted stock units — 37 28 37 Warrants to purchase Class B common stock 7 7 7 7 7 98 71 98

Financial Instruments - Schedul

Financial Instruments - Schedule of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants to purchase common stock	$ 101	$ 64
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	792	786
Warrants to purchase common stock	101	64
Total liabilities	101	64
Level 1 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	264	267
Warrants to purchase common stock	0	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	528	519
Warrants to purchase common stock	0	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	101	64
Total liabilities	101	64
Money market funds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	264	267
Money market funds | Level 1 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	264	267
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	34	53
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	34	53
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		29
Certificates of deposit | Level 1 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		0
Certificates of deposit | Level 2 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		29
Certificates of deposit | Level 3 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		0
Corporate bonds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	89	80
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	89	80
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	11	37
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	11	37
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	231	213
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	231	213
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	163	107
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	163	107
Asset-backed securities | Level 3 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 0	$ 0

Financial Instruments - Sched_2

Financial Instruments - Scheduled Maturities of Marketable Securities (Details) $ in Millions	Jun. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Due within 1 year	$ 283
Due after 1 year through 5 years	242
Due after 5 years and thereafter	3
Total marketable securities	$ 528

Financial Instruments - Sched_3

Financial Instruments - Schedule of Weighted Average Assumptions (Details) - Level 3	Jun. 30, 2024 $ / shares yr	Dec. 31, 2023 yr $ / shares
Risk-free interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement inputs	0.045	0.040
Contractual term (in years)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement inputs | yr	3	3
Expected volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement inputs	0.643	0.638
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 | $ / shares	17.50	17.16

Financial Instruments - Sched_4

Financial Instruments - Schedule of Rollforward of Level 3 Inputs (Details) - Common Stock Warrants - Common Stock Warrant Liability $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 64
Change in fair value	37
Ending balance	$ 101

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
	Jul. 03, 2024	Sep. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants to purchase common stock			$ 101		$ 101		$ 64
Gain on extinguishment of warrant			(1)	$ (26)	(37)	$ (23)
Common Stock Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants to purchase common stock			$ 76		$ 76
Common Stock Warrants | Subsequent Event | Forecast
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain on extinguishment of warrant		$ 14
Common Stock Warrants | Common Class B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maximum number of shares that could be issued (in shares)			7,000,000		7,000,000
Common Stock Warrants | Common Class B | Subsequent Event
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants repurchased (in shares)	5,000,000
Payments for repurchase of warrants	$ 60
Outstanding warrants (in shares)	0

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Beginning balance	$ 26	$ 19	$ 29	$ 14
Credit loss expense	9	10	20	22
Reductions due to loan purchases	(9)	(7)	(23)	(14)
Ending balance	$ 26	$ 22	$ 26	$ 22

Loan Servicing Activities and_4

Loan Servicing Activities and Acquired Loans Receivable, Net - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Guarantor Obligations [Line Items]
Restricted cash	$ 58	$ 55	$ 43
Non-contingent Stand-ready Liability
Guarantor Obligations [Line Items]
Guarantee liability	$ 10	$ 11

Lessee Arrangements - Schedule

Lessee Arrangements - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease expense	$ 3	$ 4	$ 6	$ 8
Variable lease expense	1	0	2	1
Total	$ 4	$ 4	$ 8	$ 9

Lessee Arrangements - Schedul_2

Lessee Arrangements - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 7	$ 11
Supplemental non-cash amounts of increases in lease liabilities from obtaining right-of-use assets / (decreases) of lease liabilities from lease terminations and modifications	$ 2	$ (55)

Other Balance Sheet Informati_3

Other Balance Sheet Information - Schedule of Accounts Receivable, net (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 82	$ 57
Unbilled receivables	33	23
Less: Allowance for credit losses	(14)	(11)	$ (10)	$ (12)
Accounts receivable, net	$ 101	$ 69

Other Balance Sheet Informati_4

Other Balance Sheet Information - Schedule of Allowance For Credit Losses (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (11)	$ (12)
Additions	(10)	(3)
Write offs	7	5
Ending balance	$ (14)	$ (10)

Other Balance Sheet Informati_5

Other Balance Sheet Information - Schedule of Other Current Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash held on behalf of customers	$ 115	$ 87	$ 91
Other receivables	70	58
Deferred contract acquisition costs	67	60
Prepaid expenses	33	24
Other	24	30
Other current assets	$ 309	$ 259

Other Balance Sheet Informati_6

Other Balance Sheet Information - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued transaction-based costs	$ 292	$ 253
Customer funds obligation	115	87
Accrued expenses	71	68
Accrued payroll and bonus	64	78
Contingent liability for expected credit losses	26	29
Accrued commissions	20	25
Operating lease liability	$ 11	$ 11
Operating lease liability [Extensible Enumeration]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities
Other	$ 42	$ 41
Total accrued expenses and other current liabilities	$ 641	$ 592

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Schedule of Activity of Deferred Revenue (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 65	$ 41
Revenue recognized in the period from amounts included in deferred revenue at the beginning of period	$ 35

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 749
Amortization of deferred contract acquisition costs	38	$ 28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 697
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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Capitalized Contract Costs [Roll Forward]
Beginning balance	$ 127
Capitalization of sales commissions costs	60
Amortization of sales commissions costs	(38)	$ (28)
Ending balance	$ 149

Stockholders_ Equity - Schedule

Stockholders’ Equity - Schedule of Changes in Shares of Common Stock (Details) - Class A and Class B Common Stock shares in Millions	6 Months Ended
	Jun. 30, 2024 shares
Common Stock [Roll Forward]
Balance, beginning of period (in shares)	543
Issuance of common stock under equity plans (in shares)	18
Repurchases of common stock (in shares)	(1)
Balance, ending of period (in shares)	560

Stockholders_ Equity - Schedu_2

Stockholders’ Equity - Schedule of Stock-based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 67	$ 72	$ 133	$ 135
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	10	11	20	20
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	16	15	27	28
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	22	25	40	46
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	17	21	34	41
Restructuring expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 2	$ 0	$ 12	$ 0

Stockholders_ Equity - Narrativ

Stockholders’ Equity - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Feb. 29, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, capitalized	$ 4,000,000	$ 3,000,000	$ 7,000,000	$ 6,000,000
Aggregate intrinsic value of options exercised	132,000,000		234,000,000
Unrecognized stock-based compensation expense related to options	75,000,000		$ 75,000,000
Expected period for recognition (in years)			2 years 7 months 6 days
Stock repurchase program, stock repurchased during period	32,000,000		$ 36,000,000
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount					$ 250,000,000
Stock repurchase program, stock repurchased during period	32,000,000		36,000,000
Stock repurchase program, remaining authorized repurchase amount	214,000,000		$ 214,000,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected period for recognition (in years)			2 years 8 months 12 days
Fair value of RSUs vested	69,000,000		$ 126,000,000
Total unrecognized stock-based compensation expense related to RSUs	$ 446,000,000		$ 446,000,000

Stockholders_ Equity - Schedu_3

Stockholders’ Equity - Schedule of Stock Option Activity (Details) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Number of Shares
Beginning balance (in shares) | shares	48
Granted (in shares) | shares	2
Exercised (in shares) | shares	(12)
Forfeited (in shares) | shares	(2)
Ending balance (in shares) | shares	36
Options vested and expected to vest (in shares) | shares	35
Weighted- Average Exercise Price
Beginning balance (in dollars per share) | $ / shares	$ 7.07
Granted (in dollars per share) | $ / shares	24.58
Exercised (in dollars per share) | $ / shares	3.96
Forfeited (in dollars per share) | $ / shares	11.30
Ending balance (in dollars per share) | $ / shares	8.79
Options vested and expected to vest, Weighted average exercise price (in dollars per share) | $ / shares	$ 8.43
Weighted-Average Remaining Contractual Term
Options vested and expected to vest (in years)	6 years 1 month 6 days
Aggregate Intrinsic Value
Options vested and expected to vest | $	$ 598

Stockholders_ Equity - Schedu_4

Stockholders’ Equity - Schedule of RSU Activity (Details) - Restricted Stock Units shares in Millions	6 Months Ended
	Jun. 30, 2024 $ / shares shares
RSU
Beginning balance (in shares) | shares	33
Granted (in shares) | shares	6
Vested (in shares) | shares	(6)
Forfeited (in shares) | shares	(5)
Ending balance (in shares) | shares	28
Expected to vest (in shares) | shares	25
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 20.70
Granted (in dollars per share) | $ / shares	24.23
Vested (in dollars per share) | $ / shares	21.37
Forfeited (in dollars per share) | $ / shares	20.82
Ending balance (in dollars per share) | $ / shares	21.30
Expected to vest ( in dollars per share) | $ / shares	$ 21.29

Restructuring Plan (Details)

Restructuring Plan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 4	$ 0	$ 46	$ 0
The Restructuring Plan | Employee Reduction And Facility Reorganizations
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	4		46
The Restructuring Plan | Employee Reduction And Facility Reorganizations | Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring expenses, expected cost	$ 50		$ 50

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	3.20%	(0.80%)	(2.40%)	(0.50%)
Income tax expense	$ 0	$ 1	$ 2	$ 1
Non-recurring income tax benefit from acquisition				$ 1

Earnings or Loss Per Share At_3

Earnings or Loss Per Share Attributable to Common Stockholders - Narrative (Details)	Jun. 30, 2024
Earnings Per Share [Abstract]
Common stock, conversion ratio	1

Earnings or Loss Per Share At_4

Earnings or Loss Per Share Attributable to Common Stockholders - Schedule of Earning or or Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income (loss), basic	$ 14	$ (98)	$ (69)	$ (179)
Less: Gain on change in fair value of warrant liabilities	0	0	0	0
Net income (loss), diluted	$ 14	$ (98)	$ (69)	$ (179)
Denominator:
Weighted-average shares of common stock outstanding—basic (in shares)	556	529	552	527
Dilutive common share equivalents included in dilutive shares (in shares)	31	0	0	0
Weighted-average shares of common stock outstanding—diluted (in shares)	587	529	552	527
Earnings (loss) per share, basic (in dollars per share)	$ 0.03	$ (0.19)	$ (0.13)	$ (0.34)
Earnings (loss) per share, diluted (in dollars per share)	$ 0.02	$ (0.19)	$ (0.13)	$ (0.34)

Earnings or Loss Per Share At_5

Earnings or Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Shares (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of earnings per share (in shares)	7	98	71	98
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)	0	52	36	52
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)	0	2	0	2
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)	0	37	28	37
Warrants to purchase 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)	7	7	7	7