Unity Software (U) 10-Q 11 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Aug. 04, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-39497
Entity Registrant Name	UNITY SOFTWARE INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-0334803
Entity Address, Address Line One	30 3rd Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94103‑3104
City Area Code	415
Local Phone Number	539‑3162
Title of 12(b) Security	Common stock, $0.000005 par value
Trading Symbol	U
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		282,518,597
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001810806
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 1,001,944	$ 1,272,578
Marketable securities	587,080	479,406
Accounts receivable, net of allowances of $5,778 and $2,714 as of June 30, 2021 and December 31, 2020, respectively	340,716	274,255
Prepaid expenses	34,877	32,025
Other current assets	30,552	22,396
Total current assets	1,995,169	2,080,660
Property and equipment, net	95,948	95,544
Operating lease right‑of‑use assets	110,656	103,609
Goodwill	342,134	286,251
Intangible assets, net	65,701	57,459
Restricted cash	10,823	21,369
Other assets	41,301	26,333
Total assets	2,661,732	2,671,225
Current liabilities:
Accounts payable	8,306	11,303
Accrued expenses and other current liabilities	128,142	106,306
Publisher payables	221,368	182,269
Income and other taxes payable	49,336	64,116
Deferred revenue	123,461	113,853
Operating lease liabilities	25,783	25,375
Total current liabilities	556,396	503,222
Long-term deferred revenue	19,570	20,523
Long-term operating lease liabilities	104,574	98,532
Other long-term liabilities	11,409	11,805
Total liabilities	691,949	634,082
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $0.000005 par value; 100,000 shares authorized, and no shares issued and outstanding as of June 30, 2021; 100,000 shares authorized, no shares issued and outstanding as of December 31, 2020	0	0
Common stock, $0.000005 par value; 1,000,000 and 1,000,000 shares authorized as of June 30, 2021 and December 31, 2020, respectively; 282,177 and 273,537 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	2	2
Additional paid-in capital	3,028,077	2,838,057
Accumulated other comprehensive loss	(3,474)	(3,418)
Accumulated deficit	(1,054,822)	(797,498)
Total stockholders’ equity	1,969,783	2,037,143
Total liabilities and stockholders’ equity	$ 2,661,732	$ 2,671,225

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 5,778	$ 2,714
Preferred stock, par value (USD per share)	$ 0.000005	$ 0.000005
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
Common stock, par value (USD per share)	$ 0.000005	$ 0.000005
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	282,177,000	273,537,000
Common stock, outstanding (in shares)	282,177,000	273,537,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 273,562	$ 184,331	$ 508,334	$ 351,325
Cost of revenue	57,725	40,432	116,459	72,300
Gross profit	215,837	143,899	391,875	279,025
Operating expenses
Research and development	154,216	85,108	308,231	166,859
Sales and marketing	74,888	43,716	144,681	86,975
General and administrative	135,917	39,920	199,049	77,473
Total operating expenses	365,021	168,744	651,961	331,307
Loss from operations	(149,184)	(24,845)	(260,086)	(52,282)
Interest expense	(485)	(656)	(600)	(788)
Interest income and other expense, net	70	(662)	1,635	1,194
Loss before provision for income taxes	(149,599)	(26,163)	(259,051)	(51,876)
Provision for (benefit from) income taxes	(1,257)	1,188	(3,249)	2,211
Net loss	$ (148,342)	$ (27,351)	$ (255,802)	$ (54,087)
Basic and diluted net loss per share:
Net loss per share attributable to our common stockholders, basic (USD per share)	$ (0.53)	$ (0.21)	$ (0.92)	$ (0.42)
Net loss per share attributable to our common stockholders, diluted (USD per share)	$ (0.53)	$ (0.21)	$ (0.92)	$ (0.42)
Weighted-average shares used in per share calculation attributable to our common stockholders, basic (in shares)	280,374	129,826	278,233	128,804
Weighted-average shares used in per share calculation attributable to our common stockholders, diluted (in shares)	280,374	129,826	278,233	128,804

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (148,342)	$ (27,351)	$ (255,802)	$ (54,087)
Other comprehensive loss, net of taxes:
Change in foreign currency translation adjustment	81	18	50	(77)
Change in unrealized losses on marketable securities	(3)	0	(106)	0
Other comprehensive loss	78	18	(56)	(77)
Comprehensive loss	$ (148,264)	$ (27,333)	$ (255,858)	$ (54,164)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Non-IPO	Chief Executive Officer	Non Chief Executive Officer Related	Adjustment	Convertible Series E Preferred Stock	Convertible Preferred Stock	Convertible Preferred StockConvertible Series E Preferred Stock	Common Stock	Common StockNon-IPO	Common StockChief Executive Officer	Common StockNon Chief Executive Officer Related	Additional Paid-In Capital	Additional Paid-In CapitalNon-IPO	Additional Paid-In CapitalChief Executive Officer	Additional Paid-In CapitalNon Chief Executive Officer Related	Accumulated Other Comprehensive Loss	Accumulated Deficit	Accumulated DeficitAdjustment
Beginning Balance (in shares) at Dec. 31, 2019							95,899,214		123,261,024
Beginning Balance at Dec. 31, 2019	$ 393,911						$ 686,559		$ 1				$ 226,173				$ (3,632)	$ (515,190)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options (in shares)											5,656,927	1,160,220
Issuance of common stock from exercise of stock options			$ 8,856	$ 3,936											$ 8,856	$ 3,936
Stock‑based compensation expense	21,654												21,654
Issuance of stock (in shares)								6,818,182		4,545,455
Issuance of stock		$ 100,000				$ 149,970		$ 149,970						$ 100,000
Common stock issued in connection with acquisitions (in shares)									1,030,711
Common stock issued in connection with acquisitions	23,362												23,362
Purchase and retirement of stock (in shares)									(5,000)
Purchase and retirement of stock	(110)												(110)
Net loss	(54,087)																	(54,087)
Foreign currency translation adjustment	(77)																(77)
Unrealized loss on investments	0
Ending Balance (in shares) at Jun. 30, 2020							102,717,396		135,649,337
Ending Balance at Jun. 30, 2020	647,415						$ 836,529		$ 1				383,871				(3,709)	(569,277)
Beginning Balance (in shares) at Mar. 31, 2020							102,717,396		128,569,006
Beginning Balance at Mar. 31, 2020	629,060						$ 836,529		$ 1				338,183				(3,727)	(541,926)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options (in shares)									392,693		5,656,927
Issuance of common stock from exercise of stock options	1,507		$ 8,856										1,507		$ 8,856
Stock‑based compensation expense	11,963												11,963
Common stock issued in connection with acquisitions (in shares)									1,030,711
Common stock issued in connection with acquisitions	23,362												23,362
Net loss	(27,351)																	(27,351)
Foreign currency translation adjustment	18																18
Unrealized loss on investments	0
Ending Balance (in shares) at Jun. 30, 2020							102,717,396		135,649,337
Ending Balance at Jun. 30, 2020	647,415						$ 836,529		$ 1				383,871				(3,709)	(569,277)
Beginning Balance (in shares) at Dec. 31, 2020							0		273,537,218
Beginning Balance at Dec. 31, 2020	$ 2,037,143				$ (1,522)		$ 0		$ 2				2,838,057				(3,418)	(797,498)	$ (1,522)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options (in shares)	6,831,982								6,831,982
Issuance of common stock from exercise of stock options	$ 38,059												38,059
Issuance of common stock for settlement of RSUs (in shares)									1,807,844
Issuance of common stock for settlement of RSUs	0
Stock‑based compensation expense	139,337												139,337
Stock-based compensation expense in connection with modified awards for certain employees	12,624												12,624
Net loss	(255,802)																	(255,802)
Foreign currency translation adjustment	50																50
Unrealized loss on investments	(106)																(106)
Ending Balance (in shares) at Jun. 30, 2021							0		282,177,044
Ending Balance at Jun. 30, 2021	1,969,783						$ 0		$ 2				3,028,077				(3,474)	(1,054,822)
Beginning Balance (in shares) at Mar. 31, 2021							0		279,170,161
Beginning Balance at Mar. 31, 2021	2,017,212						$ 0		$ 2				2,927,242				(3,552)	(906,480)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options (in shares)									2,287,484
Issuance of common stock from exercise of stock options	15,435												15,435
Issuance of common stock for settlement of RSUs (in shares)									719,399
Issuance of common stock for settlement of RSUs	0
Stock‑based compensation expense	74,913												74,913
Stock-based compensation expense in connection with modified awards for certain employees	10,487												10,487
Net loss	(148,342)																	(148,342)
Foreign currency translation adjustment	81																81
Unrealized loss on investments	(3)																(3)
Ending Balance (in shares) at Jun. 30, 2021							0		282,177,044
Ending Balance at Jun. 30, 2021	$ 1,969,783						$ 0		$ 2				$ 3,028,077				$ (3,474)	$ (1,054,822)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net loss	$ (255,802)	$ (54,087)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	24,102	20,010
Stock-based compensation expense	139,337	21,654
Stock-based compensation expense in connection with modified awards for certain employees	12,624	0
Other	7,680	1,393
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	(67,549)	(8,828)
Prepaid expenses	(2,806)	(4,870)
Other current assets	(9,959)	(11,837)
Operating lease right-of-use ("ROU") assets	11,895	12,008
Deferred tax, net	(3,139)	114
Other assets	(8,819)	(309)
Accounts payable	(1,274)	1,205
Accrued expenses and other current liabilities	19,944	5,819
Publisher payables	39,099	1,671
Income and other taxes payable	(16,477)	(3,400)
Operating lease liabilities	(12,804)	(12,065)
Other long-term liabilities	149	5,173
Deferred revenue	8,236	10,930
Net cash used in operating activities	(115,563)	(15,419)
Investing activities
Purchase of marketable securities	(290,808)	0
Proceeds from principal repayments on marketable securities	11,624	0
Maturities of marketable securities	168,000	0
Purchase of non-marketable investments	(4,600)	0
Purchase of property and equipment	(18,551)	(19,275)
Acquisition of intangible assets	0	(750)
Business acquisitions, net of cash acquired	(69,430)	(23,338)
Net cash used in investing activities	(203,765)	(43,363)
Financing activities
Proceeds from revolving loan facility	0	125,000
Payment of debt issuance costs	0	(247)
Proceeds from issuance of convertible preferred stock, net of issuance costs	0	149,970
Proceeds from issuance of common stock	0	100,000
Purchase and retirement of treasury stock	0	(110)
Proceeds from exercise of stock options	38,059	3,936
Proceeds from exercise of stock options in connection with nonrecourse promissory note	0	8,856
Net cash provided by financing activities	38,059	387,405
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	89	(52)
Increase (decrease) in cash, cash equivalents, and restricted cash	(281,180)	328,571
Cash and restricted cash, beginning of period	1,293,947	147,096
Cash, cash equivalents, and restricted cash, end of period	1,012,767	475,667
Supplemental disclosure of cash flow information:
Cash paid for interest	110	723
Cash paid for income taxes, net of refunds	5,839	9,453
Supplemental disclosures of non‑cash investing and financing activities:
Fair value of common stock issued as consideration for business acquisitions	0	23,126
Fair value of common stock issued as consideration for acquisition of intangible assets	0	236
Accrued property and equipment	$ 4,743	$ 3,180

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 1,001,944	$ 1,272,578	$ 453,258
Restricted cash	10,823	21,369	22,409
Total cash, cash equivalents, and restricted cash	$ 1,012,767	$ 1,293,947	$ 475,667	$ 147,096

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	Description of Business and Summary of Significant Accounting Policies Description of Business We were founded as Over the Edge Entertainment in Denmark in 2004. We reorganized as a Delaware corporation on May 28, 2009 as Unity Software Inc. (collectively referred to with its wholly owned subsidiaries as “we,” “our” or “us”). We provide a comprehensive set of software solutions to create, run and monetize interactive, real-time 2D and 3D content for mobile phones, tablets, PCs, consoles, and augmented and virtual reality devices, among others. We are headquartered in San Francisco, California and have operations in the United States, Denmark, Belgium, Canada, China, Colombia, Finland, France, Germany, Ireland, Israel, Japan, Lithuania, Singapore, South Korea, Spain, Sweden, and the United Kingdom. We market our solutions directly through our online store and field sales operations in North America, Denmark, China, Finland, Germany, Israel, Japan, Singapore, South Korea, and Spain, and indirectly through independent distributors and resellers worldwide. Basis of Presentation and Consolidation We prepared the accompanying unaudited condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. The condensed consolidated financial statements include the accounts of Unity Software Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In our opinion, the information contained herein reflects all adjustments necessary for a fair presentation of our results of operations, financial position, cash flows, and stockholders’ equity. All such adjustments are of a normal, recurring nature. The results of operations for the three and six months ended June 30, 2021 shown in this report are not necessarily indicative of the results to be expected for the full year ending December 31, 2021 or any other period. 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, 2020, filed with the SEC on March 5, 2021. There have been no material changes in our significant accounting policies as described in our consolidated financial statements for the year ended December 31, 2020, other than the adoption of accounting pronouncements as described below in Note 2, “Summary of Accounting Pronouncements,” of the Notes to Condensed Consolidated Financial Statements. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. For us, these estimates include, but are not limited to, revenue recognition, allowances for doubtful accounts, fair values of financial instruments, useful lives of fixed assets, the incremental borrowing rate ("IBR") we use to determine our operating lease liabilities, income taxes, valuation of deferred tax assets and liabilities, valuation of intangible assets, useful lives of intangible assets, assets acquired and liabilities assumed through business combinations, fair value of our common stock prior to our IPO, valuation of stock-based compensation, capitalization of software costs and software implementation costs, customer life for capitalized commissions, and other contingencies, among others. Actual results could differ from those estimates, and such differences could be material to our financial position and results of operations.

Summary of Accounting Pronounce

Summary of Accounting Pronouncements	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Accounting Pronouncements	Summary of Accounting Pronouncements Accounting Pronouncements Recently Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , and subsequent amendments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost, including trade receivables. This update replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The new impairment methodology eliminates the probable initial recognition threshold and, instead, estimates the expected credit losses in consideration of past events, current conditions and forecasted information. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. We adopted this new standard effective January 1, 2021, using the modified-retrospective approach, which resulted in a cumulative-effect adjustment of $1.5 million to accumulated deficit. We updated the following accounting policies as a result of the adoption of this guidance. Accounts Receivable We record accounts receivable at the original invoiced amount, net of allowances for credit losses for any potential uncollectible amounts. We make estimates of expected credit losses for the allowance for doubtful accounts based upon our assessment of various factors, including historical experience, the age of the accounts receivable balances, credit quality of our customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect our ability to collect from customers. Accounts receivable deemed uncollectible are charged against the allowance for credit losses when identified. The estimated credit loss allowance is recorded as a general and administrative expense on our condensed consolidated statement of operations. As of June 30, 2021, the allowance for credit losses was $5.8 million. Marketable Securities Our marketable securities consist of investments in U.S. treasury securities, asset-backed securities, corporate bonds, commercial paper, and supranational bonds. We classify our investments in debt securities as available-for-sale at the time of purchase. We consider all debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classify these securities as current assets in the consolidated balance sheets. When the fair value of a security is below its amortized cost, the amortized cost will be reduced to its fair value if it is more likely than not that we are required to sell the impaired security before recovery of its amortized cost basis, or we have the intention to sell the security. If neither of these conditions is met, we determine whether the impairment is due to credit losses by comparing the present value of the expected cash flows of the security with its amortized cost basis. The amount of impairment recognized is limited to the excess of the amortized cost over the fair value of the security. An allowance for credit losses for the excess of amortized cost over the expected cash flows is recorded in interest income and other expense, net in our condensed consolidated statements of operations. Impairment losses that are not credit-related are included in accumulated other comprehensive loss in stockholders’ equity.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregation of Revenue Revenue by Source The following table presents our revenue disaggregated by source (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Create Solutions $ 72,364 $ 55,091 $ 142,751 $ 101,787 Operate Solutions 182,916 112,513 329,494 216,881 Strategic Partnerships and Other 18,282 16,727 36,089 32,657 Total revenue $ 273,562 $ 184,331 $ 508,334 $ 351,325 Additional information regarding our revenue by source is discussed under the heading “Revenue Recognition” in Note 1, “Description of Business and Summary of Significant Accounting Policies,” of the Notes to Condensed Consolidated Financial Statements. Revenue by Geographic Area The following table presents our revenue disaggregated by geography, based on the invoice address of our customers (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 United States $ 62,566 $ 47,314 $ 119,572 $ 87,803 Greater China (1)(2) 41,891 24,435 78,440 48,191 EMEA (1)(3) 105,260 68,303 191,362 132,995 APAC (1)(4) 53,905 35,237 99,584 65,648 Other Americas (1)(5) 9,940 9,042 19,376 16,688 Total revenue $ 273,562 $ 184,331 $ 508,334 $ 351,325 (1) No individual country, other than those disclosed above, exceeded 10% of our total revenue for any period presented. (2) Greater China includes China, Hong Kong, and Taiwan. (3) Europe, the Middle East, and Africa (“EMEA”) (4) Asia- Pacific , excluding Greater China (“APAC”) (5) Canada and Latin America (“Other Americas”) Contract Balances Timing of revenue recognition may differ from the timing of invoicing to customers. Contract assets relate to performance completed in advance of scheduled billings. The primary changes in our contract assets and contract liabilities are due to our performance under the contracts and billings. Contract assets (unbilled receivables) included in accounts receivable are recorded when revenue is recognized in advance of customer invoicing. Unbilled receivables totaled $22.0 million and $26.3 million as of June 30, 2021 and December 31, 2020, respectively. Contract liabilities (deferred revenue) relate to payments received in advance of performance under the contract. Revenue recognized during the three and six months ended June 30, 2021 that was included in the deferred revenue balances at April 1, 2021 and January 1, 2021 was $48.2 million and $75.2 million, respectively. The satisfaction of performance obligations typically lags behind payments received under contract from customers, which may lead to an increase in our deferred revenue balance over time. Remaining Performance Obligations As of June 30, 2021, we had total remaining performance obligations of $220.9 million, which represents the total contract transaction price allocated to undelivered performance obligations primarily for Create Solutions subscriptions, Enterprise Support, and Strategic Partnership contracts, which are generally recognized over the next three years. Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and unbilled amounts that will be recognized as revenue in future periods. This amount excludes contracts with an original expected term of one year or less and contracts for which we recognize revenue in the amount and in the same period in which we invoice for services performed. We expect to recognize $102.0 million or 46% of this revenue during the next 12 months. We expect to recognize the remaining $118.9 million or 54% of this revenue thereafter.

Cash Equivalents and Marketable

Cash Equivalents and Marketable Securities	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Cash Equivalents and Marketable Securities	Cash Equivalents and Marketable Securities Cash equivalents and marketable securities consisted of the following as of June 30, 2021 (in thousands) : Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds $ 93,223 $ — $ — $ 93,223 Commercial paper 66,720 — — 66,720 Total cash equivalents $ 159,943 $ — $ — $ 159,943 Marketable securities: Asset-backed securities $ 48,407 $ 22 $ (6) $ 48,423 Corporate bonds 140,168 28 (81) 140,115 U.S. treasury securities 327,050 67 (42) 327,075 Supranational bonds 71,508 6 (47) 71,467 Total marketable securities $ 587,133 $ 123 $ (176) $ 587,080 Cash equivalents and marketable securities consisted of the following as of December 31, 2020 (in thousands) : Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds $ 660,086 $ — $ — $ 660,086 Commercial paper 75,726 — — 75,726 Total cash equivalents $ 735,812 $ — $ — $ 735,812 Marketable securities: Asset-backed securities $ 49,950 $ 54 $ (39) $ 49,965 Corporate bonds 92,312 31 (21) 92,322 U.S. treasury securities 327,025 81 (56) 327,050 Supranational bonds 10,066 4 (1) 10,069 Total marketable securities $ 479,353 $ 170 $ (117) $ 479,406 We do not intend to sell any of the securities in an unrealized loss position and we expect to realize the full value of all these investments which may be upon maturity. We did not recognize any credit losses related to our available-for-sale debt securities during the three and six months ended June 30, 2021. The following table summarizes the amortized cost and fair value of our marketable securities as of June 30, 2021, by contractual years to maturity (in thousands): Amortized Cost Fair Value Due within one year $ 355,765 $ 355,865 Due between one and three years 231,368 231,215 Total $ 587,133 $ 587,080 There were no material realized or unrealized gains or losses, either individually or in the aggregate.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements We categorize assets and liabilities recorded or disclosed at fair value on our consolidated balance sheets based upon the level of judgment associated with inputs used to measure their fair value. The categories are as follows: • Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2—Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments. • Level 3—Inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation. The following table presents the fair value of our financial assets and liabilities measured at fair value on a recurring basis using the above input categories as of June 30, 2021 (in thousands): Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 93,223 $ — $ — $ 93,223 Commercial paper — 66,720 — 66,720 Total cash equivalents $ 93,223 $ 66,720 $ — $ 159,943 Marketable securities: Asset-backed securities $ — $ 48,423 $ — $ 48,423 Corporate bonds — 140,115 — 140,115 U.S. treasury securities — 327,075 — 327,075 Supranational bonds — 71,467 — 71,467 Total marketable securities $ — $ 587,080 $ — $ 587,080 The following table presents the fair value of our financial assets and liabilities measured at fair value on a recurring basis using the above input categories as of December 31, 2020 (in thousands): Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 660,086 $ — $ — $ 660,086 Commercial paper — 75,726 — 75,726 Total cash equivalents $ 660,086 $ 75,726 $ — $ 735,812 Marketable securities: Asset-backed securities $ — $ 49,965 $ — $ 49,965 Corporate bonds — 92,322 — 92,322 U.S. treasury securities — 327,050 — 327,050 Supranational bonds — 10,069 — 10,069 Total marketable securities $ — $ 479,406 $ — $ 479,406

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Acquisitions	Acquisitions Acquisitions are accounted for in accordance with FASB ASC Topic 805, Business Combinations , and the revenue and earnings of the acquired businesses have been included in our results from the respective dates of the acquisitions and were not material to our condensed consolidated financial statements. The total purchase price allocated to the net assets acquired is assigned based on the fair values as of the date of acquisition. The fair value assigned to identifiable intangible assets acquired was determined using the income approach and the cost approach. We believe that these identified intangible assets will have no residual value after their estimated economic useful lives. The identifiable intangible assets are subject to amortization on a straight-line basis, as this best approximates the benefit period related to these assets. The excess of the purchase price over the identified tangible and intangible assets, less liabilities assumed, is recorded as goodwill. Goodwill is not subject to amortization and it typically is not deductible for U.S. income tax purposes. For 2021 and certain 2020 acquisitions, the fair values of assets acquired and liabilities assumed, including current income taxes payable and deferred taxes, may change over the measurement period as additional information is received and certain tax returns are finalized. Accordingly, the provisional measurements of fair value of the current income taxes payable and deferred taxes are subject to change. We expect to finalize the valuation as soon as practicable, but not later than one year from the respective acquisition dates. 2021 Acquisitions Metaverse Technologies Limited In June 2021, we completed the acquisition of 100% of the issued share capital of Metaverse Technologies Limited ("Metaverse") for consideration of $45.7 million in cash. Metaverse is a software company that develops first class software and solutions to help take the best out of computer-aided design ("CAD") data, reducing time and efforts and maximizing visualization performance. Metaverse bridges the gap between complex models that are made for design or engineering and the real-time 3D world. The following table summarizes the consideration paid for Metaverse and the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Consideration: Cash $ 45,710 Fair value of total consideration transferred $ 45,710 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash $ 1,096 Intangible assets 12,340 Other assets and liabilities, net 196 Income and other taxes payable (1,470) Other payable (345) Deferred tax liability (2,285) Total identifiable net assets assumed 9,532 Goodwill 36,178 Total $ 45,710 We recorded $0.6 million and $0.8 million in transaction costs associated with the Metaverse acquisition for the three and six months ended June 30, 2021, respectively. These costs were recorded within general and administrative expenses. Pro forma results of operations for the Metaverse acquisition have not been presented because the acquisition is not material to the condensed consolidated statements of operations and comprehensive loss. Other 2021 Acquisition During the six months ended June 30, 2021, we completed the acquisition of Visual Live 3D LLC ("Visual Live") for total consideration of approximately $24.8 million payable in cash. In aggregate, $5.1 million was attributed to intangible assets and represents acquired developed technology, customer relationships, and trademarks, $0.6 million was attributed to other assets, $19.8 million was attributed to goodwill and $0.6 million was attributed to other liabilities assumed. This acquisition was strategic in nature as it enhanced our product offerings. We recorded $0.6 million in transaction costs associated with this acquisition for the six months ended June 30, 2021. These costs were recorded within general and administrative expenses. Pro forma results of operations for this acquisition have not been presented because the acquisition is not material to the condensed consolidated statements of operations and comprehensive loss.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill Goodwill represents the excess of purchase price and related costs over the value assigned to net tangible and identifiable intangible assets acquired in business combinations. The following table presents the changes in the carrying amount of goodwill for the six months ended June 30, 2021 (in thousands): Balance as of December 31, 2020 $ 286,251 Goodwill from Visual Live acquisition 19,779 Goodwill from Metaverse acquisition 36,178 Measurement period adjustments (74) Balance as of June 30, 2021 $ 342,134 Intangible Assets, Net The following tables present details of our intangible assets, excluding goodwill (in thousands, except for weighted-average useful life): As of June 30, 2021 Weighted-Average (1) Gross Accumulated Net Developed technology 5.8 $ 96,074 $ (38,839) $ 57,235 Customer relationships 2.3 17,951 (10,941) 7,010 Trademark 3.2 3,907 (2,451) 1,456 Total intangible assets $ 117,932 $ (52,231) $ 65,701 As of December 31, 2020 Weighted‑Average (1) Gross Accumulated Net Developed technology 5.8 $ 83,688 $ (32,342) $ 51,346 Customer relationships 2.2 13,327 (8,682) 4,645 Trademark 3.3 3,507 (2,039) 1,468 Total intangible assets $ 100,522 $ (43,063) $ 57,459 (1) Based on weighted-average useful life established as of the acquisition date. The following table presents the amortization of finite-lived intangible assets included on our condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Amortization expense $ 4,709 $ 4,150 $ 9,168 $ 8,294 As of June 30, 2021, the estimated future amortization of finite-lived intangible assets for each of the next five years and thereafter was as follows (in thousands): Remainder of 2021 $ 10,114 2022 17,878 2023 14,434 2024 13,284 2025 7,123 Thereafter 2,868 Total $ 65,701

Balance Sheet Components

Balance Sheet Components	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Balance Sheet Components	Balance Sheet Components The following tables provide details of selected balance sheet items (in thousands): As of June 30, December 31, Property and equipment, net: Gross property and equipment Leasehold improvements $ 69,939 $ 65,669 Computer and other hardware 65,886 58,568 Furniture 25,068 23,685 Internally developed software 2,043 3,301 Purchased software 1,407 1,436 Construction in progress 15,133 13,343 Total gross property and equipment 179,476 166,002 Accumulated depreciation and amortization (1) (83,528) (70,458) Property and equipment, net $ 95,948 $ 95,544 (1) The following table presents the depreciation and amortization of property and equipment included on our condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Depreciation and amortization expense $ 7,561 $ 6,050 $ 14,934 $ 11,716 Long-lived Assets, Net, by Geographic Area The following table presents our long-lived assets, net, disaggregated by geography, which consists of our property and equipment, net, but excludes internally developed software and purchased software (in thousands): As of June 30, December 31, United States $ 32,087 $ 35,494 Canada 25,881 20,063 United Kingdom 16,380 17,846 Greater China 4,861 5,653 EMEA, excluding United Kingdom (1) 11,588 11,181 APAC (1) 2,961 3,546 Other Americas, excluding Canada (1) 778 809 Total long-lived assets, net $ 94,536 $ 94,592 (1) No individual country, other than those disclosed above, exceeded 10% of our total long-lived assets, net, for any period presented. As of June 30, December 31, Accrued expenses and other current liabilities: Accrued expenses $ 73,583 $ 53,535 Accrued compensation 54,559 52,771 Accrued expenses and other current liabilities $ 128,142 $ 106,306 Sales Commissions We consider internal sales commissions as potential incremental costs of obtaining the contract with a customer. We apply a practical expedient to expense incremental costs incurred if the period of the benefit is one year or less. Incremental costs that have a period of benefit greater than one year are capitalized and amortized over the estimated period of benefit. Capitalized commissions, net of amortization, are included in other current assets and other assets on our condensed consolidated balance sheets. We capitalized $6.6 million and $8.8 million of sales commissions for the six months ended June 30, 2021 and the year ended December 31, 2020, respectively. As of June 30, 2021, capitalized commissions, net of amortization, included in other current assets and other assets were $5.1 million and $6.5 million, respectively. Capitalized commissions, net of amortization, included in other current assets and other assets were $2.9 million and $4.4 million, respectively, as of December 31, 2020. Capitalized commissions are amortized over the expected period of benefit, which we have determined, based on analysis, to be three years. Amortization of capitalized commissions are included in sales and marketing expenses on our condensed consolidated statements of operations and comprehensive loss. For the three months ended June 30, 2021 and 2020, we amortized $1.3 million and $0.2 million of capitalized commissions, respectively. For the six months ended June 30, 2021 and 2020, we amortized $2.3 million and $0.4 million of capitalized commissions, respectively. We did not incur any impairment losses for the six months ended June 30, 2021 and 2020.

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	Leases We have operating leases for offices and equipment, which have remaining lease terms of less than one year to 10.5 years, some of which include options to extend the lease with renewal terms from one Components of lease expense were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating lease expense, excluding ROU asset impairment $ 7,407 $ 7,680 $ 14,708 $ 14,793 Short-term lease expense 125 220 242 527 Variable lease expense 1,471 1,135 2,446 2,835 Sublease income (93) (8) (186) (26) Total lease expense $ 8,910 $ 9,028 $ 17,210 $ 18,129 Other information related to operating leases was as follows (in thousands): Six Months Ended June 30, 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 15,532 $ 13,569 Operating lease ROU assets obtained in exchange for new operating lease liabilities $ 18,999 $ 23,834 As of June 30, 2021, our operating leases had a weighted-average remaining lease term of 6.25 years and a weighted-average discount rate of 4.3%. As of June 30, 2021, future minimum lease payments under our non-cancellable operating leases were as follows (in thousands): Operating Leases (1) Remainder of 2021 $ 15,503 2022 29,902 2023 24,422 2024 21,307 2025 16,290 Thereafter 41,875 Total future minimum lease payments 149,299 Less: imputed interest (18,942) Present value of lease liabilities $ 130,357 (1) Excludes future minimum payments for leases which have not yet commenced as of June 30, 2021. In August 2018, we entered into a lease agreement for approximately 150,000 square feet of office space in San Francisco, California. In June 2021, we entered into an agreement to terminate the lease, which involved a one-time payment of $43.5 million, all of which was recorded in general and administrative expense on our condensed consolidated statement of operations.

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Borrowings	Borrowings On December 20, 2019, we entered into a revolving credit agreement (the “ Credit Agreement”), which provided for a committed revolving loan facility of up to $125.0 million (the “Revolving Facility”) and included a $20.0 million letter of credit subfacility (the “LC Capacity” and together with the Revolving Facility, the “Credit Facility”). Borrowings under the Credit Facility were available for working capital and general corporate purposes. The Credit Facility had a maturity date of December 20, 2024. At our option, we were to specify whether the loans made under the Revolving Facility were an Alternate Base Rate (“ABR”) borrowing or a Eurodollar borrowing, which then determined the annual interest rate. ABR borrowings bore interest at the ABR plus 0.50%. Eurodollar borrowings bore interest at the adjusted LIBO Rate plus 1.50%. The ABR equaled the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.50%, and (iii) the sum of the adjusted one-month LIBO Rate for a Eurodollar borrowing plus 1.00%. The ABR was subject to a floor of 1.00%. For ABR borrowings, interest was payable on the last day of March, June, September, and December of each year. For Eurodollar borrowings, interest was payable on the last day of each interest period for the applicable borrowing, and if such interest period extended over three months, each day prior to the last day of each three-month interval during such interest period. Commitments under the Revolving Facility were subject to a commitment fee of 0.25% on the difference between the total committed amount of the Revolving Facility on the one hand, and the amount drawn thereunder plus the aggregate amount of LC Capacity used on the other. An annual letter of credit fee of 1.50% of the average daily undrawn amount of the letters of credit issued thereunder was also payable quarterly. Letters of credit issued under the letter of credit subfacility were subject to a fronting fee of 0.125% on the average daily undrawn amount on such letters of credit. In March 2020, we borrowed the full $125.0 million amount as a Eurodollar borrowing under the Revolving Facility. In September 2020, we repaid the $125.0 million of indebtedness under the Credit Facility using a portion of the net proceeds we received from our initial public offering ("IPO"). In connection with this borrowing, we recognized $0.6 million and $0.8 million in expense primarily related to the interest cost associated with this borrowing, commitment fees on the undrawn portion and amortization of debt issuance costs during the six months ended June 30, 2021 and 2020, respectively. This amount is reported within “Interest expense” on our condensed consolidated statements of operations and comprehensive loss. Under the Credit Agreement, we were to maintain a minimum liquidity balance of $75.0 million as of the last day of the most recently completed four consecutive fiscal quarters, which commenced on June 30, 2020. The Credit Agreement contained customary conditions to borrowing, representations and warranties, events of default and covenants, including covenants that restrict our ability to incur indebtedness, grant liens, make investments, undergo corporate changes, make dispositions, prepay other indebtedness, pay dividends or other distributions and engage in transactions with our affiliates. The obligations under the Credit Agreement were secured by a perfected security interest in (i) all of our tangible and intangible assets, except for certain customary excluded assets, and (ii) all of our ownership in capital stock of restricted subsidiaries (limited, in the case of the stock of non-U.S. subsidiaries and U.S. subsidiaries that have no material assets other than equity interests and/or indebtedness in foreign subsidiaries that are controlled foreign corporations, to 65% of the capital stock of such subsidiaries). The obligations under the Credit Agreement were also guaranteed by our existing and subsequently acquired or formed material domestic subsidiaries.

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The following table summarizes our non-cancelable contractual commitments as of June 30, 2021 (in thousands): Total Remainder of 2021 2022‑2023 2024‑2025 Purchase commitments (1) $ 119,294 $ 15,036 $ 88,633 $ 15,625 (1) The substantial majority of our purchase commitments are related to agreements with our data center hosting providers. Data Center Hosting Commitments In March 2018, we entered into a cloud service agreement with a total term of six years. Under the agreement, we were granted access to use certain cloud services. Minimum annual commitments increase annually over the term of the agreement. The aggregate value of all annual minimum commitments over the contract term is $210.5 million. Total spend under the agreement for the three months ended June 30, 2021 and 2020 was approximately $28.2 million and $16.3 million, respectively. Total spend under the agreement for the six months ended June 30, 2021 and 2020 was approximately $53.8 million and $28.1 million, respectively. We expect to meet our remaining commitment. Legal Matters In the normal course of business, we are subject to various legal matters. We accrue a liability when management believes that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. We also disclose material contingencies when we believe a loss is not probable but reasonably possible. Legal costs related to such potential losses are expensed as incurred. In addition, recoveries are shown as a reduction in legal costs in the period in which they are realized. With respect to our outstanding matters, based on our current knowledge, we believe that the resolution of such matters will not, either individually or in aggregate, have a material adverse effect on our business or our consolidated financial statements. However, litigation is inherently uncertain, and the outcome of these matters cannot be predicted with certainty. Accordingly, cash flows or results of operations could be materially affected in any particular period by the resolution of one or more of these matters. Indemnifications In the ordinary course of business, we may provide indemnifications of varying scope and terms to customers, vendors, lessors, investors, directors, officers, employees and other parties with respect to certain matters. Indemnification may include losses from our breach of such agreements, services we provide, or third-party intellectual property infringement claims. These indemnifications may survive termination of the underlying agreement and the maximum potential amount of future indemnification payments may not be subject to a cap. As of June 30, 2021, there were no known events or circumstances that have resulted in a material indemnification liability to us and we did not incur material costs to defend lawsuits or settle claims related to these indemnifications. Letters of Credit We had $10.8 million and $21.4 million of secured letters of credit outstanding as of June 30, 2021 and December 31, 2020, respectively. These primarily relate to our office space leases and are fully collateralized by certificates of deposit which we record in restricted cash on our condensed consolidated balance sheets based on the term of the remaining restriction.

Stockholders' Equity and Employ

Stockholders' Equity and Employee Compensation Plans	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Stockholders' Equity and Employee Compensation Plans	Stockholders’ Equity and Employee Compensation Plans Common Stock In January 2020, we sold 4.5 million shares of our common stock. The total transaction price of the common stock issued was $100.0 million. 2020 Equity Incentive Plan In succession to and continuation of our 2019 Stock Plan, our board of directors approved our 2020 Equity Incentive Plan (“2020 Plan”) in August 2020, and our stockholders approved in September 2020. No grants were made under our 2020 Plan prior to its effectiveness on September 17, 2020. As our 2020 Plan has become effective, no further grants will be made under our 2019 Stock Plan. In addition, shares subject to outstanding stock awards granted under our 2009 Stock Plan and 2019 Stock Plan that expire, or are forfeited, cancelled, withheld, or reacquired become available for grant pursuant to the 2020 Plan. The 2020 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, and other forms of awards to employees, directors, and consultants, including employees and consultants of our affiliates. The exercise price of stock options granted under the 2020 Plan must be at least equal to the fair market value of a share of our common stock on grant date and the exercise price of incentive stock options granted to any participant, who owns more than 10% of the total voting power of all classes of our outstanding stock, must be at least 110% of the fair market value on the grant date. The term of a stock option and stock appreciation right may not exceed 10 years, except with respect to any participant who owns 10% of the voting power of all classes of our outstanding stock, the term of an incentive stock option may not exceed five years. As of June 30, 2021, we had reserved a total of 84.0 million shares of common stock under the 2020 Plan, of which 37.8 million were available for grant. 2020 Employee Stock Purchase Plan Our board of directors also adopted our 2020 Employee Stock Purchase Plan ("2020 ESPP") in August 2020, and our stockholders approved our 2020 ESPP in September 2020. The maximum number of shares of our common stock that may be issued under our 2020 ESPP is 8,023,463 shares, all of which were available for issuance as of June 30, 2021. Our 2020 ESPP permits participants to purchase shares of our common stock through payroll deductions of up to 15% of their earnings. Unless otherwise determined by the administrator, the purchase price of the shares will be 85% of the lower of the fair market value of our common stock on the first day of an offering or on the date of purchase. Participants may end their participation at any time during an offering and will be paid their accrued contributions that have not yet been used to purchase shares. Participation ends automatically upon termination of employment with us. As of June 30, 2021, we had not yet launched our 2020 ESPP and were under no obligation to do so.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock‑Based Compensation We recorded stock-based compensation expense related to grants to employees, including those in connection with modified awards, on our condensed consolidated statements of operations as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cost of revenue $ 5,340 $ 690 $ 10,457 $ 1,247 Research and development 33,227 5,990 64,877 10,779 Sales and marketing 14,523 2,277 26,560 4,124 General and administrative 32,310 3,006 50,067 5,504 Total stock-based compensation expense $ 85,400 $ 11,963 $ 151,961 $ 21,654 As of June 30, 2021, there was unrecognized compensation expense related to outstanding stock options of $128.5 million to be recognized over the weighted-average remaining vesting period of 2.07 years. As of June 30, 2021, there was unrecognized compensation expense related to unvested restricted stock units of $710.1 million to be recognized over the weighted-average remaining vesting period of 3.14 years. In future periods, stock-based compensation expense may increase as we issue additional equity-based awards to continue to attract and retain employees. In March 2021, we entered into a separation agreement with our former Chief Financial Officer. The agreement provided for payment of a one-time lump-sum severance benefit of $0.3 million, payment for coverage under COBRA or applicable state law until November 30, 2021, a standard release of claims against us and a partial acceleration and extension of the exercise period of her outstanding equity awards. The stock-based compensation expense totaled $12.6 million in connection with the modified equity awards, of which $2.1 million, along with the one-time lump-sum severance benefit of $0.3 million, were recorded in general and administrative expense in the three months ended March 31, 2021. The remaining $10.5 million of stock-based compensation expense was recorded in general and administrative expense in the three months ended June 30, 2021. Stock Options A summary of our stock option activity under the 2009 Stock Plan, 2019 Stock Plan, and 2020 Plan is as follows: Options Outstanding Stock Weighted-Average Weighted-Average Balance as of December 31, 2020 40,457,875 $ 8.03 6.87 Granted 1,196,458 $ 104.32 Exercised (6,831,982) $ 5.59 Forfeited, cancelled, or expired (547,439) $ 11.75 Balance as of June 30, 2021 34,274,912 $ 11.82 6.57 The calculated grant-date fair value of stock options granted was estimated using the Black-Scholes option-pricing model with the following assumptions: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Expected dividend yield — — — — Risk-free interest rate 1.1% - 1.2% 0.4% - 0.5% 0.9% - 1.2% 0.4% - 0.6% Expected volatility 36.1% - 36.2% 35.7% - 36.3% 36.0% - 36.2% 33.8% - 36.3% Expected term (in years) 6.25 6.00 6.25 6.00 Fair value of underlying common stock $100.60 - $103.86 $25.72 $100.60 - $108.10 $22.00 - $25.72 For stock options granted prior to our IPO, the expected term is based on the vesting terms, estimated exercise behavior, post-vesting cancellations and contractual terms of the awards. For stock options granted after our IPO, we estimate the expected term using the simplified method as specified under Staff Accounting Bulletin Topic 14, which utilizes the midpoint between the stock options' vesting date and the end of the contractual term. We do not plan to pay cash dividends in the foreseeable future; therefore, we used an expected dividend yield of zero. The risk-free interest rate is based on U.S. Treasury rates in effect at the time of grant with maturities equal to the grant’s expected term. The expected volatility is based on historical volatility of peer companies. The fair value of common stock is estimated based on observable transactions in the secondary market for stock options granted prior to our IPO and based on the grant-date closing price of our common stock for stock options granted after our IPO. Restricted Stock Units (“RSUs”) A summary of our RSU activity under the 2019 Stock Plan and 2020 Plan is as follows: Unvested Restricted Stock Units Number of Weighted-Average Unvested as of December 31, 2020 9,561,791 $ 53.79 Granted 3,657,958 $ 105.57 Vested (1,003,807) $ 41.17 Forfeited (272,700) $ 66.37 Unvested as of June 30, 2021 11,943,242 $ 70.42 The RSUs granted prior to our IPO are subject to both a service-based vesting condition, which is satisfied over one

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our tax provision for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in that quarter. In each quarter, we update the estimated annual effective tax rate and make a year-to-date adjustment to the provision. The estimated annual effective tax rate is subject to volatility due to several factors, including variability in accurately predicting our pre-tax income or loss and the mix of jurisdictions to which they relate, intercompany transactions, changes in how we do business, and tax law developments. Our effective tax rate for the three and six months ended June 30, 2021 differs from the U.S. federal statutory tax rate of 21% primarily due to foreign earnings being taxed at different tax rates, credits and losses that cannot be benefited due to the valuation allowance on United States and Denmark entities, the tax benefit from stock-based compensation activities during the period, and the tax impact related to the United Kingdom corporate tax rate change, effective April 1, 2023, that was enacted during the period. Our effective tax rate for the three and six months ended June 30, 2020 differs from the U.S. federal statutory tax rate of 21% primarily due to foreign earnings being taxed at different tax rates, credits and losses that cannot be benefited due to the valuation allowance on United States and Denmark entities, and reversal of unrecognized tax benefits due to statute of limitation expiration. The realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future periods. We regularly assess the ability to realize our deferred tax assets and establish a valuation allowance if it is more-likely-than-not that some portion of the deferred tax assets will not be realized. We weigh all available positive and negative evidence, including our earnings history and results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies. Due to the weight of objectively verifiable negative evidence, including our history of losses, we believe that it is more likely than not that our U.S. federal, certain state, Denmark, and certain non-U.S. jurisdictions deferred tax assets will not be realized as of June 30, 2021 and December 31, 2020, and as such, we have maintained a full valuation allowance against such deferred tax assets.

Net Loss per Share of Common St

Net Loss per Share of Common Stock	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Loss per Share of Common Stock	Net Loss per Share of Common Stock Basic net loss per share attributable to our common stockholders is computed using the weighted-average number of common shares outstanding during the period, less shares subject to repurchase. Diluted net loss per share is the same as basic net loss per share for all periods presented because the effects of potentially dilutive items were antidilutive given our net loss in each period presented. Potentially dilutive common shares result from the assumed exercise of outstanding stock options and assumed vesting of outstanding RSUs, both using the treasury stock method. The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Basic and diluted net loss per share Numerator: Net loss attributable to our common stockholders $ (148,342) $ (27,351) $ (255,802) $ (54,087) Denominator: Weighted-average common shares used in per share computation, basic and diluted 280,374 129,826 278,233 128,804 Net loss per share, basic and diluted $ (0.53) $ (0.21) $ (0.92) $ (0.42) The following table presents the forms of antidilutive potential common shares excluded from the computation of diluted net loss per share for the following periods (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Convertible preferred stock — 102,717 — 102,717 Stock options 34,275 46,217 34,275 46,217 RSUs 11,943 — 11,943 —

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In July 2021, we completed the acquisition of a company that provides tools for artists to create complex, realistic 3D vegetation assets for purchase consideration of approximately $20.0 million. In July 2021, we signed an agreement to purchase a company that designs and develops remote access streaming technology for purchase consideration of $320.0 million. The acquisition is expected to close in the third quarter of the year ending December 31, 2021 subject to closing conditions. In August 2021, we completed the acquisition of a company that provides an application that allows consumers to create and share their own experiences for purchase consideration of approximately $20.0 million.

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and ConsolidationWe prepared the accompanying unaudited condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting.
Consolidation	The condensed consolidated financial statements include the accounts of Unity Software Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In our opinion, the information contained herein reflects all adjustments necessary for a fair presentation of our results of operations, financial position, cash flows, and stockholders’ equity. All such adjustments are of a normal, recurring nature. The results of operations for the three and six months ended June 30, 2021 shown in this report are not necessarily indicative of the results to be expected for the full year ending December 31, 2021 or any other period. 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, 2020, filed with the SEC on March 5, 2021.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. For us, these estimates include, but are not limited to, revenue recognition, allowances for doubtful accounts, fair values of financial instruments, useful lives of fixed assets, the incremental borrowing rate ("IBR") we use to determine our operating lease liabilities, income taxes, valuation of deferred tax assets and liabilities, valuation of intangible assets, useful lives of intangible assets, assets acquired and liabilities assumed through business combinations, fair value of our common stock prior to our IPO, valuation of stock-based compensation, capitalization of software costs and software implementation costs, customer life for capitalized commissions, and other contingencies, among others. Actual results could differ from those estimates, and such differences could be material to our financial position and results of operations.
Accounting Pronouncements Recently Adopted	Accounting Pronouncements Recently Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , and subsequent amendments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost, including trade receivables. This update replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The new impairment methodology eliminates the probable initial recognition threshold and, instead, estimates the expected credit losses in consideration of past events, current conditions and forecasted information. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities.
Accounts Receivable	Accounts ReceivableWe record accounts receivable at the original invoiced amount, net of allowances for credit losses for any potential uncollectible amounts. We make estimates of expected credit losses for the allowance for doubtful accounts based upon our assessment of various factors, including historical experience, the age of the accounts receivable balances, credit quality of our customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect our ability to collect from customers. Accounts receivable deemed uncollectible are charged against the allowance for credit losses when identified. The estimated credit loss allowance is recorded as a general and administrative expense on our condensed consolidated statement of operations.
Marketable Securities	Marketable Securities Our marketable securities consist of investments in U.S. treasury securities, asset-backed securities, corporate bonds, commercial paper, and supranational bonds. We classify our investments in debt securities as available-for-sale at the time of purchase. We consider all debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classify these securities as current assets in the consolidated balance sheets. When the fair value of a security is below its amortized cost, the amortized cost will be reduced to its fair value if it is more likely than not that we are required to sell the impaired security before recovery of its amortized cost basis, or we have the intention to sell the security. If neither of these conditions is met, we determine whether the impairment is due to credit losses by comparing the present value of the expected cash flows of the security with its amortized cost basis. The amount of impairment recognized is limited to the excess of the amortized cost over the fair value of the security. An allowance for credit losses for the excess of amortized cost over the expected cash flows is recorded in interest income and other expense, net in our condensed consolidated statements of operations. Impairment losses that are not credit-related are included in accumulated other comprehensive loss in stockholders’ equity.
Revenue Recognition	Contract Balances Timing of revenue recognition may differ from the timing of invoicing to customers. Contract assets relate to performance completed in advance of scheduled billings. The primary changes in our contract assets and contract liabilities are due to our performance under the contracts and billings.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Source	The following table presents our revenue disaggregated by source (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Create Solutions $ 72,364 $ 55,091 $ 142,751 $ 101,787 Operate Solutions 182,916 112,513 329,494 216,881 Strategic Partnerships and Other 18,282 16,727 36,089 32,657 Total revenue $ 273,562 $ 184,331 $ 508,334 $ 351,325
Schedule of Revenue by Geographic Area	The following table presents our revenue disaggregated by geography, based on the invoice address of our customers (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 United States $ 62,566 $ 47,314 $ 119,572 $ 87,803 Greater China (1)(2) 41,891 24,435 78,440 48,191 EMEA (1)(3) 105,260 68,303 191,362 132,995 APAC (1)(4) 53,905 35,237 99,584 65,648 Other Americas (1)(5) 9,940 9,042 19,376 16,688 Total revenue $ 273,562 $ 184,331 $ 508,334 $ 351,325 (1) No individual country, other than those disclosed above, exceeded 10% of our total revenue for any period presented. (2) Greater China includes China, Hong Kong, and Taiwan. (3) Europe, the Middle East, and Africa (“EMEA”) (4) Asia- Pacific , excluding Greater China (“APAC”) (5) Canada and Latin America (“Other Americas”)

Cash Equivalents and Marketab_2

Cash Equivalents and Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Cash Equivalents and Marketable Securities	Cash equivalents and marketable securities consisted of the following as of June 30, 2021 (in thousands) : Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds $ 93,223 $ — $ — $ 93,223 Commercial paper 66,720 — — 66,720 Total cash equivalents $ 159,943 $ — $ — $ 159,943 Marketable securities: Asset-backed securities $ 48,407 $ 22 $ (6) $ 48,423 Corporate bonds 140,168 28 (81) 140,115 U.S. treasury securities 327,050 67 (42) 327,075 Supranational bonds 71,508 6 (47) 71,467 Total marketable securities $ 587,133 $ 123 $ (176) $ 587,080 Cash equivalents and marketable securities consisted of the following as of December 31, 2020 (in thousands) : Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds $ 660,086 $ — $ — $ 660,086 Commercial paper 75,726 — — 75,726 Total cash equivalents $ 735,812 $ — $ — $ 735,812 Marketable securities: Asset-backed securities $ 49,950 $ 54 $ (39) $ 49,965 Corporate bonds 92,312 31 (21) 92,322 U.S. treasury securities 327,025 81 (56) 327,050 Supranational bonds 10,066 4 (1) 10,069 Total marketable securities $ 479,353 $ 170 $ (117) $ 479,406
Schedule of Cash Equivalents	Cash equivalents and marketable securities consisted of the following as of June 30, 2021 (in thousands) : Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds $ 93,223 $ — $ — $ 93,223 Commercial paper 66,720 — — 66,720 Total cash equivalents $ 159,943 $ — $ — $ 159,943 Marketable securities: Asset-backed securities $ 48,407 $ 22 $ (6) $ 48,423 Corporate bonds 140,168 28 (81) 140,115 U.S. treasury securities 327,050 67 (42) 327,075 Supranational bonds 71,508 6 (47) 71,467 Total marketable securities $ 587,133 $ 123 $ (176) $ 587,080 Cash equivalents and marketable securities consisted of the following as of December 31, 2020 (in thousands) : Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds $ 660,086 $ — $ — $ 660,086 Commercial paper 75,726 — — 75,726 Total cash equivalents $ 735,812 $ — $ — $ 735,812 Marketable securities: Asset-backed securities $ 49,950 $ 54 $ (39) $ 49,965 Corporate bonds 92,312 31 (21) 92,322 U.S. treasury securities 327,025 81 (56) 327,050 Supranational bonds 10,066 4 (1) 10,069 Total marketable securities $ 479,353 $ 170 $ (117) $ 479,406
Schedule of Maturities for Marketable Securities	The following table summarizes the amortized cost and fair value of our marketable securities as of June 30, 2021, by contractual years to maturity (in thousands): Amortized Cost Fair Value Due within one year $ 355,765 $ 355,865 Due between one and three years 231,368 231,215 Total $ 587,133 $ 587,080 There were no material realized or unrealized gains or losses, either individually or in the aggregate.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets Measured on Recurring Basis	The following table presents the fair value of our financial assets and liabilities measured at fair value on a recurring basis using the above input categories as of June 30, 2021 (in thousands): Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 93,223 $ — $ — $ 93,223 Commercial paper — 66,720 — 66,720 Total cash equivalents $ 93,223 $ 66,720 $ — $ 159,943 Marketable securities: Asset-backed securities $ — $ 48,423 $ — $ 48,423 Corporate bonds — 140,115 — 140,115 U.S. treasury securities — 327,075 — 327,075 Supranational bonds — 71,467 — 71,467 Total marketable securities $ — $ 587,080 $ — $ 587,080 The following table presents the fair value of our financial assets and liabilities measured at fair value on a recurring basis using the above input categories as of December 31, 2020 (in thousands): Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 660,086 $ — $ — $ 660,086 Commercial paper — 75,726 — 75,726 Total cash equivalents $ 660,086 $ 75,726 $ — $ 735,812 Marketable securities: Asset-backed securities $ — $ 49,965 $ — $ 49,965 Corporate bonds — 92,322 — 92,322 U.S. treasury securities — 327,050 — 327,050 Supranational bonds — 10,069 — 10,069 Total marketable securities $ — $ 479,406 $ — $ 479,406

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the consideration paid for Metaverse and the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Consideration: Cash $ 45,710 Fair value of total consideration transferred $ 45,710 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash $ 1,096 Intangible assets 12,340 Other assets and liabilities, net 196 Income and other taxes payable (1,470) Other payable (345) Deferred tax liability (2,285) Total identifiable net assets assumed 9,532 Goodwill 36,178 Total $ 45,710 We recorded $0.6 million and $0.8 million in transaction costs associated with the Metaverse acquisition for the three and six months ended June 30, 2021, respectively. These costs were recorded within general and administrative expenses. Pro forma results of operations for the Metaverse acquisition have not been presented because the acquisition is not material to the condensed consolidated statements of operations and comprehensive loss.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table presents the changes in the carrying amount of goodwill for the six months ended June 30, 2021 (in thousands): Balance as of December 31, 2020 $ 286,251 Goodwill from Visual Live acquisition 19,779 Goodwill from Metaverse acquisition 36,178 Measurement period adjustments (74) Balance as of June 30, 2021 $ 342,134
Schedule of Intangible Assets	The following tables present details of our intangible assets, excluding goodwill (in thousands, except for weighted-average useful life): As of June 30, 2021 Weighted-Average (1) Gross Accumulated Net Developed technology 5.8 $ 96,074 $ (38,839) $ 57,235 Customer relationships 2.3 17,951 (10,941) 7,010 Trademark 3.2 3,907 (2,451) 1,456 Total intangible assets $ 117,932 $ (52,231) $ 65,701 As of December 31, 2020 Weighted‑Average (1) Gross Accumulated Net Developed technology 5.8 $ 83,688 $ (32,342) $ 51,346 Customer relationships 2.2 13,327 (8,682) 4,645 Trademark 3.3 3,507 (2,039) 1,468 Total intangible assets $ 100,522 $ (43,063) $ 57,459 (1) Based on weighted-average useful life established as of the acquisition date.
Schedule of Finite-lived Intangible Assets Amortization Expense	The following table presents the amortization of finite-lived intangible assets included on our condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Amortization expense $ 4,709 $ 4,150 $ 9,168 $ 8,294
Schedule of Finite-Lived Intangible Assets Future Amortization Expense	As of June 30, 2021, the estimated future amortization of finite-lived intangible assets for each of the next five years and thereafter was as follows (in thousands): Remainder of 2021 $ 10,114 2022 17,878 2023 14,434 2024 13,284 2025 7,123 Thereafter 2,868 Total $ 65,701

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	The following tables provide details of selected balance sheet items (in thousands): As of June 30, December 31, Property and equipment, net: Gross property and equipment Leasehold improvements $ 69,939 $ 65,669 Computer and other hardware 65,886 58,568 Furniture 25,068 23,685 Internally developed software 2,043 3,301 Purchased software 1,407 1,436 Construction in progress 15,133 13,343 Total gross property and equipment 179,476 166,002 Accumulated depreciation and amortization (1) (83,528) (70,458) Property and equipment, net $ 95,948 $ 95,544 (1) The following table presents the depreciation and amortization of property and equipment included on our condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Depreciation and amortization expense $ 7,561 $ 6,050 $ 14,934 $ 11,716
Schedule of Long-lived Assets by Geographic Areas	The following table presents our long-lived assets, net, disaggregated by geography, which consists of our property and equipment, net, but excludes internally developed software and purchased software (in thousands): As of June 30, December 31, United States $ 32,087 $ 35,494 Canada 25,881 20,063 United Kingdom 16,380 17,846 Greater China 4,861 5,653 EMEA, excluding United Kingdom (1) 11,588 11,181 APAC (1) 2,961 3,546 Other Americas, excluding Canada (1) 778 809 Total long-lived assets, net $ 94,536 $ 94,592 (1) No individual country, other than those disclosed above, exceeded 10% of our total long-lived assets, net, for any period presented.
Schedule of Accrued Expenses and Current Liabilities	As of June 30, December 31, Accrued expenses and other current liabilities: Accrued expenses $ 73,583 $ 53,535 Accrued compensation 54,559 52,771 Accrued expenses and other current liabilities $ 128,142 $ 106,306

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Schedule of Lease Cost	Components of lease expense were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Operating lease expense, excluding ROU asset impairment $ 7,407 $ 7,680 $ 14,708 $ 14,793 Short-term lease expense 125 220 242 527 Variable lease expense 1,471 1,135 2,446 2,835 Sublease income (93) (8) (186) (26) Total lease expense $ 8,910 $ 9,028 $ 17,210 $ 18,129 Other information related to operating leases was as follows (in thousands): Six Months Ended June 30, 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 15,532 $ 13,569 Operating lease ROU assets obtained in exchange for new operating lease liabilities $ 18,999 $ 23,834
Schedule of Future Minimum Lease Payments	As of June 30, 2021, future minimum lease payments under our non-cancellable operating leases were as follows (in thousands): Operating Leases (1) Remainder of 2021 $ 15,503 2022 29,902 2023 24,422 2024 21,307 2025 16,290 Thereafter 41,875 Total future minimum lease payments 149,299 Less: imputed interest (18,942) Present value of lease liabilities $ 130,357 (1) Excludes future minimum payments for leases which have not yet commenced as of June 30, 2021.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Maturities of Future Purchase Obligations	The following table summarizes our non-cancelable contractual commitments as of June 30, 2021 (in thousands): Total Remainder of 2021 2022‑2023 2024‑2025 Purchase commitments (1) $ 119,294 $ 15,036 $ 88,633 $ 15,625 (1) The substantial majority of our purchase commitments are related to agreements with our data center hosting providers.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	We recorded stock-based compensation expense related to grants to employees, including those in connection with modified awards, on our condensed consolidated statements of operations as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cost of revenue $ 5,340 $ 690 $ 10,457 $ 1,247 Research and development 33,227 5,990 64,877 10,779 Sales and marketing 14,523 2,277 26,560 4,124 General and administrative 32,310 3,006 50,067 5,504 Total stock-based compensation expense $ 85,400 $ 11,963 $ 151,961 $ 21,654
Schedule of Stock Options	A summary of our stock option activity under the 2009 Stock Plan, 2019 Stock Plan, and 2020 Plan is as follows: Options Outstanding Stock Weighted-Average Weighted-Average Balance as of December 31, 2020 40,457,875 $ 8.03 6.87 Granted 1,196,458 $ 104.32 Exercised (6,831,982) $ 5.59 Forfeited, cancelled, or expired (547,439) $ 11.75 Balance as of June 30, 2021 34,274,912 $ 11.82 6.57
Summary of Valuation Assumptions of Stock Options	The calculated grant-date fair value of stock options granted was estimated using the Black-Scholes option-pricing model with the following assumptions: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Expected dividend yield — — — — Risk-free interest rate 1.1% - 1.2% 0.4% - 0.5% 0.9% - 1.2% 0.4% - 0.6% Expected volatility 36.1% - 36.2% 35.7% - 36.3% 36.0% - 36.2% 33.8% - 36.3% Expected term (in years) 6.25 6.00 6.25 6.00 Fair value of underlying common stock $100.60 - $103.86 $25.72 $100.60 - $108.10 $22.00 - $25.72
Summary of Restricted Stock Unit Activity	A summary of our RSU activity under the 2019 Stock Plan and 2020 Plan is as follows: Unvested Restricted Stock Units Number of Weighted-Average Unvested as of December 31, 2020 9,561,791 $ 53.79 Granted 3,657,958 $ 105.57 Vested (1,003,807) $ 41.17 Forfeited (272,700) $ 66.37 Unvested as of June 30, 2021 11,943,242 $ 70.42

Net Loss per Share of Common _2

Net Loss per Share of Common Stock (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Basic and diluted net loss per share Numerator: Net loss attributable to our common stockholders $ (148,342) $ (27,351) $ (255,802) $ (54,087) Denominator: Weighted-average common shares used in per share computation, basic and diluted 280,374 129,826 278,233 128,804 Net loss per share, basic and diluted $ (0.53) $ (0.21) $ (0.92) $ (0.42)
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share	The following table presents the forms of antidilutive potential common shares excluded from the computation of diluted net loss per share for the following periods (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Convertible preferred stock — 102,717 — 102,717 Stock options 34,275 46,217 34,275 46,217 RSUs 11,943 — 11,943 —

Summary of Accounting Pronoun_2

Summary of Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jan. 01, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit	$ 1,054,822		$ 797,498
Allowance for credit losses	$ 5,778		$ 2,714
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit		$ 1,500

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue By Source (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 273,562	$ 184,331	$ 508,334	$ 351,325
Create Solutions
Disaggregation of Revenue [Line Items]
Revenue	72,364	55,091	142,751	101,787
Operate Solutions
Disaggregation of Revenue [Line Items]
Revenue	182,916	112,513	329,494	216,881
Strategic Partnerships and Other
Disaggregation of Revenue [Line Items]
Revenue	$ 18,282	$ 16,727	$ 36,089	$ 32,657

Revenue - Disaggregation of R_2

Revenue - Disaggregation of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 273,562	$ 184,331	$ 508,334	$ 351,325
United States
Disaggregation of Revenue [Line Items]
Revenue	62,566	47,314	119,572	87,803
Greater China
Disaggregation of Revenue [Line Items]
Revenue	41,891	24,435	78,440	48,191
EMEA
Disaggregation of Revenue [Line Items]
Revenue	105,260	68,303	191,362	132,995
APAC
Disaggregation of Revenue [Line Items]
Revenue	53,905	35,237	99,584	65,648
Other Americas
Disaggregation of Revenue [Line Items]
Revenue	$ 9,940	$ 9,042	$ 19,376	$ 16,688

Revenue - Contract Balances (De

Revenue - Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Unbilled receivables		$ 26.3	$ 22
Revenue recognized	$ 48.2	$ 75.2

Revenue - Remaining Performance

Revenue - Remaining Performance Obligations (Details) $ in Millions	Jun. 30, 2021USD ($)
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 220.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 102
Revenue, remaining performance obligation, percentage	46.00%
Recognition period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 118.9
Revenue, remaining performance obligation, percentage	54.00%
Recognition period

Cash Equivalents and Marketab_3

Cash Equivalents and Marketable Securities - Schedule of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 587,133	$ 479,353
Unrealized Gains	123	170
Unrealized Losses	(176)	(117)
Marketable securities	587,080	479,406
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	48,407	49,950
Unrealized Gains	22	54
Unrealized Losses	(6)	(39)
Marketable securities	48,423	49,965
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	140,168	92,312
Unrealized Gains	28	31
Unrealized Losses	(81)	(21)
Marketable securities	140,115	92,322
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	327,050	327,025
Unrealized Gains	67	81
Unrealized Losses	(42)	(56)
Marketable securities	327,075	327,050
Supranational bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	71,508	10,066
Unrealized Gains	6	4
Unrealized Losses	(47)	(1)
Marketable securities	71,467	10,069
Money market funds
Debt Securities, Available-for-sale [Line Items]
Cash equivalents, amortized cost	93,223	660,086
Cash equivalents	93,223	660,086
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Cash equivalents, amortized cost	66,720	75,726
Cash equivalents	66,720	75,726
Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Cash equivalents, amortized cost	159,943	735,812
Cash equivalents	$ 159,943	$ 735,812

Cash Equivalents and Marketab_4

Cash Equivalents and Marketable Securities - Maturity of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Amortized Cost
Due within one year	$ 355,765
Due between one and three years	231,368
Amortized Cost	587,133	$ 479,353
Fair Value
Due within one year	355,865
Due between one and three years	231,215
Fair Value	$ 587,080	$ 479,406

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 587,080	$ 479,406
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	159,943	735,812
Marketable securities	587,080	479,406
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	48,423	49,965
Asset-backed securities | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	48,423	49,965
Corporate bonds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	140,115	92,322
U.S. treasury securities | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	327,075	327,050
Supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	71,467	10,069
Supranational bonds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	71,467	10,069
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	93,223	660,086
Money market funds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	93,223	660,086
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	66,720	75,726
Commercial paper | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	66,720	75,726
Level 1 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	93,223	660,086
Marketable securities	0	0
Level 1 | Asset-backed securities | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 | Corporate bonds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 | U.S. treasury securities | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 | Supranational bonds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 | Money market funds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	93,223	660,086
Level 1 | Commercial paper | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	0	0
Level 2 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	66,720	75,726
Marketable securities	587,080	479,406
Level 2 | Asset-backed securities | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	48,423	49,965
Level 2 | Corporate bonds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	140,115	92,322
Level 2 | U.S. treasury securities | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	327,075	327,050
Level 2 | Supranational bonds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	71,467	10,069
Level 2 | Money market funds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	0	0
Level 2 | Commercial paper | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	66,720	75,726
Level 3 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	0	0
Marketable securities	0	0
Level 3 | Asset-backed securities | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 3 | Corporate bonds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 3 | U.S. treasury securities | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 3 | Supranational bonds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 3 | Money market funds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	0	0
Level 3 | Commercial paper | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	$ 0	$ 0

Acquisitions - 2021 Acquisition

Acquisitions - 2021 Acquisitions (Details) - Metaverse $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)
Business Acquisition [Line Items]
Percentage of voting interests acquired	100.00%	100.00%	100.00%
Consideration transferred	$ 45,710
Transaction costs		$ 600	$ 800

Acquisitions - Summary of Metav

Acquisitions - Summary of Metaverse Technologies Limited Acquisition (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Goodwill	$ 342,134	$ 286,251
Metaverse
Business Acquisition [Line Items]
Cash consideration transferred	45,710
Consideration transferred	45,710
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Cash	1,096
Intangible assets	12,340
Other assets and liabilities, net	196
Income and other taxes payable	(1,470)
Other payable	(345)
Deferred tax liability	(2,285)
Total identifiable net assets assumed	9,532
Goodwill	36,178
Total	$ 45,710

Acquisitions - Other 2021 Acqui

Acquisitions - Other 2021 Acquisitions (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 342,134	$ 286,251
Visual Live
Business Acquisition [Line Items]
Consideration transferred	24,800
Intangible assets other than goodwill	5,100
Other assets	600
Goodwill	19,800
Other liabilities assumed	600
Transaction costs	$ 600

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Goodwill [Line Items]
Balance as of December 31, 2020	$ 286,251
Measurement period adjustments	(74)
Balance as of June 30, 2021	342,134
Visual Live
Goodwill [Line Items]
Goodwill from acquisition	19,779
Balance as of June 30, 2021	19,800
Metaverse
Goodwill [Line Items]
Goodwill from acquisition	36,178
Balance as of June 30, 2021	$ 36,178

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Weighted Average Remaining Life and Carrying Value of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 117,932	$ 100,522
Accumulated Amortization	(52,231)	(43,063)
Intangible assets, net	$ 65,701	$ 57,459
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Life (in Years)	5 years 9 months 18 days	5 years 9 months 18 days
Gross Carrying Amount	$ 96,074	$ 83,688
Accumulated Amortization	(38,839)	(32,342)
Intangible assets, net	$ 57,235	$ 51,346
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Life (in Years)	2 years 3 months 18 days	3 years 3 months 18 days
Gross Carrying Amount	$ 17,951	$ 3,507
Accumulated Amortization	(10,941)	(2,039)
Intangible assets, net	$ 7,010	$ 1,468
Trademark
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Life (in Years)	3 years 2 months 12 days	2 years 2 months 12 days
Gross Carrying Amount	$ 3,907	$ 13,327
Accumulated Amortization	(2,451)	(8,682)
Intangible assets, net	$ 1,456	$ 4,645

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Amortization of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 4,709	$ 4,150	$ 9,168	$ 8,294

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Expected Amortization of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 10,114
2022	17,878
2023	14,434
2024	13,284
2025	7,123
Thereafter	2,868
Intangible assets, net	$ 65,701	$ 57,459

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total gross property and equipment	$ 179,476		$ 179,476		$ 166,002
Accumulated depreciation and amortization	(83,528)		(83,528)		(70,458)
Property and equipment, net	95,948		95,948		95,544
Depreciation and amortization expense	7,561	$ 6,050	14,934	$ 11,716
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total gross property and equipment	69,939		69,939		65,669
Computer and other hardware
Property, Plant and Equipment [Line Items]
Total gross property and equipment	65,886		65,886		58,568
Furniture
Property, Plant and Equipment [Line Items]
Total gross property and equipment	25,068		25,068		23,685
Internally developed software
Property, Plant and Equipment [Line Items]
Total gross property and equipment	2,043		2,043		3,301
Purchased software
Property, Plant and Equipment [Line Items]
Total gross property and equipment	1,407		1,407		1,436
Construction in progress
Property, Plant and Equipment [Line Items]
Total gross property and equipment	$ 15,133		$ 15,133		$ 13,343

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Long Lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total long-lived assets, net	$ 94,536	$ 94,592
United States
Property, Plant and Equipment [Line Items]
Total long-lived assets, net	32,087	35,494
Canada
Property, Plant and Equipment [Line Items]
Total long-lived assets, net	25,881	20,063
United Kingdom
Property, Plant and Equipment [Line Items]
Total long-lived assets, net	16,380	17,846
Greater China
Property, Plant and Equipment [Line Items]
Total long-lived assets, net	4,861	5,653
EMEA, excluding United Kingdom
Property, Plant and Equipment [Line Items]
Total long-lived assets, net	11,588	11,181
APAC
Property, Plant and Equipment [Line Items]
Total long-lived assets, net	2,961	3,546
Other Americas, excluding Canada
Property, Plant and Equipment [Line Items]
Total long-lived assets, net	$ 778	$ 809

Balance Sheet Components - Sc_3

Balance Sheet Components - Schedule of Accrued Expenses and Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Accrued expenses	$ 73,583	$ 53,535
Accrued compensation	54,559	52,771
Accrued expenses and other current liabilities	$ 128,142	$ 106,306

Balance Sheet Components - Narr

Balance Sheet Components - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Capitalized contract cost in period			$ 6,600,000		$ 8,800,000
Capitalized contract cost, amortization period	3 years		3 years
Capitalized contract cost, amortization	$ 1,300,000	$ 200,000	$ 2,300,000	$ 400,000
Capitalized contract cost, impairment loss			0	$ 0
Other Current Assets
Property, Plant and Equipment [Line Items]
Capitalized contract costs	5,100,000		5,100,000		2,900,000
Other Assets
Property, Plant and Equipment [Line Items]
Capitalized contract costs	$ 6,500,000		$ 6,500,000		$ 4,400,000

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	1 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021	Aug. 31, 2018ft²
Lessee, Lease, Description [Line Items]
Operating lease, weighted average remaining lease term	6 years 3 months	6 years 3 months
Operating lease, weighted average discount rate, percent	4.30%	4.30%
San Francisco, California
Lessee, Lease, Description [Line Items]
Area of real estate lease | ft²			150,000
Termination fee | $	$ 43.5
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term	1 year	1 year
Operating lease renewal term	1 year	1 year
Operating lease termination period		1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term	10 years 6 months	10 years 6 months
Operating lease renewal term	5 years	5 years
Operating lease termination period		5 years

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease expense, excluding ROU asset impairment	$ 7,407	$ 7,680	$ 14,708	$ 14,793
Short-term lease expense	125	220	242	527
Variable lease expense	1,471	1,135	2,446	2,835
Sublease income	(93)	(8)	(186)	(26)
Total lease expense	$ 8,910	$ 9,028	$ 17,210	$ 18,129

Leases - Other Information (Det

Leases - Other Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 15,532	$ 13,569
Operating lease ROU assets obtained in exchange for new operating lease liabilities	$ 18,999	$ 23,834

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2021USD ($)
Leases [Abstract]
Remainder of 2021	$ 15,503
2022	29,902
2023	24,422
2024	21,307
2025	16,290
Thereafter	41,875
Total future minimum lease payments	149,299
Less: imputed interest	(18,942)
Present value of lease liabilities	$ 130,357

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($)	1 Months Ended		6 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 20, 2019
Debt Instrument [Line Items]
Proceeds from revolving loan facility			$ 0	$ 125,000,000
Minimum liquidity balance			75,000,000
Credit Agreement
Debt Instrument [Line Items]
Debt related commitment fees			600,000	600,000
Amortization of debt issuance costs			$ 800,000	$ 800,000
Ownership in capital stock of restricted subsidiaries			65.00%
Credit Agreement | Revolving Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 125,000,000
Commitment fee percentage			0.25%
Proceeds from revolving loan facility		$ 125,000,000
Repayments of lines of credit	$ 125,000,000
Credit Agreement | LC Capacity
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 20,000,000
Unused capacity commitment fee			1.50%
Unused capacity fronting fee			0.125%
Credit Agreement | Base Rate | Revolving Facility
Debt Instrument [Line Items]
Debt basis spread			0.50%
Interest rate floor			1.00%
Credit Agreement | LIBOR | Revolving Facility
Debt Instrument [Line Items]
Debt basis spread			1.50%
Credit Agreement | Federal Funds Rate | Revolving Facility
Debt Instrument [Line Items]
Debt basis spread			0.50%
Credit Agreement | Eurodollar | Revolving Facility
Debt Instrument [Line Items]
Debt basis spread			1.00%

Commitment and Contingencies -

Commitment and Contingencies - Future Purchase Obligations (Details) $ in Thousands	Jun. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Total	$ 119,294
Remainder of 2021	15,036
2022‑2023	88,633
2024‑2025	$ 15,625

Commitment and Contingencies _2

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Letter of Credit
Long-term Purchase Commitment [Line Items]
Letter of credit outstanding		$ 10.8		$ 10.8		$ 21.4
Cloud Service
Long-term Purchase Commitment [Line Items]
Term of commitment	6 years
Minimum commitment amount				210.5
Commitment amount spent		$ 28.2	$ 16.3	$ 53.8	$ 28.1

Stockholders' Equity and Empl_2

Stockholders' Equity and Employee Compensation Plans - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Jan. 31, 2020	Jun. 30, 2021
Class of Stock [Line Items]
Issuance of stock (in shares)	4,500,000
Proceeds from issuance of stock	$ 100
2020 Plan
Class of Stock [Line Items]
Grant date fair value of owners with more than 10% of voting power		110.00%
Options issued (in shares)		84,000,000
Number of shares available for grant (in shares)		37,800,000
Stock options | 2020 Plan
Class of Stock [Line Items]
Option expiration period		10 years
Stock Appreciation Rights (SARs) | 2020 Plan
Class of Stock [Line Items]
Option expiration period		10 years
Incentive Stock Option | 2020 Plan
Class of Stock [Line Items]
Option expiration period		5 years
Employee Stock
Class of Stock [Line Items]
Options issued (in shares)		8,023,463
Number of shares available for grant (in shares)		8,023,463
Permitted amount of earnings used to purchase ESPP		15.00%
Common stock purchase price percent for ESPP		85.00%

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 85,400	$ 11,963	$ 151,961	$ 21,654
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	5,340	690	10,457	1,247
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	33,227	5,990	64,877	10,779
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	14,523	2,277	26,560	4,124
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 32,310	$ 3,006	$ 50,067	$ 5,504

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended			6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized share-based compensation cost related to unvested stock option awards		$ 128,500,000			$ 128,500,000
Stock-based compensation expense		85,400,000		$ 11,963,000	151,961,000	$ 21,654,000
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense		32,310,000		3,006,000	50,067,000	5,504,000
Chief Financial Officer
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Severance benefit payment	$ 300,000
Stock-based compensation expense		10,500,000			$ 12,600,000
Chief Financial Officer | General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Severance benefit payment			$ 300,000
Stock-based compensation expense			$ 2,100,000
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected period for recognition					2 years 25 days
Expected dividend yield		0		$ 0	$ 0	$ 0
RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected period for recognition					3 years 1 month 20 days
Unrecognized share-based compensation cost related to unvested restricted stock units		$ 710,100,000			$ 710,100,000
RSUs | Minimum | Pre IPO
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Options vesting period					1 year
RSUs | Minimum | Post IPO
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Options vesting period					1 year
RSUs | Maximum | Pre IPO
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Options vesting period					4 years
RSUs | Maximum | Post IPO
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Options vesting period					4 years

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Options (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Stock Options Outstanding
Balance as of December 31, 2020 (in shares)	40,457,875
Granted (in shares)	1,196,458
Exercised (in shares)	(6,831,982)
Forfeited, cancelled, or expired (in shares)	(547,439)
Balance as of June 30, 2021 (in shares)	34,274,912	40,457,875
Weighted-Average Exercise Price
Balance as of December 31, 2020 (USD per share)	$ 8.03
Granted (USD per share)	104.32
Exercised (USD per share)	5.59
Forfeited, cancelled, or expired (USD per share)	11.75
Balance as of June 30, 2021 (USD per share)	$ 11.82	$ 8.03
Stock Option Activity, Additional Disclosures
Options outstanding, Weighted average remaining contractual term	6 years 6 months 25 days	6 years 10 months 13 days

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Valuation Assumptions of Stock Options (Details) - Stock options - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected dividend yield	$ 0	$ 0	$ 0	$ 0
Risk-free interest rate			0.90%
Expected term (in years)	6 years 3 months	6 years	6 years 3 months	6 years
Fair value of underlying common stock (USD per share)		$ 25.72
Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Risk-free interest rate	1.10%	0.40%		0.40%
Expected volatility	36.10%	35.70%	36.00%	33.80%
Fair value of underlying common stock (USD per share)	$ 100.60		$ 100.60	$ 22
Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Risk-free interest rate	1.20%	0.50%	1.20%	0.60%
Expected volatility	36.20%	36.30%	36.20%	36.30%
Fair value of underlying common stock (USD per share)	$ 103.86		$ 108.10	$ 25.72

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - RSUs	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Unvested Restricted Stock Units
Unvested as of December 31, 2020 (in shares) | shares	9,561,791
Granted (in shares) | shares	3,657,958
Vested (in shares) | shares	(1,003,807)
Forfeited (in shares) | shares	(272,700)
Unvested as of June 30, 2021 (in shares) | shares	11,943,242
Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2020 (USD per share) | $ / shares	$ 53.79
Granted (USD per share) | $ / shares	105.57
Vested (USD per share) | $ / shares	41.17
Forfeited (USD per share) | $ / shares	66.37
Unvested as of June 30, 2021 (USD per share) | $ / shares	$ 70.42

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	Jun. 30, 2021USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 86.7
Unrecognized tax benefits that would impact effective tax rate	10.2
Decrease in unrecognized tax benefits is reasonably possible	$ 2.3

Net Loss per Share of Common _3

Net Loss per Share of Common Stock - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net loss attributable to our common stockholders, basic	$ (148,342)	$ (27,351)	$ (255,802)	$ (54,087)
Net loss attributable to our common stockholders, diluted	$ (148,342)	$ (27,351)	$ (255,802)	$ (54,087)
Denominator:
Weighted-average shares used in per share calculation attributable to our common stockholders, basic (in shares)	280,374	129,826	278,233	128,804
Weighted-average shares used in per share calculation attributable to our common stockholders, diluted (in shares)	280,374	129,826	278,233	128,804
Net loss per share attributable to our common stockholders, basic (USD per share)	$ (0.53)	$ (0.21)	$ (0.92)	$ (0.42)
Net loss per share attributable to our common stockholders, diluted (USD per share)	$ (0.53)	$ (0.21)	$ (0.92)	$ (0.42)

Net Loss per Share of Common _4

Net Loss per Share of Common Stock - Antidilutive Securities Excluded From Computation (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	102,717	0	102,717
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	34,275	46,217	34,275	46,217
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	11,943	0	11,943	0

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions	Aug. 11, 2021	Jul. 31, 2021
July 2021 Acquisition One
Subsequent Event [Line Items]
Consideration transferred		$ 20
July 2021 Acquisition Two
Subsequent Event [Line Items]
Consideration transferred		$ 320
August 2021 Acquisition
Subsequent Event [Line Items]
Consideration transferred	$ 20