Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-40276 | |
Entity Registrant Name | Semrush Holdings, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-4053265 | |
Entity Address, Address Line One | 800 Boylston Street, Suite 2475 | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02199 | |
City Area Code | (800) | |
Local Phone Number | 851-9959 | |
Title of 12(b) Security | Class A Common Stock, $0.00001 par value per share | |
Trading Symbol | SEMR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001831840 | |
Current Fiscal Year End Date | --12-31 | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 123,366,232 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 23,072,256 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 69,626 | $ 58,848 |
Short-term investments | 161,906 | 179,721 |
Accounts receivable | 9,060 | 7,897 |
Deferred contract costs, current portion | 9,738 | 9,074 |
Prepaid expenses and other current assets | 30,268 | 10,014 |
Total current assets | 280,598 | 265,554 |
Property and equipment, net | 7,395 | 6,686 |
Operating lease right-of-use assets | 11,812 | 14,069 |
Intangible assets, net | 26,948 | 16,083 |
Goodwill | 40,630 | 24,879 |
Deferred contract costs, net of current portion | 2,997 | 3,586 |
Other long-term assets | 2,568 | 633 |
Total assets | 372,948 | 331,490 |
Current liabilities | ||
Accounts payable | 11,199 | 9,187 |
Accrued expenses | 21,788 | 19,891 |
Deferred revenue | 66,589 | 58,310 |
Current portion of operating lease liabilities | 4,829 | 4,274 |
Other current liabilities | 7,601 | 2,817 |
Total current liabilities | 112,006 | 94,479 |
Noncurrent liabilities | ||
Deferred revenue, net of current portion | 237 | 331 |
Deferred tax liability | 1,932 | 839 |
Operating lease liabilities, net of current portion | 8,084 | 10,331 |
Other long-term liabilities | 1,534 | 1,195 |
Total liabilities | 123,793 | 107,175 |
Commitments and contingencies (Note 15) | ||
Redeemable noncontrolling interest | 8,733 | |
Stockholders' equity | ||
Additional paid-in capital | 306,103 | 291,898 |
Accumulated other comprehensive loss | (2,284) | (752) |
Accumulated deficit | (68,201) | (71,998) |
Total stockholders' equity attributable to Semrush Holdings, Inc. | 235,619 | 219,149 |
Noncontrolling interest in consolidated subsidiaries | 4,803 | 5,166 |
Total stockholders’ equity | 240,422 | 224,315 |
Total liabilities, redeemable noncontrolling interest and stockholders' equity | 372,948 | 331,490 |
Class A Common Stock | ||
Stockholders' equity | ||
Common stock | 1 | 1 |
Class B Common Stock | ||
Stockholders' equity | ||
Common stock | $ 0 | $ 0 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, issued (in shares) | 123,061 | 120,629 |
Common stock, outstanding (in shares) | 123,061 | 120,629 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, authorized (in shares) | 160,000 | 160,000 |
Common stock, issued (in shares) | 23,072 | 23,482 |
Common stock, outstanding (in shares) | 23,072 | 23,482 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Revenue | $ 90,951,000 | $ 74,693,000 | $ 176,763,000 | $ 145,563,000 |
Cost of revenue | 14,957,000 | 12,972,000 | 29,602,000 | 25,611,000 |
Gross profit | 75,994,000 | 61,721,000 | 147,161,000 | 119,952,000 |
Operating expenses | ||||
Sales and marketing | 35,000,000 | 30,237,000 | 68,921,000 | 65,733,000 |
Research and development | 19,288,000 | 14,116,000 | 36,592,000 | 27,996,000 |
General and administrative | 18,312,000 | 19,388,000 | 36,786,000 | 38,028,000 |
Exit costs | 0 | 309,000 | 0 | 1,292,000 |
Total operating expenses | 72,600,000 | 64,050,000 | 142,299,000 | 133,049,000 |
Income (loss) from operations | 3,394,000 | (2,329,000) | 4,862,000 | (13,097,000) |
Other income, net | 2,616,000 | 2,919,000 | 6,255,000 | 4,624,000 |
Income (loss) before income taxes | 6,010,000 | 590,000 | 11,117,000 | (8,473,000) |
Provision for income taxes | 4,649,000 | 869,000 | 7,753,000 | 1,666,000 |
Net income (loss) | 1,361,000 | (279,000) | 3,364,000 | (10,139,000) |
Net loss attributable to noncontrolling interest in consolidated subsidiaries | (298,000) | 0 | (433,000) | 0 |
Net income (loss) attributable to Semrush Holdings, Inc. | $ 1,659,000 | $ (279,000) | $ 3,797,000 | $ (10,139,000) |
Net income (loss) per share attributable to common stockholders | ||||
Net income (loss) attributable to Semrush Holdings, Inc. per share attributable to common stockholders—basic (in dollars per share) | $ 0.01 | $ 0 | $ 0.03 | $ (0.07) |
Net income (loss) attributable to Semrush Holdings, Inc. per share attributable to common stockholders—diluted (in dollars per share) | $ 0.01 | $ 0 | $ 0.03 | $ (0.07) |
Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders | ||||
Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders—basic (in shares) | 145,678,323 | 142,239,140 | 145,121,951 | 141,946,425 |
Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders—diluted (in shares) | 148,825,311 | 142,239,140 | 148,261,407 | 141,946,425 |
Comprehensive income (loss) | ||||
Net income (loss) | $ 1,361,000 | $ (279,000) | $ 3,364,000 | $ (10,139,000) |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | (119,000) | (120,000) | (604,000) | 245,000 |
Unrealized loss on investments | (184,000) | (1,160,000) | (928,000) | (1,243,000) |
Comprehensive income (loss) | 1,058,000 | (1,559,000) | 1,832,000 | (11,137,000) |
Comprehensive loss attributable to noncontrolling interest in consolidated subsidiaries | (298,000) | 0 | (433,000) | 0 |
Comprehensive income (loss) attributable to Semrush Holdings, Inc. | $ 1,356,000 | $ (1,559,000) | $ 2,265,000 | $ (11,137,000) |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Class A Common Stock | Class B Common Stock | Common Stock Class A Common Stock | Common Stock Class B Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Noncontrolling Interest | Parent |
Beginning balance (in shares) at Dec. 31, 2022 | 43,743,174 | 97,843,570 | ||||||||
Beginning balance at Dec. 31, 2022 | $ 199,904 | $ 0 | $ 1 | $ 274,057 | $ (1,206) | $ (72,948) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Conversion of Class B Common Stock to Class A Common Stock (in shares) | 74,239,844 | 74,239,844 | ||||||||
Conversion of Class B Common Stock to Class A Common Stock | 0 | $ 1 | $ (1) | |||||||
Issuance of common stock upon exercise of stock options (in shares) | 88,957 | |||||||||
Issuance of common stock upon exercise of stock options | 67 | 67 | ||||||||
Issuance of common stock in connection with employee stock purchase plan (in shares) | 38,879 | |||||||||
Issuance of common stock in connection with employee stock purchase plan | 264 | 264 | ||||||||
Issuance of common stock upon vesting of restricted stock units (in shares) | 71,557 | |||||||||
Stock-based compensation expense | 2,796 | 2,796 | ||||||||
Cumulative translation adjustment | 365 | 365 | ||||||||
Unrealized loss on investments | (83) | (83) | ||||||||
Net income (loss) | (9,860) | (9,860) | ||||||||
Ending balance (in shares) at Mar. 31, 2023 | 118,182,411 | 23,603,726 | ||||||||
Ending balance at Mar. 31, 2023 | 193,453 | $ 1 | $ 0 | 277,184 | (924) | (82,808) | ||||
Beginning balance (in shares) at Dec. 31, 2022 | 43,743,174 | 97,843,570 | ||||||||
Beginning balance at Dec. 31, 2022 | 199,904 | $ 0 | $ 1 | 274,057 | (1,206) | (72,948) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Cumulative translation adjustment | 245 | |||||||||
Unrealized loss on investments | (1,243) | |||||||||
Net income (loss) | (10,139) | |||||||||
Net loss attributable to noncontrolling interest | 0 | |||||||||
Ending balance (in shares) at Jun. 30, 2023 | 119,030,468 | 23,603,726 | ||||||||
Ending balance at Jun. 30, 2023 | 195,894 | $ 1 | $ 0 | 281,184 | (2,204) | (83,087) | ||||
Beginning balance (in shares) at Mar. 31, 2023 | 118,182,411 | 23,603,726 | ||||||||
Beginning balance at Mar. 31, 2023 | 193,453 | $ 1 | $ 0 | 277,184 | (924) | (82,808) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 583,137 | |||||||||
Issuance of common stock upon exercise of stock options | 235 | 235 | ||||||||
Issuance of common stock upon vesting of restricted stock units (in shares) | 264,920 | |||||||||
Stock-based compensation expense | 3,765 | 3,765 | ||||||||
Cumulative translation adjustment | (120) | (120) | ||||||||
Unrealized loss on investments | (1,160) | (1,160) | ||||||||
Net income (loss) | (279) | (279) | ||||||||
Net loss attributable to noncontrolling interest | 0 | |||||||||
Ending balance (in shares) at Jun. 30, 2023 | 119,030,468 | 23,603,726 | ||||||||
Ending balance at Jun. 30, 2023 | 195,894 | $ 1 | $ 0 | 281,184 | (2,204) | (83,087) | ||||
Redeemable Noncontrolling Interest, Ending balance at Mar. 31, 2024 | 0 | |||||||||
Beginning balance (in shares) at Dec. 31, 2023 | 120,629,000 | 23,482,000 | 120,629,147 | 23,482,057 | ||||||
Beginning balance at Dec. 31, 2023 | 224,315 | $ 1 | $ 0 | 291,898 | (752) | (71,998) | $ 5,166 | $ 219,149 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 469,879 | |||||||||
Issuance of common stock upon exercise of stock options | 844 | 844 | 844 | |||||||
Issuance of common stock upon vesting of restricted stock units (in shares) | 145,844 | |||||||||
Stock-based compensation expense | 5,115 | 5,115 | 5,115 | |||||||
Cumulative translation adjustment | (485) | (485) | (485) | |||||||
Unrealized loss on investments | (744) | (744) | (744) | |||||||
Net income (loss) | 2,138 | 2,138 | 2,138 | |||||||
Net loss attributable to noncontrolling interest | (135) | (135) | ||||||||
Ending balance (in shares) at Mar. 31, 2024 | 121,244,870 | 23,482,057 | ||||||||
Ending balance at Mar. 31, 2024 | 231,048 | $ 1 | $ 0 | 297,857 | (1,981) | (69,860) | 5,031 | 226,017 | ||
Redeemable Noncontrolling Interest, Ending balance at Jun. 30, 2024 | 8,733 | |||||||||
Beginning balance (in shares) at Dec. 31, 2023 | 120,629,000 | 23,482,000 | 120,629,147 | 23,482,057 | ||||||
Beginning balance at Dec. 31, 2023 | $ 224,315 | $ 1 | $ 0 | 291,898 | (752) | (71,998) | 5,166 | 219,149 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Conversion of Class B Common Stock to Class A Common Stock (in shares) | 409,801 | |||||||||
Issuance of common stock upon exercise of stock options (in shares) | 1,190,759 | |||||||||
Cumulative translation adjustment | $ (604) | |||||||||
Unrealized loss on investments | (928) | |||||||||
Net income (loss) | 3,797 | |||||||||
Net loss attributable to noncontrolling interest | (433) | |||||||||
Ending balance (in shares) at Jun. 30, 2024 | 123,061,000 | 23,072,000 | 123,061,442 | 23,072,256 | ||||||
Ending balance at Jun. 30, 2024 | 240,422 | $ 1 | $ 0 | 306,103 | (2,284) | (68,201) | 4,803 | 235,619 | ||
Redeemable Noncontrolling Interest, Beginning balance at Mar. 31, 2024 | 0 | |||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||
Acquisition of redeemable noncontrolling interest (See Note 9) | 9,846 | |||||||||
Net loss attributable to redeemable noncontrolling interest | (70) | |||||||||
Reclassification for Tender Offer obligations (See Note 9) | (2,021) | |||||||||
Recording of redeemable noncontrolling interest at redemption value (See Note 9) | 978 | |||||||||
Redeemable Noncontrolling Interest, Ending balance at Jun. 30, 2024 | 8,733 | |||||||||
Beginning balance (in shares) at Mar. 31, 2024 | 121,244,870 | 23,482,057 | ||||||||
Beginning balance at Mar. 31, 2024 | 231,048 | $ 1 | $ 0 | 297,857 | (1,981) | (69,860) | 5,031 | 226,017 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Conversion of Class B Common Stock to Class A Common Stock (in shares) | 409,801 | 409,801 | ||||||||
Issuance of common stock upon exercise of stock options (in shares) | 720,880 | |||||||||
Issuance of common stock upon exercise of stock options | 2,209 | 2,209 | 2,209 | |||||||
Issuance of common stock upon vesting of restricted stock units (in shares) | 685,891 | |||||||||
Stock-based compensation expense | 7,015 | 7,015 | 7,015 | |||||||
Cumulative translation adjustment | (119) | (119) | (119) | |||||||
Unrealized loss on investments | (184) | (184) | (184) | |||||||
Net income (loss) | 1,659 | 1,659 | 1,659 | |||||||
Net loss attributable to noncontrolling interest | (298) | |||||||||
Net loss attributable to noncontrolling interest | (228) | (228) | ||||||||
Recording of redeemable noncontrolling interest at redemption value (See Note 9) | (978) | (978) | (978) | |||||||
Ending balance (in shares) at Jun. 30, 2024 | 123,061,000 | 23,072,000 | 123,061,442 | 23,072,256 | ||||||
Ending balance at Jun. 30, 2024 | $ 240,422 | $ 1 | $ 0 | $ 306,103 | $ (2,284) | $ (68,201) | $ 4,803 | $ 235,619 |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities | ||
Net income (loss) | $ 3,364 | $ (10,139) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
Depreciation and amortization expense | 4,269 | 3,135 |
Amortization of deferred contract costs | 6,054 | 4,855 |
Amortization (accretion) of premiums and discounts on investments | (2,023) | (3,201) |
Non-cash lease expense | 2,233 | 1,886 |
Stock-based compensation expense | 12,281 | 6,561 |
Non-cash interest expense | 0 | 105 |
Change in fair value of convertible debt securities | 0 | (380) |
Deferred taxes | (217) | 81 |
Other non-cash items | 1,400 | 649 |
Changes in operating assets and liabilities | ||
Accounts receivable | (774) | (422) |
Deferred contract costs | (6,129) | (5,768) |
Prepaid expenses and other current assets | (4,017) | (5,869) |
Accounts payable | 1,906 | (5,184) |
Accrued expenses | 2,917 | (1,390) |
Other current liabilities | 360 | 0 |
Deferred revenue | 7,353 | 6,958 |
Other long-term liabilities | 92 | 0 |
Change in operating lease liability | (2,147) | (1,800) |
Net cash provided by (used in) operating activities | 26,922 | (9,923) |
Investing Activities | ||
Purchases of property and equipment | (2,906) | (957) |
Capitalization of internal-use software costs | (4,369) | (2,630) |
Purchases of short-term investments | (83,605) | (172,687) |
Proceeds from sales and maturities of short-term investments | 102,500 | 132,741 |
Purchases of convertible debt securities | (650) | (323) |
Funding of investment loan receivable | (7,000) | 0 |
Cash paid for acquisition of businesses, net of cash acquired | (10,026) | (1,082) |
Purchases of other investments | (131) | (150) |
Net cash used in investing activities | (6,187) | (45,088) |
Financing Activities | ||
Proceeds from exercise of stock options | 3,053 | 302 |
Proceeds from issuance of shares in connection with employee stock purchase plan | 0 | 264 |
Payment of finance leases | (493) | (1,209) |
Net cash provided by (used in) financing activities | 2,560 | (643) |
Effect of exchange rate changes on cash and cash equivalents | (614) | (39) |
Increase (decrease) in cash, cash equivalents and restricted cash | 22,681 | (55,693) |
Cash, cash equivalents and restricted cash, beginning of period | 58,848 | 79,765 |
Cash, cash equivalents and restricted cash, end of period | 81,529 | 24,072 |
Supplemental cash flow disclosures | ||
Cash paid for interest | 0 | 107 |
Cash paid for income taxes | 3,638 | 1,160 |
Property and equipment purchases not paid | 21 | 111 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 931 | 0 |
Accrued purchase consideration | 2,924 | 0 |
Unrealized loss on short-term investments | $ 928 | $ 1,243 |
Overview and Basis of Presentat
Overview and Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview and Basis of Presentation | Overview and Basis of Presentation Description of Business Semrush Holdings, Inc. (“Semrush Holdings”) and its subsidiaries (together the “Company”, or “Semrush”) provide an online visibility management software-as-a-service (“SaaS”) platform. The Company’s platform enables its subscribers to improve their online visibility and drive traffic, including on their websites and social media pages, and distribute highly relevant content to their customers on a targeted basis across various channels to drive high-quality traffic and measure the effectiveness of their digital marketing campaigns. The Company is headquartered in Boston, Massachusetts, and as of June 30, 2024 has wholly owned subsidiaries in the United States, Spain, the Czech Republic, the Netherlands, Cyprus, Serbia, Poland, Germany, Armenia, Canada, and France. The Company is subject to a number of risks and uncertainties common to companies in similar industries and stages of development that could affect future operations and financial performance. These risks include, but are not limited to, rapid technological change, competitive pressure from substitute products or larger companies, protection of proprietary technology, management of international activities, and dependence on third parties and key individuals. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements as of and for the year ended December 31, 2023, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of June 30, 2024, and for the three and six months ended June 30, 2024 and 2023. The consolidated balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date. The results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 7, 2024. The accompanying unaudited condensed consolidated financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the unaudited condensed consolidated financial statements. As of June 30, 2024, there have been no material changes in the Company's significant accounting policies from those that were disclosed in the Annual Report on Form 10-K, except as discussed below. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and subsidiaries in which it holds a controlling interest. All intercompany transactions and balances have been eliminated in consolidation. Ownership interests in subsidiaries represented by other parties that do not control the entity are presented in the consolidated financial statements as activities and balances attributable to noncontrolling interests. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant estimates relied upon in preparing these unaudited condensed consolidated financial statements include, but are not limited to, revenue recognition, expected future cash flows used to evaluate the recoverability of long-lived assets, contingent liabilities, expensing and capitalization of research and development costs for internal-use software, the average period of benefit associated with costs capitalized to obtain revenue contracts, the determination of the fair value of stock-based awards issued, stock-based compensation expense, the determination of the estimated fair value of loan receivables and convertible notes held by the Company, the valuations of the intangible assets acquired through acquisitions, the estimation of the Company’s incremental borrowing rate, and the recoverability of the Company’s net deferred tax assets and related valuation allowance. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results may differ from management’s estimates if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. Subsequent Events Considerations The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the unaudited condensed consolidated financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated as required. See Note 18 for additional information regarding the Company’s subsequent events. Emerging Growth Company Status The Company is an "emerging growth company" (“EGC”), as defined in the Jumpstart Our Business Startups Act (the “JOBS Act”). Based on the market value of our common equity held by non-affiliates as of June 28, 2024 (the last business day of our most recently completed second fiscal quarter), we will cease to qualify as an emerging growth company as of the end of the fiscal year ending December 31, 2024. As a result, beginning with our Annual Report on Form 10-K for the year ending December 31, 2024, we will be subject to certain requirements that apply to other public companies but did not previously apply to us due to our status as an emerging growth company, including the provisions of Section 404 of the Sarbanes-Oxley Act, which require that our independent registered public accounting firm provide an attestation report on the effectiveness of our internal control over financial reporting. Revenue Recognition The Company primarily derives revenue from subscriptions to the Company’s SaaS services and related customer support. For the three and six months ended June 30, 2024 and 2023, subscription revenue accounted for nearly all of the Company’s revenue. Revenue related to other revenue was not material for the three and six months ended June 30, 2024 and 2023. The Company offers subscriptions to its platform primarily on a monthly or annual basis. The Company sells its products and services primarily through a self-service model and also directly through its sales force. The Company’s subscription arrangements provide customers the right to access the Company’s hosted software applications. Customers do not have the right to take possession of the Company’s software during the hosting arrangement. Subscriptions are generally non-cancellable during the contractual subscription term; however, subscription contracts contain a right to a refund if requested within seven days of purchase. The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration it expects to receive in exchange for those products or services. There were no changes to the Company’s revenue recognition policies since the filing of its Annual Report on Form 10-K with the SEC on March 7, 2024. Amounts that have been invoiced are recorded in accounts receivable and in deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. The Company primarily invoices and collects payments from customers for its services in advance on a monthly or annual basis. Deferred revenue represents amounts billed for which revenue has not yet been recognized. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as deferred revenue, and the remaining portion is recorded as deferred revenue, net of current portion. Deferred revenue increased by $8,185 as of June 30, 2024 compared to December 31, 2023. During the three and six months ended June 30, 2024, $32,354 and $39,426 of revenue was recognized that was included in deferred revenue at the beginning of each respective period. During the three and six months ended June 30, 2023, $27,865 and $37,831 of revenue was recognized that was included in deferred revenue at the beginning of each respective period. The Company has elected to exclude amounts charged to customers for sales tax from the transaction price. Accordingly, revenue is presented net of any sales tax collected from customers. Transaction Price Allocated to Future Performance Obligations ASC 606 requires that the Company disclose the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied as of the balance sheet dates reported. For contracts with an original expected duration greater than one year, the aggregate amount of the transaction price allocated to the performance obligations that were unsatisfied as of June 30, 2024 was $1,207, of which the Company expects to recognize $970 over the next 12 months. For contracts with an original expected duration of one year or less, the Company has applied the practical expedient available under ASC 606 to not disclose the amount of transaction price allocated to unsatisfied performance obligations as of June 30, 2024. For performance obligations not satisfied as of June 30, 2024, and to which this expedient applies, the nature of the performance obligations is consistent with performance obligations satisfied as of December 31, 2023. Costs to Obtain a Contract The incremental direct costs of obtaining a contract, which primarily consist of sales commissions paid for new subscription contracts, are deferred and recorded as deferred contract costs in the unaudited condensed consolidated balance sheets and are amortized over a period of approximately 24 months on a systematic basis, consistent with the pattern of transfer of the goods or services to which the asset relates. The 24-month period represents the estimated benefit period of the customer relationship and has been determined by taking into consideration the type of product sold, the commitment term of the customer contract, the nature of the Company’s technology development life-cycle, and an estimated customer relationship period based on historical experience and future expectations. Deferred contract costs that will be recorded as expense during the succeeding 12-month period are recorded as deferred contract costs, current portion, and the remaining portion is recorded as deferred contract costs, net of current portion. Amortization of deferred contract costs is included in sales and marketing expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss). Concentrations of Credit Risk and Significant Customers The Company has no off-balance sheet risk, such as foreign exchange contracts, option contracts, or other hedging arrangements. Credit losses historically have not been significant and the Company generally has not experienced any material losses related to receivables from individual customers, or groups of customers. Due to these factors, no additional credit risk beyond amounts provided for collection losses is believed by management to be probable in the Company's accounts receivable. Credit risk with respect to accounts receivable is dispersed due to the large number of customers of the Company. The Company routinely assesses the creditworthiness of its customers and generally does not require its customers to provide collateral or other security to support accounts receivable. Credit losses historically have not been significant and the Company generally has not experienced any material losses related to receivables from individual customers, or groups of customers. Due to these factors, no additional credit risk beyond amounts provided for collection losses is believed by management to be probable in the Company's accounts receivable. As of June 30, 2024 and December 31, 2023, no individual customer represented more than 10% of the Company’s accounts receivable. During the three and six months ended June 30, 2024 and 2023, no individual customer represented more than 10% of the Company’s revenue. Disclosure of Fair Value of Financial Instruments The Company’s financial instruments include cash, cash equivalents, investments, accounts receivable, loan receivables, accounts payable, and accrued expenses. The Company’s investments are classified as available-for-sale and reported at fair value in accordance with the market approach utilizing quoted prices that were directly or indirectly observable. The Company has elected the fair value option in respect to the accounting for its loan receivable investment, resulting in increases and decreases in the fair value of such investments being recorded to other income, net for each reporting period. The carrying amount of the remainder of the Company’s financial instruments approximated their fair values as of June 30, 2024 and December 31, 2023, due to the short-term nature of these instruments. The Company has evaluated the estimated fair value of financial instruments using available market information. The use of different market assumptions and/or estimation methodologies could have a significant effect on the estimated fair value amounts. See below for further discussion. Foreign Currency Translation The Company operates in a multi-currency environment having transactions in such currencies as the U.S. dollar, zloty, Czech koruna, euro, and others. The reporting currency of the Company is the U.S. dollar. The foreign currency exchange gain (loss) included in other income, net for the three months ended June 30, 2024 and 2023 was $128 and $0, respectively. The foreign currency exchange gain (loss) included in other income, net for the six months ended June 30, 2024 and 2023 was $573 and $(638), respectively. Comprehensive income (loss) Comprehensive income (loss) is comprised of two components: net income (loss) and other comprehensive income (loss), which includes other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the three and six months ended June 30, 2024 and 2023 , comprehensive income (loss) consists of net income (loss), the change in the cumulative foreign currency translation adjustment, and unrealized loss on investments. The tax effect of the cumulative foreign currency translation adjustment and unrealized loss on investments was not significant for the three and six months ended June 30, 2024 and 2023 . Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) . ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting ASU 2023-07 on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)-Improvements to Income Tax Disclosures (“ASU 2023-09”) . ASU 2023-09 requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, ASU 2023-09 requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in ASU 2023-09 are required to be adopted for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis although retrospective application is permitted. The Company is evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements and disclosures. |
Cash, Cash Equivalents, Restric
Cash, Cash Equivalents, Restricted Cash, and Investments | 6 Months Ended |
Jun. 30, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, Restricted Cash, and Investments | Cash, Cash Equivalents, Restricted Cash, and Investments The Company considers all highly liquid instruments purchased with an original maturity date of 90 days or less from the date of purchase to be cash equivalents. Cash and cash equivalents consist of cash on deposit with banks and amounts held in interest-bearing money market funds. Cash equivalents are carried at cost, which approximates their fair market value. Short‑term investments consist of investments with original maturities greater than 90 days, as of the date of purchase. The Company considers its investment portfolio available-for-sale. The Company adjusts the cost of investments for amortization of premiums and accretion of discounts to maturity. The Company includes such amortization and accretion in interest income in the unaudited condensed consolidated statements of operations. When the Company holds debt investments classified as available-for-sale pursuant to ASC 320, Investments — Debt Securities , it records available-for-sale securities at fair value, with unrealized gains and losses included in accumulated other comprehensive loss in stockholders’ equity. The Company has classified its investments with maturities beyond one year as short term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company includes interest and dividends on securities classified as available-for-sale in interest income in the unaudited condensed consolidated statements of operations and comprehensive income (loss). Realized gains and losses are recorded in the unaudited condensed consolidated statements of operations and comprehensive income (loss) based on the specific-identification method. There was no material realized gains or losses on investments for the three and six months ended June 30, 2024 or 2023. As of June 30, 2024 and December 31, 2023, the aggregate fair value of investments held by the Company in an unrealized loss position for less than twelve months was $88,741 and $89,381, respectively. As of June 30, 2024, the aggregate fair value of investments held by the Company in a continuous unrealized loss position for greater than twelve months was $55,382. The Company did not hold any investments in an unrealized loss position for greater than twelve months as of December 31, 2023. On January 1, 2023, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) and ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815 Derivatives and Hedging and Topic 825, Financial Instruments . Under these standards, the Company reviews available-for-sale securities for impairment whenever the fair value of the security is less than its amortized cost. If impairment exists and the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, the Company will write down the amortized cost basis to its fair value at the reporting date, recognizing the difference as a loss within other income, net in the unaudited condensed consolidated statements of operations. If the Company does not intend to sell the security nor is it more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, the Company will determine if any portion of the unrealized loss on the security is due to credit loss. If the impairment is entirely or partially due to credit loss, the Company will measure the credit loss up to the amount of the difference between fair value and amortized cost, and recognize an allowance for credit losses along with the related charge against earnings as a loss within other income, net in the unaudited condensed consolidated statements of operations. The remaining impairment amount due to all other factors is recognized in accumulated other comprehensive income (loss) in the unaudited condensed consolidated balance sheets. Subsequent changes to the Company’s estimate of credit losses will be recorded as adjustments to the allowance for credit losses and other income, net. For the three and six months ended June 30, 2024, the Company determined that no impairments were required to be recognized in the unaudited condensed consolidated statements of operations. The following is a summary of cash, cash equivalents, and investments as of June 30, 2024 and December 31, 2023: Amortized Gross Gross Estimated June 30, 2024 Cash and cash equivalents $ 69,636 $ — $ (10) $ 69,626 Investments: U.S. treasury securities 162,946 12 (1,052) 161,906 Total investments 162,946 12 (1,052) 161,906 Total cash, cash equivalents, and investments $ 232,582 $ 12 $ (1,062) $ 231,532 Amortized Gross Gross Estimated December 31, 2023 Cash and cash equivalents $ 58,848 $ — $ — $ 58,848 Investments: U.S. treasury securities due in one year or less 179,843 265 (387) 179,721 Total investments 179,843 265 (387) 179,721 Total cash, cash equivalents and investments $ 238,691 $ 265 $ (387) $ 238,569 The Company considered the extent to which any unrealized losses on its marketable securities were driven by credit risk and other factors, including market risk, and if it is more-likely-than-not that the Company would have to sell the security before the recovery of the amortized cost basis. As of June 30, 2024 and December 31, 2023, the unrealized losses related to its marketable securities were due to rising market interest rates compared to when the investments were initiated. The Company does not believe the unrealized losses represent credit risk, and the Company does not intend to sell any of the securities in an unrealized loss position and it is not likely that the Company would be required to sell these securities before recovery of their amortized cost basis, which may be at maturity. Thus, no credit loss was recognized for the Company's marketable securities for the three and six months ended June 30, 2024 and 2023. As of June 30, 2024, the Company held $40,203 in U.S. treasury securities with maturities within one year and $121,703 in U.S. treasury securities with maturities after one year and within three years. Restricted Cash As of June 30, 2024, restricted cash totaled $11,903 and included $11,718 related to the Company’s Brand 24 tender offer (See Note 9) and $185 related to cash held as collateral for a letter of credit related to the contractual provisions for one of the Company’s office leases. The following table is a reconciliation of cash, cash equivalents, and restricted cash included in the accompanying unaudited condensed consolidated balance sheets that sum to the total cash, cash equivalents, and restricted cash included in the accompanying unaudited condensed consolidated statements of cash flows: As of June 30, 2024 2023 Cash and cash equivalents $ 69,626 $ 24,072 Restricted cash included in "other long-term assets" 185 — Restricted cash included in "prepaid expenses and other current assets" $ 11,718 $ — Cash, cash equivalents, and restricted cash $ 81,529 $ 24,072 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | Leases The components of lease expense were as follows: Three Months Ended Six Months Ended June 30, 2024 2024 Operating lease cost $ 1,294 $ 2,646 Short-term lease cost 183 411 Variable lease cost 1,169 2,365 Total lease cost $ 2,646 $ 5,422 Three Months Ended Six Months Ended June 30, 2024 2024 Amortization of lease assets $ 81 $ 652 Interest on lease liabilities 6 15 Total finance lease cost $ 87 $ 667 Weighted-average remaining lease term and discount rate were as follows: As of June 30, 2024 Weighted-average remaining lease term (in years) Operating leases 3.1 Finance leases 1.2 Weighted-average discount rate Operating leases 5.6 % Finance leases 6.7 % Future minimum amounts payable as of June 30, 2024 were as follows: As of June 30, 2024 Operating Leases Finance Remainder of 2024 $ 2,481 $ 149 2025 4,509 194 2026 3,686 — 2027 2,062 — 2028 825 — Thereafter — — Total lease payments 13,563 343 Less: imputed interest (650) (51) Total lease liabilities $ 12,913 $ 292 As of June 30, 2024, the Company had no finance or operating leases that had not yet commenced. Rent expense related to the Company’s office facilities was $1,477 and $3,056 for the three and six months ended June 30, 2024, respectively. Rent expense related to the Company’s office facilities was $1,318 and $2,469 for the three and six months ended June 30, 2023, respectively. |
Leases | Leases The components of lease expense were as follows: Three Months Ended Six Months Ended June 30, 2024 2024 Operating lease cost $ 1,294 $ 2,646 Short-term lease cost 183 411 Variable lease cost 1,169 2,365 Total lease cost $ 2,646 $ 5,422 Three Months Ended Six Months Ended June 30, 2024 2024 Amortization of lease assets $ 81 $ 652 Interest on lease liabilities 6 15 Total finance lease cost $ 87 $ 667 Weighted-average remaining lease term and discount rate were as follows: As of June 30, 2024 Weighted-average remaining lease term (in years) Operating leases 3.1 Finance leases 1.2 Weighted-average discount rate Operating leases 5.6 % Finance leases 6.7 % Future minimum amounts payable as of June 30, 2024 were as follows: As of June 30, 2024 Operating Leases Finance Remainder of 2024 $ 2,481 $ 149 2025 4,509 194 2026 3,686 — 2027 2,062 — 2028 825 — Thereafter — — Total lease payments 13,563 343 Less: imputed interest (650) (51) Total lease liabilities $ 12,913 $ 292 As of June 30, 2024, the Company had no finance or operating leases that had not yet commenced. Rent expense related to the Company’s office facilities was $1,477 and $3,056 for the three and six months ended June 30, 2024, respectively. Rent expense related to the Company’s office facilities was $1,318 and $2,469 for the three and six months ended June 30, 2023, respectively. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The following tables summarize financial assets and liabilities measured and recorded at fair value on a recurring basis in the accompanying consolidated balance sheets as of June 30, 2024 and December 31, 2023, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: June 30, 2024 Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs) Significant Other Observable Inputs (Level 2 Inputs) Significant Unobservable Inputs Total Assets: Money market funds $ 19,272 $ — $ — $ 19,272 U.S. treasury securities — 161,906 — 161,906 Commercial paper — 19,939 — 19,939 Investment loan receivable (See Note 7) — — 7,083 7,083 Total assets $ 19,272 $ 181,845 $ 7,083 $ 208,200 Liabilities: Contingent consideration $ — $ — $ 751 $ 751 Total liabilities $ — $ — $ 751 $ 751 December 31, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs) Significant Other Observable Inputs (Level 2 Inputs) Significant Unobservable Inputs Total Assets: Money market funds $ 54,269 $ — $ — $ 54,269 U.S. treasury securities — 179,721 — 179,721 Total assets $ 54,269 $ 179,721 $ — $ 233,990 Liabilities: Contingent consideration $ — $ — $ 597 $ 597 Total liabilities $ — $ — $ 597 $ 597 Cash equivalents include money market funds with original maturities of 90 days or less from the date of purchase. The fair value measurement of these assets is based on quoted market prices in active markets for identical assets and, therefore, these assets are recorded at fair value on a recurring basis and classified as Level 1 in the fair value hierarchy. The Company’s investments primarily consist of U.S. treasury securities. The fair value measurement of these assets is based on significant other observable inputs and, therefore, these assets are recorded at fair value on a recurring basis and classified as Level 2 in the fair value hierarchy. As of June 30, 2024, the Company measured its investment loan receivables (see Note 7) and its contingent consideration associated with the acquisition of Datos Inc. on a recurring basis using significant unobservable inputs (Level 3). As of December 31, 2023, the Company measured its contingent consideration associated with the acquisition of Datos Inc. on a recurring basis using significant unobservable inputs (Level 3). Contingent consideration The Company records contingent consideration resulting from a business combination at its fair value on the acquisition date. The Company generally determines the fair value of the contingent consideration using the Monte Carlo simulation model. Each reporting period thereafter, these obligations are revalued and increases or decreases in their fair values are recorded as an adjustment to other income, net within the unaudited condensed consolidated statements of operations and comprehensive income (loss). Changes in the fair value of the contingent consideration can result from changes in assumed discount periods and rates, and from changes pertaining to the estimated or actual achievement of the defined milestones. Significant judgment is employed in determining the appropriateness of these assumptions as of the acquisition date and for each subsequent period. Accordingly, future business and economic conditions, as well as changes in any of the assumptions described above, can materially impact the amount of contingent consideration expense the Company records in any given period. The total estimated fair value of the contingent consideration payable was $751 and $597 as of June 30, 2024 and December 31, 2023, respectively. The following table represents the key inputs used in the fair value calculations: June 30, 2024 December 31, 2023 Risk free interest rate 5.00 % 4.80 % Projected year of payment 2025 2025 Revenue volatility 10.0 % 11.0 % Discount rate 7.60 % 7.70 % Changes in the estimated fair value of the Datos contingent consideration payable will be recognized in other income, net. A rollforward of the fair value measurements of the contingent consideration liability for the six months ended June 30, 2024 is as follows: Balance as of December 31, 2023 $ 597 Change in fair value and expense recognized for service period rendered 21 Balance as of March 31, 2024 618 Change in fair value and expense recognized for service period rendered 133 Balance as of June 30, 2024 751 |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment consists of the following: As of June 30, December 31, Computer equipment $ 13,060 $ 11,084 Furniture and office equipment 1,947 1,965 Leasehold improvements 2,803 2,469 Total property and equipment 17,810 15,518 Less: accumulated depreciation and amortization (10,415) (8,832) Property and equipment, net $ 7,395 $ 6,686 Depreciation and amortization expense related to property and equipment was $744 and $1,783 for the three and six months ended June 30, 2024, respectively. Depreciation and amortization expense related to property and equipment was $957 and $1,795 for the three and six months ended June 30, 2023, respectively. |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets Investment Loan Receivable In March 2024, the Company entered into a loan agreement in which it has loaned $7,000 to the borrower with a repayment date in March 2025. In addition to the loan facility, the Company entered into an option agreement with the borrower in which the Company has the right, but not the obligation, to acquire a majority of the outstanding common stock of the borrower during the period beginning July 1, 2024 and ending August 31, 2024. The Company accounts for the loan agreement and option agreement as a single financial instrument (together, the “Investment Loan Receivable”). The Company recorded the Investment Loan Receivable at its fair value of $7,000 on the agreement date. As of June 30, 2024, the fair value of the Investment Loan Receivable was $7,083 and was included in prepaid expenses and other current assets in the unaudited condensed consolidated balance sheet. With respect to its investment loan receivable, the Company held a variable interest in the borrower, which is a variable interest entity. After evaluation of the relationship between the Company and this variable interest entity, the Company determined not to consolidate this variable interest entity’s results of operations for the three and six months ended June 30, 2024. Significant judgments included the determination that the Company was not the primary beneficiary of the variable interest entity given the Company’s variable interests did not constitute a controlling financial interest. The Company elected to account for this investment by utilizing the fair value option. The Company records investment loan receivables at their fair value on the agreement date. Each reporting period thereafter, these receivables are revalued and increases or decreases in their fair values are recorded as an adjustment to other income, net within the unaudited condensed consolidated statements of operations and comprehensive income (loss). The Company generally determines the fair value using the discounted cash flow method. The significant assumptions used to estimate the fair value include the interest rate, risk-free rate, expected repayment date, equity value, equity volatility, expected timing of exercise, and the credit spread assumption specific to the investment loan. Significant judgment is employed in determining the appropriateness of these assumptions as of the acquisition date and for each subsequent period. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income (Loss) Per Share For the three and six months ended June 30, 2024, diluted net income per share was calculated by dividing net income attributable to Semrush Holdings, Inc. by the weighted-average number of shares of common stock outstanding during the period, including the dilutive impact of stock options and shares of common stock issuable upon the vesting of Restricted Stock Units (“RSUs”). The adjustment to net income attributable to Semrush Holdings, Inc. related to the Company’s redeemable noncontrolling interest is not material and did not impact net income per share for the three and six months ended June 30, 2024. For the three and six months ended June 30, 2023, the net loss attributable to common stockholders is divided by the weighted-average number of shares of common stock outstanding during the period to calculate both basic and diluted earnings per share. The dilutive effect of common stock equivalents has been excluded from the calculation of diluted net loss per share for these periods as its effect would have been anti-dilutive due to the net losses incurred for the periods. The following table presents a reconciliation of weighted-average shares outstanding used in the calculation of basic and diluted net income (loss) per share: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Weighted-average shares outstanding: Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders—basic 145,678,323 142,239,140 145,121,951 141,946,425 Dilutive effect of share equivalents resulting from stock options 1,940,654 — 2,066,972 — Dilutive effect of share equivalents resulting from restricted stock units 1,206,334 — 1,072,484 — Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders—diluted 148,825,311 142,239,140 148,261,407 141,946,425 The following potentially dilutive common stock equivalents, including stock options and restricted stock units, have been excluded from the calculation of diluted weighted-average shares outstanding for the three and six months ended June 30, 2024 and 2023 because to do so would have been anti-dilutive for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Stock options outstanding 2,321,962 8,619,112 3,445,481 8,619,112 Unvested RSUs 930,049 2,783,782 1,442,837 2,783,782 3,252,011 11,402,894 4,888,318 11,402,894 For the three and six months ended June 30, 2024, 1,128,021 and 1,128,021 shares of Class A common stock potentially issuable under Performance Stock Unit (“PSU”) awards were excluded from the table above, respectively. For the three and six months ended June 30, 2023, 1,077,726 shares of Class A common stock potentially issuable under PSU awards were excluded from the table above, respectively. The performance-based conditions had not been met and were deemed improbable of achievement as of the reporting period end date. See Note 14 for additional information regarding the Company’s PSU awards. |
Acquisitions, Intangible Assets
Acquisitions, Intangible Assets, and Goodwill | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Acquisitions, Intangible Assets, and Goodwill | Acquisitions, Intangible Assets, and Goodwill Acquisitions Brand 24 On April 29, 2024, the Company completed a stock purchase agreement to acquire approximately 58% of the voting equity interests in Brand 24 S.A. (“Brand 24”). The Company has accounted for this transaction as a business combination under the acquisition method. The purpose of the business combination was to expand our public relations business and customer base. The acquisition date fair value of the consideration transferred consisted of the following: Acquisition Date Consideration transferred Fair Value Cash paid at close $ 10,650 Fair value of deferred purchase payments 2,878 Consideration transferred $ 13,528 Redeemable noncontrolling interest 9,846 Total purchase consideration $ 23,374 The Company determined that the fair value of the assets acquired and liabilities assumed was $23,374, including the fair value of the redeemable noncontrolling interest in Brand 24 of $9,846, which is reflected outside of the stockholders’ equity section of the unaudited condensed consolidated balance sheet as of June 30, 2024. The fair value of the redeemable noncontrolling interest on the closing date was estimated considering the implied enterprise value and the acquired percentage of Brand 24. The fair value of deferred purchase payments represents the fair value of two payments of $1,500 each, the first of which will be paid December 31, 2024 and is included within other current liabilities within the unaudited condensed consolidated balance sheet as of June 30, 2024. The second payment is due November 12, 2025 and is included in other long term liabilities within the unaudited condensed consolidated balance sheet as of June 30, 2024. The deferred purchase payments will accrue interest of 2.5% per year. The table below summarizes the Company’s preliminary purchase price allocation. The allocation of the purchase price is preliminary as of June 30, 2024 as the Company continues to gather information supporting the acquired assets and liabilities to finalize the purchase price allocation. Purchase Price Assets acquired Allocation Fair value of tangible assets: Cash and cash equivalents $ 1,502 Accounts Receivable 139 Other assets 686 Identifiable intangible assets 9,350 Goodwill 15,846 Total assets acquired $ 27,523 Liabilities assumed Deferred revenue, current 847 Deferred tax liabilities 1,411 Other liabilities 1,891 Total Liabilities Assumed $ 4,149 Fair value of assets acquired and liabilities assumed, net $ 23,374 Fair value of redeemable noncontrolling interest $ 9,846 Fair value of controlling interest acquired $ 13,528 The Company allocated $9,350 of the purchase price to identifiable intangible assets consisting of customer relationships, developed technology, and trade names, which it amortizes over the assets’ useful lives using a straight-line amortization method. The Company assigned useful lives to acquired customer relationships, developed technology, and trade names, of six years, five years, and five years, respectively. The Company used the multi-period excess earnings method to value the customer relationships. Customer relationships represent the underlying relationships with certain customers to provide ongoing services for products sold. To value the developed technology and trade names assets, the Company utilized the relief from royalty method. Trade names primarily relate to the Brand 24 brand. The significant assumptions used to estimate the value of the intangible assets included the discount rate, revenue growth rates, and customer attrition rates. After allocating the purchase price to identifiable assets acquired and liabilities assumed, the remaining purchase price was allocated to goodwill, which primarily relates to expected synergies from combining operations and is not deductible for tax purposes. The Company recorded $225 and $389 in transaction costs related to the transaction during the three and six months ended June 30, 2024, respectively, which are included in the unaudited condensed consolidated statements of operations and comprehensive income (loss) in its income from continuing operations under the line item, General and administrative . As of April 29, 2024, the results of Brand 24’s operations are included within the Company’s consolidated financial statements. This business combination did not have a material impact on the Company’s consolidated financial statements. Therefore, actual results of operations subsequent to the acquisition date and pro forma results of operations have not been presented. In April 2024 the Company entered into award agreements with certain members of Brand 24 Management. These awards are accounted for as liability-classified awards under ASC 718, Compensation - Stock Compensation . The fair value of the awards were estimated using a Monte Carlo Simulation. The Company recorded $150 in post-acquisition compensation expense related to these awards during the three and six months ended June 30, 2024. In May 2024, the Company announced a tender offer to purchase up to 944,616 shares of Brand 24 (the “Tender Offer”) at a price equal to PLN47.0 per share with an opening date for subscriptions of May 31, 2024 and a closing date for subscriptions of July 2, 2024. The Tender Offer was mandatory due to Polish Law and as a result has been accounted for as redeemable noncontrolling interest classified in temporary equity in the unaudited condensed consolidated balance sheet as of June 30, 2024. As a result of the Tender Offer, the fair value of the redeemable noncontrolling interest was adjusted to the redemption value equal to the Tender Offer price. The $978 difference between the acquisition date fair value of the redeemable noncontrolling interest and the Tender Offer price was recorded through additional paid-in capital in the unaudited condensed consolidated balance sheet as of June 30, 2024. As of June 30, 2024, the Company received notice for the sale of 177,474 shares resulting in the reclassification of $2,021 in Tender Offer obligations from redeemable noncontrolling interest to other current liabilities. Datos On December 1, 2023, the Company completed a stock purchase agreement to acquire approximately 60% of the voting equity interests in Datos Inc. (“Datos”). The Company has accounted for this transaction as a business combination under the acquisition method. The primary purpose of this business combination is to acquire Datos’ valuable clickstream data software. The Company performed acquisition accounting as of December 1, 2023. The acquisition date fair value of the consideration transferred consisted of the following: Acquisition Date Consideration transferred Fair Value Fair value of the January 2021 and February 2022 Convertible Notes $ 7,530 Cash paid at close 4,255 Other consideration 2,070 Total purchase consideration $ 13,855 The Company determined that the fair value of the assets acquired and liabilities assumed was $19,021, including the fair value of the noncontrolling interest in Datos of $5,166. The fair value of the noncontrolling interest is inclusive of the fair value of the acquired call option, which gives the Company the right, but not the obligation, to purchase the remaining shares in Datos during the period beginning January 1, 2026 and ending on January 1, 2027 (the “Call Option”). The Company estimated the fair value of the noncontrolling interest, inclusive of the Call Option, using an option pricing method (a special case of the income approach), considering the initial transaction price and based on Level 3 significant unobservable inputs such as the total equity value of Datos, forecasted revenues, volatility, and risk-adjusted discount rates. Other consideration includes the deferred purchase payments, the contingent payment, and additional consideration due to the seller. A payment of $501 was made during March 2024 related to other consideration. The remaining fair value of other consideration has been recorded to other current liabilities in the unaudited condensed consolidated balance sheet as of June 30, 2024. The table below summarizes the Company’s purchase price allocation. The allocation of the purchase price is final as of June 30, 2024. Purchase Price Assets acquired Allocation Fair value of tangible assets: Cash and cash equivalents $ 549 Accounts receivable 518 Prepaid expenses and other current assets 320 Property and equipment, net 8 Other long-term assets 3 Identifiable intangible assets 2,780 Goodwill 16,791 Total assets acquired $ 20,969 Liabilities assumed Accounts payable 342 Deferred revenue 367 Accrued expenses 213 Other current liabilities 609 Other long-term liabilities 417 Total Liabilities Assumed $ 1,948 Fair value of assets acquired and liabilities assumed, net $ 19,021 Fair value of noncontrolling interest, including call option $ 5,166 Fair value of controlling interest acquired $ 13,855 The Company recorded $0 and $100 in transaction costs related to the transaction during the three and six months ended June 30, 2024, respectively, which are included in the unaudited condensed consolidated statements of operations and comprehensive income (loss) in its income from continuing operations under the line item, General and administrative . As of December 1, 2023, the results of Datos’ operations are included within the Company’s consolidated financial statements. This business combination did not have a material impact on the Company’s consolidated financial statements. Therefore, actual results of operations subsequent to the acquisition date and pro forma results of operations have not been presented. Traffic Think Tank On February 23, 2023, the Company completed a purchase agreement with Rank, LLC (“Traffic Think Tank”), acquiring certain intangible assets of Traffic Think Tank for total cash consideration of $1,800, of which $360 was paid during February 2024 (the “12-month holdback amount”) and $360 will be paid in 18 months (the “18-month holdback amount”). The remaining consideration was paid upon closing. The 18-month holdback amount is recorded in other current liabilities in the unaudited condensed consolidated balance sheet as of June 30, 2024. The primary purpose of the acquisition was to acquire valuable brand and content related to Traffic Think Tank’s SEO community and courses. This business combination did not have a material impact on the Company’s unaudited condensed consolidated financial statements. Therefore, actual results of operations subsequent to the acquisition date and pro forma results of operations have not been presented. Intangible Assets Intangible assets consist of intangible assets resulting from the Company’s acquisitions and its capitalized internal-use software development costs. Intangible assets consist of the following: As of June 30, 2024 Weighted Average Remaining Useful Life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology 4.0 $ 6,355 $ (2,019) $ 4,336 Trade name 3.7 4,991 (1,826) 3,165 Content 2.1 2,487 (1,319) 1,168 Customer relationships 5.7 9,759 (747) 9,012 Capitalized internal-use software 2.7 12,337 (3,070) 9,267 Total as of June 30, 2024 $ 35,929 $ (8,981) $ 26,948 As of December 31, 2023 Weighted Average Remaining Useful Life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology 4.1 $ 5,604 $ (1,518) $ 4,086 Trade name 3.7 4,451 (1,404) 3,047 Content 2.3 2,387 (1,021) 1,366 Customer relationships 4.4 1,694 (396) 1,298 Capitalized internal-use software 2.8 8,460 (2,174) 6,286 Total as of December 31, 2023 $ 22,596 $ (6,513) $ 16,083 During the three and six months ended June 30, 2024, the Company capitalized $2,329 and $4,369, respectively, of software development costs, which are classified as intangible assets on the accompanying unaudited condensed consolidated balance sheets, and recorded amortization expense associated with its capitalized software development costs of $458 and $904, respectively. During the three and six months ended June 30, 2023, the Company capitalized $1,574 and $2,630, respectively, of software development costs, and recorded amortization expense associated with its capitalized software development costs of $143 and $270, respectively. Amortization expense for acquired intangible assets was $890 and $1,582 for the three and six months ended June 30, 2024, respectively. Amortization expense for acquired intangible assets was $548 and $1,070 for the three and six months ended June 30, 2023, respectively. As of June 30, 2024, future amortization expense is expected to be as follows: Amount Remainder of 2024 $ 3,180 2025 6,259 2026 5,585 2027 3,636 2028 2,523 Thereafter 5,765 Total $ 26,948 Goodwill The changes in the carrying value of goodwill during the six months ended June 30, 2024 were as follows: Amount Balance as of January 1, 2024 $ 24,879 Datos purchase price allocation adjustment (104) Brand 24 acquisition 15,846 Foreign currency translation adjustment 9 Balance as of June 30, 2024 $ 40,630 |
Exit Costs
Exit Costs | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Exit Costs | Exit Costs Commencing in March 2022, the Company began to exit its operations in Russia and relocate employees. As of June 30, 2023, the Company had substantially completed its relocation efforts. All costs associated with the Company’s exit activities are included in the unaudited condensed consolidated statements of operations in its income from continuing operations under the line item, Exit Costs . |
Accrued expenses
Accrued expenses | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Accrued expenses | Accrued expenses Accrued expenses consist of the following: As of June 30, December 31, Employee compensation $ 5,200 $ 7,742 Income taxes payable 6,800 1,810 Other taxes payable 8,764 9,695 Vacation reserves 949 549 Other 75 95 Total accrued expenses $ 21,788 $ 19,891 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company is subject to income taxes in U.S. federal, state, and foreign jurisdictions. For the three and six months ended June 30, 2024, the Company recorded provisions for income taxes of $4,649 and $7,753, respectively. For the three and six months ended June 30, 2023, the Company recorded provisions for income taxes of $869 and $1,666, respectively. The Company’s effective tax rate for the six months ended June 30, 2024 differs from the U.S. statutory rate due primarily to the impact of earnings in foreign jurisdictions and the impact of the requirement to capitalize and amortize certain research and development costs which results in a current U.S. tax provision but no deferred tax benefit as a result of the valuation allowance maintained against our net deferred tax assets. The Company’s income tax expense for the three and six months ended June 30, 2023, respectively, primarily relates to income earned in certain foreign jurisdictions. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. These differences are measured using the enacted statutory tax rates that are expected to be in effect for the years in which differences are expected to reverse. On a periodic basis, the Company reassesses any valuation allowances it maintains on its deferred tax assets, weighing positive and negative evidence to assess the recoverability of the deferred tax assets. The Company maintains a valuation allowance on its net deferred tax assets. |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity Common Stock Reserved for Future Issuance As of June 30, 2024, the Company had reserved the following shares of common stock for future issuance: Options outstanding 5,706,941 Common stock reserved for future issuance 12,150,564 Restricted stock units and performance stock units outstanding 5,988,543 Total authorized shares of common stock reserved for future issuance 23,846,048 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company recorded stock-based compensation expense of $7,166 and $12,281 during the three and six months ended June 30, 2024, respectively, and recorded $3,765 and $6,561 during the three and six months ended June 30, 2023, respectively. The following table shows stock-based compensation expense by where the stock-based compensation expense is recorded in the Company’s unaudited condensed consolidated statement of operations: Three Months Ended Six Months Ended 2024 2023 2024 2023 Cost of revenue $ 59 $ 32 $ 98 $ 49 Sales and marketing 1,209 840 1,979 1,368 Research and development 1,371 542 2,007 885 General and administrative 4,527 2,351 8,197 4,259 Total stock-based compensation $ 7,166 $ 3,765 $ 12,281 $ 6,561 As of June 30, 2024, there was $14,052 of unrecognized compensation cost related to unvested common stock option arrangements, which is expected to be recognized over a weighted-average period of 2.43 years. As of June 30, 2024, there was $46,162 of unrecognized compensation cost related to unvested restricted stock unit awards, which is expected to be recognized over a weighted-average period of 2.57 years. As of June 30, 2024, there was $22,435 of unrecognized compensation cost related to unvested performance stock unit awards, which is expected to be recognized over a weighted-average period of 3.29 years. The fair value of each option award was estimated on the date of grant using the Black-Scholes option-pricing model. As there was no public market for its common stock prior to March 25, 2021, which was the first day of trading, and as the trading history of the Company’s common stock is limited, the Company determined the expected volatility for options granted based on an analysis of reported data for a peer group of companies that issued options with substantially similar terms. The expected volatility of options granted has been determined using an average of the historical volatility measures of this peer group of companies. The expected life of options granted to employees was calculated using the simplified method, which represents the average of the contractual term of the option and the weighted-average vesting period of the option. The Company uses the simplified method because it does not have sufficient historical option exercise data to provide a reasonable basis upon which to estimate expected term. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the share option. The Company has not paid, nor anticipates paying, cash dividends on its ordinary shares; therefore, the expected dividend yield is assumed to be zero. The weighted-average assumptions utilized to determine the fair value of options granted to employees are presented in the following table: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Expected volatility — % 63.0 % 61.8 % 63.2 % Weighted-average risk-free interest rate — % 3.48 % 4.28 % 3.70 % Expected dividend yield — — — — Expected life – in years — 6 6 6 A summary of the Company’s option activity as of June 30, 2024, and changes during the six months then ended are as follows: Number of Options Weighted-Average Exercise Price (per share) Weighted-Average Remaining Contractual Term (in years) Outstanding at January 1, 2024 7,175,494 $ 7.02 7.78 Granted 15,888 12.62 Exercised (1,190,759) 2.56 Forfeited (293,682) 8.64 Outstanding at June 30, 2024 5,706,941 7.88 7.51 Options exercisable at June 30, 2024 3,217,588 6.10 6.74 The Company did not grant option awards during the three months ended June 30, 2024. The weighted-average grant-date fair value of options granted during the six months ended June 30, 2024 was $7.71 per share. The weighted-average grant-date fair value of options granted during the three and six months ended June 30, 2023 was $5.84 and $5.56 per share, respectively. Tax benefits of $554 and $699 were realized from options during the three and six months ended June 30, 2024, respectively. Tax benefits of $(10) and $43 were realized from options during the three and six months ended June 30, 2023, respectively. The aggregate intrinsic value of options outstanding as of June 30, 2024 and December 31, 2023 was $33,047 and $49,221, respectively. The aggregate intrinsic value for options exercised during the three and six months ended June 30, 2024 was $8,628 and $13,663, respectively. The aggregate intrinsic value for options exercised during the three and six months ended June 30, 2023 was $4,694 and $5,402, respectively. The aggregate intrinsic value for options exercisable as of June 30, 2024 and December 31, 2023 was $24,550 and $34,471, respectively. The aggregate intrinsic value was calculated based on the positive difference, if any, between the estimated fair value of the Company’s common stock on June 30, 2024 and December 31, 2023, respectively, or the date of exercise, as appropriate, and the exercise price of the underlying options. During the three and six months ended June 30, 2024, the Company granted to employees RSUs for 1,350,915 and 2,790,878 shares of Class A common stock, respectively. During the three and six months ended June 30, 2023, the Company granted to employees RSUs for 1,317,123 and 1,840,417 shares of Class A common stock, respectively. During the three and six months ended June 30, 2024, the Company recorded stock-based compensation expense related to the RSUs of $4,425 and $7,432, respectively. During the three and six months ended June 30, 2023, the Company recorded stock-based compensation expense related to the RSUs of $2,050 and $3,241, respectively. A summary of RSU activity for the six months ended June 30, 2024 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Aggregate Fair Value Unvested balance at January 1, 2024 2,571,318 $ 9.88 $ 25,405 Granted 2,790,878 12.56 35,053 Vested (831,735) 9.57 7,960 Forfeited (192,887) 9.04 1,744 Unvested balance as of June 30, 2024 4,337,574 $ 11.70 $ 50,750 The Company did not grant PSU awards during the three months ended June 30, 2024. During the six months ended June 30, 2024, the Company granted to employees PSU awards for 1,146,491 shares of Class A common stock, respectively. During the three and six months ended June 30, 2024, $1,131 and $1,565 of stock-based compensation expense has been recognized in connection with PSU awards. respectively. The Company did not grant PSU awards during the three and six months ended June 30, 2023. During the three and six months ended June 30, 2023, $26 and $50 of stock-based compensation expense has been recognized in connection with PSU awards, respectively. A summary of PSU activity for the six months ended June 30, 2024 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Aggregate Fair Value Unvested balance at January 1, 2024 1,077,726 $ 11.61 $ 12,512 Granted 1,146,491 12.56 14,400 Vested — — — Forfeited — — — Unvested balance at June 30, 2024 2,224,217 $ 12.10 $ 26,913 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Data Providers The Company has multi-year commitments with certain data providers through March 31, 2026. As of June 30, 2024, future commitments for data services are as follows: As of June 30, 2024 Remainder of 2024 6,078 2025 14,388 2026 3,266 2027 and thereafter — Total $ 23,732 Litigation From time to time the Company may become involved in legal proceedings or be subject to claims arising in the ordinary course of its business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these ordinary course matters will not have a material adverse effect on its business, operating results, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. Indemnification The Company typically enters into indemnification agreements with customers in the ordinary course of business. Pursuant to these agreements, the Company indemnifies and agrees to reimburse the indemnified party for losses suffered or incurred as a result of claims of intellectual property infringement. These indemnification agreements are provisions of the applicable customer agreement. Based on when clients first sign an agreement for the Company’s service, the maximum potential amount of future payments the Company could be required to make under certain of these indemnification agreements is unlimited. Based on historical experience and information known as of June 30, 2024, the Company has not incurred any costs for the above guarantees and indemnities. In certain circumstances, the Company warrants that its services will perform in all material respects in accordance with its standard published specification documentation in effect at the time of delivery of the services to the customer for the term of the agreement. To date, the Company has not incurred significant expense under its warranties and, as a result, the Company believes the estimated fair value of these agreements is immaterial. |
Components of Other Income, Net
Components of Other Income, Net | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Components of Other Income, Net | Components of Other Income, Net The components of other income , net, for the three months ended three and six months ended June 30, 2024 and 2023 are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Foreign currency exchange gain (loss) $ 128 $ — 573 (638) Interest income, net 2,554 2,243 5,286 4,432 Other income, net (66) 676 396 830 Total other income, net $ 2,616 $ 2,919 $ 6,255 $ 4,624 |
Segment and Geographic Informat
Segment and Geographic Information | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Segment and Geographic Information Disclosure requirements about segments of an enterprise and related information establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information of those segments to be presented in interim financial reports issued to shareholders. Operating segments are defined as components of an enterprise about which separate discrete financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is the chief executive officer. The Company and the chief executive officer view the Company’s operations and manage its business as one operating segment. Geographic Data The Company allocates, for the purpose of geographic data reporting, its revenue based upon the location of the customer. Total revenue by geographic area was as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Revenue: United States $ 42,696 $ 34,797 $ 83,342 $ 69,544 United Kingdom 8,574 7,278 16,898 14,285 Other 39,681 32,618 76,523 61,734 Total revenue $ 90,951 $ 74,693 $ 176,763 $ 145,563 Property and equipment, net by geographic location consists of the following: As of June 30, December 31, Property and equipment, net: United States $ 3,611 $ 3,231 Netherlands 2,030 1,781 Spain 825 807 Czech Republic 222 278 Other 707 589 Total assets $ 7,395 $ 6,686 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In July 2024, the Company completed the Tender Offer for outstanding shares of Brand 24 and purchased 135,500 incremental shares for an aggregate cost of $3.7 million paid using cash on hand. The Tender Offer increased the Company’s ownership to 312,974 shares representing approximately 72% of the shares of Brand 24. In July 2024, the Company acquired all of the outstanding shares of Ryte GmbH ("Ryte"), an enterprise site audit and website performance monitoring company located and based in Germany. The purchase price for the Ryte acquisition totaled $10.5 million, consisting of $8.9 million of cash on hand and approximately $1.6 million of deferred payments. The acquisition will be accounted for as a business combination under ASC 805, Business Combinations . The Company is in the process of finalizing the accounting for this transaction and will complete the preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed by the end of the third quarter of 2024. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements as of and for the year ended December 31, 2023, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of June 30, 2024, and for the three and six months ended June 30, 2024 and 2023. The consolidated balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date. The results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 7, 2024. The accompanying unaudited condensed consolidated financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the unaudited condensed consolidated financial statements. As of June 30, 2024, there have been no material changes in the Company's significant accounting policies from those that were disclosed in the Annual Report on Form 10-K, except as discussed below. |
Principles of Consolidation | Principles of Consolidation |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant estimates relied upon in preparing these unaudited condensed consolidated financial statements include, but are not limited to, revenue recognition, expected future cash flows used to evaluate the recoverability of long-lived assets, contingent liabilities, expensing and capitalization of research and development costs for internal-use software, the average period of benefit associated with costs capitalized to obtain revenue contracts, the determination of the fair value of stock-based awards issued, stock-based compensation expense, the determination of the estimated fair value of loan receivables and convertible notes held by the Company, the valuations of the intangible assets acquired through acquisitions, the estimation of the Company’s incremental borrowing rate, and the recoverability of the Company’s net deferred tax assets and related valuation allowance. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results may differ from management’s estimates if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. |
Subsequent Events Considerations | Subsequent Events Considerations The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the unaudited condensed consolidated financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated as required. See Note 18 for additional information regarding the Company’s subsequent events. |
Revenue Recognition | Revenue Recognition The Company primarily derives revenue from subscriptions to the Company’s SaaS services and related customer support. For the three and six months ended June 30, 2024 and 2023, subscription revenue accounted for nearly all of the Company’s revenue. Revenue related to other revenue was not material for the three and six months ended June 30, 2024 and 2023. The Company offers subscriptions to its platform primarily on a monthly or annual basis. The Company sells its products and services primarily through a self-service model and also directly through its sales force. The Company’s subscription arrangements provide customers the right to access the Company’s hosted software applications. Customers do not have the right to take possession of the Company’s software during the hosting arrangement. Subscriptions are generally non-cancellable during the contractual subscription term; however, subscription contracts contain a right to a refund if requested within seven days of purchase. The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration it expects to receive in exchange for those products or services. There were no changes to the Company’s revenue recognition policies since the filing of its Annual Report on Form 10-K with the SEC on March 7, 2024. Amounts that have been invoiced are recorded in accounts receivable and in deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. The Company primarily invoices and collects payments from customers for its services in advance on a monthly or annual basis. Deferred revenue represents amounts billed for which revenue has not yet been recognized. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as deferred revenue, and the remaining portion is recorded as deferred revenue, net of current portion. Deferred revenue increased by $8,185 as of June 30, 2024 compared to December 31, 2023. During the three and six months ended June 30, 2024, $32,354 and $39,426 of revenue was recognized that was included in deferred revenue at the beginning of each respective period. During the three and six months ended June 30, 2023, $27,865 and $37,831 of revenue was recognized that was included in deferred revenue at the beginning of each respective period. The Company has elected to exclude amounts charged to customers for sales tax from the transaction price. Accordingly, revenue is presented net of any sales tax collected from customers. Transaction Price Allocated to Future Performance Obligations ASC 606 requires that the Company disclose the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied as of the balance sheet dates reported. For contracts with an original expected duration greater than one year, the aggregate amount of the transaction price allocated to the performance obligations that were unsatisfied as of June 30, 2024 was $1,207, of which the Company expects to recognize $970 over the next 12 months. For contracts with an original expected duration of one year or less, the Company has applied the practical expedient available under ASC 606 to not disclose the amount of transaction price allocated to unsatisfied performance obligations as of June 30, 2024. For performance obligations not satisfied as of June 30, 2024, and to which this expedient applies, the nature of the performance obligations is consistent with performance obligations satisfied as of December 31, 2023. Costs to Obtain a Contract The incremental direct costs of obtaining a contract, which primarily consist of sales commissions paid for new subscription contracts, are deferred and recorded as deferred contract costs in the unaudited condensed consolidated balance sheets and are amortized over a period of approximately 24 months on a systematic basis, consistent with the pattern of transfer of the goods or services to which the asset relates. The 24-month period represents the estimated benefit period of the customer relationship and has been determined by taking into consideration the type of product sold, the commitment term of the customer contract, the nature of the Company’s technology development life-cycle, and an estimated customer relationship period based on historical experience and future expectations. Deferred contract costs that will be recorded as expense during the succeeding 12-month period are recorded as deferred contract costs, current portion, and the remaining portion is recorded as deferred contract costs, net of current portion. Amortization of deferred contract costs is included in sales and marketing expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss). |
Concentrations of Credit Risk and Significant Customers | Concentrations of Credit Risk and Significant Customers The Company has no off-balance sheet risk, such as foreign exchange contracts, option contracts, or other hedging arrangements. Credit losses historically have not been significant and the Company generally has not experienced any material losses related to receivables from individual customers, or groups of customers. Due to these factors, no additional credit risk beyond amounts provided for collection losses is believed by management to be probable in the Company's accounts receivable. Credit risk with respect to accounts receivable is dispersed due to the large number of customers of the Company. The Company routinely assesses the creditworthiness of its customers and generally does not require its customers to provide collateral or other security to support accounts receivable. Credit losses historically have not been significant and the Company generally has not experienced any material losses related to receivables from individual customers, or groups of customers. Due to these factors, no additional credit risk beyond amounts provided for collection losses is believed by management to be probable in the Company's accounts receivable. |
Disclosure of Fair Value of Financial Instruments | Disclosure of Fair Value of Financial Instruments The Company’s financial instruments include cash, cash equivalents, investments, accounts receivable, loan receivables, accounts payable, and accrued expenses. The Company’s investments are classified as available-for-sale and reported at fair value in accordance with the market approach utilizing quoted prices that were directly or indirectly observable. The Company has elected the fair value option in respect to the accounting for its loan receivable investment, resulting in increases and decreases in the fair value of such investments being recorded to other income, net for each reporting period. The carrying amount of the remainder of the Company’s financial instruments approximated their fair values as of June 30, 2024 and December 31, 2023, due to the short-term nature of these instruments. Cash equivalents include money market funds with original maturities of 90 days or less from the date of purchase. The fair value measurement of these assets is based on quoted market prices in active markets for identical assets and, therefore, these assets are recorded at fair value on a recurring basis and classified as Level 1 in the fair value hierarchy. The Company’s investments primarily consist of U.S. treasury securities. The fair value measurement of these assets is based on significant other observable inputs and, therefore, these assets are recorded at fair value on a recurring basis and classified as Level 2 in the fair value hierarchy. |
Foreign Currency Translation | Foreign Currency Translation |
Comprehensive Income (Loss) | Comprehensive income (loss) Comprehensive income (loss) is comprised of two components: net income (loss) and other comprehensive income (loss), which includes other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the three and six months ended June 30, 2024 and 2023 , comprehensive income (loss) consists of net income (loss), the change in the cumulative foreign currency translation adjustment, and unrealized loss on investments. The tax effect of the cumulative foreign currency translation adjustment and unrealized loss on investments was not significant for the three and six months ended June 30, 2024 and 2023 |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) . ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting ASU 2023-07 on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)-Improvements to Income Tax Disclosures (“ASU 2023-09”) . ASU 2023-09 requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, ASU 2023-09 requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in ASU 2023-09 are required to be adopted for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis although retrospective application is permitted. The Company is evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements and disclosures. |
Cash, Cash Equivalents, Restr_2
Cash, Cash Equivalents, Restricted Cash, and Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash, Cash Equivalents and Investments | The following is a summary of cash, cash equivalents, and investments as of June 30, 2024 and December 31, 2023: Amortized Gross Gross Estimated June 30, 2024 Cash and cash equivalents $ 69,636 $ — $ (10) $ 69,626 Investments: U.S. treasury securities 162,946 12 (1,052) 161,906 Total investments 162,946 12 (1,052) 161,906 Total cash, cash equivalents, and investments $ 232,582 $ 12 $ (1,062) $ 231,532 Amortized Gross Gross Estimated December 31, 2023 Cash and cash equivalents $ 58,848 $ — $ — $ 58,848 Investments: U.S. treasury securities due in one year or less 179,843 265 (387) 179,721 Total investments 179,843 265 (387) 179,721 Total cash, cash equivalents and investments $ 238,691 $ 265 $ (387) $ 238,569 |
Schedule of Reconciliation of Cash and Cash Equivalents | The following table is a reconciliation of cash, cash equivalents, and restricted cash included in the accompanying unaudited condensed consolidated balance sheets that sum to the total cash, cash equivalents, and restricted cash included in the accompanying unaudited condensed consolidated statements of cash flows: As of June 30, 2024 2023 Cash and cash equivalents $ 69,626 $ 24,072 Restricted cash included in "other long-term assets" 185 — Restricted cash included in "prepaid expenses and other current assets" $ 11,718 $ — Cash, cash equivalents, and restricted cash $ 81,529 $ 24,072 |
Schedule of Reconciliation of Restrictions on Cash and Cash Equivalents | The following table is a reconciliation of cash, cash equivalents, and restricted cash included in the accompanying unaudited condensed consolidated balance sheets that sum to the total cash, cash equivalents, and restricted cash included in the accompanying unaudited condensed consolidated statements of cash flows: As of June 30, 2024 2023 Cash and cash equivalents $ 69,626 $ 24,072 Restricted cash included in "other long-term assets" 185 — Restricted cash included in "prepaid expenses and other current assets" $ 11,718 $ — Cash, cash equivalents, and restricted cash $ 81,529 $ 24,072 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Schedule of Lease Cost and Weighted-Average Lease Term and Discount Rate | The components of lease expense were as follows: Three Months Ended Six Months Ended June 30, 2024 2024 Operating lease cost $ 1,294 $ 2,646 Short-term lease cost 183 411 Variable lease cost 1,169 2,365 Total lease cost $ 2,646 $ 5,422 Three Months Ended Six Months Ended June 30, 2024 2024 Amortization of lease assets $ 81 $ 652 Interest on lease liabilities 6 15 Total finance lease cost $ 87 $ 667 Weighted-average remaining lease term and discount rate were as follows: As of June 30, 2024 Weighted-average remaining lease term (in years) Operating leases 3.1 Finance leases 1.2 Weighted-average discount rate Operating leases 5.6 % Finance leases 6.7 % |
Schedule of Future Minimum Amounts Payable of Operating Leases | Future minimum amounts payable as of June 30, 2024 were as follows: As of June 30, 2024 Operating Leases Finance Remainder of 2024 $ 2,481 $ 149 2025 4,509 194 2026 3,686 — 2027 2,062 — 2028 825 — Thereafter — — Total lease payments 13,563 343 Less: imputed interest (650) (51) Total lease liabilities $ 12,913 $ 292 |
Schedule of Future Minimum Amounts Payable of Finance Leases | Future minimum amounts payable as of June 30, 2024 were as follows: As of June 30, 2024 Operating Leases Finance Remainder of 2024 $ 2,481 $ 149 2025 4,509 194 2026 3,686 — 2027 2,062 — 2028 825 — Thereafter — — Total lease payments 13,563 343 Less: imputed interest (650) (51) Total lease liabilities $ 12,913 $ 292 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, by Balance Sheet Grouping | The following tables summarize financial assets and liabilities measured and recorded at fair value on a recurring basis in the accompanying consolidated balance sheets as of June 30, 2024 and December 31, 2023, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: June 30, 2024 Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs) Significant Other Observable Inputs (Level 2 Inputs) Significant Unobservable Inputs Total Assets: Money market funds $ 19,272 $ — $ — $ 19,272 U.S. treasury securities — 161,906 — 161,906 Commercial paper — 19,939 — 19,939 Investment loan receivable (See Note 7) — — 7,083 7,083 Total assets $ 19,272 $ 181,845 $ 7,083 $ 208,200 Liabilities: Contingent consideration $ — $ — $ 751 $ 751 Total liabilities $ — $ — $ 751 $ 751 December 31, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs) Significant Other Observable Inputs (Level 2 Inputs) Significant Unobservable Inputs Total Assets: Money market funds $ 54,269 $ — $ — $ 54,269 U.S. treasury securities — 179,721 — 179,721 Total assets $ 54,269 $ 179,721 $ — $ 233,990 Liabilities: Contingent consideration $ — $ — $ 597 $ 597 Total liabilities $ — $ — $ 597 $ 597 |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following table represents the key inputs used in the fair value calculations: June 30, 2024 December 31, 2023 Risk free interest rate 5.00 % 4.80 % Projected year of payment 2025 2025 Revenue volatility 10.0 % 11.0 % Discount rate 7.60 % 7.70 % |
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | A rollforward of the fair value measurements of the contingent consideration liability for the six months ended June 30, 2024 is as follows: Balance as of December 31, 2023 $ 597 Change in fair value and expense recognized for service period rendered 21 Balance as of March 31, 2024 618 Change in fair value and expense recognized for service period rendered 133 Balance as of June 30, 2024 751 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consists of the following: As of June 30, December 31, Computer equipment $ 13,060 $ 11,084 Furniture and office equipment 1,947 1,965 Leasehold improvements 2,803 2,469 Total property and equipment 17,810 15,518 Less: accumulated depreciation and amortization (10,415) (8,832) Property and equipment, net $ 7,395 $ 6,686 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | The following table presents a reconciliation of weighted-average shares outstanding used in the calculation of basic and diluted net income (loss) per share: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Weighted-average shares outstanding: Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders—basic 145,678,323 142,239,140 145,121,951 141,946,425 Dilutive effect of share equivalents resulting from stock options 1,940,654 — 2,066,972 — Dilutive effect of share equivalents resulting from restricted stock units 1,206,334 — 1,072,484 — Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders—diluted 148,825,311 142,239,140 148,261,407 141,946,425 |
Schedule of Potentially Dilutive Common Stock Equivalents | The following potentially dilutive common stock equivalents, including stock options and restricted stock units, have been excluded from the calculation of diluted weighted-average shares outstanding for the three and six months ended June 30, 2024 and 2023 because to do so would have been anti-dilutive for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Stock options outstanding 2,321,962 8,619,112 3,445,481 8,619,112 Unvested RSUs 930,049 2,783,782 1,442,837 2,783,782 3,252,011 11,402,894 4,888,318 11,402,894 |
Acquisitions, Intangible Asse_2
Acquisitions, Intangible Assets, and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The acquisition date fair value of the consideration transferred consisted of the following: Acquisition Date Consideration transferred Fair Value Cash paid at close $ 10,650 Fair value of deferred purchase payments 2,878 Consideration transferred $ 13,528 Redeemable noncontrolling interest 9,846 Total purchase consideration $ 23,374 Acquisition Date Consideration transferred Fair Value Fair value of the January 2021 and February 2022 Convertible Notes $ 7,530 Cash paid at close 4,255 Other consideration 2,070 Total purchase consideration $ 13,855 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The table below summarizes the Company’s preliminary purchase price allocation. The allocation of the purchase price is preliminary as of June 30, 2024 as the Company continues to gather information supporting the acquired assets and liabilities to finalize the purchase price allocation. Purchase Price Assets acquired Allocation Fair value of tangible assets: Cash and cash equivalents $ 1,502 Accounts Receivable 139 Other assets 686 Identifiable intangible assets 9,350 Goodwill 15,846 Total assets acquired $ 27,523 Liabilities assumed Deferred revenue, current 847 Deferred tax liabilities 1,411 Other liabilities 1,891 Total Liabilities Assumed $ 4,149 Fair value of assets acquired and liabilities assumed, net $ 23,374 Fair value of redeemable noncontrolling interest $ 9,846 Fair value of controlling interest acquired $ 13,528 Purchase Price Assets acquired Allocation Fair value of tangible assets: Cash and cash equivalents $ 549 Accounts receivable 518 Prepaid expenses and other current assets 320 Property and equipment, net 8 Other long-term assets 3 Identifiable intangible assets 2,780 Goodwill 16,791 Total assets acquired $ 20,969 Liabilities assumed Accounts payable 342 Deferred revenue 367 Accrued expenses 213 Other current liabilities 609 Other long-term liabilities 417 Total Liabilities Assumed $ 1,948 Fair value of assets acquired and liabilities assumed, net $ 19,021 Fair value of noncontrolling interest, including call option $ 5,166 Fair value of controlling interest acquired $ 13,855 |
Schedule of Intangible Assets | Intangible assets consist of the following: As of June 30, 2024 Weighted Average Remaining Useful Life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology 4.0 $ 6,355 $ (2,019) $ 4,336 Trade name 3.7 4,991 (1,826) 3,165 Content 2.1 2,487 (1,319) 1,168 Customer relationships 5.7 9,759 (747) 9,012 Capitalized internal-use software 2.7 12,337 (3,070) 9,267 Total as of June 30, 2024 $ 35,929 $ (8,981) $ 26,948 As of December 31, 2023 Weighted Average Remaining Useful Life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology 4.1 $ 5,604 $ (1,518) $ 4,086 Trade name 3.7 4,451 (1,404) 3,047 Content 2.3 2,387 (1,021) 1,366 Customer relationships 4.4 1,694 (396) 1,298 Capitalized internal-use software 2.8 8,460 (2,174) 6,286 Total as of December 31, 2023 $ 22,596 $ (6,513) $ 16,083 |
Schedule of Future Amortization Expense | As of June 30, 2024, future amortization expense is expected to be as follows: Amount Remainder of 2024 $ 3,180 2025 6,259 2026 5,585 2027 3,636 2028 2,523 Thereafter 5,765 Total $ 26,948 |
Schedule of Goodwill | The changes in the carrying value of goodwill during the six months ended June 30, 2024 were as follows: Amount Balance as of January 1, 2024 $ 24,879 Datos purchase price allocation adjustment (104) Brand 24 acquisition 15,846 Foreign currency translation adjustment 9 Balance as of June 30, 2024 $ 40,630 |
Accrued expenses (Tables)
Accrued expenses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following: As of June 30, December 31, Employee compensation $ 5,200 $ 7,742 Income taxes payable 6,800 1,810 Other taxes payable 8,764 9,695 Vacation reserves 949 549 Other 75 95 Total accrued expenses $ 21,788 $ 19,891 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of Common Stock Reserved for Future Issuance | As of June 30, 2024, the Company had reserved the following shares of common stock for future issuance: Options outstanding 5,706,941 Common stock reserved for future issuance 12,150,564 Restricted stock units and performance stock units outstanding 5,988,543 Total authorized shares of common stock reserved for future issuance 23,846,048 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense | The following table shows stock-based compensation expense by where the stock-based compensation expense is recorded in the Company’s unaudited condensed consolidated statement of operations: Three Months Ended Six Months Ended 2024 2023 2024 2023 Cost of revenue $ 59 $ 32 $ 98 $ 49 Sales and marketing 1,209 840 1,979 1,368 Research and development 1,371 542 2,007 885 General and administrative 4,527 2,351 8,197 4,259 Total stock-based compensation $ 7,166 $ 3,765 $ 12,281 $ 6,561 |
Schedule of Weighted-Average Assumptions to Determine Fair Value | The weighted-average assumptions utilized to determine the fair value of options granted to employees are presented in the following table: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Expected volatility — % 63.0 % 61.8 % 63.2 % Weighted-average risk-free interest rate — % 3.48 % 4.28 % 3.70 % Expected dividend yield — — — — Expected life – in years — 6 6 6 |
Schedule of Option Activity | A summary of the Company’s option activity as of June 30, 2024, and changes during the six months then ended are as follows: Number of Options Weighted-Average Exercise Price (per share) Weighted-Average Remaining Contractual Term (in years) Outstanding at January 1, 2024 7,175,494 $ 7.02 7.78 Granted 15,888 12.62 Exercised (1,190,759) 2.56 Forfeited (293,682) 8.64 Outstanding at June 30, 2024 5,706,941 7.88 7.51 Options exercisable at June 30, 2024 3,217,588 6.10 6.74 |
Schedule of Restricted Stock Unit Activity | A summary of RSU activity for the six months ended June 30, 2024 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Aggregate Fair Value Unvested balance at January 1, 2024 2,571,318 $ 9.88 $ 25,405 Granted 2,790,878 12.56 35,053 Vested (831,735) 9.57 7,960 Forfeited (192,887) 9.04 1,744 Unvested balance as of June 30, 2024 4,337,574 $ 11.70 $ 50,750 |
Schedule of Performance Share Units Activity | A summary of PSU activity for the six months ended June 30, 2024 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Aggregate Fair Value Unvested balance at January 1, 2024 1,077,726 $ 11.61 $ 12,512 Granted 1,146,491 12.56 14,400 Vested — — — Forfeited — — — Unvested balance at June 30, 2024 2,224,217 $ 12.10 $ 26,913 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Other Commitments | As of June 30, 2024, future commitments for data services are as follows: As of June 30, 2024 Remainder of 2024 6,078 2025 14,388 2026 3,266 2027 and thereafter — Total $ 23,732 |
Components of Other Income, N_2
Components of Other Income, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of Components of Other Income, Net | The components of other income , net, for the three months ended three and six months ended June 30, 2024 and 2023 are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Foreign currency exchange gain (loss) $ 128 $ — 573 (638) Interest income, net 2,554 2,243 5,286 4,432 Other income, net (66) 676 396 830 Total other income, net $ 2,616 $ 2,919 $ 6,255 $ 4,624 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Total Revenue by Geographic Area | Total revenue by geographic area was as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Revenue: United States $ 42,696 $ 34,797 $ 83,342 $ 69,544 United Kingdom 8,574 7,278 16,898 14,285 Other 39,681 32,618 76,523 61,734 Total revenue $ 90,951 $ 74,693 $ 176,763 $ 145,563 |
Schedule of Property and Equipment, Net by Geographic Location | Property and equipment, net by geographic location consists of the following: As of June 30, December 31, Property and equipment, net: United States $ 3,611 $ 3,231 Netherlands 2,030 1,781 Spain 825 807 Czech Republic 222 278 Other 707 589 Total assets $ 7,395 $ 6,686 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Subscription contract, refund period | 7 days | |||
Increase (decrease) in deferred revenue | $ 8,185 | |||
Revenue recognized that was included in deferred revenue at the beginning of each period | $ 32,354 | $ 27,865 | 39,426 | $ 37,831 |
Aggregate amount of transaction price | $ 1,207 | $ 1,207 | ||
Amortization period of deferred contract costs | 24 months | 24 months | ||
Foreign currency exchange gain (loss) | $ 128 | $ 0 | $ 573 | $ (638) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Aggregate amount of transaction price | $ 970 | $ 970 | ||
Remaining performance obligation, expected timing of satisfaction | 12 months | 12 months |
Cash, Cash Equivalents, Restr_3
Cash, Cash Equivalents, Restricted Cash, and Investments - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Debt Securities, Available-for-Sale [Line Items] | |||
Debt securities, realized gain (loss) | $ 0 | $ 0 | |
Unrealized loss position, less than 12 months | 88,741 | $ 89,381 | |
Unrealized loss position, 12 months or longer | 55,382 | $ 0 | |
Restricted cash | 11,903 | ||
Restricted cash included in "prepaid expenses and other current assets" | 11,718 | 0 | |
Restricted cash, noncurrent | 185 | $ 0 | |
U.S. treasury securities | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Marketable securities with maturities within one year | 40,203 | ||
Marketable securities with maturities after one year and within three years | $ 121,703 |
Cash, Cash Equivalents, Restr_4
Cash, Cash Equivalents, Restricted Cash, and Investments - Schedule of Cash, Cash Equivalents and Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost, Cash and cash equivalents | $ 69,636 | $ 58,848 |
Amortized Cost, Investments | 162,946 | 179,843 |
Amortized Cost, Total cash, cash equivalents and investments | 232,582 | 238,691 |
Gross Unrealized Gains | 12 | 265 |
Gross Unrealized Losses | (1,052) | (387) |
Gross Unrealized Loss, Total cash, cash equivalents and investments | (1,062) | |
Estimated Fair Value, Cash and cash equivalents | 69,626 | 58,848 |
Estimated Fair Value, Investments | 161,906 | 179,721 |
Estimated Fair Value, Total cash, cash equivalents and investments | 231,532 | 238,569 |
Commercial paper | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Gross Unrealized Losses | (10) | |
U.S. treasury securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost, Investments | 162,946 | 179,843 |
Gross Unrealized Gains | 12 | 265 |
Gross Unrealized Losses | (1,052) | (387) |
Estimated Fair Value, Investments | $ 161,906 | $ 179,721 |
Cash, Cash Equivalents, Restr_5
Cash, Cash Equivalents, Restricted Cash, and Investments - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 69,626 | $ 58,848 | $ 24,072 | |
Restricted cash included in "other long-term assets" | 185 | 0 | ||
Restricted cash included in "prepaid expenses and other current assets" | 11,718 | 0 | ||
Cash, cash equivalents, and restricted cash | $ 81,529 | $ 58,848 | $ 24,072 | $ 79,765 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Leases [Abstract] | ||
Operating lease cost | $ 1,294 | $ 2,646 |
Short-term lease cost | 183 | 411 |
Variable lease cost | 1,169 | 2,365 |
Total lease cost | $ 2,646 | $ 5,422 |
Leases - Finance Lease Cost (De
Leases - Finance Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Leases [Abstract] | ||
Amortization of lease assets | $ 81 | $ 652 |
Interest on lease liabilities | 6 | 15 |
Total finance lease cost | $ 87 | $ 667 |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Term and Discount Rate of Leases (Details) | Jun. 30, 2024 |
Weighted-average remaining lease term (in years) | |
Operating leases | 3 years 1 month 6 days |
Finance leases | 1 year 2 months 12 days |
Weighted-average discount rate | |
Operating leases | 5.60% |
Finance leases | 6.70% |
Leases - Future Minimum Amounts
Leases - Future Minimum Amounts Payable (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Operating Leases | |
Remainder of 2024 | $ 2,481 |
2025 | 4,509 |
2026 | 3,686 |
2027 | 2,062 |
2028 | 825 |
Thereafter | 0 |
Total lease payments | 13,563 |
Less: imputed interest | (650) |
Total lease liabilities | 12,913 |
Finance Leases | |
Remainder of 2024 | 149 |
2025 | 194 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
Thereafter | 0 |
Total lease payments | 343 |
Less: imputed interest | (51) |
Total lease liabilities | $ 292 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other current liabilities, Other long-term liabilities |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Rent expense | $ 1,477 | $ 1,318 | $ 3,056 | $ 2,469 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 |
Assets: | |||
Money market funds | $ 69,626 | $ 58,848 | |
Short-term investments | 161,906 | 179,721 | |
Investment loan receivable (See Note 7) | $ 7,000 | ||
U.S. treasury securities | |||
Assets: | |||
Short-term investments | 161,906 | 179,721 | |
Fair Value, Recurring | |||
Assets: | |||
Investment loan receivable (See Note 7) | 7,083 | ||
Total assets | 208,200 | 233,990 | |
Liabilities: | |||
Contingent consideration | 751 | 597 | |
Total liabilities | 751 | 597 | |
Fair Value, Recurring | U.S. treasury securities | |||
Assets: | |||
Short-term investments | 161,906 | 179,721 | |
Fair Value, Recurring | Commercial paper | |||
Assets: | |||
Short-term investments | 19,939 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs) | Fair Value, Recurring | |||
Assets: | |||
Investment loan receivable (See Note 7) | 0 | ||
Total assets | 19,272 | 54,269 | |
Liabilities: | |||
Contingent consideration | 0 | 0 | |
Total liabilities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs) | Fair Value, Recurring | U.S. treasury securities | |||
Assets: | |||
Short-term investments | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs) | Fair Value, Recurring | Commercial paper | |||
Assets: | |||
Short-term investments | 0 | ||
Significant Other Observable Inputs (Level 2 Inputs) | Fair Value, Recurring | |||
Assets: | |||
Investment loan receivable (See Note 7) | 0 | ||
Total assets | 181,845 | 179,721 | |
Liabilities: | |||
Contingent consideration | 0 | 0 | |
Total liabilities | 0 | 0 | |
Significant Other Observable Inputs (Level 2 Inputs) | Fair Value, Recurring | U.S. treasury securities | |||
Assets: | |||
Short-term investments | 161,906 | 179,721 | |
Significant Other Observable Inputs (Level 2 Inputs) | Fair Value, Recurring | Commercial paper | |||
Assets: | |||
Short-term investments | 19,939 | ||
Significant Unobservable Inputs (Level 3 Inputs) | Fair Value, Recurring | |||
Assets: | |||
Investment loan receivable (See Note 7) | 7,083 | ||
Total assets | 7,083 | 0 | |
Liabilities: | |||
Contingent consideration | 751 | 597 | |
Total liabilities | 751 | 597 | |
Significant Unobservable Inputs (Level 3 Inputs) | Fair Value, Recurring | U.S. treasury securities | |||
Assets: | |||
Short-term investments | 0 | 0 | |
Significant Unobservable Inputs (Level 3 Inputs) | Fair Value, Recurring | Commercial paper | |||
Assets: | |||
Short-term investments | 0 | ||
Money market funds | Fair Value, Recurring | |||
Assets: | |||
Money market funds | 19,272 | 54,269 | |
Money market funds | Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs) | Fair Value, Recurring | |||
Assets: | |||
Money market funds | 19,272 | 54,269 | |
Money market funds | Significant Other Observable Inputs (Level 2 Inputs) | Fair Value, Recurring | |||
Assets: | |||
Money market funds | 0 | 0 | |
Money market funds | Significant Unobservable Inputs (Level 3 Inputs) | Fair Value, Recurring | |||
Assets: | |||
Money market funds | $ 0 | $ 0 |
Fair Value Measurement - Narrat
Fair Value Measurement - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value Disclosures [Abstract] | ||
Contingent consideration | $ 751 | $ 597 |
Fair Value Measurement - Sche_2
Fair Value Measurement - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) | Jun. 30, 2024 | Dec. 31, 2023 |
Risk free interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration, measurement input | 0.0500 | 0.0480 |
Revenue volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration, measurement input | 0.100 | 0.110 |
Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration, measurement input | 0.0760 | 0.0770 |
Fair Value Measurement - Sche_3
Fair Value Measurement - Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Contingent Consideration Liability - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2024 | Mar. 31, 2024 | |
Fair Value of Contingent Consideration Liability [Roll Forward] | ||
Beginning balance | $ 618 | $ 597 |
Change in fair value and expense recognized for service period rendered | 133 | 21 |
Ending balance | $ 751 | $ 618 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 17,810 | $ 15,518 |
Less: accumulated depreciation and amortization | (10,415) | (8,832) |
Property and equipment, net | 7,395 | 6,686 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 13,060 | 11,084 |
Furniture and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 1,947 | 1,965 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 2,803 | $ 2,469 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 744 | $ 957 | $ 1,783 | $ 1,795 |
Other Assets - Investment Loan
Other Assets - Investment Loan Receivable (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Mar. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Funding of investment loan receivable | $ 7,000 | $ 7,000 | $ 0 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment loan receivable | $ 7,000 | ||
Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment loan receivable | 7,083 | ||
Significant Unobservable Inputs (Level 3 Inputs) | Fair Value, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment loan receivable | $ 7,083 |
Net Income (Loss) Per Share - R
Net Income (Loss) Per Share - Reconciliation of Weighted Average Shares Outstanding (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders—basic (in shares) | 145,678,323 | 142,239,140 | 145,121,951 | 141,946,425 |
Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders—diluted (in shares) | 148,825,311 | 142,239,140 | 148,261,407 | 141,946,425 |
Options outstanding | ||||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Dilutive effect of share equivalents (in shares) | 1,940,654 | 0 | 2,066,972 | 0 |
Restricted stock units | ||||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Dilutive effect of share equivalents (in shares) | 1,206,334 | 0 | 1,072,484 | 0 |
Net Income (Loss) Per Share - P
Net Income (Loss) Per Share - Potentially Dilutive Common Stock Equivalents (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive common stock equivalents (in shares) | 3,252,011 | 11,402,894 | 4,888,318 | 11,402,894 |
Stock options outstanding | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive common stock equivalents (in shares) | 2,321,962 | 8,619,112 | 3,445,481 | 8,619,112 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive common stock equivalents (in shares) | 930,049 | 2,783,782 | 1,442,837 | 2,783,782 |
Performance Shares | Class A Common Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive common stock equivalents (in shares) | 1,128,021 | 1,077,726 | 1,128,021 | 1,077,726 |
Acquisitions, Intangible Asse_3
Acquisitions, Intangible Assets, and Goodwill - Acquisitions, Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Nov. 12, 2025 USD ($) | Dec. 31, 2024 USD ($) | Apr. 29, 2024 USD ($) payment | Dec. 01, 2023 USD ($) | Feb. 23, 2023 USD ($) | May 31, 2024 zł / shares shares | Mar. 31, 2024 USD ($) | Feb. 28, 2024 USD ($) | Jun. 30, 2024 USD ($) shares | Jun. 30, 2024 USD ($) shares | Dec. 31, 2023 | |
Business Acquisition [Line Items] | |||||||||||
Adjustments to additional paid-in capital for the difference between the acquisition date fair value of redeemable noncontrolling interest and Tender Offer | $ 978 | ||||||||||
Reclassifications of Tender Offer obligations from redeemable noncontrolling interest to other current liabilities | (2,021) | ||||||||||
Brand 24 Management | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Post-acquisition compensation expense awarded to certain members of management | 150 | $ 150 | |||||||||
Subsidiaries | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Adjustments to additional paid-in capital for the difference between the acquisition date fair value of redeemable noncontrolling interest and Tender Offer | $ 978 | ||||||||||
Subsidiaries | Brand24 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Tender Offer, number of shares to be purchased (in shares) | shares | 944,616 | ||||||||||
Tender Offer, subscription price per share (in PLN per share) | zł / shares | zł 47 | ||||||||||
Tender Offer, number of shares to be sold (in shares) | shares | 177,474 | 177,474 | |||||||||
Customer relationships | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Useful life of acquired intangibles (in years) | 5 years 8 months 12 days | 4 years 4 months 24 days | |||||||||
Developed technology | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Useful life of acquired intangibles (in years) | 4 years | 4 years 1 month 6 days | |||||||||
Trade name | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Useful life of acquired intangibles (in years) | 3 years 8 months 12 days | 3 years 8 months 12 days | |||||||||
Brand24 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Outstanding capital acquired (as percent) | 58% | ||||||||||
Consideration transferred | $ 23,374 | ||||||||||
Fair value of noncontrolling noncontrolling interest, including call option | $ 9,846 | $ 9,846 | $ 9,846 | ||||||||
Number of deferred purchase payments | payment | 2 | ||||||||||
Fair value of deferred purchase payments | $ 2,878 | ||||||||||
Deferred purchase payments, interest accrual (as a percent) | 2.50% | ||||||||||
Identifiable intangible assets | 9,350 | 9,350 | |||||||||
Transaction cost | 225 | 389 | |||||||||
Fair value of assets acquired and liabilities assumed, net | 23,374 | 23,374 | |||||||||
Consideration transferred | $ 13,528 | ||||||||||
Cash consideration for acquisition | $ 10,650 | ||||||||||
Brand24 | Customer relationships | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Useful life of acquired intangibles (in years) | 6 years | ||||||||||
Brand24 | Developed technology | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Useful life of acquired intangibles (in years) | 5 years | ||||||||||
Brand24 | Trade name | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Useful life of acquired intangibles (in years) | 5 years | ||||||||||
Brand24 | Forecast | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Fair value of deferred purchase payments | $ 1,500 | $ 1,500 | |||||||||
Datos | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Outstanding capital acquired (as percent) | 60% | ||||||||||
Fair value of noncontrolling noncontrolling interest, including call option | $ 5,166 | 5,166 | 5,166 | ||||||||
Identifiable intangible assets | 2,780 | 2,780 | |||||||||
Transaction cost | 0 | 100 | |||||||||
Fair value of assets acquired and liabilities assumed, net | 19,021 | $ 19,021 | $ 19,021 | ||||||||
Other consideration | $ 501 | ||||||||||
Consideration transferred | 13,855 | ||||||||||
Cash consideration for acquisition | $ 4,255 | ||||||||||
Traffic Think Tank | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Consideration transferred | $ 1,800 | ||||||||||
Traffic Think Tank | 12-Month Holdback Amount | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash consideration for acquisition | $ 360 | ||||||||||
Business combination, holdback period | 12 months | ||||||||||
Traffic Think Tank | 18-Month Holdback Amount | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business combination, holdback amount | $ 360 | ||||||||||
Business combination, holdback period | 18 months |
Acquisitions, Intangible Asse_4
Acquisitions, Intangible Assets, and Goodwill - Schedule of Business Acquisitions (Details) - USD ($) $ in Thousands | Apr. 29, 2024 | Dec. 01, 2023 | Feb. 23, 2023 |
Brand24 | |||
Business Acquisition [Line Items] | |||
Cash paid at close | $ 10,650 | ||
Fair value of deferred purchase payments | 2,878 | ||
Consideration transferred | 13,528 | ||
Redeemable noncontrolling interest | 9,846 | ||
Total purchase consideration | $ 23,374 | ||
Datos | |||
Business Acquisition [Line Items] | |||
Fair value of the January 2021 and February 2022 Convertible Notes | $ 7,530 | ||
Cash paid at close | 4,255 | ||
Other consideration | 2,070 | ||
Consideration transferred | $ 13,855 | ||
Traffic Think Tank | |||
Business Acquisition [Line Items] | |||
Consideration transferred | $ 1,800 |
Acquisitions, Intangible Asse_5
Acquisitions, Intangible Assets, and Goodwill - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Apr. 29, 2024 | Dec. 31, 2023 | Dec. 01, 2023 |
Fair value of tangible assets: | ||||
Goodwill | $ 40,630 | $ 24,879 | ||
Datos | ||||
Fair value of tangible assets: | ||||
Cash and cash equivalents | 549 | |||
Accounts receivable | 518 | |||
Prepaid expenses and other current assets | 320 | |||
Property and equipment, net | 8 | |||
Other long-term assets | 3 | |||
Identifiable intangible assets | 2,780 | |||
Goodwill | 16,791 | |||
Total assets acquired | 20,969 | |||
Liabilities assumed | ||||
Accounts payable | 342 | |||
Deferred revenue | 367 | |||
Accrued expenses | 213 | |||
Other current liabilities | 609 | |||
Other long-term liabilities | 417 | |||
Total Liabilities Assumed | 1,948 | |||
Fair value of assets acquired and liabilities assumed, net | 19,021 | $ 19,021 | ||
Fair value of noncontrolling noncontrolling interest, including call option | 5,166 | $ 5,166 | ||
Fair value of controlling interest acquired | 13,855 | |||
Brand24 | ||||
Fair value of tangible assets: | ||||
Cash and cash equivalents | 1,502 | |||
Accounts receivable | 139 | |||
Other long-term assets | 686 | |||
Identifiable intangible assets | 9,350 | |||
Goodwill | 15,846 | |||
Total assets acquired | 27,523 | |||
Liabilities assumed | ||||
Deferred revenue | 847 | |||
Deferred tax liabilities | 1,411 | |||
Other long-term liabilities | 1,891 | |||
Total Liabilities Assumed | 4,149 | |||
Fair value of assets acquired and liabilities assumed, net | 23,374 | |||
Fair value of noncontrolling noncontrolling interest, including call option | 9,846 | $ 9,846 | ||
Fair value of controlling interest acquired | $ 13,528 |
Acquisitions, Intangible Asse_6
Acquisitions, Intangible Assets, and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 35,929 | $ 22,596 |
Accumulated Amortization | (8,981) | (6,513) |
Total | $ 26,948 | $ 16,083 |
Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (years) | 4 years | 4 years 1 month 6 days |
Gross Carrying Amount | $ 6,355 | $ 5,604 |
Accumulated Amortization | (2,019) | (1,518) |
Total | $ 4,336 | $ 4,086 |
Trade name | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (years) | 3 years 8 months 12 days | 3 years 8 months 12 days |
Gross Carrying Amount | $ 4,991 | $ 4,451 |
Accumulated Amortization | (1,826) | (1,404) |
Total | $ 3,165 | $ 3,047 |
Content | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (years) | 2 years 1 month 6 days | 2 years 3 months 18 days |
Gross Carrying Amount | $ 2,487 | $ 2,387 |
Accumulated Amortization | (1,319) | (1,021) |
Total | $ 1,168 | $ 1,366 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (years) | 5 years 8 months 12 days | 4 years 4 months 24 days |
Gross Carrying Amount | $ 9,759 | $ 1,694 |
Accumulated Amortization | (747) | (396) |
Total | $ 9,012 | $ 1,298 |
Capitalized internal-use software | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Useful Life (years) | 2 years 8 months 12 days | 2 years 9 months 18 days |
Gross Carrying Amount | $ 12,337 | $ 8,460 |
Accumulated Amortization | (3,070) | (2,174) |
Total | $ 9,267 | $ 6,286 |
Acquisitions, Intangible Asse_7
Acquisitions, Intangible Assets, and Goodwill - Intangible Assets, Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 890 | $ 548 | $ 1,582 | $ 1,070 |
Software development | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Capitalized software development costs | 2,329 | 1,574 | 4,369 | 2,630 |
Amortization expense associated with capitalized development costs | $ 458 | $ 143 | $ 904 | $ 270 |
Acquisitions, Intangible Asse_8
Acquisitions, Intangible Assets, and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2024 | $ 3,180 | |
2025 | 6,259 | |
2026 | 5,585 | |
2027 | 3,636 | |
2028 | 2,523 | |
Thereafter | 5,765 | |
Total | $ 26,948 | $ 16,083 |
Acquisitions, Intangible Asse_9
Acquisitions, Intangible Assets, and Goodwill - Schedule of Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Balance as of January 1, 2024 | $ 24,879 |
Datos purchase price allocation adjustment | (104) |
Brand 24 acquisition | 15,846 |
Foreign currency translation adjustment | 9 |
Balance as of June 30, 2024 | $ 40,630 |
Exit Costs (Details)
Exit Costs (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | ||||
Exit costs | $ 0 | $ 309,000 | $ 0 | $ 1,292,000 |
Accrued expenses (Details)
Accrued expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Employee compensation | $ 5,200 | $ 7,742 |
Income taxes payable | 6,800 | 1,810 |
Other taxes payable | 8,764 | 9,695 |
Vacation reserves | 949 | 549 |
Other | 75 | 95 |
Total accrued expenses | $ 21,788 | $ 19,891 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 4,649 | $ 869 | $ 7,753 | $ 1,666 |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 shares | Mar. 31, 2023 shares | Jun. 30, 2024 shares | |
Class of Stock [Line Items] | |||
Total authorized shares of common stock reserved for future issuance (in shares) | 23,846,048 | 23,846,048 | |
Class A Common Stock | |||
Class of Stock [Line Items] | |||
Common stock, conversion ratio | 1 | 1 | |
Class A Common Stock | Common Stock | |||
Class of Stock [Line Items] | |||
Conversion of common stock (in shares) | 409,801 | 74,239,844 | 409,801 |
Options outstanding | |||
Class of Stock [Line Items] | |||
Total authorized shares of common stock reserved for future issuance (in shares) | 5,706,941 | 5,706,941 | |
Common stock reserved for future issuance | |||
Class of Stock [Line Items] | |||
Total authorized shares of common stock reserved for future issuance (in shares) | 12,150,564 | 12,150,564 | |
Restricted stock units and performance stock units outstanding | |||
Class of Stock [Line Items] | |||
Total authorized shares of common stock reserved for future issuance (in shares) | 5,988,543 | 5,988,543 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | $ 7,166 | $ 3,765 | $ 12,281 | $ 6,561 | |
Unrecognized compensation cost on stock options | $ 14,052 | $ 14,052 | |||
Dividend yield (as a percent) | 0% | ||||
Granted (in shares) | 0 | 15,888 | |||
Weighted-average grant date fair value of options granted (in dollars per share) | $ 5.84 | $ 7.71 | $ 5.56 | ||
Tax benefit | $ 554 | $ (10) | $ 699 | $ 43 | |
Aggregate intrinsic value of options outstanding | 33,047 | 33,047 | $ 49,221 | ||
Aggregate intrinsic value of options exercised | 8,628 | $ 4,694 | 13,663 | $ 5,402 | |
Aggregate intrinsic value of options exercisable | 24,550 | $ 24,550 | $ 34,471 | ||
Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost, period of recognition | 2 years 5 months 4 days | ||||
Dividend yield (as a percent) | 0% | 0% | 0% | ||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost, period of recognition | 2 years 6 months 25 days | ||||
Unrecognized compensation cost, other than options | 46,162 | $ 46,162 | |||
Awards granted (in shares) | 2,790,878 | ||||
RSUs | Employee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | $ 4,425 | $ 2,050 | $ 7,432 | $ 3,241 | |
Awards granted (in shares) | 1,350,915 | 1,317,123 | 2,790,878 | 1,840,417 | |
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost, period of recognition | 3 years 3 months 14 days | ||||
Unrecognized compensation cost, other than options | $ 22,435 | $ 22,435 | |||
Awards granted (in shares) | 1,146,491 | ||||
Performance Shares | Employee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | $ 1,131 | $ 26 | $ 1,565 | $ 50 | |
Awards granted (in shares) | 0 | 0 | 1,146,491 | 0 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | $ 7,166 | $ 3,765 | $ 12,281 | $ 6,561 |
Cost of revenue | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 59 | 32 | 98 | 49 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 1,209 | 840 | 1,979 | 1,368 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 1,371 | 542 | 2,007 | 885 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | $ 4,527 | $ 2,351 | $ 8,197 | $ 4,259 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Weighted-Average Assumptions to Determine Fair Value (Details) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield (as a percent) | 0% | ||
Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility (as a percent) | 63% | 61.80% | 63.20% |
Weighted-average risk-free interest rate (as a percent) | 3.48% | 4.28% | 3.70% |
Dividend yield (as a percent) | 0% | 0% | 0% |
Expected life – in years | 6 years | 6 years | 6 years |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Option Activity (Details) - $ / shares | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Number of Options | |||
Outstanding (in shares) | 7,175,494 | ||
Granted (in shares) | 0 | 15,888 | |
Exercised (in shares) | (1,190,759) | ||
Forfeited (in shares) | (293,682) | ||
Outstanding (in shares) | 5,706,941 | 5,706,941 | 7,175,494 |
Options exercisable (in shares) | 3,217,588 | 3,217,588 | |
Weighted-Average Exercise Price (per share) | |||
Outstanding (in dollars per share) | $ 7.02 | ||
Granted (in dollars per share) | 12.62 | ||
Exercised (in dollars per share) | 2.56 | ||
Forfeited (in dollars per share) | 8.64 | ||
Outstanding (in dollars per share) | $ 7.88 | 7.88 | $ 7.02 |
Options exercisable (in dollars per share) | $ 6.10 | $ 6.10 | |
Weighted-Average Remaining Contractual Term (in years) | |||
Outstanding (in years) | 7 years 6 months 3 days | 7 years 9 months 10 days | |
Options exercisable (in years) | 6 years 8 months 26 days |
Stock-Based Compensation - Sc_4
Stock-Based Compensation - Schedule of Restricted and Performance Stock Unit Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) $ / shares shares | |
RSUs | |
Number of Shares | |
Unvested beginning balance (in shares) | shares | 2,571,318 |
Granted (in shares) | shares | 2,790,878 |
Vested (in shares) | shares | (831,735) |
Forfeited (in shares) | shares | (192,887) |
Unvested ending balance (in shares) | shares | 4,337,574 |
Weighted-Average Grant Date Fair Value | |
Unvested beginning balance (in dollars per share) | $ / shares | $ 9.88 |
Granted (in dollars per share) | $ / shares | 12.56 |
Vested (in dollars per share) | $ / shares | 9.57 |
Forfeited (in dollars per share) | $ / shares | 9.04 |
Unvested ending balance (in dollars per share) | $ / shares | $ 11.70 |
Aggregate Fair Value | |
Unvested beginning balance | $ | $ 25,405 |
Granted | $ | 35,053 |
Vested | $ | 7,960 |
Forfeited | $ | 1,744 |
Unvested ending balance | $ | $ 50,750 |
PSUs | |
Number of Shares | |
Unvested beginning balance (in shares) | shares | 1,077,726 |
Granted (in shares) | shares | 1,146,491 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | 0 |
Unvested ending balance (in shares) | shares | 2,224,217 |
Weighted-Average Grant Date Fair Value | |
Unvested beginning balance (in dollars per share) | $ / shares | $ 11.61 |
Granted (in dollars per share) | $ / shares | 12.56 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 0 |
Unvested ending balance (in dollars per share) | $ / shares | $ 12.10 |
Aggregate Fair Value | |
Unvested beginning balance | $ | $ 12,512 |
Granted | $ | 14,400 |
Vested | $ | 0 |
Forfeited | $ | 0 |
Unvested ending balance | $ | $ 26,913 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2024 | $ 6,078 |
2025 | 14,388 |
2026 | 3,266 |
2027 and thereafter | 0 |
Total | $ 23,732 |
Components of Other Income, N_3
Components of Other Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | ||||
Foreign currency exchange gain (loss) | $ 128 | $ 0 | $ 573 | $ (638) |
Interest income, net | 2,554 | 2,243 | 5,286 | 4,432 |
Other income, net | (66) | 676 | 396 | 830 |
Total other income, net | $ 2,616 | $ 2,919 | $ 6,255 | $ 4,624 |
Segment and Geographic Inform_3
Segment and Geographic Information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2024 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Segment and Geographic Inform_4
Segment and Geographic Information - Geographic Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenue | $ 90,951 | $ 74,693 | $ 176,763 | $ 145,563 | |
Total assets | 7,395 | 7,395 | $ 6,686 | ||
United States | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenue | 42,696 | 34,797 | 83,342 | 69,544 | |
Total assets | 3,611 | 3,611 | 3,231 | ||
United Kingdom | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenue | 8,574 | 7,278 | 16,898 | 14,285 | |
Netherlands | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total assets | 2,030 | 2,030 | 1,781 | ||
Spain | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total assets | 825 | 825 | 807 | ||
Czech Republic | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total assets | 222 | 222 | 278 | ||
Other | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenue | 39,681 | $ 32,618 | 76,523 | $ 61,734 | |
Total assets | $ 707 | $ 707 | $ 589 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - Subsequent event $ in Thousands | 1 Months Ended |
Jul. 31, 2024 USD ($) shares | |
Ryte | |
Subsequent Event [Line Items] | |
Consideration transferred | $ 10,500 |
Cash consideration for acquisition | 8,900 |
Fair value of deferred purchase payments | $ 1,600 |
Subsidiaries | Brand24 | |
Subsequent Event [Line Items] | |
Outstanding shares (in shares) | shares | 135,500 |
Payments to acquire additional interest in subsidiary | $ 3,700 |
Number of shares owned (in shares) | shares | 312,974 |
Ownership percentage | 72% |