MeridianLink (MLNK) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-40680
Entity Registrant Name	MeridianLink, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4844620
Entity Address, Address Line One	3560 Hyland Avenue
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Costa Mesa
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92626
City Area Code	714
Local Phone Number	708-6950
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	MLNK
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
Entity Common Stock, Shares Outstanding		75,525,228
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Central Index Key	0001834494
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 82,266	$ 80,441
Accounts receivable, net	38,868	32,412
Prepaid expenses and other current assets	12,309	11,574
Total current assets	133,443	124,427
Property and equipment, net	2,362	3,337
Right of use assets, net	639	1,140
Intangible assets, net	214,125	251,060
Goodwill	610,063	610,063
Other assets	7,311	6,224
Total assets	967,943	996,251
Current liabilities:
Accounts payable	6,165	4,405
Accrued liabilities	31,914	30,673
Deferred revenue	29,767	17,224
Current portion of debt, net of debt issuance costs	3,773	3,542
Total current liabilities	71,619	55,844
Debt, net of debt issuance costs	466,137	420,004
Deferred tax liabilities, net	11,369	10,823
Long-term deferred revenue	160	792
Other long-term liabilities	336	541
Total liabilities	549,621	488,004
Commitments and contingencies (Note 5)
Stockholders’ Equity:
Preferred stock, $0.001 par value; 50,000,000 shares authorized; zero shares issued and outstanding at September 30, 2024 and December 31, 2023	0	0
Common stock, $0.001 par value; 600,000,000 shares authorized, 75,107,642 and 78,447,701 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	126	129
Additional paid-in capital	692,285	654,634
Accumulated deficit	(274,089)	(146,516)
Total stockholders’ equity	418,322	508,247
Total liabilities and stockholders’ equity	$ 967,943	$ 996,251

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	75,107,642	78,447,701
Common stock, shares outstanding (in shares)	75,107,642	78,447,701

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues, net	$ 80,369	$ 76,488	$ 236,861	$ 229,038
Cost of revenues:
Subscription and services	22,790	22,488	67,507	69,973
Amortization of developed technology	4,860	4,524	14,392	13,488
Total cost of revenues	27,650	27,012	81,899	83,461
Gross profit	52,719	49,476	154,962	145,577
Operating expenses:
General and administrative	29,649	23,218	84,065	70,182
Research and development	10,019	11,248	29,409	36,814
Sales and marketing	10,492	9,441	32,495	26,212
Restructuring related costs	0	0	4,179	3,621
Total operating expenses	50,160	43,907	150,148	136,829
Operating income	2,559	5,569	4,814	8,748
Other (income) expense, net:
Interest and other income	(1,371)	(1,342)	(3,963)	(2,596)
Interest expense	10,165	9,780	29,544	28,127
Total other expense, net	8,794	8,438	25,581	25,531
Loss before income taxes	(6,235)	(2,869)	(20,767)	(16,783)
Provision for (benefit from) income taxes	816	(800)	1,260	(3,818)
Net loss	$ (7,051)	$ (2,069)	$ (22,027)	$ (12,965)
Net loss per share:
Basic (in dollars per share)	$ (0.09)	$ (0.03)	$ (0.29)	$ (0.16)
Diluted (in dollars per share)	$ (0.09)	$ (0.03)	$ (0.29)	$ (0.16)
Weighted average common stock outstanding:
Basic (in shares)	75,631,670	81,073,915	76,495,022	80,883,310
Diluted (in shares)	75,631,670	81,073,915	76,495,022	80,883,310

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Restricted stock awards	Restricted Stock Units	Common Stock	Common Stock Restricted stock awards	Common Stock Restricted Stock Units	Additional Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022				80,644,452
Beginning balance at Dec. 31, 2022	$ 579,091			$ 128			$ 621,396	$ (42,433)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock (in shares)					59,558	65,770
Vesting of restricted stock		$ 4			$ 4
Issuance of common stock due to exercise of stock options (in shares)				97,412
Issuance of common stock due to exercise of stock options	594						594
Shares withheld related to net share settlement of RSUs (in shares)				(1,769)
Shares withheld related to net share settlement of RSUs	(24)						(24)
Repurchases of common stock (in shares)				(228,529)
Repurchases of common stock	(3,499)							(3,499)
Share-based compensation expense	4,939						4,939
Net loss	(5,666)							(5,666)
Ending balance (in shares) at Mar. 31, 2023				80,636,894
Ending balance at Mar. 31, 2023	575,439			$ 132			626,905	(51,598)
Beginning balance (in shares) at Dec. 31, 2022				80,644,452
Beginning balance at Dec. 31, 2022	$ 579,091			$ 128			621,396	(42,433)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of common stock (in shares)	(2,182,215)
Repurchases of common stock	$ (35,822)
Net loss	(12,965)
Ending balance (in shares) at Sep. 30, 2023				79,627,213
Ending balance at Sep. 30, 2023	553,766			$ 130			644,854	(91,218)
Beginning balance (in shares) at Mar. 31, 2023				80,636,894
Beginning balance at Mar. 31, 2023	575,439			$ 132			626,905	(51,598)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock (in shares)					3,497	575,623
Issuance of common stock due to exercise of stock options (in shares)				51,105
Issuance of common stock due to exercise of stock options	431						431
Issuance of common stock through employee stock purchase plan (in shares)				61,759
Issuance of common stock through employee stock purchase plan	793						793
Shares withheld related to net share settlement of RSUs (in shares)				(53,240)
Shares withheld related to net share settlement of RSUs	(1,026)						(1,026)
Repurchases of common stock (in shares)				(107,978)
Repurchases of common stock	(1,646)							(1,646)
Share-based compensation expense	9,090						9,090
Net loss	(5,230)							(5,230)
Ending balance (in shares) at Jun. 30, 2023				81,167,660
Ending balance at Jun. 30, 2023	577,851			$ 132			636,193	(58,474)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock (in shares)						222,316
Issuance of common stock due to exercise of stock options (in shares)				99,914
Issuance of common stock due to exercise of stock options	608						608
Shares withheld related to net share settlement of RSUs (in shares)				(16,969)
Shares withheld related to net share settlement of RSUs	$ (353)						(353)
Repurchases of common stock (in shares)	(1,845,708)			(1,845,708)
Repurchases of common stock	$ (30,677)			$ (2)				(30,675)
Share-based compensation expense	8,406						8,406
Net loss	(2,069)							(2,069)
Ending balance (in shares) at Sep. 30, 2023				79,627,213
Ending balance at Sep. 30, 2023	553,766			$ 130			644,854	(91,218)
Beginning balance (in shares) at Dec. 31, 2023				78,447,701
Beginning balance at Dec. 31, 2023	508,247			$ 129			654,634	(146,516)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock (in shares)						261,847
Issuance of common stock due to exercise of stock options (in shares)				26,856
Issuance of common stock due to exercise of stock options	191						191
Shares withheld related to net share settlement of RSUs (in shares)				8,440
Shares withheld related to net share settlement of RSUs	(294)						(294)
Repurchases of common stock (in shares)				(2,406,015)
Repurchases of common stock	(44,377)			$ (2)				(44,375)
Share-based compensation expense	7,872						7,872
Net loss	(5,306)							(5,306)
Ending balance (in shares) at Mar. 31, 2024				76,338,829
Ending balance at Mar. 31, 2024	466,333			$ 127			662,403	(196,197)
Beginning balance (in shares) at Dec. 31, 2023				78,447,701
Beginning balance at Dec. 31, 2023	$ 508,247			$ 129			654,634	(146,516)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock due to exercise of stock options (in shares)	343,742
Issuance of common stock through employee stock purchase plan (in shares)	69,899
Repurchases of common stock (in shares)	(2,922,898)
Repurchases of common stock	$ (105,551)
Net loss	(22,027)
Ending balance (in shares) at Sep. 30, 2024				75,107,642
Ending balance at Sep. 30, 2024	418,322			$ 126			692,285	(274,089)
Beginning balance (in shares) at Mar. 31, 2024				76,338,829
Beginning balance at Mar. 31, 2024	466,333			$ 127			662,403	(196,197)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock (in shares)						924,333
Vesting of restricted stock			$ 1			$ 1
Issuance of common stock due to exercise of stock options (in shares)				86,350
Issuance of common stock due to exercise of stock options	531						531
Issuance of common stock through employee stock purchase plan (in shares)				69,899
Issuance of common stock through employee stock purchase plan	944						944
Shares withheld related to net share settlement of RSUs (in shares)				(91,589)
Shares withheld related to net share settlement of RSUs	(1,382)						(1,382)
Repurchases of common stock (in shares)				(1,553,894)
Repurchases of common stock	(29,916)			$ (2)				(29,914)
Share-based compensation expense	12,695						12,695
Net loss	(9,670)							(9,670)
Ending balance (in shares) at Jun. 30, 2024				75,773,928
Ending balance at Jun. 30, 2024	439,536			$ 126			675,191	(235,781)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock (in shares)						529,912
Vesting of restricted stock			$ 1			$ 1
Issuance of common stock due to exercise of stock options (in shares)				230,535
Issuance of common stock due to exercise of stock options	4,006						4,006
Shares withheld related to net share settlement of RSUs (in shares)				(57,729)
Shares withheld related to net share settlement of RSUs	$ (1,234)						(1,234)
Repurchases of common stock (in shares)	(1,369,004)			(1,369,004)
Repurchases of common stock	$ (31,258)			$ (1)				(31,257)
Share-based compensation expense	14,322						14,322
Net loss	(7,051)							(7,051)
Ending balance (in shares) at Sep. 30, 2024				75,107,642
Ending balance at Sep. 30, 2024	$ 418,322			$ 126			$ 692,285	$ (274,089)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (22,027)	$ (12,965)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	43,689	43,388
Provision for expected credit losses	604	627
Amortization of debt issuance costs	747	897
Share-based compensation expense	34,683	22,216
Deferred income taxes	546	(4,507)
Loss on disposal of property and equipment	90	0
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(7,060)	(1,726)
Prepaid expenses and other assets	(1,896)	(4,595)
Accounts payable	1,758	3,632
Accrued liabilities	944	(782)
Deferred revenue	11,911	9,301
Net cash provided by operating activities	63,989	55,486
Cash flows from investing activities:
Capitalized software additions	(5,483)	(7,004)
Purchases of property and equipment	(213)	(347)
Return of escrow deposit	0	30,000
Funds received in connection with former business combination	0	1,219
Acquisition, net of cash acquired – Beanstalk Networks LLC	0	326
Net cash (used in) provided by investing activities	(5,696)	24,194
Cash flows from financing activities:
Repurchases of common stock	(104,847)	(35,660)
Proceeds from exercise of stock options	4,728	1,633
Proceeds from employee stock purchase plan	944	793
Taxes paid related to net share settlement of restricted stock units	(2,910)	(1,403)
Principal payments of debt	(3,468)	(3,263)
Proceeds from debt	50,000	0
Payments of debt issuance costs	(840)	0
Payments of deferred offering costs	(75)	0
Net cash used in financing activities	(56,468)	(37,900)
Net increase in cash and cash equivalents	1,825	41,780
Cash and cash equivalents, beginning of period	80,441	55,780
Cash and cash equivalents, end of period	82,266	97,560
Supplemental disclosures of cash flow information:
Cash paid for interest	28,988	27,498
Cash paid for income taxes	455	2,610
Non-cash investing and financing activities:
Shares withheld with respect to net settlement of restricted stock units	2,910	1,403
Purchase price allocation adjustment for Beanstalk Networks LLC acquisition	0	757
Excise taxes payable included in repurchases of common stock	704	162
Share-based compensation expense included in capitalized software additions	206	219
Purchase price allocation adjustment related to income tax effects for StreetShares acquisition	0	245
Purchases of property and equipment included in accounts payable and accrued liabilities	46	611
Vesting of restricted stock awards and restricted stock units	$ 2	$ 4

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business MeridianLink, Inc., and its wholly-owned subsidiaries, (collectively, the “Company”) provides secure, cloud-based digital solutions that transform the ways in which traditional and emerging financial services providers engage with account holders and end users. The Company sells its solutions to financial institutions, including banks, credit unions, mortgage lenders, specialty lending providers, and consumer reporting agencies. The Company delivers its solutions to the substantial majority of its customers using a software-as-a-service (“SaaS”) model under which its customers pay subscription fees for the use of the Company’s solutions. The Company is headquartered in Costa Mesa, California.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements of the Company have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The interim condensed consolidated balance sheet as of September 30, 2024, the condensed consolidated statements of operations and stockholders’ equity for the three and nine months ended September 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s condensed consolidated financial position as of September 30, 2024, its condensed consolidated results of operations for the three and nine months ended September 30, 2024 and 2023 and its cash flows for the nine months ended September 30, 2024 and 2023. The financial data and the other financial information disclosed in the notes to the condensed consolidated financial statements related to the three and nine months ended September 30, 2024 and 2023 and as of September 30, 2024, are also unaudited. The condensed consolidated balance sheet as of December 31, 2023, included herein, and financial information as of December 31, 2023, disclosed in the notes to the condensed consolidated financial statements was derived from the audited consolidated financial statements as of that date. The condensed consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed on March 12, 2024 (“2023 Annual Report on Form 10-K”). Operating and Reportable Segment The Company operates and manages its business and financial information on a consolidated basis for the purposes of evaluating financial performance and the allocation of resources. The Company's management determined that it operates in one operating and reportable segment that is focused exclusively on providing cloud-based digital solutions in the United States. In reaching this conclusion, management considers the definition of the chief operating decision maker (“CODM”), how the business is defined by the CODM, the nature of the information provided to the CODM, and how that information is used to make operating decisions, allocate resources, and assess performance. The Company's CODM is the chief executive officer. The results of operations provided to and analyzed by the CODM are at the consolidated level, and accordingly, key resource decisions and assessment of performance are performed at the consolidated level. The Company assesses its determination of operating segments at least annually. Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the reported amounts of revenues and expenses. Certain items subject to such estimates include the fair value of acquired intangible assets; the capitalization of software development costs; the useful lives of long-lived intangible assets; impairment of goodwill and long-lived assets; and income taxes, including the valuation allowance for deferred income taxes. In accordance with GAAP, management bases its estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, actual results could differ significantly from those estimates. Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2, “Significant Accounting Policies” in the Company’s 2023 Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies described in the Company’s 2023 Annual Report on Form 10-K that have had a material impact on its condensed consolidated financial statements and related notes. Accounting Pronouncements Not Yet Adopted The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) and has elected to use the extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies. ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” Accounting Standard Update (“ASU”) 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for the Company for annual periods beginning after December 15, 2025, on a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on its condensed consolidated financial statements and related disclosures. ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” ASU 2023-07 requires enhanced disclosures about significant segment expenses and other segment items and requires companies to disclose all annual disclosures about segments in interim periods. The new standard also permits companies to disclose more than one measure of segment profit or loss, requires disclosure of the title and position of the CODM, and requires companies with a single reportable segment to provide all disclosures required by Topic 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and companies are required to apply the ASU retrospectively to all periods presented. The Company is currently evaluating the impact that adoption of this standard will have on its condensed consolidated financial statements and related disclosures.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Disaggregation of Revenue The following table disaggregates the Company’s net revenues by solution type (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Lending Software Solutions $ 63,005 $ 58,949 $ 185,552 $ 172,728 Data Verification Software Solutions 17,364 17,539 51,309 56,310 Total $ 80,369 $ 76,488 $ 236,861 $ 229,038 The following table disaggregates the Company’s net revenues by major source (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Subscription fees $ 67,344 $ 64,613 $ 199,202 $ 194,788 Professional services 10,146 8,706 28,715 26,143 Other 2,879 3,169 8,944 8,107 Total $ 80,369 $ 76,488 $ 236,861 $ 229,038 Contract Balances The following table presents amounts related to customer contract-related arrangements, which are included on the condensed consolidated balance sheets as follows (in thousands): As of September 30, As of January 1, As of September 30, As of January 1, 2024 2024 2023 2023 Accounts receivable, net $ 36,893 $ 30,314 $ 31,751 $ 29,010 Unbilled receivables 1,975 2,098 2,245 3,895 Accounts receivable, net $ 38,868 $ 32,412 $ 33,996 $ 32,905 Deferred revenue, current $ 29,767 $ 17,224 $ 26,694 $ 16,945 Long-term deferred revenue $ 160 $ 792 $ 692 $ 1,141 Unbilled receivables primarily result from revenue being recognized when or as control of a solution or service is transferred to the customer, but where invoicing is contingent upon the completion of other performance obligations or where the contract provides that payment timing differs from the provisioning of services. Unbilled receivables and accounts receivable, net of the allowance for expected credit losses, are included within accounts receivable, net on the Company’s consolidated balance sheets. Accounts receivable and unbilled receivables will increase or decrease based on the timing of invoices, customer payments, and recognition of revenue. Deferred Revenue The balance of deferred revenue will increase or decrease based on the timing of invoices and recognition of revenue. Significant changes in our deferred revenue balances during the nine months ended September 30, 2024 and 2023 were as follows (in thousands): As of September 30, 2024 2023 Deferred revenue, beginning balance $ 18,016 $ 18,086 Billing of transaction consideration 248,772 238,338 Revenue recognized (236,861) (229,038) Deferred revenue, ending balance $ 29,927 $ 27,386 Deferred revenue, current $ 29,767 $ 26,694 Long-term deferred revenue 160 692 Total deferred revenue $ 29,927 $ 27,386 Accounts Receivable and Allowance for Credit Losses A rollforward of the Company’s allowance for expected credit losses balance for the nine months ended September 30, 2024 , and 2023 , is as follows (in thousands): As of September 30, 2024 2023 Allowance for expected credit losses, beginning balance $ 514 $ 165 Provision for expected credit losses 604 627 Write offs, net (456) (375) Allowance for expected credit losses, ending balance $ 662 $ 417 Assets Recognized from Costs to Obtain a Contract with a Customer Current costs for assets recognized from costs to obtain a contract with a customer are included in prepaid expenses and other current assets, and non-current costs are included in other assets on the accompanying condensed consolidated balance sheets. The following table represents the changes in assets recognized from costs to obtain a contract with a customer, or contract cost assets (in thousands): As of September 30, 2024 2023 Beginning balance $ 8,018 $ 6,539 Additions 3,927 3,570 Amortization (3,011) (2,423) Ending balance $ 8,934 $ 7,686 Contract cost assets, current $ 4,111 $ 3,642 Contract cost assets, noncurrent 4,823 4,044 Total contract cost assets $ 8,934 $ 7,686 There was no impairment of contract cost assets during the three and nine months ended September 30, 2024, and 2023.

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): As of September 30, As of December 31, 2024 2023 Prepaid expenses $ 7,422 $ 5,762 Contract cost assets, current 4,111 3,782 Income tax receivable 322 961 Other 454 1,069 Total prepaid expenses and other current assets $ 12,309 $ 11,574 Cloud Computing Arrangements Current costs for capitalized deferred implementation costs are included in prepaid expenses and other current assets, and non-current costs are included in other assets on the accompanying condensed consolidated balance sheets. Capitalized deferred implementation costs for cloud computing arrangements consisted of the following (in thousands): As of September 30, As of December 31, 2024 2023 Capitalized deferred implementation costs $ 2,299 $ 1,779 Accumulated amortization (280) (208) Capitalized deferred implementation costs, net $ 2,019 $ 1,571 Amortization expense for capitalized deferred implementation costs was immaterial for the three and nine months ended September 30, 2024, and 2023. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): As of September 30, As of December 31, 2024 2023 Computer equipment and software $ 8,055 $ 8,794 Leasehold improvements 2,424 2,732 Office equipment and furniture 990 990 Total 11,469 12,516 Accumulated depreciation (9,107) (9,179) Property and equipment, net $ 2,362 $ 3,337 Depreciation expense amounted to $0.3 million, and $0.5 million for the three months ended September 30, 2024 and 2023, respectively. Depreciation expense amounted to $1.1 million, and $1.5 million for the nine months ended September 30, 2024 and 2023, respectively. Intangible Assets, Net Intangible assets, net consisted of the following (in thousands): As of September 30, 2024 Gross Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 343,300 $ (192,125) $ 151,175 Developed technology 96,400 (60,457) 35,943 Trademarks 24,975 (14,660) 10,315 Non-competition agreements 5,500 (2,478) 3,022 Capitalized software 34,686 (21,016) 13,670 Total intangible assets, net $ 504,861 $ (290,736) $ 214,125 As of December 31, 2023 Gross Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 343,300 $ (166,485) $ 176,815 Developed technology 96,400 (52,039) 44,361 Trademarks 24,975 (12,803) 12,172 Non-competition agreements 5,500 (1,743) 3,757 Capitalized software 28,997 (15,042) 13,955 Total intangible assets, net $ 499,172 $ (248,112) $ 251,060 For the three months ended September 30, 2024 and 2023, the Company capitalized $1.9 million and $2.5 million, respectively, related to internally developed software. For the nine months ended September 30, 2024 and 2023, the Company capitalized $5.7 million and $7.2 million, respectively, related to internally developed software costs. The weighted average remaining useful lives for intangible assets as of September 30, 2024, were as follows: Weighted Average Remaining Useful Life (in years) Customer relationships 5 Developed technology 6 Trademarks 4 Non-competition agreements 3 Capitalized software 2 Amortization expense related to intangible assets was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenues $ 4,860 $ 4,524 $ 14,392 $ 13,488 General and administrative expense 9,407 9,419 28,232 28,420 Total amortization expense $ 14,267 $ 13,943 $ 42,624 $ 41,908 The estimated future amortization of intangible assets as of September 30, 2024, was as follows (in thousands): Years ending December 31, 2024 (remaining three months) $ 14,270 2025 51,948 2026 46,133 2027 42,997 2028 24,911 Thereafter 33,866 Total amortization expense $ 214,125 No impairment of long-lived assets was recorded during the three and nine months ended September 30, 2024 or 2023. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): As of September 30, As of December 31, 2024 2023 Accrued payroll and payroll-related expenses $ 8,717 $ 9,501 Accrued operating costs 5,624 3,655 Accrued bonuses 6,006 6,424 Sales tax liabilities from acquisitions 3,383 3,383 Accrued costs of revenues 3,139 2,003 Customer deposits 760 1,302 Excise taxes payable 1,082 379 Operating lease liabilities – current 422 773 Other sales tax liabilities 504 404 User conference accrual 47 1,073 Other accrued liabilities 2,230 1,776 Total accrued liabilities $ 31,914 $ 30,673

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters The Company is, and from time to time may be, involved in legal proceedings and claims arising out of the Company’s operations in the ordinary course of business. The Company accrues estimates for resolution of legal proceedings and other contingencies when we determine that the likelihood of an unfavorable outcome is probable and the amount of loss is reasonably estimable. Management is not currently aware of any legal proceedings or claims against it that could have a material adverse effect on the financial position, results of operations, or cash flows of the Company. During the nine months ended September 30, 2024, the Company incurred estimated settlement charges amounting to $1.5 million related to the expected settlements of class action litigation claims. These matters became probable and estimable during the three months ended June 30, 2024, which is the same period that settlements regarding these matters were proposed. In July 2024, settlement was finalized and paid for one of the claims equal to the amount that was accrued as of June 30, 2024. As of September 30, 2024, the Company does not anticipate that final payment of the remaining estimated claim will be materially different from the estimate accrued. Other Contractual Commitments The Company’s contractual commitments primarily consist of third-party cloud infrastructure agreements and service subscription arrangements used to support operations at the enterprise level. Future minimum payments under the Company’s non-cancelable purchase commitments as of September 30, 2024, are as follows (in thousands): Contractual Commitments Years ending December 31, 2024 (remaining three months) $ 1,095 2025 4,831 2026 4,716 2027 3,141 Thereafter — Total $ 13,783

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following (in thousands): As of September 30, As of December 31, 2024 2023 2021 Term Loan $ 473,919 $ 427,388 Debt issuance costs (4,009) (3,842) Total debt, net 469,910 423,546 Less: Current portion of debt 2021 Term Loan 4,763 4,350 Debt issuance costs (990) (808) Total current portion of debt, net 3,773 3,542 Total non-current portion of debt, net $ 466,137 $ 420,004 Amortization of debt issuance costs was $0.3 million and $0.2 million for the three months ended September 30, 2024 and 2023, respectively, and $0.7 million and $0.9 million for the nine months ended September 30, 2024, and 2023, respectively. Total interest expense, excluding amortization of debt issuance costs, was $9.9 million and $9.6 million for the three months ended September 30, 2024 and 2023, respectively, and $28.8 million and $27.4 million for the nine months ended September 30, 2024 and 2023, respectively. 2021 Credit Agreement The credit agreement dated as of November 10, 2021, as amended (the “2021 Credit Agreement”), provides for a term loan facility (the “2021 Term Loan”) with an aggregate principal amount of $476.3 million and a revolving credit facility (the “2021 Revolving Credit Facility”) in an aggregate principal amount of $50.0 million, inclusive of a $10.0 million letter of credit sub-facility. The 2021 Term Loan and 2021 Revolving Credit Facility mature on November 10, 2028, and November 10, 2026, respectively. The Company has not drawn on the 2021 Revolving Credit Facility as of September 30, 2024. During the second quarter of 2023, the Company entered into a conforming changes amendment to the 2021 Credit Agreement that established the Secure Overnight Financing Rate (“SOFR”) as the benchmark rate used in the definition of the Eurocurrency Rate for its 2021 Term Loan and 2021 Revolving Credit Facility. Under the terms of the conforming changes amendment, SOFR will be used as the benchmark rate for interest periods beginning on or after June 30, 2023. The interest rate under the conforming changes amendment was equal to SOFR plus 3.00% initial margin and 0.26% spread adjustment. In connection with the amendment, the Company incurred $0.1 million of financing fees that was expensed during the nine months ended September 30, 2023. On May 15, 2024, the Company entered into a Refinancing Amendment and First Amendment to the 2021 Credit Agreement (the “Amendment”). Pursuant to the Amendment, the Company, among other things, lowered the interest rate on its 2021 Term Loan from SOFR plus 3.00% initial margin per annum to SOFR plus 2.75% per annum, and removed the 0.26% spread adjustment that was previously required under the conforming changes amendment discussed above. The Amendment also increased the aggregate principal amount of the 2021 Term Loan by $50.0 million, which the Company drew down in connection with the Amendment, increasing the outstanding principal amount of the 2021 Term Loan to $476.3 million. The Company accounted for the Amendment as a debt modification. The Company incurred $1.3 million financing fees related to the Amendment, of which $0.8 million was deferred and recorded as a reduction to the debt balance, and $0.5 million was expensed as incurred in general and administrative expense on the Company’s condensed consolidated statements of operations. The obligations under the 2021 Credit Agreement are secured by a lien on substantially all tangible and intangible property of the Company, subject to customary exceptions, limitations, and exclusions from the collateral. The 2021 Credit Agreement contains customary affirmative covenants, negative covenants and events of default, including covenants and restrictions that, among other things, require the Company to satisfy a financial covenant, and restricts or limits the ability of the Company to grant or incur liens, incur additional indebtedness, enter into joint ventures or partnerships, engage in mergers and acquisitions, engage in asset sales, and declare dividends on its capital stock, subject in each case to certain customary exceptions. A failure to comply with covenants could permit the lenders to declare the 2021 Term Loan, and any then outstanding borrowings on the 2021 Revolving Credit Facility, together with accrued interest and fees thereon, to be immediately due and payable. The Company was in compliance with all financial covenants of the 2021 Credit Agreement at September 30, 2024. 2021 Term Loan Borrowings under the 2021 Term Loan bear interest at a variable rate, elected by the Company, equal to the Base Rate (as defined in the 2021 Credit Agreement) or Term SOFR (as defined in the 2021 Credit Agreement), plus, an initial margin based on the Company’s Consolidated First Lien Net Leverage Ratio (as defined by the 2021 Credit Agreement), which was 2.75% at September 30, 2024. The Company is required to make quarterly principal payments equal to 0.25% of the principal, with the remainder due at maturity. In connection with the Amendment, debt issuance costs of $4.4 million were included as a reduction of the debt balance on the condensed consolidated balance sheets and are amortized into interest expense over the contractual life of the loans using the effective interest method. Included in the debt issuance costs were $0.8 million incurred in connection with the Amendment, and $3.6 million carried forward from the Company’s original 2021 Term Loan. The Company recognized $0.3 million and $0.2 million of amortization of debt issuance costs for the 2021 Term Loan during the three months ended September 30, 2024 and 2023, respectively, and $0.7 million and $0.8 million during the nine months ended September 30, 2024 and 2023, respectively. The effective interest rate on the 2021 Term Loan was 7.7% as of September 30, 2024. 2021 Revolving Credit Facility Borrowings under the 2021 Revolving Credit Facility bear interest, at the election of the Company, at a rate equal to the Base Rate (as defined in the 2021 Credit Agreement) or Term SOFR (as defined in the 2021 Credit Agreement), plus, in each case, the Applicable Rate (as defined in the 2021 Credit Agreement), which shall vary based on the Company’s Consolidated First Lien Net Leverage Ratio. In connection with the 2021 Revolving Credit Facility, the Company incurred $0.5 million in debt issuance costs. Expenses associated with the issuance of the revolving credit facility are presented in the accompanying condensed consolidated balance sheets in prepaid expenses and other current assets and other assets, and are amortized to interest expense over the life of the 2021 Revolving Credit Facility using the straight-line method. The remaining unamortized debt issuance costs were $0.2 million and $0.3 million as of September 30, 2024, and December 31, 2023, respectively. The 2021 Revolving Credit Facility also requires a quarterly commitment fee based on the Company’s consolidated first lien net leverage ratio. As of September 30, 2024, the applicable rate was 0.5%, which was applied against the $50.0 million unused revolving credit facility balance. Future Principal Payments Future principal payments of debt as of September 30, 2024, were as follows (in thousands): Years ending December 31, 2024 (remaining three months) $ 1,191 2025 4,763 2026 4,763 2027 4,763 2028 458,439 Total $ 473,919

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Stock Repurchase Programs In May 2022, the Company’s board of directors authorized a stock repurchase program to acquire up to $75.0 million of the Company’s common stock, with no fixed expiration date and no requirement to purchase any minimum number of shares (the “2022 Stock Repurchase Program”). In January 2024, the Company’s board of directors authorized a stock repurchase program to acquire up to $125.0 million of the Company’s common stock, with no fixed expiration date and no requirement to purchase any minimum number of shares (the “2024 Stock Repurchase Program”). The manner, timing, and actual number of shares repurchased under the programs will depend on a variety of factors, including price, working capital needs, general business and market conditions, regulatory requirements, and other investment opportunities. Shares may be repurchased through privately negotiated transactions, or open market purchases, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934. The repurchase programs may be commenced, suspended, or terminated at any time by the Company at its discretion without prior notice. Approximately $44.4 million (including excise taxes) of the 2024 Stock Repurchase Program was used for the stock repurchase in connection with the February Secondary Offering (defined below). For both the 2022 Stock Repurchase Program and 2024 Stock Repurchase Program, the Company retires the repurchased shares, which automatically return to the status of authorized but unissued shares of common stock. The cost of the repurchased shares, including commissions, fees, and excise taxes are recorded as an adjustment to accumulated deficit on the Company’s condensed consolidated balance sheets and statements of stockholders’ equity. Secondary Offerings by Selling Stockholders and Related Common Stock Repurchase On September 30, 2024, the Company completed an underwritten secondary offering for the sale of 6,000,000 shares of common stock by certain funds managed by Thoma Bravo, L.P., at an offering price of $21.05 per share, (the “September Secondary Offering.”) In connection with the September Secondary Offering, the selling stockholders granted the underwriter a 30-day option to purchase up to an additional 900,000 shares of common stock from the selling stockholders at the offering price of $21.05 per share. The underwriter partially exercised its option to purchase an additional 650,000 shares of common stock on October 18, 2024, and the remaining portion of the option expired unexercised on October 26, 2024. The Company did not receive any proceeds from the sale of its common stock by the selling stockholders in the September Secondary Offering. During the three months ended September 30, 2024, the Company incurred costs of $0.7 million in connection with the September Secondary Offering. These costs are included within general and administrative expenses on the Company’s condensed consolidated statements of operations. On February 9, 2024, the Company completed an underwritten secondary offering for the sale of 6,906,015 shares of common stock by certain of its existing stockholders, at an offering price of $19.00 per share (the “February Secondary Offering”). The selling stockholders also granted the underwriters a 30-day option to purchase up to an additional 675,000 shares of common stock from the selling stockholders at the public offering price, less underwriting discounts and commissions. The underwriters did not exercise their option to purchase any additional shares before the expiration of the 30-day window. The Company did not receive any proceeds from the sale of its common stock by the selling stockholders in the February Secondary Offering. During the nine months ended September 30, 2024, the Company incurred costs of $1.4 million in connection with the February Secondary Offering. These costs are included within general and administrative expenses on the Company’s condensed consolidated statements of operations. The September and February Secondary Offerings were made pursuant to an effective shelf registration statement on Form S-3 (Registration No. 333-276336), which was filed with the Securities and Exchange Commission on December 29, 2023 and became effective on January 8, 2024. On February 9, 2024, in connection with the February Secondary Offering and pursuant to the 2024 Repurchase Program, the Company purchased 2,406,015 shares of its common stock from the underwriters at a price per share equal to $18.2875, which is equal to the per share price at which the underwriters purchased the shares from the selling stockholders in the February Secondary Offering, resulting in an aggregate purchase price of approximately $44.4 million (including excise taxes). Stock Repurchase Activity A summary of repurchased share activity during the three and nine months ended September 30, 2024 and 2023, is as follows (in thousands except share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Total number of shares repurchased 1,369,004 1,845,708 2,922,898 2,182,215 Total cost of shares repurchased, including commissions, fees, and excise taxes $ 31,258 $ 30,677 $ 105,551 $ 35,822 As of September 30, 2024, there was a total of $29.5 million remaining for repurchase under the Company’s stock repurchase programs.

Share-based Compensation

Share-based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-based Compensation	Share-based Compensation 2021 Stock Option and Incentive Plan The 2021 Stock Option and Incentive Plan (the “2021 Plan”) was adopted by the board of directors and approved by the Company’s stockholders following the corporate conversion effected in connection with the Company’s initial public offering and became effective as of July 26, 2021. The 2021 Plan replaced both the Company’s 2019 Equity Option Plan (the “2019 Plan”) and the Project Angel Parent, LLC Equity Plan (the “2018 Plan”). Outstanding options to purchase Class B Units granted under the 2019 Plan were converted into options to purchase shares of common stock, and all outstanding Carried Equity Units granted under the 2018 Plan were converted into restricted stock awards (“RSAs”), both of which have been granted under the 2021 Plan. The Company had initially reserved 13,171,588 shares of its common stock for the issuance of awards under the 2021 Plan. The 2021 Plan provides that the number of shares reserved and available for issuance under the 2021 Plan will automatically increase on January 1, 2022, and each January 1 thereafter, by 5% of the outstanding number of shares of common stock on the immediately preceding December 31, or such lesser number of shares as determined by the Company’s compensation committee. The number of shares reserved under the 2021 Plan is subject to adjustment in the event of a stock split, stock dividend, or other change in the Company’s capitalization. The 2021 Plan provides flexibility to the Company’s compensation committee to use various equity-based incentive awards as compensation tools to motivate the Company’s workforce. The incentive awards that may be granted under the 2021 Plan include, but are not limited to, options to purchase common stock, stock appreciation rights, restricted shares of common stock, restricted stock units, and cash bonuses. Stock Options A summary of stock option activity during the nine months ended September 30, 2024, is as follows (in thousands, except options, price per option, and term amounts): Number of Options Weighted Average Exercise Price Weighted Average Remaining Contract Term (in years) Aggregate Intrinsic Value Outstanding – January 1, 2024 3,976,372 $ 12.53 6.68 $ 49,670 Granted — — Exercised (343,742) 13.76 Forfeited (252,160) 20.30 Outstanding – September 30, 2024 3,380,470 $ 11.82 5.52 $ 33,580 Vested and expected to vest in the future at September 30, 2024 3,380,470 11.82 5.52 33,580 Exercisable at September 30, 2024 3,029,080 $ 10.76 5.33 $ 32,877 The total fair value of options that vested during the three months ended September 30, 2024 and 2023 was $1.1 million and $1.4 million, respectively, and for the nine months ended September 30, 2024 and 2023 was $3.5 million and $5.1 million, respectively. The total intrinsic value of options exercised during the three months ended September 30, 2024 and 2023 was $1.2 million and $1.5 million, respectively, and for the nine months ended September 30, 2024 and 2023 was $2.8 million and $2.9 million, respectively. Share-based compensation expense related to time-based and performance-based stock options for the three months ended September 30, 2024 and 2023 was $0.8 million and $1.3 million, respectively, and for the nine months ended September 30, 2024 and 2023 was $3.1 million and $4.1 million, respectively. During the three months ended September 30, 2024, the performance-based stock options were forfeited and none remain outstanding as of September 30, 2024. As of September 30, 2024, there was $3.1 million of unrecognized share-based compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 1.2 years. Restricted Stock Units A summary of restricted stock unit (“RSU”) activity during the nine months ended September 30, 2024, is as follows: Number of RSUs Weighted Average Grant Date Fair Value Non-vested – January 1, 2024 4,919,744 $ 17.19 Granted 4,863,095 19.47 Vested (1,716,092) 17.49 Forfeited (995,579) 17.32 Non-vested – September 30, 2024 7,071,168 18.67 Each RSU represents the right to receive one share of the Company’s common stock upon vesting and settlement. As of September 30, 2024, 7,071,168 RSUs are expected to vest. Share-based compensation expense related to RSUs for the three months ended September 30, 2024 and 2023 was $10.9 million and $7.0 million, respectively, and for the nine months ended September 30, 2024 and 2023 was $28.9 million and $17.8 million, respectively. As of September 30, 2024, there was $118.8 million of unrecognized share-based compensation expense related to RSUs, which is expected to be recognized over a weighted-average period of 2.89 years. In August 2024, the Company granted 296,544 performance-based restricted stock units (“PSUs”) under the 2021 plan, which have a requisite service period through December 31, 2024. The fair value of the PSUs on the grant date was $6.6 million. Each PSU shall relate to one share of common stock upon vesting and settlement. The number of shares that may be earned is based on achievement of certain financial targets related to the Company’s fiscal year ending December 31, 2024, and such shares will vest only upon board-level confirmation of achievement. The PSUs are subject to forfeiture if the grantee’s employment terminates prior to the completion of the requite service period, or if the performance measures are not met as of December 31, 2024. The fair value of the share-based compensation for the PSUs was measured based on the closing share price of the Company’s common stock at the date of grant. Share-based compensation is recognized ratably over the period between the grant date and December 31, 2024, so long as the performance measures are probable of being achieved. The Company recognized $2.5 million in share-based compensation expense related to PSUs during both the three and nine months ended September 30, 2024, as the performance measures were probable of being achieved during the relevant periods, and therefore were included in share-based compensation expense for such periods. As of September 30, 2024 there was $4.1 million of unrecognized share-based compensation expenses related to PSUs, which is expected to be recognized over a period of 0.25 years. Employee Stock Purchase Program As of September 30, 2024, the Company has issued 69,899 shares of common stock pursuant to the 2021 Employee Stock Purchase Plan under its employee stock purchase program (“ESPP”). As of September 30, 2024, there was $0.1 million of unrecognized share-based compensation related to the ESPP that is expected to be recognized over the remaining term of the current offering period. Share-based compensation expense related to the ESPP for the three months ended September 30, 2024 and 2023 was $0.2 million and $0.2 million, respectively, and for the nine months ended September 30, 2024 and 2023 was $0.5 million and $0.5 million, respectively. Share-Based Compensation Share-based compensation for share-based awards granted to participants has been recorded in the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenues $ 1,252 $ 910 $ 3,397 $ 2,919 General and administrative 8,502 4,443 19,687 11,938 Research and development (1) 2,630 1,709 6,663 5,368 Sales and marketing 1,870 1,260 4,943 2,654 Restructuring related costs (2) — — (7) (663) Total share-based compensation expense $ 14,254 $ 8,322 $ 34,683 $ 22,216 ______________ (1) Net of $0.1 million, and $0.1 million additions to capitalized software on the Company’s condensed consolidated balance sheets during the three months ended September 30, 2024 and 2023, respectively, and $0.2 million and $0.2 million during the nine months ended September 30, 2024 and 2023, respectively. (2) Relates to unvested stock compensation that was forfeited or accelerated as part of the 2024 Realignment Plan and 2023 Restructuring Plan. See Note 12, “Restructuring.”

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In accordance with applicable accounting guidance, the Company is required to use an estimated annual effective tax rate to compute its tax provision during an interim period. However, there is an exception to the use of this method when a reliable estimate of its ordinary income (loss) or related tax (benefit) for the year cannot be determined. In that case, an entity may report the actual tax or benefit applicable when annual income cannot be estimated, as a discrete item in the interim period. This exception was used in determining the tax provision for the three and nine months ended September 30, 2024. Using the discrete method for the current year, and the annual effective tax rate method for the prior year, the Company’s provision for income taxes reflected an effective tax rate of (13.1)% and 27.9% for the three months ended September 30, 2024 and 2023, respectively, and (6.1)% and 22.7% for the nine months ended September 30, 2024 and 2023, respectively. During the three and nine months ended September 30, 2024, the Company’s effective tax rate differs from the U.S. federal statutory rate primarily due to research and development credits, state income taxes, and permanent favorable differences related to share-based compensation expense; partially offset by certain employee remuneration under section 162(m) of the Internal Revenue Code, other expected permanent differences, and changes in the valuation allowance. During the three and nine months ended September 30, 2023, the Company’s effective tax rate differs from the U.S. federal statutory rate primarily due to research and development credits, state income taxes, permanent unfavorable differences related to share-based compensation expense, certain employee remuneration under section 162(m) of the Internal Revenue Code, recognition of U.S. state net operating losses from prior acquisitions, and other expected permanent differences. The Company regularly assesses whether a valuation allowance should be recorded against its deferred tax assets based on the consideration of all available evidence, both positive and negative, using a “more likely than not” realization standard. In making such a determination, all available positive and negative evidence are considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In making such judgements, significant weight is given to evidence that can be objectively verified. After analyzing all available evidence, including the past and current trend in volatility in the Company’s business operating environment, which has impacted the Company’s current ability and expectation to generate sufficient future taxable income to fully realize its deferred tax assets, the Company continues to maintain that it is more likely that it would not be able to utilize all of the deferred tax assets as of September 30, 2024, and December 31, 2023, and, therefore, has a partial valuation allowance against its deferred tax assets. The Company’s valuation allowance was $34.6 million and $29.4 million as of September 30, 2024, and December 31, 2023, respectively. The Company has gross unrecognized tax benefits with respect to research and development credits of $4.0 million as of September 30, 2024, and $3.5 million as of December 31, 2023. The Company has recorded an immaterial amount of penalties and interest to income tax expense as the credits have started to be utilized in certain jurisdictions, however almost all credits have no penalties or interest recorded as the credits have not yet been fully utilized.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In the course of its business operations, the Company maintains agreements for services from companies in which certain investment funds advised by a significant stockholder hold an investment. These services primarily relate to vehicle lookup data through an API integrated with many of the Company's products and costs related to financial and business planning software, among others. These costs are recorded as cost of sales or operating expenses on the Company’s condensed consolidated statements of operations, depending on the nature of the agreement or transactions. The Company also has compensation agreements with its directors and officers, which are recorded as general and administrative expenses on the Company’s condensed consolidated statements of operations. Costs and revenue associated with these agreements and transactions are considered to be related party transactions. The following table presents the impact of related party transactions on the Company’s consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenues $ 456 $ 416 $ 1,321 $ 1,183 General and administrative (76) 154 670 556 Research and development 27 57 79 284 Sales and marketing — — — 1 Total related party expenses $ 407 $ 627 $ 2,070 $ 2,024 The following table presents the impact of related party transactions on the Company’s condensed consolidated balance sheets (in thousands): As of September 30, As of December 31, 2024 2023 Prepaid expenses and other current assets $ 105 $ 38 Total current assets $ 105 $ 38 Accounts payable $ 312 $ 110 Accrued liabilities 323 243 Total current liabilities $ 635 $ 353 Under the terms of these related-party transactions, all amounts incurred and recognized are expected to be settled within one year from the date of the accompanying consolidated balance sheets.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Basic and diluted net loss per share Numerator: Net loss attributable to common stockholders $ (7,051) $ (2,069) $ (22,027) $ (12,965) Denominator: Weighted average common stock outstanding: Basic 75,631,670 81,073,915 76,495,022 80,883,310 Diluted 75,631,670 81,073,915 76,495,022 80,883,310 Net loss per share: Basic $ (0.09) $ (0.03) $ (0.29) $ (0.16) Diluted $ (0.09) $ (0.03) $ (0.29) $ (0.16) A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Weighted average shares outstanding for basic loss per share 75,631,670 81,073,915 76,495,022 80,883,310 Effect of dilutive securities: Options outstanding, unexercised — — — — RSUs unvested — — — — PSUs unvested — — — — Purchase rights committed under the ESPP — — — — Weighted average shares outstanding for diluted loss per share 75,631,670 81,073,915 76,495,022 80,883,310 The following outstanding potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to common stockholders because their impact would have been anti-dilutive for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Options outstanding, unexercised 3,380,470 3,080,624 3,380,470 3,080,624 RSUs, unvested 7,071,168 5,116,305 7,071,168 5,116,305 PSUs, unvested 296,544 — 296,544 — Purchase rights committed under the ESPP 73,209 78,828 74,060 75,701 Total 10,821,391 8,275,757 10,822,242 8,272,630

Restructuring Activities

Restructuring Activities	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring Activities 2024 Realignment Plan In January 2024, the Company’s board of directors authorized an organizational realignment plan (the “2024 Realignment Plan”) that is designed to manage operating costs, enable efficient delivery on business objectives, and allow for growth in areas of strategic importance. The 2024 Realignment Plan included a reduction of the Company’s then-current workforce by approximately 12%. The Company completed the 2024 Realignment Plan in the second quarter of 2024. Restructuring charges of $4.2 million for severance and related costs, net of $0.0 million previously vested share-based compensation, net of acceleration, were recognized during the nine months ended September 30, 2024, and none during the three months ended September 30, 2024. These charges are reflected in restructuring related costs on the Company’s condensed consolidated statements of operations. A rollforward of the Company’s restructuring reserve balance for the nine months ended September 30, 2024 is as follows (in thousands): As of September 30, 2024 Beginning balance $ — Restructuring related costs 4,179 Payments (4,030) Ending balance $ 149 2023 Restructuring Plan In February 2023, the Company’s board of directors authorized a restructuring plan (the “2023 Restructuring Plan”) that was designed to consolidate the Company’s functions and investments to prioritize customer-centric areas of the Company’s organization, align teams with the Company’s highest business priorities, and improve efficiencies. The Restructuring Plan included a reduction of the Company’s then-current workforce by approximately 11%. The Company completed the 2023 Restructuring Plan in the second quarter of 2023. Restructuring charges of $3.6 million for severance and related costs, net of $0.7 million previously vested share-based compensation, were recognized during the nine months ended September 30, 2023, and none during the three months ended September 30, 2023. These charges are reflected in restructuring-related costs on the Company’s condensed consolidated statements of operations. A rollforward of the Company’s restructuring reserve balance for the nine months ended September 30, 2023 is as follows (in thousands): As of September 30, 2023 Beginning balance $ — Restructuring related costs 3,621 Payments (3,621) Ending balance $ —

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In connection with the September Secondary Offering, the underwriter completed the purchase of an additional 650,000 shares of common stock from the selling stockholders pursuant to a partial exercise of its option to purchase up to an additional 900,000 shares of the Company’s common stock from the selling stockholders, as described in Note 7 – Stockholders’ Equity. The remaining portion of the option expired unexercised on October 26, 2024.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Chris Maloof [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 13, 2024, Chris Maloof, former President, Go To Market, terminated his Rule 10b5-1 trading plan, which was adopted on March 18, 2024, pursuant to which he had authorized the sale of up to an aggregate of 191,389 shares of common stock, subject to trading under certain conditions. Mr. Maloof’s employment with the Company terminated effective August 31, 2024.
Name	Chris Maloof
Title	former President
Rule 10b5-1 Arrangement Terminated	true
Termination Date	August 13, 2024
Aggregate Available	191,389	191,389
Nicolaas Vlok [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 12, 2024, Nicolaas Vlok, Chief Executive Officer, adopted a Rule 10b5-1 trading plan intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) covering the sale of up to an aggregate of 500,000 shares of common stock through the potential exercise of vested stock options, subject to trading under certain conditions. The trading plan’s maximum duration is until December 12, 2025, with first trades to occur December 12, 2024, at the earliest.
Name	Nicolaas Vlok
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 12, 2024
Expiration Date	December 12, 2025
Arrangement Duration	365 days
Aggregate Available	500,000	500,000

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements of the Company have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The interim condensed consolidated balance sheet as of September 30, 2024, the condensed consolidated statements of operations and stockholders’ equity for the three and nine months ended September 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s condensed consolidated financial position as of September 30, 2024, its condensed consolidated results of operations for the three and nine months ended September 30, 2024 and 2023 and its cash flows for the nine months ended September 30, 2024 and 2023. The financial data and the other financial information disclosed in the notes to the condensed consolidated financial statements related to the three and nine months ended September 30, 2024 and 2023 and as of September 30, 2024, are also unaudited. The condensed consolidated balance sheet as of December 31, 2023, included herein, and financial information as of December 31, 2023, disclosed in the notes to the condensed consolidated financial statements was derived from the audited consolidated financial statements as of that date. The condensed consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed on March 12, 2024 (“2023 Annual Report on Form 10-K”).
Operating and Reportable Segment	Operating and Reportable Segment The Company operates and manages its business and financial information on a consolidated basis for the purposes of evaluating financial performance and the allocation of resources. The Company's management determined that it operates in one operating and reportable segment that is focused exclusively on providing cloud-based digital solutions in the United States. In reaching this conclusion, management considers the definition of the chief operating decision maker (“CODM”), how the business is defined by the CODM, the nature of the information provided to the CODM, and how that information is used to make operating decisions, allocate resources, and assess performance. The Company's CODM is the chief executive officer. The results of operations provided to and analyzed by the CODM are at the consolidated level, and accordingly, key resource decisions and assessment of performance are performed at the consolidated level. The Company assesses its determination of operating segments at least annually.
Use of Estimates	Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the reported amounts of revenues and expenses. Certain items subject to such estimates include the fair value of acquired intangible assets; the capitalization of software development costs; the useful lives of long-lived intangible assets; impairment of goodwill and long-lived assets; and income taxes, including the valuation allowance for deferred income taxes. In accordance with GAAP, management bases its estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, actual results could differ significantly from those estimates.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) and has elected to use the extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies. ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” Accounting Standard Update (“ASU”) 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for the Company for annual periods beginning after December 15, 2025, on a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on its condensed consolidated financial statements and related disclosures. ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” ASU 2023-07 requires enhanced disclosures about significant segment expenses and other segment items and requires companies to disclose all annual disclosures about segments in interim periods. The new standard also permits companies to disclose more than one measure of segment profit or loss, requires disclosure of the title and position of the CODM, and requires companies with a single reportable segment to provide all disclosures required by Topic 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and companies are required to apply the ASU retrospectively to all periods presented. The Company is currently evaluating the impact that adoption of this standard will have on its condensed consolidated financial statements and related disclosures.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Solution Type and by Major Source	The following table disaggregates the Company’s net revenues by solution type (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Lending Software Solutions $ 63,005 $ 58,949 $ 185,552 $ 172,728 Data Verification Software Solutions 17,364 17,539 51,309 56,310 Total $ 80,369 $ 76,488 $ 236,861 $ 229,038 The following table disaggregates the Company’s net revenues by major source (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Subscription fees $ 67,344 $ 64,613 $ 199,202 $ 194,788 Professional services 10,146 8,706 28,715 26,143 Other 2,879 3,169 8,944 8,107 Total $ 80,369 $ 76,488 $ 236,861 $ 229,038
Schedule of Contract Balances and Changes in Deferred Revenue	The following table presents amounts related to customer contract-related arrangements, which are included on the condensed consolidated balance sheets as follows (in thousands): As of September 30, As of January 1, As of September 30, As of January 1, 2024 2024 2023 2023 Accounts receivable, net $ 36,893 $ 30,314 $ 31,751 $ 29,010 Unbilled receivables 1,975 2,098 2,245 3,895 Accounts receivable, net $ 38,868 $ 32,412 $ 33,996 $ 32,905 Deferred revenue, current $ 29,767 $ 17,224 $ 26,694 $ 16,945 Long-term deferred revenue $ 160 $ 792 $ 692 $ 1,141 and 2023 were as follows (in thousands): As of September 30, 2024 2023 Deferred revenue, beginning balance $ 18,016 $ 18,086 Billing of transaction consideration 248,772 238,338 Revenue recognized (236,861) (229,038) Deferred revenue, ending balance $ 29,927 $ 27,386 Deferred revenue, current $ 29,767 $ 26,694 Long-term deferred revenue 160 692 Total deferred revenue $ 29,927 $ 27,386
Schedule of Rollforward of Allowance for Expected Credit Losses	A rollforward of the Company’s allowance for expected credit losses balance for the nine months ended September 30, 2024 , and 2023 , is as follows (in thousands): As of September 30, 2024 2023 Allowance for expected credit losses, beginning balance $ 514 $ 165 Provision for expected credit losses 604 627 Write offs, net (456) (375) Allowance for expected credit losses, ending balance $ 662 $ 417
Schedule of Changes in Assets Recognized	The following table represents the changes in assets recognized from costs to obtain a contract with a customer, or contract cost assets (in thousands): As of September 30, 2024 2023 Beginning balance $ 8,018 $ 6,539 Additions 3,927 3,570 Amortization (3,011) (2,423) Ending balance $ 8,934 $ 7,686 Contract cost assets, current $ 4,111 $ 3,642 Contract cost assets, noncurrent 4,823 4,044 Total contract cost assets $ 8,934 $ 7,686

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): As of September 30, As of December 31, 2024 2023 Prepaid expenses $ 7,422 $ 5,762 Contract cost assets, current 4,111 3,782 Income tax receivable 322 961 Other 454 1,069 Total prepaid expenses and other current assets $ 12,309 $ 11,574
Schedule of Capitalized Deferred Implementation Costs for Cloud Computing Arrangements	Current costs for capitalized deferred implementation costs are included in prepaid expenses and other current assets, and non-current costs are included in other assets on the accompanying condensed consolidated balance sheets. Capitalized deferred implementation costs for cloud computing arrangements consisted of the following (in thousands): As of September 30, As of December 31, 2024 2023 Capitalized deferred implementation costs $ 2,299 $ 1,779 Accumulated amortization (280) (208) Capitalized deferred implementation costs, net $ 2,019 $ 1,571
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): As of September 30, As of December 31, 2024 2023 Computer equipment and software $ 8,055 $ 8,794 Leasehold improvements 2,424 2,732 Office equipment and furniture 990 990 Total 11,469 12,516 Accumulated depreciation (9,107) (9,179) Property and equipment, net $ 2,362 $ 3,337
Schedule of Intangible Assets, Net and Weighted Average Remaining Useful Lives for Intangible Assets	Intangible assets, net consisted of the following (in thousands): As of September 30, 2024 Gross Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 343,300 $ (192,125) $ 151,175 Developed technology 96,400 (60,457) 35,943 Trademarks 24,975 (14,660) 10,315 Non-competition agreements 5,500 (2,478) 3,022 Capitalized software 34,686 (21,016) 13,670 Total intangible assets, net $ 504,861 $ (290,736) $ 214,125 As of December 31, 2023 Gross Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 343,300 $ (166,485) $ 176,815 Developed technology 96,400 (52,039) 44,361 Trademarks 24,975 (12,803) 12,172 Non-competition agreements 5,500 (1,743) 3,757 Capitalized software 28,997 (15,042) 13,955 Total intangible assets, net $ 499,172 $ (248,112) $ 251,060 The weighted average remaining useful lives for intangible assets as of September 30, 2024, were as follows: Weighted Average Remaining Useful Life (in years) Customer relationships 5 Developed technology 6 Trademarks 4 Non-competition agreements 3 Capitalized software 2
Schedule of Amortization Expense Related to Intangible Assets	Amortization expense related to intangible assets was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenues $ 4,860 $ 4,524 $ 14,392 $ 13,488 General and administrative expense 9,407 9,419 28,232 28,420 Total amortization expense $ 14,267 $ 13,943 $ 42,624 $ 41,908
Schedule of Estimated Future Amortization of Intangible Assets	The estimated future amortization of intangible assets as of September 30, 2024, was as follows (in thousands): Years ending December 31, 2024 (remaining three months) $ 14,270 2025 51,948 2026 46,133 2027 42,997 2028 24,911 Thereafter 33,866 Total amortization expense $ 214,125
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): As of September 30, As of December 31, 2024 2023 Accrued payroll and payroll-related expenses $ 8,717 $ 9,501 Accrued operating costs 5,624 3,655 Accrued bonuses 6,006 6,424 Sales tax liabilities from acquisitions 3,383 3,383 Accrued costs of revenues 3,139 2,003 Customer deposits 760 1,302 Excise taxes payable 1,082 379 Operating lease liabilities – current 422 773 Other sales tax liabilities 504 404 User conference accrual 47 1,073 Other accrued liabilities 2,230 1,776 Total accrued liabilities $ 31,914 $ 30,673

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments Under Non-Cancelable Purchase Commitments	Future minimum payments under the Company’s non-cancelable purchase commitments as of September 30, 2024, are as follows (in thousands): Contractual Commitments Years ending December 31, 2024 (remaining three months) $ 1,095 2025 4,831 2026 4,716 2027 3,141 Thereafter — Total $ 13,783

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following (in thousands): As of September 30, As of December 31, 2024 2023 2021 Term Loan $ 473,919 $ 427,388 Debt issuance costs (4,009) (3,842) Total debt, net 469,910 423,546 Less: Current portion of debt 2021 Term Loan 4,763 4,350 Debt issuance costs (990) (808) Total current portion of debt, net 3,773 3,542 Total non-current portion of debt, net $ 466,137 $ 420,004
Schedule of Future Principal Payments of Debt	Future principal payments of debt as of September 30, 2024, were as follows (in thousands): Years ending December 31, 2024 (remaining three months) $ 1,191 2025 4,763 2026 4,763 2027 4,763 2028 458,439 Total $ 473,919

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of Repurchased Share Activity	A summary of repurchased share activity during the three and nine months ended September 30, 2024 and 2023, is as follows (in thousands except share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Total number of shares repurchased 1,369,004 1,845,708 2,922,898 2,182,215 Total cost of shares repurchased, including commissions, fees, and excise taxes $ 31,258 $ 30,677 $ 105,551 $ 35,822

Share-based Compensation (Table

Share-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	A summary of stock option activity during the nine months ended September 30, 2024, is as follows (in thousands, except options, price per option, and term amounts): Number of Options Weighted Average Exercise Price Weighted Average Remaining Contract Term (in years) Aggregate Intrinsic Value Outstanding – January 1, 2024 3,976,372 $ 12.53 6.68 $ 49,670 Granted — — Exercised (343,742) 13.76 Forfeited (252,160) 20.30 Outstanding – September 30, 2024 3,380,470 $ 11.82 5.52 $ 33,580 Vested and expected to vest in the future at September 30, 2024 3,380,470 11.82 5.52 33,580 Exercisable at September 30, 2024 3,029,080 $ 10.76 5.33 $ 32,877
Schedule of RSU Activity	A summary of restricted stock unit (“RSU”) activity during the nine months ended September 30, 2024, is as follows: Number of RSUs Weighted Average Grant Date Fair Value Non-vested – January 1, 2024 4,919,744 $ 17.19 Granted 4,863,095 19.47 Vested (1,716,092) 17.49 Forfeited (995,579) 17.32 Non-vested – September 30, 2024 7,071,168 18.67
Schedule of Share-Based Compensation	Share-based compensation for share-based awards granted to participants has been recorded in the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenues $ 1,252 $ 910 $ 3,397 $ 2,919 General and administrative 8,502 4,443 19,687 11,938 Research and development (1) 2,630 1,709 6,663 5,368 Sales and marketing 1,870 1,260 4,943 2,654 Restructuring related costs (2) — — (7) (663) Total share-based compensation expense $ 14,254 $ 8,322 $ 34,683 $ 22,216 ______________ (1) Net of $0.1 million, and $0.1 million additions to capitalized software on the Company’s condensed consolidated balance sheets during the three months ended September 30, 2024 and 2023, respectively, and $0.2 million and $0.2 million during the nine months ended September 30, 2024 and 2023, respectively. (2) Relates to unvested stock compensation that was forfeited or accelerated as part of the 2024 Realignment Plan and 2023 Restructuring Plan. See Note 12, “Restructuring.”

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table presents the impact of related party transactions on the Company’s consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenues $ 456 $ 416 $ 1,321 $ 1,183 General and administrative (76) 154 670 556 Research and development 27 57 79 284 Sales and marketing — — — 1 Total related party expenses $ 407 $ 627 $ 2,070 $ 2,024 The following table presents the impact of related party transactions on the Company’s condensed consolidated balance sheets (in thousands): As of September 30, As of December 31, 2024 2023 Prepaid expenses and other current assets $ 105 $ 38 Total current assets $ 105 $ 38 Accounts payable $ 312 $ 110 Accrued liabilities 323 243 Total current liabilities $ 635 $ 353

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Net Loss Per Share	The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Basic and diluted net loss per share Numerator: Net loss attributable to common stockholders $ (7,051) $ (2,069) $ (22,027) $ (12,965) Denominator: Weighted average common stock outstanding: Basic 75,631,670 81,073,915 76,495,022 80,883,310 Diluted 75,631,670 81,073,915 76,495,022 80,883,310 Net loss per share: Basic $ (0.09) $ (0.03) $ (0.29) $ (0.16) Diluted $ (0.09) $ (0.03) $ (0.29) $ (0.16) A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Weighted average shares outstanding for basic loss per share 75,631,670 81,073,915 76,495,022 80,883,310 Effect of dilutive securities: Options outstanding, unexercised — — — — RSUs unvested — — — — PSUs unvested — — — — Purchase rights committed under the ESPP — — — — Weighted average shares outstanding for diluted loss per share 75,631,670 81,073,915 76,495,022 80,883,310
Schedule of Outstanding Potentially Dilutive Securities	The following outstanding potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to common stockholders because their impact would have been anti-dilutive for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Options outstanding, unexercised 3,380,470 3,080,624 3,380,470 3,080,624 RSUs, unvested 7,071,168 5,116,305 7,071,168 5,116,305 PSUs, unvested 296,544 — 296,544 — Purchase rights committed under the ESPP 73,209 78,828 74,060 75,701 Total 10,821,391 8,275,757 10,822,242 8,272,630

Restructuring Activities (Table

Restructuring Activities (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Rollforward of Restructuring Reserve Balance	A rollforward of the Company’s restructuring reserve balance for the nine months ended September 30, 2024 is as follows (in thousands): As of September 30, 2024 Beginning balance $ — Restructuring related costs 4,179 Payments (4,030) Ending balance $ 149 A rollforward of the Company’s restructuring reserve balance for the nine months ended September 30, 2023 is as follows (in thousands): As of September 30, 2023 Beginning balance $ — Restructuring related costs 3,621 Payments (3,621) Ending balance $ —

Significant Accounting Polici_3

Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2024 Segment
Accounting Policies [Abstract]
Number of operating segments	1
Number of reportable segments	1

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Disaggregation of Revenue by Solution Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues, net	$ 80,369	$ 76,488	$ 236,861	$ 229,038
Lending Software Solutions
Disaggregation of Revenue [Line Items]
Revenues, net	63,005	58,949	185,552	172,728
Data Verification Software Solutions
Disaggregation of Revenue [Line Items]
Revenues, net	$ 17,364	$ 17,539	$ 51,309	$ 56,310

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Disaggregation of Revenue by Major Source (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues, net	$ 80,369	$ 76,488	$ 236,861	$ 229,038
Subscription fees
Disaggregation of Revenue [Line Items]
Revenues, net	67,344	64,613	199,202	194,788
Professional services
Disaggregation of Revenue [Line Items]
Revenues, net	10,146	8,706	28,715	26,143
Other
Disaggregation of Revenue [Line Items]
Revenues, net	$ 2,879	$ 3,169	$ 8,944	$ 8,107

Revenue Recognition - Schedul_3

Revenue Recognition - Schedule of Contract Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Accounts receivable, net	$ 36,893	$ 30,314	$ 31,751	$ 29,010
Unbilled receivables	1,975	2,098	2,245	3,895
Accounts receivable, net	38,868	32,412	33,996	32,905
Deferred revenue, current	29,767	17,224	26,694	16,945
Long-term deferred revenue	$ 160	$ 792	$ 692	$ 1,141

Revenue Recognition - Schedul_4

Revenue Recognition - Schedule of Changes in Deferred Revenue (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Contract With Customer, Liability [Roll Forward]
Deferred revenue, beginning balance	$ 18,016	$ 18,086
Billing of transaction consideration	248,772	238,338
Revenue recognized	(236,861)	(229,038)
Deferred revenue, ending balance	29,927	27,386
Deferred revenue, current	29,767	26,694
Long-term deferred revenue	160	692	$ 792	$ 1,141
Total deferred revenue	$ 29,927	$ 27,386	$ 18,016	$ 18,086

Revenue Recognition - Schedul_5

Revenue Recognition - Schedule of Rollforward of Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for expected credit losses, beginning balance	$ 514	$ 165
Provision for expected credit losses	604	627
Write offs, net	(456)	(375)
Allowance for expected credit losses, ending balance	$ 662	$ 417

Revenue Recognition - Schedul_6

Revenue Recognition - Schedule of Changes in Assets Recognized (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Capitalized Contract Cost [Roll Forward]
Beginning balance	$ 8,018	$ 6,539
Additions	3,927	3,570
Amortization	(3,011)	(2,423)
Ending balance	8,934	7,686
Contract cost assets, current	4,111	3,642	$ 3,782
Contract cost assets, noncurrent	4,823	4,044
Total contract cost assets	$ 8,934	$ 7,686	$ 8,018

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Impairment of contract cost assets	$ 0	$ 0	$ 0	$ 0

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 7,422	$ 5,762
Contract cost assets, current	4,111	3,782	$ 3,642
Income tax receivable	322	961
Other	454	1,069
Total prepaid expenses and other current assets	$ 12,309	$ 11,574

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Capitalized Deferred Implementation Costs for Cloud Computing Arrangements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capitalized deferred implementation costs	$ 2,299	$ 1,779
Accumulated amortization	(280)	(208)
Capitalized deferred implementation costs, net	$ 2,019	$ 1,571

Balance Sheet Components - Narr

Balance Sheet Components - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Amortization expense for capitalized deferred implementation costs	$ 0	$ 0	$ 0	$ 0
Depreciation	300,000	500,000	1,100,000	1,500,000
Impairment of long-lived assets	0	0	0	0
Capitalized software
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Capitalized software costs	$ 1,900,000	$ 2,500,000	$ 5,700,000	$ 7,200,000

Balance Sheet Components - Sc_3

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total	$ 11,469	$ 12,516
Accumulated depreciation	(9,107)	(9,179)
Property and equipment, net	2,362	3,337
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total	8,055	8,794
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total	2,424	2,732
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Total	$ 990	$ 990

Balance Sheet Components - Sc_4

Balance Sheet Components - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross amount	$ 504,861	$ 499,172
Intangible assets, accumulated amortization	(290,736)	(248,112)
Total amortization expense	214,125	251,060
Capitalized software, gross amount	34,686	28,997
Capitalized software, accumulated amortization	(21,016)	(15,042)
Capitalized software, net carrying amount	13,670	13,955
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross amount	343,300	343,300
Intangible assets, accumulated amortization	(192,125)	(166,485)
Total amortization expense	151,175	176,815
Developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross amount	96,400	96,400
Intangible assets, accumulated amortization	(60,457)	(52,039)
Total amortization expense	35,943	44,361
Trademarks
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross amount	24,975	24,975
Intangible assets, accumulated amortization	(14,660)	(12,803)
Total amortization expense	10,315	12,172
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross amount	5,500	5,500
Intangible assets, accumulated amortization	(2,478)	(1,743)
Total amortization expense	$ 3,022	$ 3,757

Balance Sheet Components - Sc_5

Balance Sheet Components - Schedule of Weighted Average Remaining Useful Lives for Intangible Assets (Details)	9 Months Ended
	Sep. 30, 2024
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in years)	5 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in years)	6 years
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in years)	4 years
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in years)	3 years
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in years)	2 years

Balance Sheet Components - Sc_6

Balance Sheet Components - Schedule of Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 14,267	$ 13,943	$ 42,624	$ 41,908
Cost of revenues
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	4,860	4,524	14,392	13,488
General and administrative expense
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 9,407	$ 9,419	$ 28,232	$ 28,420

Balance Sheet Components - Sc_7

Balance Sheet Components - Schedule of Estimated Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
2024 (remaining three months)	$ 14,270
2025	51,948
2026	46,133
2027	42,997
2028	24,911
Thereafter	33,866
Total amortization expense	$ 214,125	$ 251,060

Balance Sheet Components - Sc_8

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued payroll and payroll-related expenses	$ 8,717	$ 9,501
Accrued operating costs	5,624	3,655
Accrued bonuses	6,006	6,424
Sales tax liabilities from acquisitions	3,383	3,383
Accrued costs of revenues	3,139	2,003
Customer deposits	760	1,302
Excise taxes payable	1,082	379
Operating lease liabilities – current	422	773
Other sales tax liabilities	504	404
User conference accrual	47	1,073
Other accrued liabilities	2,230	1,776
Total accrued liabilities	$ 31,914	$ 30,673

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Settlement charges incurred	$ 1.5

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-Cancelable Purchase Commitments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024 (remaining three months)	$ 1,095
2025	4,831
2026	4,716
2027	3,141
Thereafter	0
Contractual Commitments	$ 13,783

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	May 15, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2021 Term Loan	$ 473,919		$ 427,388
Debt issuance costs	(4,009)		(3,842)
Total debt, net	469,910		423,546
Current portion of long term debt	3,773		3,542
Debt issuance costs	(990)		(808)
Total non-current portion of debt, net	466,137		420,004
Secured Debt | 2021 Term Loan
Debt Instrument [Line Items]
2021 Term Loan		$ 476,300
Current portion of long term debt	$ 4,763		$ 4,350

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended			9 Months Ended
	May 15, 2024	Nov. 10, 2021	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Amortization of financing costs			$ 300	$ 200		$ 747	$ 897
Interest expense			9,900	9,600		28,800	27,400
Principal amount			473,919			473,919		$ 427,388
Debt issuance costs, gross		$ 4,400
2021 Credit Agreement
Debt Instrument [Line Items]
Financing fees							100
2021 Credit Agreement | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%	3%
Basis spread adjustment	0.26%				0.26%
2021 Term Loan
Debt Instrument [Line Items]
Amortization of financing costs			$ 300	$ 200		$ 700	$ 800
Debt issuance costs, gross		$ 3,600
Percent of original principal			0.25%			0.25%
Effective interest rate			7.70%			7.70%
2021 Term Loan | Base Rate | Variable Rate Component One
Debt Instrument [Line Items]
Basis spread on variable rate						2.75%
2021 Term Loan | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two
Debt Instrument [Line Items]
Basis spread on variable rate						2.75%
2021 Term Loan | Secured Debt
Debt Instrument [Line Items]
Term loan		476,300
Financing fees	$ 1,300
Principal amount	476,300
Debt issuance costs, gross	800
Financing fees expensed	500
2021 Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, gross		500
Unamortized debt issuance costs			$ 200			$ 200		$ 300
Commitment fee rate						0.50%
2021 Revolving Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, principal amount		10,000
2021 Revolving Credit Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, principal amount		50,000
Unused revolving credit facility balance			$ 50,000			$ 50,000
2021 Credit Agreement, Refinancing Amendment and First Amendment
Debt Instrument [Line Items]
Debt issuance costs, gross		$ 800
2021 Credit Agreement, Refinancing Amendment and First Amendment | Secured Debt
Debt Instrument [Line Items]
Increase in principal amount	$ 50,000

Debt - Schedule of Future Princ

Debt - Schedule of Future Principal Payments of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024 (remaining three months)	$ 1,191
2025	4,763
2026	4,763
2027	4,763
2028	458,439
Total	$ 473,919	$ 427,388

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended						9 Months Ended
	Oct. 18, 2024	Sep. 30, 2024	Feb. 09, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Jan. 31, 2024	May 31, 2022
Class of Stock [Line Items]
Stock repurchase program authorized amount												$ 125,000	$ 75,000
Total cost of shares repurchased, including commissions, fees, and excise taxes			$ 44,400	$ 31,258	$ 29,916	$ 44,377	$ 30,677	$ 1,646	$ 3,499	$ 105,551	$ 35,822
Payment of stock issuance costs										$ 75	$ 0
Stock repurchased (in shares)				1,369,004			1,845,708			2,922,898	2,182,215
Stock remaining for repurchase under repurchase program		$ 29,500		$ 29,500						$ 29,500
2024 Repurchase Program
Class of Stock [Line Items]
Total cost of shares repurchased, including commissions, fees, and excise taxes			$ 44,400
Shares repurchased price per share (in dollars per share)			$ 18.2875
Stock repurchased (in shares)			2,406,015
The September Secondary Offering
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		6,000,000
Sale of stock issue price per share (in dollars per share)		$ 21.05		$ 21.05						$ 21.05
Payment of stock issuance costs				$ 700
The Secondary Offering
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			6,906,015
Sale of stock issue price per share (in dollars per share)			$ 19
Payment of stock issuance costs										$ 1,400
Over-Allotment Option
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		900,000	675,000
Over-Allotment Option | Subsequent Event
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	650,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Repurchased Share Activity (Details) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
	Feb. 09, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Total number of shares repurchased (in shares)		1,369,004			1,845,708			2,922,898	2,182,215
Total cost of shares repurchased, including commissions, fees, and excise taxes	$ 44,400	$ 31,258	$ 29,916	$ 44,377	$ 30,677	$ 1,646	$ 3,499	$ 105,551	$ 35,822

Share-based Compensation - Narr

Share-based Compensation - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 26, 2021	Aug. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options vested			$ 1,100	$ 1,400	$ 3,500	$ 5,100
Intrinsic value of options exercised			1,200	1,500	2,800	2,900
Total share-based compensation expense			14,254	8,322	34,683	22,216
Unrecognized stock-based compensation expense related to stock options			$ 3,100		$ 3,100
Unrecognized stock-based compensation expense, weighted -average period for recognition					1 year 2 months 12 days
Unvested (in shares)			7,071,168		7,071,168
Issuance of common stock through employee stock purchase plan (in shares)					69,899
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense			$ 800	1,300	$ 3,100	4,100
Unrecognized stock-based compensation expense, weighted -average period for recognition					1 year 2 months 12 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense			$ 10,900	7,000	$ 28,900	17,800
Unrecognized stock-based compensation expense, weighted -average period for recognition					2 years 10 months 20 days
Common stock received upon vesting and settlement of RSUs (in shares)			1		1
Unvested (in shares)			7,071,168		7,071,168		4,919,744
Unrecognized stock-based compensation expense, awards other than options			$ 118,800		$ 118,800
Granted (in shares)					4,863,095
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense			2,500		$ 2,500
Unrecognized stock-based compensation expense related to stock options			4,100		$ 4,100
Unrecognized stock-based compensation expense, weighted -average period for recognition					3 months
Common stock received upon vesting and settlement of RSUs (in shares)		1
Granted (in shares)		296,544
Fair value of PSUs		$ 6,600
Purchase rights committed under the ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense			200	$ 200	$ 500	$ 500
Unrecognized stock-based compensation expense, awards other than options			$ 100		$ 100
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	13,171,588
Annual increase in shares authorized, percentage	5%

Share-based Compensation - Sche

Share-based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of Options
Beginning balance (in shares) | shares	3,976,372
Granted (in shares) | shares	0
Exercised (in shares) | shares	(343,742)
Forfeited (in shares) | shares	(252,160)
Ending balance (in shares) | shares	3,380,470	3,976,372
Vested and expected to vest in the future (in shares) | shares	3,380,470
Exercisable at end of period (in shares) | shares	3,029,080
Weighted Average Exercise Price
Beginning balance (in dollars per share) | $ / shares	$ 12.53
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	13.76
Forfeited (in dollars per share) | $ / shares	20.30
Ending balance (in dollars per share) | $ / shares	11.82	$ 12.53
Vested and expected to vest in the future (in dollars per share) | $ / shares	11.82
Exercisable at end of period (in dollars per share) | $ / shares	$ 10.76
Weighted Average Remaining Contract Term and Aggregate Intrinsic Value
Weighted average remaining contractual term	5 years 6 months 7 days	6 years 8 months 4 days
Weighted average remaining contractual term, vested and expected to vest in the future	5 years 6 months 7 days
Weighted average remaining contractual term, exercisable at end of period	5 years 3 months 29 days
Aggregate intrinsic value | $	$ 33,580	$ 49,670
Aggregate intrinsic value, vested and expected to vest in the future | $	33,580
Aggregate intrinsic value, exercisable at end of period | $	$ 32,877

Share-based Compensation - Sc_2

Share-based Compensation - Schedule of RSU Activity (Details) - $ / shares	1 Months Ended	9 Months Ended
	Aug. 31, 2024	Sep. 30, 2024
Number of RSUs
Non-vested ending balance (in shares)		7,071,168
Restricted Stock Units (RSUs)
Number of RSUs
Non-vested beginning balance (in shares)		4,919,744
Granted (in shares)		4,863,095
Vested (in shares)		(1,716,092)
Forfeited (in shares)		(995,579)
Non-vested ending balance (in shares)		7,071,168
Weighted Average Grant Date Fair Value
Non-vested beginning balance (in dollars per share)		$ 17.19
Granted (in dollars per share)		19.47
Vested (in dollars per share)		17.49
Forfeited (in dollars per share)		17.32
Non-vested ending balance (in dollars per share)		$ 18.67
Performance Stock Units
Number of RSUs
Granted (in shares)	296,544

Share-based Compensation - Sc_3

Share-based Compensation - Schedule of Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 14,254	$ 8,322	$ 34,683	$ 22,216
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	1,252	910	3,397	2,919
General and administrative expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	8,502	4,443	19,687	11,938
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	2,630	1,709	6,663	5,368
Capitalized software costs	100	100	200	200
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	1,870	1,260	4,943	2,654
Restructuring Related Costs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 0	$ 0	$ (7)	$ (663)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	(13.10%)	27.90%	(6.10%)	22.70%
Valuation allowance	$ 34.6		$ 34.6		$ 29.4
Uncertain tax positions	$ 4		$ 4		$ 3.5

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Cost of revenues	$ 22,790	$ 22,488	$ 67,507	$ 69,973
General and administrative	29,649	23,218	84,065	70,182
Research and development	10,019	11,248	29,409	36,814
Sales and marketing	10,492	9,441	32,495	26,212
Related party receivables, net	38,868	33,996	38,868	33,996	$ 32,412	$ 32,905
Prepaid expenses and other current assets	12,309		12,309		11,574
Total current assets	133,443		133,443		124,427
Accounts payable	6,165		6,165		4,405
Accrued liabilities	31,914		31,914		30,673
Total current liabilities	71,619		71,619		55,844
Related Party
Related Party Transaction [Line Items]
Cost of revenues	456	416	1,321	1,183
General and administrative	(76)	154	670	556
Research and development	27	57	79	284
Sales and marketing	0	0	0	1
Total related party expenses	407	$ 627	2,070	$ 2,024
Prepaid expenses and other current assets	105		105		38
Total current assets	105		105		38
Accounts payable	312		312		110
Accrued liabilities	323		323		243
Total current liabilities	$ 635		$ 635		$ 353

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Jan. 31, 2024	May 31, 2022
Related Party Transaction [Line Items]
Stock repurchase program authorized amount			$ 125	$ 75
Related Party
Related Party Transaction [Line Items]
Shares repurchased by stockholder (shares)	1,525,027	0
Average price per share (in dollars per share)	$ 16.43
Stock repurchase program authorized amount	$ 25
Discount on stock repurchase	5%

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss attributable to common stockholders	$ (7,051)	$ (9,670)	$ (5,306)	$ (2,069)	$ (5,230)	$ (5,666)	$ (22,027)	$ (12,965)
Weighted average common stock outstanding:
Basic (in shares)	75,631,670			81,073,915			76,495,022	80,883,310
Diluted (in shares)	75,631,670			81,073,915			76,495,022	80,883,310
Net loss per share:
Basic (in dollars per share)	$ (0.09)			$ (0.03)			$ (0.29)	$ (0.16)
Diluted (in dollars per share)	$ (0.09)			$ (0.03)			$ (0.29)	$ (0.16)
Stock Options
Weighted average common stock outstanding:
Effect of dilutive securities (shares)	0			0			0	0
RSUs unvested
Weighted average common stock outstanding:
Effect of dilutive securities (shares)	0			0			0	0
PSUs unvested
Weighted average common stock outstanding:
Effect of dilutive securities (shares)	0			0			0	0
Purchase rights committed under the ESPP
Weighted average common stock outstanding:
Effect of dilutive securities (shares)	0			0			0	0

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Outstanding Potentially Dilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	10,821,391	8,275,757	10,822,242	8,272,630
Options outstanding, unexercised
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,380,470	3,080,624	3,380,470	3,080,624
RSUs, unvested
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	7,071,168	5,116,305	7,071,168	5,116,305
PSUs unvested
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	296,544	0	296,544	0
Purchase rights committed under the ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	73,209	78,828	74,060	75,701

Restructuring Activities - Narr

Restructuring Activities - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Jan. 31, 2024	Feb. 28, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring related costs			$ 0	$ 0	$ 4,179,000	$ 3,621,000
The 2024 Realignment Plan
Restructuring Cost and Reserve [Line Items]
Reduction in current workforce	12%
Restructuring related costs			$ 0
2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Reduction in current workforce		11%
Restructuring related costs				$ 0
Severance and Related Costs | The 2024 Realignment Plan
Restructuring Cost and Reserve [Line Items]
Restructuring related costs					4,200,000
Severance and Related Costs | 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring related costs						3,600,000
Previously Vested Stock Based Compensation | The 2024 Realignment Plan
Restructuring Cost and Reserve [Line Items]
Restructuring related costs					$ 0
Previously Vested Stock Based Compensation | 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring related costs						$ 700,000

Restructuring Activities - Sche

Restructuring Activities - Schedule of Rollforward of Restructuring Reserve Balance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Beginning balance			$ 0	$ 0
Restructuring related costs	$ 0	$ 0	4,179	3,621
Payments			(4,030)	(3,621)
Ending balance	$ 149	$ 0	$ 149	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - Over-Allotment Option - shares	Oct. 18, 2024	Sep. 30, 2024	Feb. 09, 2024
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		900,000	675,000
Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	650,000