Klaviyo (KVYO) 10-Q 7 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-41806
Entity Registrant Name	Klaviyo, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-0989964
Entity Address, Address Line One	125 Summer Street
Entity Address, Address Line Two	6th Floor
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	617
Local Phone Number	213-1788
Title of 12(b) Security	Series A common stock, par value $0.001 per share
Trading Symbol	KVYO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0001835830
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Series A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		72,592,767
Series B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		194,079,979

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 793,555	$ 738,562
Restricted cash	402	409
Accounts receivable, net of allowance for doubtful accounts	29,226	23,076
Deferred contract acquisition costs, current	18,031	15,198
Prepaid expenses and other current assets	31,149	26,244
Total current assets	872,363	803,489
Property and equipment, net	44,367	43,450
Right-of-use assets, net	32,073	36,987
Deferred contract acquisition costs, non-current	26,696	23,177
Restricted cash, non-current	672	686
Prepaid marketing expense	163,595	173,844
Other non-current assets	10,072	7,417
Total assets	1,149,838	1,089,050
Current liabilities:
Accounts payable	9,418	13,597
Accrued expenses	62,404	62,838
Lease liabilities, current	13,009	14,081
Deferred revenue	46,782	40,100
Total current liabilities	131,613	130,616
Lease liabilities, non-current	32,069	37,498
Other non-current liabilities	6,656	6,159
Total liabilities	170,338	174,273
Stockholders’ Equity
Preferred stock: $0.001 par value; 100,000,000 shares authorized; 0 and 0 shares issued and outstanding at June 30, 2024, and December 31, 2023, respectively.	0	0
Additional paid-in capital	1,796,100	1,713,560
Accumulated deficit	(816,867)	(799,043)
Total stockholders’ equity	979,500	914,777
Total liabilities and stockholders’ equity	1,149,838	1,089,050
Series A Common Stock
Stockholders’ Equity
Common stock	73	41
Series B Common Stock
Stockholders’ Equity
Common stock	$ 194	$ 219

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Series A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	3,000,000,000	3,000,000,000
Common stock, shares issued (in shares)	72,510,738	40,841,834
Common stock, outstanding (in shares)	72,510,738	40,841,834
Series B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	194,081,029	218,524,009
Common stock, outstanding (in shares)	194,081,029	218,524,009

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 222,213	$ 164,586	$ 432,206	$ 320,674
Cost of revenue	50,271	37,476	95,209	74,050
Gross profit	171,942	127,110	336,997	246,624
Operating expenses:
Selling and marketing	94,501	63,357	186,359	123,970
Research and development	55,735	33,055	111,832	68,087
General and administrative	35,759	23,666	74,951	46,657
Total operating expenses	185,995	120,078	373,142	238,714
Operating (loss) income	(14,053)	7,032	(36,145)	7,910
Other income (expense):
Other (expense) income	(7)	(54)	61	(79)
Interest income	9,979	4,485	19,525	8,301
Total other income, net	9,972	4,431	19,586	8,222
(Loss) income before income taxes	(4,081)	11,463	(16,559)	16,132
Provision for income taxes	861	576	1,265	967
Net (loss) income	(4,942)	10,887	(17,824)	15,165
Comprehensive (loss) income	$ (4,942)	$ 10,887	$ (17,824)	$ 15,165
Net (loss) income per share attributable to Series A and Series B common stockholders, basic (in dollars per share)	$ (0.02)	$ 0.05	$ (0.07)	$ 0.06
Net (loss) income per share attributable to Series A and Series B common stockholders, diluted (in dollars per share)	$ (0.02)	$ 0.04	$ (0.07)	$ 0.06
Weighted average common shares outstanding, basic (in shares)	265,293,214	236,590,235	263,319,667	236,047,282
Weighted average common shares outstanding, diluted (in shares)	265,293,214	268,718,121	263,319,667	268,577,570

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Redeemable Common Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Series A Common Stock	Series B Common Stock	Conversion of Redeemable Common Stock	Common Stock Series A Common Stock	Common Stock Series B Common Stock	Common Stock Conversion of Redeemable Common Stock Series A Common Stock	Common Stock Conversion of Redeemable Common Stock Series B Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022	64,046,223
Beginning balance at Dec. 31, 2022	$ 1,531,853
Redeemable Common Stock
Accretion of redeemable common stock to redemption value	$ 93,972
Ending balance (in shares) at Jun. 30, 2023	64,046,223
Ending balance at Jun. 30, 2023	$ 1,625,825
Beginning balance (in shares) at Dec. 31, 2022					0	170,855,313
Beginning balance at Dec. 31, 2022	(1,036,183)				$ 0	$ 171			$ 1,249,065	$ (2,285,419)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of common stock options (in shares)						1,135,482
Issuance of common stock upon exercise of common stock options	2,341					$ 1			2,340
Accretion of redeemable common stock to redemption value	(93,972)								(93,972)
Issuance of common stock upon exercise of collaboration agreement warrants (in shares)						1,180,742
Issuance of common stock upon exercise of collaboration agreement warrants	12					$ 1			11
Vested warrants related to collaboration agreement	27,770								27,770
Stock-based compensation expense	2,342								2,342
Vesting of restricted stock common stock (in shares)						17,863
Vesting of restricted common stock	50								50
Vesting of restricted stock units (in shares)						33,333
Vesting of restricted stock units	0
Net (loss) income	15,165
Ending balance (in shares) at Jun. 30, 2023					0	173,222,733
Ending balance at Jun. 30, 2023	$ (1,082,475)				$ 0	$ 173			1,187,606	(2,270,254)
Beginning balance (in shares) at Mar. 31, 2023	64,046,223
Beginning balance at Mar. 31, 2023	$ 1,567,856
Redeemable Common Stock
Accretion of redeemable common stock to redemption value	$ 57,969
Ending balance (in shares) at Jun. 30, 2023	64,046,223
Ending balance at Jun. 30, 2023	$ 1,625,825
Beginning balance (in shares) at Mar. 31, 2023					0	171,791,662
Beginning balance at Mar. 31, 2023	(1,051,828)				$ 0	$ 172			1,229,141	(2,281,141)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of common stock options (in shares)						831,772
Issuance of common stock upon exercise of common stock options	2,000					$ 1			1,999
Accretion of redeemable common stock to redemption value	(57,969)								(57,969)
Issuance of common stock upon exercise of collaboration agreement warrants (in shares)						590,368
Issuance of common stock upon exercise of collaboration agreement warrants	6								6
Vested warrants related to collaboration agreement	13,885								13,885
Stock-based compensation expense	519								519
Vesting of restricted stock common stock (in shares)						8,931
Vesting of restricted common stock	25								25
Net (loss) income	10,887
Ending balance (in shares) at Jun. 30, 2023					0	173,222,733
Ending balance at Jun. 30, 2023	$ (1,082,475)				$ 0	$ 173			1,187,606	(2,270,254)
Beginning balance (in shares) at Dec. 31, 2023	0
Beginning balance at Dec. 31, 2023	$ 0
Ending balance (in shares) at Jun. 30, 2024	0
Ending balance at Jun. 30, 2024	$ 0
Beginning balance (in shares) at Dec. 31, 2023		40,841,834	218,524,009		40,841,834	218,524,009
Beginning balance at Dec. 31, 2023	914,777				$ 41	$ 219			1,713,560	(799,043)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of common stock options (in shares)						4,384,377
Issuance of common stock upon exercise of common stock options	4,677					$ 4			4,673
Issuance of common stock upon vesting of restricted stock units (in shares)					322,527	2,100,174
Issuance of common stock upon vesting of restricted stock units	0				$ 1	$ 2			(3)
Issuance of common stock upon exercise of collaboration agreement warrants (in shares)						688,763
Issuance of common stock upon exercise of collaboration agreement warrants	7								7
Issuance of common stock under the employee stock purchase plan (in shares)					206,156
Issuance of common stock under the employee stock purchase plan	4,362								4,362
Vested warrants related to collaboration agreement	16,200								16,200
Stock-based compensation expense	71,070								71,070
Tax withholdings on settlement of stock-based awards (in shares)					(43,185)	(432,888)
Tax withholdings on settlement of stock-based awards	(13,769)								(13,769)
Conversion of common stock (in shares)							31,183,406	(31,183,406)
Conversion of common stock				$ 0			$ 31	$ (31)
Net (loss) income	(17,824)									(17,824)
Ending balance (in shares) at Jun. 30, 2024		72,510,738	194,081,029		72,510,738	194,081,029
Ending balance at Jun. 30, 2024	$ 979,500				$ 73	$ 194			1,796,100	(816,867)
Beginning balance (in shares) at Mar. 31, 2024	0
Beginning balance at Mar. 31, 2024	$ 0
Ending balance (in shares) at Jun. 30, 2024	0
Ending balance at Jun. 30, 2024	$ 0
Beginning balance (in shares) at Mar. 31, 2024					70,065,833	193,969,875
Beginning balance at Mar. 31, 2024	937,452				$ 70	$ 194			1,749,113	(811,925)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of common stock options (in shares)						669,295
Issuance of common stock upon exercise of common stock options	1,113					$ 1			1,112
Issuance of common stock upon vesting of restricted stock units (in shares)					286,854	1,126,186
Issuance of common stock upon vesting of restricted stock units	0				$ 1	$ 1			(2)
Issuance of common stock upon exercise of collaboration agreement warrants (in shares)						344,381
Issuance of common stock upon exercise of collaboration agreement warrants	3								3
Issuance of common stock under the employee stock purchase plan (in shares)					206,156
Issuance of common stock under the employee stock purchase plan	4,362								4,362
Vested warrants related to collaboration agreement	8,100								8,100
Stock-based compensation expense	35,316								35,316
Tax withholdings on settlement of stock-based awards (in shares)					(28,017)	(48,796)
Tax withholdings on settlement of stock-based awards	(1,904)								(1,904)
Conversion of common stock (in shares)							1,979,912	(1,979,912)
Conversion of common stock				$ 0			$ 2	$ (2)
Net (loss) income	(4,942)									(4,942)
Ending balance (in shares) at Jun. 30, 2024		72,510,738	194,081,029		72,510,738	194,081,029
Ending balance at Jun. 30, 2024	$ 979,500				$ 73	$ 194			$ 1,796,100	$ (816,867)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Redeemable Common Stock and Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Series A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Series B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net (loss) income	$ (17,824)	$ 15,165
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization expense	8,209	6,467
Non-cash operating lease costs	6,288	6,561
Amortization of deferred contract acquisition costs	8,396	7,263
Amortization of prepaid marketing expense	26,449	26,448
Loss on disposal of property and equipment	32	0
Bad debt expense	289	(47)
Stock-based compensation expense	69,133	2,342
Other	(11)
Other		19
Changes in operating assets and liabilities:
Accounts receivable	(6,439)	(2,396)
Deferred contract acquisition costs	(14,748)	(12,038)
Prepaid expenses, prepaid taxes, and other assets	(7,332)	(3,922)
Accounts payable	(4,250)	(908)
Accrued expenses	(455)	15,588
Deferred revenue	6,682	4,051
Operating lease liabilities	(7,845)	(7,636)
Other non-current liabilities	508	69
Net cash provided by operating activities	67,082	57,026
Investing activities
Acquisition of property and equipment	(2,028)	(769)
Capitalization of software development costs	(5,032)	(2,836)
Net cash used in investing activities	(7,060)	(3,605)
Financing activities
Proceeds from exercise of common stock options	4,310	2,419
Cash paid for finance leases	(11)	(11)
Proceeds from exercise of warrants	7	12
Payment of deferred offering costs	0	(2,954)
Payment of employee tax withholding related to stock-based awards	(13,769)	0
Proceeds from employee stock purchase plan	4,413	0
Net cash used in financing activities	(5,050)	(534)
Net increase in cash, cash equivalents, and restricted cash	54,972	52,887
Cash, cash equivalents, and restricted cash, beginning of period	739,657	386,916
Cash, cash equivalents, and restricted cash, end of period	794,629	439,803
Supplemental disclosures of cash flow information:
Cash paid for income taxes	681	87
Cash paid for operating lease liabilities, net of tenant incentives received	7,845	7,636
Non-cash investing and financing activities
Recognition of prepaid marketing asset	16,200	27,770
Vesting of restricted common stock	0	50
Accretion of common stock subject to redemption	0	(93,972)
Capitalization of stock-based compensation expense related to internal-use software	1,937	0
Unpaid purchases of property and equipment	514	0
Unpaid deferred offering costs	$ 0	$ 1,157

Organization and Business Descr

Organization and Business Description	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Description	1. Organization and Business Description Klaviyo, Inc. (the “Company”) is a technology company that provides a software-as-a-service (“SaaS”) platform to enable its customers to send the right messages at the right time across email, short message service (“SMS”) and push notifications, more accurately measure and predict performance, and deploy specific actions and campaigns. The Company’s reviews add-on allows for the collection of product reviews within its platform and its Customer Data Platform (“CDP”) offering gives user-friendly ways to track, transform, and cleanse data as well as run more advanced reporting and predictive analysis to drive revenue growth. The platform combines proprietary data and application layers into one solution with machine learning and artificial intelligence capabilities. The Company focused on marketing automation within eCommerce as its first application use case. The Company generates revenue through the sale of subscriptions to its customers for the use of its platform. Subscription plans are tiered based on the number of consumer profiles stored on the Company’s platform and the number of emails and SMS messages sent. The Company is headquartered in Boston, Massachusetts and was incorporated in the state of Delaware on September 14, 2012. The Company has three wholly-owned subsidiaries located in the United Kingdom, Australia, and the United States.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”). Unaudited Interim Condensed Consolidated Financial Statements The accompanying Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income and the Condensed Consolidated Statements of Changes in Redeemable Common Stock and Stockholders’ Equity (Deficit) for the three and six months ended June 30, 2024 and 2023, and the Condensed Consolidated Statements of Cash Flow for the six months ended June 30, 2024 and 2023, and the related notes to such interim condensed consolidated financial statements, are unaudited. These unaudited condensed consolidated financial statements are presented in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been omitted. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 29, 2024. In the opinion of management, the interim condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position for the periods presented. The results for the interim periods presented are not necessarily indicative of future results or results for the full fiscal year or for any other period. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, the allowance for doubtful accounts, determination of revenue recognition under ASC 606, estimated benefit period of deferred contract acquisition costs, estimated life of prepaid marketing expense, and historical valuation of common stock and stock-based compensation, including fair value of warrants. The Company evaluates estimates based on historical and anticipated results, trends, and various other assumptions. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates. Significant Accounting Policies Our significant accounting policies are detailed in “Note 2. Summary of Significant Accounting Policies” of the audited annual consolidated financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 29, 2024. There have been no material changes to our significant accounting policies with the exception of the below: Stock-Based Compensation The Company recognizes stock-based compensation on awards granted under stock compensation plans, which are described in more detail in Note 11. Stock-Based Compensation . The Company measures stock-based compensation awards, including stock options and restricted stock units (“RSUs”), based on the estimated fair value of the awards on the date of grant. Stock-based compensation expense is recorded for awards issued to employees and non-employees at fair value with a corresponding increase in additional paid-in capital. For awards with service conditions only, the Company recognizes compensation expense on a straight-line basis over the requisite service period of the award. Forfeitures are recognized when they occur. RSUs granted under the Company’s 2015 Stock Incentive Plan (the “2015 Plan”) are subject to both service-based and performance-based vesting conditions, whereby the performance condition is satisfied upon occurrence of a liquidity event. Upon the effectiveness of the Company’s registration statement on Form S-1 filed with the SEC in connection with its initial public offering (“IPO”) in September 2023, the performance vesting condition was satisfied and cumulative compensation cost was recognized using the accelerated attribution method. Compensation costs continue to be recognized under this method as the RSUs vest over the remaining service period. The fair value of each RSU grant is calculated based on the estimated fair value of the Company’s common stock on the date of grant, or, if modified, the date of modification. RSUs granted under the Company’s 2023 Stock Option and Incentive Plan (the “2023 Plan”) are for shares of Series A common stock and are subject to service-based vesting conditions only. Compensation costs related to these awards are recognized using the straight-line method over the service period of the award. The fair value of each RSU grant is calculated based on the fair value of the Company’s Series A common stock on the date of grant, or, if modified, the date of modification. Rights granted to employees to purchase shares of Series A common stock under the 2023 Employee Stock Purchase Plan (the “ESPP”) are subject to service-based vesting conditions only. Compensation costs related to the ESPP are recognized using the straight-line method over the service period of the award. The fair value of the estimated shares of Series A common stock to be purchased is computed as the sum of (a) 15% purchase discount off the grant date quoted trading price of the Company’s Series A common stock and (b) the fair value of the look-back feature of the Company’s Series A common stock on the grant date which consists of a call option on 85% of a share of Series A common stock and a put option on 15% of a share of Series A common stock. Shopify Collaboration Agreement On July 28, 2022, the Company entered into a collaboration agreement with Shopify Inc. and certain of its affiliates (collectively, “Shopify”) to form a strategic relationship for the purposes of creating greater interoperability between the Klaviyo and Shopify platforms and forming a strategic product, distribution, and marketing relationship. Shopify became a related party upon execution of this agreement. The Company determined that Shopify is a vendor and not a customer, as the collaboration agreement is a services contract under which the Company is receiving marketing services from Shopify in exchange for payments under the revenue sharing agreement. The revenue sharing agreement is a mechanism for Shopify to be compensated for the customer acquisition and marketing services Shopify is providing to the Company. Shopify is not a reseller or distributor of our platform, nor does Shopify provide any services on the Company’s behalf. Fees paid under the revenue share agreement are recognized as a component of selling and marketing expense in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income . During the three and six months ended June 30, 2024, the Company incurred $6.6 million and $13.0 million, respectively, related to fees paid under the revenue sharing agreement. During the three and six months ended June 30, 2023, the Company incurred $5.3 million and $10.4 million, respectively, related to fees paid under the revenue sharing agreement. As of June 30, 2024 and December 31, 2023 , the Company had $2.2 million and $4.5 million in accrued expenses owed to Shopify for fees payable under the revenue sharing agreement, respectively. During the three and six months ended June 30, 2024, the Company capitalized prepaid marketing expense of $8.1 million and $16.2 million, respectively, related to the vested warrants issued as consideration for the collaboration agreement. During the three and six months ended June 30, 2023, the Company capitalized prepaid marketing expense of $13.9 million and $27.8 million, respectively, related to the vested warrants issued as consideration for the collaboration agreement. For the three and six months ended June 30, 2024, the Company recorded marketing expense of $13.2 million and $26.4 million, respectively, in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income as a component of selling and marketing expense related to the amortization of the prepaid marketing expense. For the three and six months ended June 30, 2023, the Company recorded marketing expense of $13.2 million and $26.4 million, respectively, in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income as a component of selling and marketing expense related to the amortization of the prepaid marketing expense. As of June 30, 2024 and December 31, 2023, the Company’s prepaid marketing expense was $163.6 million and $173.8 million, respectively. As of June 30, 2024 , there was $268.9 million of unrecognized marketing expense related to the warrants that will be recognize d over 5.08 years . Refer to Note 10. Redeemable Common Stock, Common Stock, and Stockholders’ Equity (Deficit) for further discussion of the warrants. On June 24, 2022, the Company entered into a stock purchase agreement with Shopify. On the closing date of July 28, 2022, Shopify purchased 2,951,846 shares of common stock for $33.88 per share. The stock purchase agreement gives Shopify the right to purchase 15,743,174 additional shares of common stock for $88.93 per share (the “Investment Option”), which remained unexercised as of June 30, 2024. The common stock and Investment Option were determined to be freestanding financial instruments purchased at fair value and were accounted for separately from the collaboration agreement, revenue sharing agreement, and common stock warrant. Recent Accounting Pronouncements The Company has implemented all applicable accounting pronouncements that are in effect. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires disclosure of incremental segment information on an interim and annual basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal periods beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09. There are no other new accounting pronouncements that have been issued that could have a material impact on the Company ’s financial position or results of operations.

Revenue Recognition, Deferred R

Revenue Recognition, Deferred Revenue, Remaining Performance Obligations, and Accounts Receivable	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition, Deferred Revenue, Remaining Performance Obligations, and Accounts Receivable	3. Revenue Recognition, Deferred Revenue, Remaining Performance Obligations, and Accounts Receivable Disaggregation of Revenue Revenue by geographic area, based on the location of the Company’s customers, was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Americas: United States $ 139,298 $ 104,843 $ 272,033 $ 204,744 Other Americas (1) 11,395 8,918 22,397 17,638 APAC (1)(2) 22,665 17,126 44,057 33,296 EMEA (1)(3) 48,855 33,699 93,719 64,996 Total Revenue $ 222,213 $ 164,586 $ 432,206 $ 320,674 (1) Other than the United States, no other individual country accounted for 10% or more of total revenue for any of the periods presented. Deferred Revenue The change in deferred revenue reflects billings during the period for which the performance obligation was not satisfied prior to the end of the period, partially offset by revenues recognized during the period. The following table summarizes the changes in the balance of deferred revenue during the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance at beginning of the period $ 42,519 $ 26,149 $ 40,100 $ 25,109 Plus: Billings during the period 226,476 167,597 438,888 324,725 Less: Revenue recognized during the period (222,213) (164,586) (432,206) (320,674) Balance at end of the period $ 46,782 $ 29,160 $ 46,782 $ 29,160 For the three and six months ended June 30, 2024 , revenue recognized from amounts included in deferred revenue at the beginning of the period was $38.2 million and $37.9 million , respectively. For the three and six months ended June 30, 2023 , revenue recognized from amounts included in deferred revenue at the beginning of the period was $26.1 million and $25.1 million , respectively. Remaining Performance Obligations Remaining performance obligations represents the amount of contracted future revenue that has not yet been recognized, including deferred revenue. As of June 30, 2024, the Company’s remaining performance obligations are $115.5 million, of which $107.6 million is expected to be recognized within the next twelve months and $7.9 million is expected to be recognized during a period greater than twelve months. Accounts Receivable Accounts receivable are shown net of an allowance for doubtful accounts of $1.3 million and $1.5 million as of June 30, 2024 and December 31, 2023, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis at the periods indicated below, by level within the fair value hierarchy (in thousands): As of June 30, 2024 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 322,830 $ — $ — $ 322,830 Total $ 322,830 $ — $ — $ 322,830 As of December 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 314,511 $ — $ — $ 314,511 Total $ 314,511 $ — $ — $ 314,511 As of June 30, 2024 and December 31, 2023, certain of the Company’s cash equivalents were held in money market funds. The Company’s investments in money market funds are classified within Level 1 of the fair value hierarchy as they are valued using quoted market prices in active markets.

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	5. Property and Equipment, Net Property and equipment consist of the following (in thousands): As of, June 30, 2024 December 31, 2023 Capitalized internal-use software $ 18,602 $ 11,682 Office equipment 3,605 3,633 Computer equipment 4,770 2,939 Furniture and fixtures 7,338 7,242 Leasehold improvements 45,893 45,768 Construction-in-progress — 78 Asset retirement cost 643 643 Total property and equipment 80,851 71,985 Less accumulated depreciation and amortization (36,484) (28,535) Total property and equipment, net $ 44,367 $ 43,450 Depreciation and amortization expense related to property and equipment was approximately $4.2 million and $8.2 million for the three and six months ended June 30, 2024 , respectively, and $3.2 million and $6.4 million for the three and six months ended June 30, 2023 , respectively. During the three months ended June 30, 2024 and 2023, the Company capitalized $4.8 million and $1.5 million of internal-use software development costs, respectively. Of the $4.8 million internal-use software development costs capitalized during the three months ended June 30, 2024, $1.8 million is attributable to stock-based compensation expense. During the six months ended June 30, 2024 and 2023, the Company capitalized $6.9 million and $2.8 million of internal-use software development costs, respectively. Of the $6.9 million internal-use software development costs capitalized during the six months ended June 30, 2024, $1.9 million is attributable to stock-based compensation expense. During the three and six months ended June 30, 2023, the Company did not capitalize any stock-based compensation expense related to internal-use software development. The Company recorded amortization expense associated with its capitalized internal-use software development costs of $1.0 million and $0.4 million for the three months ended June 30, 2024 and 2023, respectively, and $1.8 million and $0.7 million for the six months ended June 30, 2024 and 2023, respectively. Amortization expense is included in cost of revenue in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. The asset retirement obligation is included in other non-current liabilities on the Condensed Consolidated Balance Sheets. Asset retirement obligation activity is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Beginning balance $ 771 $ 732 $ 761 $ 722 Additions — — — — Accretion 10 9 20 19 Ending balance $ 781 $ 741 $ 781 $ 741

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses	6. Accrued Expenses The following table presents components of accrued expenses (in thousands): As of, June 30, 2024 December 31, 2023 Accrued compensation and employee related costs $ 24,652 $ 25,644 Accrued sabbatical 3,629 3,394 Accrued value added tax 7,113 7,530 Other accrued taxes 7,696 6,830 Accrued cost of revenue 7,427 6,656 Accrued professional services 3,504 3,605 Accrued marketing 5,250 6,374 Other accrued expenses 3,133 2,805 Total accrued expenses $ 62,404 $ 62,838

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies Contractual Obligations and Commitments The Company has material long-term non-cancelable contractual obligations outstanding with marketing vendors and various service providers. Future minimum payments under the Company’s non-cancelable purchase commitments as of June 30, 2024 and December 31, 2023, were $279.2 million and $346.2 million, respectively. Legal Matters From time to time, the Company may become involved in legal proceedings or be subject to claims arising in the course of its business, including but not limited to claims brought by its customers in connection with commercial disputes and litigation arising from employee and ex-employee related matters. The Company is not presently subject to any pending or threatened litigation, individually or taken together, for which it is reasonably possible to have a material effect on its consolidated financial position or results of operations. Guarantees and Indemnification Obligations

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	8. Leases The components of lease expense are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease cost $ 3,236 $ 2,952 $ 6,288 $ 6,304 Short-term lease cost 83 194 178 409 Financing lease cost 5 5 10 10 Total lease cost $ 3,324 $ 3,151 $ 6,476 $ 6,723 Supplemental balance sheet information related to the Company’s operating leases is as follows (in thousands): As of, June 30, 2024 December 31, 2023 Operating lease ROU assets $ 32,073 $ 36,987 Operating lease liabilities, current 13,009 14,081 Operating lease liabilities, non-current 32,069 37,498 Total lease liabilities $ 45,078 $ 51,579 Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows (in thousands): Six Months Ended June 30, 2024 2023 Cash paid for operating lease liabilities, net of tenant incentives received $ 7,845 $ 7,636 There were no ROU assets recognized for new leases or amendments for the six months ended June 30, 2024 and 2023. Other information related to leases is as follows: As of, June 30, 2024 December 31, 2023 Weighted average remaining lease term 3.7 years 4.1 years Weighted average discount rate 5.01 % 4.97 % Future undiscounted annual cash flows for the Company’s operating leases as of June 30, 2024 are as follows (in thousands): Fiscal Year Ending December 31, Operating Leases Remaining portion of 2024 $ 6,738 2025 13,214 2026 13,407 2027 12,692 2028 3,205 Total future undiscounted lease payments 49,256 Less imputed interest (4,178) Total lease liabilities $ 45,078 The table above does not include options to extend lease terms that are not reasonably certain of being exercised or leases signed but not yet commenced as of June 30, 2024.
Leases	8. Leases The components of lease expense are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease cost $ 3,236 $ 2,952 $ 6,288 $ 6,304 Short-term lease cost 83 194 178 409 Financing lease cost 5 5 10 10 Total lease cost $ 3,324 $ 3,151 $ 6,476 $ 6,723 Supplemental balance sheet information related to the Company’s operating leases is as follows (in thousands): As of, June 30, 2024 December 31, 2023 Operating lease ROU assets $ 32,073 $ 36,987 Operating lease liabilities, current 13,009 14,081 Operating lease liabilities, non-current 32,069 37,498 Total lease liabilities $ 45,078 $ 51,579 Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows (in thousands): Six Months Ended June 30, 2024 2023 Cash paid for operating lease liabilities, net of tenant incentives received $ 7,845 $ 7,636 There were no ROU assets recognized for new leases or amendments for the six months ended June 30, 2024 and 2023. Other information related to leases is as follows: As of, June 30, 2024 December 31, 2023 Weighted average remaining lease term 3.7 years 4.1 years Weighted average discount rate 5.01 % 4.97 % Future undiscounted annual cash flows for the Company’s operating leases as of June 30, 2024 are as follows (in thousands): Fiscal Year Ending December 31, Operating Leases Remaining portion of 2024 $ 6,738 2025 13,214 2026 13,407 2027 12,692 2028 3,205 Total future undiscounted lease payments 49,256 Less imputed interest (4,178) Total lease liabilities $ 45,078 The table above does not include options to extend lease terms that are not reasonably certain of being exercised or leases signed but not yet commenced as of June 30, 2024.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes The Company computes its provision for interim periods by applying its estimated annual effective tax rate to its anticipated net (loss) income and adjustments for discrete items in the period. The Company’s effective tax rates for the three and six months ended June 30, 2024 and 2023 were less than the U.S. federal statutory income tax rate of 21% primarily due to the valuation allowance in the U.S. The Company’s effective tax rate was (21.1)% and 5.0% for the three months ended June 30, 2024 and 2023, respectively, and the Company’s effective tax rate was (7.6)% and 6.4% for the six months ended June 30, 2024 and 2023, respectively. The current period tax expense reflects the impact of the capitalization of research and development expenditures in accordance with Internal Revenue Code (“IRC”) Section 174, partially offset by excess tax benefits related to stock-based compensation. Deferred income taxes reflect the impact of carryforwards and temporary differences between the amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws. The carryforwards and temporary differences give rise to a significant portion of the Company’s deferred tax assets and liabilities. The Company continues to maintain a valuation allowance against its deferred tax assets in the U.S. The Company has not recognized any liabilities for uncertain tax positions or unrecognized benefits as of June 30, 2024 and December 31, 2023. The Company does not expect any material change in uncertain tax benefits within the next 12 months.

Redeemable Common Stock, Common

Redeemable Common Stock, Common Stock, and Stockholders' Equity (Deficit)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Redeemable Common Stock, Common Stock, and Stockholders' Equity (Deficit)	10. Redeemable Common Stock, Common Stock, and Stockholders’ Equity (Deficit) Redeemable Common Stock The Company issued 64,046,223 shares of common stock at various dates in 2019, 2020, and 2021 to select investors that were subject to redemption at fair value of common stock at the investor’s option after November 6, 2029. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within control of the Company require classification of the associated instrument outside of permanent equity. As of June 30, 2023, the Company determined that the redeemable shares were probable of becoming redeemable. In accordance with ASC 480-10-S99, the Company elected to recognize changes in redemption value immediately as they occur. The per-share redemption value is equal to the fair market value of a single share of the Company’s common stock subject to a floor of the initial carrying value. Immediately prior to the Company’s IPO in September 2023, the redeemable common stock was accreted to the IPO issuance price. Upon the IPO, the redemption right of these shares was terminated and all shares of the Company’s redeemable common stock automatically converted into shares of Series B common stock. This transaction resulted in a reclassification of redeemable common stock to stockholders’ equity, including an increase to additional paid-in capital and Accumulated Deficit to reverse accretion recorded to these accounts. Common Stock Immediately following the effectiveness of the registration statement relating to the Company’s IPO in September 2023, the Company filed its Amended and Restated Certificate of Incorporation, which authorized a total of 3,000,000,000 shares of Series A common stock, 350,000,000 shares of Series B common stock, and 100,000,000 shares of undesignated preferred stock. All shares of common stock then outstanding were reclassified as Series B common stock. The rights of the holders of Series A common stock and Series B common stock are identical, except with respect to voting and conversion. Each share of Series A common stock is entitled to one vote per share and is not convertible into any other shares of the Company’s capital stock. Each share of Series B common stock is entitled to ten votes per share and is convertible into one share of Series A common stock at any time. Shares of the Company’s Series B common stock will also automatically convert into shares of Series A common stock upon certain transfers and other events. Upon the seven Preferred Stock The Company has authorized 100,000,000 shares of preferred stock with a par value of $0.001 per share. As of June 30, 2024, there were no shares of preferred stock issued or outstanding. Common Stock Warrants On July 28, 2022, the Company granted warrants to purchase up to 15,743,174 shares of Series B common stock in connection with the collaboration agreement and strategic partnership with Shopify as compensation for marketing services. The following table summarizes changes to outstanding warrants during the six months ended June 30, 2024: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Life (years) Warrants outstanding at January 1, 2024 5,165,732 $ 0.01 8.58 Granted — Exercised (688,763) 0.01 8.37 Cancelled — Warrants outstanding at June 30, 2024 4,476,969 $ 0.01 8.08 During the three and six months ended June 30, 2024, 344,381 and 688,763 warrants vested, respectively. The Company has no vested but unexercised warrants outstanding as of June 30, 2024. During the three and six months ended June 30, 2023, 590,368 and 1,180,742 warrants vested, respectively.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	11. Stock-Based Compensation Equity Incentive Plans On September 1, 2015, the Company’s board of directors (the “Board”) adopted the 2015 Plan. The Board or, at its sole discretion, a committee of the Board, is responsible for the administration of the 2015 Plan. As of June 30, 2024, outstanding awards under the 2015 Plan include options and RSUs. Generally, 2015 Plan awards vest into shares of Series B common stock and are immediately reclassified to shares of Series A common stock based upon the employee’s conversion election made at the time of the IPO. All equity grants subsequent to the IPO are made pursuant to the 2023 Plan, which was approved by the Board effective as of September 18, 2023. The Board or, at its sole discretion, a committee of the Board, is responsible for the administration of the 2023 Plan. As of June 30, 2024, the Company’s authorized common stock includes 59,026,723 shares of Series A common stock reserved for issuance of equity awards under the 2023 Plan, of which 48,618,164 shares are available for future grants. The 2015 Plan provides for the grant of various types of stock-based compensation awards including, but not limited to, RSUs, incentive stock options (“ISOs”), non-qualified stock options (“NSOs,” referred to collectively with ISOs as “options”) and restricted stock awards (“RSAs”) to directors, consultants, employees, and officers of the Company. ISOs may only be granted to employees, and the exercise price thereon cannot be less than the fair value of the Company’s common stock on the date of grant or less than 110% of the fair value in the case of employees holding 10% or more of the voting stock of the Company. The exercise price on NSOs must be at least equal to the fair value of the Company’s common stock on the date of grant. The Company has historically granted RSUs, ISOs, NSOs, and RSAs. The 2023 Plan provides for the grants of various types of stock-based compensation awards including, but not limited to, RSUs, ISOs, NSOs, and RSAs. During the three and six months ended June 30, 2024 and 2023, the Company solely granted RSUs as further described below. Restricted Stock Units During the three and six months ended June 30, 2024, the Company granted RSUs to employees under the 2023 Plan, and during the three and six months ended June 30, 2023, the Company granted RSUs to employees under the 2015 Plan. In general, RSUs granted under the 2015 Plan vest upon the satisfaction of both a service-based vesting condition and a performance-based vesting condition. Generally, the service-based vesting condition requires the grantee to remain an eligible participant, as that term is defined in the 2015 Plan, for a period of 4 years. Generally, RSUs vest quarterly over the entire 4-year period or vest 25% after 1 year, with the remainder vesting quarterly over the following 3 years. The performance-based vesting condition was satisfied upon the occurrence of the IPO in September 2023. In general, RSUs granted after the IPO under the 2023 Plan vest upon the satisfaction of service-based vesting conditions only. These service-based vesting conditions are consistent with those under the 2015 Plan detailed above. Employee Stock Purchase Plan On August 24, 2023, the Board adopted the ESPP pursuant to which eligible employees may contribute up to 15% of their base compensation to purchase shares of the Company’s Series A common stock at a price equal to 85% of the lower of (1) the fair market value of a share of the Company’s Series A common stock at the beginning of the offering period and (2) the fair market value of a share of the Company’s Series A common stock on the purchase date. The ESPP provides for 12-month offering periods beginning January 1 and July 1 of each year, or the next trading date thereafter. Each offering period will consist of two six the outstanding number of shares of our Series A common stock and Series B common stock on the immediately preceding December 31, or such lesser number of shares as determined by our administrator of the ESPP. The Company recognized stock-based compensation expense related to the ESPP of $0.9 million and $1.9 million during the three and six months ended June 30, 2024, respectively. As of June 30, 2024, $1.6 million of unrecognized stock-based compensation expense related to the ESPP is expected to be recognized on a straight-line basis over the subsequent 0.5 years. During the three and six months ended June 30, 2024, the Company issued 206,156 shares of Series A common stock under the ESPP. Stock-Based Compensation Expense Stock-based compensation included in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenue $ 2,621 $ 17 $ 4,999 $ 43 Selling and marketing 10,175 52 21,459 179 Research and development 13,053 262 26,174 813 General and administrative 7,657 188 16,501 1,307 Stock-based compensation, net of amounts capitalized 33,506 519 69,133 2,342 Capitalized stock-based compensation expense 1,810 — 1,937 — Total stock-based compensation expense $ 35,316 $ 519 $ 71,070 $ 2,342

(Loss) Income Per Share

(Loss) Income Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
(Loss) Income Per Share	12. (Loss) Income Per Share Basic net (loss) income per share is computed by dividing the net (loss) income by the number of weighted-average outstanding common shares. Diluted net (loss) income per share is determined by giving effect to all potential common equivalents during the reporting period, unless including them yields an antidilutive result, and is calculated using the treasury stock method. The Company considers its warrants, Investment Option, RSUs, stock options, and ESPP shares as potential common equivalents. The Company excluded these potential common equivalents from the computation of diluted earnings per share attributable to Series A and Series B common stockholders for the three and six months ended June 30, 2024 as their effect was antidilutive. The Company included dilutive potential common equivalents in the computation of diluted earnings per share attributable common stockholders for the three and six months ended June 30, 2023. The rights, including the liquidation and dividend rights, of the holders of Series A and Series B common stock are identical, except with respect to voting and conversion. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each series of common stock and the resulting basic and diluted net (loss) income per share attributable to common stockholders are, therefore, the same for both Series A and Series B common stock on both an individual and combined basis. The following table presents the calculation of basic and diluted net (loss) income per share for the three and six months ended June 30, 2024 and 2023 (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net (loss) income per share attributable to Series A and Series B common stockholders, basic: Numerator: Net (loss) income $ (4,942) $ 10,887 $ (17,824) $ 15,165 Denominator: Weighted-average shares, basic 265,293,214 236,590,235 263,319,667 236,047,282 Net (loss) income per share attributable to Series A and Series B common stockholders, basic $ (0.02) $ 0.05 $ (0.07) $ 0.06 Net (loss) income per share attributable to Series A and Series B common stockholders, diluted: Numerator: Net (loss) income $ (4,942) $ 10,887 $ (17,824) $ 15,165 Denominator: Weighted-average shares, basic 265,293,214 236,590,235 263,319,667 236,047,282 Dilutive effect of options — 32,115,651 — 32,502,963 Dilutive effect of RSUs — — — 10,813 Dilutive effect of restricted stock — 12,235 — 16,512 Weighted-average shares, diluted 265,293,214 268,718,121 263,319,667 268,577,570 Net (loss) income per share attributable to Series A and Series B common stockholders, diluted: $ (0.02) $ 0.04 $ (0.07) $ 0.06 The following table summarizes the potential common shares excluded from the computation of diluted net income (loss) per share (in thousands): As of June 30, 2024 2023 Warrants outstanding 4,476,969 10,036,275 Investment Option 15,743,174 15,743,174 RSUs outstanding 17,870,881 15,777,141 Options outstanding 27,347,372 — ESPP 218,438 — Total 65,656,834 41,556,590

Restructuring Costs

Restructuring Costs	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring Costs	13. Restructuring Costs On March 15, 2023 the Company announced a restructuring plan that resulted in a reduction of approximately 8% of the Company’s full time workforce. The Company’s restructuring actions were intended to improve operational efficiencies. Restructuring costs consist primarily of employee severance and related benefits as well as stock-based compensation from the modification of terminated employee stock options. Restructuring costs included in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income is as follows (in thousands): Six Months Ended, June 30, 2023 Cost of revenue $ 1,138 Selling and marketing 1,832 Research and development 3,375 General and administrative 1,532 Total $ 7,877 There were no restructuring costs for the three months ended June 30, 2023 or unpaid restructuring costs as of December 31, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net (loss) income	$ (4,942)	$ 10,887	$ (17,824)	$ 15,165

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, the allowance for doubtful accounts, determination of revenue recognition under ASC 606, estimated benefit period of deferred contract acquisition costs, estimated life of prepaid marketing expense, and historical valuation of common stock and stock-based compensation, including fair value of warrants. The Company evaluates estimates based on historical and anticipated results, trends, and various other assumptions. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes stock-based compensation on awards granted under stock compensation plans, which are described in more detail in Note 11. Stock-Based Compensation . The Company measures stock-based compensation awards, including stock options and restricted stock units (“RSUs”), based on the estimated fair value of the awards on the date of grant. Stock-based compensation expense is recorded for awards issued to employees and non-employees at fair value with a corresponding increase in additional paid-in capital. For awards with service conditions only, the Company recognizes compensation expense on a straight-line basis over the requisite service period of the award. Forfeitures are recognized when they occur. RSUs granted under the Company’s 2015 Stock Incentive Plan (the “2015 Plan”) are subject to both service-based and performance-based vesting conditions, whereby the performance condition is satisfied upon occurrence of a liquidity event. Upon the effectiveness of the Company’s registration statement on Form S-1 filed with the SEC in connection with its initial public offering (“IPO”) in September 2023, the performance vesting condition was satisfied and cumulative compensation cost was recognized using the accelerated attribution method. Compensation costs continue to be recognized under this method as the RSUs vest over the remaining service period. The fair value of each RSU grant is calculated based on the estimated fair value of the Company’s common stock on the date of grant, or, if modified, the date of modification. RSUs granted under the Company’s 2023 Stock Option and Incentive Plan (the “2023 Plan”) are for shares of Series A common stock and are subject to service-based vesting conditions only. Compensation costs related to these awards are recognized using the straight-line method over the service period of the award. The fair value of each RSU grant is calculated based on the fair value of the Company’s Series A common stock on the date of grant, or, if modified, the date of modification. Rights granted to employees to purchase shares of Series A common stock under the 2023 Employee Stock Purchase Plan (the “ESPP”) are subject to service-based vesting conditions only. Compensation costs related to the ESPP are recognized using the straight-line method over the service period of the award. The fair value of the estimated shares of Series A common stock to be purchased is computed as the sum of (a) 15% purchase discount off the grant date quoted trading price of the Company’s Series A common stock and (b) the fair value of the look-back feature of the Company’s Series A common stock on the grant date which consists of a call option on 85% of a share of Series A common stock and a put option on 15% of a share of Series A common stock.
Shopify Collaboration Agreement	Shopify Collaboration Agreement On July 28, 2022, the Company entered into a collaboration agreement with Shopify Inc. and certain of its affiliates (collectively, “Shopify”) to form a strategic relationship for the purposes of creating greater interoperability between the Klaviyo and Shopify platforms and forming a strategic product, distribution, and marketing relationship. Shopify became a related party upon execution of this agreement. The Company determined that Shopify is a vendor and not a customer, as the collaboration agreement is a services contract under which the Company is receiving marketing services from Shopify in exchange for payments under the revenue sharing agreement. The revenue sharing agreement is a mechanism for Shopify to be compensated for the customer acquisition and marketing services Shopify is providing to the Company. Shopify is not a reseller or distributor of our platform, nor does Shopify provide any services on the Company’s behalf. Fees paid under the revenue share agreement are recognized as a component of selling and marketing expense in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income . During the three and six months ended June 30, 2024, the Company incurred $6.6 million and $13.0 million, respectively, related to fees paid under the revenue sharing agreement. During the three and six months ended June 30, 2023, the Company incurred $5.3 million and $10.4 million, respectively, related to fees paid under the revenue sharing agreement. As of June 30, 2024 and December 31, 2023 , the Company had $2.2 million and $4.5 million in accrued expenses owed to Shopify for fees payable under the revenue sharing agreement, respectively. During the three and six months ended June 30, 2024, the Company capitalized prepaid marketing expense of $8.1 million and $16.2 million, respectively, related to the vested warrants issued as consideration for the collaboration agreement. During the three and six months ended June 30, 2023, the Company capitalized prepaid marketing expense of $13.9 million and $27.8 million, respectively, related to the vested warrants issued as consideration for the collaboration agreement. For the three and six months ended June 30, 2024, the Company recorded marketing expense of $13.2 million and $26.4 million, respectively, in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income as a component of selling and marketing expense related to the amortization of the prepaid marketing expense. For the three and six months ended June 30, 2023, the Company recorded marketing expense of $13.2 million and $26.4 million, respectively, in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income as a component of selling and marketing expense related to the amortization of the prepaid marketing expense. As of June 30, 2024 and December 31, 2023, the Company’s prepaid marketing expense was $163.6 million and $173.8 million, respectively. As of June 30, 2024 , there was $268.9 million of unrecognized marketing expense related to the warrants that will be recognize d over 5.08 years . Refer to Note 10. Redeemable Common Stock, Common Stock, and Stockholders’ Equity (Deficit) for further discussion of the warrants. On June 24, 2022, the Company entered into a stock purchase agreement with Shopify. On the closing date of July 28, 2022, Shopify purchased 2,951,846 shares of common stock for $33.88 per share. The stock purchase agreement gives Shopify the right to purchase 15,743,174 additional shares of common stock for $88.93 per share (the “Investment Option”), which remained unexercised as of June 30, 2024. The common stock and Investment Option were determined to be freestanding financial instruments purchased at fair value and were accounted for separately from the
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company has implemented all applicable accounting pronouncements that are in effect. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires disclosure of incremental segment information on an interim and annual basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal periods beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09. There are no other new accounting pronouncements that have been issued that could have a material impact on the Company ’s financial position or results of operations.

Revenue Recognition, Deferred_2

Revenue Recognition, Deferred Revenue, Remaining Performance Obligations, and Accounts Receivable (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Geographic Area	Revenue by geographic area, based on the location of the Company’s customers, was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Americas: United States $ 139,298 $ 104,843 $ 272,033 $ 204,744 Other Americas (1) 11,395 8,918 22,397 17,638 APAC (1)(2) 22,665 17,126 44,057 33,296 EMEA (1)(3) 48,855 33,699 93,719 64,996 Total Revenue $ 222,213 $ 164,586 $ 432,206 $ 320,674 (1) Other than the United States, no other individual country accounted for 10% or more of total revenue for any of the periods presented.
Schedule of Changes in Deferred Revenue	The following table summarizes the changes in the balance of deferred revenue during the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance at beginning of the period $ 42,519 $ 26,149 $ 40,100 $ 25,109 Plus: Billings during the period 226,476 167,597 438,888 324,725 Less: Revenue recognized during the period (222,213) (164,586) (432,206) (320,674) Balance at end of the period $ 46,782 $ 29,160 $ 46,782 $ 29,160

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets Measured on Recurring Basis	The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis at the periods indicated below, by level within the fair value hierarchy (in thousands): As of June 30, 2024 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 322,830 $ — $ — $ 322,830 Total $ 322,830 $ — $ — $ 322,830 As of December 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 314,511 $ — $ — $ 314,511 Total $ 314,511 $ — $ — $ 314,511

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following (in thousands): As of, June 30, 2024 December 31, 2023 Capitalized internal-use software $ 18,602 $ 11,682 Office equipment 3,605 3,633 Computer equipment 4,770 2,939 Furniture and fixtures 7,338 7,242 Leasehold improvements 45,893 45,768 Construction-in-progress — 78 Asset retirement cost 643 643 Total property and equipment 80,851 71,985 Less accumulated depreciation and amortization (36,484) (28,535) Total property and equipment, net $ 44,367 $ 43,450
Schedule of Change in Asset Retirement Obligation	Asset retirement obligation activity is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Beginning balance $ 771 $ 732 $ 761 $ 722 Additions — — — — Accretion 10 9 20 19 Ending balance $ 781 $ 741 $ 781 $ 741

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	The following table presents components of accrued expenses (in thousands): As of, June 30, 2024 December 31, 2023 Accrued compensation and employee related costs $ 24,652 $ 25,644 Accrued sabbatical 3,629 3,394 Accrued value added tax 7,113 7,530 Other accrued taxes 7,696 6,830 Accrued cost of revenue 7,427 6,656 Accrued professional services 3,504 3,605 Accrued marketing 5,250 6,374 Other accrued expenses 3,133 2,805 Total accrued expenses $ 62,404 $ 62,838

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating lease cost $ 3,236 $ 2,952 $ 6,288 $ 6,304 Short-term lease cost 83 194 178 409 Financing lease cost 5 5 10 10 Total lease cost $ 3,324 $ 3,151 $ 6,476 $ 6,723 Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows (in thousands): Six Months Ended June 30, 2024 2023 Cash paid for operating lease liabilities, net of tenant incentives received $ 7,845 $ 7,636 There were no ROU assets recognized for new leases or amendments for the six months ended June 30, 2024 and 2023. Other information related to leases is as follows: As of, June 30, 2024 December 31, 2023 Weighted average remaining lease term 3.7 years 4.1 years Weighted average discount rate 5.01 % 4.97 %
Schedule of Supplemental Balance Sheet Information Related to Operating Leases	Supplemental balance sheet information related to the Company’s operating leases is as follows (in thousands): As of, June 30, 2024 December 31, 2023 Operating lease ROU assets $ 32,073 $ 36,987 Operating lease liabilities, current 13,009 14,081 Operating lease liabilities, non-current 32,069 37,498 Total lease liabilities $ 45,078 $ 51,579
Schedule of Future Undiscounted Annual Cash Flows	Future undiscounted annual cash flows for the Company’s operating leases as of June 30, 2024 are as follows (in thousands): Fiscal Year Ending December 31, Operating Leases Remaining portion of 2024 $ 6,738 2025 13,214 2026 13,407 2027 12,692 2028 3,205 Total future undiscounted lease payments 49,256 Less imputed interest (4,178) Total lease liabilities $ 45,078

Redeemable Common Stock, Comm_2

Redeemable Common Stock, Common Stock, and Stockholders' Equity (Deficit) (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Warrant Activity	The following table summarizes changes to outstanding warrants during the six months ended June 30, 2024: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Life (years) Warrants outstanding at January 1, 2024 5,165,732 $ 0.01 8.58 Granted — Exercised (688,763) 0.01 8.37 Cancelled — Warrants outstanding at June 30, 2024 4,476,969 $ 0.01 8.08

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	Stock-based compensation included in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenue $ 2,621 $ 17 $ 4,999 $ 43 Selling and marketing 10,175 52 21,459 179 Research and development 13,053 262 26,174 813 General and administrative 7,657 188 16,501 1,307 Stock-based compensation, net of amounts capitalized 33,506 519 69,133 2,342 Capitalized stock-based compensation expense 1,810 — 1,937 — Total stock-based compensation expense $ 35,316 $ 519 $ 71,070 $ 2,342

(Loss) Income Per Share (Tables

(Loss) Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Net (Loss) Income Per Share, Basic and Diluted	The following table presents the calculation of basic and diluted net (loss) income per share for the three and six months ended June 30, 2024 and 2023 (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net (loss) income per share attributable to Series A and Series B common stockholders, basic: Numerator: Net (loss) income $ (4,942) $ 10,887 $ (17,824) $ 15,165 Denominator: Weighted-average shares, basic 265,293,214 236,590,235 263,319,667 236,047,282 Net (loss) income per share attributable to Series A and Series B common stockholders, basic $ (0.02) $ 0.05 $ (0.07) $ 0.06 Net (loss) income per share attributable to Series A and Series B common stockholders, diluted: Numerator: Net (loss) income $ (4,942) $ 10,887 $ (17,824) $ 15,165 Denominator: Weighted-average shares, basic 265,293,214 236,590,235 263,319,667 236,047,282 Dilutive effect of options — 32,115,651 — 32,502,963 Dilutive effect of RSUs — — — 10,813 Dilutive effect of restricted stock — 12,235 — 16,512 Weighted-average shares, diluted 265,293,214 268,718,121 263,319,667 268,577,570 Net (loss) income per share attributable to Series A and Series B common stockholders, diluted: $ (0.02) $ 0.04 $ (0.07) $ 0.06
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table summarizes the potential common shares excluded from the computation of diluted net income (loss) per share (in thousands): As of June 30, 2024 2023 Warrants outstanding 4,476,969 10,036,275 Investment Option 15,743,174 15,743,174 RSUs outstanding 17,870,881 15,777,141 Options outstanding 27,347,372 — ESPP 218,438 — Total 65,656,834 41,556,590

Restructuring Costs (Tables)

Restructuring Costs (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Costs	Restructuring costs included in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income is as follows (in thousands): Six Months Ended, June 30, 2023 Cost of revenue $ 1,138 Selling and marketing 1,832 Research and development 3,375 General and administrative 1,532 Total $ 7,877

Organization and Business Des_2

Organization and Business Description (Details)	Jun. 30, 2024 subsidiary
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of wholly-owned subsidiaries	3

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Aug. 24, 2023	Jul. 28, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Selling and marketing			$ 94,501	$ 63,357	$ 186,359	$ 123,970
Accrued expenses			62,404		62,404		$ 62,838
Prepaid marketing expense			163,595		163,595		173,844
ESPP
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
ESPP percentage of base compensation employees may contribute to purchase shares (up to)	15%
Related Party
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Capitalized prepaid marketing expense			8,100	13,900	16,200	27,800
Call Option | ESPP
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percent look-back feature, portion covered by option	0.85
Put Option | ESPP
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percent look-back feature, portion covered by option	0.15
Shopify | Related Party | Private Placement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued under purchase agreement (in shares)		2,951,846
Issuance price per share (in dollars per share)		$ 33.88
Shopify | Related Party | Investment Option
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Issuance price per share (in dollars per share)		$ 88.93
Additional shares available for purchase (in shares)		15,743,174
Shopify | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Related Party
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Selling and marketing				13,200		26,400
Marketing expense			13,200		26,400
Prepaid marketing expense			163,600		163,600		173,800
Unrecognized marketing expense			268,900		$ 268,900
Warrants, cost not yet recognized, period for recognition					5 years 29 days
Shopify | Revenue Sharing Agreement | Related Party
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Selling and marketing			6,600	$ 5,300	$ 13,000	$ 10,400
Accrued expenses			$ 2,200		$ 2,200		$ 4,500

Revenue Recognition, Deferred_3

Revenue Recognition, Deferred Revenue, Remaining Performance Obligations, and Accounts Receivable - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 222,213	$ 164,586	$ 432,206	$ 320,674
United States
Disaggregation of Revenue [Line Items]
Revenue	139,298	104,843	272,033	204,744
Other Americas
Disaggregation of Revenue [Line Items]
Revenue	11,395	8,918	22,397	17,638
APAC
Disaggregation of Revenue [Line Items]
Revenue	22,665	17,126	44,057	33,296
EMEA
Disaggregation of Revenue [Line Items]
Revenue	$ 48,855	$ 33,699	$ 93,719	$ 64,996

Revenue Recognition, Deferred_4

Revenue Recognition, Deferred Revenue, Remaining Performance Obligations, and Accounts Receivable - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Change in Contract with Customer, Liability, Revenue Recognized [Roll Forward]
Balance at beginning of the period	$ 42,519	$ 26,149	$ 40,100	$ 25,109
Plus: Billings during the period	226,476	167,597	438,888	324,725
Less: Revenue recognized during the period	(222,213)	(164,586)	(432,206)	(320,674)
Balance at end of the period	$ 46,782	$ 29,160	$ 46,782	$ 29,160

Revenue Recognition, Deferred_5

Revenue Recognition, Deferred Revenue, Remaining Performance Obligations, and Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Amounts included in contract liability at the beginning of the period	$ 38.2	$ 26.1	$ 37.9	$ 25.1
Revenue expected to be recognized	115.5		115.5
Allowance for doubtful accounts	1.3		1.3		$ 1.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 107.6		$ 107.6
Expected period of recognition	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 7.9		$ 7.9
Expected period of recognition

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 322,830	$ 314,511
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	322,830	314,511
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	322,830	314,511
Money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	322,830	314,511
Money market funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Money market funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 0	$ 0

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 80,851	$ 71,985
Less accumulated depreciation and amortization	(36,484)	(28,535)
Property and equipment, net	44,367	43,450
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Total property and equipment	18,602	11,682
Office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	3,605	3,633
Computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	4,770	2,939
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	7,338	7,242
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	45,893	45,768
Construction-in-progress
Property, Plant and Equipment [Line Items]
Total property and equipment	0	78
Asset retirement cost
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 643	$ 643

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 4.2	$ 3.2	$ 8.2	$ 6.4
Capitalized internal-use software development costs	4.8	1.5	6.9	2.8
Amortization of capitalized internal-use software development costs	1	0.4	1.8	0.7
Stock Compensation Plan
Property, Plant and Equipment [Line Items]
Capitalized internal-use software development costs	$ 1.8	$ 0	$ 1.9	$ 0

Property and Equipment, Net -_2

Property and Equipment, Net - Schedule of Asset Retirement Obligation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 771	$ 732	$ 761	$ 722
Additions	0	0	0	0
Accretion	10	9	20	19
Ending balance	$ 781	$ 741	$ 781	$ 741

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation and employee related costs	$ 24,652	$ 25,644
Accrued sabbatical	3,629	3,394
Accrued value added tax	7,113	7,530
Other accrued taxes	7,696	6,830
Accrued cost of revenue	7,427	6,656
Accrued professional services	3,504	3,605
Accrued marketing	5,250	6,374
Other accrued expenses	3,133	2,805
Total accrued expenses	$ 62,404	$ 62,838

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Future minimum payments under non-cancelable purchase commitments	$ 279.2	$ 346.2

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 3,236	$ 2,952	$ 6,288	$ 6,304
Short-term lease cost	83	194	178	409
Financing lease cost	5	5	10	10
Total lease cost	$ 3,324	$ 3,151	$ 6,476	$ 6,723

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease ROU assets	$ 32,073	$ 36,987
Operating lease liabilities, current	13,009	14,081
Operating lease liabilities, non-current	32,069	37,498
Total lease liabilities	$ 45,078	$ 51,579

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Cash paid for operating lease liabilities, net of tenant incentives received	$ 7,845	$ 7,636
ROU assets recognized for new lease or amendments	$ 0	$ 0

Leases - Schedule of Other Info

Leases - Schedule of Other Information (Details)	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term	3 years 8 months 12 days	4 years 1 month 6 days
Weighted average discount rate	5.01%	4.97%

Leases - Schedule of Future Und

Leases - Schedule of Future Undiscounted Annual Cash Flows (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Remaining portion of 2024	$ 6,738
2025	13,214
2026	13,407
2027	12,692
2028	3,205
Total future undiscounted lease payments	49,256
Less imputed interest	(4,178)
Total lease liabilities	$ 45,078	$ 51,579

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	(21.10%)	5%	(7.60%)	6.40%
Uncertain tax positions	$ 0		$ 0		$ 0
Expected material change in uncertain tax benefits	$ 0		0
Foreign earnings repatriated			$ 0

Redeemable Common Stock, Comm_3

Redeemable Common Stock, Common Stock, and Stockholders' Equity (Deficit) - Narrative (Details)	3 Months Ended		6 Months Ended		36 Months Ended
	Jun. 30, 2024 $ / shares shares	Jun. 30, 2023 shares	Jun. 30, 2024 $ / shares shares	Jun. 30, 2023 shares	Dec. 31, 2021 shares	Dec. 31, 2023 $ / shares shares	Sep. 30, 2023 vote shares	Jul. 28, 2022 shares
Class of Warrant or Right [Line Items]
Redeemable common stock issued (in shares)					64,046,223
Preferred stock, shares authorized (in shares)	100,000,000		100,000,000			100,000,000	100,000,000
Automatic conversion of outstanding common stock, period							7 years
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.001		$ 0.001			$ 0.001
Preferred stock, shares outstanding (in shares)	0		0			0
Warrants vested (in shares)	344,381	590,368	688,763	1,180,742
Shopify | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Class of Warrant or Right [Line Items]
Maximum number of common stock shares in which warrants may be converted (in shares)								15,743,174
Series A Common Stock
Class of Warrant or Right [Line Items]
Common stock, shares authorized (in shares)	3,000,000,000		3,000,000,000			3,000,000,000	3,000,000,000
Number of votes per common share | vote							1
Series B Common Stock
Class of Warrant or Right [Line Items]
Common stock, shares authorized (in shares)	350,000,000		350,000,000			350,000,000	350,000,000
Number of votes per common share | vote							10
Number of shares convertible (in shares)							1

Redeemable Common Stock, Comm_4

Redeemable Common Stock, Common Stock, and Stockholders' Equity (Deficit) - Schedule of Warrant Activity (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Shares
Outstanding, beginning (in shares)	5,165,732
Granted (in shares)	0
Exercised (in shares)	(688,763)
Cancelled (in shares)	0
Outstanding, ending (in shares)	4,476,969
Weighted Average Exercise Price
Outstanding, beginning (in dollars per share) | $ / shares	$ 0.01
Exercised (in dollars per share) | $ / shares	0.01
Outstanding, ending (in dollars per share) | $ / shares	$ 0.01
Weighted Average Remaining Life (years)
Warrants outstanding at January 1, 2024	8 years 6 months 29 days
Exercised	8 years 4 months 13 days
Warrants outstanding at June 30, 2024	8 years 29 days

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Aug. 24, 2023	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense recognized | $		$ 33,506	$ 519	$ 69,133	$ 2,342
2015 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)		59,026,723		59,026,723
Incentive stock options, exercise price, fair value threshold for employees holding 10% or more of voting stock		1.10		1.10
2023 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for grant (in shares)		48,618,164		48,618,164
Restricted Stock Units | Vesting Option One, Quarterly Vesting
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite service period				4 years
Restricted Stock Units | Vesting Option Two, Year One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting, percentage				25%
Award vesting period				1 year
Restricted Stock Units | Vesting Option Two, Quarterly Vesting For Remaining Three Years
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period				3 years
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)		8,587,502		8,587,502
ESPP maximum employee base compensation contribution percentage	15%
ESPP purchase price of common stock, percent of market price	85%
ESPP sequential offering period	12 months
ESPP number of additional shares allowable (in shares)		6,200,000		6,200,000
Percent of outstanding shares				1%
Share-based compensation expense recognized | $		$ 900		$ 1,900
Unrecognized compensation expense | $		$ 1,600		$ 1,600
Unrecognized compensation expense, period for recognition				6 months
ESPP shares issued (in shares)		206,156		206,156
Employee Stock, Purchase Period One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
ESPP purchase period	6 months
Employee Stock, Purchase Period Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
ESPP purchase period	6 months

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation, net of amounts capitalized	$ 33,506	$ 519	$ 69,133	$ 2,342
Capitalized stock-based compensation expense	1,810	0	1,937	0
Total stock-based compensation expense	35,316	519	71,070	2,342
Cost of revenue
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation, net of amounts capitalized	2,621	17	4,999	43
Selling and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation, net of amounts capitalized	10,175	52	21,459	179
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation, net of amounts capitalized	13,053	262	26,174	813
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation, net of amounts capitalized	$ 7,657	$ 188	$ 16,501	$ 1,307

(Loss) Income Per Share - Sched

(Loss) Income Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net (loss) income	$ (4,942)	$ 10,887	$ (17,824)	$ 15,165
Denominator:
Weighted average common shares outstanding, basic (in shares)	265,293,214	236,590,235	263,319,667	236,047,282
Net (loss) income per share attributable to Series A and Series B common stockholders, basic (in dollars per share)	$ (0.02)	$ 0.05	$ (0.07)	$ 0.06
Numerator:
Net (loss) income	$ (4,942)	$ 10,887	$ (17,824)	$ 15,165
Denominator:
Weighted average common shares outstanding, basic (in shares)	265,293,214	236,590,235	263,319,667	236,047,282
Weighted average shares - diluted (in shares)	265,293,214	268,718,121	263,319,667	268,577,570
Net (loss) income per share attributable to Series A and Series B common stockholders, diluted (in dollars per share)	$ (0.02)	$ 0.04	$ (0.07)	$ 0.06
Options
Denominator:
Dilutive effect of share-based payment arrangements (in shares)	0	32,115,651	0	32,502,963
Restricted Stock Units
Denominator:
Dilutive effect of share-based payment arrangements (in shares)	0	0	0	10,813
Restricted Stock
Denominator:
Dilutive effect of share-based payment arrangements (in shares)	0	12,235	0	16,512

(Loss) Income Per Share - Sch_2

(Loss) Income Per Share - Schedule of Potential Antidilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	65,656,834	41,556,590
Warrants outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,476,969	10,036,275
Investment Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	15,743,174	15,743,174
RSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	17,870,881	15,777,141
Options outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	27,347,372	0
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	218,438	0

Restructuring Costs - Narrative

Restructuring Costs - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 15, 2023	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Reduction of full time workforce, percentage	8%
Restructuring costs		$ 0	$ 7,877	$ 0

Restructuring Costs - Schedule

Restructuring Costs - Schedule of Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ 7,877	$ 0
Cost of revenue
Restructuring Cost and Reserve [Line Items]
Restructuring costs		1,138
Selling and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring costs		1,832
Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring costs		3,375
General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 1,532