AvidXchange (AVDX) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 06, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	AvidXchange Holdings, Inc.
Entity Central Index Key	0001858257
Entity File Number	001-40898
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3391192
Entity Address, Address Line One	1210 AvidXchange Lane
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28206
City Area Code	800
Local Phone Number	560-9305
Security 12b Title	Common Stock, $0.001 par value per share
Trading Symbol	AVDX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		203,147,583

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 339,932	$ 350,563
Restricted funds held for customers	1,226,216	1,283,824
Marketable securities	100,643	110,986
Accounts receivable, net of allowances of $3,866 and $3,123, respectively	40,892	39,668
Supplier advances receivable, net of allowances of $1,313 and $1,872 respectively	10,203	10,016
Prepaid expenses and other current assets	13,414	12,561
Total current assets	1,731,300	1,807,618
Property and equipment, net	101,463	103,892
Operating lease right-of-use assets	1,903	2,343
Deferred customer origination costs, net	27,499	28,284
Goodwill	165,921	165,921
Intangible assets, net	88,583	98,749
Other noncurrent assets and deposits	4,129	5,189
Total assets	2,120,798	2,211,996
Current liabilities
Accounts payable	18,759	13,453
Accrued expenses	46,878	73,535
Payment service obligations	1,226,216	1,283,824
Deferred revenue	12,526	12,063
Current maturities of lease obligations under finance leases	305	477
Current maturities of lease obligations under operating leases	1,593	1,380
Current maturities of long-term debt	6,425	6,425
Total current liabilities	1,312,702	1,391,157
Long-term liabilities
Deferred revenue, less current portion	15,373	17,487
Contingent consideration, less current portion	70	70
Obligations under finance leases, less current maturities	62,340	61,974
Obligations under operating leases, less current maturities	3,627	4,657
Long-term debt	74,898	75,912
Other long-term liabilities	3,385	3,295
Total liabilities	1,472,395	1,554,552
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.001 par value; 50,000,000 shares authorized, no shares issued and outstanding as of September 30, 2023 and December 31, 2022
Common stock, $0.001 par value; 1,600,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 202,896,081 and 199,433,998 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	203	199
Additional paid-in capital	1,665,887	1,632,080
Accumulated deficit	(1,017,687)	(974,835)
Total stockholders' equity	648,403	657,444
Total liabilities and stockholders' equity	$ 2,120,798	$ 2,211,996

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 3,866	$ 3,123
Receivable, allowance for credit loss, current	$ 1,313	$ 1,872
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common stock, par or stated value per share	$ 0.001	$ 0.001
Common stock, shares authorized	1,600,000,000	1,600,000,000
Common stock, shares, issued	202,896,081	199,433,998
Common stock, shares, outstanding	202,896,081	199,433,998

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenues	$ 98,680	$ 82,411	$ 276,656	$ 230,175
Cost of revenues (exclusive of depreciation and amortization expense)	30,767	29,890	90,461	86,676
Operating expenses
Sales and marketing	18,735	20,241	58,946	57,928
Research and development	24,754	21,997	72,616	62,176
General and administrative	25,002	24,042	75,345	62,704
Depreciation and amortization	9,051	8,365	26,515	24,384
Total operating expenses	77,542	74,645	233,422	207,192
Loss from operations	(9,629)	(22,124)	(47,227)	(63,693)
Other income (expense)
Interest income	5,100	2,031	14,820	2,906
Interest expense	(3,428)	(5,209)	(10,106)	(15,261)
Other income (expense)	1,672	(3,178)	4,714	(12,355)
Loss before income taxes	(7,957)	(25,302)	(42,513)	(76,048)
Income tax expense	134	69	339	207
Net loss	$ (8,091)	$ (25,371)	$ (42,852)	$ (76,255)
Net loss per share attributable to common stockholders, basic	$ (0.04)	$ (0.13)	$ (0.21)	$ (0.39)
Net loss per share attributable to common stockholders, diluted	$ (0.04)	$ (0.13)	$ (0.21)	$ (0.39)
Weighted average number of common shares used to compute net loss per share attributable to common stockholders, basic	202,526,844	198,234,392	201,338,550	197,710,104
Weighted average number of common shares used to compute net loss per share attributable to common stockholders, diluted	202,526,844	198,234,392	201,338,550	197,710,104

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative Effect Adjustment Current estimated credit losses	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect Adjustment	Accumulated Deficit	Accumulated Deficit Cumulative Effect Adjustment	Accumulated Deficit Cumulative Effect Adjustment Current estimated credit losses
Beginning Balance, Shares at Dec. 31, 2021			196,804,844
Beginning Balance at Dec. 31, 2021	$ 723,055	$ (1,000)	$ 197	$ 1,594,780	$ 629	$ (871,922)	$ (629)	$ (1,000)
Exercise of stock options, Shares			63,118
Exercise of stock options	173			173
Issuance of common stock upon vesting of restricted stock units, shares			758,701
Issuance of common stock upon vesting of restricted stock units			$ 1	(1)
Stock-based compensation expense	6,595			6,595
Stock-based compensation expense for Employee Stock Purchase Plan, or ESPP	196			196
Net loss	(25,147)					(25,147)
Ending Balance, Shares at Mar. 31, 2022			197,626,663
Ending Balance at Mar. 31, 2022	703,872		$ 198	1,602,372		(898,698)
Exercise of stock options, Shares			89,204
Exercise of stock options	252			252
Issuance of common stock upon vesting of restricted stock units, net of shares surrendered for taxes, shares			254,908
Issuance of common stock for settlement of contingent consideration, Shares			20,564
Issuance of common stock for settlement of contingent consideration	344			344
Issuance of common stock under ESPP, Shares			86,550
Issuance of common stock under ESPP	602			602
Stock-based compensation expense	8,113			8,113
Stock-based compensation expense for Employee Stock Purchase Plan, or ESPP	145			145
Net loss	(25,737)					(25,737)
Ending Balance, Shares at Jun. 30, 2022			198,077,889
Ending Balance at Jun. 30, 2022	687,591		$ 198	1,611,828		(924,435)
Exercise of stock options, Shares			147,788
Exercise of stock options	403			403
Issuance of common stock upon vesting of restricted stock units, shares			262,986
Stock-based compensation expense	8,514			8,514
Stock-based compensation expense for Employee Stock Purchase Plan, or ESPP	204			204
Net loss	(25,371)					(25,371)
Ending Balance, Shares at Sep. 30, 2022			198,488,663
Ending Balance at Sep. 30, 2022	$ 671,341		$ 198	1,620,949		(949,806)
Beginning Balance, Shares at Dec. 31, 2022	199,433,998		199,433,998
Beginning Balance at Dec. 31, 2022	$ 657,444		$ 199	1,632,080		(974,835)
Exercise of stock options, Shares			123,168
Exercise of stock options	366			366
Issuance of common stock upon vesting of restricted stock units, shares			1,471,826
Issuance of common stock upon vesting of restricted stock units	1		$ 2	(1)
Stock-based compensation expense	8,661			8,661
Stock-based compensation expense for Employee Stock Purchase Plan, or ESPP	270			270
Net loss	(15,990)					(15,990)
Ending Balance, Shares at Mar. 31, 2023			201,028,992
Ending Balance at Mar. 31, 2023	$ 650,752		$ 201	1,641,376		(990,825)
Beginning Balance, Shares at Dec. 31, 2022	199,433,998		199,433,998
Beginning Balance at Dec. 31, 2022	$ 657,444		$ 199	1,632,080		(974,835)
Exercise of stock options, Shares	313,736
Ending Balance, Shares at Sep. 30, 2023	202,896,081		202,896,081
Ending Balance at Sep. 30, 2023	$ 648,403		$ 203	1,665,887		(1,017,687)
Beginning Balance, Shares at Mar. 31, 2023			201,028,992
Beginning Balance at Mar. 31, 2023	650,752		$ 201	1,641,376		(990,825)
Exercise of stock options, Shares			99,215
Exercise of stock options	337			337
Issuance of common stock upon vesting of restricted stock units, shares			792,242
Issuance of common stock upon vesting of restricted stock units			$ 1	(1)
Issuance of common stock under ESPP, Shares			193,164
Issuance of common stock under ESPP	1,178			1,178
Stock-based compensation expense	10,869			10,869
Stock-based compensation expense for Employee Stock Purchase Plan, or ESPP	152			152
Net loss	(18,771)					(18,771)
Ending Balance, Shares at Jun. 30, 2023			202,113,613
Ending Balance at Jun. 30, 2023	644,517		$ 202	1,653,911		(1,009,596)
Exercise of stock options, Shares			91,353
Exercise of stock options	748			748
Issuance of common stock upon vesting of restricted stock units, shares			691,115
Issuance of common stock upon vesting of restricted stock units			$ 1	(1)
Stock-based compensation expense	11,043			11,043
Stock-based compensation expense for Employee Stock Purchase Plan, or ESPP	186			186
Net loss	$ (8,091)					(8,091)
Ending Balance, Shares at Sep. 30, 2023	202,896,081		202,896,081
Ending Balance at Sep. 30, 2023	$ 648,403		$ 203	$ 1,665,887		$ (1,017,687)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net loss	$ (42,852)	$ (76,255)
Adjustments to reconcile net loss to net cash used by operating activities
Depreciation and amortization expense	26,515	24,384
Amortization of deferred financing costs	326	1,018
Provision for credit losses	2,118	3,751
Stock-based compensation	31,181	23,767
Accrued interest	1,509	1,765
Loss on fixed asset disposal		36
Accretion of investments held to maturity	(4,091)	(1,123)
Deferred income taxes	158	162
Changes in operating assets and liabilities
Accounts receivable	(2,221)	(9,493)
Prepaid expenses and other current assets	(851)	(2,337)
Other noncurrent assets	1,369	(1,061)
Deferred customer origination costs	785	(66)
Accounts payable	4,679	167
Deferred revenue	(1,650)	(511)
Accrued expenses and other liabilities	(27,588)	6,097
Operating lease liabilities	(378)	(165)
Total adjustments	31,861	46,391
Net cash used in operating activities	(10,991)	(29,864)
Cash flows from investing activities
Purchase of marketable securities held to maturity	(262,994)	(310,025)
Proceeds from maturity of marketable securities held to maturity	277,428	213,872
Purchases of equipment	(1,001)	(2,677)
Purchases of real estate		(767)
Purchases of intangible assets	(11,898)	(20,363)
Supplier advances, net	(1,309)	(4,699)
Net cash provided by (used in) investing activities	226	(124,659)
Cash flows from financing activities
Proceeds from the issuance of long-term debt		2,367
Repayments of long-term debt	(1,219)
Principal payments on finance leases	(435)	(666)
Proceeds from issuance of common stock	1,452	828
Proceeds from issuance of common stock under ESPP	1,178	602
Debt issuance costs	(743)
Payment of acquisition-related liability	(100)	(344)
Payment service obligations	(57,607)	(314,603)
Net cash used in financing activities	(57,474)	(311,816)
Net decrease in cash, cash equivalents, and restricted funds held for customers	(68,239)	(466,339)
Cash, cash equivalents, and restricted funds held for customers
Cash, cash equivalents, and restricted funds held for customers, beginning of year	1,634,387	1,805,163
Cash, cash equivalents, and restricted funds held for customers, end of period	1,566,148	1,338,824
Supplementary information of noncash investing and financing activities
Right-of-use assets obtained in exchange for new finance lease obligations	81	689
Right-of-use assets obtained in exchange for new operating lease obligations	362	2,831
Common stock issued as contingent consideration		344
Property and equipment purchases in accounts payable and accrued expenses	939	1
Interest paid on notes payable	3,889	8,134
Interest paid on finance leases	$ 4,386	$ 4,323

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (8,091)	$ (18,771)	$ (15,990)	$ (25,371)	$ (25,737)	$ (25,147)

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Trading Agreement Action Date Rule 10b5-1* Non-Rule 10b5-1** Total Shares to be Sold Expiration Date Todd Cunningham , Chief People Officer, Senior Vice President Terminate September 15, 2023 X 13,500 N/A Todd Cunningham , Chief People Officer, Senior Vice President Adopt September 15, 2023 X 51,029 June 28, 2024 Ryan Stahl , General Counsel and Secretary, Senior Vice President Terminate September 15, 2023 X 13,067 N/A Ryan Stahl , General Counsel and Secretary, Senior Vice President Adopt September 15, 2023 X 60,331 January 31, 2024 * Intended to satisfy the affirmative defense of Rule 10b5-1(c) ** Not intended to satisfy the affirmative defense of Rule 10b5-1(c)
Todd Cunningham [Member]
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Ryan Stahl [Member]
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Trading Plan One [Member] | Todd Cunningham [Member]
Trading Arrangements, by Individual
Name	Todd Cunningham
Title	Chief People Officer, Senior Vice President
Adoption Date	September 15, 2023
Rule 10b5-1 Arrangement Terminated	true
Aggregate Available	13,500
Rule 10b5-1 Trading Plan One [Member] | Ryan Stahl [Member]
Trading Arrangements, by Individual
Name	Ryan Stahl
Title	General Counsel and Secretary, Senior Vice President
Adoption Date	September 15, 2023
Rule 10b5-1 Arrangement Terminated	true
Aggregate Available	13,067
Rule 10b5-1 Trading Plan Two [Member] | Todd Cunningham [Member]
Trading Arrangements, by Individual
Name	Todd Cunningham
Title	Chief People Officer, Senior Vice President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 15, 2023
Aggregate Available	51,029
Rule 10b5-1 Trading Plan Two [Member] | Ryan Stahl [Member]
Trading Arrangements, by Individual
Name	Ryan Stahl
Title	General Counsel and Secretary, Senior Vice President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 15, 2023
Aggregate Available	60,331

Formation and Business of the C

Formation and Business of the Company	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Formation and Business of the Company	1. Formation and Business of the Company AvidXchange, Inc. was incorporated in the state of Delaware in 2000. In July 2021, the company consummated a reorganization by interposing a holding company between AvidXchange, Inc. and its stockholders. After the reorganization, all of the stockholders of AvidXchange, Inc. became stockholders of AvidXchange Holdings, Inc. and AvidXchange, Inc. became a wholly owned subsidiary of AvidXchange Holdings, Inc. To accomplish the reorganization, the company formed AvidXchange Holdings, Inc., which was incorporated in Delaware on January 27, 2021, and AvidXchange Merger Sub, Inc. (“Merger Sub”) as a wholly owned subsidiary of AvidXchange Holdings, Inc. The Company merged AvidXchange, Inc. with and into Merger Sub, with AvidXchange, Inc. as the surviving entity, by issuing identical shares of stock of AvidXchange Holdings, Inc. to the stockholders of AvidXchange, Inc. in exchange for their equity interest in AvidXchange, Inc. The merger was considered a transaction between entities under common control. Upon the effective date of the reorganization, July 9, 2021, AvidXchange Holdings, Inc. recognized the assets and liabilities of AvidXchange, Inc. at their carrying values within its financial statements. AvidXchange Holdings, Inc. and its wholly owned subsidiaries are collectively referred to as “AvidXchange” or “the Company” in the accompanying consolidated financial statements after the reorganization. AvidXchange provides accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. The Company provides solutions and services throughout North America spanning multiple industries including real estate, homeowners associations, construction, financial services (including banks and credit unions), healthcare facilities, social services, education, hospitality, and media.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Consolidation and Presentation The accompanying unaudited consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of the Company’s financial position, results of operations, changes in stockholders’ equity, and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other future annual or interim period. The unaudited consolidated balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by U.S. GAAP on an annual reporting basis. All significant intercompany accounts and transactions have been eliminated. There are no items of comprehensive income. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2022 . Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates reflected in these unaudited consolidated financial statements include, but are not limited to, the allowance for credit losses and returns, useful lives assigned to fixed and intangible assets, capitalization of internal-use software, deferral of customer origination costs, the fair value of intangible assets acquired in a business combination, the fair value of goodwill, and the recoverability of deferred income taxes. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates. Concentrations Significant Services A substantial portion of the Company’s revenue is derived from interchange fees earned on payment transactions processed as virtual commercial cards (“VCC”). The Company utilizes service providers to process these transactions. Revenue from one service provider represented 14 % and 22 % of total revenue for the three months ended September 30, 2023 and 2022, respectively, and 18 % and 26 % of total revenue for the nine months ended September 30, 2023 and 2022, respectively. Accounts receivable from this service provider represented 21 % and 28 % of accounts receivable, net as of September 30, 2023 and December 31, 2022, respectively . Revenue from a second provider represented 31 % and 32 % of total revenue for the three months ended September 30, 2023 and 2022, respectively, and 29 % and 27 % of total revenue for the nine months ended September 30, 2023 and 2022, respectively. Accounts receivable from this second service provider represented 35 % and 29 % of accounts receivable, net as of September 30, 2023 and December 31, 2022, respectively. Future regulation or changes by the card brand payment networks could have a substantial impact on interchange rates and the Company’s revenue from VCC transactions. If interchange rates decline, whether due to actions by the card brand payment networks, merchant/suppliers availing themselves of lower rates, or future regulation, the Company’s total operating revenues, operating results, prospects for future growth and overall business could be materially affected. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase that are not recorded as marketable securities to be cash equivalents. The carrying values of cash and cash equivalents approximate their fair values due to the short-term nature of these instruments. Cash in the Company’s bank accounts may exceed federally insured limits. Marketable Securities Marketable securities consist of short-term investments in short-term commercial paper and various U.S. government backed securities. To reflect its intention, the Company classifies its marketable securities as held-to-maturity at the time of purchase. As a result, the marketable securities are recorded at amortized cost and any gains or losses realized upon maturity are reported in other income (expense) in the consolidated statements of operations. Accounts Receivable, Supplier Advances and Allowance for Credit Losses Accounts receivable represent amounts due from the Company’s VCC service providers for interchange fees earned and from buyer customers who have been invoiced for the use of the Company’s software offerings, but for whom payments have not been received. Accounts receivable from VCC service providers are presented net of an allowance for returns for transactions subsequently canceled that do not ultimately settle through the payment network. Accounts receivable from buyer customers are presented net of allowances for credit losses and returns. The Company estimates expected credit losses related to accounts receivable balances based on a review of available and relevant information including current economic conditions, projected economic conditions, historical loss experience, account aging, and other factors that could affect collectability. Expected credit losses are determined individually or collectively depending on whether the accounts receivable balances share similar risk characteristics. The allowance for returns for VCC transactions subsequently canceled are assessed at each period end and recognized as a reduction of revenue. The allowances for buyer customer’s credit losses and returns are assessed at each period end and are recognized as bad debt expense within general and administrative expenses in the consolidated statements of operations and as a reduction of revenue, respectively. A buyer customer receivable is written off against the allowance when it is determined that all collection efforts have been exhausted and the potential for recovery is considered remote. Historically, losses related to customer nonpayment have been immaterial and most of the accounts receivable balances have been current. Supplier advances receivable represent amounts that have been advanced as part of the AvidXchange’s Invoice Accelerator product but have not been collected. Advances are collected from the buyer customer once the buyer initiates the transfer of funds for the invoice that was previously advanced. If the buyer does not transfer the funds as expected, the Company is exposed to losses. The Company’s experience with such delinquencies by buyer customers has been immaterial. Supplier advances receivable are stated net of expected credit losses. The Company estimates expected credit losses related to supplier advances receivable balances based on a review of available and relevant information including current economic conditions, projected economic conditions, historical loss experience, account aging, and other factors that could affect collectability. Expected credit losses are determined individually or collectively depending on whether the accounts receivable balances share similar risk characteristics. The allowance for credit losses for supplier advances is assessed at period end and the measurement of the allowance is included as a component of cost of revenues in the Company’s consolidated statements of operations. Supplier advances receivable balances are charged against the allowance when the Company determines it is probable the receivable will not be recovered after collection efforts and legal actions have been exhausted. The Company classifies the fees charged to supplier customers as cash flows from operating activities with the remaining accelerated advancements and recoupments classified as cash flows from investing activities on a net basis within the consolidated statements of cash flows. Restricted Funds Held for Customers and Payment Service Obligations Restricted funds held for customers and the corresponding liability of payment service obligations represent funds that are collected from customers for payments to their suppliers. The Company determines the balances of restricted funds held for customers, and the corresponding payment services obligations, by reconciling cash held by financial institutions and the corresponding payments in transit at the end of each period. The balance of these obligations may fluctuate from period to period depending on the timing of the period end and the timing of when outstanding payments clear with financial institutions. The Company is registered as a money services business with the Financial Crimes Enforcement Network. Payment service obligations are comprised of outstanding daily transaction liabilities per state regulatory average daily transaction liability report requirements and other unregulated settlements with payees, which do not constitute a regulatory liability event under reporting requirements. As of September 30, 2023 As of December 31, 2022 Outstanding Transaction Liabilities $ 1,195,559 $ 1,242,155 Other unregulated settlements 30,657 41,669 Total payment service obligations $ 1,226,216 $ 1,283,824 The Company historically transmitted buyer customer funds using a legacy model pursuant to which buyer customer funds are held in trust accounts that are maintained and operated by a trustee pending distribution to suppliers in accordance with instructions provided through the Company’s platform. The Company is not the trustee or beneficiary of the trusts which hold these buyer deposits; accordingly, the Company does not record these assets and offsetting liabilities on its consolidated balance sheets. The Company has largely phased out this model although certain banks that resell its products and services continue to leverage a similar structure. The Company contractually earns interest on funds held for certain buyers. The amount of Company and bank customer funds held in all trust-related accounts was approximately $ 20,449 and $ 135,058 as of September 30, 2023 and December 31, 2022, respectively. The Company has transitioned most payment transmission activity to the money transmitter license model and obtained a money transmitter license in all states which require licensure. This model enables AvidXchange to provide commercial payment services to businesses through its “for the benefit of customer” bank accounts, also known as FBO, that are restricted for such purposes. The restricted funds held for customers are restricted for the purpose of satisfying the customer’s supplier obligations and are not available for general business use by the Company. The Company maintains these funds in liquid cash accounts and contractually earns interest on these funds held for customers. These funds are recognized as a restricted cash asset and a corresponding liability is recorded for payments due to their suppliers on the Company’s consolidated balance sheets. Restricted funds held for customers are included in the cash and cash equivalents on the consolidated statements of cash flows. Stock-Based Compensation Compensation cost for stock-based awards issued to employees and outside directors, including stock options and restricted stock units (“RSUs”), is measured at fair value on the date of grant. The fair value of stock options is estimated using a Black-Scholes option-pricing model, while the fair value of RSUs is determined using the fair value of the Company’s underlying common stock. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the award. Stock-based compensation expense for RSUs with performance conditions is recognized over the requisite service period on an accelerated-basis as long as the performance condition in the form of a specified liquidity event is probable to occur. In the case of equity issued in lieu of cash bonus, expense is recognized in the period the cash bonus was earned. Nonqualified Deferred Compensation Plan The Company adopted a nonqualified, deferred compensation plan effective October 1, 2015, which is an unfunded plan created for the benefit of a select group of management or highly compensated employees. The purpose of the plan is to attract and retain key employees by providing them with an opportunity to defer receipt of a portion of their compensation. It is exempt from the participation, vesting, funding, and fiduciary requirements set forth in Title I of the Employee Retirement Income Security Act of 1974, as amended. Deferred amounts are not subject to forfeiture and are deemed invested among investment funds offered under the nonqualified deferred compensation plan, as directed by each participant. The Company has established a ‘rabbi trust’ that serves as an investment to shadow the deferred compensation plan liability. The assets of the rabbi trust primarily consist of trust-owned life insurance policies which are recorded at cash surrender value and are included in other noncurrent assets. The change in cash surrender value of the life insurance policies in the rabbi trust is recorded in other income (expense) on the Company's unaudited consolidated statements of operations. The assets of the rabbi trust are general assets of the Company and as such, would be subject to the claims of creditors in the event of bankruptcy or insolvency. The related deferred compensation liabilities are included in other long-term liabilities. The Company has recorded these assets and liabilities at their fair value. In association with this plan, $ 1,704 and $ 1,611 were included in other noncurrent assets and $ 2,116 and $ 1,803 were included in noncurrent liabilities as of September 30, 2023 and December 31, 2022 , respectively, on the Company's unaudited consolidated balance sheets. Contingent Liabilities Contingent liabilities require significant judgment in estimating potential losses for legal claims. The Company reviews significant new claims and litigation for the probability of an adverse outcome. Estimates are recorded as liabilities when it is probable that a liability has been incurred and the amount of the loss is reasonably estimable. Disclosure is required when there is a reasonable possibility that the ultimate loss will materially exceed the recorded provision. Contingent liabilities are often resolved over long periods of time. Estimating probable losses requires analysis of multiple forecasts that often depend on judgments about potential actions by third parties such as regulators, and the estimated loss can change materially as individual claims develop. New Accounting Pronouncements Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments, Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the guidance on the impairment of financial instruments by requiring measurement and recognition of expected credit losses for most financial assets, including trade receivables, and other instruments that are not measured at fair value through net income (the “CECL” framework). ASU 2016-13 was effective for public business entities for fiscal years beginning after December 15, 2019. Under the Company's prior status as an emerging growth company, the Company had delayed the adoption of ASU 2016-13. The Company lost its status as an emerging growth company on December 31, 2022, and ASU 2016-13 became effective for the Company as of January 1, 2022. On adoption, the Company recorded approximately $ 1,000 cumulative effect adjustment to accumulated deficit in connection with expected credit losses on its accounts receivable and supplier advances receivable. The adoption had an insignificant impact on the 2022 information presented in the Company’s 2022 quarterly reports on Form 10-Q. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This standard requires contract assets and contract liabilities from contracts with customers that are acquired in a business combination to be recognized and measured as if the acquirer had originated the original contract. The Company adopted this standard on January 1, 2023 , and will apply its provisions prospectively to business combinations occurring on or after this date. The adoption of this guidance did no t have an impact on the Company's consolidated financial statements. Accounting Pronouncements Issued but Not Yet Adopted In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements. The amendments in this update that apply to public business entities clarify the accounting for leasehold improvements associated with common control leases. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Company does not expect the adoption of this update to have a material effect on its consolidated financial statements.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	3. Revenue from Contracts with Customers Disaggregation of Revenue The table below presents the Company’s revenues disaggregated by type of services performed. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Software revenue $ 28,919 $ 25,039 $ 83,135 $ 73,152 Payment revenue 68,485 56,645 190,894 154,694 Services revenue 1,276 727 2,627 2,329 Total revenues $ 98,680 $ 82,411 $ 276,656 $ 230,175 Contract Assets and Liabilities The Company’s rights to payments are not conditional on any factors other than the passage of time, and as such, the Company does not have any contract assets. Contract liabilities consist primarily of advance cash receipts for services (deferred revenue) and are recognized as revenue when the services are provided. The table below presents information on accounts receivable and contract liabilities. As of September 30, 2023 As of December 31, 2022 Trade accounts receivable, net $ 12,940 $ 14,152 Payment processing receivable, net 27,952 25,516 Accounts receivable, net $ 40,892 $ 39,668 Contract liabilities $ 27,899 $ 29,550 Significant changes in the contract liabilities balance are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenue recognized included in beginning of period balance $ ( 3,351 ) $ ( 2,745 ) $ ( 8,264 ) $ ( 6,220 ) Cash received, excluding amounts recognized as revenue during the period 1,656 2,846 6,613 5,708 The tables below present a summary of changes in the Company’s allowances for credit losses and returns for the nine months ended September 30, 2023 and 2022: Accounts Receivable Allowance for Credit Losses Allowance for Returns Supplier Advances Receivable Allowance Allowance balance, December 31, 2022 $ 1,539 $ 1,584 $ 1,872 Amounts charged to contra revenue, cost of revenues and expenses 945 375 210 Amounts written off as uncollectable ( 484 ) ( 1 ) ( 1,701 ) Recoveries of amounts previously written off - - 932 Deduction released to revenue - ( 92 ) - Allowance balance, September 30, 2023 $ 2,000 $ 1,866 $ 1,313 Accounts Receivable Allowance for Credit Losses Allowance for Returns Supplier Advances Receivable Allowance Allowance balance, December 31, 2021 $ 442 $ 1,841 $ 1,105 Adjustment to allowance on adoption of ASU 2016-13 400 - 600 Amounts charged to contra revenue, cost of revenues and expenses 730 - 2,100 Amounts written off as uncollectable - - ( 2,586 ) Recoveries of amounts previously written off - - 864 Deduction released to revenue - ( 350 ) - Allowance balance, September 30, 2022 $ 1,572 $ 1,491 $ 2,083 Transaction Price Allocated to Remaining Performance Obligations Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized. These revenues are subject to future economic risks including customer cancellations, bankruptcies, regulatory changes and other market factors. The Company applies the practical expedient in ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”), paragraph 606-10-50-14(b) and does not disclose information about remaining performance obligations related to transaction and processing services that qualify for recognition in accordance with paragraph 606-10-55-18 of Topic 606. These contracts contain variable consideration for stand-ready performance obligations for which the exact quantity and mix of transactions to be processed are contingent upon buyer or supplier request. These contracts also contain fixed fees and non-refundable upfront fees; however, these amounts are not considered material to total consolidated revenue. The Company’s remaining performance obligation consists of contracts with financial institutions who are using the ASCEND solution. These contracts generally have a duration of five years and contain fixed maintenance fees that are considered fixed price guarantees. Remaining performance obligation consisted of the following: Current Noncurrent Total As of September 30, 2023 $ 15,340 $ 21,532 $ 36,872 As of December 31, 2022 15,143 22,546 37,689 Contract Costs The Company incurs incremental costs to obtain a contract, as well as costs to fulfill a contract with buyer customers that are expected to be recovered. These costs consist primarily of sales commissions incurred if a contract is obtained, and customer implementation related costs. The Company utilizes a portfolio approach when estimating the amortization of contract acquisition and fulfillment costs. These costs are amortized on a straight-line basis over the expected benefit period of generally five years , which was determined by taking into consideration customer attrition rates, estimated terms of customer relationships, useful lives of technology, industry peers, and other factors. The amortization of contract fulfillment costs associated with implementation activities are recorded as cost of revenues in the Company's consolidated statements of operations. The amortization of contract acquisition costs associated with sales commissions that qualify for capitalization is recorded as sales and marketing expense in the Company’s consolidated statements of operations. Costs to obtain or fulfill a contract are classified as deferred customer origination costs in the Company’s consolidated balance sheets. The following tables present information about deferred contract costs: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Capitalized sales commissions and implementation costs $ 3,045 $ 3,935 $ 8,422 $ 8,903 Amortization of deferred contract costs Costs to obtain contracts included in sales and marketing expense $ 1,550 $ 1,490 $ 4,489 $ 4,168 Costs to fulfill contracts included in cost of revenue $ 1,564 $ 1,588 4,718 4,669

Loss Per Common Share

Loss Per Common Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Loss Per Common Share	4. Loss Per Common Share Diluted loss per common share is the same as basic loss per common share for all periods presented because the effects of potentially dilutive items were anti-dilutive given the Company’s net loss. The following common share equivalent securities have been excluded from the calculation of weighted average common shares outstanding because the effect is anti-dilutive for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, Anti-Dilutive Common Share Equivalents 2023 2022 2023 2022 Stock options 8,252,768 7,306,429 8,252,768 7,306,429 Restricted stock units 10,114,472 7,969,477 10,114,472 7,969,477 Employee stock purchase plan 168,002 135,553 168,002 135,553 Total anti-dilutive common share equivalents 18,535,242 15,411,459 18,535,242 15,411,459 Basic and diluted net loss per common share is calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net loss $ ( 8,091 ) $ ( 25,371 ) $ ( 42,852 ) $ ( 76,255 ) Net loss attributable to common stockholders $ ( 8,091 ) $ ( 25,371 ) $ ( 42,852 ) $ ( 76,255 ) Denominator: Weighted-average common shares outstanding, basic and diluted 202,526,844 198,234,392 201,338,550 197,710,104 Net loss per common share, basic and diluted $ ( 0.04 ) $ ( 0.13 ) $ ( 0.21 ) $ ( 0.39 )

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements The Company’s financial instruments consist of cash and cash equivalents, marketable securities, trade and supplier advances receivables, assets of the rabbi trust, AP, deferred compensation liabilities, and debt. The carrying amount of cash, trade and supplier advances receivables, and AP approximate fair value due to the short-term maturity. The estimated fair value of long-term debt is based on borrowing rates currently available to the Company for similar debt issues. The fair value approximates the carrying value of long-term debt. In accordance with applicable accounting standards, the Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level 1 Observable inputs such as quoted market prices in active markets for identical assets or liabilities. Level 2 Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3 Unobservable inputs that reflect the reporting entity’s own assumptions. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability. When more than one level of input is used to determine the fair value, the financial instrument is classified as Level 1, 2 or 3 according to the lowest level input that has a significant impact on the fair value measurement. The Company performs a review of the fair value hierarchy classification on an annual basis. Changes in the observability of valuation inputs may result in a reclassification of certain financial assets or financial liabilities within the fair value hierarchy. Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level to classify them for each reporting period. This determination requires significant judgment. The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis using the above categories, as of the periods presented. As of September 30, 2023 Description Level 1 Level 2 Level 3 Total Cash equivalents Money market mutual funds (1) $ 167,079 $ - $ - $ 167,079 Rabbi trust-owned life insurance policies (at cash surrender value) (2) - 1,704 - 1,704 Total assets $ 167,079 $ 1,704 $ - $ 168,783 Other long-term liabilities Deferred compensation $ - $ 2,116 $ - 2,116 Total liabilities $ - $ 2,116 $ - $ 2,116 As of December 31, 2022 Description Level 1 Level 2 Level 3 Total Cash equivalents Money market mutual funds (1) $ 147,149 $ - $ - $ 147,149 Rabbi trust-owned life insurance policies (at cash surrender value) (2) - 1,611 - 1,611 Total assets $ 147,149 $ 1,611 $ - $ 148,760 Other long-term liabilities Deferred compensation $ - $ 1,803 $ - 1,803 Total liabilities $ - $ 1,803 $ - $ 1,803 ________________ (1 ) Money market funds are classified as cash equivalents in the Company’s unaudited consolidated balance sheets. As short-term, highly liquid investments readily convertible to known amounts of cash with remaining maturities of three months or less at the time of purchase, the Company’s cash equivalent money market funds have carrying values that approximate fair value. (2) Fair value of insurance policies represent their cash surrender value based on the underlying investments in the account which is determined based on quoted prices for identical or similar financial instruments in active markets.

Marketable Securities

Marketable Securities	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	6. Marketable Securities Marketable securities consist of commercial paper and U.S. Treasury and agency bonds, and are classified as held-to-maturity. Investments held in marketable securities had contractual maturities of less than four months as of September 30, 2023 . As the Company invests in short-term and high credit quality marketable securities, the Company expects to receive fixed par value without any loss of principle at the maturity of each security. Therefore, an allowance for expected credit losses is not recognized as of September 30, 2023 and December 31, 2022 . The following presents information about the Company’s marketable securities: As of September 30, 2023 Sector Amortized Cost Allowance for credit losses Net Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Financial $ 74,435 $ - $ 74,435 $ - $ ( 27 ) $ 74,408 Government 26,208 - 26,208 1 - 26,209 Industrial - - - - - - Total $ 100,643 $ - $ 100,643 $ 1 $ ( 27 ) $ 100,617 As of December 31, 2022 Sector Amortized Cost Allowance for credit losses Net Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Financial $ 80,831 $ - $ 80,831 $ 8 $ ( 32 ) $ 80,807 Government 15,071 - 15,071 5 - 15,076 Industrial 15,084 - 15,084 - ( 3 ) 15,081 Total $ 110,986 $ - $ 110,986 $ 13 $ ( 35 ) $ 110,964 The fair value of marketable securities in the Government major security type is classified as a Level 1 in the Company’s fair value hierarchy described in Note 5. The fair values of the remaining major security types are classified as Level 2. The following table presents information about the Company’s investments that were in an unrealized loss position and for which an other-than-temporary impairment has not been recognized in earnings: As of September 30, 2023 As of December 31, 2022 Aggregate fair value of investments with unrealized losses (1) $ 74,408 $ 59,595 Aggregate amount of unrealized losses ( 27 ) ( 35 ) _________________ (1) Investments have been in a continuous loss position for less than 12 months

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	7. Intangible Assets and Goodwill Intangible Assets The following table presents information about capitalized software development costs: Three Months Ended September 30, Nine Months Ended September 30, Capitalized software development costs 2023 2022 2023 2022 Capitalized $ 4,165 $ 4,264 $ 11,898 $ 13,599 Amortized 3,910 3,251 11,194 8,743 As of September 30, 2023 Weighted Average Gross Accumulated Useful Life Amount Amortization Net Amount Internally developed software 3 Years $ 97,821 $ ( 70,855 ) $ 26,966 Non-compete 4 Years 6,194 ( 3,323 ) 2,871 Technology 7 Years 45,791 ( 29,214 ) 16,577 Customer relationships 9 Years 72,512 ( 35,532 ) 36,980 Trade name 10 Years 7,748 ( 2,559 ) 5,189 Total intangible assets $ 230,066 $ ( 141,483 ) $ 88,583 As of December 31, 2022 Weighted Average Gross Accumulated Useful Life Amount Amortization Net Amount Internally developed software 3 Years $ 85,923 $ ( 59,661 ) $ 26,262 Non-compete 4 Years 6,194 ( 2,079 ) 4,115 Technology 7 Years 45,791 ( 26,314 ) 19,477 Customer relationships 9 Years 72,512 ( 29,327 ) 43,185 Trade name 10 Years 7,748 ( 2,038 ) 5,710 Total intangible assets $ 218,168 $ ( 119,419 ) $ 98,749 Total amortization expense associated with identifiable intangible assets was as follows : Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total amortization expense associated with identifiable intangible assets $ 7,533 $ 6,874 $ 22,064 $ 19,695 Goodwill There were no changes in goodwill during the three and nine months ended September 30, 2023 .

Leases and Leasing Commitments

Leases and Leasing Commitments	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases and Leasing Commitments	8. Leases and Leasing Commitments Supplemental cash flow information related to the Company’s operating and finance leases was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows for finance leases $ 130 $ 241 $ 435 $ 666 Operating cash flows for finance leases 1,472 1,460 4,386 4,323 Operating cash flows for operating leases 562 505 1,668 1,520 Right of use assets obtained in exchange for new lease obligations: Finance lease liabilities - 190 81 689 Operating lease liabilities - - 362 2,831 The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, Lease expense 2023 2022 2023 2022 Finance lease expense: Amortization of right-of-use assets $ 292 $ 615 $ 1,352 $ 1,921 Interest on lease liabilities 1,647 1,644 4,934 4,896 Operating lease expense 426 445 1,290 1,354 Short-term lease expense - 168 - 491 Variable lease expense 99 63 206 141 Total lease expense $ 2,464 $ 2,935 $ 7,782 $ 8,803

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	9. Long-Term Debt Long-term debt as of September 30, 2023 and December 31, 2022: As of September 30, 2023 As of December 31, 2022 Term loan facility $ 63,781 $ 65,000 Promissory note payable for land acquisition 18,700 18,700 Total principal due 82,481 83,700 Current portion of term loan and promissory notes ( 6,425 ) ( 6,425 ) Unamortized portion of debt issuance costs ( 1,158 ) ( 1,363 ) Long-term debt $ 74,898 $ 75,912 On December 29, 2022 the Company, through its wholly-owned subsidiary, AvidXchange, Inc., entered into a credit agreement (the "2022 Credit Agreement") with KeyBank National Association ("KeyBank") to replace in its entirety its previous senior secured credit facility. The outstanding balances of the previous senior secured credit facility were repaid with the Company's cash balances and the proceeds from borrowing under the 2022 Credit Agreement. The 2022 Credit Agreement has a term of five years and consists of a 5-year revolving credit facility (the "2022 Revolver") and a five-year term loan facility (the "2022 Term Loan"). Under the 2022 Credit Agreement and subject to specific conditions, the Company may request, and the lenders have the right, but not the obligation, to increase the 2022 Revolver or add an additional term loan facility by an aggregate amount (for all such increases) not to exceed $ 50,000 as of September 30, 2023. In January 2023, the Company increased the credit available on its 2022 Revolver by $ 20,000 to an aggregate borrowing capacity of $ 30,000 , thereby increasing the aggregate borrowing capacity of the 2022 Credit Agreement to $ 95,000 . This increase in borrowing capacity reduced the amount by which the Company may request future increases of the 2022 Revolver or 2022 Term Loan from $ 70,000 to $ 50,000 . The 2022 Credit Agreement has a term of five years and makes available to the Company facilities in an aggregate amount of $ 95,000 and consists of: • $ 30,000 pursuant to the 2022 Revolver; and • $ 65,000 pursuant to the 2022 Term Loan. Letters of credit may be issued by KeyBank pursuant to the 2022 Credit Agreement and the availability under the 2022 Revolver will be reduced by any outstanding letters of credit. Effective July 1, 2023, the Company's landlord canceled the standby letter of credit as it was no longer required. As September 30, 2023 , no letters of credit were outstanding. As of September 30, 2023, the aggregate amount available to borrow under the 2022 Credit Agreement was $ 30,000 . As of September 30, 2023, the effective interest rate of the 2022 Term Loan was 8.29 % . Proceeds from the 2022 Term Loan and corporate cash were used to pay in full all outstanding debt and expenses under the previous senior secured credit facility, and the 2022 Revolver may be used to fund working capital and for general corporate purposes. The maturity date for the 2022 Revolver and 2022 Term Loan is December 29, 2027 . The Company may voluntarily pre-pay all or any part of the 2022 Revolver or 2022 Term Loan without premium or penalty, subject to concurrent payments of accrued and unpaid interest and any applicable breakage costs. Interest on the loans under the 2022 Credit Agreement is equal to the daily simple secured overnight financing rate ("SOFR"), term SOFR or a base rate, plus an applicable margin. The applicable margin is between 2.5 % and 3.0 % for daily simple SOFR and term SOFR loans (plus a SOFR adjustment between 0.1 % and 0.25 %), and between 1.5 % and 2.0 % for base rate loans. The applicable margin fluctuates based on the ratio of debt under the 2022 Credit Agreement to the Company’s consolidated software revenue. The Company may elect one-, three- or six-month interest periods in connection with term SOFR. The base rate is equal to the higher of KeyBank’s prime rate, the federal funds effective rate plus 0.5 %, or one-month term SOFR plus 1.0 %. For purposes of the 2022 Credit Agreement, daily simple SOFR, term SOFR and the base rate will never be less than 0.5 %. The principal amount of the 2022 Term Loan amortizes at a rate of 2.5 % per year for the first two years and 5 % per year for the last three years, payable in equal quarterly installments. Additional principal payments are due in certain circumstances, and subject to certain limitations, including upon a sale of assets or upon receipt of proceeds of casualty insurance or condemnation. The 2022 Credit Agreement contains certain customary representations and warranties and affirmative and negative covenants. The affirmative covenants require the Company to provide the lenders with certain financial statements, budgets, compliance certificates and other documents and reports and to comply with certain laws. The negative covenants restrict the Company’s ability to incur additional indebtedness, create additional liens on its assets, make certain investments, dispose of its assets or engage in a merger or other similar transaction or engage in transactions with affiliates, which are subject, in each case, to the various exceptions and conditions described in the 2022 Credit Agreement. The negative covenants further restrict the Company’s ability to make certain restricted payments, including the payment of dividends in certain limited circumstances. The 2022 Credit Agreement also contains three financial covenants, measured on a consolidated basis. First, there must be liquidity (which is defined as availability under the 2022 Revolver, plus unrestricted cash) that is more than the greater of (1) $ 35,000 , and (2) 35 % of the Total Commitment Amount (as defined in the 2022 Credit Agreement). Second, as of the end of each quarter, total revenue on a trailing four-quarter basis must be greater than the requirements set forth in the 2022 Credit Agreement. Third, for each period of four consecutive quarters ending on December 31, 2024, and at the end of each fiscal quarter thereafter, Consolidated EBITDA (as defined in the 2022 Credit Agreement) must not be less than $ 10,000 . The Company was in compliance with its financial debt covenants as of September 30, 2023 . The 2022 Credit Agreement also includes certain customary events of default. If an event of default occurs and is continuing, the lenders are entitled to take various actions, including the acceleration of the maturity of all loans and to take all actions permitted to be taken by a secured creditor with respect to the collateral for the 2022 Credit Agreement and under applicable law. The obligations under the 2022 Credit Agreement are secured by: • substantially all of the tangible and intangible assets of the Company and its material subsidiaries, except for client funds, client funds accounts (as such terms are defined in the 2022 Credit Agreement) and existing real estate, and • the capital stock of the Company’s material subsidiaries. Under the previous senior secured credit facility, the certain wholly-owned subsidiaries of the Company were co-borrowers, with the Company's parent holding company as the guarantor. By contrast, under the 2022 Credit Agreement, the Company's wholly-owned subsidiary, AvidXchange, Inc., is the only borrower, and AvidXchange, Inc.'s parent holding company and certain subsidiaries of AvidXchange, Inc. are co-guarantors. Revolving Credit Facility There was no balance outstanding under either revolving credit facility as of September 30, 2023 or December 31, 2022 . The Company is required to pay on a quarterly basis a commitment fee of 0.3 % per annum with respect to the amount of the 2022 Revolver. Deferred Financing Costs The Company has $ 641 and $ 385 in deferred financing costs included in other noncurrent assets and deposits, and $ 1,158 and $ 1,363 of deferred financing costs associated with its term loans recorded net of long-term debt as of September 30, 2023 and December 31, 2022, respectively. Amortization of deferred financing costs was $ 106 and $ 339 for the three months ended September 30, 2023 and 2022, respectively, and $ 326 and $ 1,018 for the nine months ended September 30, 2023 and 2022, respectively, which is presented in the consolidated statements of operations as interest expense. Land Promissory Notes The Company has two promissory notes executed in connection with the purchase of land parcels and improvements adjacent to its Charlotte, North Carolina headquarters campus. The aggregate outstanding principal amount was $ 18,700 as of September 30, 2023 and will be paid in three remaining equal annual payments of $ 4,800 and a final annual payment of $ 4,300 , plus accrued interest at 6.75 %.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	10. Stockholders’ Equity The holders of common stock are entitled to one vote for each share. Authorized Shares The Company is authorized to issue 1,600,000,000 shares of common stock, $ 0.001 par value per share, and 50,000,000 shares of preferred stock, $ 0.001 par value per share. Common Stock At September 30, 2023, the Company had reserved a total of 45,790,684 of its 1,600,000,000 shares of common stock for future issuance as follows: As of September 30, 2023 Outstanding stock options 8,252,768 Restricted stock units 10,114,472 Available for future issuance under stock award plans 21,173,777 Available for future issuance under employee stock purchase plan 6,249,667 Total common shares reserved for future issuance 45,790,684

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	11. Stock-Based Compensation Upon the adoption of ASU 2016-09 on January 1, 2022 , the Company elected to recognize forfeitures as they occur. Previously, the Company estimated forfeitures based on historical experience. The change in accounting policy resulted in the recognition of a cumulative effect adjustment to the Company's accumulated deficit as of January 1, 2022 in the amount of $ 629 . Stock Plans The Company maintains its 2021 Long-Term Incentive Plan ("2021 Plan") under which it grants stock awards to its employees, directors and non-employee third parties. On January 1, 2023, the number of shares of common stock available to issue under the 2021 Plan automatically increased by 9,971,700 shares. As of September 30, 2023, the Company had 21,173,777 shares allocated to the 2021 Plan, but not yet issued or granted as an award. The Company also maintains its 2021 Employee Stock Purchase Plan ("ESPP"), under which eligible employees may purchase the Company’s common stock through accumulated payroll deductions. On January 1, 2023, the number of shares of common stock reserved for issuance under the ESPP automatically increased by 1,994,340 . As of September 30, 2023 , the number of shares of common stock reserved for issuance under the ESPP was 6,249,667 . Stock Options Stock options granted under the Company's current and prior equity incentive plans have various vesting periods ranging from fully-vested on the date of grant to vesting over a period of three or four years . The term for each incentive stock option under these plans is ten years from the grant date, or five years for a grant to a ten percent owner optionee, in each case assuming continued employment. The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model. Stock option activity for the nine months ended September 30, 2023 was as follows: Stock Options Number of Stock Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Balance as of December 31, 2022 7,131,150 $ 8.37 7.61 $ 16,849 Granted 1,748,480 9.00 Exercised ( 313,736 ) 4.63 Cancelled ( 281,160 ) 9.27 Expired ( 31,966 ) 7.78 Balance as of September 30, 2023 8,252,768 $ 8.62 7.46 $ 13,752 Vested and exercisable 4,306,578 $ 7.96 6.42 $ 10,881 As of September 30, 2023 , the total unamortized stock-based compensation expense related to the unvested stock options was $ 14,195 , which the Company expects to amortize over a weighted average period of 2.5 years. Restricted Stock Units RSUs have a vesting period generally of one , two and four years . Any unvested RSUs are forfeited upon termination of employment. The grant date value of RSUs is equal to the closing price of the Company’s stock on the date of grant, or, if not a trading day, the closing price of the previous trading day. RSUs granted prior to the Company's IPO have a term of seven years , or three years for time vested RSUs after termination of employment and were also subject to a performance condition upon a predefined liquidity event such as an IPO or a change in control. The performance condition was satisfied upon completion of the Company's IPO. Prior to the IPO, RSUs were valued at the estimated value of a share of common stock at the date of grant. RSU activity for the nine months ended September 30, 2023 was as follows: Restricted Stock Units Number of Restricted Stock Units Outstanding Weighted Average Grant Date Fair Value Balance as of December 31, 2022 7,877,598 $ 9.07 Granted 5,823,770 8.98 Released ( 2,955,183 ) 9.11 Cancelled ( 631,713 ) 8.55 Balance as of September 30, 2023 10,114,472 $ 9.01 As of September 30, 2023 , the total unamortized stock-based compensation expense related to the unvested RSUs was $ 73,820 , which the Company will amortize over a weighted average period of 2.9 years upon satisfaction of the performance condition. Stock-Based Compensation Expense Stock-based compensation expense from stock options and RSUs, reduced for actual forfeitures, was included in the following line items in the accompanying consolidated statement of operations: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cost of revenues $ 1,109 $ 971 $ 3,437 $ 3,026 Sales and marketing 1,212 1,190 3,747 3,421 Research and development 2,976 2,626 8,175 6,514 General and administrative 5,746 3,727 15,214 10,261 Total $ 11,043 $ 8,514 $ 30,573 $ 23,222 Employee Stock Purchase Plan Stock-based compensation expense for the ESPP is based on the estimated fair value of the option to purchase shares at a discount and uses grant date inputs including the purchase discount, expected contributions and stock price. Total ESPP expense recorded in the Company's consolidated statements of operations was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 ESPP expense $ 186 $ 204 $ 608 $ 545

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Letters of Credit Effective July 1, 2023, the Company's landlord canceled the standby letter of credit as it was no longer required. As a result, the Company's borrowing capacity under its 2022 Revolver increased to its limit of $ 30,000 as of that date. As of September 30, 2023 , the Company had no letters of credit outstanding. Loss Contingency During the three ended September 30, 2023 , the Company accrued approximately $ 1,600 for a loss contingency related to a potential commercial dispute. The amount recorded does not include an estimate for recoveries related to the matter as they cannot be estimated. The amount was recorded in general and administrative expenses in the consolidated statements of operations in the three and nine months ended September 30, 2023. Cybersecurity Incident In early April 2023, the Company detected a cybersecurity incident as part of its routine security monitoring protocols. In response to the incident, the Company launched an investigation with the support of leading cybersecurity experts, reached out to law enforcement, accelerated planned security enhancements, and has taken and will continue to take actions to implement additional safeguards. Having expelled the threat actor from its systems, the Company has detected no activity from the threat actor on its network since April 27, 2023. The Company’s solutions are operational, and customer transactions continue to be processed through the Company's systems. Based on the investigation and the enhancements implemented to date, the Company believes that its products remain secure and safe to use. The investigation has determined that the incident primarily affected systems that were used for back-office activities. Data was exfiltrated from these systems and posted on the dark web. The data consisted of confidential information from the Company's files, including personally identifiable information, primarily information of Company employees, former employees, and their dependents, and the bank account information of some customers. The Company has cooperated with inquiries about the incident from three state consumer and financial service regulators, provided notices to impacted customers and individuals, and complied with regulatory requirements of various states that address notice and credit monitoring. The Company expects to fully complete its investigation and to deliver all required notices during the fourth quarter of 2023. Expenses Incurred and Future Costs During the three and nine months ended September 30, 2023 , the Company incurred costs of $ 1,918 and $ 5,535 , respectively in response to the incident, including professional services and legal fees, before insurance recoveries. The Company expects that it will continue to experience expenses and increased costs associated with this cybersecurity incident during the fourth quarter of 2023. While a loss from these matters is possible, the Company is unable at this time to reasonably estimate the possible loss or range of loss. Therefore, no liability for losses has been recorded related to the incident as of September 30, 2023. Insurance Coverage The Company maintains cyber insurance coverage and will be tendering claims for certain expenses incurred in connection with this event. The extent to which its insurance will cover such expenses remains uncertain. As of September 30, 2023 , the Company recorded a receivable for insurance recoveries, that have been approved for reimbursement, in the amount of $ 1,228 . This amount was recorded as a reduction of general and administrative expense in the three and nine months ended September 30, 2023 .

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes The Company’s effective tax rate for the three months ended September 30, 2023 and 2022 was ( 1.7 )% and ( 0.3 )% , respectively, and for the nine months ended September 30, 2023 and 2022 was ( 0.8 )% and ( 0.3 )% , respectively. The Company's effective tax rate was a result of estimated tax losses for the fiscal year-to-date offset by the increase in the valuation allowance in the net operating loss carryforwards. Tax expense includes current tax expense for estimated state income taxes and noncurrent federal taxes related to non-deductibility of goodwill in the future.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Consolidation and Presentation	Basis of Consolidation and Presentation The accompanying unaudited consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of the Company’s financial position, results of operations, changes in stockholders’ equity, and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other future annual or interim period. The unaudited consolidated balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by U.S. GAAP on an annual reporting basis. All significant intercompany accounts and transactions have been eliminated. There are no items of comprehensive income. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2022 .
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates reflected in these unaudited consolidated financial statements include, but are not limited to, the allowance for credit losses and returns, useful lives assigned to fixed and intangible assets, capitalization of internal-use software, deferral of customer origination costs, the fair value of intangible assets acquired in a business combination, the fair value of goodwill, and the recoverability of deferred income taxes. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates.
Concentrations	Concentrations Significant Services A substantial portion of the Company’s revenue is derived from interchange fees earned on payment transactions processed as virtual commercial cards (“VCC”). The Company utilizes service providers to process these transactions. Revenue from one service provider represented 14 % and 22 % of total revenue for the three months ended September 30, 2023 and 2022, respectively, and 18 % and 26 % of total revenue for the nine months ended September 30, 2023 and 2022, respectively. Accounts receivable from this service provider represented 21 % and 28 % of accounts receivable, net as of September 30, 2023 and December 31, 2022, respectively . Revenue from a second provider represented 31 % and 32 % of total revenue for the three months ended September 30, 2023 and 2022, respectively, and 29 % and 27 % of total revenue for the nine months ended September 30, 2023 and 2022, respectively. Accounts receivable from this second service provider represented 35 % and 29 % of accounts receivable, net as of September 30, 2023 and December 31, 2022, respectively. Future regulation or changes by the card brand payment networks could have a substantial impact on interchange rates and the Company’s revenue from VCC transactions. If interchange rates decline, whether due to actions by the card brand payment networks, merchant/suppliers availing themselves of lower rates, or future regulation, the Company’s total operating revenues, operating results, prospects for future growth and overall business could be materially affected.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase that are not recorded as marketable securities to be cash equivalents. The carrying values of cash and cash equivalents approximate their fair values due to the short-term nature of these instruments. Cash in the Company’s bank accounts may exceed federally insured limits.
Marketable Securities	Marketable Securities Marketable securities consist of short-term investments in short-term commercial paper and various U.S. government backed securities. To reflect its intention, the Company classifies its marketable securities as held-to-maturity at the time of purchase. As a result, the marketable securities are recorded at amortized cost and any gains or losses realized upon maturity are reported in other income (expense) in the consolidated statements of operations.
Accounts Receivable, Supplier Advances and Allowance for Credit Losses	Accounts Receivable, Supplier Advances and Allowance for Credit Losses Accounts receivable represent amounts due from the Company’s VCC service providers for interchange fees earned and from buyer customers who have been invoiced for the use of the Company’s software offerings, but for whom payments have not been received. Accounts receivable from VCC service providers are presented net of an allowance for returns for transactions subsequently canceled that do not ultimately settle through the payment network. Accounts receivable from buyer customers are presented net of allowances for credit losses and returns. The Company estimates expected credit losses related to accounts receivable balances based on a review of available and relevant information including current economic conditions, projected economic conditions, historical loss experience, account aging, and other factors that could affect collectability. Expected credit losses are determined individually or collectively depending on whether the accounts receivable balances share similar risk characteristics. The allowance for returns for VCC transactions subsequently canceled are assessed at each period end and recognized as a reduction of revenue. The allowances for buyer customer’s credit losses and returns are assessed at each period end and are recognized as bad debt expense within general and administrative expenses in the consolidated statements of operations and as a reduction of revenue, respectively. A buyer customer receivable is written off against the allowance when it is determined that all collection efforts have been exhausted and the potential for recovery is considered remote. Historically, losses related to customer nonpayment have been immaterial and most of the accounts receivable balances have been current. Supplier advances receivable represent amounts that have been advanced as part of the AvidXchange’s Invoice Accelerator product but have not been collected. Advances are collected from the buyer customer once the buyer initiates the transfer of funds for the invoice that was previously advanced. If the buyer does not transfer the funds as expected, the Company is exposed to losses. The Company’s experience with such delinquencies by buyer customers has been immaterial. Supplier advances receivable are stated net of expected credit losses. The Company estimates expected credit losses related to supplier advances receivable balances based on a review of available and relevant information including current economic conditions, projected economic conditions, historical loss experience, account aging, and other factors that could affect collectability. Expected credit losses are determined individually or collectively depending on whether the accounts receivable balances share similar risk characteristics. The allowance for credit losses for supplier advances is assessed at period end and the measurement of the allowance is included as a component of cost of revenues in the Company’s consolidated statements of operations. Supplier advances receivable balances are charged against the allowance when the Company determines it is probable the receivable will not be recovered after collection efforts and legal actions have been exhausted. The Company classifies the fees charged to supplier customers as cash flows from operating activities with the remaining accelerated advancements and recoupments classified as cash flows from investing activities on a net basis within the consolidated statements of cash flows.
Restricted Funds Held for Customers and Payment Service Obligations	Restricted Funds Held for Customers and Payment Service Obligations Restricted funds held for customers and the corresponding liability of payment service obligations represent funds that are collected from customers for payments to their suppliers. The Company determines the balances of restricted funds held for customers, and the corresponding payment services obligations, by reconciling cash held by financial institutions and the corresponding payments in transit at the end of each period. The balance of these obligations may fluctuate from period to period depending on the timing of the period end and the timing of when outstanding payments clear with financial institutions. The Company is registered as a money services business with the Financial Crimes Enforcement Network. Payment service obligations are comprised of outstanding daily transaction liabilities per state regulatory average daily transaction liability report requirements and other unregulated settlements with payees, which do not constitute a regulatory liability event under reporting requirements. As of September 30, 2023 As of December 31, 2022 Outstanding Transaction Liabilities $ 1,195,559 $ 1,242,155 Other unregulated settlements 30,657 41,669 Total payment service obligations $ 1,226,216 $ 1,283,824 The Company historically transmitted buyer customer funds using a legacy model pursuant to which buyer customer funds are held in trust accounts that are maintained and operated by a trustee pending distribution to suppliers in accordance with instructions provided through the Company’s platform. The Company is not the trustee or beneficiary of the trusts which hold these buyer deposits; accordingly, the Company does not record these assets and offsetting liabilities on its consolidated balance sheets. The Company has largely phased out this model although certain banks that resell its products and services continue to leverage a similar structure. The Company contractually earns interest on funds held for certain buyers. The amount of Company and bank customer funds held in all trust-related accounts was approximately $ 20,449 and $ 135,058 as of September 30, 2023 and December 31, 2022, respectively. The Company has transitioned most payment transmission activity to the money transmitter license model and obtained a money transmitter license in all states which require licensure. This model enables AvidXchange to provide commercial payment services to businesses through its “for the benefit of customer” bank accounts, also known as FBO, that are restricted for such purposes. The restricted funds held for customers are restricted for the purpose of satisfying the customer’s supplier obligations and are not available for general business use by the Company. The Company maintains these funds in liquid cash accounts and contractually earns interest on these funds held for customers. These funds are recognized as a restricted cash asset and a corresponding liability is recorded for payments due to their suppliers on the Company’s consolidated balance sheets. Restricted funds held for customers are included in the cash and cash equivalents on the consolidated statements of cash flows.
Stock-Based Compensation	Stock-Based Compensation Compensation cost for stock-based awards issued to employees and outside directors, including stock options and restricted stock units (“RSUs”), is measured at fair value on the date of grant. The fair value of stock options is estimated using a Black-Scholes option-pricing model, while the fair value of RSUs is determined using the fair value of the Company’s underlying common stock. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the award. Stock-based compensation expense for RSUs with performance conditions is recognized over the requisite service period on an accelerated-basis as long as the performance condition in the form of a specified liquidity event is probable to occur. In the case of equity issued in lieu of cash bonus, expense is recognized in the period the cash bonus was earned.
Nonqualified Deferred Compensation Plan	Nonqualified Deferred Compensation Plan The Company adopted a nonqualified, deferred compensation plan effective October 1, 2015, which is an unfunded plan created for the benefit of a select group of management or highly compensated employees. The purpose of the plan is to attract and retain key employees by providing them with an opportunity to defer receipt of a portion of their compensation. It is exempt from the participation, vesting, funding, and fiduciary requirements set forth in Title I of the Employee Retirement Income Security Act of 1974, as amended. Deferred amounts are not subject to forfeiture and are deemed invested among investment funds offered under the nonqualified deferred compensation plan, as directed by each participant. The Company has established a ‘rabbi trust’ that serves as an investment to shadow the deferred compensation plan liability. The assets of the rabbi trust primarily consist of trust-owned life insurance policies which are recorded at cash surrender value and are included in other noncurrent assets. The change in cash surrender value of the life insurance policies in the rabbi trust is recorded in other income (expense) on the Company's unaudited consolidated statements of operations. The assets of the rabbi trust are general assets of the Company and as such, would be subject to the claims of creditors in the event of bankruptcy or insolvency. The related deferred compensation liabilities are included in other long-term liabilities. The Company has recorded these assets and liabilities at their fair value. In association with this plan, $ 1,704 and $ 1,611 were included in other noncurrent assets and $ 2,116 and $ 1,803 were included in noncurrent liabilities as of September 30, 2023 and December 31, 2022 , respectively, on the Company's unaudited consolidated balance sheets.
Contingent Liabilities	Contingent Liabilities Contingent liabilities require significant judgment in estimating potential losses for legal claims. The Company reviews significant new claims and litigation for the probability of an adverse outcome. Estimates are recorded as liabilities when it is probable that a liability has been incurred and the amount of the loss is reasonably estimable. Disclosure is required when there is a reasonable possibility that the ultimate loss will materially exceed the recorded provision. Contingent liabilities are often resolved over long periods of time. Estimating probable losses requires analysis of multiple forecasts that often depend on judgments about potential actions by third parties such as regulators, and the estimated loss can change materially as individual claims develop.
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments, Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the guidance on the impairment of financial instruments by requiring measurement and recognition of expected credit losses for most financial assets, including trade receivables, and other instruments that are not measured at fair value through net income (the “CECL” framework). ASU 2016-13 was effective for public business entities for fiscal years beginning after December 15, 2019. Under the Company's prior status as an emerging growth company, the Company had delayed the adoption of ASU 2016-13. The Company lost its status as an emerging growth company on December 31, 2022, and ASU 2016-13 became effective for the Company as of January 1, 2022. On adoption, the Company recorded approximately $ 1,000 cumulative effect adjustment to accumulated deficit in connection with expected credit losses on its accounts receivable and supplier advances receivable. The adoption had an insignificant impact on the 2022 information presented in the Company’s 2022 quarterly reports on Form 10-Q. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This standard requires contract assets and contract liabilities from contracts with customers that are acquired in a business combination to be recognized and measured as if the acquirer had originated the original contract. The Company adopted this standard on January 1, 2023 , and will apply its provisions prospectively to business combinations occurring on or after this date. The adoption of this guidance did no t have an impact on the Company's consolidated financial statements. Accounting Pronouncements Issued but Not Yet Adopted In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements. The amendments in this update that apply to public business entities clarify the accounting for leasehold improvements associated with common control leases. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Company does not expect the adoption of this update to have a material effect on its consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Payment Service Obligations	Payment service obligations are comprised of outstanding daily transaction liabilities per state regulatory average daily transaction liability report requirements and other unregulated settlements with payees, which do not constitute a regulatory liability event under reporting requirements. As of September 30, 2023 As of December 31, 2022 Outstanding Transaction Liabilities $ 1,195,559 $ 1,242,155 Other unregulated settlements 30,657 41,669 Total payment service obligations $ 1,226,216 $ 1,283,824

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Revenues Disaggregated by Type of Services Performed	The table below presents the Company’s revenues disaggregated by type of services performed. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Software revenue $ 28,919 $ 25,039 $ 83,135 $ 73,152 Payment revenue 68,485 56,645 190,894 154,694 Services revenue 1,276 727 2,627 2,329 Total revenues $ 98,680 $ 82,411 $ 276,656 $ 230,175
Information on Accounts Receivable and Contract Liabilities	The table below presents information on accounts receivable and contract liabilities. As of September 30, 2023 As of December 31, 2022 Trade accounts receivable, net $ 12,940 $ 14,152 Payment processing receivable, net 27,952 25,516 Accounts receivable, net $ 40,892 $ 39,668 Contract liabilities $ 27,899 $ 29,550
Significant Changes in Contract Liabilities Balance	Significant changes in the contract liabilities balance are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenue recognized included in beginning of period balance $ ( 3,351 ) $ ( 2,745 ) $ ( 8,264 ) $ ( 6,220 ) Cash received, excluding amounts recognized as revenue during the period 1,656 2,846 6,613 5,708
Summary of Changes in Allowance for Credit Losses And Returns	The tables below present a summary of changes in the Company’s allowances for credit losses and returns for the nine months ended September 30, 2023 and 2022: Accounts Receivable Allowance for Credit Losses Allowance for Returns Supplier Advances Receivable Allowance Allowance balance, December 31, 2022 $ 1,539 $ 1,584 $ 1,872 Amounts charged to contra revenue, cost of revenues and expenses 945 375 210 Amounts written off as uncollectable ( 484 ) ( 1 ) ( 1,701 ) Recoveries of amounts previously written off - - 932 Deduction released to revenue - ( 92 ) - Allowance balance, September 30, 2023 $ 2,000 $ 1,866 $ 1,313 Accounts Receivable Allowance for Credit Losses Allowance for Returns Supplier Advances Receivable Allowance Allowance balance, December 31, 2021 $ 442 $ 1,841 $ 1,105 Adjustment to allowance on adoption of ASU 2016-13 400 - 600 Amounts charged to contra revenue, cost of revenues and expenses 730 - 2,100 Amounts written off as uncollectable - - ( 2,586 ) Recoveries of amounts previously written off - - 864 Deduction released to revenue - ( 350 ) - Allowance balance, September 30, 2022 $ 1,572 $ 1,491 $ 2,083
Schedule of Remaining Performance Obligation	Remaining performance obligation consisted of the following: Current Noncurrent Total As of September 30, 2023 $ 15,340 $ 21,532 $ 36,872 As of December 31, 2022 15,143 22,546 37,689
Information about Deferred Contract Costs	The following tables present information about deferred contract costs: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Capitalized sales commissions and implementation costs $ 3,045 $ 3,935 $ 8,422 $ 8,903 Amortization of deferred contract costs Costs to obtain contracts included in sales and marketing expense $ 1,550 $ 1,490 $ 4,489 $ 4,168 Costs to fulfill contracts included in cost of revenue $ 1,564 $ 1,588 4,718 4,669

Loss Per Common Share (Tables)

Loss Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Summary of Common Share Equivalent Securities Excluded from the Calculation Weighted Average Common Shares Outstanding	The following common share equivalent securities have been excluded from the calculation of weighted average common shares outstanding because the effect is anti-dilutive for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, Anti-Dilutive Common Share Equivalents 2023 2022 2023 2022 Stock options 8,252,768 7,306,429 8,252,768 7,306,429 Restricted stock units 10,114,472 7,969,477 10,114,472 7,969,477 Employee stock purchase plan 168,002 135,553 168,002 135,553 Total anti-dilutive common share equivalents 18,535,242 15,411,459 18,535,242 15,411,459
Summary of Basic and Diluted Net Loss Per Common Share	Basic and diluted net loss per common share is calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net loss $ ( 8,091 ) $ ( 25,371 ) $ ( 42,852 ) $ ( 76,255 ) Net loss attributable to common stockholders $ ( 8,091 ) $ ( 25,371 ) $ ( 42,852 ) $ ( 76,255 ) Denominator: Weighted-average common shares outstanding, basic and diluted 202,526,844 198,234,392 201,338,550 197,710,104 Net loss per common share, basic and diluted $ ( 0.04 ) $ ( 0.13 ) $ ( 0.21 ) $ ( 0.39 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis using the above categories, as of the periods presented. As of September 30, 2023 Description Level 1 Level 2 Level 3 Total Cash equivalents Money market mutual funds (1) $ 167,079 $ - $ - $ 167,079 Rabbi trust-owned life insurance policies (at cash surrender value) (2) - 1,704 - 1,704 Total assets $ 167,079 $ 1,704 $ - $ 168,783 Other long-term liabilities Deferred compensation $ - $ 2,116 $ - 2,116 Total liabilities $ - $ 2,116 $ - $ 2,116 As of December 31, 2022 Description Level 1 Level 2 Level 3 Total Cash equivalents Money market mutual funds (1) $ 147,149 $ - $ - $ 147,149 Rabbi trust-owned life insurance policies (at cash surrender value) (2) - 1,611 - 1,611 Total assets $ 147,149 $ 1,611 $ - $ 148,760 Other long-term liabilities Deferred compensation $ - $ 1,803 $ - 1,803 Total liabilities $ - $ 1,803 $ - $ 1,803 ________________ (1 ) Money market funds are classified as cash equivalents in the Company’s unaudited consolidated balance sheets. As short-term, highly liquid investments readily convertible to known amounts of cash with remaining maturities of three months or less at the time of purchase, the Company’s cash equivalent money market funds have carrying values that approximate fair value. (2) Fair value of insurance policies represent their cash surrender value based on the underlying investments in the account which is determined based on quoted prices for identical or similar financial instruments in active markets.

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Information about Marketable Securities	The following presents information about the Company’s marketable securities: As of September 30, 2023 Sector Amortized Cost Allowance for credit losses Net Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Financial $ 74,435 $ - $ 74,435 $ - $ ( 27 ) $ 74,408 Government 26,208 - 26,208 1 - 26,209 Industrial - - - - - - Total $ 100,643 $ - $ 100,643 $ 1 $ ( 27 ) $ 100,617 As of December 31, 2022 Sector Amortized Cost Allowance for credit losses Net Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Financial $ 80,831 $ - $ 80,831 $ 8 $ ( 32 ) $ 80,807 Government 15,071 - 15,071 5 - 15,076 Industrial 15,084 - 15,084 - ( 3 ) 15,081 Total $ 110,986 $ - $ 110,986 $ 13 $ ( 35 ) $ 110,964
Schedule of Investments in Unrealized Loss Position and for which an Other-than-Temporary Impairment has not been Recognized in Earnings	The following table presents information about the Company’s investments that were in an unrealized loss position and for which an other-than-temporary impairment has not been recognized in earnings: As of September 30, 2023 As of December 31, 2022 Aggregate fair value of investments with unrealized losses (1) $ 74,408 $ 59,595 Aggregate amount of unrealized losses ( 27 ) ( 35 ) _________________ (1) Investments have been in a continuous loss position for less than 12 months

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Capitalized Software Development Costs	The following table presents information about capitalized software development costs: Three Months Ended September 30, Nine Months Ended September 30, Capitalized software development costs 2023 2022 2023 2022 Capitalized $ 4,165 $ 4,264 $ 11,898 $ 13,599 Amortized 3,910 3,251 11,194 8,743
Schedule of Intangible Assets	As of September 30, 2023 Weighted Average Gross Accumulated Useful Life Amount Amortization Net Amount Internally developed software 3 Years $ 97,821 $ ( 70,855 ) $ 26,966 Non-compete 4 Years 6,194 ( 3,323 ) 2,871 Technology 7 Years 45,791 ( 29,214 ) 16,577 Customer relationships 9 Years 72,512 ( 35,532 ) 36,980 Trade name 10 Years 7,748 ( 2,559 ) 5,189 Total intangible assets $ 230,066 $ ( 141,483 ) $ 88,583 As of December 31, 2022 Weighted Average Gross Accumulated Useful Life Amount Amortization Net Amount Internally developed software 3 Years $ 85,923 $ ( 59,661 ) $ 26,262 Non-compete 4 Years 6,194 ( 2,079 ) 4,115 Technology 7 Years 45,791 ( 26,314 ) 19,477 Customer relationships 9 Years 72,512 ( 29,327 ) 43,185 Trade name 10 Years 7,748 ( 2,038 ) 5,710 Total intangible assets $ 218,168 $ ( 119,419 ) $ 98,749
Total Amortization Expense Associated with Identifiable Intangible Assets	Total amortization expense associated with identifiable intangible assets was as follows : Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total amortization expense associated with identifiable intangible assets $ 7,533 $ 6,874 $ 22,064 $ 19,695

Leases and Leasing Commitments

Leases and Leasing Commitments (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Supplemental Cash Flow Information Related to Operating and Finance Leases	Supplemental cash flow information related to the Company’s operating and finance leases was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows for finance leases $ 130 $ 241 $ 435 $ 666 Operating cash flows for finance leases 1,472 1,460 4,386 4,323 Operating cash flows for operating leases 562 505 1,668 1,520 Right of use assets obtained in exchange for new lease obligations: Finance lease liabilities - 190 81 689 Operating lease liabilities - - 362 2,831
Schedule of Components of Lease Expense	The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, Lease expense 2023 2022 2023 2022 Finance lease expense: Amortization of right-of-use assets $ 292 $ 615 $ 1,352 $ 1,921 Interest on lease liabilities 1,647 1,644 4,934 4,896 Operating lease expense 426 445 1,290 1,354 Short-term lease expense - 168 - 491 Variable lease expense 99 63 206 141 Total lease expense $ 2,464 $ 2,935 $ 7,782 $ 8,803

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt as of September 30, 2023 and December 31, 2022: As of September 30, 2023 As of December 31, 2022 Term loan facility $ 63,781 $ 65,000 Promissory note payable for land acquisition 18,700 18,700 Total principal due 82,481 83,700 Current portion of term loan and promissory notes ( 6,425 ) ( 6,425 ) Unamortized portion of debt issuance costs ( 1,158 ) ( 1,363 ) Long-term debt $ 74,898 $ 75,912

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Schedule of Common Stock Reserved for Future Issuance	At September 30, 2023, the Company had reserved a total of 45,790,684 of its 1,600,000,000 shares of common stock for future issuance as follows: As of September 30, 2023 Outstanding stock options 8,252,768 Restricted stock units 10,114,472 Available for future issuance under stock award plans 21,173,777 Available for future issuance under employee stock purchase plan 6,249,667 Total common shares reserved for future issuance 45,790,684

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	Stock option activity for the nine months ended September 30, 2023 was as follows: Stock Options Number of Stock Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Balance as of December 31, 2022 7,131,150 $ 8.37 7.61 $ 16,849 Granted 1,748,480 9.00 Exercised ( 313,736 ) 4.63 Cancelled ( 281,160 ) 9.27 Expired ( 31,966 ) 7.78 Balance as of September 30, 2023 8,252,768 $ 8.62 7.46 $ 13,752 Vested and exercisable 4,306,578 $ 7.96 6.42 $ 10,881
Summary of RSU Activity	RSU activity for the nine months ended September 30, 2023 was as follows: Restricted Stock Units Number of Restricted Stock Units Outstanding Weighted Average Grant Date Fair Value Balance as of December 31, 2022 7,877,598 $ 9.07 Granted 5,823,770 8.98 Released ( 2,955,183 ) 9.11 Cancelled ( 631,713 ) 8.55 Balance as of September 30, 2023 10,114,472 $ 9.01
Schedule of Stock-Based Compensation Expense	Stock-based compensation expense from stock options and RSUs, reduced for actual forfeitures, was included in the following line items in the accompanying consolidated statement of operations: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cost of revenues $ 1,109 $ 971 $ 3,437 $ 3,026 Sales and marketing 1,212 1,190 3,747 3,421 Research and development 2,976 2,626 8,175 6,514 General and administrative 5,746 3,727 15,214 10,261 Total $ 11,043 $ 8,514 $ 30,573 $ 23,222
Schedule of Employee Stock Purchase Plan Expense	Total ESPP expense recorded in the Company's consolidated statements of operations was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 ESPP expense $ 186 $ 204 $ 608 $ 545

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022	Sep. 30, 2023 USD ($) Customer	Sep. 30, 2022	Dec. 31, 2022 USD ($)	Jan. 01, 2022 USD ($)
Schedule Of Accounting Policies [Line Items]
Number of service providers accounted for more than 10% of revenue | Customer			2
Customer funds held in trust accounts	$ 20,449		$ 20,449		$ 135,058
Deferred compensation plan assets	1,704		1,704		1,611
Deferred compensation plan liabilities	2,116		2,116		1,803
Accumulated deficit	$ (1,017,687)		$ (1,017,687)		$ (974,835)
Change in accounting principle, ASU, Adoption date	Jan. 01, 2022		Jan. 01, 2022
Change in accounting principle, ASU, adopted [true false]	true		true
Cumulative Effect Adjustment
Schedule Of Accounting Policies [Line Items]
Accumulated deficit						$ 629
ASU No. 2021-08
Schedule Of Accounting Policies [Line Items]
Change in accounting principle, ASU, Adoption date	Jan. 01, 2023		Jan. 01, 2023
Change in accounting principle, ASU, adopted [true false]	true		true
Change in accounting principle, ASU, Immaterial effect [true false]	true		true
ASU No.2016-13 | Cumulative Effect Adjustment
Schedule Of Accounting Policies [Line Items]
Accumulated deficit						$ (1,000)
Total Revenues | Customer Concentration Risk | One Service Provider
Schedule Of Accounting Policies [Line Items]
Concentration risk percentage	14%	22%	18%	26%
Total Revenues | Customer Concentration Risk | Two Service Providers
Schedule Of Accounting Policies [Line Items]
Concentration risk percentage	31%	32%	29%	27%
Accounts Receivable | Customer Concentration Risk | One Service Provider
Schedule Of Accounting Policies [Line Items]
Concentration risk percentage			21%		28%
Accounts Receivable | Customer Concentration Risk | Two Service Providers
Schedule Of Accounting Policies [Line Items]
Concentration risk percentage			35%		29%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Payment Service Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Outstanding Transaction Liabilities	$ 1,195,559	$ 1,242,155
Other unregulated settlements	30,657	41,669
Total payment service obligations	$ 1,226,216	$ 1,283,824

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Schedule of Revenues Disaggregated by Type of Services Performed (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation Of Revenue [Line Items]
Total revenues	$ 98,680	$ 82,411	$ 276,656	$ 230,175
Software
Disaggregation Of Revenue [Line Items]
Total revenues	28,919	25,039	83,135	73,152
Payment
Disaggregation Of Revenue [Line Items]
Total revenues	68,485	56,645	190,894	154,694
Services
Disaggregation Of Revenue [Line Items]
Total revenues	$ 1,276	$ 727	$ 2,627	$ 2,329

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Information on Accounts Receivable and Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Trade accounts receivable, net	$ 12,940	$ 14,152
Payment processing receivable, net	27,952	25,516
Accounts receivable, net	40,892	39,668
Contract liabilities	$ 27,899	$ 29,550

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Significant Changes in Contract Liabilities Balance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized included in beginning of period balance	$ (3,351)	$ (2,745)	$ (8,264)	$ (6,220)
Cash received, excluding amounts recognized as revenue during the period	$ 1,656	$ 2,846	$ 6,613	$ 5,708

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Summary of Changes in Allowance for Credit Losses And Returns (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Accounts Receivable Allowance for Credit Losses
Accounts Notes And Loans Receivable [Line Items]
Allowance balance, Beginning Balance	$ 1,539	$ 442
Amounts charged to contra revenue, cost of revenues and expenses	945	730
Amounts written off as uncollectable	(484)
Adjustment to allowance on adoption of ASU 2016-13		400
Allowance balance, Ending Balance	2,000	1,572
Accounts Receivable Allowance For Returns
Accounts Notes And Loans Receivable [Line Items]
Allowance balance, Beginning Balance	1,584	1,841
Amounts charged to contra revenue, cost of revenues and expenses	375
Amounts written off as uncollectable	(1)
Deduction released to revenue	(92)	(350)
Allowance balance, Ending Balance	1,866	1,491
Supplier Advances Receivable Allowance
Accounts Notes And Loans Receivable [Line Items]
Allowance balance, Beginning Balance	1,872	1,105
Amounts charged to contra revenue, cost of revenues and expenses	210	2,100
Amounts written off as uncollectable	(1,701)	(2,586)
Recoveries of amounts previously written off	932	864
Adjustment to allowance on adoption of ASU 2016-13		600
Allowance balance, Ending Balance	$ 1,313	$ 2,083

Revenue from Contracts with C_7

Revenue from Contracts with Customers - Schedule of Remaining Performance Obligation (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Current	$ 15,340	$ 15,143
Noncurrent	21,532	22,546
Total	$ 36,872	$ 37,689

Revenue from Contracts with C_8

Revenue from Contracts with Customers - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Capitalized Contract Cost, Amortization Method	straight-line basis
Contract acquisition and fulfillment costs, amortization period	5 years
Revenue remaining performance obligation contractual term	5 years

Revenue from Contracts with C_9

Revenue from Contracts with Customers - Information about Deferred Contract Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Capitalized Contract Cost [Line Items]
Capitalized sales commissions and implementation costs	$ 3,045	$ 3,935	$ 8,422	$ 8,903
Costs to Obtain Contracts | Sales and Marketing Expense
Capitalized Contract Cost [Line Items]
Amortization of deferred contract costs	1,550	1,490	4,489	4,168
Costs to Fulfill Contracts | Cost of Revenues
Capitalized Contract Cost [Line Items]
Amortization of deferred contract costs	$ 1,564	$ 1,588	$ 4,718	$ 4,669

Loss Per Common Share - Summary

Loss Per Common Share - Summary of Common Share Equivalent Securities Excluded from the Calculation Weighted Average Common (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents	18,535,242	15,411,459	18,535,242	15,411,459
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents	8,252,768	7,306,429	8,252,768	7,306,429
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents	10,114,472	7,969,477	10,114,472	7,969,477
Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents	168,002	135,553	168,002	135,553

Loss Per Common Share - Summa_2

Loss Per Common Share - Summary of Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net loss	$ (8,091)	$ (25,371)	$ (42,852)	$ (76,255)
Net loss attributable to common stockholders	$ (8,091)	$ (25,371)	$ (42,852)	$ (76,255)
Weighted-average common shares outstanding, basic	202,526,844	198,234,392	201,338,550	197,710,104
Weighted-average common shares outstanding, diluted	202,526,844	198,234,392	201,338,550	197,710,104
Net loss per common share, basic	$ (0.04)	$ (0.13)	$ (0.21)	$ (0.39)
Net loss per common share, diluted	$ (0.04)	$ (0.13)	$ (0.21)	$ (0.39)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 168,783	$ 148,760
Total liabilities	2,116	1,803
Deferred compensation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	2,116	1,803
Money Market Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	167,079	147,149
Rabbi trust-owned life insurance policies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	1,704	1,611
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	167,079	147,149
Level 1 | Money Market Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	167,079	147,149
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	1,704	1,611
Total liabilities	2,116	1,803
Level 2 | Deferred compensation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	2,116	1,803
Level 2 | Rabbi trust-owned life insurance policies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 1,704	$ 1,611

Marketable Securities - Additio

Marketable Securities - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023
Maximum
Marketable Securities [Line Items]
Marketable securities, contractual maturity period	4 months

Marketable Securities - Schedul

Marketable Securities - Schedule of Information about Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]
Marketable Securities, Amortized Cost	$ 100,643	$ 110,986
Marketable Securities, Net Amortized Cost	100,643	110,986
Marketable Securities, Gross unrealized gains	1	13
Marketable Securities, Gross unrealized losses	(27)	(35)
Marketable Securities, Fair Value	100,617	110,964
Financial
Schedule of Held-to-maturity Securities [Line Items]
Marketable Securities, Amortized Cost	74,435	80,831
Marketable Securities, Net Amortized Cost	74,435	80,831
Marketable Securities, Gross unrealized gains		8
Marketable Securities, Gross unrealized losses	(27)	(32)
Marketable Securities, Fair Value	74,408	80,807
Government
Schedule of Held-to-maturity Securities [Line Items]
Marketable Securities, Amortized Cost	26,208	15,071
Marketable Securities, Net Amortized Cost	26,208	15,071
Marketable Securities, Gross unrealized gains	1	5
Marketable Securities, Fair Value	$ 26,209	15,076
Industrial
Schedule of Held-to-maturity Securities [Line Items]
Marketable Securities, Amortized Cost		15,084
Marketable Securities, Net Amortized Cost		15,084
Marketable Securities, Gross unrealized losses		(3)
Marketable Securities, Fair Value		$ 15,081

Marketable Securities - Sched_2

Marketable Securities - Schedule of Investments in Unrealized Loss Position and for which an Other-than-Temporary Impairment has not been Recognized in Earnings (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position [Abstract]
Aggregate fair value of investments with unrealized losses	$ 74,408	$ 59,595
Aggregate amount of unrealized losses	$ (27)	$ (35)

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Summary of Capitalized Software Development Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Movement in Capitalized Computer Software, Net [Roll Forward]
Capitalized	$ 4,165	$ 4,264	$ 11,898	$ 13,599
Amortized	$ 3,910	$ 3,251	$ 11,194	$ 8,743

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in goodwill	$ 0	$ 0

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 230,066	$ 218,168
Accumulated Amortization	(141,483)	(119,419)
Net Amount	$ 88,583	$ 98,749
Internally Developed Software
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	3 years	3 years
Gross Amount	$ 97,821	$ 85,923
Accumulated Amortization	(70,855)	(59,661)
Net Amount	$ 26,966	$ 26,262
Non-compete
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	4 years	4 years
Gross Amount	$ 6,194	$ 6,194
Accumulated Amortization	(3,323)	(2,079)
Net Amount	$ 2,871	$ 4,115
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	7 years	7 years
Gross Amount	$ 45,791	$ 45,791
Accumulated Amortization	(29,214)	(26,314)
Net Amount	$ 16,577	$ 19,477
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	9 years	9 years
Gross Amount	$ 72,512	$ 72,512
Accumulated Amortization	(35,532)	(29,327)
Net Amount	$ 36,980	$ 43,185
Trade Name
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	10 years	10 years
Gross Amount	$ 7,748	$ 7,748
Accumulated Amortization	(2,559)	(2,038)
Net Amount	$ 5,189	$ 5,710

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill - Total Amortization Expense Associated with Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Total amortization expense associated with identifiable intangible assets	$ 7,533	$ 6,874	$ 22,064	$ 19,695

Leases and Leasing Commitment_2

Leases and Leasing Commitments - Schedule of Supplemental Cash Flow Information Related to Operating and Finance Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows for finance leases	$ 130	$ 241	$ 435	$ 666
Operating cash flows for finance leases	1,472	1,460	4,386	4,323
Operating cash flows for operating leases	$ 562	505	1,668	1,520
Right of use assets obtained in exchange for new lease obligations:
Finance lease liabilities		$ 190	81	689
Operating lease liabilities			$ 362	$ 2,831

Leases and Leasing Commitment_3

Leases and Leasing Commitments - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lease expense
Amortization of right-of-use assets	$ 292	$ 615	$ 1,352	$ 1,921
Interest on lease liabilities	1,647	1,644	4,934	4,896
Operating lease expense	426	445	1,290	1,354
Short-term lease expense		168		491
Variable lease expense	99	63	206	141
Total lease expense	$ 2,464	$ 2,935	$ 7,782	$ 8,803

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total principal due	$ 82,481	$ 83,700
Current portion of term loan and promissory notes	(6,425)	(6,425)
Unamortized portion of debt issuance costs	(1,158)	(1,363)
Long term debt	74,898	75,912
Term Loan Facility
Debt Instrument [Line Items]
Total principal due	63,781	65,000
Promissory Note Payable for Land Acquisition
Debt Instrument [Line Items]
Total principal due	$ 18,700	$ 18,700

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 29, 2022 USD ($)	Jan. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) PromissoryNote	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) PromissoryNote	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Letter of credit, Amount			$ 0		$ 0
Deferred financing costs			1,158		1,158		$ 1,363
Amortization of deferred financing costs			106	$ 339	326	$ 1,018
2022 Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 95,000	30,000		30,000
Debt Instrument, Term	5 years	5 years
Term loan facility by an aggregate amount			50,000		$ 50,000
Covenant description					The 2022 Credit Agreement also contains three financial covenants, measured on a consolidated basis. First, there must be liquidity (which is defined as availability under the 2022 Revolver, plus unrestricted cash) that is more than the greater of (1) $35,000, and (2) 35% of the Total Commitment Amount (as defined in the 2022 Credit Agreement). Second, as of the end of each quarter, total revenue on a trailing four-quarter basis must be greater than the requirements set forth in the 2022 Credit Agreement. Third, for each period of four consecutive quarters ending on December 31, 2024, and at the end of each fiscal quarter thereafter, Consolidated EBITDA (as defined in the 2022 Credit Agreement) must not be less than $10,000. The Company was in compliance with its financial debt covenants as of September 30, 2023.
Minimum liquidity amount	$ 35,000
Percentage of the total commitment amount	35%
Minimum consolidated EBITDA	$ 10,000
2022 Credit Agreement | Daily Simple SOFR and Term SOFR Loans | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.50%
2022 Credit Agreement | Daily Simple SOFR and Term SOFR Loans | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3%
2022 Credit Agreement | SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1%
Debt instrument, term SOFR plus	one-month
2022 Credit Agreement | SOFR | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.10%
2022 Credit Agreement | SOFR | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.25%
2022 Credit Agreement | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
2022 Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.50%
2022 Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2%
2022 Credit Agreement | Daily Simple SOFR, Term SOFR and Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
2022 Revolver
Debt Instrument [Line Items]
Credit available		$ 20,000
Line of credit facility, maximum borrowing capacity		$ 30,000
Debt Instrument, Term	5 years
Letter of credit, Amount			0		$ 0
Line of credit facility, outstanding amount			$ 0		$ 0		0
Line of credit facility, unused capacity, commitment fee percentage		0.30%
2022 Term Loans
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 65,000
Debt Instrument, Term	5 years
Effective interest rate			8.29%		8.29%
Line of credit facility, maturity date	Dec. 29, 2027
Amortization rate of the principal amount for the first two years	2.50%
Amortization rate of the principal amount for the last three years	5%
2022 Revolver or 2022 Term Loan
Debt Instrument [Line Items]
Line of credit facility, minimum increment amount		$ 50,000					70,000
Other Noncurrent Assets and Deposits
Debt Instrument [Line Items]
Deferred financing costs			$ 641		$ 641		$ 385
Promissory Note
Debt Instrument [Line Items]
Number of promissory notes executed | PromissoryNote			2		2
Debt instrument, principal amount			$ 18,700		$ 18,700
Debt instrument, periodic payment, principal					4,800
Debt instrument, periodic payment					$ 4,300
Interest rate			6.75%		6.75%

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 Vote $ / shares shares	Dec. 31, 2022 $ / shares shares
Stockholders' Equity Note [Abstract]
Number of votes per share | Vote	1
Common stock, shares authorized	1,600,000,000	1,600,000,000
Common stock, par or stated value per share | $ / shares	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock par value | $ / shares	$ 0.001	$ 0.001
Common stock reserved for future issuance	45,790,684

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details)	Sep. 30, 2023 shares
Class of Stock [Line Items]
Common stock reserved for future issuance	45,790,684
Outstanding Stock Options
Class of Stock [Line Items]
Common stock reserved for future issuance	8,252,768
Restricted Stock Units
Class of Stock [Line Items]
Common stock reserved for future issuance	10,114,472
Available for Future Issuance under Stock Award Plans
Class of Stock [Line Items]
Common stock reserved for future issuance	21,173,777
Available for Future Issuance under Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock reserved for future issuance	6,249,667

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended
	Jan. 01, 2023	Sep. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Change in accounting principle, ASU, adopted [true false]		true
Change in accounting principle, ASU, Adoption date		Jan. 01, 2022
Accumulated deficit		$ (1,017,687)	$ (974,835)
Unamortized stock-based compensation expense		$ 14,195
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		1 year
Unamortized stock-based compensation expense		$ 73,820
Weighted average amortization period		2 years 10 months 24 days
Restricted Stock Units | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		2 years
Restricted Stock Units | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		4 years
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average amortization period		2 years 6 months
Employee Stock Option | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
Granting period		5 years
Employee Stock Option | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		4 years
Granting period		10 years
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in number of shares authorized	1,994,340	6,249,667
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares allocated to be granted or issued		21,173,777
Increase in number of shares authorized	9,971,700
2021 Plan | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		7 years
Expiration period		3 years
Cumulative Effect Adjustment
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accumulated deficit				$ 629

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Stock Options Outstanding, Beginning balance | shares	7,131,150
Number of Stock Options, Granted | shares	1,748,480
Number of Stock Options, Exercised | shares	(313,736)
Number of Stock Options, Cancelled | shares	(281,160)
Number of Stock Options, Expired | shares	(31,966)
Number of Stock Options Outstanding, Ending balance | shares	8,252,768	7,131,150
Number of Stock Options, Vested and exercisable | shares	4,306,578
Weighted Average Exercise Price, Beginning balance | $ / shares	$ 8.37
Weighted Average Exercise Price, Granted | $ / shares	9
Weighted Average Exercise Price, Exercised | $ / shares	4.63
Weighted Average Exercise Price, Cancelled | $ / shares	9.27
Weighted Average Exercise Price, Expired | $ / shares	7.78
Weighted Average Exercise Price, Ending balance | $ / shares	8.62	$ 8.37
Weighted Average Exercise Price, Vested and exercisable | $ / shares	$ 7.96
Weighted Average Remaining Contractual Life	7 years 5 months 15 days	7 years 7 months 9 days
Weighted Average Remaining Contractual Life, Vested and exercisable	6 years 5 months 1 day
Aggregate Intrinsic Value | $	$ 13,752	$ 16,849
Aggregate Intrinsic Value, Vested and exercisable | $	$ 10,881

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSUs Activity (Details) - Restricted Stock Units	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Stock, Beginning balance | shares	7,877,598
Number of Restricted Stock, Granted | shares	5,823,770
Number of Restricted Stock, Released | shares	(2,955,183)
Number of Restricted Stock, Cancelled | shares	(631,713)
Number of Restricted Stock Outstanding, Ending balance | shares	10,114,472
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 9.07
Weighted Average Grant Date Fair Value, Granted | $ / shares	8.98
Weighted Average Grant Date Fair Value, Released | $ / shares	9.11
Weighted Average Grant Date Fair Value, Cancelled | $ / shares	8.55
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 9.01

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 11,043	$ 8,514	$ 30,573	$ 23,222
Cost of Revenues
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,109	971	3,437	3,026
Sales and Marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,212	1,190	3,747	3,421
Research and Development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,976	2,626	8,175	6,514
General and Administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 5,746	$ 3,727	$ 15,214	$ 10,261

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Employee Stock Purchase Plan Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 11,043	$ 8,514	$ 30,573	$ 23,222
ESPP
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 186	$ 204	$ 608	$ 545

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Apr. 30, 2023	Sep. 30, 2023	Sep. 30, 2023	Jul. 01, 2023
Commitments and Contingencies [Line Items]
Letters of credit outstanding		$ 0	$ 0
Loss contingency accrual related to potential commercial dispute		1,600
Insurance Recoveries			1,228
Cybersecurity Incident
Commitments and Contingencies [Line Items]
Loss contingency, period of occurrence description	In early April 2023, the Company detected a cybersecurity incident as part of its routine security monitoring protocols.
Loss contingency, liability recorded			0
Reduction of general and administrative expense		1,228	1,228
Cybersecurity expenses		$ 1,918	$ 5,535
Letter of Credit
Commitments and Contingencies [Line Items]
Borrowing capacity				$ 30,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	(1.70%)	(0.30%)	(0.80%)	(0.30%)