Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 28, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | AMPLITUDE, INC. | |
Entity Central Index Key | 0001866692 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Class A Common Stock, $0.00001 par value per share | |
Trading Symbol | AMPL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 001-40817 | |
Entity Tax Identification Number | 45-3937349 | |
Entity Address, Address Line One | 201 Third Street | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94103 | |
City Area Code | 650 | |
Local Phone Number | 988-5131 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 59,747,648 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 51,772,184 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 300,422 | $ 307,445 |
Accounts receivable, net of allowance for doubtful accounts of $258 and $85 as of March 31, 2022 and December 31, 2021, respectively | 23,273 | 20,444 |
Prepaid expenses and other current assets | 21,577 | 19,116 |
Deferred commissions, current | 8,876 | 8,112 |
Total current assets | 354,148 | 355,117 |
Property and equipment, net | 6,235 | 4,832 |
Intangible assets, net | 3,065 | 3,554 |
Goodwill | 4,073 | 4,073 |
Restricted cash, noncurrent | 850 | 850 |
Deferred commissions, noncurrent | 22,199 | 20,573 |
Operating Lease Right-of-Use Asset | 11,398 | 0 |
Other noncurrent assets | 12,225 | 11,389 |
Total assets | 414,193 | 400,388 |
Current liabilities: | ||
Accounts payable | 2,035 | 3,363 |
Accrued expenses | 22,697 | 17,936 |
Deferred revenue | 75,137 | 69,294 |
Total current liabilities | 99,869 | 90,593 |
Operating lease liabilities, noncurrent | 9,632 | 0 |
Noncurrent liabilities | 1,843 | 3,247 |
Total liabilities | 111,344 | 93,840 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity | ||
Preferred stock, $0.00001 par value per share; 20,000 shares authorized as of March 31, 2022 and December 31, 2021; zero shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 0 | 0 |
Additional paid-in capital | 504,859 | 486,354 |
Accumulated deficit | (202,011) | (179,807) |
Total stockholders' equity | 302,849 | 306,548 |
Total liabilities and stockholders' equity | 414,193 | 400,388 |
Class A Common Stock | ||
Stockholders' equity | ||
Common Stock Value | 1 | 1 |
Class B Common Stock | ||
Stockholders' equity | ||
Common Stock Value | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 258 | $ 85 |
Preferred Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 |
Preferred Stock, Shares Authorized | 20,000 | 20,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Class A Common Stock | ||
Common Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 |
Common Stock, Shares Authorized | 600,000 | 600,000 |
Common Stock, Shares, Issued | 59,712 | 58,725 |
Common Stock, Shares, Outstanding | 59,712 | 58,725 |
Class B Common Stock | ||
Common Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 |
Common Stock, Shares Authorized | 600,000 | 600,000 |
Common Stock, Shares, Issued | 51,795 | 51,151 |
Common Stock, Shares, Outstanding | 51,795 | 51,151 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Revenue | $ 53,065 | $ 33,110 |
Cost of revenue | 16,063 | 10,255 |
Gross profit | 37,002 | 22,855 |
Operating expenses: | ||
Research and development | 16,501 | 6,985 |
Sales and marketing | 28,130 | 16,770 |
General and administrative | 14,362 | 5,249 |
Total operating expenses | 58,993 | 29,004 |
Other income (expense), net | 86 | (12) |
Loss before provision for income taxes | (21,905) | (6,161) |
Provision for income taxes | 315 | 278 |
Net loss | $ (22,220) | $ (6,439) |
Net loss per share attributable to Class A and Class B common stockholders: | ||
Basic and diluted | $ (0.20) | $ (0.23) |
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders: | ||
Basic and diluted | 109,553 | 27,926 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Redeemable Convertible Preferred Stock | Common Stock [Member]Class A and Class B common stock | Additional Paid-in Capital | Accumulated Deficit |
Beginning balance at Dec. 31, 2020 | $ (67,120) | $ 37,704 | $ (104,824) | ||
Beginning balance, Shares at Dec. 31, 2020 | 27,924,000 | ||||
Temporary equity, beginning balance, Shares at Dec. 31, 2020 | 61,717,000 | ||||
Temporary equity, beginning balance at Dec. 31, 2020 | $ 187,811 | ||||
Stock-based compensation expense | 2,628 | 2,628 | |||
Exercise of stock options | 1,488 | 1,488 | |||
Exercise of stock options, Shares | 1,226,000 | ||||
Vesting of early exercised stock options | 179 | 179 | |||
Net loss | (6,439) | (6,439) | |||
Ending balance at Mar. 31, 2021 | (69,264) | 41,999 | (111,263) | ||
Ending balance, Shares at Mar. 31, 2021 | 29,150,000 | ||||
Temporary equity, ending balance, Shares at Mar. 31, 2021 | 61,717,000 | ||||
Temporary equity, ending balance at Mar. 31, 2021 | $ 187,811 | ||||
Beginning balance at Dec. 31, 2021 | 306,548 | $ 1 | 486,354 | (179,807) | |
Beginning balance, Shares at Dec. 31, 2021 | 109,876,000 | ||||
Stock-based compensation expense | 13,785 | 13,785 | |||
Exercise of stock options | $ 3,977 | 3,977 | |||
Exercise of stock options, Shares | 1,603,403 | 1,603,000 | |||
Vesting of restricted stock units, Shares | 31,000 | ||||
Vesting of early exercised stock options | $ 743 | 743 | |||
Donation of common stock and repurchase of unvested stock options, Shares | (3,000) | ||||
Cumulative impact of Topic 842 adoption | 17 | 17 | |||
Net loss | (22,220) | (22,220) | |||
Ending balance at Mar. 31, 2022 | $ 302,849 | $ 1 | $ 504,859 | $ (202,011) | |
Ending balance, Shares at Mar. 31, 2022 | 111,507,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (22,220) | $ (6,439) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 901 | 541 |
Stock-based compensation expense | 13,503 | 2,577 |
Other | 118 | 231 |
Non-cash operating lease costs | 809 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,905) | 2,126 |
Prepaid expenses and other current assets | (2,460) | (2,251) |
Deferred commissions | (2,391) | (1,269) |
Other noncurrent assets | (836) | (1,316) |
Accounts payable | (1,328) | (1,555) |
Accrued expenses | 2,946 | (737) |
Deferred revenue | 5,843 | 7,630 |
Operating lease liabilities | (269) | 0 |
Net cash used in operating activities | (8,289) | (462) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (713) | (250) |
Capitalization of internal-use software costs | (594) | (381) |
Net cash used in investing activities | (1,307) | (631) |
Cash flows from financing activities: | ||
Proceeds from the exercise of stock options | 3,989 | 2,018 |
Cash received for tax withholding obligations on equity award settlements | 7,342 | 287 |
Cash paid for tax withholding obligations on equity award settlements | (8,758) | (287) |
Net cash provided by financing activities | 2,573 | 2,018 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (7,023) | 925 |
Cash, cash equivalents, and restricted cash at beginning of the period | 308,295 | 118,863 |
Cash, cash equivalents, and restricted cash at end of the period | 301,272 | 119,788 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 112 | 67 |
Non-cash investing and financing activities: | ||
Vesting of early exercised options | 743 | 179 |
Purchases of property and equipment included in liabilities | 225 | 10 |
Capitalization of internal-use software costs | $ 282 | $ 50 |
Summary of Business and Signifi
Summary of Business and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Business and Significant Accounting Policies | (1) Summary of Business and Significant Accounting Policies Description of Business Amplitude, Inc. (the “Company”) was incorporated in the state of Delaware in 2011 and is headquartered in San Francisco, California. The Company provides a Digital Optimization System that helps companies analyze their customer behavior within digital products. The Company delivers its application over the Internet as a subscription service using a software-as-a-service (“SaaS”) model. The Company’s arrangements with customers do not provide the customer with the right to take possession of the software supporting the cloud-based application service at any time. The Company also offers customer support related to initial implementation setup, ongoing support services, and application training. Segment Information The Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. Long-lived assets outside of the United States are immaterial. For information regarding the Company’s revenue by geographic area, see Note 2 below. Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP" or "GAAP") and include the accounts of Amplitude, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The reporting currency of the Company is the United States dollar. The functional currency of the Company’s foreign subsidiaries is also the United States dollar. The unaudited condensed consolidated balance sheet as of December 31, 2021 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. In management's opinion, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to state fairly the balance sheet, statements of operations, statements of redeemable convertible preferred stock and stockholders' equity (deficit), and statements of cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the "2021 Form 10-K") . Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period condensed consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. These estimates are based on information available as of the date of the financial statements and may involve subjective or significant judgment by the Company; therefore, actual results could differ from the Company’s estimates. Items subject to such estimates and assumptions include, but are not limited to the: • expected period of benefit for deferred commissions; • useful lives of long-lived assets; • valuation of the Company’s common stock and stock-based awards for periods prior to the direct listing of the Company's Class A common stock on the Nasdaq Capital Market (the "Direct Listing"); • valuation of goodwill and intangible assets; • the recognition, measurement, and valuation of deferred tax assets and income tax uncertainties; and • incremental borrowing rate used for operating leases. Risks and Uncertainties While the duration and extent of the COVID-19 pandemic depends on future developments that cannot be accurately predicted at this time, such as the extent and effectiveness of containment actions, it has already had an adverse effect on the global economy and the lasting effects of the pandemic continue to be unknown. The Company may experience customer losses, including due to bankruptcy or customers ceasing operations, which may result in delays in collections or an inability to collect accounts receivable from these customers. The extent to which COVID-19 may continue to impact the Company’s financial condition, results of operations, or liquidity continues to remain uncertain, and as of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or an adjustment to the carrying value of the Company’s assets or liabilities. These estimates may change, as new events occur and additional information is obtained, which will be recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s financial statements. Concentration of Risk and Significant Customers Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, and accounts receivable. Although the Company deposits its cash with high-quality, credit-rated financial institutions, the deposits, at times, may exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. No customer accounted for 10 % or more of total revenue for the three months ended March 31, 2022 and 2021. As of the quarter ended March 31, 2022 , no customer accounted for 10 % of accounts receivable. As of the year ended December 31, 2021, one customer represented 10 % of accounts receivable. Significant Accounting Policies The Company's significant accounting policies are described in the 2021 Form 10-K. There have been no significant changes to these policies that have had a material impact on the Company's condensed consolidated financial statements and related notes for the three months ended March 31, 2022 other than for the adoption of new accounting guidance related to leases effective January 1, 2022 further described below. Operating Leases The Company determines if an arrangement is, or contains, a lease at inception. Leases arise from contractual obligations that convey the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Company determines whether an arrangement is or contains a lease at inception, based on whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. At lease commencement date, the Company determines lease classification between finance and operating, allocates the consideration to the lease and non-lease components and recognizes a right-of-use ("ROU") asset and corresponding lease liability for each lease component. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments based on the lease contracts. Operating lease ROU assets and liabilities were recognized at adoption date or lease commencement date, if the commencement date was after January 1, 2022, based on the present value of lease payments over the remaining lease term. The Company’s lease contracts do not provide an implicit rate, as such the Company used its incremental borrowing rate based on the information available at adoption date or lease commencement date, if the commencement date was after January 1, 2022, in determining the present value of lease payments. The operating lease ROU assets also include any lease payments made to the lessors at or before the lease commencement date, and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The lease liability is initially measured as the present value of the remaining lease payments over the lease term. The discount rate used to determine the present value is the Company's incremental borrowing rate unless the interest rate implicit in the lease is readily determinable. The Company estimates the incremental borrowing rate based on the information available at lease commencement date for borrowings with a similar term. The ROU asset is initially measured as the present value of the lease payments, adjusted for initial direct costs, prepaid lease payments to lessors and lease incentives. The operating lease right-of-use assets and liabilities recognized at January 1, 2022, the adoption date, were based on the present value of lease payments over the remaining lease term as of that date, using the incremental borrowing rate as of that date. The Company elected the practical expedients to not recognize right-of-use assets and liabilities for leases with a term of less than twelve months and to not separate non-lease components from the associated lease components for the Company's office leases and certain other asset classes. The total co nsideration includes fixed payments and contractual escalation provisions. The Company is responsible for maintenance, insurance, property taxes and other variable payments, which are expensed as incurred. The Company's leases include options to renew or terminate. The Company includes the option to renew or terminate in the determination of the lease term when the option is deemed to be reasonably certain that the Company will exercise that option. The Company accounts for changes in the expected lease term as a modification of the original contract. Operating leases are classified in "Operating lease right-of-use assets" and "Operating lease liabilities, noncurrent" on the Company's condensed consolidated balance sheets. The current balance of the operating lease liabilities is included within "Accrued expenses" on the Company's condensed consolidated balance sheets. Operating lease expense is recognized on a straight-line basis over the expected lease term and included in "Operating expenses" in the Company's condensed consolidated statements of operations. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) , which requires companies to recognize lease liabilities and corresponding right-of-use leased assets on the balance sheets and to disclose key information about leasing arrangements. Qualitative and quantitative disclosures will be enhanced to better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU No. 2016-02 is effective for annual periods beginning after December 15, 2021, with early adoption permitted. Additionally, in 2018 and 2019, the FASB issued the following Topic 842–related ASUs: • 2018-01, Land Easement Practical Expedient for Transition to Topic 842 , which clarifies the applicability of Topic 842 to land easements and provides an optional transition practical expedient for existing land easements; • 2018-10, Codification Improvements to Topic 842, Leases , which makes certain technical corrections to Topic 842; • 2018-11, Leases (Topic 842): Targeted Improvements , which allows companies to adopt Topic 842 without revising comparative period reporting or disclosures and provides an optional practical expedient to lessors to not separate lease and non-lease components of a contract if certain criteria are met; and • 2019-01, Leases (Topic 842): Codification Improvements , which provides guidance for certain lessors on determining the fair value of an underlying asset in a lease and on the cash flow statement presentation of lease payments received; ASU No. 2019-01 also clarifies disclosures required in interim periods after adoption of ASU No. 2016-02 in the year of adoption. The Company adopted the new standard as of January 1, 2022, and recognized a cumulative-effect adjustment to the opening balance of accumulated deficit as of adoption date. The Company elected the optional transition approach to not apply Topic 842 in the comparative periods presented. The Company elected the relief package of practical expedients to not reassess whether existing contracts contain leases, the lease term and classification for existing leases and whether existing initial direct costs meet the new definition. The adoption of Topic 842 resulted in the recognition of total right-of-use of $ 11.6 million and total lease liabilities of $ 13.2 million as of the date of adoption . Additionally, the Company has derecognized $ 1.6 million in deferred rent upon adoption of this standard. The adoption of Topic 842 did not have a material impact to the condensed consolidated statements of operations or statements of cash flows. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350) , which eliminates Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (i.e., measure the charge based on today’s Step 1). This update is effective for annual and interim impairment tests performed in periods beginning after December 15, 2022. The Company early adopted the standard as of January 1, 2022. The adoption of ASC 350 did not have a material impact to the condensed consolidated financial statements. Recently Issued Accounting Pronouncements Financial Instruments - Credit Losses: In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments (Topic 326). This standard revises current U.S. GAAP methodology by requiring measurement and immediate recognition of expected credit losses on in-scope financial instruments, including trade receivables. ASU No. 2016-13 is effective for annual periods beginning after December 15, 2022, with early adoption permitted in fiscal years beginning after December 31, 2018. The Company is currently in the process of evaluating the impact of adoption on its consolidated financial statements. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | (2) Revenue from Contracts with Customers Deferred Revenue and Remaining Performance Obligations The amount of revenue recognized in the three months ended March 31, 2022 that was included in deferred revenue as of December 31, 2021 was $ 35.7 million . As of March 31, 2022 and December 31, 2021, unrecognized transaction price related to remaining performance obligations was $ 194.4 million and $ 170.1 million , respectively. The Company’s remaining performance obligations as of March 31, 2022 and December 31, 2021 are expected to be recognized as follows (in thousands): As of As of Less than or equal to 12 months $ 149,583 $ 137,266 Greater than 12 months 44,851 32,868 Total remaining performance obligations $ 194,434 $ 170,134 Disaggregation of Revenue The following table shows the Company’s disaggregation of revenue by geographic areas, as determined based on the billing address of its customers (in thousands): Three Months Ended 2022 2021 United States $ 33,521 $ 21,028 International 19,544 12,082 Total revenue $ 53,065 $ 33,110 Deferred Commissions Commissions paid upon the initial acquisition of a contract are deferred and then amortized on a straight-line basis over a period of benefit, determined to be five years . The following table represents a rollforward of the Company’s deferred commissions for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended 2022 2021 Beginning balance $ 28,685 $ 19,440 Additions to deferred commissions 4,421 2,692 Amortization of deferred commissions ( 2,031 ) ( 1,423 ) Ending balance 31,075 20,709 Deferred commissions, current portion 8,876 5,990 Deferred commissions, net of current portion 22,199 14,719 Total deferred commissions $ 31,075 $ 20,709 |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | (3) Balance Sheet Components The following tables show the Company’s financial statement details as of March 31, 2022 and 2021 and December 31, 2021 and 2020. Cash, Cash Equivalents and Restricted Cash The following table represents the Company's cash, cash equivalents, and restricted cash at each period end (in thousands): As of March 31, As of December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 300,422 $ 118,708 $ 307,445 $ 117,783 Restricted cash, current — 1,080 — 1,080 Restricted cash, noncurrent 850 — 850 — Total cash, cash equivalents, and restricted cash $ 301,272 $ 119,788 $ 308,295 $ 118,863 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): As of As of Prepaid hosting $ 10,777 $ 9,216 Other prepaid expenses and other assets 10,800 9,900 Total prepaid expense and other current assets $ 21,577 $ 19,116 Accrued Expenses Accrued expenses consisted of the following (in thousands): As of As of Accrued commission $ 4,719 $ 4,708 Accrued payroll and employee related taxes 1,568 2,689 Accrued sales tax 267 932 Liability from early exercised stock options 2,974 3,708 2021 Employee Stock Purchase Plan withholding 3,499 981 Operating lease liabilities, current 3,795 — Other accrued liabilities 5,875 4,918 Total accrued expenses $ 22,697 $ 17,936 |
Intangible Assets, and Goodwill
Intangible Assets, and Goodwill | 3 Months Ended |
Mar. 31, 2022 | |
Acquisitions Intangible Assets And Goodwill Disclosure [Abstract] | |
Intangible Assets, and Goodwill | (4) Intangible Assets and Goodwill Intangible Assets Other Than Goodwill Intangible assets, net consisted of the following (in thousands): As of March 31, 2022 As of December 31, 2021 Gross Carrying Accumulated Amortization Net Carrying Gross Carrying Accumulated Amortization Net Carrying Developed technology $ 5,550 $ ( 2,759 ) $ 2,791 $ 5,550 $ ( 2,303 ) $ 3,247 Customer related 400 ( 126 ) 274 400 ( 93 ) 307 Intangible assets, net $ 5,950 $ ( 2,885 ) $ 3,065 $ 5,950 $ ( 2,396 ) $ 3,554 Amortization expense of intangible assets was $ 0.5 million and $ 0.2 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, future amortization expense is expected to be as follows (in thousands): Amount Remainder of 2022 $ 1,494 2023 1,239 2024 332 2025 — 2026 — Total $ 3,065 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) and Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) and Equity Incentive Plans | (5) Stockholders’ Equity (Deficit) and Equity Incentive Plans Preferred stock In connection with the Direct Listing, on September 21, 2021, an amended and restated certificate of incorporation of the Company was filed with the Secretary of State of the State of Delaware, which authorized the issuance of 20 million shares of undesignated preferred stock with a par value of $ 0.00001 per share and rights and preferences, including voting rights, designated from time to time by the board of directors. Common Stock The Company has two classes of common stock: Class A common stock and Class B common stock. The Company's amended and restated certificate of incorporation authorizes the issuance of 600 million shares of Class A common stock and 600 million shares of Class B common stock. The shares of Class A common stock and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. Each share of Class A common stock is entitled to one vote . Each share of Class B common stock is entitled to five votes . Class A and Class B common stock each have a par value of $ 0.00001 per share, and are referred to as common stock throughout the notes to the condensed consolidated financial statements, unless otherwise noted. Holders of common stock are entitled to receive any dividends whenever funds are legally available and if declared by the board of directors. Shares of Class B common stock may be converted to Class A common stock at any time at the option of the stockholder. Shares of Class B common stock will also automatically convert into one share of Class A common stock upon any transfer, except for certain permitted transfers described in the Company's amended and restated certificate of incorporation. In addition, each share of Class B common stock held by the Company's three cofounders (or any of such founder’s affiliates) will convert automatically into one share of Class A common stock on the earlier of: (i) the death or incapacity of such founder or (ii) the date that is six months following the date on which such founder is no longer an employee or director of the Company (unless such founder has rejoined the Company during such six-month period). Each outstanding share of the Company's Class B common stock will also convert automatically into one share of Class A common stock on the date that is six months following the date on which no founder is an employee or director of the Company (unless a founder has rejoined the Company during such six-month period). In addition, any transfer by a founder (or such founder’s affiliates) to one or more of the other founders (or such founders’ affiliates) will not result in the automatic conversion of such shares of Class B common stock to Class A common stock. Once converted into Class A common stock, the Class B common stock may not be reissued. The Company has reserved shares of its common stock as follows: As of As of 2014 Stock Option and Grant Plan and 2021 Incentive Award Plan: Equity plan stock options outstanding 18,076,050 21,214,155 RSUs outstanding 4,090,669 1,716,614 Shares available for future issuance 23,630,605 19,005,008 2021 Employee Stock Purchase Plan: Shares available for future issuance 3,762,132 2,663,371 Total reserved shares 49,559,456 44,599,148 Equity Incentive Plans 2014 Stock Option and Grant Plan In December 2014, the Company adopted its 2014 Stock Option and Grant Plan (as amended, the “2014 Plan”), pursuant to which shares of the Company’s common stock were reserved for the issuance of stock options (incentive and non-statutory), restricted stock units ("RSUs"), and restricted stock to employees, directors, and consultants under terms and provisions established by the board of directors and approved by the Company’s stockholders. The 2014 Plan was terminated in September 2021 in connection with the Direct Listing but continues to govern the terms of outstanding awards that were granted prior to the termination of the 2014 Plan. No further equity awards will be granted under the 2014 Plan. With the establishment of the 2021 Incentive Award Plan (the "2021 Plan") as further discussed below, upon the expiration, forfeiture, cancellation, or reacquisition of any shares of Class A common stock underlying outstanding stock-based awards granted under the 2014 Plan, an equal number of shares of Class A common stock will become available for grant under the 2021 Plan. 2021 Incentive Award Plan In August 2021, the Company's board of directors adopted, and its stockholders approved, the 2021 Plan, which became effective in connection with the Direct Listing. The 2021 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, RSU awards, performance bonus awards, performance stock units, dividend equivalent awards and other forms of equity compensation (collectively, "equity awards"). A total of 18,643,596 shares of the Company's Class A common stock have been reserved for issuance under the 2021 Plan in addition to (i) any shares available for issuance under the 2014 Plan as of the effective date of the 2021 Plan, (ii) the number of shares represented by awards outstanding under the Company's 2014 Plan (“Prior Plan Awards”) that become available upon the expiration, forfeiture, cancellation, or reacquisition of any shares of Class A common stock underlying outstanding stock awards granted under the 2014 Plan, and (iii) an annual increase on the first day of each fiscal year beginning in 2022 and ending in 2031, equal to the lesser of (A) 5% of the shares of the Company's common stock outstanding (on an as-converted basis) on the last day of the immediately preceding fiscal year and (B) such smaller number of shares of stock as determined by the Company's board of directors; provided, however, that no more than 88,000,000 shares of stock may be issued upon the exercise of incentive stock options. Stock Option Awards Stock options granted under the 2014 Plan and the 2021 Plan (collectively, the "combined stock plans") generally vest based on continued service over four years . Options issued outside of the combined stock plans were immaterial and therefore not discussed further below. Option activity under the Company's combined stock plans for the three months ended March 31, 2022 is set forth below: Weighted Weighted average Aggregate Outstanding average remaining intrinsic stock exercise contractual value options price life (years) (in thousands) Balances as of December 31, 2021 21,214,155 $ 4.15 8.12 $ 1,035,039 Exercised ( 1,603,403 ) 2.49 Cancelled/forfeited ( 1,534,702 ) 7.89 Balances as of March 31, 2022 (1) 18,076,050 $ 3.99 7.88 $ 261,018 Exercisable as of March 31, 2022 (2) 12,120,800 $ 2.86 7.48 $ 188,721 (1) As no forfeitures are estimated due to the Company's adoption of ASU No. 2016-09, all options are vested or expected to vest. As of March 31, 2022, no options were outstanding that were subject to a future performance condition (2) Exercisable shares include vested options as well as unvested shares that can be early exercised During December 2020, the Company granted 1,756,545 stock options to two executives which contain both a service condition and a performance condition. Based on the terms of the options, the vesting commencement date is defined as the date on which a registration statement on Form S-1 filed with the SEC becomes effective (a “QPO Event”). In conjunction with the Direct Listing, a QPO Event occurred and therefore the options began to vest 1/24th each month subsequent to September 21, 2021. During the three months ended March 31, 2022, the Company recognized $ 0.5 million in expense related to these awards using the accelerated attribution method. The unrecognized stock-based compensation expense was $ 1.2 million and $ 1.7 million as of March 31, 2022 and December 31, 2021, respectively. The aggregate intrinsic values of options are calculated as the difference between the exercise price of the options and the market price for shares of the Company’s common stock as of each period-end. The total intrinsic value of options exercised for the three months ended March 31, 2022 and 2021 was $ 25.6 million and $ 7.2 million , respectively. No stock options were granted during the three months ended March 31, 2022. Stock options granted during the three months ended March 31, 2021 had a weighted average grant date fair value of $ 3.42 pe r share. With the exception of the performance options detailed above, the fair value is being expensed over the vesting period of the options on a straight-line basis as the services are being provided. The total grant date fair value of shares vested during the three months ended March 31, 2022 and 2021 was $ 4.6 millio n and $ 1.7 million , respectively. No tax benefits were realized from options during the periods. As of March 31, 2022, total unrecognized stock-based compensation expense related to options outstanding under the combined stock plans was $ 31.3 million . This unrecognized expense as of March 31, 2022 is expected to be recognized over the weighted average remaining vesting period of 2.52 ye ars. As of March 31, 2022, the Company had 374,500 shares of non-employee stock options outstanding under the combined stock plans. The fair value of each option granted to employees under the 2021 Plan is estimated on the grant date using the Black-Scholes pricing model. Based on the nature of the underlying options granted under the 2014 Plan, the fair value of each option granted to employees is estimated on the date of grant using the Monte Carlo simulation model. Restricted Stock Units RSUs granted under the 2021 Plan generally vest based on continued service, typically over a three- to four-year period. RSUs granted pursuant to the 2014 Plan vest according to a service condition as well as a performance condition, through a liquidity event, including (i) a change in control of the Company or (ii) the initial public offering of the Company’s equity securities, following which the securities shall be publicly traded, which includes a direct listing. As a result of the Direct Listing, the performance condition for all RSUs granted pursuant to the 2014 Plan has been met. During the three months ended March 31, 2022, the Com pany recorded $ 6.1 million in expense related to RSUs. No RSUs were granted during the three months ended March 31, 2021 and no stock-based compensation expense had been recognized during this period as the Company evaluated the performance condition being met as not probable as of March 31, 2021. As of March 31, 2022, total unrecognized stock-based compensation expense related to RSUs was $ 101.4 million . This unrecognized expense as of March 31, 2022 is expected to be recognized over the weighted average remaining vesting period of 2.63 years. As of March 31, 2022, the Company had 254,892 sha res of non-employee RSUs outstanding under the combined stock plans. RSU activity during the three months ended March 31, 2022 was as follows: Restricted stock Weighted-average Balance as of December 31, 2021 1,716,614 $ 38.40 Granted 2,463,780 22.53 Vested ( 30,905 ) 30.86 Cancelled/forfeited ( 58,820 ) 55.01 Balance as of March 31, 2022 4,090,669 $ 28.66 2021 Employee Stock Purchase Plan In August 2021, the Company’s board of directors adopted, and its stockholders approved, the 2021 Employee Stock Purchase Plan (the "ESPP"), which became effective in connection with the Direct Listing. The ESPP authorizes the issuance of shares of common stock pursuant to purchase rights granted to employees. A total of 2,663,371 shares of the Company’s Class A common stock have been reserved for future issuance under the ESPP, in addition to any annual automatic evergreen increases in the number of shares of Class A common stock reserved for future issuance under the ESPP. The ESPP offers employees the option to purchase shares through a series of consecutive 12 month offering periods on each May 15th and November 15th (with two six-month purchase periods during each offering period). The initial offering period under the ESPP will be longer than 12 months , commencing on September 28, 2021 and ending on November 14, 2022 , with the first purchase period commencing on September 28, 2021 and ending on May 14, 2022. The price at which Class A common stock is purchased under the ESPP is equal to the lower of (i) 85 % of the closing trading price per share of the Company's Class A common stock on the first trading date of an offering period in which a participant is enrolled or (ii) 85 % of the closing trading price per share on the purchase date, which will occur on the last trading day of each purchase period, or such other price designated by the administrator. As of March 31, 2022 , no shares have been purchased under the ESPP. For the three months ended March 31, 2022, the Company recognized $ 1.4 million of stock-based compensation expense related to the ESPP and withheld $ 2.5 million in contributions from employees. A s of March 31, 2022, total unrecognized compensation costs related to the ESPP was $ 4.0 million , which will be amortized over a weighted average period of 0.62 years. Stock-based compensation expense, net of actual forfeitures is reflected in the condensed consolidated statement of operations (in thousands): Three Months Ended 2022 2021 Cost of revenue $ 922 $ 236 Research and development 4,284 910 Sales and marketing 3,240 823 General and administrative 5,057 608 Total stock-based compensation expense $ 13,503 $ 2,577 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (6) Income Taxes The Company had an effective tax rat e of ( 1.4 )% and ( 4.5 )% for the three months ended March 31, 2022 and 2021, respectively. The Company continues to incur U.S. operating losses and has minimal profits in its foreign jurisdictions. During the three months ended March 31, 2022 and 2021, the Company has evaluated all available evidence, both positive and negative, including historical levels of income, and expectations and risks associated with estimates of future taxable income, and has determined that it is more likely than not that its net deferred tax assets will not be realized in the United States. Due to uncertainties surrounding the realization of the deferred tax assets, the Company continues to maintain a full valuation allowance against its net deferred tax assets within the United States. |
Operating Leases
Operating Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Operating Leases | (7) Operating Leases The components of lease expense were as follows (in thousands, except years and rate): Three Months Ended Operating lease cost $ 807 Short-term lease cost 141 Total lease cost $ 948 Weighted average remaining term (years) 3.57 Weighted average discount rate 2.92 % Supplemental cash flow information related to operating leases is as follows (in thousands): Three Months Ended March 31, 2022 2021 Right-of-use assets obtained in exchange for new operating lease liabilities $ 500 - Cash paid for operating lease liabilities $ 269 - Future minimum lease payments under non-cancellable operating leases with initial lease terms in excess of one year included in the Company’s lease liabilities as of March 31, 2022 are as follows (in thousands): Year ending December 31: Remainder of 2022 $ 2,775 2023 3,943 2024 3,914 2025 3,127 2026 and thereafter 400 Total undiscounted operating lease payments $ 14,159 Less: imputed interest ( 732 ) Total operating lease liabilities $ 13,427 Future minimum payments under non-cancellable operating leases consisted of the following as of December 31, 2021 (in thousands): Year ending December 31: 2022 $ 2,767 2023 3,883 2024 3,988 2025 3,207 2026 and thereafter 463 Total minimum lease payments $ 14,308 For the three months ended March 31, 2021, rent expense was $ 1.1 million. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (8) Commitments and Contingencies Legal Matters The Company is involved in various legal and regulatory matters arising from the normal course of business activities. The Company records litigation accruals for legal matters, which are both probable and estimable. For legal proceedings for which there is a reasonable possibility of loss (meaning those losses for which the likelihood is more than remote but less than probable), the Company has determined that it does not have material exposure, or it is unable to develop a range of reasonably possible losses. Although no assurance may be given, the Company believes that it is not presently a party to any litigation of which the outcome, if determined adversely, would individually or in the aggregate be reasonably expected to have a material and adverse effect on the business, operating results, cash flows, or financial position. Legal fees are expensed in the period in which they are incurred. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | (9) Net Loss Per Share Basic net loss per share attributable to the Company’s common stockholders is computed in conformity with the two-class method required for participating securities. Prior to the automatic conversion of all of its redeemable convertible preferred stock outstanding into Class B common stock concurrent with the Direct Listing, the Company considered all series of its redeemable convertible preferred stock to be participating securities as holders of such stock had the right to receive nonforfeitable dividends on a ratable basis in the event that a dividend was paid on common stock. Under the two-class method, the net loss attributable to common stockholders was not allocated to the redeemable convertible preferred stock as the preferred stockholders did not have a contractual obligation to share in the Company's losses. Basic net loss per share is computed by dividing the net loss attributable to the Company’s common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is the same as basic net loss per share for all periods presented because the effects of potentially dilutive items were anti-dilutive given the Company’s net loss position in each period presented. The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. As the liquidation and dividend rights are identical, all undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net loss per share attributable to common stockholders are, therefore, the same for both Class A and Class B common stock on both an individual and a combined basis. The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended 2022 2021 Net loss attributable to Class A and Class B common stockholders $ ( 22,220 ) $ ( 6,439 ) Weighted-average shares used in computing net loss per share 109,553 27,926 Net loss per share attributable to Class A and Class B $ ( 0.20 ) $ ( 0.23 ) The following potential common shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented (in thousands): Three Months Ended 2022 2021 Redeemable convertible preferred stock — 61,717 Warrants — 7 Non-plan stock options — 36 Equity plan stock options outstanding 18,076 29,424 Equity plan stock options early exercised 607 373 RSUs outstanding 4,091 2,571 Restricted shares 332 — Shares issuable pursuant to the ESPP 328 — Total 23,434 94,128 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | (10) Subsequent Events In April 2022, the Company granted RSUs representing 0.6 million shares of Class A common stock to certain of its employees with service-based vesting conditions. The service-based vesting condition for these awards is satisfied over four years for the majority of the RSUs granted. The grant date fair value of the RSUs granted in April 2022 was approximately $ 11.4 million |
Summary of Business and Signi_2
Summary of Business and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Amplitude, Inc. (the “Company”) was incorporated in the state of Delaware in 2011 and is headquartered in San Francisco, California. The Company provides a Digital Optimization System that helps companies analyze their customer behavior within digital products. The Company delivers its application over the Internet as a subscription service using a software-as-a-service (“SaaS”) model. The Company’s arrangements with customers do not provide the customer with the right to take possession of the software supporting the cloud-based application service at any time. The Company also offers customer support related to initial implementation setup, ongoing support services, and application training. |
Segment Information | Segment Information The Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. Long-lived assets outside of the United States are immaterial. For information regarding the Company’s revenue by geographic area, see Note 2 below. |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP" or "GAAP") and include the accounts of Amplitude, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The reporting currency of the Company is the United States dollar. The functional currency of the Company’s foreign subsidiaries is also the United States dollar. The unaudited condensed consolidated balance sheet as of December 31, 2021 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. In management's opinion, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to state fairly the balance sheet, statements of operations, statements of redeemable convertible preferred stock and stockholders' equity (deficit), and statements of cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the "2021 Form 10-K") . |
Reclassification | Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period condensed consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. These estimates are based on information available as of the date of the financial statements and may involve subjective or significant judgment by the Company; therefore, actual results could differ from the Company’s estimates. Items subject to such estimates and assumptions include, but are not limited to the: • expected period of benefit for deferred commissions; • useful lives of long-lived assets; • valuation of the Company’s common stock and stock-based awards for periods prior to the direct listing of the Company's Class A common stock on the Nasdaq Capital Market (the "Direct Listing"); • valuation of goodwill and intangible assets; • the recognition, measurement, and valuation of deferred tax assets and income tax uncertainties; and • incremental borrowing rate used for operating leases. |
Risks and Uncertainties | Risks and Uncertainties While the duration and extent of the COVID-19 pandemic depends on future developments that cannot be accurately predicted at this time, such as the extent and effectiveness of containment actions, it has already had an adverse effect on the global economy and the lasting effects of the pandemic continue to be unknown. The Company may experience customer losses, including due to bankruptcy or customers ceasing operations, which may result in delays in collections or an inability to collect accounts receivable from these customers. The extent to which COVID-19 may continue to impact the Company’s financial condition, results of operations, or liquidity continues to remain uncertain, and as of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or an adjustment to the carrying value of the Company’s assets or liabilities. These estimates may change, as new events occur and additional information is obtained, which will be recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s financial statements. |
Concentration of Risk and Significant Customers | Concentration of Risk and Significant Customers Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, and accounts receivable. Although the Company deposits its cash with high-quality, credit-rated financial institutions, the deposits, at times, may exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. No customer accounted for 10 % or more of total revenue for the three months ended March 31, 2022 and 2021. As of the quarter ended March 31, 2022 , no customer accounted for 10 % of accounts receivable. As of the year ended December 31, 2021, one customer represented 10 % of accounts receivable. Significant Accounting Policies The Company's significant accounting policies are described in the 2021 Form 10-K. There have been no significant changes to these policies that have had a material impact on the Company's condensed consolidated financial statements and related notes for the three months ended March 31, 2022 other than for the adoption of new accounting guidance related to leases effective January 1, 2022 further described below. Operating Leases The Company determines if an arrangement is, or contains, a lease at inception. Leases arise from contractual obligations that convey the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Company determines whether an arrangement is or contains a lease at inception, based on whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. At lease commencement date, the Company determines lease classification between finance and operating, allocates the consideration to the lease and non-lease components and recognizes a right-of-use ("ROU") asset and corresponding lease liability for each lease component. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments based on the lease contracts. Operating lease ROU assets and liabilities were recognized at adoption date or lease commencement date, if the commencement date was after January 1, 2022, based on the present value of lease payments over the remaining lease term. The Company’s lease contracts do not provide an implicit rate, as such the Company used its incremental borrowing rate based on the information available at adoption date or lease commencement date, if the commencement date was after January 1, 2022, in determining the present value of lease payments. The operating lease ROU assets also include any lease payments made to the lessors at or before the lease commencement date, and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The lease liability is initially measured as the present value of the remaining lease payments over the lease term. The discount rate used to determine the present value is the Company's incremental borrowing rate unless the interest rate implicit in the lease is readily determinable. The Company estimates the incremental borrowing rate based on the information available at lease commencement date for borrowings with a similar term. The ROU asset is initially measured as the present value of the lease payments, adjusted for initial direct costs, prepaid lease payments to lessors and lease incentives. The operating lease right-of-use assets and liabilities recognized at January 1, 2022, the adoption date, were based on the present value of lease payments over the remaining lease term as of that date, using the incremental borrowing rate as of that date. The Company elected the practical expedients to not recognize right-of-use assets and liabilities for leases with a term of less than twelve months and to not separate non-lease components from the associated lease components for the Company's office leases and certain other asset classes. The total co nsideration includes fixed payments and contractual escalation provisions. The Company is responsible for maintenance, insurance, property taxes and other variable payments, which are expensed as incurred. The Company's leases include options to renew or terminate. The Company includes the option to renew or terminate in the determination of the lease term when the option is deemed to be reasonably certain that the Company will exercise that option. The Company accounts for changes in the expected lease term as a modification of the original contract. Operating leases are classified in "Operating lease right-of-use assets" and "Operating lease liabilities, noncurrent" on the Company's condensed consolidated balance sheets. The current balance of the operating lease liabilities is included within "Accrued expenses" on the Company's condensed consolidated balance sheets. Operating lease expense is recognized on a straight-line basis over the expected lease term and included in "Operating expenses" in the Company's condensed consolidated statements of operations. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) , which requires companies to recognize lease liabilities and corresponding right-of-use leased assets on the balance sheets and to disclose key information about leasing arrangements. Qualitative and quantitative disclosures will be enhanced to better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU No. 2016-02 is effective for annual periods beginning after December 15, 2021, with early adoption permitted. Additionally, in 2018 and 2019, the FASB issued the following Topic 842–related ASUs: • 2018-01, Land Easement Practical Expedient for Transition to Topic 842 , which clarifies the applicability of Topic 842 to land easements and provides an optional transition practical expedient for existing land easements; • 2018-10, Codification Improvements to Topic 842, Leases , which makes certain technical corrections to Topic 842; • 2018-11, Leases (Topic 842): Targeted Improvements , which allows companies to adopt Topic 842 without revising comparative period reporting or disclosures and provides an optional practical expedient to lessors to not separate lease and non-lease components of a contract if certain criteria are met; and • 2019-01, Leases (Topic 842): Codification Improvements , which provides guidance for certain lessors on determining the fair value of an underlying asset in a lease and on the cash flow statement presentation of lease payments received; ASU No. 2019-01 also clarifies disclosures required in interim periods after adoption of ASU No. 2016-02 in the year of adoption. The Company adopted the new standard as of January 1, 2022, and recognized a cumulative-effect adjustment to the opening balance of accumulated deficit as of adoption date. The Company elected the optional transition approach to not apply Topic 842 in the comparative periods presented. The Company elected the relief package of practical expedients to not reassess whether existing contracts contain leases, the lease term and classification for existing leases and whether existing initial direct costs meet the new definition. The adoption of Topic 842 resulted in the recognition of total right-of-use of $ 11.6 million and total lease liabilities of $ 13.2 million as of the date of adoption . Additionally, the Company has derecognized $ 1.6 million in deferred rent upon adoption of this standard. The adoption of Topic 842 did not have a material impact to the condensed consolidated statements of operations or statements of cash flows. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350) , which eliminates Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (i.e., measure the charge based on today’s Step 1). This update is effective for annual and interim impairment tests performed in periods beginning after December 15, 2022. The Company early adopted the standard as of January 1, 2022. The adoption of ASC 350 did not have a material impact to the condensed consolidated financial statements. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Financial Instruments - Credit Losses: In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments (Topic 326). This standard revises current U.S. GAAP methodology by requiring measurement and immediate recognition of expected credit losses on in-scope financial instruments, including trade receivables. ASU No. 2016-13 is effective for annual periods beginning after December 15, 2022, with early adoption permitted in fiscal years beginning after December 31, 2018. The Company is currently in the process of evaluating the impact of adoption on its consolidated financial statements. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Remaining Performance Obligations | The Company’s remaining performance obligations as of March 31, 2022 and December 31, 2021 are expected to be recognized as follows (in thousands): As of As of Less than or equal to 12 months $ 149,583 $ 137,266 Greater than 12 months 44,851 32,868 Total remaining performance obligations $ 194,434 $ 170,134 |
Summary of Disaggregation of Revenue by Geographic Areas | The following table shows the Company’s disaggregation of revenue by geographic areas, as determined based on the billing address of its customers (in thousands): Three Months Ended 2022 2021 United States $ 33,521 $ 21,028 International 19,544 12,082 Total revenue $ 53,065 $ 33,110 |
Summary of Deferred Commissions | The following table represents a rollforward of the Company’s deferred commissions for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended 2022 2021 Beginning balance $ 28,685 $ 19,440 Additions to deferred commissions 4,421 2,692 Amortization of deferred commissions ( 2,031 ) ( 1,423 ) Ending balance 31,075 20,709 Deferred commissions, current portion 8,876 5,990 Deferred commissions, net of current portion 22,199 14,719 Total deferred commissions $ 31,075 $ 20,709 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash, Cash Equivalents, and Restricted Cash | The following table represents the Company's cash, cash equivalents, and restricted cash at each period end (in thousands): As of March 31, As of December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 300,422 $ 118,708 $ 307,445 $ 117,783 Restricted cash, current — 1,080 — 1,080 Restricted cash, noncurrent 850 — 850 — Total cash, cash equivalents, and restricted cash $ 301,272 $ 119,788 $ 308,295 $ 118,863 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): As of As of Prepaid hosting $ 10,777 $ 9,216 Other prepaid expenses and other assets 10,800 9,900 Total prepaid expense and other current assets $ 21,577 $ 19,116 |
Schedule of Accrued Expenses | Accrued expenses consisted of the following (in thousands): As of As of Accrued commission $ 4,719 $ 4,708 Accrued payroll and employee related taxes 1,568 2,689 Accrued sales tax 267 932 Liability from early exercised stock options 2,974 3,708 2021 Employee Stock Purchase Plan withholding 3,499 981 Operating lease liabilities, current 3,795 — Other accrued liabilities 5,875 4,918 Total accrued expenses $ 22,697 $ 17,936 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Acquisitions Intangible Assets And Goodwill Disclosure [Abstract] | |
Schedule of Intangible Assets, Net | Intangible assets, net consisted of the following (in thousands): As of March 31, 2022 As of December 31, 2021 Gross Carrying Accumulated Amortization Net Carrying Gross Carrying Accumulated Amortization Net Carrying Developed technology $ 5,550 $ ( 2,759 ) $ 2,791 $ 5,550 $ ( 2,303 ) $ 3,247 Customer related 400 ( 126 ) 274 400 ( 93 ) 307 Intangible assets, net $ 5,950 $ ( 2,885 ) $ 3,065 $ 5,950 $ ( 2,396 ) $ 3,554 |
Schedule of Expected Future Amortization Expense | As of March 31, 2022, future amortization expense is expected to be as follows (in thousands): Amount Remainder of 2022 $ 1,494 2023 1,239 2024 332 2025 — 2026 — Total $ 3,065 |
Stockholders' Equity (Deficit_2
Stockholders' Equity (Deficit) and Equity Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Reserved Shares of Common Stock | The Company has reserved shares of its common stock as follows: As of As of 2014 Stock Option and Grant Plan and 2021 Incentive Award Plan: Equity plan stock options outstanding 18,076,050 21,214,155 RSUs outstanding 4,090,669 1,716,614 Shares available for future issuance 23,630,605 19,005,008 2021 Employee Stock Purchase Plan: Shares available for future issuance 3,762,132 2,663,371 Total reserved shares 49,559,456 44,599,148 |
Summary of Stock Option Activity | Weighted Weighted average Aggregate Outstanding average remaining intrinsic stock exercise contractual value options price life (years) (in thousands) Balances as of December 31, 2021 21,214,155 $ 4.15 8.12 $ 1,035,039 Exercised ( 1,603,403 ) 2.49 Cancelled/forfeited ( 1,534,702 ) 7.89 Balances as of March 31, 2022 (1) 18,076,050 $ 3.99 7.88 $ 261,018 Exercisable as of March 31, 2022 (2) 12,120,800 $ 2.86 7.48 $ 188,721 (1) As no forfeitures are estimated due to the Company's adoption of ASU No. 2016-09, all options are vested or expected to vest. As of March 31, 2022, no options were outstanding that were subject to a future performance condition (2) Exercisable shares include vested options as well as unvested shares that can be early exercised |
Schedule of RSU Activity | RSU activity during the three months ended March 31, 2022 was as follows: Restricted stock Weighted-average Balance as of December 31, 2021 1,716,614 $ 38.40 Granted 2,463,780 22.53 Vested ( 30,905 ) 30.86 Cancelled/forfeited ( 58,820 ) 55.01 Balance as of March 31, 2022 4,090,669 $ 28.66 |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense, net of actual forfeitures is reflected in the condensed consolidated statement of operations (in thousands): Three Months Ended 2022 2021 Cost of revenue $ 922 $ 236 Research and development 4,284 910 Sales and marketing 3,240 823 General and administrative 5,057 608 Total stock-based compensation expense $ 13,503 $ 2,577 |
Operating Leases (Tables)
Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Summary of Components of Lease Cost | The components of lease expense were as follows (in thousands, except years and rate): Three Months Ended Operating lease cost $ 807 Short-term lease cost 141 Total lease cost $ 948 Weighted average remaining term (years) 3.57 Weighted average discount rate 2.92 % |
Summary of Supplemental Cash Flow Information | Supplemental cash flow information related to operating leases is as follows (in thousands): Three Months Ended March 31, 2022 2021 Right-of-use assets obtained in exchange for new operating lease liabilities $ 500 - Cash paid for operating lease liabilities $ 269 - |
Schedule of Operating Lease, Liability, Maturity | Future minimum lease payments under non-cancellable operating leases with initial lease terms in excess of one year included in the Company’s lease liabilities as of March 31, 2022 are as follows (in thousands): Year ending December 31: Remainder of 2022 $ 2,775 2023 3,943 2024 3,914 2025 3,127 2026 and thereafter 400 Total undiscounted operating lease payments $ 14,159 Less: imputed interest ( 732 ) Total operating lease liabilities $ 13,427 Future minimum payments under non-cancellable operating leases consisted of the following as of December 31, 2021 (in thousands): Year ending December 31: 2022 $ 2,767 2023 3,883 2024 3,988 2025 3,207 2026 and thereafter 463 Total minimum lease payments $ 14,308 For the three months ended March 31, 2021, rent expense was $ 1.1 million. |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Share | The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended 2022 2021 Net loss attributable to Class A and Class B common stockholders $ ( 22,220 ) $ ( 6,439 ) Weighted-average shares used in computing net loss per share 109,553 27,926 Net loss per share attributable to Class A and Class B $ ( 0.20 ) $ ( 0.23 ) |
Schedule of Ant-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share | The following potential common shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented (in thousands): Three Months Ended 2022 2021 Redeemable convertible preferred stock — 61,717 Warrants — 7 Non-plan stock options — 36 Equity plan stock options outstanding 18,076 29,424 Equity plan stock options early exercised 607 373 RSUs outstanding 4,091 2,571 Restricted shares 332 — Shares issuable pursuant to the ESPP 328 — Total 23,434 94,128 |
Summary of Business and Signi_3
Summary of Business and Significant Accounting Policies - Additional Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)Segment | Mar. 31, 2021 | Sep. 30, 2021Segment | Dec. 31, 2021 | |
Financing Receivable Impaired [Line Items] | ||||
Operating segment | Segment | 1 | |||
Reportable segment | Segment | 1 | |||
Accounts receivable. | 10.00% | 10.00% | ||
Derecognized deferred rent | $ 1.6 | |||
total right-of-use | 11.6 | |||
total lease liabilities | $ 13.2 | |||
Revenue | Revenue Benchmark | No Customer | ||||
Financing Receivable Impaired [Line Items] | ||||
Concentration Risk, Percentage | 10.00% | 10.00% |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | ||
Deferred revenue | $ 35.7 | |
Unrecognized transaction price | $ 194.4 | $ 170.1 |
Deferred commission amortization period | 5 years |
Summary of Revenue from Contrac
Summary of Revenue from Contracts with Customers-Summary of Remaining Performance Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Revenue from Contract with Customer [Abstract] | ||
Less than or equal to 12 months | $ 149,583 | $ 137,266 |
Greater than 12 months | 44,851 | 32,868 |
Total remaining performance obligations | $ 194,434 | $ 170,134 |
Summary of Revenue from Contr_2
Summary of Revenue from Contracts with Customers - Summary of Disaggregation of Revenue by Geographic Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Financing Receivable Impaired [Line Items] | ||
Total revenue | $ 53,065 | $ 33,110 |
United States | ||
Financing Receivable Impaired [Line Items] | ||
Total revenue | 33,521 | 21,028 |
International [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total revenue | $ 19,544 | $ 12,082 |
Summary of Revenue from Contr_3
Summary of Revenue from Contracts with Customers - Summary of Deferred Commissions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Beginning balance | $ 28,685 | $ 19,440 |
Additions to deferred commissions | 4,421 | 2,692 |
Amortization of deferred commissions | (2,031) | (1,423) |
Ending balance | 31,075 | 20,709 |
Deferred commissions, current portion | 8,876 | 5,990 |
Deferred commissions, net of current portion | 22,199 | 14,719 |
Deferred Commission, Total | $ 31,075 | $ 20,709 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 300,422 | $ 307,445 | $ 118,708 | $ 117,783 |
Restricted cash, current | 0 | 0 | 1,080 | 1,080 |
Restricted cash, noncurrent | 850 | 850 | 0 | 0 |
Total cash, cash equivalents, and restricted cash | $ 301,272 | $ 308,295 | $ 119,788 | $ 118,863 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid hosting | $ 10,777 | $ 9,216 |
Other prepaid expenses and other assets | 10,800 | 9,900 |
Total prepaid expense and other current assets | $ 21,577 | $ 19,116 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued commission | $ 4,719 | $ 4,708 |
Accrued payroll and employee related taxes | 1,568 | 2,689 |
Accrued sales tax | 267 | 932 |
Liability from early exercised stock options | 2,974 | 3,708 |
2021 Employee Stock Purchase Plan withholding | 3,499 | 981 |
Operating lease liabilities, current | 3,795 | 0 |
Other accrued liabilities | 5,875 | 4,918 |
Total accrued expenses | $ 22,697 | $ 17,936 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | ||
Amortization of intangible assets | $ 0.5 | $ 0.2 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||
Gross Carrying Amount | $ 5,950 | $ 5,950 |
Accumulated Amortization | (2,885) | (2,396) |
Total | 3,065 | 3,554 |
Developed Technology | ||
Business Acquisition [Line Items] | ||
Gross Carrying Amount | 5,550 | 5,550 |
Accumulated Amortization | (2,759) | (2,303) |
Total | 2,791 | 3,247 |
Customer-Related Intangible Assets | ||
Business Acquisition [Line Items] | ||
Gross Carrying Amount | 400 | 400 |
Accumulated Amortization | (126) | (93) |
Total | $ 274 | $ 307 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Schedule of Expected Future Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Acquisitions Intangible Assets And Goodwill Disclosure [Abstract] | ||
Remainder of 2022 | $ 1,494 | |
2023 | 1,239 | |
2024 | 332 | |
2025 | 0 | |
2026 | 0 | |
Total | $ 3,065 | $ 3,554 |
Stockholders' Equity (Deficit_3
Stockholders' Equity (Deficit) and Equity Incentive Plans - Preferred and Common Stock - Additional Information (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Class Of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 20,000 | 20,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 |
Class A Common Stock | ||
Class Of Stock [Line Items] | ||
Common Stock, Shares Authorized | 600,000 | 600,000 |
Common Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 |
Common stock, voting rights | Each share of Class A common stock is entitled to one vote | |
Class B Common Stock | ||
Class Of Stock [Line Items] | ||
Common Stock, Shares Authorized | 600,000 | 600,000 |
Common Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 |
Common stock, voting rights | Each share of Class B common stock is entitled to five votes |
Stockholders' Equity (Deficit_4
Stockholders' Equity (Deficit) and Equity Incentive Plans - Schedule of Reserved Shares of Common Stock (Details) - shares shares in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Class Of Stock [Line Items] | ||
Total reserved shares | 49,559,456 | 44,599,148 |
Employee Stock Option | Option and Grant Plan | ||
Class Of Stock [Line Items] | ||
Total reserved shares | 23,630,605 | 19,005,008 |
Equity Plan Stock Options Outstanding | ||
Class Of Stock [Line Items] | ||
Total reserved shares | 18,076,050 | 21,214,155 |
RSUs Outstanding | ||
Class Of Stock [Line Items] | ||
Total reserved shares | 4,090,669 | 1,716,614 |
2021 Employee Stock Purchase Plan | ||
Class Of Stock [Line Items] | ||
Total reserved shares | 3,762,132 | 2,663,371 |
Stockholders' Equity (Deficit_5
Stockholders' Equity (Deficit) and Equity Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Class Of Stock [Line Items] | ||||
Exercise of stock options, Shares | 1,603,403 | |||
Total stock-based compensation expense | $ 13,503 | $ 2,577 | ||
Employee Stock Option | ||||
Class Of Stock [Line Items] | ||||
Granted stock options | 0 | |||
Total stock-based compensation expense | $ 500 | |||
Unrecognized stock-based compensation expense | 1,200 | $ 1,700 | ||
intrinsic value | 25,600 | $ 7,200 | ||
Weighted-average grant date fair value | $ 3.42 | |||
Fair value shares vested | 4,600 | $ 1,700 | ||
R S Us | ||||
Class Of Stock [Line Items] | ||||
Granted stock options | 0 | |||
Total stock-based compensation expense | 6,100 | $ 0 | ||
Two Executives | Employee Stock Option | ||||
Class Of Stock [Line Items] | ||||
Granted stock options | 1,756,545 | |||
2014 Stock Option Plan | ||||
Class Of Stock [Line Items] | ||||
Unrecognized share-based compensation expense | $ 31,300 | |||
Unrecognized share-based compensation expense recognition period (term) | 2 years 6 months 7 days | |||
Non-employee stock options outstanding | 374,500 | |||
2014 Stock Option Plan | R S Us | ||||
Class Of Stock [Line Items] | ||||
Unrecognized share-based compensation expense | $ 101,400 | |||
Unrecognized share-based compensation expense recognition period (term) | 2 years 7 months 17 days | |||
Non-employee stock options outstanding | 254,892 | |||
2021 Incentive Award Plan | ||||
Class Of Stock [Line Items] | ||||
Exercise of stock options, Shares | 88,000,000 | |||
2021 Incentive Award Plan | Class A Common Stock | ||||
Class Of Stock [Line Items] | ||||
Shares reserved for issuance | 18,643,596 | |||
2021 Employee Stock Purchase Plan | ||||
Class Of Stock [Line Items] | ||||
Exercise of stock options, Shares | 0 | |||
Initial offering period | The initial offering period under the ESPP will be longer than 12 months | |||
Commencement date | Sep. 28, 2021 | |||
Ending date | Nov. 14, 2022 | |||
Purchase price | 85.00% | |||
Options, vesting period | 4 years | |||
Total stock-based compensation expense | $ 4,000 | |||
Unrecognized stock-based compensation expense | $ 1,400 | |||
weighted-average remaining vesting period | 7 months 13 days | |||
Non-employee stock options outstanding | 2,500,000 | |||
2021 Employee Stock Purchase Plan | Class A Common Stock | ||||
Class Of Stock [Line Items] | ||||
Shares reserved for issuance | 2,663,371 | |||
Purchase price | 85.00% |
Stockholders' Equity (Deficit_6
Stockholders' Equity (Deficit) and Equity Incentive Plans - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | |||
Equity [Abstract] | ||||
Balances as of December 31, 2021 | 21,214,155 | |||
Exercised | (1,603,403) | |||
Cancelled/forfeited | (1,534,702) | |||
Balances as of March 31, 2022 | 18,076,050 | [1] | 21,214,155 | |
Exercisable as of March 31, 2022 | [1],[2] | 12,120,800 | ||
Balances as of December 31, 2021 | $ 4.15 | |||
Exercised | 2.49 | |||
Cancelled/forfeited | 7.89 | |||
Balances as of March 31, 2022 | 3.99 | [1] | $ 4.15 | |
Exercisable as of March 31, 2022 | [2] | $ 2.86 | ||
Weighted average remaining contractual life (years), outstanding | 7 years 10 months 17 days | [1] | 8 years 1 month 13 days | |
Weighted average remaining contractual life (years), Exercisable | [2] | 7 years 5 months 23 days | ||
Balances as of December 31, 2021 | $ 1,035,039 | |||
Balances as of March 31, 2022 | 261,018 | [1] | $ 1,035,039 | |
Exercisable as of March 31, 2022 | [1],[2] | $ 188,721 | ||
[1] | As no forfeitures are estimated due to the Company's adoption of ASU No. 2016-09, all options are vested or expected to vest. As of March 31, 2022, no options were outstanding that were subject to a future performance condition | |||
[2] | Exercisable shares include vested options as well as unvested shares that can be early exercised |
Stockholders' Equity (Deficit_7
Stockholders' Equity (Deficit) and Equity Incentive Plans - Schedule of RSU Activity (Details) - RSUs Outstanding | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Class Of Stock [Line Items] | |
Balance as of December 31, 2021 | shares | 1,716,614 |
Granted | shares | 2,463,780 |
Vested | shares | (30,905) |
Cancelled/forfeited | shares | (58,820) |
Balance as of March 31, 2022 | shares | 4,090,669 |
Balance as of December 31, 2021 | $ / shares | $ 38.40 |
Granted | $ / shares | 22.53 |
Vested | $ / shares | 30.86 |
Cancelled/forfeited | $ / shares | 55.01 |
Balance as of March 31, 2022 | $ / shares | $ 28.66 |
Stockholders' Equity (Deficit_8
Stockholders' Equity (Deficit) and Equity Incentive Plans - Schedule of Stock Based Compensation Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Class Of Stock [Line Items] | ||
Total stock-based compensation expense | $ 13,503 | $ 2,577 |
Cost of Revenue [Member] | ||
Class Of Stock [Line Items] | ||
Total stock-based compensation expense | 922 | 236 |
Research and Development [Member] | ||
Class Of Stock [Line Items] | ||
Total stock-based compensation expense | 4,284 | 910 |
Sales and Marketing [Member] | ||
Class Of Stock [Line Items] | ||
Total stock-based compensation expense | 3,240 | 823 |
General and Administrative [Member] | ||
Class Of Stock [Line Items] | ||
Total stock-based compensation expense | $ 5,057 | $ 608 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 1.40% | 4.50% |
Operating Lease (Additional Inf
Operating Lease (Additional Information) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Leases [Abstract] | |
Rent Expense | $ 1.1 |
Operating Leases - Components o
Operating Leases - Components of lease expense (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 807 |
Short-term lease cost | 141 |
Total lease cost | $ 948 |
Weighted average remaining term (years) | 3 years 6 months 25 days |
Weighted average discount rate | 2.92% |
Operating Leases - Summary of S
Operating Leases - Summary of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 500 | $ 0 |
Cash paid for operating lease liabilities | $ 269 | $ 0 |
Operating Leases - Schedule of
Operating Leases - Schedule of Operating Lease, Liability, Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Remainder of 2022 | $ 2,775 | $ 2,767 |
2023 | 3,943 | 3,883 |
2024 | 3,914 | 3,988 |
2025 | 3,127 | 3,207 |
2026 and thereafter | 400 | 463 |
Total minimum lease payments | 14,159 | $ 14,308 |
Less: imputed interest | (732) | |
Total operating lease liabilities | $ 13,427 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net loss attributable to Class A and Class B common stockholders | $ (22,220) | $ (6,439) |
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted | 109,553 | 27,926 |
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted | $ (0.20) | $ (0.23) |
Net Loss Per Share - Schedule_2
Net Loss Per Share - Schedule of Ant-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share | 23,434 | 94,128 |
Redeemable Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share | 0 | 61,717 |
Warrants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share | 0 | 7 |
Non-plan Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share | 0 | 36 |
Equity Plan Stock Options Outstanding | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share | 18,076 | 29,424 |
Equity Plan Stock Options Early Exercised | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share | 607 | 373 |
Restricted Stock Units Outstanding | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share | 4,091 | 2,571 |
Restricted Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share | 332 | 0 |
Shares issuable pursuant to the ESPP | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted net loss per share | 328 | 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Restricted Stock Units (RSUs) [Member] - Subsequent Event [Member] shares in Millions, $ in Millions | 1 Months Ended |
Apr. 30, 2022USD ($)shares | |
Subsequent Event [Line Items] | |
Vesting period of units issued | 4 years |
Issuance of shares to employees, grant date fair value | $ | $ 11.4 |
Issuance of shares to employees with service based vesting conditions | shares | 0.6 |