Qualys (QLYS) 10-Q5 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-35662
Entity Registrant Name	QUALYS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0534145
Entity Address, Address Line One	919 E. Hillsdale Boulevard, 4th Floor
Entity Address, City or Town	Foster City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94404
City Area Code	650
Local Phone Number	801-6100
Title of 12(b) Security	Common stock, $0.001 par value per share
Trading Symbol	QLYS
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		36,590,452
Entity Central Index Key	0001107843
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 235,430	$ 203,665
Restricted cash	0	1,500
Short-term marketable securities	150,913	221,893
Accounts receivable, net of allowance of $1,154 and $778 as of September 30, 2024 and December 31, 2023, respectively	114,967	146,226
Prepaid expenses and other current assets	35,307	26,714
Total current assets	536,617	599,998
Long-term marketable securities	186,680	56,644
Property and equipment, net	27,343	32,599
Operating leases - right of use asset	41,294	22,391
Deferred tax assets, net	77,730	62,761
Intangible assets, net	7,451	9,715
Goodwill	7,447	7,447
Noncurrent restricted cash	1,200	1,200
Other noncurrent assets	22,561	19,863
Total assets	908,323	812,618
Current liabilities:
Accounts payable	1,422	988
Accrued liabilities	39,960	43,096
Deferred revenues, current	337,821	333,267
Operating lease liabilities, current	9,333	11,857
Total current liabilities	388,536	389,208
Deferred revenues, noncurrent	23,116	31,671
Operating lease liabilities, noncurrent	38,266	16,885
Other noncurrent liabilities	8,810	6,680
Total liabilities	458,728	444,444
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock: $0.001 par value; 20,000 shares authorized, no shares issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Common stock: $0.001 par value; 1,000,000 shares authorized, 36,640 and 36,909 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	37	37
Additional paid-in capital	642,435	597,921
Accumulated other comprehensive loss	(293)	(1,704)
Accumulated deficit	(192,584)	(228,080)
Total stockholders’ equity	449,595	368,174
Total liabilities and stockholders’ equity	$ 908,323	$ 812,618

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance	$ 1,154	$ 778
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	20,000	20,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, shares issued (in shares)	36,640	36,909
Common stock, shares outstanding (in shares)	36,640	36,909

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 153,867	$ 141,996	$ 448,380	$ 409,888
Cost of revenues	28,832	26,739	82,445	80,355
Gross profit	125,035	115,257	365,935	329,533
Operating expenses:
Research and development	28,901	27,782	83,550	83,001
Sales and marketing	32,686	27,881	94,240	79,750
General and administrative	18,494	15,999	50,362	45,182
Total operating expenses	80,081	71,662	228,152	207,933
Income from operations	44,954	43,595	137,783	121,600
Other income (expense), net:
Interest income	6,764	5,136	19,590	11,342
Other income (expense), net	605	(708)	(1,381)	(1,883)
Total other income, net	7,369	4,428	18,209	9,459
Income before income taxes	52,323	48,023	155,992	131,059
Income tax provision	6,111	1,508	26,277	20,057
Net income	$ 46,212	$ 46,515	$ 129,715	$ 111,002
Net income per share:
Basic (in USD per share)	$ 1.26	$ 1.27	$ 3.52	$ 3.01
Diluted (in USD per share)	$ 1.24	$ 1.24	$ 3.46	$ 2.96
Weighted average shares used in computing net income per share:
Basic (in shares)	36,762	36,766	36,877	36,891
Diluted (in shares)	37,136	37,448	37,441	37,516

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 46,212	$ 46,515	$ 129,715	$ 111,002
Other comprehensive income (loss), net of tax
Net change in unrealized gains on available-for-sale debt securities, net of tax	2,256	339	1,628	1,782
Net change in unrealized gains (losses) on cash flow hedges, net of tax	(2,015)	510	(217)	(702)
Other comprehensive income, net of tax	241	849	1,411	1,080
Comprehensive income	$ 46,453	$ 47,364	$ 131,126	$ 112,082

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flow from operating activities:
Net income	$ 129,715	$ 111,002
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	14,410	21,140
Provision for credit losses	411	230
Loss on non-marketable securities	0	533
Stock-based compensation, net of amounts capitalized	56,454	50,560
Accretion of discount on marketable securities, net	(5,231)	(3,502)
Deferred income taxes	(15,374)	(11,561)
Changes in operating assets and liabilities:
Accounts receivable	30,848	18,137
Prepaid expenses and other assets	(9,900)	(4,804)
Accounts payable	391	(1,428)
Accrued liabilities and other noncurrent liabilities	(1,351)	8,211
Deferred revenues	(4,001)	22,248
Net cash provided by operating activities	196,372	210,766
Cash flow from investing activities:
Purchases of marketable securities	(305,952)	(252,438)
Sales and maturities of marketable securities	252,940	212,202
Purchases of property and equipment	(6,497)	(7,263)
Net cash used in investing activities	(59,509)	(47,499)
Cash flow from financing activities:
Repurchase of common stock	(97,188)	(147,725)
Proceeds from exercise of stock options	8,311	28,384
Payments for taxes related to net share settlement of equity awards	(23,093)	(14,998)
Proceeds from issuance of common stock through employee stock purchase plan	6,872	6,077
Payment of acquisition-related holdback	(1,500)	0
Net cash used in financing activities	(106,598)	(128,262)
Net increase in cash, cash equivalents and restricted cash	30,265	35,005
Cash, cash equivalents and restricted cash at beginning of period	206,365	176,419
Cash, cash equivalents and restricted cash at end of period	$ 236,630	$ 211,424

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		37,362
Beginning balance at Dec. 31, 2022	$ 289,129	$ 37	$ 512,486	$ (1,947)	$ (221,447)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	29,105				29,105
Other comprehensive income (loss), net of tax	376			376
Issuance of common stock upon exercise of stock options (in shares)		61
Issuance of common stock upon exercise of stock options	2,328		2,328
Repurchase of common stock (in shares)		(584)
Repurchase of common stock	(67,032)		(7,014)		(60,018)
Issuance of common stock upon vesting of restricted stock units (in shares)		108
Taxes related to net share settlement of equity awards (in shares)		(43)
Taxes related to net share settlement of equity awards	(5,105)		(5,105)
Issuance of common stock through employee stock purchase plan (in shares)		29
Issuance of common stock through employee stock purchase plan	2,988		2,988
Stock-based compensation	16,033		16,033
Ending balance (in shares) at Mar. 31, 2023		36,933
Ending balance at Mar. 31, 2023	267,822	$ 37	521,716	(1,571)	(252,360)
Beginning balance (in shares) at Dec. 31, 2022		37,362
Beginning balance at Dec. 31, 2022	289,129	$ 37	512,486	(1,947)	(221,447)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	111,002
Other comprehensive income (loss), net of tax	1,080
Ending balance (in shares) at Sep. 30, 2023		36,796
Ending balance at Sep. 30, 2023	322,917	$ 37	568,088	(867)	(244,341)
Beginning balance (in shares) at Mar. 31, 2023		36,933
Beginning balance at Mar. 31, 2023	267,822	$ 37	521,716	(1,571)	(252,360)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	35,382				35,382
Other comprehensive income (loss), net of tax	(145)			(145)
Issuance of common stock upon exercise of stock options (in shares)		101
Issuance of common stock upon exercise of stock options	4,820		4,820
Repurchase of common stock (in shares)		(346)
Repurchase of common stock	(42,492)		(4,157)		(38,335)
Issuance of common stock upon vesting of restricted stock units (in shares)		96
Taxes related to net share settlement of equity awards (in shares)		(38)
Taxes related to net share settlement of equity awards	(4,389)		(4,389)
Stock-based compensation	16,020		16,020
Ending balance (in shares) at Jun. 30, 2023		36,746
Ending balance at Jun. 30, 2023	277,018	$ 37	534,010	(1,716)	(255,313)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	46,515				46,515
Other comprehensive income (loss), net of tax	849			849
Issuance of common stock upon exercise of stock options (in shares)		239
Issuance of common stock upon exercise of stock options	21,236		21,236
Repurchase of common stock (in shares)		(273)
Repurchase of common stock	(38,822)	$ 0	(3,279)		(35,543)
Issuance of common stock upon vesting of restricted stock units (in shares)		92
Taxes related to net share settlement of equity awards (in shares)		(39)
Taxes related to net share settlement of equity awards	(5,504)		(5,504)
Issuance of common stock through employee stock purchase plan (in shares)		31
Issuance of common stock through employee stock purchase plan	3,089		3,089
Stock-based compensation	18,536		18,536
Ending balance (in shares) at Sep. 30, 2023		36,796
Ending balance at Sep. 30, 2023	322,917	$ 37	568,088	(867)	(244,341)
Beginning balance (in shares) at Dec. 31, 2023		36,909
Beginning balance at Dec. 31, 2023	368,174	$ 37	597,921	(1,704)	(228,080)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	39,731				39,731
Other comprehensive income (loss), net of tax	697			697
Issuance of common stock upon exercise of stock options (in shares)		46
Issuance of common stock upon exercise of stock options	2,770		2,770
Repurchase of common stock (in shares)		(105)
Repurchase of common stock	(18,029)		(627)		(17,402)
Issuance of common stock upon vesting of restricted stock units (in shares)		149
Taxes related to net share settlement of equity awards (in shares)		(66)
Taxes related to net share settlement of equity awards	(11,808)		(11,808)
Issuance of common stock through employee stock purchase plan (in shares)		29
Issuance of common stock through employee stock purchase plan	3,608		3,608
Stock-based compensation	19,059		19,059
Ending balance (in shares) at Mar. 31, 2024		36,962
Ending balance at Mar. 31, 2024	404,202	$ 37	610,923	(1,007)	(205,751)
Beginning balance (in shares) at Dec. 31, 2023		36,909
Beginning balance at Dec. 31, 2023	368,174	$ 37	597,921	(1,704)	(228,080)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	129,715
Other comprehensive income (loss), net of tax	$ 1,411
Issuance of common stock upon exercise of stock options (in shares)	161
Ending balance (in shares) at Sep. 30, 2024		36,640
Ending balance at Sep. 30, 2024	$ 449,595	$ 37	642,435	(293)	(192,584)
Beginning balance (in shares) at Mar. 31, 2024		36,962
Beginning balance at Mar. 31, 2024	404,202	$ 37	610,923	(1,007)	(205,751)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	43,772				43,772
Other comprehensive income (loss), net of tax	473			473
Issuance of common stock upon exercise of stock options (in shares)		61
Issuance of common stock upon exercise of stock options	3,200		3,200
Repurchase of common stock (in shares)		(233)
Repurchase of common stock	(35,063)		(1,395)		(33,668)
Issuance of common stock upon vesting of restricted stock units (in shares)		91
Taxes related to net share settlement of equity awards (in shares)		(35)
Taxes related to net share settlement of equity awards	(5,903)		(5,903)
Stock-based compensation	17,114		17,114
Ending balance (in shares) at Jun. 30, 2024		36,846
Ending balance at Jun. 30, 2024	427,795	$ 37	623,939	(534)	(195,647)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	46,212				46,212
Other comprehensive income (loss), net of tax	241			241
Issuance of common stock upon exercise of stock options (in shares)		54
Issuance of common stock upon exercise of stock options	2,341		2,341
Repurchase of common stock (in shares)		(344)
Repurchase of common stock	(45,213)		(2,064)		(43,149)
Issuance of common stock upon vesting of restricted stock units (in shares)		91
Taxes related to net share settlement of equity awards (in shares)		(38)
Taxes related to net share settlement of equity awards	(5,382)		(5,382)
Issuance of common stock through employee stock purchase plan (in shares)		31
Issuance of common stock through employee stock purchase plan	3,264		3,264
Stock-based compensation	20,337		20,337
Ending balance (in shares) at Sep. 30, 2024		36,640
Ending balance at Sep. 30, 2024	$ 449,595	$ 37	$ 642,435	$ (293)	$ (192,584)

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	Description of Business and Summary of Significant Accounting Policies Description of Business Qualys, Inc. (the “Company”, "we", "us", "our") was incorporated in the state of Delaware on December 30, 1999. The Company is headquartered in Foster City, California and has wholly-owned subsidiaries throughout the world. The Company is a leading provider of cloud-based information technology ("IT"), security and compliance solutions that enable organizations to identify security risks to their IT infrastructures, help protect their IT systems and applications from ever-evolving cyber-attacks and achieve compliance with internal policies and external regulations. The Company’s cloud solutions address the growing security and compliance complexities and risks that are amplified by the dissolving boundaries between internal and external IT infrastructures and web environments, the rapid adoption of cloud computing and the proliferation of geographically dispersed IT assets. Organizations can use the Company’s integrated suite of solutions delivered on Qualys' Enterprise TruRisk Platform to cost-effectively obtain a unified view of their security and compliance posture across globally-distributed IT infrastructures. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and condensed footnotes have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information as well as the instructions to Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Certain information and disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet as of December 31, 2023, included herein, was derived from the audited financial statements as of that date but does not include all disclosures, including notes required by U.S. GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the financial position, results of operations and cash flows for the interim periods. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results of operations expected for the entire year ending December 31, 2024 or for any other future annual or interim periods. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 22, 2024. Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the condensed consolidated financial statements and the reported results of operations during the reporting period. The Company’s management regularly assesses these estimates, which primarily affect revenue recognition, allowance for credit loss, the valuation of goodwill and intangible assets, leases, stock-based compensation and income tax provision. Actual results could differ from those estimates and such differences may be material to the accompanying unaudited condensed consolidated financial statements. Recently Adopted Accounting Pronouncements None. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07 requiring enhanced segment disclosures. The ASU requires disclosure of significant segment expenses regularly provided to the chief operating decision maker ("CODM") included within segment operating profit or loss. Additionally, the ASU requires a description of how the CODM utilizes segment operating profit or loss to assess segment performance. The requirements of the ASU are effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company's annual reporting requirements will be effective for fiscal 2024 and interim reporting requirements will be effective beginning with the first quarter of fiscal 2025. Early adoption is permitted and retrospective application is required for all periods presented. The Company is in the process of analyzing the impact of the ASU on related disclosures. In December 2023, the FASB issued ASU 2023-09 requiring improvements to income tax disclosures. The new ASU requires disclosure of disaggregated information about the effective tax rate and income taxes paid. The requirements of the ASU are effective for annual periods beginning after December 15, 2024 and are to be applied on a prospective basis. The Company's annual reporting requirements will be effective for fiscal year 2025. Companies can choose to early adopt and apply the guidance retrospectively. The Company is in the process of analyzing the impact of the ASU on related disclosures. There have been no material changes to the Company’s significant accounting policies set forth in "Note 1" of Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. For certain of the Company’s financial instruments, including certain cash equivalents, accounts receivable, accounts payable and accrued liabilities, the carrying amounts approximate their fair values due to the relatively short maturity of these balances. The Company measures and reports certain cash equivalents, marketable securities, derivative foreign currency forward contracts at fair value in accordance with the provisions of the authoritative accounting guidance that addresses fair value measurements. This guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities. Level 2 - Valuations based on other than quoted prices in active markets for identical assets and liabilities, including quoted prices for identical assets or liabilities in less active or inactive markets, quoted prices for similar assets or liabilities in active markets, or inputs other than quoted prices that are observable for substantially the full term of the assets or liabilities. Level 3 - Valuations based on inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The Company's financial instruments consist of assets and liabilities measured using Level 1 and 2 inputs. Level 1 assets include a highly liquid money market fund, which is valued using unadjusted quoted prices that are available in an active market for an identical asset. Level 2 assets include fixed-income U.S. Treasury and government agency securities, commercial paper, corporate bonds, asset-backed securities and derivative financial instruments consisting of foreign currency forward contracts. The securities, bonds and commercial paper are valued using prices from independent pricing services based on quoted prices of identical instruments in less active or inactive markets, quoted prices of similar instruments in active markets, or industry models using data inputs such as interest rates and prices that can be directly observed or corroborated in active markets. The foreign currency forward contracts are valued using observable inputs, such as quotations on forward foreign exchange points and foreign interest rates. The following table sets forth by level within the fair value hierarchy the fair value of the Company's financial assets and liabilities measured at fair value on a recurring basis: September 30, 2024 Level 1 Level 2 Fair Value (in thousands) Money market funds $ 2,172 $ — $ 2,172 Commercial paper — 14,383 14,383 U.S. Treasury and government agencies — 231,248 231,248 Corporate bonds — 121,371 121,371 Asset-backed securities — 8,838 8,838 Foreign currency forward contracts — 19 19 Total assets $ 2,172 $ 375,859 $ 378,031 Foreign currency forward contracts $ — $ 2,569 $ 2,569 Total liabilities $ — $ 2,569 $ 2,569 December 31, 2023 Level 1 Level 2 Fair Value (in thousands) Money market funds $ 87 $ — $ 87 Commercial paper — 54,279 54,279 U.S. Treasury and government agencies — 208,536 208,536 Corporate bonds — 56,465 56,465 Asset-backed securities — 13,881 13,881 Foreign currency forward contracts — 111 111 Total assets $ 87 $ 333,272 $ 333,359 Foreign currency forward contracts $ — $ 1,986 $ 1,986 Total liabilities $ — $ 1,986 $ 1,986 There were no transfers between Level 1, Level 2 and Level 3 categories during the three and nine months ended September 30, 2024 and 2023. Cash equivalent and investments The Company's cash equivalents and marketable securities consist of the following: September 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Cash equivalents: (1) Money market funds $ 2,172 $ — $ — $ 2,172 Commercial paper 1,000 — — 1,000 U.S. Treasury and government agencies 37,247 1 (1) 37,247 Total 40,419 1 (1) 40,419 Short-term marketable securities: Commercial paper 13,376 8 (1) 13,383 Corporate bonds 38,697 148 (9) 38,836 U.S. Treasury and government agencies 98,450 252 (8) 98,694 Total 150,523 408 (18) 150,913 Long-term marketable securities: Corporate bonds 81,514 1,026 (5) 82,535 Asset-backed securities 8,725 113 — 8,838 U.S. Treasury and government agencies 94,556 759 (8) 95,307 Total 184,795 1,898 (13) 186,680 Total $ 375,737 $ 2,307 $ (32) $ 378,012 (1) Excludes cash of $195.0 million. December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Cash equivalents: (2) Money market funds $ 87 $ — $ — $ 87 U.S. Treasury and government agencies 54,620 4 — 54,624 Total 54,707 4 — 54,711 Short-term marketable securities: Commercial paper 54,254 32 (7) 54,279 Corporate bonds 23,013 1 (149) 22,865 U.S. Treasury and government agencies 144,901 52 (204) 144,749 Total 222,168 85 (360) 221,893 Long-term marketable securities: Corporate bonds 33,337 285 (22) 33,600 Asset-backed securities 13,785 102 (6) 13,881 U.S. Treasury and government agencies 9,116 49 (2) 9,163 Total 56,238 436 (30) 56,644 Total $ 333,113 $ 525 $ (390) $ 333,248 (2) Excludes cash of $149.0 million. The following table summarizes the gross unrealized losses and fair value of the Company's marketable securities that were in an unrealized loss position aggregated by length of time: September 30, 2024 Less than 12 months 12 months or longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (in thousands) Commercial paper $ 7,968 $ (1) $ — $ — $ 7,968 $ (1) Corporate bonds 10,730 (7) 668 (7) 11,398 (14) U.S. Treasury and government agencies 29,689 (17) — — 29,689 (17) Total $ 48,387 $ (25) $ 668 $ (7) $ 49,055 $ (32) December 31, 2023 Less than 12 months 12 months or longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (in thousands) Commercial paper $ 24,838 $ (7) $ — $ — $ 24,838 $ (7) Asset-backed securities — — 1,485 (6) 1,485 (6) Corporate bonds — — 20,717 (171) 20,717 (171) U.S. Treasury and government agencies 43,373 (18) 18,172 (188) 61,545 (206) Total $ 68,211 $ (25) $ 40,374 $ (365) $ 108,585 $ (390) The Company considered the extent to which any unrealized losses on its marketable securities were driven by credit risk and other factors, including market risk, and if it is more-likely-than-not that the Company would have to sell the security before the recovery of the amortized cost basis. At September 30, 2024 and December 31, 2023, the unrealized losses related to its marketable securities were due to higher market interest rates compared to when the investments were initiated. The Company does not believe the unrealized losses represent credit risk, and the Company does not intend to sell any of the securities in an unrealized loss position and it is not likely that the Company would be required to sell these securities before recovery of their amortized cost basis, which may be at maturity. Thus, no credit loss was recognized for the Company's marketable securities for the three and nine months ended September 30, 2024 and 2023. The following summarizes the fair value of marketable securities by contractual maturity: September 30, 2024 Amortized Cost Fair Value (in thousands) Due within One Year $ 190,942 $ 191,332 Due after One Year through Five Years 176,070 177,842 Asset-backed securities 8,725 8,838 Total $ 375,737 $ 378,012 Non-Marketable Securities During the fiscal year ended December 31, 2018, the Company invested $2.5 million in preferred stock of a privately-held company. The fair value of the investment is not readily available, and there are no quoted market prices for the investment. The Company accounts for the investment at cost less impairment and will measure the investment at fair value when the Company identifies observable price changes. The investment is assessed for impairment whenever events or changes in circumstances indicate that the fair value of the investment is less than carrying value. During the second quarter of 2023, the Company identified an observable price change in the investment and recognized an immaterial unrealized loss in other income (expense), net of the condensed consolidated statement of operations. The investment is included in other noncurrent assets on the condensed consolidated balance sheets. The Company has not received any dividends from the investment. Derivative Financial Instruments Designated cash flow hedges The Company enters into foreign currency forward contracts to reduce the risk of variability in future cash flow due to foreign currency exchange rate fluctuation from certain forecasted subscription revenue orders billed in British Pound ("GBP") and Euro ("EUR") and operating expenses incurred in Indian Rupee ("INR"), which are designated as cash flow hedges. Hedge effectiveness is assessed at inception and at each reporting period utilizing regression analysis. Unrealized foreign exchange gains or losses related to those designated cash flow hedge contracts are recorded in accumulated other comprehensive income ("AOCI") and will be reclassified into revenues or operating expenses, respectively, in the same periods when the hedged transactions are recognized in earnings. As of September 30, 2024, the Company had designated cash flow hedge forward contracts with notional amounts of €46.4 million, £18.0 million and Rs.4,273.0 million. As of December 31, 2023, the Company had designated cash flow hedge forward contracts with notional amounts of €48.5 million, £14.6 million and Rs.4,042.0 million. As of September 30, 2024 , the amount of net unrealized loss of $1.5 million before tax on the foreign currency forward contracts for GBP and EUR reported in AOCI is expected to be reclassified into revenue within the next 12 months. As of September 30, 2024 , an immaterial amount of net unrealized loss before tax on the foreign currency forward contracts for INR reported in AOCI is expected to be reclassified into operating expenses within the next 12 months. Non-designated forward contracts The Company also uses foreign currency forward contracts to hedge certain foreign currency denominated assets or liabilities, which are not designated as cash flow hedges. Unrealized foreign exchange gain or losses related to the non-designated forward contracts are recorded in other income (expenses), net and offset the foreign exchange gain or loss on the underlying net monetary assets or liabilities. As of September 30, 2024, the Company had non-designated forward contracts with notional amounts of €12.5 million, £5.1 million, Rs.1,208.0 million, and Canadian Dollar ("C$" or "CAD") 1.2 million. As of December 31, 2023, the Company had non-designated forward contracts with notional amounts of €19.2 million, £6.0 million, Rs.440.0 million, and C$1.0 million. The following summarizes the fair value of derivative financial instruments as of September 30, 2024 and December 31, 2023 : September 30, December 31, (in thousands) Assets Foreign currency forward contracts designated as cash flow hedge $ — $ 63 Foreign currency forward contracts not designated as hedging instruments 19 48 Total $ 19 $ 111 Liabilities Foreign currency forward contracts designated as cash flow hedge $ 2,474 $ 1,502 Foreign currency forward contracts not designated as hedging instruments 95 484 Total $ 2,569 $ 1,986 The Company presents its derivative assets and derivative liabilities at gross fair values in the condensed consolidated balance sheets. However, under the master netting agreements with the respective counterparties of the foreign exchange contracts, subject to applicable requirements, the Company is allowed to net settle transactions of the same currency with a single net amount payable by one party to the other. The potential offset to both assets and liabilities under the right of set-off associated with the Company's foreign currency exchange contracts are immaterial as of September 30, 2024 and December 31, 2023. The derivatives held by the Company are not subject to any credit contingent features negotiated with its counterparties. The Company is not required to pledge nor is entitled to receive cash collateral related to the above contracts. The counterparties to these derivatives are large, global financial institutions that the Company believes are creditworthy, and therefore, it does not consider the risk of counterparty nonperformance to be material. The following summarizes the gains (losses) recognized from forward contracts and other foreign currency transactions in other income (expense), net in the condensed consolidated statements of operations: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) (in thousands) Net gains (losses) from non-designated forward contracts $ (896) $ 540 $ (457) $ 690 Other foreign currency transactions gains (losses) 1,501 (1,248) (958) (1,979) Total foreign exchange gains (losses), net $ 605 $ (708) $ (1,415) $ (1,289)

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
Accumulated Other Comprehensive Income (Loss)	Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The components and changes in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023 were as follows: Available-for-Sale Debt Securities Cash Flow Hedges Total (in thousands) Balances at December 31, 2023 $ 108 $ (1,812) $ (1,704) Change in unrealized gains (losses) during the period (436) 1,222 786 Amount reclassified into income during the period — 218 218 Tax effect 29 (336) (307) Net change during the period (407) 1,104 697 Balances at March 31, 2024 $ (299) $ (708) $ (1,007) Change in unrealized gains (losses) during the period (221) 465 244 Amount reclassified into income during the period — 414 414 Tax effect — (185) (185) Net change during the period (221) 694 473 Balances at June 30, 2024 $ (520) $ (14) $ (534) Change in unrealized gains (losses) during the period 2,796 (3,065) (269) Amount reclassified into income during the period — 423 423 Tax effect (540) 627 87 Net change during the period 2,256 (2,015) 241 Balances at September 30, 2024 $ 1,736 $ (2,029) $ (293) Balances at December 31, 2022 $ (2,705) $ 758 $ (1,947) Change in unrealized gains (losses) during the period 1,131 (443) 688 Amount reclassified into income during the period — (534) (534) Tax effect — 222 222 Net change during the period 1,131 (755) 376 Balances at March 31, 2023 $ (1,574) $ 3 $ (1,571) Change in unrealized gains (losses) during the period 312 65 377 Amount reclassified into income during the period — (665) (665) Tax effect — 143 143 Net change during the period 312 (457) (145) Balances at June 30, 2023 $ (1,262) $ (454) $ (1,716) Change in unrealized gains (losses) during the period 339 1,249 1,588 Amount reclassified into income during the period — (580) (580) Tax effect — (159) (159) Net change during the period 339 510 849 Balances at September 30, 2023 $ (923) $ 56 $ (867) The effects on income before income taxes of amounts reclassified from AOCI to the condensed consolidated statements of operations were as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) (in thousands) Reclassification of AOCI - Cash flow hedges Revenues $ (320) $ 721 $ (974) $ 2,918 Cost of revenues (25) (32) (19) (262) Research and development (64) (89) (51) (724) Sales and marketing (6) (6) (5) (45) General and administrative (8) (14) (6) (108) Total $ (423) $ 580 $ (1,055) $ 1,779 There was no reclassification of AOCI to other income (expense), net related to Available-for-sale debt securities during the three and nine months ended September 30, 2024 and 2023.

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
Property and Equipment, Net	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net, consists of the following: September 30, December 31, (in thousands) Computer equipment $ 182,926 $ 179,002 Computer software 26,157 26,133 Leasehold improvements 21,894 20,924 Scanner appliances 18,661 18,369 Furniture, fixtures and equipment 5,087 6,699 Total property and equipment 254,725 251,127 Less: accumulated depreciation and amortization (227,382) (218,528) Property and equipment, net $ 27,343 $ 32,599 As of September 30, 2024 and December 31, 2023 , physical scanner appliances and other computer equipment that are or will be subject to leases by customers had a net carrying value of $9.4 million and $10.1 million, respectively, including assets that had not been placed in service of $5.8 million and $6.4 million, respectively. Depreciation and amortization expenses relating to property and equipment were $3.6 million and $5.8 million for the three months ended September 30, 2024 and 2023 , respectively, and $12.1 million and $18.4 million for the nine months ended September 30, 2024 and 2023, respectively, which were mainly recorded in cost of revenues in the condensed consolidated statements of operations.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
Revenue from Contracts with Customers	Sep. 30, 2024
Revenue Recognition [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers The Company records deferred revenue when cash payments are received or due in advance of its performance obligations offset by revenue recognized in the period. Revenues o f $66.8 million and $57.2 million were recognized during the three months ended September 30, 2024 and 2023 , respectively, and $296.5 million and $257.4 million were recognized during the nine months ended September 30, 2024 and 2023, respectively, which amounts were included in the deferred revenue balances of $364.9 million and $317.2 million as of December 31, 2023 and 2022 , respectively. The Company's payment terms vary by the type and location of its customers. The term between invoicing and when payment is due is not significant. In certain circumstances, based on the credit quality of the customer, the Company requires payment before the products or services are delivered to the customer. The following table sets forth the expected revenue from all remaining performance obligations as of September 30, 2024: (in thousands) 2024 (remaining three months) $ 63,367 2025 193,560 2026 100,797 2027 24,172 2028 1,018 2029 and thereafter 387 Total $ 383,301 Revenues allocated to remaining performance obligations represents the transaction price of noncancelable orders for which service has not been performed, which include deferred revenue and the amounts that will be invoiced and recognized as revenues in future periods from open contracts and excludes unexercised renewals. The Company applied the short-term contract exemption to exclude the remaining performance obligations that are part of a contract that has an original expected duration of one year or less. From time to time, the Company enters into contracts with customers that extend beyond one year, with certain of its customers electing to pay for more than one year of services upon contract execution. The Company concluded that these contracts did not contain a financing component. Revenues by sales channel are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (in thousands) (in thousands) Direct $ 81,636 $ 80,499 $ 242,065 $ 234,410 Partner 72,231 61,497 206,315 175,478 Total $ 153,867 $ 141,996 $ 448,380 $ 409,888 The Company utilizes partners to enable and accelerate the adoption of its cloud platform by increasing its distribution capabilities and market awareness of its cloud platform as well as by targeting geographic regions outside the reach of its direct sales force. The Company's channel partners maintain relationships with their customers throughout the territories in which they operate and provide their customers with services and third-party solutions to help meet those customers’ evolving security and compliance requirements. As such, these partners may offer the Company's IT security and compliance solutions in conjunction with one or more of their own products or services and act as a conduit through which the Company can connect with these prospective customers to offer its solutions. For sales involving a channel partner, the channel partner engages with the prospective customer directly and involves the Company's sales team as needed to assist in developing and closing an order. When a channel partner secures a sale, the Company sells the associated subscription to the channel partner who in turn resells the subscription to the customer. Sales to channel partners are made at a discount and revenues are recorded at this discounted price over the subscription terms. The Company does not have any influence or specific knowledge of its partners' selling terms with their customers. See Note 11 , "Segment and Geographic Area Information" for disaggregation of revenue by geographic area. Deferred costs to obtain contracts are as follows: September 30, December 31, (in thousands) Current $ 6,796 $ 5,858 Noncurrent $ 14,041 $ 11,844 For the three months ended September 30, 2024 and 2023 , the Company recognized $1.8 million and $1.5 million, respectively, of amortization expense relating to deferred costs to obtain contracts in sales and marketing expense in the condensed consolidated statements of operations. For the nine months ended September 30, 2024 and 2023 , the Company recognized $5.2 million and $4.4 million, respectively, of amortization expense relating to deferred costs to obtain contracts in sales and marketing expense in the condensed consolidated statements of operations. During the same periods, there was no impairment loss related to the deferred costs to obtain contracts. As of December 31, 2022, the net carrying value of the Company’s accounts receivable, current deferred revenues, and noncurrent deferred revenues were $121.8 million, $293.7 million and $23.5 million, respectively.

Intangible Assets, Net

Intangible Assets, Net	9 Months Ended
Intangible Assets, Net	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	Intangible Assets, Net Intangible assets consist primarily of developed technology and patent licenses acquired from business or asset acquisitions. Acquired intangibles are amortized on a straight-line basis over the respective estimated useful lives of the assets. The carrying values of intangible assets are as follows: September 30, 2024 (in thousands) Weighted Average Life (Years) Cost Accumulated Amortization Net Book Value Developed technology 4.6 $ 40,141 $ (32,730) $ 7,411 Patent licenses 14.0 1,387 (1,387) — Assembled workforce 2.0 359 (359) — Total intangibles subject to amortization $ 41,887 $ (34,476) $ 7,411 Intangible assets not subject to amortization 40 Total intangible assets, net $ 7,451 December 31, 2023 (in thousands) Weighted Average Life (Years) Cost Accumulated Amortization Net Book Value Developed technology 4.6 $ 40,141 $ (30,667) $ 9,474 Patent licenses 14.0 1,387 (1,322) 65 Assembled workforce 2.0 359 (223) 136 Total intangibles subject to amortization $ 41,887 $ (32,212) $ 9,675 Intangible assets not subject to amortization 40 Total intangible assets, net $ 9,715 Intangible asset amortization expense was $0.7 million and $0.8 million for the three months ended September 30, 2024 and 2023, respectively, and $2.3 million and $2.3 million f or the nine months ended September 30, 2024 and 2023, respectively. Intangible asset amortization expenses were primarily recorded in cost of revenues in the condensed consolidated statements of operations. As of September 30, 2024 , the Company expects amortization expense in future periods to be as follows: (in thousands) 2024 (remaining three months) $ 640 2025 2,556 2026 2,477 2027 1,738 Total expected future amortization expense $ 7,411

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2024
Leases [Abstract]
Leases	Leases The Company leases certain offices, computer equipment and its shared cloud platform facilities under non-cancelable operating leases for varying periods through 2030 . While under the Company's lease agreements the Company has options to extend its certain leases, the Company has not included renewal options in determining the lease terms for calculating its lease liabilities, as these options are not reasonably certain of being exercised. Lease expense was $4.5 million and $3.9 million for the three months ended September 30, 2024 and 2023, respectively, and $12.1 million and $12.1 million f or the nine months ended September 30, 2024 and 2023, respectively . Supplemental cash flow information related to operating leases was as follows: Nine Months Ended 2024 2023 (in thousands) Cash payments included in the measurement of lease liabilities $ 10,665 $ 11,350 Lease liabilities arising from obtaining right-of-use assets $ 28,157 $ 121 The weighted average remaining lease term and the weighted average discount rate of the Company's operating leases were as follows: September 30, December 31, Weighted average remaining lease term (years) 4.4 3.1 Weighted average discount rate 7.4 % 5.2 % Maturities of the Company's operating lease liabilities as of September 30, 2024 are as follows: (in thousands) 2024 (remaining three months) $ 2,865 2025 12,593 2026 12,194 2027 12,249 2028 9,473 2029 and thereafter 7,377 Total minimum lease payments 56,751 Less: interest (9,152) Present value of net minimum lease payments $ 47,599

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Indemnifications The Company from time to time enters into certain types of contracts that contingently require it to indemnify various parties against claims from third parties. These contracts primarily relate to (i) the Company's bylaws, under which it must indemnify directors and executive officers, and may indemnify other officers and employees, for liabilities arising out of their relationship, (ii) contracts under which the Company must indemnify directors and certain officers for liabilities arising out of their relationship, and (iii) contracts under which the Company may be required to indemnify customers or resellers from certain liabilities arising from potential infringement of intellectual property rights, as well as potential damages caused by limited product defects. To date, the Company has not incurred and has not recorded any liability in connection with such indemnifications. The Company maintains director and officer insurance, which may cover certain liabilities arising from its obligation to indemnify its directors.

Stockholders' Equity and Stock-

Stockholders' Equity and Stock-based Compensation	9 Months Ended
Stockholders' Equity and Stock-based Compensation	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity and Stock-based Compensation	Stockholders' Equity and Stock-based Compensation Equity Incentive Plans Restated 2012 Equity Incentive Plan On June 8, 2022 ("Effective Date"), the Company's stockholders approved the Amended and Restated 2012 Equity Incentive Plan (the "Restated 2012 Plan"). Under the Restated 2012 Plan, the Company is authorized to grant to eligible participants incentive stock options, nonstatutory stock options, restricted stock, restricted stock units ("RSUs"), stock appreciation rights, performance units and performance shares. Pursuant to the relevant plan provisions, 3,072 thousand shares were available for grant under the Restated 2012 Plan on the Effective Date. In addition, any outstanding awards or options granted under the previous version of the 2012 Equity Incentive Plan (“Previous 2012 Plan”) will be added back to the shares available for grant under the Restated 2012 Plan if they expire unexercised or are otherwise forfeited after the Effective Date. Any remaining shares available for grant under the Previous 2012 Plan as of the Effective Date were no longer available for future grants under the Restated 2012 Plan. On June 12, 2024, the Company's stockholders approved an amendment and restatement to the Restated 2012 Plan to increase the number of shares of the Company's common stock reserved for issuance by 1,092 thousand shares. As of September 30, 2024 , 2,562 thousand shares were available for grant under the Restated 2012 Plan. 2021 Employee Stock Purchase Plan On June 9, 2021, the Company’s stockholders approved the 2021 Employee Stock Purchase Plan (the “ESPP”). A total of 600 thousand shares were authorized for issuance to eligible participating employees upon adoption of the ESPP. The ESPP provides for consecutive 6-month offering periods beginning on or about August 16 and February 16 of each year. Eligible employees who elect to participate can contribute from 1% to 15% of their eligible compensation through payroll withholding. During any offering period, contribution rates cannot be changed. However, eligible employees may withdraw from the current offering period. Any contributions made prior to each purchase date in the case of withdrawal or termination of employment will be refunded. On each purchase date, eligible participating employees will purchase the shares at a price per share equal to 85% of the lesser of (i) the fair market value of the Company's stock on the first trading day of the offering period or (ii) the fair market value of the Company's stock on the purchase date (i.e., the last trading day of the offering period). During the nine months ended September 30, 2024 , 59 thousand shares were issued in connection with the purchase of common stock by participating employees. As of September 30, 2024 , 435 thousand shares were available for future purchases. Stock Options Stock options granted under the Restated 2012 Plan and Previous 2012 Plan (collectively, the "Plans") generally vest based on continued service over four years and expire ten years from the date of grant. A summary of the Company’s stock option activity during the nine months ended September 30, 2024 is as follows: Outstanding Options Weighted Average Exercise Weighted Average Remaining Aggregate Intrinsic Value (in thousands) (Years) (in thousands) Balance as of December 31, 2023 1,447 $ 97.98 6.5 $ 142,302 Granted 194 $ 161.93 Exercised (161) $ 51.48 Canceled (72) $ 130.47 Balance as of September 30, 2024 1,408 $ 110.47 6.5 $ 35,988 Vested and expected to vest as of September 30, 2024 1,268 $ 106.81 6.3 $ 35,653 Exercisable as of September 30, 2024 809 $ 88.39 5.0 $ 34,100 Restricted Stock Units RSUs granted under the Plans generally only contain a service-based vesting condition that is typically satisfied over four years. Performance-based Restricted Stock Units ("PRSUs") granted under the Plans contain both service-based and performance-based vesting conditions. In February 2024, the Company granted PRSUs to its executive officers and certain other members of its senior leadership team. The performance-based vesting condition is satisfied upon the achievement of certain Company annual performance targets, including revenue growth and adjusted EBITDA margin, set by the Compensation and Talent Committee of the board of directors of the Company. The target PRSUs are scheduled to vest in three under the Plans, any unvested PRSU award may be accelerated in part or in full upon the occurrence of certain events, such as death or disability, or a change in control, as defined in the grant agreement. A summary of the Company’s RSU activity, inclusive of PRSU activity, during the nine months ended September 30, 2024 is as follows: Outstanding RSUs Weighted Average Grant Date Fair Value (in thousands) Balance as of December 31, 2023 1,074 (1) $ 133.60 Granted 410 (2) $ 159.26 Vested (332) (3) $ 127.84 Forfeited (178) (4) $ 139.68 Balance as of September 30, 2024 974 (5) $ 145.25 Outstanding and expected to vest as of September 30, 2024 733 $ 142.66 (1) Included 139 thousand PRSUs granted to certain executive officers in 2023, 2022 and 2021. (2) Included 156 thousand PRSUs granted to certain executive officers in the nine months ended September 30, 2024. (3) Included 64 thousand PRSUs granted to certain executive officers in 2023, 2022 and 2021. (4) Included 70 thousand PRSUs granted to certain executive officers in 2023, 2022 and 2021. (5) Included 161 thousand PRSUs granted to certain executive officers in 2024, 2023, 2022 and 2021. Stock-based Compensation The following table shows a summary of the stock-based compensation expense included in the condensed consolidated statements of operations: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) (in thousands) Cost of revenues $ 2,081 $ 1,946 $ 5,967 $ 5,255 Research and development 5,448 5,671 15,911 15,734 Sales and marketing 3,649 3,229 11,020 8,580 General and administrative 9,159 7,676 23,556 20,991 Total stock-based compensation, net of amounts capitalized (1) $ 20,337 $ 18,522 $ 56,454 $ 50,560 (1) Total stock-based compensation expense capitalized was de minimis during the three and nine months ended September 30, 2024. Of the total stock-based compensation expense in the table above, the Company recognized stock-based compensation expenses related to all PRSUs of $3.9 million and $2.7 million during the three months ended September 30, 2024 and 2023, respectively, and $8.0 million and $5.2 million f or the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024 , the Company had unrecognized stock-based compensation expenses of $21.6 million, $80.2 million, $3.9 million, and $1.0 million related to options, RSUs, PRSUs, and ESPP purchase rights, respectively, which are expected to be recognized over weighted-average periods of 2.4 years, 2.6 years, 0.3 years, and 0.4 years, respectively. Share Repurchase Program The Company's share repurchase program was authorized by the board of directors as follows: Announcement Date Authorized Dollar Value (in millions) February 12, 2018 $ 100.0 October 30, 2018 100.0 October 30, 2019 100.0 May 7, 2020 100.0 February 10, 2021 100.0 November 3, 2021 200.0 May 4, 2022 200.0 February 9, 2023 100.0 February 7, 2024 200.0 Total as of September 30, 2024 $ 1,200.0 Shares may be repurchased from time to time on the open market in accordance with Rule 10b-18 of the Exchange Act of 1934, including pursuant to a pre-set trading plan adopted in accordance with Rule 10b5-1 under the Exchange Act. All share repurchases have been made using cash resources. Repurchased shares are retired and reclassified as authorized and unissued shares of common stock. On retirement of the repurchased shares, common stock is reduced by an amount equal to the number of shares being retired multiplied by the par value. The excess amount that is retired over its par value is first allocated as a reduction to additional paid-in capital based on the original cost of additional paid-in capital per share of identified issuances. The remaining amount is allocated to accumulated deficit. During the nine months ended September 30, 2024 and 2023, the Company repurchased 681 thousand shares and 1,203 thousand shares of its common stock for approximately $98.0 million and $147.7 million, respectively. As of September 30, 2024, approximately $185.7 million remained available for share repurchases pursuant to the Company's share repurchase program. Excise tax on stock repurchases net of issue was immaterial to the Company's financial results and cash flows for the nine months ended September 30, 2024 and 2023 and the Company's financial position as of September 30, 2024 and December 31, 2023.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's income tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. The Company's quarterly tax provision, and estimate of its annual effective tax rate, is subject to variation due to several factors, including variability in pretax income (or loss), the mix of jurisdictions to which such income relates, changes in how the Company does business, tax law developments and possible outcomes of audits. The Company's estimated effective tax rate for the year differs from the U.S. statutory rate of 21% primarily due to non-deductible stock-based compensation expense, state taxes, the benefit of U.S. federal income tax credits, the impact of mandatory capitalization of research expenses for U.S. tax purposes, and the benefits related to foreign-derived intangible income deduction. The Company recorded an income tax provision of $6.1 million and $1.5 million for the three months ended September 30, 2024 and 2023, respectively, resulting in an effective tax rate of 11.7% and 3.1%, respectively. The increase in income tax provision for the three months ended September 30, 2024 compared to the three months ended September 30, 2023, was primarily due to the tax effect of an increase in pretax income and a decrease in excess tax benefits arising from stock-based compensation. The increase was partially offset by higher foreign derived intangible income benefit, higher research and development tax credits, and discrete tax adjustments. The Company recorded an income tax provision of $26.3 million and $20.1 million for the nine months ended September 30, 2024 and 2023, respectively, resulting in an effective tax rate of 16.8% and 15.3%, respectively. The increase in income tax provision for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, was primarily due to the tax effect of an increase in pretax income. The increase was partially offset by higher foreign derived intangible income benefit, higher research and development tax credits, and discrete tax adjustments. As of September 30, 2024, the Company had unrecognized tax benefits of $14.3 million, of which $7.8 million, if recognized, would favorably impact the Company's effective tax rate. As of December 31, 2023, the Company had unrecognized tax benefits of $11.9 million, of which $6.1 million, if recognized, would favorably impact the Company's effective tax rate. Due to various factors, including uncertainties of administrative and regulatory processes in certain jurisdictions, the timing of the resolution of these unrecognized tax benefits is uncertain. It is possible that within the next twelve months the Company may receive additional tax adjustments that could result in changes to the Company's unrecognized tax benefits related to positions on prior year tax filings.

Segment and Geographic Area Inf

Segment and Geographic Area Information	9 Months Ended
Segment and Geographic Area Information	Sep. 30, 2024
Segment Reporting [Abstract]
Segment and Geographic Area Information	Segment and Geographic Area Information Under ASC 280 Segment Reporting, operating segments are defined as components of an entity about which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company operates in one segment and has only one reportable segment. The Company’s chief operating decision maker is the Chief Executive Officer, who makes operating decisions, assesses performance and allocates resources on a consolidated basis. All of the Company’s principal operations and decision-making functions are located in the United States. Revenue by geographic area, based on the customer's billing address, is as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) (in thousands) United States $ 89,238 $ 85,377 $ 262,614 $ 246,348 Foreign 64,629 56,619 185,766 163,540 Total revenues $ 153,867 $ 141,996 $ 448,380 $ 409,888 Long-lived assets, which consist of Property and equipment, net and Operating leases - right of use asset, by geographic area, are as follows: September 30, December 31, (in thousands) United States $ 47,643 $ 42,622 India 19,404 9,952 Rest of world 1,590 2,416 Total Long-lived Assets $ 68,637 $ 54,990

Net Income Per Share

Net Income Per Share	9 Months Ended
Net Income Per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share The computations for basic and diluted net income per share are as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands, except per share data) (in thousands, except per share data) Numerator: Net income $ 46,212 $ 46,515 $ 129,715 $ 111,002 Denominator: Basic weighted average shares 36,762 36,766 36,877 36,891 Effect of potentially dilutive shares: Stock options 279 465 372 471 Restricted stock units 91 212 188 151 Employee stock purchase plan 4 5 4 3 Diluted weighted average shares 37,136 37,448 37,441 37,516 Net income per share: Basic $ 1.26 $ 1.27 $ 3.52 $ 3.01 Diluted $ 1.24 $ 1.24 $ 3.46 $ 2.96 Potentially dilutive shares not included in the calculation of diluted net income per share because doing so would be anti-dilutive are as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) (in thousands) Stock options 854 762 585 925 Restricted stock units 311 1 119 186 Employee stock purchase plan — 14 — 9 Total anti-dilutive shares 1,165 777 704 1,120

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 46,212	$ 43,772	$ 39,731	$ 46,515	$ 35,382	$ 29,105	$ 129,715	$ 111,002

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Jeffrey P. Hank [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 16, 2024, Jeffrey P. Hank, the chair of our board of directors, modified his existing Rule 10b5-1 trading arrangement dated November 21, 2023 (the “Original Plan”), which has the effect of terminating the Original Plan and adopting a new Rule 10b5-1 trading arrangement (the “New Plan”). The New Plan provides for the sale from time to time of an aggregate of up to 8,850 shares of our common stock plus an additional number of shares to be acquired on the date of the Company's 2025 Annual Meeting of Stockholders. Pursuant to the Company's non-employee director compensation program, each non-employee director who has served on our board of directors for at least six months prior to such date will be granted an annual award of restricted stock units on such day. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the New Plan is until June 30, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	Jeffrey P. Hank
Title	chair of our board of directors
Expiration Date	June 30, 2025
Aggregate Available	8,850	8,850
Joo Mi Kim [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 21, 2024, Joo Mi Kim, our Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 54,319 shares of our common stock, which represents the gross number of shares authorized to be sold during the duration of the plan, before excluding any shares withheld by the company to satisfy its income tax withholding in connection with the net settlement of the equity awards. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until November 20, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	Joo Mi Kim
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 21, 2024
Expiration Date	November 20, 2025
Arrangement Duration	456 days
Aggregate Available	54,319	54,319
Bruce Posey [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 21, 2024, Bruce Posey, our Chief Legal Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 54,586 shares of our common stock, which represents the gross number of shares authorized to be sold during the duration of the plan, before excluding any shares withheld by the company to satisfy its income tax withholding in connection with the net settlement of the equity awards. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until December 2, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	Bruce Posey
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 21, 2024
Expiration Date	December 2, 2025
Arrangement Duration	468 days
Aggregate Available	54,586	54,586
Original Plan [Member] \| Jeffrey P. Hank [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Terminated	true
Termination Date	August 16, 2024
Arrangement Duration	269 days
New Plan [Member] \| Jeffrey P. Hank [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 16, 2024
Arrangement Duration	318 days

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements and condensed footnotes have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information as well as the instructions to Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Certain information and disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated balance sheet as of December 31, 2023, included herein, was derived from the audited financial statements as of that date but does not include all disclosures, including notes required by U.S. GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the financial position, results of operations and cash flows for the interim periods. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results of operations expected for the entire year ending December 31, 2024 or for any other future annual or interim periods. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 22, 2024.
Use of Estimates	Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the condensed consolidated financial statements and the reported results of operations during the reporting period. The Company’s management regularly assesses these estimates, which primarily affect revenue recognition, allowance for credit loss, the valuation of goodwill and intangible assets, leases, stock-based compensation and income tax provision. Actual results could differ from those estimates and such differences may be material to the accompanying unaudited condensed consolidated financial statements.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements None. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07 requiring enhanced segment disclosures. The ASU requires disclosure of significant segment expenses regularly provided to the chief operating decision maker ("CODM") included within segment operating profit or loss. Additionally, the ASU requires a description of how the CODM utilizes segment operating profit or loss to assess segment performance. The requirements of the ASU are effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company's annual reporting requirements will be effective for fiscal 2024 and interim reporting requirements will be effective beginning with the first quarter of fiscal 2025. Early adoption is permitted and retrospective application is required for all periods presented. The Company is in the process of analyzing the impact of the ASU on related disclosures. In December 2023, the FASB issued ASU 2023-09 requiring improvements to income tax disclosures. The new ASU requires disclosure of disaggregated information about the effective tax rate and income taxes paid. The requirements of the ASU are effective for annual periods beginning after December 15, 2024 and are to be applied on a prospective basis. The Company's annual reporting requirements will be effective for fiscal year 2025. Companies can choose to early adopt and apply the guidance retrospectively. The Company is in the process of analyzing the impact of the ASU on related disclosures. There have been no material changes to the Company’s significant accounting policies set forth in "Note 1" of Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
Fair Value of Financial Instruments (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis	The following table sets forth by level within the fair value hierarchy the fair value of the Company's financial assets and liabilities measured at fair value on a recurring basis: September 30, 2024 Level 1 Level 2 Fair Value (in thousands) Money market funds $ 2,172 $ — $ 2,172 Commercial paper — 14,383 14,383 U.S. Treasury and government agencies — 231,248 231,248 Corporate bonds — 121,371 121,371 Asset-backed securities — 8,838 8,838 Foreign currency forward contracts — 19 19 Total assets $ 2,172 $ 375,859 $ 378,031 Foreign currency forward contracts $ — $ 2,569 $ 2,569 Total liabilities $ — $ 2,569 $ 2,569 December 31, 2023 Level 1 Level 2 Fair Value (in thousands) Money market funds $ 87 $ — $ 87 Commercial paper — 54,279 54,279 U.S. Treasury and government agencies — 208,536 208,536 Corporate bonds — 56,465 56,465 Asset-backed securities — 13,881 13,881 Foreign currency forward contracts — 111 111 Total assets $ 87 $ 333,272 $ 333,359 Foreign currency forward contracts $ — $ 1,986 $ 1,986 Total liabilities $ — $ 1,986 $ 1,986
Schedule of Cash Equivalents and Marketable Securities	The Company's cash equivalents and marketable securities consist of the following: September 30, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Cash equivalents: (1) Money market funds $ 2,172 $ — $ — $ 2,172 Commercial paper 1,000 — — 1,000 U.S. Treasury and government agencies 37,247 1 (1) 37,247 Total 40,419 1 (1) 40,419 Short-term marketable securities: Commercial paper 13,376 8 (1) 13,383 Corporate bonds 38,697 148 (9) 38,836 U.S. Treasury and government agencies 98,450 252 (8) 98,694 Total 150,523 408 (18) 150,913 Long-term marketable securities: Corporate bonds 81,514 1,026 (5) 82,535 Asset-backed securities 8,725 113 — 8,838 U.S. Treasury and government agencies 94,556 759 (8) 95,307 Total 184,795 1,898 (13) 186,680 Total $ 375,737 $ 2,307 $ (32) $ 378,012 (1) Excludes cash of $195.0 million. December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Cash equivalents: (2) Money market funds $ 87 $ — $ — $ 87 U.S. Treasury and government agencies 54,620 4 — 54,624 Total 54,707 4 — 54,711 Short-term marketable securities: Commercial paper 54,254 32 (7) 54,279 Corporate bonds 23,013 1 (149) 22,865 U.S. Treasury and government agencies 144,901 52 (204) 144,749 Total 222,168 85 (360) 221,893 Long-term marketable securities: Corporate bonds 33,337 285 (22) 33,600 Asset-backed securities 13,785 102 (6) 13,881 U.S. Treasury and government agencies 9,116 49 (2) 9,163 Total 56,238 436 (30) 56,644 Total $ 333,113 $ 525 $ (390) $ 333,248 (2) Excludes cash of $149.0 million.
Schedule of Gross Unrealized Losses and Fair Value of Marketable Securities in an Unrealized Loss Position	The following table summarizes the gross unrealized losses and fair value of the Company's marketable securities that were in an unrealized loss position aggregated by length of time: September 30, 2024 Less than 12 months 12 months or longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (in thousands) Commercial paper $ 7,968 $ (1) $ — $ — $ 7,968 $ (1) Corporate bonds 10,730 (7) 668 (7) 11,398 (14) U.S. Treasury and government agencies 29,689 (17) — — 29,689 (17) Total $ 48,387 $ (25) $ 668 $ (7) $ 49,055 $ (32) December 31, 2023 Less than 12 months 12 months or longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (in thousands) Commercial paper $ 24,838 $ (7) $ — $ — $ 24,838 $ (7) Asset-backed securities — — 1,485 (6) 1,485 (6) Corporate bonds — — 20,717 (171) 20,717 (171) U.S. Treasury and government agencies 43,373 (18) 18,172 (188) 61,545 (206) Total $ 68,211 $ (25) $ 40,374 $ (365) $ 108,585 $ (390)
Schedule of the Fair Value of Cash Equivalents and Marketable Securities by Contractual Maturity	The following summarizes the fair value of marketable securities by contractual maturity: September 30, 2024 Amortized Cost Fair Value (in thousands) Due within One Year $ 190,942 $ 191,332 Due after One Year through Five Years 176,070 177,842 Asset-backed securities 8,725 8,838 Total $ 375,737 $ 378,012
Schedule of Derivative Instruments	The following summarizes the fair value of derivative financial instruments as of September 30, 2024 and December 31, 2023 : September 30, December 31, (in thousands) Assets Foreign currency forward contracts designated as cash flow hedge $ — $ 63 Foreign currency forward contracts not designated as hedging instruments 19 48 Total $ 19 $ 111 Liabilities Foreign currency forward contracts designated as cash flow hedge $ 2,474 $ 1,502 Foreign currency forward contracts not designated as hedging instruments 95 484 Total $ 2,569 $ 1,986
Schedule of Gains (Losses) Recognized from Forward Contracts and Other Foreign Currency Transactions in Other Income (Expense)	The following summarizes the gains (losses) recognized from forward contracts and other foreign currency transactions in other income (expense), net in the condensed consolidated statements of operations: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) (in thousands) Net gains (losses) from non-designated forward contracts $ (896) $ 540 $ (457) $ 690 Other foreign currency transactions gains (losses) 1,501 (1,248) (958) (1,979) Total foreign exchange gains (losses), net $ 605 $ (708) $ (1,415) $ (1,289)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The components and changes in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023 were as follows: Available-for-Sale Debt Securities Cash Flow Hedges Total (in thousands) Balances at December 31, 2023 $ 108 $ (1,812) $ (1,704) Change in unrealized gains (losses) during the period (436) 1,222 786 Amount reclassified into income during the period — 218 218 Tax effect 29 (336) (307) Net change during the period (407) 1,104 697 Balances at March 31, 2024 $ (299) $ (708) $ (1,007) Change in unrealized gains (losses) during the period (221) 465 244 Amount reclassified into income during the period — 414 414 Tax effect — (185) (185) Net change during the period (221) 694 473 Balances at June 30, 2024 $ (520) $ (14) $ (534) Change in unrealized gains (losses) during the period 2,796 (3,065) (269) Amount reclassified into income during the period — 423 423 Tax effect (540) 627 87 Net change during the period 2,256 (2,015) 241 Balances at September 30, 2024 $ 1,736 $ (2,029) $ (293) Balances at December 31, 2022 $ (2,705) $ 758 $ (1,947) Change in unrealized gains (losses) during the period 1,131 (443) 688 Amount reclassified into income during the period — (534) (534) Tax effect — 222 222 Net change during the period 1,131 (755) 376 Balances at March 31, 2023 $ (1,574) $ 3 $ (1,571) Change in unrealized gains (losses) during the period 312 65 377 Amount reclassified into income during the period — (665) (665) Tax effect — 143 143 Net change during the period 312 (457) (145) Balances at June 30, 2023 $ (1,262) $ (454) $ (1,716) Change in unrealized gains (losses) during the period 339 1,249 1,588 Amount reclassified into income during the period — (580) (580) Tax effect — (159) (159) Net change during the period 339 510 849 Balances at September 30, 2023 $ (923) $ 56 $ (867)
Schedule of Amounts Reclassified from AOCI to the Statements of Operations	The effects on income before income taxes of amounts reclassified from AOCI to the condensed consolidated statements of operations were as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) (in thousands) Reclassification of AOCI - Cash flow hedges Revenues $ (320) $ 721 $ (974) $ 2,918 Cost of revenues (25) (32) (19) (262) Research and development (64) (89) (51) (724) Sales and marketing (6) (6) (5) (45) General and administrative (8) (14) (6) (108) Total $ (423) $ 580 $ (1,055) $ 1,779

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
Property and Equipment, Net (Tables)	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment, Net	Property and equipment, net, consists of the following: September 30, December 31, (in thousands) Computer equipment $ 182,926 $ 179,002 Computer software 26,157 26,133 Leasehold improvements 21,894 20,924 Scanner appliances 18,661 18,369 Furniture, fixtures and equipment 5,087 6,699 Total property and equipment 254,725 251,127 Less: accumulated depreciation and amortization (227,382) (218,528) Property and equipment, net $ 27,343 $ 32,599

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
Revenue from Contracts with Customers (Tables)	Sep. 30, 2024
Revenue Recognition [Abstract]
Schedule of Expected Revenue from Performance Obligations	The following table sets forth the expected revenue from all remaining performance obligations as of September 30, 2024: (in thousands) 2024 (remaining three months) $ 63,367 2025 193,560 2026 100,797 2027 24,172 2028 1,018 2029 and thereafter 387 Total $ 383,301
Schedule of Revenue by Sales Channel	Revenues by sales channel are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (in thousands) (in thousands) Direct $ 81,636 $ 80,499 $ 242,065 $ 234,410 Partner 72,231 61,497 206,315 175,478 Total $ 153,867 $ 141,996 $ 448,380 $ 409,888
Schedule of Deferred Costs to Obtain Contracts	Deferred costs to obtain contracts are as follows: September 30, December 31, (in thousands) Current $ 6,796 $ 5,858 Noncurrent $ 14,041 $ 11,844

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	9 Months Ended
Intangible Assets, Net (Tables)	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of the Carrying Value of Intangible Assets	The carrying values of intangible assets are as follows: September 30, 2024 (in thousands) Weighted Average Life (Years) Cost Accumulated Amortization Net Book Value Developed technology 4.6 $ 40,141 $ (32,730) $ 7,411 Patent licenses 14.0 1,387 (1,387) — Assembled workforce 2.0 359 (359) — Total intangibles subject to amortization $ 41,887 $ (34,476) $ 7,411 Intangible assets not subject to amortization 40 Total intangible assets, net $ 7,451 December 31, 2023 (in thousands) Weighted Average Life (Years) Cost Accumulated Amortization Net Book Value Developed technology 4.6 $ 40,141 $ (30,667) $ 9,474 Patent licenses 14.0 1,387 (1,322) 65 Assembled workforce 2.0 359 (223) 136 Total intangibles subject to amortization $ 41,887 $ (32,212) $ 9,675 Intangible assets not subject to amortization 40 Total intangible assets, net $ 9,715
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of September 30, 2024 , the Company expects amortization expense in future periods to be as follows: (in thousands) 2024 (remaining three months) $ 640 2025 2,556 2026 2,477 2027 1,738 Total expected future amortization expense $ 7,411

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2024
Leases [Abstract]
Schedule of Lease Cost	Supplemental cash flow information related to operating leases was as follows: Nine Months Ended 2024 2023 (in thousands) Cash payments included in the measurement of lease liabilities $ 10,665 $ 11,350 Lease liabilities arising from obtaining right-of-use assets $ 28,157 $ 121 The weighted average remaining lease term and the weighted average discount rate of the Company's operating leases were as follows: September 30, December 31, Weighted average remaining lease term (years) 4.4 3.1 Weighted average discount rate 7.4 % 5.2 %
Schedule of Lease Maturities	Maturities of the Company's operating lease liabilities as of September 30, 2024 are as follows: (in thousands) 2024 (remaining three months) $ 2,865 2025 12,593 2026 12,194 2027 12,249 2028 9,473 2029 and thereafter 7,377 Total minimum lease payments 56,751 Less: interest (9,152) Present value of net minimum lease payments $ 47,599

Stockholders' Equity and Stoc_2

Stockholders' Equity and Stock-based Compensation (Tables)	9 Months Ended
Stockholders' Equity and Stock-based Compensation (Tables)	Sep. 30, 2024
Equity [Abstract]
Schedule of Stock Option Activity	A summary of the Company’s stock option activity during the nine months ended September 30, 2024 is as follows: Outstanding Options Weighted Average Exercise Weighted Average Remaining Aggregate Intrinsic Value (in thousands) (Years) (in thousands) Balance as of December 31, 2023 1,447 $ 97.98 6.5 $ 142,302 Granted 194 $ 161.93 Exercised (161) $ 51.48 Canceled (72) $ 130.47 Balance as of September 30, 2024 1,408 $ 110.47 6.5 $ 35,988 Vested and expected to vest as of September 30, 2024 1,268 $ 106.81 6.3 $ 35,653 Exercisable as of September 30, 2024 809 $ 88.39 5.0 $ 34,100
Schedule of RSU Activity	A summary of the Company’s RSU activity, inclusive of PRSU activity, during the nine months ended September 30, 2024 is as follows: Outstanding RSUs Weighted Average Grant Date Fair Value (in thousands) Balance as of December 31, 2023 1,074 (1) $ 133.60 Granted 410 (2) $ 159.26 Vested (332) (3) $ 127.84 Forfeited (178) (4) $ 139.68 Balance as of September 30, 2024 974 (5) $ 145.25 Outstanding and expected to vest as of September 30, 2024 733 $ 142.66 (1) Included 139 thousand PRSUs granted to certain executive officers in 2023, 2022 and 2021. (2) Included 156 thousand PRSUs granted to certain executive officers in the nine months ended September 30, 2024. (3) Included 64 thousand PRSUs granted to certain executive officers in 2023, 2022 and 2021. (4) Included 70 thousand PRSUs granted to certain executive officers in 2023, 2022 and 2021. (5)
Schedule of Stock-Based Compensation Expense in Statements of Operations	The following table shows a summary of the stock-based compensation expense included in the condensed consolidated statements of operations: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) (in thousands) Cost of revenues $ 2,081 $ 1,946 $ 5,967 $ 5,255 Research and development 5,448 5,671 15,911 15,734 Sales and marketing 3,649 3,229 11,020 8,580 General and administrative 9,159 7,676 23,556 20,991 Total stock-based compensation, net of amounts capitalized (1) $ 20,337 $ 18,522 $ 56,454 $ 50,560 (1) Total stock-based compensation expense capitalized was de minimis during the three and nine months ended September 30, 2024.
Schedule of Share Repurchase Program	The Company's share repurchase program was authorized by the board of directors as follows: Announcement Date Authorized Dollar Value (in millions) February 12, 2018 $ 100.0 October 30, 2018 100.0 October 30, 2019 100.0 May 7, 2020 100.0 February 10, 2021 100.0 November 3, 2021 200.0 May 4, 2022 200.0 February 9, 2023 100.0 February 7, 2024 200.0 Total as of September 30, 2024 $ 1,200.0

Segment and Geographic Area I_2

Segment and Geographic Area Information (Tables)	9 Months Ended
Segment and Geographic Area Information (Tables)	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	Revenue by geographic area, based on the customer's billing address, is as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) (in thousands) United States $ 89,238 $ 85,377 $ 262,614 $ 246,348 Foreign 64,629 56,619 185,766 163,540 Total revenues $ 153,867 $ 141,996 $ 448,380 $ 409,888 Long-lived assets, which consist of Property and equipment, net and Operating leases - right of use asset, by geographic area, are as follows: September 30, December 31, (in thousands) United States $ 47,643 $ 42,622 India 19,404 9,952 Rest of world 1,590 2,416 Total Long-lived Assets $ 68,637 $ 54,990

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
Net Income Per Share (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computations for basic and diluted net income per share are as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands, except per share data) (in thousands, except per share data) Numerator: Net income $ 46,212 $ 46,515 $ 129,715 $ 111,002 Denominator: Basic weighted average shares 36,762 36,766 36,877 36,891 Effect of potentially dilutive shares: Stock options 279 465 372 471 Restricted stock units 91 212 188 151 Employee stock purchase plan 4 5 4 3 Diluted weighted average shares 37,136 37,448 37,441 37,516 Net income per share: Basic $ 1.26 $ 1.27 $ 3.52 $ 3.01 Diluted $ 1.24 $ 1.24 $ 3.46 $ 2.96
Schedule of Potentially Dilutive Shares Excluded from Diluted Net Income Per Share Calculation	Potentially dilutive shares not included in the calculation of diluted net income per share because doing so would be anti-dilutive are as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) (in thousands) Stock options 854 762 585 925 Restricted stock units 311 1 119 186 Employee stock purchase plan — 14 — 9 Total anti-dilutive shares 1,165 777 704 1,120

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Foreign currency forward contracts	$ 2,569	$ 1,986
Fair Value, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Money market funds	2,172	87
Commercial paper	14,383	54,279
U.S. Treasury and government agencies	231,248	208,536
Corporate bonds	121,371	56,465
Asset-backed securities	8,838	13,881
Foreign currency forward contracts	19	111
Total assets	378,031	333,359
Foreign currency forward contracts	2,569	1,986
Total liabilities	2,569	1,986
Level 1 \| Fair Value, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Money market funds	2,172	87
Commercial paper	0	0
U.S. Treasury and government agencies	0	0
Corporate bonds	0	0
Asset-backed securities	0	0
Foreign currency forward contracts	0	0
Total assets	2,172	87
Foreign currency forward contracts	0	0
Total liabilities	0	0
Level 2 \| Fair Value, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Money market funds	0	0
Commercial paper	14,383	54,279
U.S. Treasury and government agencies	231,248	208,536
Corporate bonds	121,371	56,465
Asset-backed securities	8,838	13,881
Foreign currency forward contracts	19	111
Total assets	375,859	333,272
Foreign currency forward contracts	2,569	1,986
Total liabilities	$ 2,569	$ 1,986

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Amortized Cost	$ 375,737	$ 333,113
Unrealized Gains	2,307	525
Unrealized Losses	(32)	(390)
Fair Value	378,012	333,248
Cash, excluded	195,000	149,000
Cash equivalents
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Amortized Cost	40,419	54,707
Unrealized Gains	1	4
Unrealized Losses	(1)	0
Fair Value	40,419	54,711
Short-term marketable securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Amortized Cost	150,523	222,168
Unrealized Gains	408	85
Unrealized Losses	(18)	(360)
Fair Value	150,913	221,893
Long-term marketable securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Amortized Cost	184,795	56,238
Unrealized Gains	1,898	436
Unrealized Losses	(13)	(30)
Fair Value	186,680	56,644
Commercial paper \| Short-term marketable securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Amortized Cost	13,376	54,254
Unrealized Gains	8	32
Unrealized Losses	(1)	(7)
Fair Value	13,383	54,279
Corporate bonds \| Short-term marketable securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Amortized Cost	38,697	23,013
Unrealized Gains	148	1
Unrealized Losses	(9)	(149)
Fair Value	38,836	22,865
Corporate bonds \| Long-term marketable securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Amortized Cost	81,514	33,337
Unrealized Gains	1,026	285
Unrealized Losses	(5)	(22)
Fair Value	82,535	33,600
Asset-backed securities \| Long-term marketable securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Amortized Cost	8,725	13,785
Unrealized Gains	113	102
Unrealized Losses	0	(6)
Fair Value	8,838	13,881
U.S. Treasury and government agencies \| Short-term marketable securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Amortized Cost	98,450	144,901
Unrealized Gains	252	52
Unrealized Losses	(8)	(204)
Fair Value	98,694	144,749
U.S. Treasury and government agencies \| Long-term marketable securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Amortized Cost	94,556	9,116
Unrealized Gains	759	49
Unrealized Losses	(8)	(2)
Fair Value	95,307	9,163
Money market funds \| Cash equivalents
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Amortized Cost	2,172	87
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	2,172	87
Commercial paper \| Cash equivalents
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Amortized Cost	1,000
Unrealized Gains	0
Unrealized Losses	0
Fair Value	1,000
U.S. Treasury and government agencies \| Cash equivalents
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Amortized Cost	37,247	54,620
Unrealized Gains	1	4
Unrealized Losses	(1)	0
Fair Value	$ 37,247	$ 54,624

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Summary of Securities in Unrealized Loss Positions (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Less than 12 months
Fair Value	$ 48,387	$ 68,211
Gross Unrealized Losses	(25)	(25)
12 months or longer
Fair Value	668	40,374
Gross Unrealized Losses	(7)	(365)
Total
Fair Value	49,055	108,585
Gross Unrealized Losses	(32)	(390)
Commercial paper
Less than 12 months
Fair Value	7,968	24,838
Gross Unrealized Losses	(1)	(7)
12 months or longer
Fair Value	0	0
Gross Unrealized Losses	0	0
Total
Fair Value	7,968	24,838
Gross Unrealized Losses	(1)	(7)
Asset-backed securities
Less than 12 months
Fair Value		0
Gross Unrealized Losses		0
12 months or longer
Fair Value		1,485
Gross Unrealized Losses		(6)
Total
Fair Value		1,485
Gross Unrealized Losses		(6)
Corporate bonds
Less than 12 months
Fair Value	10,730	0
Gross Unrealized Losses	(7)	0
12 months or longer
Fair Value	668	20,717
Gross Unrealized Losses	(7)	(171)
Total
Fair Value	11,398	20,717
Gross Unrealized Losses	(14)	(171)
U.S. Treasury and government agencies
Less than 12 months
Fair Value	29,689	43,373
Gross Unrealized Losses	(17)	(18)
12 months or longer
Fair Value	0	18,172
Gross Unrealized Losses	0	(188)
Total
Fair Value	29,689	61,545
Gross Unrealized Losses	$ (17)	$ (206)

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Summary of the Fair Value of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Due after Five Years through Ten Years	$ 190,942
Due after One Year through Five Years	176,070
Asset-backed securities	8,725
Amortized Cost	375,737	$ 333,113
Fair Value
Due within One Year	191,332
Due after One Year through Five Years	177,842
Asset-backed securities	8,838
Fair Value	$ 378,012	$ 333,248

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Narrative (Details) € in Millions, ₨ in Millions, £ in Millions, $ in Millions, $ in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 GBP (£)	Sep. 30, 2024 INR (₨)	Sep. 30, 2024 CAD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 INR (₨)	Dec. 31, 2023 CAD ($)	Dec. 31, 2018 USD ($)
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Investments										$ 2.5
Foreign Exchange Contract \| Designated as Hedging Instrument \| Cash Flow Hedging
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Derivative		€ 46.4	£ 18	₨ 4,273		€ 48.5	£ 14.6	₨ 4,042
Foreign Exchange Contract \| Not Designated as Hedging Instrument
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Derivative		€ 12.5	£ 5.1	₨ 1,208	$ 1.2	€ 19.2	£ 6	₨ 440	$ 1
Foreign Exchange Contracts for GBP and Euro \| Designated as Hedging Instrument \| Cash Flow Hedging
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Unrealized loss	$ 1.5

Fair Value of Financial Instr_8

Fair Value of Financial Instruments - Summary of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Foreign currency forward contracts, asset	$ 19	$ 111
Foreign currency forward contracts, liability	2,569	1,986
Designated as Hedging Instrument
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Foreign currency forward contracts, asset	0	63
Foreign currency forward contracts, liability	2,474	1,502
Not Designated as Hedging Instrument
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Foreign currency forward contracts, asset	19	48
Foreign currency forward contracts, liability	$ 95	$ 484

Fair Value of Financial Instr_9

Fair Value of Financial Instruments - Amounts Recognized In Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Net gains (losses) from non-designated forward contracts	$ (896)	$ 540	$ (457)	$ 690
Other foreign currency transactions gains (losses)	1,501	(1,248)	(958)	(1,979)
Total foreign exchange gains (losses), net	$ 605	$ (708)	$ (1,415)	$ (1,289)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components and Changes (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 427,795	$ 404,202	$ 368,174	$ 277,018	$ 267,822	$ 289,129	$ 368,174	$ 289,129
Change in unrealized gains (losses) during the period	(269)	244	786	1,588	377	688
Amount reclassified into income during the period	423	414	218	(580)	(665)	(534)
Tax effect	87	(185)	(307)	(159)	143	222
Other comprehensive income, net of tax	241	473	697	849	(145)	376	1,411	1,080
Ending balance	449,595	427,795	404,202	322,917	277,018	267,822	449,595	322,917
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(534)	(1,007)	(1,704)	(1,716)	(1,571)	(1,947)	(1,704)	(1,947)
Other comprehensive income, net of tax	241	473	697	849	(145)	376
Ending balance	(293)	(534)	(1,007)	(867)	(1,716)	(1,571)	(293)	(867)
Available-for-Sale Debt Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(520)	(299)	108	(1,262)	(1,574)	(2,705)	108	(2,705)
Change in unrealized gains (losses) during the period	2,796	(221)	(436)	339	312	1,131
Amount reclassified into income during the period	0	0	0	0	0	0
Tax effect	(540)	0	29	0	0	0
Other comprehensive income, net of tax	2,256	(221)	(407)	339	312	1,131
Ending balance	1,736	(520)	(299)	(923)	(1,262)	(1,574)	1,736	(923)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(14)	(708)	(1,812)	(454)	3	758	(1,812)	758
Change in unrealized gains (losses) during the period	(3,065)	465	1,222	1,249	65	(443)
Amount reclassified into income during the period	423	414	218	(580)	(665)	(534)
Tax effect	627	(185)	(336)	(159)	143	222
Other comprehensive income, net of tax	(2,015)	694	1,104	510	(457)	(755)
Ending balance	$ (2,029)	$ (14)	$ (708)	$ 56	$ (454)	$ 3	$ (2,029)	$ 56

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reclassification of AOCI - Cash flow hedges
Revenues	$ 153,867	$ 141,996	$ 448,380	$ 409,888
Cost of revenues	(28,832)	(26,739)	(82,445)	(80,355)
Research and development	(28,901)	(27,782)	(83,550)	(83,001)
Sales and marketing	(32,686)	(27,881)	(94,240)	(79,750)
General and administrative	(18,494)	(15,999)	(50,362)	(45,182)
Total	52,323	48,023	155,992	131,059
Other income (expense), net	605	(708)	(1,381)	(1,883)
Reclassification out of Accumulated Other Comprehensive Income \| Cash Flow Hedges
Reclassification of AOCI - Cash flow hedges
Revenues	(320)	721	(974)	2,918
Cost of revenues	(25)	(32)	(19)	(262)
Research and development	(64)	(89)	(51)	(724)
Sales and marketing	(6)	(6)	(5)	(45)
General and administrative	(8)	(14)	(6)	(108)
Total	(423)	580	(1,055)	1,779
Reclassification out of Accumulated Other Comprehensive Income \| Available-for-Sale Debt Securities
Reclassification of AOCI - Cash flow hedges
Other income (expense), net	$ 0	$ 0	$ 0	$ 0

Property and Equipment, Net - P

Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 254,725	$ 251,127
Less: accumulated depreciation and amortization	(227,382)	(218,528)
Property and equipment, net	27,343	32,599
Computer equipment
Property, Plant and Equipment [Line Items]
Computer equipment	182,926	179,002
Computer software
Property, Plant and Equipment [Line Items]
Total property and equipment	26,157	26,133
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	21,894	20,924
Scanner appliances
Property, Plant and Equipment [Line Items]
Total property and equipment	18,661	18,369
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 5,087	$ 6,699

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 27,343		$ 27,343		$ 32,599
Depreciation and amortization	3,600	$ 5,800	12,100	$ 18,400
Scanner Appliances and Other Computer Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, net	9,400		9,400		10,100
Scanner Appliances and Other Computer Equipment Not Placed In Service
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 5,800		$ 5,800		$ 6,400

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Revenue Recognition [Abstract]
Revenue from contract with customer, revenue recognized	$ 66,800	$ 57,200	$ 296,500	$ 257,400
Deferred revenue					$ 364,900	$ 317,200
Amortization expense related to deferred costs	1,800	1,500	5,200	$ 4,400
Impairment loss related to deferred contract costs	0	$ 0
Carrying value of accounts receivable						121,800
Deferred revenues, current	337,821		337,821		333,267	293,700
Deferred revenues, noncurrent	$ 23,116		$ 23,116		$ 31,671	$ 23,500

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Expected Revenue from All Remaining Performance Obligations (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 383,301
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 63,367
Remaining performance obligation, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 193,560
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 100,797
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 24,172
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,018
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 387
Remaining performance obligation, period

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Revenue by Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	$ 153,867	$ 141,996	$ 448,380	$ 409,888
Direct
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	81,636	80,499	242,065	234,410
Partner
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	$ 72,231	$ 61,497	$ 206,315	$ 175,478

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Capitalized Cost to Obtain Contracts, Current and Noncurrent (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue Recognition [Abstract]
Current	$ 6,796	$ 5,858
Noncurrent	$ 14,041	$ 11,844

Intangible Assets, Net- Carryin

Intangible Assets, Net- Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Cost	$ 41,887	$ 41,887
Accumulated Amortization	(34,476)	(32,212)
Total intangibles	7,411	9,675
Intangible assets, net	7,451	9,715
Intangible assets not subject to amortization
Finite-Lived Intangible Assets [Line Items]
Intangible assets not subject to amortization	$ 40	$ 40
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life (Years)	4 years 7 months 6 days	4 years 7 months 6 days
Cost	$ 40,141	$ 40,141
Accumulated Amortization	(32,730)	(30,667)
Total intangibles	$ 7,411	$ 9,474
Patent licenses
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life (Years)	14 years	14 years
Cost	$ 1,387	$ 1,387
Accumulated Amortization	(1,387)	(1,322)
Total intangibles	$ 0	$ 65
Assembled workforce
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life (Years)	2 years	2 years
Cost	$ 359	$ 359
Accumulated Amortization	(359)	(223)
Total intangibles	$ 0	$ 136

Intangible Assets, Net - Narrat

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset amortization expense	$ 0.7	$ 0.8	$ 2.3	$ 2.3

Intangible Assets, Net - Expect

Intangible Assets, Net - Expected Amortization Expense in Future Periods (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining three months)	$ 640
2025	2,556
2026	2,477
2027	1,738
Total intangibles	$ 7,411	$ 9,675

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Lease expense	$ 4.5	$ 3.9	$ 12.1	$ 12.1

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Cash payments included in the measurement of lease liabilities	$ 10,665	$ 11,350
Lease liabilities arising from obtaining right-of-use assets	$ 28,157	$ 121

Leases- Weighted Average Remain

Leases- Weighted Average Remaining Lease Term and Weighted Average Discount Rate (Details)	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term (years)	4 years 4 months 24 days	3 years 1 month 6 days
Weighted average discount rate	7.40%	5.20%

Leases - Minimum Annual Lease P

Leases - Minimum Annual Lease Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024 (remaining three months)	$ 2,865
2025	12,593
2026	12,194
2027	12,249
2028	9,473
2029 and thereafter	7,377
Total minimum lease payments	56,751
Less: interest	(9,152)
Present value of net minimum lease payments	$ 47,599

Stockholders' Equity and Stoc_3

Stockholders' Equity and Stock-based Compensation - Narrative (Details) - USD ($) shares in Thousands, $ in Thousands				3 Months Ended		9 Months Ended
	Jun. 12, 2024	Jun. 08, 2022	Jun. 09, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant (in shares)				2,562		2,562
Vesting period (in years)						4 years
Stock-based compensation				$ 20,337	$ 18,522	$ 56,454	$ 50,560
Shares repurchased and retired (in shares)						681	1,203
Shares repurchased and retired						$ 98,000	$ 147,700
Authorized repurchase amount remaining				185,700		185,700
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expenses, unrecognized				21,600		$ 21,600
Stock-based compensation, recognition period (in years)						2 years 4 months 24 days
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expenses, unrecognized				80,200		$ 80,200
Stock-based compensation, recognition period (in years)						2 years 7 months 6 days
Performance-based Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation				3,900	$ 2,700	$ 8,000	$ 5,200
Stock-based compensation expenses, unrecognized				3,900		$ 3,900
Stock-based compensation, recognition period (in years)						3 months 18 days
Performance-based Restricted Stock Units \| Executive Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period (in years)						3 years
Shares that will vest upon trigger (in percentage)						100%
ESPP Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expenses, unrecognized				$ 1,000		$ 1,000
Stock-based compensation, recognition period (in years)						4 months 24 days
Minimum \| Performance-based Restricted Stock Units \| Executive Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting range (percentage)						0%
Maximum \| Performance-based Restricted Stock Units \| Executive Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting range (percentage)						200%
The 2012 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation, additional shares available (in shares)	1,092	3,072
Vesting period (in years)						4 years
Expiration period						10 years
The 2021 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant (in shares)				435		435
Shares authorized for issuance (in shares)			600
Offering period (in months)			6 months
Purchase price of stock, percentage			85%
Issuance of common stock through employee stock purchase plan (in shares)						59
The 2021 Employee Stock Purchase Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
ESPP eligible percent to contribute			1%
The 2021 Employee Stock Purchase Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
ESPP eligible percent to contribute			15%

Stockholders' Equity and Stoc_4

Stockholders' Equity and Stock-based Compensation - Share-based Compensation and Stock Options Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Outstanding Options
Beginning balance (in shares) \| shares	1,447
Granted (in shares) \| shares	194
Exercised (in shares) \| shares	(161)
Canceled (in shares) \| shares	(72)
Ending balance (in shares) \| shares	1,408	1,447
Vested and expected to vest (in shares) \| shares	1,268
Outstanding options, exercisable (in shares) \| shares	809
Weighted Average Exercise Price
Beginning balance (in USD per share) \| $ / shares	$ 97.98
Granted (in USD per share) \| $ / shares	161.93
Exercised (in USD per share) \| $ / shares	51.48
Canceled (in USD per share) \| $ / shares	130.47
Ending balance (in USD per share) \| $ / shares	110.47	$ 97.98
Vested and expected to vest (in USD per share) \| $ / shares	106.81
Weighted average exercise price, exercisable (in USD per share) \| $ / shares	$ 88.39
Weighted Average Remaining Contractual Life
Balance	6 years 6 months	6 years 6 months
Vested and expected to vest as of September 30, 2024	6 years 3 months 18 days
Exercisable as of September 30, 2024	5 years
Aggregate Intrinsic Value
Balance \| $	$ 35,988	$ 142,302
Vested and expected to vest as of September 30, 2024 \| $	35,653
Exercisable as of September 30, 2024 \| $	$ 34,100

Stockholders' Equity and Stoc_5

Stockholders' Equity and Stock-based Compensation - Summary of Restricted Stock Unit Activity (Details) - $ / shares shares in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted stock units
Outstanding RSUs
Beginning balance (in shares)	1,074
Granted (in shares)	410
Vested (in shares)	(332)
Forfeited (in shares)	(178)
Ending balance (in shares)	974	1,074
Outstanding and expected to vest (in shares)	733
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in USD per share)	$ 133.60
Granted (in USD per share)	159.26
Vested (in USD per share)	127.84
Forfeited (in USD per share)	139.68
Ending balance (in USD per share)	145.25	$ 133.60
Outstanding and expected to vest (in USD per share)	$ 142.66
Performance-based Restricted Stock Units \| Executive Officer 1
Outstanding RSUs
Granted (in shares)		139	139	139
Performance-based Restricted Stock Units \| Executive Officer
Outstanding RSUs
Granted (in shares)	156
Performance-based Restricted Stock Units \| Executive Officer 2
Outstanding RSUs
Granted (in shares)		64	64	64
Performance-based Restricted Stock Units \| Executive Officer 3
Outstanding RSUs
Granted (in shares)		70	70	70
Performance-based Restricted Stock Units \| Executive Officer 4
Outstanding RSUs
Granted (in shares)	161	161	161	161

Stockholders' Equity and Stoc_6

Stockholders' Equity and Stock-based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 20,337	$ 18,522	$ 56,454	$ 50,560
Cost of revenues
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	2,081	1,946	5,967	5,255
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	5,448	5,671	15,911	15,734
Sales and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	3,649	3,229	11,020	8,580
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 9,159	$ 7,676	$ 23,556	$ 20,991

Stockholders' Equity and Stoc_7

Stockholders' Equity and Stock-based Compensation - Schedule of Repurchase Agreements (Details) - USD ($) $ in Millions	Sep. 30, 2024	Feb. 07, 2024	Feb. 09, 2023	May 04, 2022	Nov. 03, 2021	Feb. 10, 2021	May 07, 2020	Oct. 30, 2019	Oct. 30, 2018	Feb. 12, 2018
Authorized Dollar Value
Stock repurchase program, authorized amount	$ 1,200									$ 100
Additional authorized amount		$ 200	$ 100	$ 200	$ 200	$ 100	$ 100	$ 100	$ 100

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax provision	$ 6,111	$ 1,508	$ 26,277	$ 20,057
Income tax rate, percentage	11.70%	3.10%	16.80%	15.30%
Unrecognized tax benefits	$ 14,300		$ 14,300		$ 11,900
Unrecognized tax benefits effecting the tax rate	$ 7,800		$ 7,800		$ 6,100

Segment and Geographic Area I_3

Segment and Geographic Area Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Segment and Geographic Area I_4

Segment and Geographic Area Information - Revenue and Property and Equipment, Net by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 153,867	$ 141,996	$ 448,380	$ 409,888
Total Long-lived Assets	68,637		68,637		$ 54,990
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	89,238	85,377	262,614	246,348
Total Long-lived Assets	47,643		47,643		42,622
Foreign
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	64,629	$ 56,619	185,766	$ 163,540
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived Assets	19,404		19,404		9,952
Rest of world
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived Assets	$ 1,590		$ 1,590		$ 2,416

Net Income Per Share - Basic an

Net Income Per Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income	$ 46,212	$ 43,772	$ 39,731	$ 46,515	$ 35,382	$ 29,105	$ 129,715	$ 111,002
Denominator:
Basic weighted average shares (in shares)	36,762			36,766			36,877	36,891
Stock options (in shares)	279			465			372	471
Retired stock units (in shares)	91			212			188	151
Employee stock purchase plan (in shares)	4			5			4	3
Diluted weighted average shares (in shares)	37,136			37,448			37,441	37,516
Net income per share:
Basic (in USD per share)	$ 1.26			$ 1.27			$ 3.52	$ 3.01
Diluted (in USD per share)	$ 1.24			$ 1.24			$ 3.46	$ 2.96

Net Income Per Share - Anti-dil

Net Income Per Share - Anti-dilutive Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares (in shares)	1,165	777	704	1,120
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares (in shares)	854	762	585	925
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares (in shares)	311	1	119	186
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares (in shares)	0	14	0	9