Five9 (FIVN) 10-Q7 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-36383
Entity Registrant Name	Five9, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3394123
Entity Address, Address Line One	3001 Bishop Drive
Entity Address, Address Line Two	Suite 350
Entity Address, City or Town	San Ramon
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94583
City Area Code	925
Local Phone Number	201-2000
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	FIVN
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		72,212,312
Entity Central Index Key	0001288847
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 195,592	$ 180,520
Marketable investments	464,244	433,743
Accounts receivable, net	88,461	87,494
Prepaid expenses and other current assets	38,476	29,711
Deferred contract acquisition costs, net	54,462	47,242
Total current assets	841,235	778,710
Property and equipment, net	98,879	101,221
Operating lease right-of-use assets	43,748	44,120
Finance lease right-of-use assets	2,167	0
Intangible assets, net	22,501	28,192
Goodwill	165,420	165,420
Marketable investments	85,110	885
Other assets	17,329	11,057
Deferred contract acquisition costs, net — less current portion	126,555	114,880
Total assets	1,402,944	1,244,485
Current liabilities:
Accounts payable	23,286	23,629
Accrued and other current liabilities	58,860	53,092
Operating lease liabilities	11,931	10,626
Finance lease liabilities	704	0
Accrued federal fees	3,384	2,471
Sales tax liabilities	2,547	2,973
Deferred revenue	57,539	57,816
Convertible senior notes	0	169
Total current liabilities	158,251	150,776
Convertible senior notes — less current portion	740,215	738,376
Sales tax liabilities — less current portion	912	899
Operating lease liabilities — less current portion	39,973	41,389
Finance lease liabilities — less current portion	1,463	0
Other long-term liabilities	3,331	3,080
Total liabilities	944,145	934,520
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock	72	71
Additional paid-in capital	832,197	635,668
Accumulated other comprehensive loss	(1,397)	(2,688)
Accumulated deficit	(372,073)	(323,086)
Total stockholders’ equity	458,799	309,965
Total liabilities and stockholders’ equity	$ 1,402,944	$ 1,244,485

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 222,882	$ 189,382	$ 441,321	$ 372,159
Cost of revenue	104,361	88,229	209,117	177,096
Gross profit	118,521	101,153	232,204	195,063
Operating expenses:
Research and development	39,210	34,992	77,318	70,816
Sales and marketing	74,077	64,098	150,391	128,709
General and administrative	30,477	23,824	58,735	48,138
Total operating expenses	143,764	122,914	286,444	247,663
Loss from operations	(25,243)	(21,761)	(54,240)	(52,600)
Other (expense) income, net:
Interest expense	(1,866)	(1,857)	(3,711)	(3,727)
Interest income and other	6,123	280	10,244	1,125
Total other income (expense), net	4,257	(1,577)	6,533	(2,602)
Loss before income taxes	(20,986)	(23,338)	(47,707)	(55,202)
Provision for income taxes	753	332	1,280	2,588
Net loss	$ (21,739)	$ (23,670)	$ (48,987)	$ (57,790)
Net loss per share:
Basic (in USD per share)	$ (0.30)	$ (0.34)	$ (0.69)	$ (0.83)
Diluted (in USD per share)	$ (0.30)	$ (0.34)	$ (0.69)	$ (0.83)
Shares used in computing net loss per share:
Basic (in shares)	71,627	69,748	71,444	69,363
Diluted (in shares)	71,627	69,748	71,444	69,363
Comprehensive Loss:
Net loss	$ (21,739)	$ (23,670)	$ (48,987)	$ (57,790)
Other comprehensive (loss) income	(436)	(1,164)	1,291	(4,247)
Comprehensive loss	$ (22,175)	$ (24,834)	$ (47,696)	$ (62,037)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT 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, 2021		68,488
Beginning balance at Dec. 31, 2021	$ 211,132	$ 68	$ 439,787	$ (287)	$ (228,436)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon partial conversion of the 2023 convertible senior notes (in shares)		574
Issuance of common stock upon partial conversion of the 2023 convertible senior notes	(259)		(259)
Partial unwind of capped calls and retirement of common stock related to the 2023 convertible senior notes (in shares)		(119)
Partial unwind of capped calls and retirement of common stock related to the 2023 convertible senior notes	3		3
Issuance of common stock upon exercise of stock options (in shares)		351
Issuance of common stock upon exercise of stock options	3,005	$ 1	3,004
Issuance of common stock upon vesting of restricted stock units (in shares)		699
Issuance of common stock upon vesting of restricted stock units	0	$ 1	(1)
Issuance of common stock under ESPP (in shares)		97
Issuance of common stock under ESPP	8,338		8,338
Stock-based compensation	84,720		84,720
Other comprehensive (loss) income	(4,247)			(4,247)
Net loss	(57,790)				(57,790)
Ending balance (in shares) at Jun. 30, 2022		70,090
Ending balance at Jun. 30, 2022	244,902	$ 70	535,592	(4,534)	(286,226)
Beginning balance (in shares) at Mar. 31, 2022		69,521
Beginning balance at Mar. 31, 2022	214,359	$ 70	480,215	(3,370)	(262,556)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon partial conversion of the 2023 convertible senior notes (in shares)		34
Issuance of common stock upon partial conversion of the 2023 convertible senior notes	(15)		(15)
Partial unwind of capped calls and retirement of common stock related to the 2023 convertible senior notes (in shares)		(8)
Partial unwind of capped calls and retirement of common stock related to the 2023 convertible senior notes	1		1
Issuance of common stock upon exercise of stock options (in shares)		70
Issuance of common stock upon exercise of stock options	1,728	$ 0	1,728
Issuance of common stock upon vesting of restricted stock units (in shares)		376
Issuance of common stock upon vesting of restricted stock units	(2)	$ 0	(2)
Issuance of common stock under ESPP (in shares)		97
Issuance of common stock under ESPP	8,338		8,338
Stock-based compensation	45,327		45,327
Other comprehensive (loss) income	(1,164)			(1,164)
Net loss	(23,670)				(23,670)
Ending balance (in shares) at Jun. 30, 2022		70,090
Ending balance at Jun. 30, 2022	244,902	$ 70	535,592	(4,534)	(286,226)
Beginning balance (in shares) at Dec. 31, 2022		71,047
Beginning balance at Dec. 31, 2022	309,965	$ 71	635,668	(2,688)	(323,086)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon partial conversion of the 2023 convertible senior notes (in shares)		2
Issuance of common stock upon partial conversion of the 2023 convertible senior notes	0
Partial unwind of capped calls and retirement of common stock related to the 2023 convertible senior notes (in shares)		(371)
Partial unwind of capped calls and retirement of common stock related to the 2023 convertible senior notes	74,453		74,453
Issuance of common stock upon exercise of stock options (in shares)		379
Issuance of common stock upon exercise of stock options	6,981	$ 0	6,981
Issuance of common stock upon vesting of restricted stock units (in shares)		919
Issuance of common stock upon vesting of restricted stock units	0	$ 1	(1)
Issuance of common stock under ESPP (in shares)		204
Issuance of common stock under ESPP	9,444		9,444
Stock-based compensation	105,652		105,652
Other comprehensive (loss) income	1,291			1,291
Net loss	(48,987)				(48,987)
Ending balance (in shares) at Jun. 30, 2023		72,180
Ending balance at Jun. 30, 2023	458,799	$ 72	832,197	(1,397)	(372,073)
Beginning balance (in shares) at Mar. 31, 2023		71,544
Beginning balance at Mar. 31, 2023	339,086	$ 72	690,309	(961)	(350,334)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon partial conversion of the 2023 convertible senior notes (in shares)		2
Partial unwind of capped calls and retirement of common stock related to the 2023 convertible senior notes (in shares)		(371)
Partial unwind of capped calls and retirement of common stock related to the 2023 convertible senior notes	74,453		74,453
Issuance of common stock upon exercise of stock options (in shares)		240
Issuance of common stock upon exercise of stock options	3,856		3,856
Issuance of common stock upon vesting of restricted stock units (in shares)		561
Issuance of common stock upon vesting of restricted stock units	(1)		(1)
Issuance of common stock under ESPP (in shares)		204
Issuance of common stock under ESPP	9,444		9,444
Stock-based compensation	54,136		54,136
Other comprehensive (loss) income	(436)			(436)
Net loss	(21,739)				(21,739)
Ending balance (in shares) at Jun. 30, 2023		72,180
Ending balance at Jun. 30, 2023	$ 458,799	$ 72	$ 832,197	$ (1,397)	$ (372,073)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (48,987)	$ (57,790)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	23,071	22,435
Amortization of operating lease right-of-use assets	5,838	4,942
Amortization of deferred contract acquisition costs	25,710	18,653
(Accretion of discount) amortization of premium on marketable investments	(4,315)	1,114
Provision for credit losses	528	505
Stock-based compensation	104,110	84,179
Amortization of discount and issuance costs on convertible senior notes	1,839	1,852
Deferred taxes	250	2,054
Change in fair of value of contingent consideration	0	260
Payment of contingent consideration liability in excess of acquisition-date fair value	0	(5,900)
Other	622	172
Changes in operating assets and liabilities:
Accounts receivable	(1,494)	310
Prepaid expenses and other current assets	(8,764)	(8,092)
Deferred contract acquisition costs	(44,606)	(42,854)
Other assets	(5,344)	(92)
Accounts payable	2,316	4,487
Accrued and other current liabilities	3,966	(4,107)
Accrued federal fees and sales tax liabilities	500	(2,677)
Deferred revenue	(680)	7,571
Other liabilities	704	(1,423)
Net cash provided by operating activities	55,264	25,599
Cash flows from investing activities:
Purchases of marketable investments	(337,595)	(151,712)
Proceeds from sales of marketable investments	245	600
Proceeds from maturities of marketable investments	227,836	214,585
Purchases of property and equipment	(16,642)	(34,474)
Capitalization of software development costs	(3,565)	(1,392)
Cash paid for an equity investment in a privately-held company	0	(2,000)
Net cash (used in) provided by investing activities	(129,721)	25,607
Cash flows from financing activities:
Repayment of outstanding 2023 convertible senior notes at maturity	(169)	0
Cash received from the settlement at maturity of the outstanding capped calls associated with the 2023 convertible senior notes	74,453	0
Repurchase of a portion of 2023 convertible senior notes, net of costs	0	(34,034)
Proceeds from exercise of common stock options	6,981	3,005
Proceeds from sale of common stock under ESPP	9,444	8,338
Payment of contingent consideration liability up to acquisition-date fair value	0	(18,100)
Net cash provided by (used in) financing activities	90,709	(40,791)
Net increase in cash, cash equivalents and restricted cash	16,252	10,415
Cash, cash equivalents and restricted cash:
Beginning of period	180,987	91,391
End of period	197,239	101,806
Supplemental disclosures of cash flow data:
Cash paid for interest	1,872	1,870
Cash paid for income taxes	812	647
Non-cash investing and financing activities:
Equipment and software purchased and unpaid at period-end	5,849	16,141
Capitalization of leasehold improvements and furniture and fixtures through non-cash lease incentive	0	109
Stock-based compensation included in capitalized software development costs	1,542	541
Reconciliation of Cash, Cash Equivalents and Restricted Cash to the Condensed Consolidated Balance Sheets
Cash and cash equivalents	195,592	101,315
Restricted cash in other assets	1,647	491
Total cash, cash equivalents and restricted cash	$ 197,239	$ 101,806

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	Description of Business and Summary of Significant Accounting Policies Five9, Inc. and its wholly-owned subsidiaries (the “Company”) is a provider of cloud software for contact centers. The Company was incorporated in Delaware in 2001 and is headquartered in San Ramon, California. The Company has offices in Europe, Asia and Australia, which primarily provide research, development, sales, marketing, and client support services. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated statement of cash flows for the six months ended June 30, 2022 included in this Quarterly Report differs from the condensed consolidated statement of cash flows for the six months ended June 30, 2022 included in the Form 10-Q for the six months ended June 30, 2022 due to the changes in restricted cash, which was previously presented within operating activities and is now included within the beginning and ending cash, cash equivalents and restricted cash balances. Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The significant estimates made by management affect revenue and related reserves. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. Actual results could differ from those estimates. Significant Accounting Policies There have been no material changes from the significant accounting policies previously disclosed in Part II, Item 8, of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022 as filed with the SEC on February 24, 2023. Recent Accounting Pronouncements Not Yet Effective The Company has reviewed or is in the process of evaluating all issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such accounting pronouncements will cause a material impact on its condensed consolidated financial position, operating results or statements of cash flows.

Revenue

Revenue	6 Months Ended
Revenue	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Contract Balances The following table provides information about accounts receivable, net, deferred contract acquisition costs, net, contract assets and contract liabilities from contracts with customers (in thousands): June 30, 2023 December 31, 2022 Accounts receivable, net $ 88,461 $ 87,494 Deferred contract acquisition costs, net: Current $ 54,462 $ 47,242 Non-current 126,555 114,880 Total deferred contract acquisition costs, net $ 181,017 $ 162,122 Contract assets and contract liabilities: Contract assets (included in prepaid expenses and other current assets) $ 2,875 $ 3,401 Contract liabilities (deferred revenue) (57,539) (57,816) Noncurrent contract liabilities (deferred revenue) (included in other long-term liabilities) (775) (1,178) Net contract liabilities $ (55,439) $ (55,593) The Company receives payments from customers based upon billing cycles. Invoice payment terms are usually 30 days or less. Accounts receivable are recorded when the right to consideration becomes unconditional. Deferred contract acquisition costs are recorded when incurred and are amortized over an estimated customer benefit period of five years. The Company’s contract assets consist of unbilled amounts typically resulting from professional services revenue recognition when it exceeds the total amounts billed to the customer. The Company’s contract liabilities consist of advance payments and billings in excess of revenue recognized. In the three and six months ended June 30, 2023, the Company recognized revenue of $10.1 million and $41.6 million, respectively, related to its contract liabilities at December 31, 2022. Remaining Performance Obligations As of June 30, 2023, the aggregate amount of the total transaction price allocated in contracts with original duration of greater than one year to the remaining performance obligations was $1,042.2 million. The Company expects to recognize revenue on approximately three-fourths of the remaining performance obligations over the next 24 months, with the balance recognized thereafter. The Company excludes amounts for remaining performance obligations that are part of contracts with an original expected duration of one year or less. Such remaining performance obligations represent unsatisfied or partially unsatisfied performance obligations.

Investments and Fair Value Meas

Investments and Fair Value Measurements	6 Months Ended
Investments and Fair Value Measurements	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Investments and Fair Value Measurements	Investments and Fair Value MeasurementsMarketable Investments The Company’s marketable investments have been classified and accounted for as available-for-sale. The Company’s marketable investments as of June 30, 2023 and December 31, 2022 were as follows (in thousands): June 30, 2023 Short-Term Marketable Investments Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 2,205 $ — $ (2) $ 2,203 U.S. treasury securities 169,199 17 (343) 168,873 U.S. agency securities 246,153 4 (811) 245,346 Commercial paper 35,624 1 (23) 35,602 Municipal bonds 10,861 — (29) 10,832 Corporate bonds 1,389 — (1) 1,388 Total $ 465,431 $ 22 $ (1,209) $ 464,244 June 30, 2023 Long-term Marketable Investments Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. treasury securities $ 57,122 $ — $ (836) $ 56,286 U.S. agency securities 21,569 — (179) 21,390 Corporate bonds 7,524 — (90) 7,434 Total $ 86,215 $ — $ (1,105) $ 85,110 December 31, 2022 Short-Term Marketable Investments Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 747 $ — $ (13) $ 734 U.S. treasury securities 186,776 8 (1,382) 185,402 U.S. agency and government-sponsored securities 197,597 29 (1,660) 195,966 Commercial paper 25,386 — — 25,386 Municipal bonds 22,764 — (145) 22,619 Corporate bonds 3,658 — (22) 3,636 Total $ 436,928 $ 37 $ (3,222) $ 433,743 December 31, 2022 Long-term Marketable Investments Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. agency securities $ 885 $ — $ — $ 885 Total $ 885 $ — $ — $ 885 The following table presents the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than 12 months as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Certificates of deposit $ (2) $ 496 $ (13) $ 734 U.S. treasury securities (1,179) 153,087 (1,382) 126,534 U.S. agency securities (990) 255,208 (1,660) 172,458 Commercial paper (23) 30,682 — — Municipal bonds (29) 8,362 (145) 12,623 Corporate bonds (91) 8,822 (22) 3,636 Total $ (2,314) $ 456,657 $ (3,222) $ 315,985 Although the Company had certain available-for-sale debt securities in an unrealized loss position as of June 30, 2023, no impairment loss was recorded since it did not intend to sell them, did not anticipate a need to sell them, and the decline in fair value was not due to any credit-related factors. Fair Value Measurements The Company carries cash equivalents and marketable investments at fair value. Fair value is based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 — Observable inputs, which include unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 inputs, such as quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined by using pricing models, discounted cash flow methodologies or similar techniques. The Company determined the fair value of its Level 1 financial instruments, which are traded in active markets, using quoted market prices for identical instruments. Marketable investments classified within Level 2 of the fair value hierarchy are valued based on other observable inputs, including broker or dealer quotations or alternative pricing sources. When quoted prices in active markets for identical assets or liabilities are not available, the Company relies on non-binding quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, historical pricing trends of a security as relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. The Company performs routine procedures such as comparing prices obtained from independent source to ensure that appropriate fair values are recorded. The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands): June 30, 2023 Level 1 Level 2 Level 3 Total Assets Cash equivalents Money market funds $ 90,698 $ — $ — $ 90,698 U.S. treasury securities 11,926 — — 11,926 U.S. agency securities and government sponsored securities — 14,988 — 14,988 Total cash equivalents $ 102,624 $ 14,988 $ — $ 117,612 Marketable investments (short and long term) Certificates of deposit $ — $ 2,203 $ — $ 2,203 U.S. treasury securities 225,159 — — 225,159 U.S. agency securities and government sponsored securities — 266,736 — 266,736 Commercial paper — 35,602 — 35,602 Municipal bonds — 10,832 — 10,832 Corporate bonds — 8,822 — 8,822 Total marketable investments $ 225,159 $ 324,195 $ — $ 549,354 December 31, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents Money market funds $ 37,560 $ — $ — $ 37,560 U.S. treasury securities 19,700 — — 19,700 Total cash equivalents $ 57,260 $ — $ — $ 57,260 Marketable investments (short and long-term) Certificates of deposit $ — $ 734 $ — $ 734 U.S. treasury securities 185,402 — — 185,402 U.S. agency and government-sponsored securities — 196,851 — 196,851 Commercial paper — 25,386 — 25,386 Municipal bonds — 22,619 — 22,619 Corporate bonds — 3,636 — 3,636 Total marketable investments $ 185,402 $ 249,226 $ — $ 434,628 As of December 31, 2022, the estimated fair value of the Company’s outstanding 2023 convertible senior notes was $0.3 million. The 2023 convertible senior notes matured on May 1, 2023. As of June 30, 2023 and December 31, 2022, the estimated fair value of the Company's outstanding 2025 convertible senior notes was $723.0 million and $687.1 million, respectively. The fair values were determined based on the quoted price of the convertible senior notes in an inactive market on the last trading day of the reporting period and have been classified as Level 2 in the fair value hierarchy. See Note 6 for further information on the Company’s convertible senior notes. In February 2022, the Company made a $2.0 million equity investment in a privately-held company that it does not have the ability to exercise significant influence over. The Company elected the measurement alternative for an equity security without a readily determinable fair value. Accordingly, this investment is accounted for at its cost minus impairment, if any, and is classified within Level 3. If the Company identifies observable price changes in orderly transactions for such investment or a similar investment, it will measure the investment at fair value as of the date that the observable transactions or events occurred. Except for the $2.0 million equity investment described above, there were no assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2023 and December 31, 2022. The fair value of the Company’s other financial instruments, including accounts receivable, accounts payable and other current liabilities, approximate their carrying value due to the relatively short maturity of those instruments. The carrying amounts of the Company’s operating and finance leases approximate their fair value, which is the present value of expected future cash payments based on assumptions about current interest rates and the creditworthiness of the Company.

Financial Statement Components

Financial Statement Components	6 Months Ended
Financial Statement Components	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Components	Financial Statement Components Cash and cash equivalents consisted of the following (in thousands): June 30, 2023 December 31, 2022 Cash $ 77,980 $ 123,260 Money market funds 90,698 37,560 U.S. treasury securities 11,926 19,700 U.S. agency securities 14,988 — Total cash and cash equivalents $ 195,592 $ 180,520 Accounts receivable, net consisted of the following (in thousands): June 30, 2023 December 31, 2022 Trade accounts receivable $ 79,481 $ 77,621 Unbilled trade accounts receivable, net of advance client deposits 9,224 10,135 Allowance for credit losses (244) (262) Accounts receivable, net $ 88,461 $ 87,494 Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2023 December 31, 2022 Prepaid expenses $ 27,844 $ 17,151 Other current assets 7,757 9,159 Contract assets 2,875 3,401 Prepaid expenses and other current assets $ 38,476 $ 29,711 Property and equipment, net consisted of the following (in thousands): June 30, 2023 December 31, 2022 Computer and network equipment $ 145,295 $ 148,789 Computer software 54,489 50,955 Internal-use software development costs 11,218 6,111 Furniture and fixtures 4,318 3,326 Leasehold improvements 6,031 6,574 Property and equipment 221,351 215,755 Accumulated depreciation and amortization (122,472) (114,534) Property and equipment, net $ 98,879 $ 101,221 Depreciation and amortization expense associated with property and equipment was $8.9 million and $17.4 million for the three and six months ended June 30, 2023, respectively. Depreciation and amortization expense associated with property and equipment was $8.7 million and $16.6 million for the three and six months ended June 30, 2022, respectively. Property and equipment capitalized under finance lease obligations consists primarily of computer and network equipment and was immaterial as of June 30, 2023 and December 31, 2022. Other assets consisted of the following (in thousands): June 30, 2023 December 31, 2022 Other assets $ 11,531 $ 5,081 Equity investment in a privately-held company 2,000 2,000 Deferred tax assets 3,798 3,976 Total $ 17,329 $ 11,057 Accrued and other current liabilities consisted of the following (in thousands): June 30, 2023 December 31, 2022 Accrued expenses $ 18,853 $ 19,343 Accrued compensation and benefits 40,007 33,749 Accrued and other current liabilities $ 58,860 $ 53,092 Other long-term liabilities consisted of the following (in thousands): June 30, 2023 December 31, 2022 Deferred revenue $ 775 $ 1,178 Deferred tax liabilities 289 157 Other long-term liabilities 2,267 1,745 Other long-term liabilities $ 3,331 $ 3,080

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
Goodwill and Intangible Assets	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill There was no activity in the Company's goodwill balance during the three and six months ended June 30, 2023. Intangible Assets The following table summarizes the activity in the Company's intangible assets balance during the three and six months ended June 30, 2023 (in thousands): Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Beginning of the period $ 25,346 $ 28,192 Amortization (2,845) (5,691) End of the period $ 22,501 $ 22,501 The components of intangible assets were as follows (in thousands): June 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Amortization period (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Amortization period (Years) Developed technology $ 56,214 $ (34,412) $ 21,802 2.9 $ 56,214 $ (28,881) $ 27,333 3.2 Acquired workforce 470 (470) — 0.0 470 (470) — 0.0 Customer relationships 1,600 (901) 699 2.3 1,600 (741) 859 2.7 Trademarks 500 (500) — 0.0 500 (500) — 0.0 Total $ 58,784 $ (36,283) $ 22,501 2.9 $ 58,784 $ (30,592) $ 28,192 3.2 Amortization expense related to intangible assets was $2.8 million and $5.7 million for the three and six months ended June 30, 2023, respectively. Amortization expense related to intangible assets was $2.9 million and $5.9 million for the three and six months ended June 30, 2022, respectively. As of June 30, 2023, the expected future amortization expense for intangible assets was as follows (in thousands): Period Expected Future Amortization Expense Remaining 2023 $ 5,179 2024 7,527 2025 5,595 2026 4,200 2027 — Thereafter — Total $ 22,501

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt 2025 Convertible Senior Notes and Related Capped Call Transactions In May and June 2020, the Company issued $747.5 million aggregate principal amount of 2025 convertible senior notes in a private offering, which aggregate principal amount included the exercise in full of the initial purchasers’ option to purchase up to an additional $97.5 million principal amount of the 2025 convertible senior notes. The 2025 convertible senior notes mature on June 1, 2025 and bear interest at a fixed rate of 0.500% per annum, payable semiannually in arrears on June 1 and December 1 of each year, beginning on December 1, 2020. The total net proceeds from the issuance of the 2025 convertible senior notes, after deducting initial purchasers' discounts and commissions and estimated debt issuance costs, were approximately $728.8 million. Each $1,000 principal amount of the 2025 convertible senior notes is initially convertible into 7.4437 shares of the Company’s common stock (the “2025 Conversion Option”), which is equivalent to an initial conversion price of approximately $134.34 per share of common stock, subject to adjustment upon the occurrence of specified events. The initial conversion price represents a premium of approximately 30% to the $103.34 per share closing price of the Company’s common stock on The Nasdaq Global Market on May 21, 2020. The 2025 convertible senior notes are convertible, in multiples of $1,000 principal amount, at the option of the holders prior to the close of business on the business day immediately preceding March 1, 2025, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2020 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “2025 Measurement Period”) in which the trading price (as defined in the 2025 Indenture governing the 2025 convertible senior notes) per $1,000 principal amount of the 2025 convertible senior notes for each trading day of the 2025 Measurement Period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate in effect on each such trading day; (3) if the Company calls any or all of the 2025 convertible senior notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after March 1, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2025 convertible senior notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. If the Company undergoes a fundamental change (as defined in the indenture governing the 2025 convertible senior notes), subject to certain conditions, holders may require the Company to repurchase for cash all or any portion of their 2025 convertible senior notes, in principal amounts of $1,000 or a multiple thereof, at a fundamental change repurchase price equal to 100% of the principal amount of the 2025 convertible senior notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their notes in connection with such corporate event or during the relevant redemption period. There have been no changes to the initial conversion price of the 2025 convertible senior notes since issuance. The closing market price of the Company's common stock of $82.45 per share on June 30, 2023, the last trading day during the three months ended June 30, 2023, was below $174.64 per share, which represents 130% of the initial conversion price of $134.34 per share. Additionally, the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day, June 30, 2023, was not greater than or equal to 130% of the initial conversion price. As such, during the three months ended June 30, 2023, the conditions allowing holders of the 2025 convertible senior notes to convert were not met. The 2025 convertible senior notes are therefore not convertible during the three months ending September 30, 2023. The 2025 convertible senior notes became redeemable at the Company's option on June 6, 2023. The Company may redeem for cash all or any portion of the 2025 convertible senior notes, at its option, prior to March 1, 2025, if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending not more than two trading days immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2025 convertible senior notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2025 convertible senior notes. During the three months ended June 30, 2023, the conditions allowing the Company to redeem for cash all or any portion of the 2025 convertible senior notes were not met. The 2025 convertible senior notes are the Company’s senior unsecured obligations and rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 2025 convertible senior notes; equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company’s subsidiaries. The net carrying amount of the 2025 convertible senior notes as of June 30, 2023 and as of December 31, 2022 was as follows (in thousands): June 30, 2023 December 31, 2022 Principal $ 747,500 $ 747,500 Unamortized issuance costs (7,285) (9,124) Net carrying amount $ 740,215 $ 738,376 Interest expense related to the 2025 convertible senior notes was as follows (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Contractual interest expense $ 934 $ 934 $ 1,868 $ 1,869 Amortization of issuance costs 931 922 1,839 1,821 Total interest expense $ 1,865 $ 1,856 $ 3,707 $ 3,690 In connection with the issuance of the 2025 convertible senior notes, the Company entered into privately negotiated capped call transactions (the “2025 Capped Call Transactions”) with certain financial institutions. The initial cap price of the 2025 Capped Call Transactions was $206.68 per share and is subject to certain adjustments under the terms of the 2025 Capped Call Transactions. The 2025 Capped Call Transactions cover, subject to anti-dilution adjustments, approximately 5.6 million shares of the Company’s common stock. 2023 Convertible Senior Notes and Related Capped Call Transactions In May 2018, the Company issued $258.8 million aggregate principal amount of the 2023 convertible senior notes in a private offering. The total net proceeds from the offering, after deducting initial purchasers' discounts and commissions and estimated debt issuance costs, was approximately $250.8 million. In May 2020, the Company used part of the net proceeds from the issuance of the 2025 convertible senior notes to repurchase, exchange or otherwise retire approximately $181.0 million aggregate principal amount of the 2023 convertible senior notes in privately-negotiated transactions for aggregate consideration of $449.6 million, consisting of $181.0 million in cash and 2,723,581 shares of the Company’s common stock (the "2023 Note Repurchase Transactions"). The 2023 convertible senior notes matured on May 1, 2023, and were settled in a combination of cash and shares of the Company’s common stock. Prior to maturity, the 2023 convertible senior notes bore interest at a fixed rate of 0.125% per annum, payable semiannually in arrears on May 1 and November 1 of each year. There were no changes to the 2023 convertible senior notes’ initial conversion price of approximately $40.82 per share of common stock since issuance. The net carrying amount of the 2023 convertible senior notes as of December 31, 2022 was $0.2 million. There were no 2023 convertible senior notes outstanding as of June 30, 2023. Interest expense related to the 2023 convertible senior notes was immaterial for both the three and six months ended June 30, 2023 and the three and six months ended June 30, 2022. In connection with the issuance of the 2023 convertible senior notes, the Company entered into privately negotiated capped call transactions (the “2023 Capped Call Transactions”) with certain financial institutions. The initial cap price of the 2023 Capped Call Transactions was $62.80 per share. The 2023 Capped Call Transactions covered approximately 6.3 million shares of the Company’s common stock. Upon maturity, the outstanding capped calls associated with the repurchase, early settlements and settlements at maturity of $194.7 million of the 2023

Stockholders' Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Capital Structure Common Stock The Company is authorized to issue 450,000,000 shares of common stock with a par value of $0.001 per share. As of June 30, 2023 and December 31, 2022, the Company had 72,180,262 and 71,047,179 shares of common stock issued and outstanding, respectively. Preferred Stock The Company is authorized to designate and issue up to 5,000,000 shares of preferred stock with a par value of $0.001 per share in one or more series without stockholder approval and to fix the rights, preferences, privileges and restrictions thereof. As of June 30, 2023 and December 31, 2022, there were no shares of preferred stock issued and outstanding. Common Stock Reserved for Future Issuance Shares of common stock reserved for future issuance related to outstanding equity awards and employee equity incentive plans as of June 30, 2023 were as follows (in thousands): June 30, 2023 Stock options outstanding 1,041 RSUs (including PRSUs) outstanding 4,455 Shares available for future grant under 2014 Plan 16,188 Shares available for future issuance under ESPP 4,076 Total shares of common stock reserved 25,760 Stock Options A summary of the Company’s stock option activity during the six months ended June 30, 2023 is as follows (in thousands, except per share data): Number of Weighted Weighted Aggregate Outstanding as of December 31, 2022 1,481 $ 47.75 Options granted — — Options exercised (379) 18.42 Options forfeited or expired (61) 141.85 Outstanding as of June 30, 2023 1,041 $ 52.88 5.0 $ 43,993 The aggregate intrinsic value amounts are computed based on the difference between the exercise price of the stock options and the fair market value of the Company’s common stock of $82.45 per share as of June 30, 2023 for all in-the-money stock options outstanding. Restricted Stock Units (including Performance-Based Restricted Stock Units) A summary of the Company’s restricted stock unit ("RSU") activity (including Performance-Based Restricted Stock Units "PRSUs") during the six months ended June 30, 2023 is as follows (in thousands, except per share data): Number of Shares Weighted Average Grant Date Fair Value Per Share Outstanding as of December 31, 2022 3,718 $ 103.55 RSUs granted (1) 1,965 71.19 RSUs vested and released (919) 102.47 RSUs forfeited or canceled (309) 104.08 Outstanding as of June 30, 2023 4,455 87.64 (1) Includes 35,921 PRSUs granted during the six months ended June 30, 2023. PRSUs with Market and Service Conditions In 2022, the Company granted 284,282 PRSUs subject to market and service conditions (“market-based PRSUs”) with a grant date fair value of $30.6 million as part of its annual grant of equity incentive awards to certain executives and in connection with the appointment of Michael Burkland as its new Chief Executive Officer. During the six months ended June 30, 2023, the Company granted an additional 35,921 market-based PRSUs with a grant date fair value of $3.1 million. The amount that may be earned pursuant to the market-based PRSUs ranges from 0% to 200% of the target number based on the Company’s relative total shareholder return (“RTSR”) performance as compared to the companies in the S&P Software and Services Select Index during three one-year performance periods. One-third of the total market-based PRSUs may be earned and settled in shares following the end of each one-year performance period based on RTSR performance and subject to continued employment through the payment date, but the amount initially paid for the first two one-year performance periods is limited to 100% of the target amount for such years, and any market-based PRSUs resulting from above-target performance in those first two years will be paid following the end of the final one-year performance period, subject to the executive’s continued employment through the payment date. If the Company’s absolute total shareholder return for any performance period is negative, then no more than 100% of the target amount of market-based PRSUs for such period may be earned. If an executive's employment with the Company terminates before the end of the final one-year performance period due to death or disability, 100% (if due to death) or 50% (if due to disability) of the unvested market-based PRSUs may be earned subject to ultimate RTSR performance in each remaining performance period. Upon a qualifying termination of employment in connection with a change in control of the Company, the unvested market-based PRSUs will vest on a double-trigger basis (i) at the target level for the market-based PRSUs granted to certain executives, excluding Michael Burkland, subject to the 2022-2024 performance period, and (ii) for the market-based PRSUs granted to certain executives, including Michael Burkland, subject to the 2023-2025 performance period, (a) at the target level for the uncompleted portions of the performance periods and (b) at the actual level of performance measured through the date of the change in control of the Company, based on the price per share paid in such change in control. The fair value of the market-based PRSUs is determined on their grant date using a Monte Carlo Simulation model based upon assumptions presented below. The Company recognizes the fair value of the market-based PRSUs ratably over their requisite service period. During the first quarter of 2023, the Company certified the performance results for the 2022 measurement period for the market-based PRSUs subject to the 2022-2024 performance period. Under the market-based PRSU agreements, the TSR payout percentage ranges from 0% to 200%, with a 50% payout at the 25th TSR percentile (threshold), 100% payout at the 55th TSR percentile (target), 200% payout at the 90th percentile or greater (maximum) and no payout below the threshold performance level. The Company determined that its actual total shareholder return was -52.64% for 2022, and that its relative total shareholder return ranking was in the 30.2 percentile relative to companies in the S&P Software & Services Select Index, which resulted in a payout percentage of 58.7% of target. PRSUs with Revenue and Service Conditions In 2022, the Company granted 66,167 PRSUs subject to revenue-based performance and service conditions (“revenue-based PRSUs”) with a grant date fair value of $6.6 million. The amount of revenue-based PRSUs that may be earned will be determined based on achievement of two quarterly revenue goals. One third of the revenue-based PRSUs may be earned based on achievement of the first revenue target and, if achieved, will vest in four quarterly installments, with the first installment occurring on the date such achievement is certified, subject to the executive's continuous service through the applicable vesting dates. Two thirds of the revenue-based PRSUs may be earned based on achievement of the second revenue target and, if achieved, will vest in eight quarterly installments, with the first installment occurring on the date such achievement is certified, subject to the executive's continuous service through the applicable vesting dates. The revenue-based PRSUs are otherwise on the Company's standard award terms for its market-based PRSUs. The Company concluded that the first revenue target was probable of achievement at June 30, 2023, and thus recognized the related stock-based compensation expense through this period. The Company, however, concluded that, as of June 30, 2023, the second revenue target was not probable of achievement, and thus did not recognize related stock-based compensation expense through this period. The Company will reassess the probability of the achievement of the performance conditions at each reporting period and a cumulative catch-up adjustment will be recorded to stock-based compensation cost for any change in the probability assessment. Stock-Based Compensation Stock-based compensation expense was as follows (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Cost of revenue $ 9,888 $ 8,538 $ 19,221 $ 16,330 Research and development 13,013 11,818 25,395 21,963 Sales and marketing 17,391 14,963 34,436 28,387 General and administrative 13,075 9,467 25,058 17,499 Total stock-based compensation expense $ 53,367 $ 44,786 104,110 84,179 As of June 30, 2023, unrecognized stock-based compensation expense by award type and expected weighted-average recognition periods are summarized in the following table (in thousands, except years). Stock Option RSU PRSU ESPP Unrecognized stock-based compensation expense $ 7,082 $ 335,735 $ 19,362 $ 1,671 Weighted-average amortization period 1.8 years 2.7 years 2.1 years 0.4 years The weighted-average assumptions used to value stock options granted during the periods presented were as follows: Stock Options Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Expected term (years) — 6.0 — 6.0 Volatility — 47.0 % — 46.0 % Risk-free interest rate — 3.0 % — 1.8 % Dividend yield (1) — — — — The weighted-average assumptions used to value PRSUs with market conditions granted during the periods presented were as follows: PRSUs (Market Conditions) Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Closing price of common stock as of grant date — — $ 68.15 $110.00 Expected term (years) — — 2.84 2.84 Volatility — — 51.1 % 48.8 % Risk-free interest rate — — 4.5 % 1.6 % Dividend yield (1) — — — — (1) The Company has not paid, and does not anticipate paying, cash dividends on its shares of common stock. Accordingly, the expected dividend yield is zero.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
Net Loss Per Share	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per ShareBasic net loss per share is calculated by dividing net loss by the weighted average number of shares of common stock outstanding during the period, and excludes any dilutive effects of employee stock-based awards and potential shares upon conversion of the convertible senior notes. Diluted net loss per share is computed giving effect to all potentially dilutive shares of common stock, including common stock issuable upon exercise of stock options, vesting of RSUs and PRSUs, and shares of common stock issuable upon conversion of convertible senior notes. As the Company had net losses for the three and six months ended June 30, 2023 and 2022, all potentially issuable shares of common stock were determined to be anti-dilutive. The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net loss $ (21,739) $ (23,670) $ (48,987) $ (57,790) Weighted-average shares used in computing basic and diluted net loss per share 71,627 69,748 71,444 69,363 Basic and diluted net loss per share $ (0.30) $ (0.34) $ (0.69) $ (0.83) The following securities were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Stock options 1,041 1,698 1,041 1,698 RSUs (includes PRSUs) 4,455 3,111 4,455 3,111 Convertible senior notes 5,566 5,571 5,567 5,804 Total 11,062 10,380 11,063 10,613

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes for the three and six months ended June 30, 2023 was approximately $0.8 million and $1.3 million, respectively. The provision for income taxes for the three and six months ended June 30, 2022 was approximately $0.3 million and $2.6 million, respectively. The provision for income taxes for the three and six months ended June 30, 2023 consisted primarily of federal, state and foreign current income tax expense. The provision for income taxes for the three and six months ended June 30, 2022 consisted primarily of foreign deferred income tax expense from the intercompany sale of the Company's Australian intellectual property to the United States and foreign current income tax expense. For the three and six months ended June 30, 2023, the provision for income taxes differed from the statutory amount primarily due to domestic state income taxes, foreign income taxes and the Company realizing no benefit for current year domestic losses due to maintaining a full valuation allowance against its domestic net deferred tax assets. For the three and six months ended June 30, 2022, the provision for income taxes differed from the statutory amount primarily due to foreign income taxes and the Company realizing no benefit for current year domestic losses due to maintaining a full valuation allowance against its domestic net deferred tax assets. The realization of tax benefits of deferred tax assets is dependent upon future levels of taxable income, of an appropriate character, in the periods the items are expected to be deductible or taxable. Based on the available objective evidence, the Company does not believe it is more likely than not that the net deferred tax assets will be realizable. Accordingly, the Company has provided a full valuation allowance against the domestic net deferred tax assets as of June 30, 2023 and December 31, 2022. The Company intends to maintain the remaining valuation

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments The Company’s principal commitments consist of future payment obligations under its convertible senior notes, finance leases to finance data centers and other computer and networking equipment, operating leases for office facilities, cloud services and software and maintenance agreements, and agreements with third parties to provide co-location hosting and telecommunication services. These commitments as of December 31, 2022 are disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and material updates to these commitments during the six months ended June 30, 2023 are disclosed herein, including in this Note 10 and in Note 12. As of June 30, 2023, the Company’s commitments under various co-location hosting and telecommunications agreements totaled $16.3 million for terms ranging up to 57 months. These agreements require the Company to make monthly payments over the service term in exchange for certain network services. As of June 30, 2023, the Company had outstanding cloud services and software and maintenance agreement commitments totaling $78.2 million, of which $18.9 million is expected to be paid in the remainder of 2023, $45.9 million is expected to be paid in 2024, and the remaining $13.4 million is expected to be paid in 2025. As of June 30, 2023, $747.5 million of aggregate principal of the 2025 convertible senior notes was outstanding and is due on June 1, 2025. As of June 30, 2023, no 2023 convertible senior notes were outstanding. See Note 6 for more information concerning the convertible senior notes. Legal Matters The Company is involved in various legal and regulatory matters arising in the normal course of business. In management’s opinion, resolution of these matters is not expected to have a material impact on the Company’s consolidated results of operations, cash flows, or its financial position. However, due to the uncertain nature of legal matters, an unfavorable resolution of a matter could materially affect the Company’s future consolidated results of operations, cash flows or financial position in a particular period. The Company expenses legal fees as incurred. Indemnification Agreements

Geographical Information

Geographical Information	6 Months Ended
Geographical Information	Jun. 30, 2023
Segment Reporting [Abstract]
Geographical Information	Geographical Information The following table summarizes revenues by geographic region based on client billing address (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 United States $ 198,217 $ 170,984 $ 393,580 $ 338,231 International 24,665 18,398 47,741 33,928 Total revenue $ 222,882 $ 189,382 $ 441,321 $ 372,159 The following table summarizes total property and equipment, net in the respective locations (in thousands): June 30, 2023 December 31, 2022 United States $ 91,538 $ 92,659 International 7,341 8,562 Property and equipment, net $ 98,879 $ 101,221

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2023
Leases [Abstract]
Leases	Leases The Company has leases for offices, data centers and computer and networking equipment that expire at various dates through 2031. The Company’s leases have remaining terms of one one The components of lease expenses were as follows (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Operating lease cost $ 3,370 $ 2,869 $ 6,752 $ 5,769 Finance lease cost: Amortization of right-of-use assets $ 16 $ 135 $ 79 $ 468 Total finance lease cost $ 16 $ 135 $ 79 $ 468 Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash used in operating leases $ (2,825) $ (2,829) $ (5,318) $ (5,538) Right of use assets obtained in exchange for lease obligations: Operating leases 1,313 264 5,454 584 Finance leases 2,167 — 2,167 — Supplemental balance sheet information related to leases was as follows (in thousands): June 30, 2023 December 31, 2022 Operating leases Operating lease right-of-use assets $ 43,748 $ 44,120 Operating lease liabilities $ 11,931 $ 10,626 Operating lease liabilities — less current portion 39,973 41,389 Total operating lease liabilities $ 51,904 $ 52,015 Finance leases Finance lease right-of-use assets $ 2,167 $ — Property and equipment, gross $ 29,974 $ 36,282 Less: accumulated depreciation and amortization (29,974) (36,203) Property and equipment, net $ — $ 79 Finance lease liabilities $ 704 $ — Finance lease liabilities — less current portion 1,463 — Total finance lease liabilities $ 2,167 $ — Weighted average remaining terms were as follows (in years): June 30, 2023 December 31, 2022 Weighted average remaining lease term Operating leases 5.9 6.4 Finance leases 3.0 0.0 Weighted average discount rates were as follows: June 30, 2023 December 31, 2022 Weighted average discount rate Operating leases 3.7 % 3.4 % Finance leases 5.6 % — % Maturities of lease liabilities were as follows (in thousands): Year Ending December 31, Operating Leases Finance Leases Remaining 2023 $ 7,162 $ 412 2024 11,817 782 2025 8,893 782 2026 6,734 368 2027 5,728 — Thereafter 17,080 — Total future minimum lease payments 57,414 2,344 Less: imputed interest (5,510) (177) Total $ 51,904 $ 2,167
Leases	Leases The Company has leases for offices, data centers and computer and networking equipment that expire at various dates through 2031. The Company’s leases have remaining terms of one one The components of lease expenses were as follows (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Operating lease cost $ 3,370 $ 2,869 $ 6,752 $ 5,769 Finance lease cost: Amortization of right-of-use assets $ 16 $ 135 $ 79 $ 468 Total finance lease cost $ 16 $ 135 $ 79 $ 468 Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash used in operating leases $ (2,825) $ (2,829) $ (5,318) $ (5,538) Right of use assets obtained in exchange for lease obligations: Operating leases 1,313 264 5,454 584 Finance leases 2,167 — 2,167 — Supplemental balance sheet information related to leases was as follows (in thousands): June 30, 2023 December 31, 2022 Operating leases Operating lease right-of-use assets $ 43,748 $ 44,120 Operating lease liabilities $ 11,931 $ 10,626 Operating lease liabilities — less current portion 39,973 41,389 Total operating lease liabilities $ 51,904 $ 52,015 Finance leases Finance lease right-of-use assets $ 2,167 $ — Property and equipment, gross $ 29,974 $ 36,282 Less: accumulated depreciation and amortization (29,974) (36,203) Property and equipment, net $ — $ 79 Finance lease liabilities $ 704 $ — Finance lease liabilities — less current portion 1,463 — Total finance lease liabilities $ 2,167 $ — Weighted average remaining terms were as follows (in years): June 30, 2023 December 31, 2022 Weighted average remaining lease term Operating leases 5.9 6.4 Finance leases 3.0 0.0 Weighted average discount rates were as follows: June 30, 2023 December 31, 2022 Weighted average discount rate Operating leases 3.7 % 3.4 % Finance leases 5.6 % — % Maturities of lease liabilities were as follows (in thousands): Year Ending December 31, Operating Leases Finance Leases Remaining 2023 $ 7,162 $ 412 2024 11,817 782 2025 8,893 782 2026 6,734 368 2027 5,728 — Thereafter 17,080 — Total future minimum lease payments 57,414 2,344 Less: imputed interest (5,510) (177) Total $ 51,904 $ 2,167

Subsequent Event

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn August 3, 2023, the Company entered into a definitive agreement to acquire all issued and outstanding shares of capital stock of Aceyus, Inc. (“Aceyus”) for approximately $82 million at closing, on a cash free, debt free basis, which amount is to be adjusted for certain customary purchase price adjustments. The Company expects this transaction will close by the end of the third quarter of 2023, subject to the satisfaction of certain closing conditions. The Company believes the acquisition of Aceyus uniquely accelerates its ability to capitalize on two large opportunities, namely facilitating the migration of large enterprise customers from on-prem to cloud and leveraging contextual data to deliver personalized experiences throughout the customer journey, including using this contextual data in its AI & Automation solutions.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (21,739)	$ (23,670)	$ (48,987)	$ (57,790)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The significant estimates made by management affect revenue and related reserves. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. Actual results could differ from those estimates.
Recent Accounting Pronouncements Not Yet Effective	Recent Accounting Pronouncements Not Yet Effective The Company has reviewed or is in the process of evaluating all issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such accounting pronouncements will cause a material impact on its condensed consolidated financial position, operating results or statements of cash flows.
Receivables	The Company receives payments from customers based upon billing cycles. Invoice payment terms are usually 30 days or less. Accounts receivable are recorded when the right to consideration becomes unconditional.
Deferred Contract Acquisition	Deferred contract acquisition costs are recorded when incurred and are amortized over an estimated customer benefit period of five years.
Revenue	The Company’s contract assets consist of unbilled amounts typically resulting from professional services revenue recognition when it exceeds the total amounts billed to the customer. The Company’s contract liabilities consist of advance payments and billings in excess of revenue recognized.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
Revenue (Tables)	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Contract Balances	The following table provides information about accounts receivable, net, deferred contract acquisition costs, net, contract assets and contract liabilities from contracts with customers (in thousands): June 30, 2023 December 31, 2022 Accounts receivable, net $ 88,461 $ 87,494 Deferred contract acquisition costs, net: Current $ 54,462 $ 47,242 Non-current 126,555 114,880 Total deferred contract acquisition costs, net $ 181,017 $ 162,122 Contract assets and contract liabilities: Contract assets (included in prepaid expenses and other current assets) $ 2,875 $ 3,401 Contract liabilities (deferred revenue) (57,539) (57,816) Noncurrent contract liabilities (deferred revenue) (included in other long-term liabilities) (775) (1,178) Net contract liabilities $ (55,439) $ (55,593)

Investments and Fair Value Me_2

Investments and Fair Value Measurements (Tables)	6 Months Ended
Investments and Fair Value Measurements (Tables)	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Marketable Investments	The Company’s marketable investments have been classified and accounted for as available-for-sale. The Company’s marketable investments as of June 30, 2023 and December 31, 2022 were as follows (in thousands): June 30, 2023 Short-Term Marketable Investments Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 2,205 $ — $ (2) $ 2,203 U.S. treasury securities 169,199 17 (343) 168,873 U.S. agency securities 246,153 4 (811) 245,346 Commercial paper 35,624 1 (23) 35,602 Municipal bonds 10,861 — (29) 10,832 Corporate bonds 1,389 — (1) 1,388 Total $ 465,431 $ 22 $ (1,209) $ 464,244 June 30, 2023 Long-term Marketable Investments Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. treasury securities $ 57,122 $ — $ (836) $ 56,286 U.S. agency securities 21,569 — (179) 21,390 Corporate bonds 7,524 — (90) 7,434 Total $ 86,215 $ — $ (1,105) $ 85,110 December 31, 2022 Short-Term Marketable Investments Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 747 $ — $ (13) $ 734 U.S. treasury securities 186,776 8 (1,382) 185,402 U.S. agency and government-sponsored securities 197,597 29 (1,660) 195,966 Commercial paper 25,386 — — 25,386 Municipal bonds 22,764 — (145) 22,619 Corporate bonds 3,658 — (22) 3,636 Total $ 436,928 $ 37 $ (3,222) $ 433,743 December 31, 2022 Long-term Marketable Investments Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. agency securities $ 885 $ — $ — $ 885 Total $ 885 $ — $ — $ 885
Schedule of Gross Unrealized Losses and Fair Value of Marketable Investments	The following table presents the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than 12 months as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Certificates of deposit $ (2) $ 496 $ (13) $ 734 U.S. treasury securities (1,179) 153,087 (1,382) 126,534 U.S. agency securities (990) 255,208 (1,660) 172,458 Commercial paper (23) 30,682 — — Municipal bonds (29) 8,362 (145) 12,623 Corporate bonds (91) 8,822 (22) 3,636 Total $ (2,314) $ 456,657 $ (3,222) $ 315,985
Schedule of Assets Carried at Fair Value	The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands): June 30, 2023 Level 1 Level 2 Level 3 Total Assets Cash equivalents Money market funds $ 90,698 $ — $ — $ 90,698 U.S. treasury securities 11,926 — — 11,926 U.S. agency securities and government sponsored securities — 14,988 — 14,988 Total cash equivalents $ 102,624 $ 14,988 $ — $ 117,612 Marketable investments (short and long term) Certificates of deposit $ — $ 2,203 $ — $ 2,203 U.S. treasury securities 225,159 — — 225,159 U.S. agency securities and government sponsored securities — 266,736 — 266,736 Commercial paper — 35,602 — 35,602 Municipal bonds — 10,832 — 10,832 Corporate bonds — 8,822 — 8,822 Total marketable investments $ 225,159 $ 324,195 $ — $ 549,354 December 31, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents Money market funds $ 37,560 $ — $ — $ 37,560 U.S. treasury securities 19,700 — — 19,700 Total cash equivalents $ 57,260 $ — $ — $ 57,260 Marketable investments (short and long-term) Certificates of deposit $ — $ 734 $ — $ 734 U.S. treasury securities 185,402 — — 185,402 U.S. agency and government-sponsored securities — 196,851 — 196,851 Commercial paper — 25,386 — 25,386 Municipal bonds — 22,619 — 22,619 Corporate bonds — 3,636 — 3,636 Total marketable investments $ 185,402 $ 249,226 $ — $ 434,628

Financial Statement Components

Financial Statement Components (Tables)	6 Months Ended
Financial Statement Components (Tables)	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash and Cash Equivalents	Cash and cash equivalents consisted of the following (in thousands): June 30, 2023 December 31, 2022 Cash $ 77,980 $ 123,260 Money market funds 90,698 37,560 U.S. treasury securities 11,926 19,700 U.S. agency securities 14,988 — Total cash and cash equivalents $ 195,592 $ 180,520
Schedule of Accounts Receivable	Accounts receivable, net consisted of the following (in thousands): June 30, 2023 December 31, 2022 Trade accounts receivable $ 79,481 $ 77,621 Unbilled trade accounts receivable, net of advance client deposits 9,224 10,135 Allowance for credit losses (244) (262) Accounts receivable, net $ 88,461 $ 87,494
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2023 December 31, 2022 Prepaid expenses $ 27,844 $ 17,151 Other current assets 7,757 9,159 Contract assets 2,875 3,401 Prepaid expenses and other current assets $ 38,476 $ 29,711
Schedule of Property and Equipment	Property and equipment, net consisted of the following (in thousands): June 30, 2023 December 31, 2022 Computer and network equipment $ 145,295 $ 148,789 Computer software 54,489 50,955 Internal-use software development costs 11,218 6,111 Furniture and fixtures 4,318 3,326 Leasehold improvements 6,031 6,574 Property and equipment 221,351 215,755 Accumulated depreciation and amortization (122,472) (114,534) Property and equipment, net $ 98,879 $ 101,221
Schedule of Other Assets	Other assets consisted of the following (in thousands): June 30, 2023 December 31, 2022 Other assets $ 11,531 $ 5,081 Equity investment in a privately-held company 2,000 2,000 Deferred tax assets 3,798 3,976 Total $ 17,329 $ 11,057
Schedule of Accrued and Other Current Liabilities	Accrued and other current liabilities consisted of the following (in thousands): June 30, 2023 December 31, 2022 Accrued expenses $ 18,853 $ 19,343 Accrued compensation and benefits 40,007 33,749 Accrued and other current liabilities $ 58,860 $ 53,092
Schedule of Other Long-term Liabilities	Other long-term liabilities consisted of the following (in thousands): June 30, 2023 December 31, 2022 Deferred revenue $ 775 $ 1,178 Deferred tax liabilities 289 157 Other long-term liabilities 2,267 1,745 Other long-term liabilities $ 3,331 $ 3,080

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
Goodwill and Intangible Assets (Tables)	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets Activity	The following table summarizes the activity in the Company's intangible assets balance during the three and six months ended June 30, 2023 (in thousands): Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Beginning of the period $ 25,346 $ 28,192 Amortization (2,845) (5,691) End of the period $ 22,501 $ 22,501
Schedule of Intangible Assets	The components of intangible assets were as follows (in thousands): June 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Amortization period (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Amortization period (Years) Developed technology $ 56,214 $ (34,412) $ 21,802 2.9 $ 56,214 $ (28,881) $ 27,333 3.2 Acquired workforce 470 (470) — 0.0 470 (470) — 0.0 Customer relationships 1,600 (901) 699 2.3 1,600 (741) 859 2.7 Trademarks 500 (500) — 0.0 500 (500) — 0.0 Total $ 58,784 $ (36,283) $ 22,501 2.9 $ 58,784 $ (30,592) $ 28,192 3.2
Schedule of Expected Future Amortization Expense of Intangible Assets	As of June 30, 2023, the expected future amortization expense for intangible assets was as follows (in thousands): Period Expected Future Amortization Expense Remaining 2023 $ 5,179 2024 7,527 2025 5,595 2026 4,200 2027 — Thereafter — Total $ 22,501

Debt (Tables)

Debt (Tables) - Convertible Senior Notes, Due 2025	6 Months Ended
Debt (Tables) - Convertible Senior Notes, Due 2025	Jun. 30, 2023
Debt Instrument [Line Items]
Schedule of Net Carrying Amount of Notes and Impact to Additional Paid-in Capital	The net carrying amount of the 2025 convertible senior notes as of June 30, 2023 and as of December 31, 2022 was as follows (in thousands): June 30, 2023 December 31, 2022 Principal $ 747,500 $ 747,500 Unamortized issuance costs (7,285) (9,124) Net carrying amount $ 740,215 $ 738,376
Schedule of Interest Expense Related to the Notes	Interest expense related to the 2025 convertible senior notes was as follows (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Contractual interest expense $ 934 $ 934 $ 1,868 $ 1,869 Amortization of issuance costs 931 922 1,839 1,821 Total interest expense $ 1,865 $ 1,856 $ 3,707 $ 3,690

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
Stockholders' Equity (Tables)	Jun. 30, 2023
Equity [Abstract]
Schedule of Common Stock Reserved for Future Issuance	Shares of common stock reserved for future issuance related to outstanding equity awards and employee equity incentive plans as of June 30, 2023 were as follows (in thousands): June 30, 2023 Stock options outstanding 1,041 RSUs (including PRSUs) outstanding 4,455 Shares available for future grant under 2014 Plan 16,188 Shares available for future issuance under ESPP 4,076 Total shares of common stock reserved 25,760
Schedule of Stock Option Activity	A summary of the Company’s stock option activity during the six months ended June 30, 2023 is as follows (in thousands, except per share data): Number of Weighted Weighted Aggregate Outstanding as of December 31, 2022 1,481 $ 47.75 Options granted — — Options exercised (379) 18.42 Options forfeited or expired (61) 141.85 Outstanding as of June 30, 2023 1,041 $ 52.88 5.0 $ 43,993
Schedule of RSU Activity	A summary of the Company’s restricted stock unit ("RSU") activity (including Performance-Based Restricted Stock Units "PRSUs") during the six months ended June 30, 2023 is as follows (in thousands, except per share data): Number of Shares Weighted Average Grant Date Fair Value Per Share Outstanding as of December 31, 2022 3,718 $ 103.55 RSUs granted (1) 1,965 71.19 RSUs vested and released (919) 102.47 RSUs forfeited or canceled (309) 104.08 Outstanding as of June 30, 2023 4,455 87.64
Schedule of Stock-based Compensation Expense	Stock-based compensation expense was as follows (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Cost of revenue $ 9,888 $ 8,538 $ 19,221 $ 16,330 Research and development 13,013 11,818 25,395 21,963 Sales and marketing 17,391 14,963 34,436 28,387 General and administrative 13,075 9,467 25,058 17,499 Total stock-based compensation expense $ 53,367 $ 44,786 104,110 84,179
Schedule of Unrecognized Compensation Expense	As of June 30, 2023, unrecognized stock-based compensation expense by award type and expected weighted-average recognition periods are summarized in the following table (in thousands, except years). Stock Option RSU PRSU ESPP Unrecognized stock-based compensation expense $ 7,082 $ 335,735 $ 19,362 $ 1,671 Weighted-average amortization period 1.8 years 2.7 years 2.1 years 0.4 years
Schedule of Valuation Assumptions, Stock Option	The weighted-average assumptions used to value stock options granted during the periods presented were as follows: Stock Options Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Expected term (years) — 6.0 — 6.0 Volatility — 47.0 % — 46.0 % Risk-free interest rate — 3.0 % — 1.8 % Dividend yield (1) — — — — The weighted-average assumptions used to value PRSUs with market conditions granted during the periods presented were as follows: PRSUs (Market Conditions) Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Closing price of common stock as of grant date — — $ 68.15 $110.00 Expected term (years) — — 2.84 2.84 Volatility — — 51.1 % 48.8 % Risk-free interest rate — — 4.5 % 1.6 % Dividend yield (1) — — — — (1) The Company has not paid, and does not anticipate paying, cash dividends on its shares of common stock. Accordingly, the expected dividend yield is zero.

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
Net Loss Per Share (Tables)	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share	The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net loss $ (21,739) $ (23,670) $ (48,987) $ (57,790) Weighted-average shares used in computing basic and diluted net loss per share 71,627 69,748 71,444 69,363 Basic and diluted net loss per share $ (0.30) $ (0.34) $ (0.69) $ (0.83)
Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share	The following securities were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Stock options 1,041 1,698 1,041 1,698 RSUs (includes PRSUs) 4,455 3,111 4,455 3,111 Convertible senior notes 5,566 5,571 5,567 5,804 Total 11,062 10,380 11,063 10,613

Geographical Information (Table

Geographical Information (Tables)	6 Months Ended
Geographical Information (Tables)	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Revenues and Property and Equipment by Geographic Region	The following table summarizes revenues by geographic region based on client billing address (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 United States $ 198,217 $ 170,984 $ 393,580 $ 338,231 International 24,665 18,398 47,741 33,928 Total revenue $ 222,882 $ 189,382 $ 441,321 $ 372,159 The following table summarizes total property and equipment, net in the respective locations (in thousands): June 30, 2023 December 31, 2022 United States $ 91,538 $ 92,659 International 7,341 8,562 Property and equipment, net $ 98,879 $ 101,221

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2023
Leases [Abstract]
Schedule of Lease Expenses and Terms	The components of lease expenses were as follows (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Operating lease cost $ 3,370 $ 2,869 $ 6,752 $ 5,769 Finance lease cost: Amortization of right-of-use assets $ 16 $ 135 $ 79 $ 468 Total finance lease cost $ 16 $ 135 $ 79 $ 468 Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash used in operating leases $ (2,825) $ (2,829) $ (5,318) $ (5,538) Right of use assets obtained in exchange for lease obligations: Operating leases 1,313 264 5,454 584 Finance leases 2,167 — 2,167 — Weighted average remaining terms were as follows (in years): June 30, 2023 December 31, 2022 Weighted average remaining lease term Operating leases 5.9 6.4 Finance leases 3.0 0.0 Weighted average discount rates were as follows: June 30, 2023 December 31, 2022 Weighted average discount rate Operating leases 3.7 % 3.4 % Finance leases 5.6 % — %
Schedule of Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases was as follows (in thousands): June 30, 2023 December 31, 2022 Operating leases Operating lease right-of-use assets $ 43,748 $ 44,120 Operating lease liabilities $ 11,931 $ 10,626 Operating lease liabilities — less current portion 39,973 41,389 Total operating lease liabilities $ 51,904 $ 52,015 Finance leases Finance lease right-of-use assets $ 2,167 $ — Property and equipment, gross $ 29,974 $ 36,282 Less: accumulated depreciation and amortization (29,974) (36,203) Property and equipment, net $ — $ 79 Finance lease liabilities $ 704 $ — Finance lease liabilities — less current portion 1,463 — Total finance lease liabilities $ 2,167 $ —
Schedule of Operating Lease Maturities	Maturities of lease liabilities were as follows (in thousands): Year Ending December 31, Operating Leases Finance Leases Remaining 2023 $ 7,162 $ 412 2024 11,817 782 2025 8,893 782 2026 6,734 368 2027 5,728 — Thereafter 17,080 — Total future minimum lease payments 57,414 2,344 Less: imputed interest (5,510) (177) Total $ 51,904 $ 2,167

Revenue - Contract Balances (De

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 88,461	$ 87,494
Deferred contract acquisition costs, net:
Current	54,462	47,242
Non-current	126,555	114,880
Total deferred contract acquisition costs, net	181,017	162,122
Contract assets and contract liabilities:
Contract assets (included in prepaid expenses and other current assets)	2,875	3,401
Contract liabilities (deferred revenue)	(57,539)	(57,816)
Noncurrent contract liabilities (deferred revenue) (included in other long-term liabilities)	(775)	(1,178)
Net contract liabilities	$ (55,439)	$ (55,593)

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
Revenue - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract revenue recognized	$ 10.1	$ 41.6
Contract acquisition costs
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Amortization period of capitalized contract cost (in years)	5 years	5 years

Revenue - Remaining Performance

Revenue - Remaining Performance Obligations (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Performance obligation	$ 1,042.2
Performance obligation, description of timing	The Company expects to recognize revenue on approximately three-fourths of the remaining performance obligations over the next 24 months, with the balance recognized thereafter. The Company excludes amounts for remaining performance obligations that are part of contracts with an original expected duration of one year or less. Such remaining performance obligations represent unsatisfied or partially unsatisfied performance obligations.
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation satisfaction period (in months)	24 months
Remaining performance obligation expected to be recognized (as a percent)	75%

Investments and Fair Value Me_3

Investments and Fair Value Measurements - Schedule of Marketable Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 549,354	$ 434,628
Short-Term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost	465,431	436,928
Gross Unrealized Gains	22	37
Gross Unrealized Losses	(1,209)	(3,222)
Fair Value	464,244	433,743
Long-term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost	86,215	885
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1,105)	0
Fair Value	85,110	885
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Fair Value	2,203	734
Certificates of deposit \| Short-Term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost	2,205	747
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(2)	(13)
Fair Value	2,203	734
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	225,159	185,402
U.S. treasury securities \| Short-Term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost	169,199	186,776
Gross Unrealized Gains	17	8
Gross Unrealized Losses	(343)	(1,382)
Fair Value	168,873	185,402
U.S. treasury securities \| Long-term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost	57,122
Gross Unrealized Gains	0
Gross Unrealized Losses	(836)
Fair Value	56,286
U.S. agency securities \| Short-Term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost	246,153	197,597
Gross Unrealized Gains	4	29
Gross Unrealized Losses	(811)	(1,660)
Fair Value	245,346	195,966
U.S. agency securities \| Long-term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost	21,569	885
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(179)	0
Fair Value	21,390	885
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Fair Value	35,602	25,386
Commercial paper \| Short-Term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost	35,624	25,386
Gross Unrealized Gains	1	0
Gross Unrealized Losses	(23)	0
Fair Value	35,602	25,386
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Fair Value	10,832	22,619
Municipal bonds \| Short-Term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost	10,861	22,764
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(29)	(145)
Fair Value	10,832	22,619
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Fair Value	8,822	3,636
Corporate bonds \| Short-Term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost	1,389	3,658
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1)	(22)
Fair Value	1,388	$ 3,636
Corporate bonds \| Long-term Marketable Investments
Debt Securities, Available-for-sale [Line Items]
Cost	7,524
Gross Unrealized Gains	0
Gross Unrealized Losses	(90)
Fair Value	$ 7,434

Investments and Fair Value Me_4

Investments and Fair Value Measurements - Schedule of Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	$ (2,314)	$ (3,222)
Fair Value	456,657	315,985
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	(2)	(13)
Fair Value	496	734
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	(1,179)	(1,382)
Fair Value	153,087	126,534
U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	(990)	(1,660)
Fair Value	255,208	172,458
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	(23)	0
Fair Value	30,682	0
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	(29)	(145)
Fair Value	8,362	12,623
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses	(91)	(22)
Fair Value	$ 8,822	$ 3,636

Investments and Fair Value Me_5

Investments and Fair Value Measurements - Schedule of Assets Carried at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash equivalents	$ 117,612	$ 57,260
Marketable investments (short and long term)	549,354	434,628
Level 1
Assets
Cash equivalents	102,624	57,260
Marketable investments (short and long term)	225,159	185,402
Level 2
Assets
Cash equivalents	14,988	0
Marketable investments (short and long term)	324,195	249,226
Level 3
Assets
Cash equivalents	0	0
Marketable investments (short and long term)	0	0
Certificates of deposit
Assets
Marketable investments (short and long term)	2,203	734
Certificates of deposit \| Level 1
Assets
Marketable investments (short and long term)	0	0
Certificates of deposit \| Level 2
Assets
Marketable investments (short and long term)	2,203	734
Certificates of deposit \| Level 3
Assets
Marketable investments (short and long term)	0	0
U.S. treasury securities
Assets
Marketable investments (short and long term)	225,159	185,402
U.S. treasury securities \| Level 1
Assets
Marketable investments (short and long term)	225,159	185,402
U.S. treasury securities \| Level 2
Assets
Marketable investments (short and long term)	0	0
U.S. treasury securities \| Level 3
Assets
Marketable investments (short and long term)	0	0
U.S. agency and government-sponsored securities
Assets
Cash equivalents	14,988
Marketable investments (short and long term)	266,736	196,851
U.S. agency and government-sponsored securities \| Level 1
Assets
Cash equivalents	0
Marketable investments (short and long term)	0	0
U.S. agency and government-sponsored securities \| Level 2
Assets
Cash equivalents	14,988
Marketable investments (short and long term)	266,736	196,851
U.S. agency and government-sponsored securities \| Level 3
Assets
Cash equivalents	0
Marketable investments (short and long term)	0	0
Commercial paper
Assets
Marketable investments (short and long term)	35,602	25,386
Commercial paper \| Level 1
Assets
Marketable investments (short and long term)	0	0
Commercial paper \| Level 2
Assets
Marketable investments (short and long term)	35,602	25,386
Commercial paper \| Level 3
Assets
Marketable investments (short and long term)	0	0
Municipal bonds
Assets
Marketable investments (short and long term)	10,832	22,619
Municipal bonds \| Level 1
Assets
Marketable investments (short and long term)	0	0
Municipal bonds \| Level 2
Assets
Marketable investments (short and long term)	10,832	22,619
Municipal bonds \| Level 3
Assets
Marketable investments (short and long term)	0	0
Corporate bonds
Assets
Marketable investments (short and long term)	8,822	3,636
Corporate bonds \| Level 1
Assets
Marketable investments (short and long term)	0	0
Corporate bonds \| Level 2
Assets
Marketable investments (short and long term)	8,822	3,636
Corporate bonds \| Level 3
Assets
Marketable investments (short and long term)	0	0
Money market funds
Assets
Cash equivalents	90,698	37,560
Money market funds \| Level 1
Assets
Cash equivalents	90,698	37,560
Money market funds \| Level 2
Assets
Cash equivalents	0	0
Money market funds \| Level 3
Assets
Cash equivalents	0	0
U.S. treasury securities
Assets
Cash equivalents	11,926	19,700
U.S. treasury securities \| Level 1
Assets
Cash equivalents	11,926	19,700
U.S. treasury securities \| Level 2
Assets
Cash equivalents	0	0
U.S. treasury securities \| Level 3
Assets
Cash equivalents	$ 0	$ 0

Investments and Fair Value Me_6

Investments and Fair Value Measurements - Narrative (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Feb. 28, 2022
Debt Instrument [Line Items]
Equity investment in a privately-held company	$ 2,000,000	$ 2,000,000	$ 2,000,000
Nonrecurring
Debt Instrument [Line Items]
Assets measured at fair value on nonrecurring basis	0	0
Liabilities measured at fair value on nonrecurring basis	0	0
Convertible Senior Notes, Due 2023 \| Level 2 \| Convertible Debt
Debt Instrument [Line Items]
Fair value of long-term debt		300,000
Convertible Senior Notes, Due 2025 \| Level 2 \| Convertible Debt
Debt Instrument [Line Items]
Fair value of long-term debt	$ 723,000,000	$ 687,100,000

Financial Statement Component_2

Financial Statement Components - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	$ 195,592	$ 180,520	$ 101,315	$ 90,878
Cash
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	77,980	123,260
Money market funds
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	90,698	37,560
U.S. treasury securities
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	11,926	19,700
U.S. agency securities
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	$ 14,988	$ 0

Financial Statement Component_3

Financial Statement Components - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts Receivable [Line Items]
Allowance for credit losses	$ (244)	$ (262)
Accounts receivable, net	88,461	87,494
Trade accounts receivable
Accounts Receivable [Line Items]
Trade accounts receivable	79,481	77,621
Unbilled trade accounts receivable, net of advance client deposits
Accounts Receivable [Line Items]
Trade accounts receivable	$ 9,224	$ 10,135

Financial Statement Component_4

Financial Statement Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 27,844	$ 17,151
Other current assets	7,757	9,159
Contract assets	2,875	3,401
Prepaid expenses and other current assets	$ 38,476	$ 29,711

Financial Statement Component_5

Financial Statement Components - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment	$ 221,351		$ 221,351		$ 215,755
Accumulated depreciation and amortization	(122,472)		(122,472)		(114,534)
Property and equipment, net	98,879		98,879		101,221
Depreciation and amortization associated with property and equipment	8,900	$ 8,700	17,400	$ 16,600
Computer and network equipment
Property, Plant and Equipment [Line Items]
Property and equipment	145,295		145,295		148,789
Computer software
Property, Plant and Equipment [Line Items]
Property and equipment	54,489		54,489		50,955
Internal-use software development costs
Property, Plant and Equipment [Line Items]
Property and equipment	11,218		11,218		6,111
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	4,318		4,318		3,326
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 6,031		$ 6,031		$ 6,574

Financial Statement Component_6

Financial Statement Components - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Feb. 28, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other assets	$ 11,531	$ 5,081
Equity investment in a privately-held company	2,000	2,000	$ 2,000
Deferred tax assets	3,798	3,976
Total	$ 17,329	$ 11,057

Financial Statement Component_7

Financial Statement Components - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 18,853	$ 19,343
Accrued compensation and benefits	40,007	33,749
Accrued and other current liabilities	$ 58,860	$ 53,092

Financial Statement Component_8

Financial Statement Components - Schedule of Long-term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred revenue	$ 775	$ 1,178
Deferred tax liabilities	289	157
Other long-term liabilities	2,267	1,745
Other long-term liabilities	$ 3,331	$ 3,080

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill and Intangible Asset Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finite-lived Intangible Assets [Roll Forward]
Beginning of the period	$ 25,346		$ 28,192
Amortization	(2,845)	$ (2,900)	(5,691)	$ (5,900)
End of the period	$ 22,501		$ 22,501

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	$ 58,784		$ 58,784			$ 58,784
Accumulated Amortization	(36,283)		(36,283)			(30,592)
Net Carrying Amount	$ 22,501		$ 22,501		$ 25,346	$ 28,192
Weighted Average Remaining Amortization period (Years)	2 years 10 months 24 days		2 years 10 months 24 days			3 years 2 months 12 days
Amortization of intangible assets	$ 2,845	$ 2,900	$ 5,691	$ 5,900
Developed technology
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	56,214		56,214			$ 56,214
Accumulated Amortization	(34,412)		(34,412)			(28,881)
Net Carrying Amount	$ 21,802		$ 21,802			$ 27,333
Weighted Average Remaining Amortization period (Years)	2 years 10 months 24 days		2 years 10 months 24 days			3 years 2 months 12 days
Acquired workforce
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	$ 470		$ 470			$ 470
Accumulated Amortization	(470)		(470)			(470)
Net Carrying Amount	$ 0		$ 0			$ 0
Weighted Average Remaining Amortization period (Years)	0 years		0 years			0 years
Customer relationships
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	$ 1,600		$ 1,600			$ 1,600
Accumulated Amortization	(901)		(901)			(741)
Net Carrying Amount	$ 699		$ 699			$ 859
Weighted Average Remaining Amortization period (Years)	2 years 3 months 18 days		2 years 3 months 18 days			2 years 8 months 12 days
Trademarks
Acquired Finite-Lived Intangible Assets
Gross Carrying Amount	$ 500		$ 500			$ 500
Accumulated Amortization	(500)		(500)			(500)
Net Carrying Amount	$ 0		$ 0			$ 0
Weighted Average Remaining Amortization period (Years)	0 years		0 years			0 years

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining 2023	$ 5,179
2024	7,527
2025	5,595
2026	4,200
2027	0
Thereafter	0
Net Carrying Amount	$ 22,501	$ 25,346	$ 28,192

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes and Capped Call (Narrative) (Details)	1 Months Ended		2 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2020 USD ($) shares	May 31, 2018 USD ($) $ / shares	Jun. 30, 2020 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2023 USD ($) day $ / shares Rate shares	Jun. 30, 2022 USD ($) shares	Dec. 31, 2022 USD ($)	May 21, 2020 $ / shares
Debt Instrument [Line Items]
Interest expense, debt				$ 0	$ 0	$ 0	$ 0
Cash consideration to repurchase note						0	34,034,000
Issuance of common stock upon partial conversion of the 2023 convertible senior notes					$ (15,000)	$ 0	$ (259,000)
Common Stock
Debt Instrument [Line Items]
Equity component from partial repurchase of 2023 convertible senior notes (in shares) \| shares				2,000	34,000	2,000	574,000
Convertible Senior Notes, Due 2025 \| Convertible Debt
Debt Instrument [Line Items]
Stated interest rate on debt (as a percent)			0.50%
Proceeds from issuance of debt			$ 728,800,000
Conversion ratio on convertible debt \| Rate						0.74437%
Conversion price on convertible debt (in USD per share) \| $ / shares				$ 134.34		$ 134.34
Premium on conversion price in relation to closing price (as a percent)									30%
Closing price of common stock (in USD per share) \| $ / shares				82.45		82.45			$ 103.34
Share price of common stock with conversion premium (in USD per share) \| $ / shares				$ 174.64		$ 174.64
Sinking fund payment						$ 0
Long-term debt				$ 740,215,000		740,215,000		$ 738,376,000
Interest expense, debt				$ 934,000	$ 934,000	$ 1,868,000	$ 1,869,000
Cap price of the capped call transactions (in USD per share) \| $ / shares			$ 206.68
Number of shares covered in the capped call transactions (in shares) \| shares				5,600,000		5,600,000
Convertible Senior Notes, Due 2025 \| Convertible Debt \| Fundamental Change Event
Debt Instrument [Line Items]
Debt redemption price as percentage of principal amount (as a percent)						100%
Convertible Senior Notes, Due 2025 \| Convertible Debt \| On or After June 6, 2023
Debt Instrument [Line Items]
Number of trading days (in days) \| day						20
Number of consecutive trading days (in days) \| day						30
Threshold percentage of stock price trigger (as a percent)						130%
Debt redemption price as percentage of principal amount (as a percent)						100%
Number of trading days preceding notice of redemption (in days) \| day						2
Convertible Senior Notes, Due 2025 \| Convertible Debt \| Convertible, Term One
Debt Instrument [Line Items]
Number of trading days (in days) \| day						20
Number of consecutive trading days (in days) \| day						30
Threshold percentage of stock price trigger (as a percent)						130%
Convertible Senior Notes, Due 2025 \| Convertible Debt \| Convertible, Term Two
Debt Instrument [Line Items]
Number of trading days (in days) \| day						5
Number of consecutive trading days (in days) \| day						5
Threshold percentage of stock price trigger (as a percent)						98%
Convertible Senior Notes, Due 2025 \| Convertible Debt \| Private Placement
Debt Instrument [Line Items]
Aggregate principal amount of debt			$ 747,500,000
Option to purchase additional debt through private offering			$ 97,500,000
Convertible Senior Notes, Due 2023 \| Convertible Debt
Debt Instrument [Line Items]
Stated interest rate on debt (as a percent)	0.125%
Proceeds from issuance of debt		$ 250,800,000
Conversion ratio on convertible debt \| Rate						2.44978%
Conversion price on convertible debt (in USD per share) \| $ / shares				$ 40.82		$ 40.82
Long-term debt				$ 0		$ 0		$ 200,000
Cap price of the capped call transactions (in USD per share) \| $ / shares		$ 62.80
Debt instrument, repurchase amount	$ 181,000,000			$ 194,700,000		$ 194,700,000
Aggregate consideration to repurchase note	449,600,000
Cash consideration to repurchase note	$ 181,000,000
Number of shares covered in the capped call transactions (in shares) \| shares				6,300,000		6,300,000
Convertible Senior Notes, Due 2023 \| Convertible Debt \| Common Stock
Debt Instrument [Line Items]
Equity component from partial repurchase of 2023 convertible senior notes (in shares) \| shares	2,723,581					370,877
Issuance of common stock upon partial conversion of the 2023 convertible senior notes						$ 74,500,000
Convertible Senior Notes, Due 2023 \| Convertible Debt \| Private Placement
Debt Instrument [Line Items]
Aggregate principal amount of debt		$ 258,800,000

Debt - Schedule of Net Carrying

Debt - Schedule of Net Carrying Amount of the Liability Component of the Notes (Details) - Convertible Debt - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal	$ 747,500
Convertible Senior Notes, Due 2025
Debt Instrument [Line Items]
Principal	747,500	$ 747,500
Unamortized issuance costs	(7,285)	(9,124)
Net carrying amount	$ 740,215	$ 738,376

Debt - Schedule of Interest Exp

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Contractual interest expense	$ 0	$ 0	$ 0	$ 0
Total interest expense	1,866	1,857	3,711	3,727
Convertible Senior Notes, Due 2025 \| Convertible Debt
Debt Instrument [Line Items]
Contractual interest expense	934	934	1,868	1,869
Amortization of issuance costs	931	922	1,839	1,821
Total interest expense	$ 1,865	$ 1,856	$ 3,707	$ 3,690

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Stockholders' Equity Capital Structure [Line Items]
Common stock shares authorized (in shares)	450,000,000
Common stock par value (in USD per share)	$ 0.001
Common stock shares issued (in shares)	72,180,262	71,047,179
Common stock shares outstanding (in shares)	72,180,262	71,047,179
Preferred stock shares authorized (up to) (in shares)	5,000,000
Preferred stock par value (in USD per share)	$ 0.001
Preferred stock shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0
Closing market price of common stock (in USD per share)	$ 82.45

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) shares in Thousands	Jun. 30, 2023 shares
Class of Stock
Total shares of common stock reserved (in shares)	25,760
2014 Plan
Class of Stock
Total shares of common stock reserved (in shares)	16,188
Stock options
Class of Stock
Total shares of common stock reserved (in shares)	1,041
RSUs (includes PRSUs)
Class of Stock
Total shares of common stock reserved (in shares)	4,455
Shares available for future issuance under ESPP
Class of Stock
Total shares of common stock reserved (in shares)	4,076

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Activity (Details) - Stock options $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Options Outstanding [Roll Forward]
Outstanding, beginning balance (in shares) \| shares	1,481
Options granted (in shares) \| shares	0
Options exercised (in shares) \| shares	(379)
Options forfeited or expired (in shares) \| shares	(61)
Outstanding, ending balance (in shares) \| shares	1,041
Options Outstanding, Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning balance, weighted average exercise price (in USD per share) \| $ / shares	$ 47.75
Options granted, weighted average exercise price (in USD per share) \| $ / shares	0
Options exercised, weighted average exercise price (in USD per share) \| $ / shares	18.42
Options forfeited or expired, weighted average exercise price (in USD per share) \| $ / shares	141.85
Outstanding, ending balance, weighted average exercise price (in USD per share) \| $ / shares	$ 52.88
Outstanding, ending balance, weighted average remaining contractual life (years)	5 years
Outstanding, ending balance, aggregate intrinsic value \| $	$ 43,993

Stockholders' Equity - RSU Acti

Stockholders' Equity - RSU Activity (Details)	6 Months Ended
Stockholders' Equity - RSU Activity (Details)	Jun. 30, 2023 $ / shares shares
RSUs (includes PRSUs)
Number of Shares
Outstanding, beginning balance (in shares)	3,718,000
RSUs granted (in shares)	1,965,000
RSUs vested and released (in shares)	(919,000)
RSUs forfeited or canceled (in shares)	(309,000)
Outstanding, ending balance (in shares)	4,455,000
Weighted Average Grant Date Fair Value Per Share
Outstanding, beginning balance, weighted-average grant date fair value per share (in USD per share) \| $ / shares	$ 103.55
RSUs granted, weighted average grant date fair value (in USD per share) \| $ / shares	71.19
RSUs vested and released, weighted average grant date fair value (in USD per share) \| $ / shares	102.47
RSUs forfeited or canceled, weighted average grant date fair value (in USD per share) \| $ / shares	104.08
Outstanding, ending balance, weighted-average grant date fair value per share (in USD per share) \| $ / shares	$ 87.64
Performance Based And Market Based Restricted Stock Units PRSUs
Number of Shares
RSUs granted (in shares)	35,921

Stockholders' Equity - Performa

Stockholders' Equity - Performance-Based Restricted Stock Units (Narrative) (Details) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2023 Rate	Jun. 30, 2023 USD ($) installment period shares	Dec. 31, 2022 USD ($) goal installment shares
Market-Based PRSUs
Stockholders' Equity Capital Structure [Line Items]
Equity instruments granted (in shares) \| shares		35,921	284,282
Equity instruments granted, weighted average grant date fair value \| $		$ 3.1	$ 30.6
PRSUs
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)	58.70%
Number of performance periods \| period		3
Term of the performance period (in years)		1 year
Award vesting percentage		33.33%
Performance periods limited to 100% of target \| period		2
Earnout target percentage, maximum for 2022 and 2023 (as a percent)		1
Actual total shareholder return (as a percent)	(52.64%)
Relative total shareholder return ranking (as a percent)	30.20%
PRSUs \| Tranche One
Stockholders' Equity Capital Structure [Line Items]
Award vesting percentage		33.33%
PRSUs \| Tranche Two
Stockholders' Equity Capital Structure [Line Items]
Award vesting percentage		66.67%
PRSUs \| Payout At The 25th TSR Percentile
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)	50%
PRSUs \| Payout At The 55th TSR Percentile
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)	100%
PRSUs \| Payout At The 90th TSR Percentile
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)	200%
PRSUs \| Minimum
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)	0%	0
PRSUs \| Maximum
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)	200%	2
PRSUs \| Maximum \| Shareholder for Performance Any Period is Negative
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)		1
PRSUs \| Maximum \| Executive Employment Terminates due to Death by end of 2024
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)		1
PRSUs \| Maximum \| Executive Employment Terminates due to Disability by end of 2024
Stockholders' Equity Capital Structure [Line Items]
Earnout target percentage (as a percent)		0.50
Revenue-Based PRSUs
Stockholders' Equity Capital Structure [Line Items]
Equity instruments granted (in shares) \| shares			66,167
Equity instruments granted, weighted average grant date fair value \| $			$ 6.6
Number of quarterly revenue goals \| goal			2
Revenue-Based PRSUs \| Tranche One
Stockholders' Equity Capital Structure [Line Items]
Number of quarterly installments \| installment			4
Revenue-Based PRSUs \| Tranche Two
Stockholders' Equity Capital Structure [Line Items]
Number of quarterly installments \| installment		8

Stockholders' Equity - Stock-ba

Stockholders' Equity - Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock-based Compensation Expense
Total stock-based compensation expense	$ 53,367	$ 44,786	$ 104,110	$ 84,179
Stock options
Stock-based Compensation Expense
Unrecognized stock-based compensation expense	7,082		$ 7,082
Weighted-average amortization period			1 year 9 months 18 days
RSU (excluding PRSUs)
Stock-based Compensation Expense
Unrecognized stock-based compensation expense	335,735		$ 335,735
Weighted-average amortization period			2 years 8 months 12 days
PRSU
Stock-based Compensation Expense
Unrecognized stock-based compensation expense	19,362		$ 19,362
Weighted-average amortization period			2 years 1 month 6 days
ESPP
Stock-based Compensation Expense
Unrecognized stock-based compensation expense	1,671		$ 1,671
Weighted-average amortization period			4 months 24 days
Cost of revenue
Stock-based Compensation Expense
Total stock-based compensation expense	9,888	8,538	$ 19,221	16,330
Research and development
Stock-based Compensation Expense
Total stock-based compensation expense	13,013	11,818	25,395	21,963
Sales and marketing
Stock-based Compensation Expense
Total stock-based compensation expense	17,391	14,963	34,436	28,387
General and administrative
Stock-based Compensation Expense
Total stock-based compensation expense	$ 13,075	$ 9,467	$ 25,058	$ 17,499

Stockholders' Equity - Valuatio

Stockholders' Equity - Valuation Assumptions (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Class of Stock
Closing price of common stock as of grant date (February 28, 2022) (in USD per share)		$ 82.45
Dividend yield (in percent)		0%	0%
Stock options
Class of Stock
Expected term (years)	6 years		6 years
Volatility	47%	0%	46%
Risk-free interest rate	3%	0%	1.80%
Dividend yield (in percent)	0%	0%	0%
PRSUs
Class of Stock
Closing price of common stock as of grant date (February 28, 2022) (in USD per share)	$ 110	$ 68.15	$ 110
Expected term (years)		2 years 10 months 2 days	2 years 10 months 2 days
Volatility		51.10%	48.80%
Risk-free interest rate		4.50%	1.60%
Dividend yield (in percent)		0%	0%

Net Loss Per Share - Basic and

Net Loss Per Share - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net loss	$ (21,739)	$ (23,670)	$ (48,987)	$ (57,790)
Weighted-average shares used in computing basic loss per share (in shares)	71,627	69,748	71,444	69,363
Weighted-average shares used in computing diluted loss per share (in shares)	71,627	69,748	71,444	69,363
Basic loss per share (in USD per share)	$ (0.30)	$ (0.34)	$ (0.69)	$ (0.83)
Diluted loss per share (in USD per share)	$ (0.30)	$ (0.34)	$ (0.69)	$ (0.83)

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total (in shares)	11,062	10,380	11,063	10,613
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total (in shares)	1,041	1,698	1,041	1,698
RSUs (includes PRSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total (in shares)	4,455	3,111	4,455	3,111
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total (in shares)	5,566	5,571	5,567	5,804

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 753	$ 332	$ 1,280	$ 2,588

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Convertible Debt
Other Commitments [Line Items]
Debt balance	$ 747.5
Hosting and telecommunications agreement
Other Commitments [Line Items]
Total commitments under agreements	16.3
Purchase Commitment - Cloud Services Agreement
Other Commitments [Line Items]
Expiring commercial commitment balance	78.2
Commercial commitment to be paid remainder of 2023	18.9
Commercial commitment to be paid in year 2024	45.9
Commercial commitment to be paid in year 2025	$ 13.4
Maximum \| Hosting and telecommunications agreement
Other Commitments [Line Items]
Period for various agreements (in months)	57 months

Geographical Information - Sche

Geographical Information - Schedule of Revenue and Property and Equipment by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets
Total revenue	$ 222,882	$ 189,382	$ 441,321	$ 372,159
Property and equipment, net	98,879		98,879		$ 101,221
United States
Revenues from External Customers and Long-Lived Assets
Total revenue	198,217	170,984	393,580	338,231
Property and equipment, net	91,538		91,538		92,659
International
Revenues from External Customers and Long-Lived Assets
Total revenue	24,665	$ 18,398	47,741	$ 33,928
Property and equipment, net	$ 7,341		$ 7,341		$ 8,562

Leases - Narrative (Details)

Leases - Narrative (Details)	6 Months Ended
Leases - Narrative (Details)	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Operating lease termination notice, period (in days)	30 days
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract (in years)	1 year
Operating lease, extension term (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract (in years)	8 years
Operating lease, extension term (in years)	5 years

Leases - Lease Cost and Supplem

Leases - Lease Cost and Supplemental Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 3,370	$ 2,869	$ 6,752	$ 5,769
Finance lease cost:
Amortization of right-of-use assets	16	135	79	468
Total finance lease cost	16	135	79	468
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used in operating leases	(2,825)	(2,829)	(5,318)	(5,538)
Operating leases	1,313	264	5,454	584
Finance leases	$ 2,167	$ 0	$ 2,167	$ 0

Leases - Balance Sheet Disclosu

Leases - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Operating leases
Operating lease right-of-use assets	$ 43,748	$ 44,120
Operating lease liabilities	11,931	10,626
Operating lease liabilities — less current portion	39,973	41,389
Total operating lease liabilities	51,904	52,015
Finance leases
Operating lease right-of-use assets	43,748	44,120
Property and equipment, gross	2,167	0
Property and equipment, net	$ 2,167	$ 0
Finance Lease, Right-of-Use Asset, Balance Sheet Location [Extensible List]	Property and equipment, net	Property and equipment, net
Finance lease liabilities	$ 704	$ 0
Finance lease liabilities — less current portion	1,463	0
Total finance lease liabilities	2,167	0
Lessee, Lease, Description [Line Items]
Property and equipment, gross	2,167	0
Property and equipment, net	2,167	0
Fixed Assets, Excluding New Finance Lease
Finance leases
Property and equipment, gross	29,974	36,282
Less: accumulated depreciation and amortization	(29,974)	(36,203)
Property and equipment, net	0	79
Lessee, Lease, Description [Line Items]
Property and equipment, gross	29,974	36,282
Less: accumulated depreciation and amortization	29,974	36,203
Property and equipment, net	$ 0	$ 79

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Terms and Discount Rates (Details)	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating leases (in years)	5 years 10 months 24 days	6 years 4 months 24 days
Finance leases (in years)	3 years	0 years
Operating leases (in percent)	3.70%	3.40%
Finance leases (in percent)	5.60%	0%

Leases - Lease Maturities (Deta

Leases - Lease Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Operating Leases
Remaining 2023	$ 7,162
2024	11,817
2025	8,893
2026	6,734
2027	5,728
Thereafter	17,080
Total future minimum lease payments	57,414
Less: imputed interest	(5,510)
Total	51,904	$ 52,015
Remaining 2023	412
2024	782
2025	782
2026	368
2027	0
Thereafter	0
Total future minimum lease payments	2,344
Less: imputed interest	(177)
Total	$ 2,167	$ 0

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	3 Months Ended
Subsequent Event (Details) $ in Millions	Sep. 30, 2023 USD ($)
Forecast \| Subsequent Event
Subsequent Event [Line Items]
Consideration transferred	$ 82

Uncategorized Items - fivn-2023

Label	Element	Value
Restricted Cash and Cash Equivalents	us-gaap_RestrictedCashAndCashEquivalents	$ 467,000
Restricted Cash and Cash Equivalents	us-gaap_RestrictedCashAndCashEquivalents	$ 513,000