Bandwidth (BAND) 10-Q1 Aug 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 29, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-38285
Entity Registrant Name	BANDWIDTH INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	56-2242657
Entity Address, Address Line One	2230 Bandmate Way
Entity Address, City or Town	Raleigh
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27607
City Area Code	(800)
Local Phone Number	808-5150
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Trading Symbol	BAND
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001514416
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class A voting common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		25,340,464
Class B voting common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,958,028

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 62,044	$ 131,987
Marketable securities	14,399	21,488
Accounts receivable, net of allowance for doubtful accounts	85,576	78,155
Deferred costs	3,871	4,155
Prepaid expenses and other current assets	15,492	16,990
Total current assets	181,382	252,775
Property, plant and equipment, net	173,400	177,864
Operating right-of-use asset, net	155,484	157,507
Intangible assets, net	155,966	166,914
Deferred costs, non-current	4,800	4,586
Other long-term assets	4,851	5,530
Goodwill	326,220	335,872
Total assets	1,002,103	1,101,048
Current liabilities:
Accounts payable	31,933	34,208
Accrued expenses and other current liabilities	69,256	69,014
Current portion of deferred revenue	7,685	8,059
Advanced billings	4,111	6,027
Operating lease liability, current	3,478	5,463
Line of credit, current portion	40,000	0
Total current liabilities	156,463	122,771
Other liabilities	354	386
Operating lease liability, net of current portion	220,497	220,548
Deferred revenue, net of current portion	8,142	8,406
Deferred tax liability	28,540	33,021
Convertible senior notes	280,660	418,526
Total liabilities	694,656	803,658
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock: $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding	0	0
Additional paid-in capital	418,503	391,048
Accumulated deficit	(70,068)	(64,890)
Accumulated other comprehensive loss	(41,015)	(28,794)
Total stockholders’ equity	307,447	297,390
Total liabilities and stockholders’ equity	1,002,103	1,101,048
Class A voting common stock
Stockholders’ equity:
Class A and Class B common stock	25	24
Class B voting common stock
Stockholders’ equity:
Class A and Class B common stock	$ 2	$ 2

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A voting common stock
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	25,271,966	24,206,140
Common stock, shares outstanding (in shares)	25,271,966	24,206,140
Class B voting common stock
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	1,958,028	1,958,028
Common stock, shares outstanding (in shares)	1,958,028	1,958,028

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
Condensed Consolidated Statements of Operations - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 173,602,000	$ 145,874,000	$ 344,635,000	$ 283,718,000
Cost of revenue	108,773,000	86,919,000	214,322,000	169,110,000
Gross profit	64,829,000	58,955,000	130,313,000	114,608,000
Operating expenses
Research and development	28,132,000	24,852,000	57,044,000	50,513,000
Sales and marketing	26,066,000	25,754,000	55,205,000	50,783,000
General and administrative	16,705,000	15,868,000	34,554,000	32,587,000
Total operating expenses	70,903,000	66,474,000	146,803,000	133,883,000
Operating loss	(6,074,000)	(7,519,000)	(16,490,000)	(19,275,000)
Other income, net
Net gain on extinguishment of debt	10,267,000	0	10,267,000	12,767,000
Gain on business interruption insurance recoveries	0	4,000,000	0	4,000,000
Other (expense) income, net	(469,000)	(218,000)	514,000	(746,000)
Total other income, net	9,798,000	3,782,000	10,781,000	16,021,000
Income (loss) before income taxes	3,724,000	(3,737,000)	(5,709,000)	(3,254,000)
Income tax benefit (provision)	331,000	(153,000)	531,000	2,975,000
Net income (loss)	$ 4,055,000	$ (3,890,000)	$ (5,178,000)	$ (279,000)
Net income (loss) per share:
Net income (loss) per share, basic (in usd per share)	$ 0.15	$ (0.15)	$ (0.19)	$ (0.01)
Net income (loss) per share, diluted (in usd per share)	$ (0.17)	$ (0.15)	$ (0.19)	$ (0.01)
Numerator used to compute net income (loss) per share:
Net income (loss) attributable to common stockholders, basic	$ 4,055,000	$ (3,890,000)	$ (5,178,000)	$ (279,000)
Net income (loss) attributable to common stockholders, diluted	$ (5,043,000)	$ (3,890,000)	$ (5,178,000)	$ (279,000)
Weighted average number of common shares outstanding:
Weighted average number of common shares outstanding, basic (in shares)	27,079,333	25,555,219	26,786,568	25,502,131
Weighted average number of common shares outstanding, diluted (in shares)	29,500,598	25,555,219	26,786,568	25,502,131

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 4,055	$ (3,890)	$ (5,178)	$ (279)
Other comprehensive (loss) income
Unrealized gain on marketable securities, net of income taxes	117	54	126	126
Foreign currency translation, net of income taxes	(3,007)	234	(12,347)	7,881
Total other comprehensive (loss) income	(2,890)	288	(12,221)	8,007
Total comprehensive income (loss)	$ 1,165	$ (3,602)	$ (17,399)	$ 7,728

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit	Class A voting common stock	Class A voting common stock Common stock	Class B voting common stock	Class B voting common stock Common stock
Beginning balance (in shares) at Dec. 31, 2022						23,379,000		1,965,170
Beginning balance at Dec. 31, 2022	$ 272,177	$ 364,913	$ (44,214)	$ (48,547)		$ 23		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercises of vested stock options (in shares)						22,975
Exercises of vested stock options	155	155
Vesting of restricted stock units (in shares)						171,950
Vesting of restricted stock units	1					$ 1
Equity awards withheld for tax liability (in shares)						(43,325)
Equity awards withheld for tax liability	(903)	(903)
Unrealized loss on marketable securities	72		72
Foreign currency translation	7,647		7,647
Stock-based compensation	6,649	6,649
Net income (loss)	3,611			3,611
Ending balance (in shares) at Mar. 31, 2023						23,530,600		1,965,170
Ending balance at Mar. 31, 2023	289,409	370,814	(36,495)	(44,936)		$ 24		$ 2
Beginning balance (in shares) at Dec. 31, 2022						23,379,000		1,965,170
Beginning balance at Dec. 31, 2022	272,177	364,913	(44,214)	(48,547)		$ 23		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(279)
Ending balance (in shares) at Jun. 30, 2023						23,624,769		1,965,170
Ending balance at Jun. 30, 2023	291,902	376,909	(36,207)	(48,826)		$ 24		$ 2
Beginning balance (in shares) at Mar. 31, 2023						23,530,600		1,965,170
Beginning balance at Mar. 31, 2023	289,409	370,814	(36,495)	(44,936)		$ 24		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercises of vested stock options (in shares)						38,374
Exercises of vested stock options	259	259
Vesting of restricted stock units (in shares)						58,084
Equity awards withheld for tax liability (in shares)						(2,289)
Equity awards withheld for tax liability	(30)	(30)
Unrealized loss on marketable securities	54		54
Foreign currency translation	234		234
Stock-based compensation	5,866	5,866
Net income (loss)	(3,890)			(3,890)
Ending balance (in shares) at Jun. 30, 2023						23,624,769		1,965,170
Ending balance at Jun. 30, 2023	291,902	376,909	(36,207)	(48,826)		$ 24		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)						51,132
Equity awards withheld for tax liability (in shares)						(242)
Equity awards withheld for tax liability	(3)	(3)
Conversion of Class B voting common stock to Class A voting common stock (in shares)						7,142		(7,142)
Unrealized loss on marketable securities	(129)		(129)
Foreign currency translation	(12,760)		(12,760)
Stock-based compensation	6,107	6,107
Net income (loss)	(5,130)			(5,130)
Ending balance (in shares) at Sep. 30, 2023						23,682,801		1,958,028
Ending balance at Sep. 30, 2023	279,987	383,013	(49,096)	(53,956)		$ 24		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)						523,796
Equity awards withheld for tax liability (in shares)						(457)
Equity awards withheld for tax liability	(5)	(5)
Unrealized loss on marketable securities	(245)		(245)
Foreign currency translation	20,577		20,577
Unrealized (loss) gain on employee benefit plan, net	(30)		(30)
Stock-based compensation	8,040	8,040
Net income (loss)	(10,934)			(10,934)
Ending balance (in shares) at Dec. 31, 2023					24,206,140	24,206,140	1,958,028	1,958,028
Ending balance at Dec. 31, 2023	297,390	391,048	(28,794)	(64,890)		$ 24		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercises of vested stock options (in shares)						10,849
Exercises of vested stock options	103	103
Vesting of restricted stock units (in shares)						920,435
Vesting of restricted stock units	1					$ 1
Equity awards withheld for tax liability (in shares)						(116,747)
Equity awards withheld for tax liability	(2,267)	(2,267)
Unrealized loss on marketable securities	9		9
Foreign currency translation	(9,340)		(9,340)
Stock-based compensation	21,536	21,536
Net income (loss)	(9,233)			(9,233)
Ending balance (in shares) at Mar. 31, 2024						25,020,677		1,958,028
Ending balance at Mar. 31, 2024	298,199	410,420	(38,125)	(74,123)		$ 25		$ 2
Beginning balance (in shares) at Dec. 31, 2023					24,206,140	24,206,140	1,958,028	1,958,028
Beginning balance at Dec. 31, 2023	$ 297,390	391,048	(28,794)	(64,890)		$ 24		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercises of vested stock options (in shares)	12,474
Net income (loss)	$ (5,178)
Ending balance (in shares) at Jun. 30, 2024					25,271,966	25,271,966	1,958,028	1,958,028
Ending balance at Jun. 30, 2024	307,447	418,503	(41,015)	(70,068)		$ 25		$ 2
Beginning balance (in shares) at Mar. 31, 2024						25,020,677		1,958,028
Beginning balance at Mar. 31, 2024	298,199	410,420	(38,125)	(74,123)		$ 25		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercises of vested stock options (in shares)						1,625
Exercises of vested stock options	16	16
Vesting of restricted stock units (in shares)						251,015
Equity awards withheld for tax liability (in shares)						(1,351)
Equity awards withheld for tax liability	(24)	(24)
Unrealized loss on marketable securities	117		117
Foreign currency translation	(3,007)		(3,007)
Stock-based compensation	8,091	8,091
Net income (loss)	4,055			4,055
Ending balance (in shares) at Jun. 30, 2024					25,271,966	25,271,966	1,958,028	1,958,028
Ending balance at Jun. 30, 2024	$ 307,447	$ 418,503	$ (41,015)	$ (70,068)		$ 25		$ 2

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss	$ (5,178)	$ (279)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization	24,714	18,692
Non-cash reduction to the right-of-use asset	2,007	3,242
Amortization of debt discount and issuance costs	962	1,485
Stock-based compensation	23,699	15,383
Deferred taxes and other	(4,116)	(5,225)
Net gain on extinguishment of debt	(10,267)	(12,767)
Gain on business interruption insurance recoveries	0	(4,000)
Changes in operating assets and liabilities:
Accounts receivable, net of allowances	(7,642)	3,712
Prepaid expenses and other assets	1,886	(957)
Accounts payable	(1,112)	(6,171)
Accrued expenses and other liabilities	3,968	(12,464)
Operating right-of-use liability	(2,020)	(3,919)
Net cash provided by (used in) operating activities	26,901	(3,268)
Cash flows from investing activities
Purchase of property, plant and equipment	(7,145)	(3,859)
Capitalized software development costs	(5,843)	(5,001)
Purchase of marketable securities	(31,096)	(40,625)
Proceeds from sales and maturities of marketable securities	38,312	81,233
Proceeds from sale of business	469	835
Net cash (used in) provided by investing activities	(5,303)	32,583
Cash flows from financing activities
Borrowings on line of credit	65,000	0
Repayments on line of credit	(25,000)	0
Payments on finance leases	(44)	(90)
Net cash paid for debt extinguishment	(128,451)	(51,259)
Payment of debt issuance costs	(354)	0
Proceeds from exercises of stock options	119	413
Value of equity awards withheld for tax liabilities	(2,290)	(1,000)
Net cash used in financing activities	(91,020)	(51,936)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(608)	27
Net decrease in cash, cash equivalents, and restricted cash	(70,030)	(22,594)
Cash, cash equivalents, and restricted cash, beginning of period	132,307	114,622
Cash, cash equivalents, and restricted cash, end of period	62,277	92,028
Reconciliation of cash, cash equivalents, and restricted cash, end of period
Cash and cash equivalents	62,044	91,824
Restricted cash included in prepaid expenses and other current assets	233	204
Total cash, cash equivalents, and restricted cash, end of period	62,277	92,028
Supplemental disclosure of cash flow information
Cash received from interest	(762)	(417)
Cash paid for taxes, net	3,020	2,593
Supplemental disclosure of noncash investing and financing activities
Purchase of property, plant and equipment, accrued but not paid	4,459	2,924
Purchase of property and equipment through lease incentive	0	53,125
Purchase of property and equipment through use of escrow deposits	$ 0	$ 20,000

Organization and Description of

Organization and Description of Business	6 Months Ended
Organization and Description of Business	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business Bandwidth Inc. (together with its subsidiaries, “Bandwidth” or the “Company”) was founded in July 2000 and incorporated in Delaware on March 29, 2001. The Company’s headquarters are located in Raleigh, North Carolina. The Company is a global cloud-based, software-powered communications platform-as-a-service (“CPaaS”) provider that enables enterprises to create, scale and operate voice or messaging communications services across any mobile application or connected device.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 28, 2024. The condensed consolidated balance sheet as of December 31, 2023, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive income (loss) and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year 2024 or any future period. Principles of Consolidation The condensed consolidated financial statements include the accounts of Bandwidth Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the amounts reported in these financial statements and accompanying notes. These estimates in the condensed consolidated financial statements include, but are not limited to, allowance for doubtful accounts, reserve for expected credit losses, reserve for sales credits, recoverability of long lived and intangible assets, fair value of acquired intangible assets and goodwill, discount rates used in the valuation of right-of-use assets and lease liabilities, the fair value of the liability of the Company’s Convertible Notes (as defined herein), estimated period of benefit, valuation allowances on deferred tax assets, certain accrued expenses and contingencies, economic and demographic actuarial assumptions related to pension and other postretirement benefit costs and liabilities. Although the Company believes that the estimates it uses are reasonable, due to the inherent uncertainty involved in making these estimates, actual results reported in future periods could differ from those estimates. Marketable Securities The Company classifies marketable securities as available-for-sale at the time of purchase and reevaluates such classification as of each balance sheet date. The Company may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies investments with maturities greater than 90 days as marketable securities in the accompanying condensed consolidated balance sheets. The Company evaluates its investments to assess whether the amortized cost basis is in excess of estimated fair value and determines what amount of that difference, if any, is caused by expected credit losses. Allowances for credit losses are recognized as a charge in other income, net on the condensed consolidated statements of operations, and any remaining unrealized losses are included in accumulated other comprehensive loss on the condensed consolidated balance sheets. Due to the nature and investment grade of the Company’s marketable securities, there were no credit losses recorded for the three and six months ended June 30, 2024. There have been no impairment charges for any unrealized losses during the period. Accounts Receivable and Current Expected Credit Losses Accounts receivable are stated at realizable value, net of allowances, which includes an allowance for doubtful accounts and a reserve for expected credit losses. The allowance for doubtful accounts is based on management’s assessment of the collectability of its customer accounts. The Company regularly reviews the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, customer creditworthiness, current economic trends, and reasonable and supportable forecasts about the future. Relevant risk characteristics include customer size and historical loss patterns. Management has evaluated the expected credit losses related to trade accounts receivable and determined that an allowance of approximately $2.8 million and $1.1 million for uncollectible accounts and customer balances that are disputed was required as of June 30, 2024 and December 31, 2023, respectively. Refer to Note 4, “Financial Statement Components” to these condensed consolidated financial statements, for a rollforward of the components of the allowances for the three and six months ended June 30, 2024 and 2023. The Company includes unbilled receivables in its accounts receivable balance. Generally, these receivables represent earned revenue from services provided to customers, which will be billed in the next billing cycle. All amounts are considered collectible and billable. As of June 30, 2024 and December 31, 2023, unbilled receivables were $47.2 million and $43.6 million, respectively. Concentration of Credit Risk Financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents, marketable securities and trade accounts receivable. The Company maintains its cash, cash equivalents and marketable securities with high credit-quality financial institutions. Certain balances held by such financial institutions exceed insured limits. With regard to customers, credit evaluation and account monitoring procedures are used to minimize the risk of loss. The Company believes that no additional credit risk beyond amounts provided for by the allowance for doubtful accounts are inherent in accounts receivable. As of June 30, 2024 and December 31, 2023, no individual customer represented more than 10% of the Company’s accounts receivable, net of allowance for doubtful accounts. For the three and six months ended June 30, 2024 and 2023, no individual customer represented more than 10% of the Company’s revenue. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new accounting guidance on its financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). The amendments also require entities on an annual basis to disclose disaggregated amounts of income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new accounting guidance on its financial statements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires use of observable inputs when available, and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows: • Level 1. Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities; • Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and • Level 3. Unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value as of June 30, 2024 and December 31, 2023 because of the relatively short duration of these instruments. Marketable securities consist of time deposits and commercial paper not otherwise classified as cash equivalents. All marketable securities are considered to be available-for-sale and are recorded at their estimated fair values. Unrealized gains and losses for available-for-sale securities are recorded in accumulated other comprehensive loss. The Company evaluated its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. The following tables summarize the Company’s financial assets measured at fair value as of June 30, 2024 and December 31, 2023: Amortized cost or carrying value Unrealized gains Unrealized losses Fair value measurements on a recurring basis Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Cash and cash equivalents: Money market account $ 33,605 $ — $ — $ 33,605 $ — $ — $ 33,605 Commercial paper 19,586 — — 19,586 — — 19,586 Total included in cash and cash equivalents 53,191 — — 53,191 — — 53,191 Marketable securities: Commercial paper 14,207 192 — 14,399 — — 14,399 Total marketable securities 14,207 192 — 14,399 — — 14,399 Total financial assets $ 67,398 $ 192 $ — $ 67,590 $ — $ — $ 67,590 Amortized cost or carrying value Unrealized gains Unrealized losses Fair value measurements on a recurring basis Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Cash and cash equivalents: Money market account $ 120,724 $ — $ — $ 120,724 $ — $ — $ 120,724 Total included in cash and cash equivalents 120,724 — — 120,724 — — 120,724 Marketable securities: Time deposits 20,000 — — 20,000 — — 20,000 Commercial paper 1,422 66 — 1,488 — — 1,488 Total marketable securities 21,422 66 — 21,488 — — 21,488 Total financial assets $ 142,146 $ 66 $ — $ 142,212 $ — $ — $ 142,212 The Company classifies its marketable securities as current assets as they are available for current operating needs. The following table summarizes the contractual maturities of marketable securities as of June 30, 2024: Amortized cost Aggregate fair value (In thousands) Financial assets: Less than one year $ 14,207 $ 14,399 Total $ 14,207 $ 14,399 As of June 30, 2024, the marketable securities were in an unrealized gain position. The Company has determined that (i) it does not have the intent to sell any of these investments and (ii) it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. As of June 30, 2024, the Company anticipates that it will recover the entire amortized cost basis of its marketable securities before maturity. During the three and six months ended June 30, 2024, there were $36.9 million and $38.3 million, respectively, in maturities of marketable securities. There were no proceeds from sales of marketable securities for the three and six months ended June 30, 2024. There were $16.7 million and $42.9 million in maturities from marketable securities for the three and six months ended June 30, 2023, respectively. Proceeds from sales of marketable securities were $20.6 million and $38.3 million for the three and six months ended June 30, 2023, respectively. The Company determines realized gains and losses on sale of marketable securities using the specific identification method and records such gains and losses in other (expense) income, net on the condensed consolidated statements of operations. Interest earned on marketable securities was $0.2 million and $0.6 million for the three and six months ended June 30, 2024, respectively, and $0.4 million and $0.7 million for the three and six months ended June 30, 2023, respectively. The interest is recorded in other income, net, on the accompanying condensed consolidated statements of operations. Accrued interest receivable is recorded in prepaid expenses and other current assets on the accompanying condensed consolidated balance sheets. As of June 30, 2024, the fair value of the 2026 Convertible Notes and 2028 Convertible Notes, as further described in Note 8, “Debt,” to these condensed consolidated financial statements, was approximately $31.4 million and $185.4 million, respectively. As of December 31, 2023, the fair value of the 2026 Convertible Notes and the 2028 Convertible Notes was approximately $145.5 million and $157.6 million, respectively. The fair value was determined based on the closing price for the Convertible Notes on the last trading day of the reporting period and is considered as Level 2 in the fair value hierarchy.

Financial Statement Components

Financial Statement Components	6 Months Ended
Financial Statement Components	Jun. 30, 2024
Financial Statement Components [Abstract]
Financial Statement Components	4. Financial Statement Components Accounts receivable, net of allowances consist of the following: As of June 30, As of December 31, 2024 2023 (In thousands) Trade accounts receivable $ 40,763 $ 35,612 Unbilled accounts receivable 47,161 43,631 Allowance for doubtful accounts and reserve for expected credit losses (2,843) (1,128) Other accounts receivable 495 40 Total accounts receivable, net $ 85,576 $ 78,155 Components of allowance for doubtful accounts and reserve for expected credit losses are as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (In thousands) Balance, beginning of period $ (2,508) $ (1,382) $ (1,128) $ (1,191) Charged to bad debt expense, net of reversals (419) (421) (1,876) (725) Deductions (1) 78 156 138 304 Impact of foreign currency translation 6 31 23 (4) Balance, end of period $ (2,843) $ (1,616) $ (2,843) $ (1,616) ________________________ (1) Write-off of uncollectible accounts after all collection efforts have been exhausted. Accrued expenses and other current liabilities consisted of the following: As of June 30, As of December 31, 2024 2023 (In thousands) Accrued expense $ 46,693 $ 40,731 Accrued compensation and benefits 12,596 19,142 Accrued sales, use, VAT and telecommunications related taxes 8,903 8,467 Other accrued expenses 1,064 674 Total accrued expenses and other current liabilities $ 69,256 $ 69,014

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2024
Leases [Abstract]
Leases	5. Leases The Company primarily leases facilities for office space under non-cancelable operating leases for its U.S. and international locations. As of June 30, 2024, non-cancelable leases expire on various dates between 2024 and 2043, some of which include options to extend the leases for up to 20 years. The lease expense recorded in the condensed consolidated statements of operations is comprised of operating lease costs of $5.7 million and $11.8 million for the three and six months ended June 30, 2024, respectively, and $1.8 million and $3.5 million for the three and six months ended June 30, 2023, respectively. Other supplemental information related to operating leases were as follows: Six months ended June 30, 2024 2023 Weighted average remaining lease term (in years) 18.92 2.00 Weighted average discount rate 8.77 % 4.82 % Maturities of operating lease liabilities were as follows: As of June 30, 2024 (In thousands) 2024 (remaining) $ 11,520 2025 22,275 2026 21,720 2027 22,120 2028 22,461 Thereafter 378,808 Total lease payments 478,904 Less: imputed interest (254,929) Total lease obligations 223,975 Less: current obligations (3,478) Long-term lease obligations $ 220,497

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
Property, Plant and Equipment	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	6. Property, Plant and Equipment Property, plant and equipment, net consisted of the following: As of June 30, As of December 31, 2024 2023 (In thousands) Furniture and fixtures $ 16,020 $ 16,036 Computer and office equipment 13,768 13,669 Telecommunications equipment 83,973 82,991 Leasehold improvements 75,736 75,437 Software 15,901 12,552 Internal-use software development 32,104 25,909 Automobile 459 507 Land 27,636 27,771 Land Improvements 1,065 930 Total cost 266,662 255,802 Less—accumulated depreciation (93,262) (77,938) Total property, plant and equipment, net $ 173,400 $ 177,864 The Company capitalized $2.7 million and $6.3 million of software development costs for the three and six months ended June 30, 2024, respectively, and $3.3 million and $5.0 million for the three and six months ended June 30, 2023, respectively. Amortization expense related to capitalized software development costs was $1.0 million and $2.0 million for the three and six months ended June 30, 2024, respectively, and $0.7 million and $1.4 million for the three and six months ended June 30, 2023, respectively. The Company recognized depreciation expense, which includes amortization of capitalized software development costs, as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (In thousands) Cost of revenue $ 4,678 $ 4,205 $ 9,456 $ 7,734 Research and development 1,631 748 3,228 1,262 Sales and marketing 1,112 273 2,248 581 General and administrative 543 234 1,085 503 Total depreciation expense $ 7,964 $ 5,460 $ 16,017 $ 10,080

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
Goodwill and Intangible Assets	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	7. Goodwill and Intangible Assets Goodwill The change in the carrying amounts of goodwill was as follows: Total (In thousands) Balance as of December 31, 2023 $ 335,872 Foreign currency translation adjustments (9,652) Balance as of June 30, 2024 $ 326,220 Intangible Assets Intangible assets, net consisted of the following: As of June 30, As of December 31, 2024 2023 Gross Accumulated Net Carrying Gross Accumulated Net Carrying (In thousands) Customer relationships $ 146,560 $ (40,215) $ 106,345 $ 147,426 $ (35,599) $ 111,827 Developed technology 77,364 (28,367) 48,997 79,702 (25,239) 54,463 Other, definite lived 2,828 (2,828) — 2,828 (2,828) — Licenses, indefinite lived 624 — 624 624 — 624 Total intangible assets, net $ 227,376 $ (71,410) $ 155,966 $ 230,580 $ (63,666) $ 166,914 The Company recognized amortization expense as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (In thousands) Cost of revenue $ 1,941 $ 1,959 $ 3,900 $ 3,904 Sales and marketing 2,395 2,379 4,797 4,708 Total amortization expense $ 4,336 $ 4,338 $ 8,697 $ 8,612 The remaining weighted average amortization period for definite lived intangible assets is 9.4 years. Future estimated amortization expense for definite lived intangible assets is as follows: As of June 30, 2024 (In thousands) 2024 (remaining) $ 8,667 2025 17,334 2026 17,334 2027 17,334 2028 17,334 Thereafter 77,339 $ 155,342

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	8. Debt Revolving Credit Facility On August 1, 2023, the Company entered into a credit agreement (the “Credit Agreement”) among the Company, as borrower, the lenders from time to time party thereto, and Bank of America, N.A., as administrative agent, swingline lender and letters of credit issuer. The Credit Agreement provides for a $50.0 million revolving credit facility (the “Credit Facility”), including a $15.0 million sublimit for the issuance of letters of credit and a swingline subfacility of up to $5.0 million. The Credit Facility has an accordion feature that allows for an increase in the total borrowing size up to $25.0 million, subject to certain conditions. The Credit Facility matures on the earlier of (a) August 1, 2028 or (b) the date that is 91 days prior to the scheduled maturity date or mandatory conversion date of any of the Company’s outstanding convertible notes. The Credit Agreement requires that the Company maintain consolidated EBITDA, tested on a quarterly basis. The Company is also required to maintain minimum liquidity of $75.0 million, which includes the amount of undrawn borrowing commitments available under the Credit Agreement. On May 1, 2024, the Company entered into an amendment (the “Amendment”) to the Credit Agreement. The Amendment increased the aggregate revolving credit commitments from $50.0 million to $100.0 million; increased the swingline sublimit from $5.0 million to $10.0 million; increased the minimum liquidity from $75.0 million to $82.5 million; and extended the maturity date from August 1, 2028 to the earlier of (a) May 1, 2029 or (b) the date that is 91 days prior to the scheduled maturity date or mandatory conversion date of any of the Company’s outstanding convertible notes. Interest on borrowings under the Credit Facility accrues at an annual rate tied to a base rate or the Secured Overnight Financing Rate (“SOFR”), at the Company’s election. Loans based on SOFR bear interest at a rate equal to term SOFR for the applicable interest period plus 10 basis points plus an applicable margin between 2.25% and 2.75%, and loans based on the base rate bear interest at a rate equal to the base rate plus an applicable margin between 1.25% and 1.75%, in each case of the foregoing, depending upon the Company’s consolidated EBITDA for the most recent period of four consecutive fiscal quarters for which financial statements have been delivered under the Credit Agreement. The Company is required to pay a quarterly commitment fee equal to between 0.05% and 0.0625% on the unused portion of the borrowing commitment, depending upon the Company’s consolidated EBITDA for the most recent period of four consecutive fiscal quarters for which financial statements have been delivered under the Credit Agreement. The obligations under the Credit Agreement are secured by a lien on substantially all of the Company’s tangible and intangible property and by a pledge of all of the equity interests of the Company’s direct domestic subsidiaries and 65% of the voting capital stock and 100% of the non-voting capital stock of any first-tier foreign subsidiaries, subject to limited exceptions. In addition, the Company’s direct domestic subsidiaries guarantee the obligations under the Credit Agreement and grant a lien and pledge, as applicable, on substantially all of their tangible and intangible property to secure the obligations under the Credit Agreement. As of June 30, 2024, unamortized debt issuance costs were $0.9 million, of which $0.2 million were included in prepaid expenses and other current assets and $0.7 million were included in other long-term assets. As of December 31, 2023, unamortized debt issuance costs were $0.6 million, of which $0.1 million were included in prepaid expenses and other current assets and $0.5 million were included in other long-term assets. As of June 30, 2024, the Company had $40.0 million in outstanding borrowings under the Credit Facility and was in compliance with all financial and non-financial covenants for all periods presented. As of June 30, 2024, the applicable weighted average interest rate was 7.94% and the available borrowing capacity under the Credit Facility was $60.0 million. Convertible Senior Notes and Capped Call Transactions 2026 Convertible Notes In February 2020, the Company issued $400.0 million aggregate principal amount of 0.25% Convertible Notes due 2026 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act (the “2026 Convertible Notes”). The interest on the 2026 Convertible Notes is payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2020. The 2026 Convertible Notes will mature on March 1, 2026, unless earlier repurchased, redeemed by the Company, or converted pursuant to their terms. The total net proceeds from the 2026 Convertible Notes, after deducting initial purchaser discounts, costs related to the 2026 Capped Calls (as defined herein), and debt issuance costs, paid by the Company, were approximately $344.7 million. The excess of the principal amount of the liability component over its carrying amount, or the debt discount, was amortized to interest expense at an annual effective interest rate of 0.510% over the contractual terms of the 2026 Convertible Notes. Each $1,000 principal amount of the 2026 Convertible Notes is initially convertible into 10.9857 shares of the Company’s Class A common stock, par value $0.001 per share, which is equivalent to an initial conversion price of approximately $91.03 per share. During May 2024, the Company entered into separate, privately negotiated repurchase agreements with a limited number of holders of the 2026 Convertible Notes (the “2024 Repurchases”) to repurchase approximately $140.0 million aggregate principal amount of the 2026 Convertible Notes for an aggregate cash price of approximately $128.5 million. The 2024 Repurchases closed on May 9, 2024. Following the 2024 Repurchases and previous repurchases, approximately $35.0 million principal amount of the 2026 Convertible Notes remain outstanding. The difference between the consideration used for the 2024 Repurchases and the carrying value of the 2026 Convertible Notes resulted in a gain of $10.3 million recorded within net gain on extinguishment of debt on the Company’s condensed consolidated statements of operations for the six months ended June 30, 2024. The Company had previously entered into capped call transactions with certain financial institutions in connection with the 2026 Convertible Notes. All of these transactions are expected to remain in effect notwithstanding the repurchases. 2028 Convertible Notes In March 2021, the Company issued $250.0 million aggregate principal amount of 0.50% Convertible Notes due 2028 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act (the “2028 Convertible Notes” and, together with the 2026 Convertible Notes, the “Convertible Notes”). The interest on the 2028 Convertible Notes is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2021. The 2028 Convertible Notes will mature on April 1, 2028, unless earlier repurchased, redeemed by the Company, or converted pursuant to their terms. The total net proceeds from the 2028 Convertible Notes, after deducting initial purchaser discounts, costs related to the 2028 Capped Calls (as defined herein), and debt issuance costs, paid by the Company, were approximately $217.0 million. The excess of the principal amount of the liability component over its carrying amount, or the debt discount, was amortized to interest expense at an annual effective interest rate of 0.442% over the contractual terms of the 2028 Convertible Notes. Each $1,000 principal amount of the 2028 Convertible Notes is initially convertible into 5.5781 shares of the Company’s Class A common stock, par value $0.001 per share, which is equivalent to an initial conversion price of approximately $179.27 per share. Other Terms of the Convertible Notes The Convertible Notes are effectively subordinated to the Company’s future senior secured indebtedness to the extent of the value of the collateral securing that indebtedness. The Convertible Notes are the senior, unsecured obligations of the Company and are equal in right of payment with the Company’s future senior unsecured indebtedness, if any, senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated to the Convertible Notes and the Convertible Notes will be structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and preferred equity, if any, of the Company’s subsidiaries. The Convertible Notes may bear special interest under specified circumstances relating to the Company’s failure to comply with its reporting obligations under the indenture governing the applicable Convertible Notes (each, a “Notes Indenture” and collectively, the “Notes Indentures”) or if the Convertible Notes are not freely tradeable as required by the applicable Notes Indenture. The conversion rate is subject to adjustment upon the occurrence of certain specified events but will not be adjusted for any accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change (which includes the calling of any Convertible Notes for redemption), as defined in the applicable Notes Indenture, the Company will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert its Convertible Notes in connection with such make-whole fundamental change or during the relevant redemption period. The Company may redeem the Convertible Notes, in whole or in part, at its option at any time, and from time to time, on or after (i) March 6, 2023 for the 2026 Convertible Notes, or ii) after April 6, 2025 for the 2028 Convertible Notes, in each case, on or before the fortieth (40 th ) scheduled trading day immediately before the maturity date, at a cash redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding the redemption date, if the last reported sale price of the Class A common stock has exceeded 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading date immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading days ending on, and including, the trading date immediately before the date on which the Company provides the related redemption notice. No sinking fund is provided for the Convertible Notes. The Convertible Notes will be convertible at certain times and upon the occurrence of certain events in the future. Further, on or after September 1, 2025 for the 2026 Convertible Notes, and on or after October 1, 2027 for the 2028 Convertible Notes, in each case, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the Convertible Notes may convert all or a portion of their Convertible Notes regardless of these conditions. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of Class A common stock, or a combination of cash and shares of Class A common stock, at the Company’s election. It is the Company’s current intent to settle the principal amount of the Convertible Notes with cash. During the three and six months ended June 30, 2024, the conditions allowing the holders of the 2026 Convertible Notes and the 2028 Convertible Notes to convert were not met. The Convertible Notes may be convertible thereafter if one or more of the conversion conditions specified in each respective Notes Indenture are satisfied during future measurement periods. The Company continues to classify the Convertible Notes as a long-term liability in its condensed consolidated balance sheets as of June 30, 2024, based on contractual settlement provisions. Upon the occurrence of a fundamental change (as defined in the applicable Notes Indenture) prior to the maturity date, holders may require the Company to repurchase all or a portion of the 2026 Convertible Notes or 2028 Convertible Notes for cash at a price equal to the principal amount of the Convertible Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The net carrying amount of the liability components of the Convertible Notes were as follows: As of June 30, As of December 31, 2024 2023 2026 Convertible Notes: (In thousands) Principal $ 35,000 $ 175,000 Unamortized debt issuance costs (292) (1,891) 2026 Convertible Notes net carrying amount 34,708 173,109 2028 Convertible Notes: Principal 250,000 250,000 Unamortized debt issuance costs (4,048) (4,583) 2028 Convertible Notes net carrying amount 245,952 245,417 Total net carrying amount $ 280,660 $ 418,526 The following table sets forth the interest expense recognized related to the Convertible Notes: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 2026 Convertible Notes: (In thousands) Contractual interest expense $ 88 $ 109 $ 197 $ 247 Amortization of debt issuance costs 116 210 333 506 Total interest expense related to the 2026 Convertible Notes 204 319 530 753 2028 Convertible Notes: Contractual interest expense 313 313 626 626 Amortization of debt issuance costs 268 264 536 530 Total interest expense related to the 2028 Convertible Notes 581 577 1,162 1,156 Total interest expense $ 785 $ 896 $ 1,692 $ 1,909 Capped Calls In connection with the offering of the 2026 Convertible Notes and the 2028 Convertible Notes, the Company entered into privately negotiated capped call transactions with certain counterparties (the “2026 Capped Calls” and the “2028 Capped Calls,” respectively and, collectively, the “Capped Calls”). The initial strike price of the Convertible Notes corresponds to the initial conversion price of the 2026 Convertible Notes and the 2028 Convertible Notes. The Capped Calls are generally intended to reduce or offset the potential dilution to the Class A common stock upon any conversion of the 2026 Convertible Notes and 2028 Convertible Notes with such reduction or offset, as the case may be, subject to a cap based on the cap price. The Capped Calls expire on the earlier of (i) the last day on which any convertible securities remain outstanding and (ii) March 1, 2026 for the 2026 Capped Calls and April 1, 2028 for the 2028 Capped Calls, subject to earlier exercise. The Capped Calls are subject to either adjustment or termination upon the occurrence of specified extraordinary events affecting the Company, including a merger event, a tender offer, and a nationalization, insolvency or delisting involving the Company. In addition, the Capped Calls are subject to certain specified additional disruption events that may give rise to a termination of the Capped Calls, including changes in law, insolvency filings, and hedging disruptions. The Capped Call transactions are recorded in stockholders’ equity and are not accounted for as derivatives. The net cost to purchase the Capped Calls was recorded as a reduction to additional paid-in capital in the accompanying condensed consolidated balance sheets. The following table sets forth key terms and costs incurred for the Capped Calls related to the Convertible Notes as of June 30, 2024: 2026 Convertible Notes 2028 Convertible Notes (In thousands, except share and per share amounts) Initial approximate strike price per share, subject to certain adjustments $ 91.03 $ 179.27 Initial cap price per share, subject to certain adjustments $ 137.40 $ 260.76 Net costs incurred $ 43,320 $ 25,500 Class A common stock covered, subject to anti-dilution adjustments 384,500 1,394,525 All of the Capped Calls were outstanding as of June 30, 2024.

Geographic Information

Geographic Information	6 Months Ended
Geographic Information	Jun. 30, 2024
Segment Reporting [Abstract]
Geographic Information	9. Geographic Information The Company generates its revenue primarily in North America. Revenue by geographic area is detailed in the table below, which is apportioned based on the destination of the service: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (In thousands) North America $ 151,508 $ 124,457 $ 300,970 $ 240,166 Rest of World 22,094 21,417 43,665 43,552 Total $ 173,602 $ 145,874 $ 344,635 $ 283,718 The Company’s long-lived assets are primarily held in North America. As of June 30, 2024 and December 31, 2023, long-lived assets held outside of North America were $3.0 million and $4.5 million, respectively.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity	10. Stockholders’ Equity The Company had reserved shares of Class A common stock for issuance under stock-based award agreements as follows: As of June 30, As of December 31, 2024 2023 Stock options issued and outstanding 85,006 97,480 Nonvested restricted stock units issued and outstanding 4,356,880 5,066,159 Stock-based awards available for grant under the 2017 Plan 3,196,850 2,330,616 Total 7,638,736 7,494,255

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	11. Stock-Based Compensation Stock Options The following summarizes the stock option activity for the six months ended June 30, 2024: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2023 97,480 $ 12.75 2.97 $ 332 Granted — — Exercised (12,474) 9.50 Forfeited or expired — — Outstanding as of June 30, 2024 85,006 $ 13.23 2.61 $ 403 Options vested and exercisable at June 30, 2024 85,006 $ 13.23 2.61 $ 403 Options vested and expected to vest as of June 30, 2024 85,006 $ 13.23 2.61 $ 403 As of June 30, 2024, the Company had no unrecognized compensation cost related to non-vested stock options. All outstanding stock options were fully vested prior to December 31, 2022. Restricted Stock Units The following summarizes the restricted stock unit (“RSU”) activity for the six months ended June 30, 2024: Number of awards outstanding Weighted-average grant date fair value (Per share) Nonvested RSUs as of December 31, 2023 5,066,159 $ 18.41 Granted 668,891 20.70 Vested (1,171,450) 26.37 Forfeited (206,720) 16.79 Nonvested RSUs as of June 30, 2024 4,356,880 $ 16.69 As of June 30, 2024, total unrecognized compensation cost related to non-vested RSUs was $60.2 million, which will be amortized over a weighted-average period of 1.93 years. Stock-Based Compensation Expense The Company recognized total stock-based compensation expense as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (In thousands) Cost of revenue $ 375 $ 204 $ 771 $ 396 Research and development 4,684 3,315 10,000 6,456 Sales and marketing 2,105 1,428 4,270 2,665 General and administrative 4,196 3,058 8,658 5,866 Total $ 11,360 $ 8,005 $ 23,699 $ 15,383

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Operating Leases The Company leases office space under non-cancelable operating lease agreements that expire on various dates through July 2043. As of June 30, 2024, the Company has $483.9 million in future minimum rent payments for its current office space. See Note 5, “Leases,” to the condensed consolidated financial statements, for additional details on the Company ’ s operating lease commitments. Contractual Obligations As of June 30, 2024, the Company has $20.8 million in non-cancellable purchase obligations, consisting of primarily network equipment maintenance and software license contracts, of which $14.0 million will be fulfilled within one year. Legal Matters The Company is involved as a defendant in various litigation, including, but not limited to, lawsuits alleging that the Company failed to bill, collect and remit certain taxes and surcharges associated with the provision of 911 services pursuant to applicable laws in various jurisdictions. The Company intends to vigorously defend these lawsuits and believes that it has meritorious defenses to each. However, litigation is inherently uncertain, and any judgment or injunctive relief entered against the Company or any adverse settlement could adversely affect the Company’s business, results of operations and financial condition.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes At the end of each interim reporting period, the Company determines the income tax provision by using an estimate of the annual effective tax rate, adjusted for discrete items occurring in the quarter. The effective income tax rate reflects the effect of federal, international, and state income taxes and the permanent impacts of differences in book and tax accounting. The Company’s effective tax rate was (8.9)% and 9.3% for the three and six months ended June 30, 2024, respectively, and (4.1)% and 91.4% for the three and six months ended June 30, 2023, respectively. For the three months ended June 30, 2024, the effective tax rate decreased from the three months ended June 30, 2023, primarily due to an increased tax benefit from operating losses outside of the U.S., where tax benefits are not offset by a valuation allowance. For the six months ended June 30, 2024, the unfavorable change in the effective tax rate associated with the decreased tax benefit, as compared to the six months ended June 30, 2023, is primarily due to the U.S. utilizing all federal net operating loss carryforwards in 2024 and as such, recognizing additional tax payable in the U.S. This increased U.S. tax liability offsets the benefit the Company is recognizing on losses outside of the U.S., resulting in a lower effective tax rate. Judgment is required in determining whether deferred tax assets will be realized in full or in part. Management assesses the available positive and negative evidence on a jurisdictional basis to estimate if deferred tax assets will be recognized and when it is more likely than not that all or some deferred tax assets will not be realized, and a valuation allowance must be established. As of June 30, 2024, the Company continues to maintain a valuation allowance against its U.S. federal and state net deferred tax assets. The Company’s effective tax rate for the three months and six months ended June 30, 2024 differed from the federal statutory tax rate of 21% in the U.S. primarily due the valuation allowance recorded against its U.S. federal and state net deferred tax assets. Other permanent tax adjustments within the effective tax rates, which are offset by the valuation allowance, include state taxes, federal research credit under Internal Revenue Code Section 41, equity compensation in the U.S. and other U.S. non-deductible expenditures.

Basic and Diluted Income (Loss)

Basic and Diluted Income (Loss) per Common Share	6 Months Ended
Basic and Diluted Income (Loss) per Common Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Basic and Diluted Income (Loss) per Common Share	14. Basic and Diluted Income (Loss) per Common Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by giving effect to all potential shares of common stock, including stock options and stock related to unvested restricted stock awards. The components of basic and diluted income (loss) per share are as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (In thousands, except share and per share amounts) Earnings per share Net income (loss) attributable to common stockholders $ 4,055 $ (3,890) $ (5,178) $ (279) Net income (loss) per share: Basic $ 0.15 $ (0.15) $ (0.19) $ (0.01) Diluted $ (0.17) $ (0.15) $ (0.19) $ (0.01) Numerator used to compute net income (loss) per share: Basic $ 4,055 $ (3,890) $ (5,178) $ (279) Net gain on extinguishment of debt, net of taxes (9,850) — — — Interest expense on convertible notes, net of taxes 752 — — — Diluted (1) $ (5,043) $ (3,890) $ (5,178) $ (279) Weighted average number of common shares outstanding: Basic 27,079,333 25,555,219 26,786,568 25,502,131 Convertible debt conversion 2,421,265 — — — Diluted 29,500,598 25,555,219 26,786,568 25,502,131 ________________________ (1) Net income is adjusted for the reversal of the net gain on extinguishment of debt and add back of interest expense as part of the calculation for diluted Non-GAAP earnings per share. The following common share equivalents were excluded from the weighted average shares used to calculate net income (loss) per common share because their effects would have been anti-dilutive: As of June 30, 2024 2023 Stock options issued and outstanding 85,006 98,105 Restricted stock units issued and outstanding 4,356,880 2,548,379 Convertible senior notes 2,869,144 3,569,511 Total 7,311,030 6,215,995

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, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 4,055	$ (9,233)	$ (10,934)	$ (5,130)	$ (3,890)	$ 3,611	$ (5,178)	$ (279)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rebecca G. Bottorff [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		The following table describes any contracts, instructions or written plans for the sale or purchase of our securities adopted, amended or terminated by our directors or executive officers during the three months ended June 30, 2024, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). Name and Title Date of Adoption of Rule 10b5-1 Trading Plan Scheduled Expiration Date of Rule 10b5-1 Trading Plan Aggregate Number of Securities to be Purchased or Sold Devin M. Krupka SVP, Principal Accounting Officer 6/4/2024 3/7/2025 Covers the sale of up to (i) 3,442 shares of Class A common stock, plus (ii) an indeterminate number of shares of Class A common stock issued upon future equity award vesting events. Rebecca G. Bottorff Director and Chief People Officer 6/13/2024 6/1/2025 Covers the sale of up to (i) 22,453 shares of Class A common stock, plus (ii) an indeterminate number of shares of Class A common stock issued upon future equity award vesting events.
Name	Rebecca G. Bottorff
Title	Director and Chief People Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	6/13/2024
Expiration Date	6/1/2025
Arrangement Duration	353 days
Aggregate Available	22,453	22,453
Devin M. Krupka [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		The following table describes any contracts, instructions or written plans for the sale or purchase of our securities adopted, amended or terminated by our directors or executive officers during the three months ended June 30, 2024, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). Name and Title Date of Adoption of Rule 10b5-1 Trading Plan Scheduled Expiration Date of Rule 10b5-1 Trading Plan Aggregate Number of Securities to be Purchased or Sold Devin M. Krupka SVP, Principal Accounting Officer 6/4/2024 3/7/2025 Covers the sale of up to (i) 3,442 shares of Class A common stock, plus (ii) an indeterminate number of shares of Class A common stock issued upon future equity award vesting events. Rebecca G. Bottorff Director and Chief People Officer 6/13/2024 6/1/2025 Covers the sale of up to (i) 22,453 shares of Class A common stock, plus (ii) an indeterminate number of shares of Class A common stock issued upon future equity award vesting events.
Name	Devin M. Krupka
Title	SVP, Principal Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	6/4/2024
Expiration Date	3/7/2025
Arrangement Duration	276 days
Aggregate Available	3,442	3,442

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 28, 2024. The condensed consolidated balance sheet as of December 31, 2023, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive income (loss) and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year 2024 or any future period.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of Bandwidth Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the amounts reported in these financial statements and accompanying notes. These estimates in the condensed consolidated financial statements include, but are not limited to, allowance for doubtful accounts, reserve for expected credit losses, reserve for sales credits, recoverability of long lived and intangible assets, fair value of acquired intangible assets and goodwill, discount rates used in the valuation of right-of-use assets and lease liabilities, the fair value of the liability of the Company’s Convertible Notes (as defined herein), estimated period of benefit, valuation allowances on deferred tax assets, certain accrued expenses and contingencies, economic and demographic actuarial assumptions related to pension and other postretirement benefit costs and liabilities. Although the Company believes that the estimates it uses are reasonable, due to the inherent uncertainty involved in making these estimates, actual results reported in future periods could differ from those estimates.
Marketable Securities	Marketable Securities
Accounts Receivable	Accounts Receivable and Current Expected Credit Losses Accounts receivable are stated at realizable value, net of allowances, which includes an allowance for doubtful accounts and a reserve for expected credit losses. The allowance for doubtful accounts is based on management’s assessment of the collectability of its customer accounts. The Company regularly reviews the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, customer creditworthiness, current economic trends, and reasonable and supportable forecasts about the future. Relevant risk characteristics include customer size and historical loss patterns. Management has evaluated the expected credit losses related to trade accounts receivable and determined that an allowance of approximately $2.8 million and $1.1 million for uncollectible accounts and customer balances that are disputed was required as of June 30, 2024 and December 31, 2023, respectively. Refer to Note 4, “Financial Statement Components” to these condensed consolidated financial statements, for a rollforward of the components of the allowances for the three and six months ended June 30, 2024 and 2023.
Current Expected Credit Losses	Accounts Receivable and Current Expected Credit Losses Accounts receivable are stated at realizable value, net of allowances, which includes an allowance for doubtful accounts and a reserve for expected credit losses. The allowance for doubtful accounts is based on management’s assessment of the collectability of its customer accounts. The Company regularly reviews the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, customer creditworthiness, current economic trends, and reasonable and supportable forecasts about the future. Relevant risk characteristics include customer size and historical loss patterns. Management has evaluated the expected credit losses related to trade accounts receivable and determined that an allowance of approximately $2.8 million and $1.1 million for uncollectible accounts and customer balances that are disputed was required as of June 30, 2024 and December 31, 2023, respectively. Refer to Note 4, “Financial Statement Components” to these condensed consolidated financial statements, for a rollforward of the components of the allowances for the three and six months ended June 30, 2024 and 2023.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents, marketable securities and trade accounts receivable. The Company maintains its cash, cash equivalents and marketable securities with high credit-quality financial institutions. Certain balances held by such financial institutions exceed insured limits.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new accounting guidance on its financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). The amendments also require entities on an annual basis to disclose disaggregated amounts of income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new accounting guidance on its financial statements.
Fair Value Measurements	The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires use of observable inputs when available, and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows: • Level 1. Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities; • Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and • Level 3. Unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value as of June 30, 2024 and December 31, 2023 because of the relatively short duration of these instruments. Marketable securities consist of time deposits and commercial paper not otherwise classified as cash equivalents. All marketable securities are considered to be available-for-sale and are recorded at their estimated fair values. Unrealized gains and losses for available-for-sale securities are recorded in accumulated other comprehensive loss.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on a Recurring Basis	The Company evaluated its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. The following tables summarize the Company’s financial assets measured at fair value as of June 30, 2024 and December 31, 2023: Amortized cost or carrying value Unrealized gains Unrealized losses Fair value measurements on a recurring basis Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Cash and cash equivalents: Money market account $ 33,605 $ — $ — $ 33,605 $ — $ — $ 33,605 Commercial paper 19,586 — — 19,586 — — 19,586 Total included in cash and cash equivalents 53,191 — — 53,191 — — 53,191 Marketable securities: Commercial paper 14,207 192 — 14,399 — — 14,399 Total marketable securities 14,207 192 — 14,399 — — 14,399 Total financial assets $ 67,398 $ 192 $ — $ 67,590 $ — $ — $ 67,590 Amortized cost or carrying value Unrealized gains Unrealized losses Fair value measurements on a recurring basis Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Cash and cash equivalents: Money market account $ 120,724 $ — $ — $ 120,724 $ — $ — $ 120,724 Total included in cash and cash equivalents 120,724 — — 120,724 — — 120,724 Marketable securities: Time deposits 20,000 — — 20,000 — — 20,000 Commercial paper 1,422 66 — 1,488 — — 1,488 Total marketable securities 21,422 66 — 21,488 — — 21,488 Total financial assets $ 142,146 $ 66 $ — $ 142,212 $ — $ — $ 142,212
Schedule of Contractual Maturities of Marketable Securities	The Company classifies its marketable securities as current assets as they are available for current operating needs. The following table summarizes the contractual maturities of marketable securities as of June 30, 2024: Amortized cost Aggregate fair value (In thousands) Financial assets: Less than one year $ 14,207 $ 14,399 Total $ 14,207 $ 14,399

Financial Statement Components

Financial Statement Components (Tables)	6 Months Ended
Financial Statement Components (Tables)	Jun. 30, 2024
Financial Statement Components [Abstract]
Schedule of Accounts Receivable, net of Allowances	Accounts receivable, net of allowances consist of the following: As of June 30, As of December 31, 2024 2023 (In thousands) Trade accounts receivable $ 40,763 $ 35,612 Unbilled accounts receivable 47,161 43,631 Allowance for doubtful accounts and reserve for expected credit losses (2,843) (1,128) Other accounts receivable 495 40 Total accounts receivable, net $ 85,576 $ 78,155 Components of allowance for doubtful accounts and reserve for expected credit losses are as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (In thousands) Balance, beginning of period $ (2,508) $ (1,382) $ (1,128) $ (1,191) Charged to bad debt expense, net of reversals (419) (421) (1,876) (725) Deductions (1) 78 156 138 304 Impact of foreign currency translation 6 31 23 (4) Balance, end of period $ (2,843) $ (1,616) $ (2,843) $ (1,616) ________________________ (1) Write-off of uncollectible accounts after all collection efforts have been exhausted.
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: As of June 30, As of December 31, 2024 2023 (In thousands) Accrued expense $ 46,693 $ 40,731 Accrued compensation and benefits 12,596 19,142 Accrued sales, use, VAT and telecommunications related taxes 8,903 8,467 Other accrued expenses 1,064 674 Total accrued expenses and other current liabilities $ 69,256 $ 69,014

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2024
Leases [Abstract]
Schedule of Components of Lease Expense and Supplemental Cash Flow and Other Information	Other supplemental information related to operating leases were as follows: Six months ended June 30, 2024 2023 Weighted average remaining lease term (in years) 18.92 2.00 Weighted average discount rate 8.77 % 4.82 %
Schedule of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities were as follows: As of June 30, 2024 (In thousands) 2024 (remaining) $ 11,520 2025 22,275 2026 21,720 2027 22,120 2028 22,461 Thereafter 378,808 Total lease payments 478,904 Less: imputed interest (254,929) Total lease obligations 223,975 Less: current obligations (3,478) Long-term lease obligations $ 220,497

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
Property, Plant and Equipment (Tables)	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment, Net	Property, plant and equipment, net consisted of the following: As of June 30, As of December 31, 2024 2023 (In thousands) Furniture and fixtures $ 16,020 $ 16,036 Computer and office equipment 13,768 13,669 Telecommunications equipment 83,973 82,991 Leasehold improvements 75,736 75,437 Software 15,901 12,552 Internal-use software development 32,104 25,909 Automobile 459 507 Land 27,636 27,771 Land Improvements 1,065 930 Total cost 266,662 255,802 Less—accumulated depreciation (93,262) (77,938) Total property, plant and equipment, net $ 173,400 $ 177,864
Schedule of Depreciation Expense	The Company recognized depreciation expense, which includes amortization of capitalized software development costs, as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (In thousands) Cost of revenue $ 4,678 $ 4,205 $ 9,456 $ 7,734 Research and development 1,631 748 3,228 1,262 Sales and marketing 1,112 273 2,248 581 General and administrative 543 234 1,085 503 Total depreciation expense $ 7,964 $ 5,460 $ 16,017 $ 10,080

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
Goodwill and Intangible Assets (Tables)	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The change in the carrying amounts of goodwill was as follows: Total (In thousands) Balance as of December 31, 2023 $ 335,872 Foreign currency translation adjustments (9,652) Balance as of June 30, 2024 $ 326,220
Schedule of Finite Lived Intangible Assets	Intangible assets, net consisted of the following: As of June 30, As of December 31, 2024 2023 Gross Accumulated Net Carrying Gross Accumulated Net Carrying (In thousands) Customer relationships $ 146,560 $ (40,215) $ 106,345 $ 147,426 $ (35,599) $ 111,827 Developed technology 77,364 (28,367) 48,997 79,702 (25,239) 54,463 Other, definite lived 2,828 (2,828) — 2,828 (2,828) — Licenses, indefinite lived 624 — 624 624 — 624 Total intangible assets, net $ 227,376 $ (71,410) $ 155,966 $ 230,580 $ (63,666) $ 166,914
Schedule of Infinite Lived Intangible Assets	Intangible assets, net consisted of the following: As of June 30, As of December 31, 2024 2023 Gross Accumulated Net Carrying Gross Accumulated Net Carrying (In thousands) Customer relationships $ 146,560 $ (40,215) $ 106,345 $ 147,426 $ (35,599) $ 111,827 Developed technology 77,364 (28,367) 48,997 79,702 (25,239) 54,463 Other, definite lived 2,828 (2,828) — 2,828 (2,828) — Licenses, indefinite lived 624 — 624 624 — 624 Total intangible assets, net $ 227,376 $ (71,410) $ 155,966 $ 230,580 $ (63,666) $ 166,914
Schedule of Amortization Expense	The Company recognized amortization expense as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (In thousands) Cost of revenue $ 1,941 $ 1,959 $ 3,900 $ 3,904 Sales and marketing 2,395 2,379 4,797 4,708 Total amortization expense $ 4,336 $ 4,338 $ 8,697 $ 8,612
Schedule of Future Estimated Amortization Expense	Future estimated amortization expense for definite lived intangible assets is as follows: As of June 30, 2024 (In thousands) 2024 (remaining) $ 8,667 2025 17,334 2026 17,334 2027 17,334 2028 17,334 Thereafter 77,339 $ 155,342

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Net Carrying Amount of Liability and Equity Component of Notes	The net carrying amount of the liability components of the Convertible Notes were as follows: As of June 30, As of December 31, 2024 2023 2026 Convertible Notes: (In thousands) Principal $ 35,000 $ 175,000 Unamortized debt issuance costs (292) (1,891) 2026 Convertible Notes net carrying amount 34,708 173,109 2028 Convertible Notes: Principal 250,000 250,000 Unamortized debt issuance costs (4,048) (4,583) 2028 Convertible Notes net carrying amount 245,952 245,417 Total net carrying amount $ 280,660 $ 418,526
Schedule of Interest Income and Interest Expense Disclosure	The following table sets forth the interest expense recognized related to the Convertible Notes: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 2026 Convertible Notes: (In thousands) Contractual interest expense $ 88 $ 109 $ 197 $ 247 Amortization of debt issuance costs 116 210 333 506 Total interest expense related to the 2026 Convertible Notes 204 319 530 753 2028 Convertible Notes: Contractual interest expense 313 313 626 626 Amortization of debt issuance costs 268 264 536 530 Total interest expense related to the 2028 Convertible Notes 581 577 1,162 1,156 Total interest expense $ 785 $ 896 $ 1,692 $ 1,909
Schedule of Capped Call Transactions	The following table sets forth key terms and costs incurred for the Capped Calls related to the Convertible Notes as of June 30, 2024: 2026 Convertible Notes 2028 Convertible Notes (In thousands, except share and per share amounts) Initial approximate strike price per share, subject to certain adjustments $ 91.03 $ 179.27 Initial cap price per share, subject to certain adjustments $ 137.40 $ 260.76 Net costs incurred $ 43,320 $ 25,500 Class A common stock covered, subject to anti-dilution adjustments 384,500 1,394,525

Geographic Information (Tables)

Geographic Information (Tables)	6 Months Ended
Geographic Information (Tables)	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Revenue by Geographical Area	The Company generates its revenue primarily in North America. Revenue by geographic area is detailed in the table below, which is apportioned based on the destination of the service: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (In thousands) North America $ 151,508 $ 124,457 $ 300,970 $ 240,166 Rest of World 22,094 21,417 43,665 43,552 Total $ 173,602 $ 145,874 $ 344,635 $ 283,718

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
Stockholders' Equity (Tables)	Jun. 30, 2024
Equity [Abstract]
Schedule of Reserved Shares of Common Stock for Issuance	The Company had reserved shares of Class A common stock for issuance under stock-based award agreements as follows: As of June 30, As of December 31, 2024 2023 Stock options issued and outstanding 85,006 97,480 Nonvested restricted stock units issued and outstanding 4,356,880 5,066,159 Stock-based awards available for grant under the 2017 Plan 3,196,850 2,330,616 Total 7,638,736 7,494,255

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
Stock-Based Compensation (Tables)	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following summarizes the stock option activity for the six months ended June 30, 2024: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2023 97,480 $ 12.75 2.97 $ 332 Granted — — Exercised (12,474) 9.50 Forfeited or expired — — Outstanding as of June 30, 2024 85,006 $ 13.23 2.61 $ 403 Options vested and exercisable at June 30, 2024 85,006 $ 13.23 2.61 $ 403 Options vested and expected to vest as of June 30, 2024 85,006 $ 13.23 2.61 $ 403
Schedule of Restricted Stock Unit Activity	The following summarizes the restricted stock unit (“RSU”) activity for the six months ended June 30, 2024: Number of awards outstanding Weighted-average grant date fair value (Per share) Nonvested RSUs as of December 31, 2023 5,066,159 $ 18.41 Granted 668,891 20.70 Vested (1,171,450) 26.37 Forfeited (206,720) 16.79 Nonvested RSUs as of June 30, 2024 4,356,880 $ 16.69
Schedule of Stock-Based Compensation Expense	The Company recognized total stock-based compensation expense as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (In thousands) Cost of revenue $ 375 $ 204 $ 771 $ 396 Research and development 4,684 3,315 10,000 6,456 Sales and marketing 2,105 1,428 4,270 2,665 General and administrative 4,196 3,058 8,658 5,866 Total $ 11,360 $ 8,005 $ 23,699 $ 15,383

Basic and Diluted Income (Los_2

Basic and Diluted Income (Loss) per Common Share (Tables)	6 Months Ended
Basic and Diluted Income (Loss) per Common Share (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share, Basic and Diluted	The components of basic and diluted income (loss) per share are as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (In thousands, except share and per share amounts) Earnings per share Net income (loss) attributable to common stockholders $ 4,055 $ (3,890) $ (5,178) $ (279) Net income (loss) per share: Basic $ 0.15 $ (0.15) $ (0.19) $ (0.01) Diluted $ (0.17) $ (0.15) $ (0.19) $ (0.01) Numerator used to compute net income (loss) per share: Basic $ 4,055 $ (3,890) $ (5,178) $ (279) Net gain on extinguishment of debt, net of taxes (9,850) — — — Interest expense on convertible notes, net of taxes 752 — — — Diluted (1) $ (5,043) $ (3,890) $ (5,178) $ (279) Weighted average number of common shares outstanding: Basic 27,079,333 25,555,219 26,786,568 25,502,131 Convertible debt conversion 2,421,265 — — — Diluted 29,500,598 25,555,219 26,786,568 25,502,131 ________________________ (1) Net income is adjusted for the reversal of the net gain on extinguishment of debt and add back of interest expense as part of the calculation for diluted Non-GAAP earnings per share.
Schedule of Anti-dilutive Common Shares Excluded from Calculation of Net Income (Loss)	The following common share equivalents were excluded from the weighted average shares used to calculate net income (loss) per common share because their effects would have been anti-dilutive: As of June 30, 2024 2023 Stock options issued and outstanding 85,006 98,105 Restricted stock units issued and outstanding 4,356,880 2,548,379 Convertible senior notes 2,869,144 3,569,511 Total 7,311,030 6,215,995

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 2,843	$ 1,128
Unbilled accounts receivable	$ 47,161	$ 43,631

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 62,044	$ 131,987	$ 91,824
Amortized cost or carrying value	14,207	21,422
Unrealized gains	192	66
Unrealized losses	0	0
Total marketable securities	14,399
Total financial assets	67,398	142,146
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	14,399	21,488
Total financial assets	67,590	142,212
Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	14,399	21,488
Total financial assets	67,590	142,212
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Total financial assets	0	0
Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Total financial assets	0	0
Money market account
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	33,605	120,724
Money market account \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	33,605	120,724
Money market account \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	33,605	120,724
Money market account \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Money market account \| Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost or carrying value		20,000
Unrealized gains		0
Unrealized losses		0
Time deposits \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		20,000
Time deposits \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		20,000
Time deposits \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		0
Time deposits \| Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	19,586
Amortized cost or carrying value	14,207	1,422
Unrealized gains	192	66
Unrealized losses	0	0
Commercial paper \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	19,586
Total marketable securities	14,399	1,488
Commercial paper \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	19,586
Total marketable securities	14,399	1,488
Commercial paper \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Total marketable securities	0	0
Commercial paper \| Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Total marketable securities	0	0
Total included in cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	53,191	120,724
Total included in cash and cash equivalents \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	53,191	120,724
Total included in cash and cash equivalents \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	53,191	120,724
Total included in cash and cash equivalents \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Total included in cash and cash equivalents \| Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 0	$ 0

Fair Value Measurements - Contr

Fair Value Measurements - Contractual Maturities of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Amortized cost
Less than one year	$ 14,207
Total	14,207	$ 21,422
Aggregate fair value
Less than one year	14,399
Total	$ 14,399

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Maturities of marketable securities	$ 36,900	$ 16,700	$ 38,300	$ 42,900
Proceeds from sale of marketable securities	0	20,600	0	38,300
Interest earned on marketable securities (less than)	200	$ 400	600	$ 700
Convertible notes \| 2026 Convertible Notes:
Debt Instrument [Line Items]
Fair value	31,400		31,400		$ 145,500
Convertible notes \| 2028 Convertible Notes:
Debt Instrument [Line Items]
Fair value	$ 185,400		$ 185,400		$ 157,600

Financial Statement Component_2

Financial Statement Components - Accounts Receivable, net of Allowances (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financial Statement Components [Abstract]
Trade accounts receivable	$ 40,763	$ 35,612
Unbilled accounts receivable	47,161	43,631
Allowance for doubtful accounts and reserve for expected credit losses	(2,843)	(1,128)
Other accounts receivable	495	40
Total accounts receivable, net	$ 85,576	$ 78,155

Financial Statement Component_3

Financial Statement Components - Allowance For Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance, beginning of period	$ (2,508)	$ (1,382)	$ (1,128)	$ (1,191)
Charged to bad debt expense, net of reversals	(419)	(421)	(1,876)	(725)
Deductions	78	156	138	304
Impact of foreign currency translation	6	31	23	(4)
Balance, end of period	$ (2,843)	$ (1,616)	$ (2,843)	$ (1,616)

Financial Statement Component_4

Financial Statement Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financial Statement Components [Abstract]
Accrued expense	$ 46,693	$ 40,731
Accrued compensation and benefits	12,596	19,142
Accrued sales, use, VAT and telecommunications related taxes	8,903	8,467
Other accrued expenses	1,064	674
Total accrued expenses and other current liabilities	$ 69,256	$ 69,014

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Option to extend, term (up to)	20 years		20 years
Operating lease cost	$ 5,700	$ 1,800	$ 11,800	$ 3,500

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow and Other Information (Details)	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Weighted average remaining lease term (in years)	18 years 11 months 1 day	2 years
Weighted average discount rate	8.77%	4.82%

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating Leases
2024 (remaining)	$ 11,520
2025	22,275
2026	21,720
2027	22,120
2028	22,461
Thereafter	378,808
Total lease payments	478,904
Less: imputed interest	(254,929)
Total lease obligations	223,975
Less: current obligations	(3,478)	$ (5,463)
Long-term lease obligations	$ 220,497	$ 220,548

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total cost	$ 266,662	$ 255,802
Less—accumulated depreciation	(93,262)	(77,938)
Total property, plant and equipment, net	173,400	177,864
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total cost	16,020	16,036
Computer and office equipment
Property, Plant and Equipment [Line Items]
Total cost	13,768	13,669
Telecommunications equipment
Property, Plant and Equipment [Line Items]
Total cost	83,973	82,991
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total cost	75,736	75,437
Software
Property, Plant and Equipment [Line Items]
Total cost	15,901	12,552
Internal-use software development
Property, Plant and Equipment [Line Items]
Total cost	32,104	25,909
Automobile
Property, Plant and Equipment [Line Items]
Total cost	459	507
Land
Property, Plant and Equipment [Line Items]
Total cost	27,636	27,771
Land Improvements
Property, Plant and Equipment [Line Items]
Total cost	$ 1,065	$ 930

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Capitalized software development costs, additions	$ 2.7	$ 3.3	$ 6.3	$ 5
Amortization of capitalized software development costs	$ 1	$ 0.7	$ 2	$ 1.4

Property, Plant and Equipment_3

Property, Plant and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 7,964	$ 5,460	$ 16,017	$ 10,080
Cost of revenue
Property, Plant and Equipment [Line Items]
Total depreciation expense	4,678	4,205	9,456	7,734
Research and development
Property, Plant and Equipment [Line Items]
Total depreciation expense	1,631	748	3,228	1,262
Sales and marketing
Property, Plant and Equipment [Line Items]
Total depreciation expense	1,112	273	2,248	581
General and administrative
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 543	$ 234	$ 1,085	$ 503

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 335,872
Foreign currency translation adjustments	(9,652)
Ending balance	$ 326,220

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (71,410)	$ (63,666)
Net Carrying Value	155,342
Gross Amount	227,376	230,580
Net Carrying Value	155,966	166,914
Licenses, indefinite lived
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Licenses, indefinite lived	624	624
Customer relationships
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Amount	146,560	147,426
Accumulated Amortization	(40,215)	(35,599)
Net Carrying Value	106,345	111,827
Developed technology
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Amount	77,364	79,702
Accumulated Amortization	(28,367)	(25,239)
Net Carrying Value	48,997	54,463
Other, definite lived
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Amount	2,828	2,828
Accumulated Amortization	(2,828)	(2,828)
Net Carrying Value	$ 0	$ 0

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill [Line Items]
Total amortization expense	$ 4,336	$ 4,338	$ 8,697	$ 8,612
Cost of revenue
Goodwill [Line Items]
Total amortization expense	1,941	1,959	3,900	3,904
Sales and marketing
Goodwill [Line Items]
Total amortization expense	$ 2,395	$ 2,379	$ 4,797	$ 4,708

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average useful life	9 years 4 months 24 days

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets - Future Estimated Amortization Expense (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining)	$ 8,667
2025	17,334
2026	17,334
2027	17,334
2028	17,334
Thereafter	77,339
Net Carrying Value	$ 155,342

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) $ in Millions	Aug. 01, 2023 USD ($) quarter	Jun. 30, 2024 USD ($)	May 01, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Outstanding unamortized loan fees		$ 0.9		$ 0.6
Voting Capital Stock
Debt Instrument [Line Items]
Equity interests pledged, percentage of capital stock	0.65
Nonvoting Capital Stock
Debt Instrument [Line Items]
Equity interests pledged, percentage of capital stock	1
Prepaid expenses and other current assets
Debt Instrument [Line Items]
Outstanding unamortized loan fees		0.2		0.1
Other long-term assets
Debt Instrument [Line Items]
Outstanding unamortized loan fees		0.7		$ 0.5
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 50		$ 100
Accordion feature, increase limit	$ 25
Days prior to maturity date (in days)	91 days		91 days
Minimum liquidity required	$ 75
Covenant, consecutive quarters \| quarter	4
Line of credit		$ 40
Weighted average interest rate (as percent)		7.94%
Available borrowing capacity		$ 60
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Unused portion of borrowing commitment (as percent)	0.05%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Unused portion of borrowing commitment (as percent)	0.0625%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Additional basis spread on variable rate	0.10%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	2.25%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	2.75%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Base rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1.25%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Base rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1.75%
Credit commitments \| Bank of America Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 15
Swing line \| Bank of America Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	5		$ 10
Minimum liquidity	$ 75		$ 82.5

Debt - 2026 Convertible Notes (

Debt - 2026 Convertible Notes (Details)		1 Months Ended	3 Months Ended		6 Months Ended
Debt - 2026 Convertible Notes (Details)	May 09, 2024 USD ($)	Feb. 28, 2020 USD ($) $ / shares	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Mar. 31, 2021 $ / shares
Debt Instrument [Line Items]
Net gain on extinguishment of debt			$ 10,267,000	$ 0	$ 10,267,000	$ 12,767,000
Class A voting common stock
Debt Instrument [Line Items]
Common stock, par value (in usd per share) \| $ / shares		$ 0.001	$ 0.001		$ 0.001		$ 0.001	$ 0.001
2026 Convertible Notes: \| Convertible notes
Debt Instrument [Line Items]
Principal amount	$ 35,000,000	$ 400,000,000	$ 35,000,000		$ 35,000,000		$ 175,000,000
Stated rate (as percent)		0.25%
Total net proceeds		$ 344,700,000
Effective interest rate (as percent)		0.51%
Conversion price (in usd per share) \| $ / shares		$ 91.03
Repurchased face amount	140,000,000
Repayments of debt	$ 128,500,000
Net gain on extinguishment of debt					$ 10,300,000
2026 Convertible Notes: \| Convertible notes \| Class A voting common stock
Debt Instrument [Line Items]
Conversion ratio		0.0109857

Debt - 2028 Convertible Notes (

Debt - 2028 Convertible Notes (Details)	1 Months Ended
Debt - 2028 Convertible Notes (Details)	Mar. 31, 2021 USD ($) $ / shares	Jun. 30, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares	Feb. 28, 2020 $ / shares
Class A voting common stock
Debt Instrument [Line Items]
Common stock, par value (in usd per share) \| $ / shares	$ 0.001	$ 0.001	$ 0.001	$ 0.001
2028 Convertible Notes: \| Convertible notes
Debt Instrument [Line Items]
Principal amount \| $	$ 250,000,000	$ 250,000,000	$ 250,000,000
Stated rate (as percent)	0.50%
Total net proceeds \| $	$ 217,000,000
Effective interest rate (as percent)	0.442%
Conversion price (in usd per share) \| $ / shares	$ 179.27
2028 Convertible Notes: \| Convertible notes \| Class A voting common stock
Debt Instrument [Line Items]
Conversion ratio	0.0055781

Debt - Other Terms of the Conve

Debt - Other Terms of the Convertible Notes (Details) - 2026 Convertible Notes	6 Months Ended
	Jun. 30, 2024 day
Debt Instrument [Line Items]
Redemption period scheduled trading day before the maturity date	40 days
Cash redemption price (as percent)	100%
Conversion option 1 \| Convertible notes \| Class A voting common stock
Debt Instrument [Line Items]
Stock price trigger (as percent)	130%
Trading days	20
Consecutive trading days	30

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - Convertible notes - USD ($)	Jun. 30, 2024	May 09, 2024	Dec. 31, 2023	Mar. 31, 2021	Feb. 28, 2020
Debt Instrument [Line Items]
Total net carrying amount	$ 280,660,000		$ 418,526,000
2026 Convertible Notes:
Debt Instrument [Line Items]
Principal	35,000,000	$ 35,000,000	175,000,000		$ 400,000,000
Unamortized debt issuance costs	(292,000)		(1,891,000)
Total net carrying amount	34,708,000		173,109,000
2028 Convertible Notes:
Debt Instrument [Line Items]
Principal	250,000,000		250,000,000	$ 250,000,000
Unamortized debt issuance costs	(4,048,000)		(4,583,000)
Total net carrying amount	$ 245,952,000		$ 245,417,000

Debt - Interest Income and Inte

Debt - Interest Income and Interest Expense Disclosure (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Total interest expense	$ 785	$ 896	$ 1,692	$ 1,909
2026 Convertible Notes:
Debt Instrument [Line Items]
Contractual interest expense	88	109	197	247
Amortization of debt issuance costs	116	210	333	506
Total interest expense	204	319	530	753
2028 Convertible Notes:
Debt Instrument [Line Items]
Contractual interest expense	313	313	626	626
Amortization of debt issuance costs	268	264	536	530
Total interest expense	$ 581	$ 577	$ 1,162	$ 1,156

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes and Capped Call Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 16, 2021	Feb. 28, 2020
Debt Instrument [Line Items]
Net costs incurred	$ 25,500	$ 43,320
Class A voting common stock
Debt Instrument [Line Items]
Class A common stock covered, subject to anti-dilution adjustments (in shares)	1,394,525	384,500
2026 Convertible Notes \| Convertible notes
Debt Instrument [Line Items]
Initial conversion strike price (in usd per share)		$ 91.03
Initial cap price (in usd per share)		$ 137.40
2028 Convertible Notes \| Convertible notes
Debt Instrument [Line Items]
Initial conversion strike price (in usd per share)	$ 179.27
Initial cap price (in usd per share)	$ 260.76

Geographic Information - Revenu

Geographic Information - Revenue by Geographical Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 173,602	$ 145,874	$ 344,635	$ 283,718
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	151,508	124,457	300,970	240,166
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 22,094	$ 21,417	$ 43,665	$ 43,552

Geographic Information - Additi

Geographic Information - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	$ 1,002,103	$ 1,101,048
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	$ 3,000	$ 4,500

Stockholders' Equity - Reserved

Stockholders' Equity - Reserved Shares of Common Stock for Issuance (Details) - shares	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	7,638,736	7,494,255
Stock options issued and outstanding
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	85,006	97,480
Nonvested restricted stock units issued and outstanding
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	4,356,880	5,066,159
Stock-based awards available for grant under the 2017 Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	3,196,850	2,330,616

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of options outstanding
Beginning balance (in shares) \| shares	97,480
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	(12,474)
Forfeited or expired (in shares) \| shares	0
Ending balance (in shares) \| shares	85,006	97,480
Options vested and exercisable (in shares) \| shares	85,006
Options vested and expected to vest (in shares) \| shares	85,006
Weighted- average exercise price (Per share)
Beginning balance (in usd per share) \| $ / shares	$ 12.75
Granted (in usd per share) \| $ / shares	0
Exercised (in usd per share) \| $ / shares	9.50
Forfeited or expired (in usd per share) \| $ / shares	0
Ending balance (in usd per share) \| $ / shares	13.23	$ 12.75
Weighted-average exercise price, Options vested and exercisable (in usd per share) \| $ / shares	13.23
Weighted-average exercise price, Options vested and expected to vest (in usd per share) \| $ / shares	$ 13.23
Weighted- average remaining contract life (In years)
Outstanding (in years)	2 years 7 months 9 days	2 years 11 months 19 days
Options vested and exercisable at June 30, 2024	2 years 7 months 9 days
Options vested and expected to vest as of June 30, 2024	2 years 7 months 9 days
Aggregate intrinsic value (In thousands)
Options outstanding \| $	$ 403	$ 332
Options vested and exercisable at June 30, 2024 \| $	403
Options vested and expected to vest as of June 30, 2024 \| $	$ 403

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details)	6 Months Ended
Stock-Based Compensation - Additional Information (Details)	Jun. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized cost for stock based compensation	$ 0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested RSUs	$ 60,200,000
Unrecognized cost for stock based compensation, period for recognition (in years)	1 year 11 months 4 days

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Unit Activity (Details) - RSUs	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of awards outstanding
Beginning balance (in shares) \| shares	5,066,159
Granted (in shares) \| shares	668,891
Vested (in shares) \| shares	(1,171,450)
Forfeited (in shares) \| shares	(206,720)
Ending balance (in shares) \| shares	4,356,880
Weighted-average grant date fair value (Per share)
Beginning balance (in usd per share) \| $ / shares	$ 18.41
Granted (in usd per share) \| $ / shares	20.70
Vested (in usd per share) \| $ / shares	26.37
Forfeited (in usd per share) \| $ / shares	16.79
Ending balance (in usd per share) \| $ / shares	$ 16.69

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 11,360	$ 8,005	$ 23,699	$ 15,383
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	375	204	771	396
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	4,684	3,315	10,000	6,456
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,105	1,428	4,270	2,665
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 4,196	$ 3,058	$ 8,658	$ 5,866

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Lease payments of initial term	$ 478,904
Non-cancellable purchase obligation	20,800
Non-cancellable purchase obligation, fulfilled within a year	14,000
Office Space
Lessee, Lease, Description [Line Items]
Lease payments of initial term	$ 483,900

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (as percent)	(8.90%)	(4.10%)	9.30%	91.40%
(Loss) income before income taxes	$ 3,724	$ (3,737)	$ (5,709)	$ (3,254)

Basic and Diluted Income (Los_3

Basic and Diluted Income (Loss) per Common Share - Components of Basic and Diluted (Loss) Earnings per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders, basic	$ 4,055,000	$ (3,890,000)	$ (5,178,000)	$ (279,000)
Net income (loss) per share:
Basic (in usd per share)	$ 0.15	$ (0.15)	$ (0.19)	$ (0.01)
Diluted (in usd per share)	$ (0.17)	$ (0.15)	$ (0.19)	$ (0.01)
Numerator used to compute net income (loss) per share:
Net gain on extinguishment of debt, net of taxes	$ (9,850,000)	$ 0	$ 0	$ 0
Interest expense on convertible notes, net of taxes	752,000	0	0	0
Diluted	$ (5,043,000)	$ (3,890,000)	$ (5,178,000)	$ (279,000)
Weighted average number of common shares outstanding:
Basic (in shares)	27,079,333	25,555,219	26,786,568	25,502,131
Convertible debt conversion (in shares)	2,421,265	0	0	0
Diluted (in shares)	29,500,598	25,555,219	26,786,568	25,502,131

Basic and Diluted Income (Los_4

Basic and Diluted Income (Loss) per Common Share - Schedule of Antidilutive Common Share Equivalents Excluded from Earnings Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	7,311,030	6,215,995
Stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	85,006	98,105
Nonvested restricted stock units issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	4,356,880	2,548,379
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,869,144	3,569,511