Alkami Technology (ALKT) 10-Q2 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover	9 Months Ended
Cover	Sep. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-40321
Entity Registrant Name	ALKAMI TECHNOLOGY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3060776
Entity Address, Address Line One	5601 Granite Parkway,
Entity Address, Address Line Two	Suite 120
Entity Address, City or Town	Plano,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75204
City Area Code	877
Local Phone Number	725-5264
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	ALKT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	95,361,787
Fiscal Year End	--12-31
Fiscal Year Focus	2023
Fiscal Period Focus	Q3
CIK	0001529274
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 76,381	$ 108,720
Marketable securities	101,865	87,635
Accounts receivable, net	31,266	26,246
Deferred implementation costs, current	9,496	7,855
Prepaid expenses and other current assets	13,648	11,709
Total current assets	232,656	242,165
Property and equipment, net	16,249	13,561
Right of use assets	16,044	14,670
Deferred implementation costs, net of current portion	27,708	24,783
Intangibles, net	37,504	42,593
Goodwill	148,050	148,017
Other assets	3,982	3,096
Total assets	482,193	488,885
Current liabilities
Current portion of long-term debt	6,375	3,188
Accounts payable	5,693	4,291
Accrued liabilities	26,302	21,643
Deferred revenues, current portion	9,313	8,835
Lease liabilities, current portion	1,493	3,657
Total current liabilities	49,176	41,614
Long-term debt, net	76,062	81,392
Deferred revenues, net of current portion	14,697	13,904
Deferred income taxes	1,862	1,712
Lease liabilities, net of current portion	18,366	15,817
Other non-current liabilities	376	400
Total liabilities	160,539	154,839
Stockholders’ Equity
Preferred stock, $0.001 par value, 10,000,000 shares authorized and 0 shares issued and outstanding as of September 30, 2023 and December 31, 2022	0	0
Common stock, $0.001 par value, 500,000,000 shares authorized; and 95,361,787 and 92,112,749 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	95	92
Additional paid-in capital	744,212	706,407
Accumulated deficit	(422,653)	(372,453)
Total stockholders’ equity	321,654	334,046
Total liabilities and stockholders' equity	$ 482,193	$ 488,885

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	95,361,787	92,112,749
Common stock, outstanding (in shares)	95,361,787	92,112,749

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenues		$ 67,703	$ 53,412	$ 193,462	$ 148,732
Cost of revenues	[1]	31,153	25,844	89,300	69,081
Gross profit		36,550	27,568	104,162	79,651
Operating expenses:
Research and development		21,755	18,222	63,170	48,973
Sales and marketing		11,933	9,721	36,694	27,822
General and administrative		18,290	18,337	53,608	54,114
Acquisition-related expenses, net		0	737	220	155
Amortization of acquired intangibles		359	370	1,076	796
Total operating expenses		52,337	47,387	154,768	131,860
Loss from operations		(15,787)	(19,819)	(50,606)	(52,209)
Non-operating income (expense):
Interest income		2,080	851	5,822	1,383
Interest expense		(1,931)	(1,185)	(5,514)	(2,336)
Gain (loss) on financial instruments		201	(59)	421	(446)
Loss before income taxes		(15,437)	(20,212)	(49,877)	(53,608)
Provision (benefit) for income taxes		39	(163)	323	80
Net loss		$ (15,476)	$ (20,049)	$ (50,200)	$ (53,688)
Net loss per share attributable to common stockholders:
Net loss per share attributable to common stockholders - basic (in dollars per share)		$ (0.16)	$ (0.22)	$ (0.54)	$ (0.59)
Net loss per share attributable to common stockholders - diluted (in dollars per share)		$ (0.16)	$ (0.22)	$ (0.54)	$ (0.59)
Weighted-average number of shares of common stock outstanding:
Weighted-average number of shares of common stock outstanding: - basic (in shares)		94,675,358	91,182,235	93,477,486	90,703,061
Weighted-average number of shares of common stock outstanding: - diluted (in shares)		94,675,358	91,182,235	93,477,486	90,703,061

[1]Includes amortization of acquired technology of $1.3 million and $1.4 million for the three months ended September 30, 2023 and 2022, respectively, and $4.0 million and $2.6 million for the nine months ended September 30, 2023 and 2022, respectively.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Amortization of acquired intangibles	$ 1.7	$ 1.7	$ 5.1	$ 3.4
Technology
Amortization of acquired intangibles	$ 1.3	$ 1.4	$ 4	$ 2.6

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		89,954,657
Beginning balance at Dec. 31, 2021	$ 344,611	$ 90	$ 658,374	$ (313,853)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	33,596		33,596
Issuance of common stock upon restricted stock unit vesting (in shares)		392,337
Common stock issued under ESPP (in shares)		199,887
Common stock issued under ESPP	1,841		1,841
Exercised stock options (in shares)		931,116
Exercised stock options	2,110	$ 1	2,109
Payments for taxes related to net settlement of equity awards	(596)		(596)
Net loss	(53,688)			(53,688)
Ending balance (in shares) at Sep. 30, 2022		91,477,997
Ending balance at Sep. 30, 2022	327,874	$ 91	695,324	(367,541)
Beginning balance (in shares) at Jun. 30, 2022		91,036,107
Beginning balance at Jun. 30, 2022	335,545	$ 91	682,946	(347,492)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	12,147		12,147
Issuance of common stock upon restricted stock unit vesting (in shares)		114,029
Exercised stock options (in shares)		327,861
Exercised stock options	827	$ 0	827
Payments for taxes related to net settlement of equity awards	(596)		(596)
Net loss	(20,049)			(20,049)
Ending balance (in shares) at Sep. 30, 2022		91,477,997
Ending balance at Sep. 30, 2022	327,874	$ 91	695,324	(367,541)
Beginning balance (in shares) at Dec. 31, 2022		92,112,749
Beginning balance at Dec. 31, 2022	334,046	$ 92	706,407	(372,453)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	39,143		39,143
Issuance of common stock upon restricted stock unit vesting (in shares)		1,488,164
Issuance of common stock upon restricted stock unit vesting	0	$ 1	(1)
Common stock issued under ESPP (in shares)		271,880
Common stock issued under ESPP	2,407		2,407
Exercised stock options (in shares)		1,488,994
Exercised stock options	7,287	$ 2	7,285
Payments for taxes related to net settlement of equity awards	(11,029)		(11,029)
Net loss	(50,200)			(50,200)
Ending balance (in shares) at Sep. 30, 2023		95,361,787
Ending balance at Sep. 30, 2023	321,654	$ 95	744,212	(422,653)
Beginning balance (in shares) at Jun. 30, 2023		94,228,876
Beginning balance at Jun. 30, 2023	322,524	$ 94	729,607	(407,177)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	14,326		14,326
Issuance of common stock upon restricted stock unit vesting (in shares)		484,736
Issuance of common stock upon restricted stock unit vesting	(1)		(1)
Exercised stock options (in shares)		648,175
Exercised stock options	4,485	$ 1	4,484
Payments for taxes related to net settlement of equity awards	(4,204)		(4,204)
Net loss	(15,476)			(15,476)
Ending balance (in shares) at Sep. 30, 2023		95,361,787
Ending balance at Sep. 30, 2023	$ 321,654	$ 95	$ 744,212	$ (422,653)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss		$ (50,200)	$ (53,688)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		7,841	5,512
Accrued interest on marketable securities, net		(2,059)	(67)
Stock-based compensation expense		37,914	32,956
Amortization of debt issuance costs		110	112
Gain on revaluation of contingent consideration		0	(2,700)
(Gain) loss on financial instruments		(430)	446
Gain on lease modification		(375)	0
Deferred taxes		118	(80)
Changes in operating assets and liabilities:
Accounts receivable		(5,020)	(4,075)
Prepaid expenses and other current assets		(2,631)	(2,802)
Accounts payable and accrued liabilities		5,223	3,452
Deferred implementation costs		(3,959)	(3,339)
Deferred revenues		1,271	53
Net cash used in operating activities		(12,197)	(24,220)
Cash flows from investing activities:
Purchase of marketable securities		(109,593)	(164,093)
Proceeds from maturities and redemptions of marketable securities		97,852	51,500
Purchases of property and equipment		(774)	(789)
Capitalized software development costs	[1]	(3,843)	(2,778)
Acquisition of business, net of cash acquired		0	(131,339)
Net cash used in investing activities		(16,358)	(247,499)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		0	85,000
Principal payments on debt		(2,125)	(24,688)
Debt issuance costs paid		(341)	(773)
Proceeds from ESPP issuance		2,407	1,841
Payment of holdback funds from acquisition		(1,000)	0
Payments for taxes related to net settlement of equity awards		(11,029)	(596)
Proceeds from stock option exercises		7,287	2,109
Net cash (used in) provided by financing activities		(4,801)	62,893
Net decrease in cash and cash equivalents and restricted cash		(33,356)	(208,826)
Cash and cash equivalents and restricted cash, beginning of period		112,337	312,954
Cash and cash equivalents and restricted cash, end of period		$ 78,981	$ 104,128

[1] See Note 2 for additional information regarding non-cash investing activities for the nine months ended September 30, 2023 and 2022 related to capitalized software development costs.

Organization

Organization	9 Months Ended
Organization	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Description of Business Alkami Technology, Inc. (the “Company”) is a cloud-based digital banking solutions provider. The Company inspires and empowers community, regional and super-regional financial institutions (“FIs”) to compete with large, technologically advanced and well-resourced banks in the United States. The Company’s solution, the Alkami Digital Banking Platform, allows FIs to onboard and engage new users, accelerate revenues and meaningfully improve operational efficiency, all with the support of a proprietary, true cloud-based, multi-tenant architecture. The Company cultivates deep relationships with its clients through long-term, subscription-based contractual arrangements, aligning its growth with its clients’ success and generating an attractive unit economic model. The Company was incorporated in Delaware in August 2011, and its principal offices are located in Plano, Texas.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accompanying condensed consolidated financial statements reflect the application of significant accounting policies as described below. Basis of Presentation and Consolidation The interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All intercompany accounts and transactions are eliminated. In the Company's opinion, the accompanying interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, consisting of normal, recurring adjustments, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Certain information and disclosures normally included in the notes to the annual consolidated financial statements prepared in accordance with GAAP have been omitted from these interim unaudited condensed consolidated financial statements pursuant to the rules and regulations of the SEC. Accordingly, these interim unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the accompanying notes for the fiscal year ended December 31, 2022, which are included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on February 24, 2023. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2023. The Company has no sources of other comprehensive income, and accordingly, net loss presented each period is the same as comprehensive loss. Reclassification. The Company has reclassified certain amounts on its condensed consolidated statements of cash flows in the prior periods to conform to current periods presentation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions include determining the timing and amount of revenue recognition, recoverability and amortization period related to costs to obtain and fulfill contracts, deferred implementation costs, revaluation of contingent consideration, and business combinations. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company invests its cash equivalents in highly rated money market funds. The Company’s marketable securities consist of debt securities issued by highly rated corporate entities, foreign governments, and the U.S. federal government. Deposits may exceed federally insured limits, and the Company is exposed to credit risk on deposits in the event of default by the financial institutions to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company continues to monitor ongoing events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions or other companies in the financial services industry or the financial services industry generally, including developments related to Silicon Valley Bank (“SVB”). On March 10, 2023, SVB was closed by the California Department of Financial Protection and Innovation, and the FDIC was appointed as receiver. On March 12, 2023, the U.S. Department of the Treasury, Federal Reserve Board, and FDIC released a joint statement announcing that the FDIC would complete its resolution of SVB in a manner that fully protected all depositors at SVB and that depositors would have access to all their money starting March 13, 2023. On March 26, 2023, the FDIC announced that First-Citizens Bank & Trust Company would assume all SVB's deposits and loans as of March 27, 2023. In light of the foregoing, the Company does not believe that it has exposure to loss as a result of SVB’s receivership. Additionally, the Company’s overall liquidity and financing has not been impacted. During the periods presented, the Company has not experienced any losses on its deposits of cash, cash equivalents or marketable securities. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. At September 30, 2023 and December 31, 2022, $64.5 million and $28.2 million, respectively, was held in cash equivalent money market and marketable securities accounts. Certain cash equivalents held in marketable securities accounts may have related unrealized gains or losses that are recognized on the condensed consolidated statements of operations. Restricted Cash The Company defines restricted cash as cash that is legally restricted as to withdrawal or usage. The amounts included in restricted cash on the condensed consolidated balance sheets at September 30, 2023 and December 31, 2022, represent the additional cash proceeds in deposit with an escrow agent for satisfaction of holdback provisions related to the acquisitions of MK Decisioning Systems, LLC (“MK”) and Segmint Inc. (“Segmint”). See Note 3 for further information. September 30, December 31, (in thousands) 2023 2022 Cash and cash equivalents $ 76,381 $ 108,720 Restricted cash included in Prepaid expenses and other current assets 2,600 3,617 Total cash and cash equivalents and restricted cash $ 78,981 $ 112,337 Capitalized Software Development Costs Software development costs relate primarily to software coding, systems interfaces, and testing of the Company’s proprietary systems and are accounted for in accordance with ASC 350-40, Internal Use Software. Internal software development costs are capitalized from the time the internal use software is in the application development stage until the software is ready for use. Business analysis, system evaluation, and software maintenance costs are expensed as incurred. The capitalized software development costs are reported in property and equipment, net, in the condensed consolidated balance sheets. The Company had $9.3 million and $5.7 million in capitalized internal software development costs, net of accumulated amortization, as of September 30, 2023 and December 31, 2022, respectively. Capitalized software development costs are amortized using the straight-line method over the estimated useful life of the software, generally three Contract Balances Client contracts under which revenues have been recognized while the Company is not yet able to invoice results in contract assets. Generally, contract assets arise as a result of reallocating revenues when discounts are more heavily weighted in the early years of a multi-year contract, or the client contract has substantive minimum fees that escalate over the term of the contract. Contract assets totaled $1.4 million and $0.5 million as of September 30, 2023 and December 31, 2022, respectively, which are included in other assets in the accompanying condensed consolidated balance sheets. Contract liabilities are comprised of billings or payments received from the Company’s clients in advance of performance under the contract and are represented in deferred revenues in the condensed consolidated balance sheets. Recent Accounting Pronouncements On July 26, 2023, the SEC adopted amendments intended to enhance and standardize disclosures related to cybersecurity. The amendments require timely disclosure of material cybersecurity incidents and annual disclosures related to cybersecurity risk management, strategy, and governance. The disclosures are effective beginning with annual reports for fiscal years ending on or after December 15, 2023.

Business Combination

Business Combination	9 Months Ended
Business Combination	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combination	Business Combination MK Decisioning Systems, LLC On September 10, 2021, the Company acquired substantially all the assets of MK for approximately $20 million in cash consideration due at closing, subject to a $2 million holdback provision held in escrow with $1 million released at the 12-month anniversary of close and the remainder released at the 18-month anniversary of close. The Company also agreed to assume certain liabilities associated with MK’s business. The integrated set of assets and activities acquired from MK through the acquisition met the definition of a business under ASC 805, as updated by ASU 2017-01. In addition to the base purchase price, the MK acquisition also included a potential earn-out that is tied to revenue of MK from sales of its products and services within two 12-month periods (the “First Earn-Out Period” and “Second Earn-Out Period”), with the First Earn-Out Period beginning on January 1, 2022 and ending on December 31, 2022, and the Second Earn-Out Period beginning on January 1, 2023 and ending on December 31, 2023. Pursuant to the terms and conditions set forth in the purchase agreement, the earn-out amount payable, if any, to the former owners, will be a maximum of $7.5 million and $17.5 million for the First Earn-Out Period and Second Earn-Out Period, respectively, contingent on achievement of certain revenue milestones. In certain circumstances within both Earn-Out Periods, the earn-out amounts are payable in a mix of cash and shares (based on a reference price of $35 and limited to $20 million in earn-out shares) of the Company’s common stock, subject to the election of the former owners. Earn-out amounts, if any, would be payable no later than 170 days after the end of each Earn-Out Period. The Company had classified the amounts held in escrow as restricted cash on the condensed consolidated balance sheets. The fair value of the contingent earn-out upon acquisition was $15.5 million, for which the balance was included in Other non-current liabilities on the condensed consolidated balance sheets. This initial estimated fair value was included as contingent consideration in the total purchase price. The Company remeasures the fair value of the contingent consideration on an ongoing basis and records the adjustment to the condensed consolidated statements of operations. As of September 30, 2023 and December 31, 2022, the fair value of the contingent earn-out was zero. Assumptions used to estimate the fair value of contingent consideration include various financial metrics (revenue performance targets and stock price forecasts) and the probability of achieving the specific targets using a geometric binomial model. Based on the final purchase accounting, the Company estimated that approximately 62% of the maximum $25 million contingent consideration would be paid to the seller in accordance with the terms of the purchase agreement. As of December 31, 2022, the Company determined that 0% of the maximum $25 million contingent consideration would be paid to the seller in accordance with the terms of the purchase agreement as a result of changes in the expected timing of new customer sales and implementations. The Company’s determination has not changed as of September 30, 2023. Segmint Inc. On April 25, 2022, the Company consummated its previously announced merger with Segmint pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated March 25, 2022, with Segmint surviving as a wholly owned subsidiary of the Company. Segmint operates a marketing analytics and messaging delivery platform with patented software that enables financial institutions and merchants to understand and leverage data, interact with customers and measure results. The aggregate consideration paid in exchange for all the outstanding equity interests of Segmint was approximately $135.0 million (the "Merger Consideration"). A portion of the Merger Consideration of approximately $2.6 million was placed into escrow to secure certain post-closing indemnification obligations in the Merger Agreement. As of March 31, 2023, the allocation of the purchase price for Segmint had been finalized. The preliminary purchase price allocations were based upon the preliminary valuation of assets and liabilities. These estimates and assumptions were subject to change as the Company obtained additional information during the measurement period. The following table summarizes the fair value amounts recognized as of the acquisition date for each major class of asset acquired or liability assumed, as well as adjustments made during the measurement period: (in thousands) Preliminary Fair Value as of April 25, 2022 Measurement Period Adjustments Adjusted Fair Value as of March 31, 2023 Cash $ — $ 601 $ 601 Trade accounts receivables 1,788 7 1,795 Other current assets 323 (8) 315 Property and equipment 35 — 35 Goodwill 99,310 649 99,959 Intangible assets 35,400 1,100 36,500 Total assets acquired $ 136,856 $ 2,349 $ 139,205 Accounts payable $ 768 $ (282) $ 486 Accrued liabilities 188 371 559 Deferred revenues, current 145 — 145 Deferred tax liability — 2,350 2,350 Other non-current liabilities 625 — 625 Total liabilities assumed 1,726 2,439 4,165 Net assets acquired $ 135,130 $ (90) $ 135,040 Less cash acquired — (601) (601) Total cash consideration for acquisition, less cash acquired $ 135,130 $ (691) $ 134,439 The measurement period adjustments were related to post-closing working capital adjustments, cash account amounts received as part of assets, revised estimates for intangible assets, and assumption of deferred tax liabilities. The table below outlines the purchased identifiable intangible assets: Weighted-Average Amortization Period Total (in years) (in thousands) Customer relationships 15 $ 15,200 Developed technology 5 20,600 Trade names 10 700 Total identifiable intangible assets $ 36,500 Goodwill resulted from the acquisition as it is intended to augment and diversify the Company’s single reportable segment and provide a complimentary solution to its existing platform offering. The Company accounted for the acquisition as a business combination. As a result of the acquisition of the stock of Segmint, the goodwill is not deductible for tax purposes.

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
Property and Equipment, Net	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Depreciation and amortization expense was $1.0 million and $2.8 million for the three and nine months ended September 30, 2023, respectively, and $0.8 million and $2.1 million for the three and nine months ended September 30, 2022, respectively. Property and equipment, net, includes the following amounts at September 30, 2023 and December 31, 2022: (in thousands) Useful Life September 30, 2023 December 31, 2022 Software 2 to 5 years $ 11,904 $ 7,253 Computers and equipment 3 years 6,182 5,606 Furniture and fixtures 5 years 3,988 3,986 Leasehold improvements 3 to 10 years 11,911 11,715 $ 33,985 $ 28,560 Less: accumulated depreciation and amortization (17,736) (14,999) Property and equipment, net $ 16,249 $ 13,561

Revenues and Deferred Costs

Revenues and Deferred Costs	9 Months Ended
Revenues and Deferred Costs	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenues and Deferred Costs	Revenues and Deferred Costs The Company derives the majority of its revenues from recurring monthly subscription fees charged for the use of its software-as-a-service (“SaaS”) subscription services. Subscription revenues are generally recognized as revenue over the term of the contract as a series of distinct SaaS services bundled into a single performance obligation. Clients are usually charged a one-time, upfront implementation fee and recurring annual and monthly access fees for the use of the online digital relationship banking solution. Implementation and integration of the digital banking platform is complex, and the Company has determined that the one-time, upfront services do not transfer a promised service to the client. As these services are not distinct, they are bundled into the SaaS series of services, and the associated fees are recognized on a straight-line basis over the subscription term. Other services include professional services and custom development. The following table disaggregates the Company's revenue by major source for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, (in thousands) 2023 2022 2023 2022 SaaS subscription services $ 64,758 $ 50,697 $ 183,446 $ 141,287 Implementation services 2,077 1,922 6,961 5,503 Other services 868 793 3,055 1,942 Total revenues $ 67,703 $ 53,412 $ 193,462 $ 148,732 The Company recognized approximately $7.0 million of revenue during the nine months ended September 30, 2023 that was included in deferred revenues in the accompanying condensed consolidated balance sheets as of the beginning of the reporting period. For those contracts that were wholly or partially unsatisfied as of September 30, 2023, minimum contracted subscription revenues to be recognized in future periods total approximately $987.4 million. The Company expects to recognize approximately 45.9% of this amount as subscription services are transferred to customers over the next 24 months, an additional 33.2% in the next 25 to 48 months, and the balance thereafter. This estimate does not include estimated consideration for excess user and transaction processing fees that the Company expects to earn under its subscription contracts. Deferred Cost Recognition The Company capitalized $1.6 million and $4.4 million in deferred commissions costs during the three and nine months ended September 30, 2023, respectively, and $2.3 million and $4.0 million for the three and nine months ended September 30, 2022, respectively, and recognized amortization of $1.0 million and $2.7 million during the three and nine months ended September 30, 2023, respectively, and $0.7 million and $2.1 million for the three and nine months ended September 30, 2022, respectively. Amortization expense is included in sales and marketing expenses in the accompanying condensed consolidated statements of operations. Deferred commissions are considered costs to obtain a contract and are included in deferred implementation costs in the accompanying condensed consolidated balance sheets in the amount of $18.0 million and $16.2 million as of September 30, 2023 and December 31, 2022, respectively. The Company capitalized implementation costs of $2.3 million and $6.4 million during the three and nine months ended September 30, 2023, respectively, and $1.9 million and $4.8 million for the three and nine months ended September 30, 2022, respectively, and recognized amortization of $1.3 million and $3.6 million during the three and nine months ended September 30, 2023, respectively, and $1.0 million and $2.9 million for the three and nine months ended September 30, 2022, respectively. Amortization expense is included in cost of revenues in the accompanying condensed consolidated statements of operations. These deferred costs are considered costs to fulfill client contracts and are included in deferred implementation costs in the accompanying condensed consolidated balance sheets in the amount of $19.2 million and $16.4 million as of September 30, 2023 and December 31, 2022, respectively. The Company periodically reviews the carrying amount of deferred costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit. No material impairment losses were recognized in relation to these capitalized costs for the three and nine months ended September 30, 2023 and 2022.

Accounts Receivable

Accounts Receivable	9 Months Ended
Accounts Receivable	Sep. 30, 2023
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts receivable includes the following amounts at September 30, 2023 and December 31, 2022: September 30, December 31, (in thousands) 2023 2022 Trade accounts receivable $ 26,185 $ 21,665 Unbilled receivables 5,391 4,621 Other receivables 501 747 Total receivables 32,077 27,033 Allowance for credit losses (294) (467) Reserve for estimated credits (517) (320) $ 31,266 $ 26,246

Accrued Liabilities

Accrued Liabilities	9 Months Ended
Accrued Liabilities	Sep. 30, 2023
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following at September 30, 2023 and December 31, 2022: September 30, December 31, (in thousands) 2023 2022 Bonus accrual $ 10,792 $ 6,199 Accrued vendor purchases 465 1,496 Commissions accrual 723 2,280 Accrued hosting services 2,135 930 Client refund liability 431 279 Accrued consulting and professional fees 558 187 Accrued tax liabilities 922 1,147 MK and Segmint acquisition holdback provision 2,600 3,618 ESPP liability 1,504 717 Other accrued liabilities 6,172 4,790 Total accrued liabilities $ 26,302 $ 21,643

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt On June 27, 2023, the Company entered into a First Amendment (the “First Amendment”) to the Company’s Amended and Restated Credit Agreement dated as of April 29, 2022 (as amended by the First Amendment, the “Amended Credit Agreement”), with SVB, Comerica Bank, and Canadian Imperial Bank of Commerce. The First Amendment provided for Citibank, N.A. to join as a new lender, increased the amount of the Revolving Facility (as defined below) commitment by $20.0 million and extended the maturity date of the Amended Credit Agreement to April 29, 2026, as well as other changes discussed below. The Amended Credit Agreement, inclusive of changes established by the First Amendment, includes the following, among other features: • Revolving Facility: The Amended Credit Agreement provides $60.0 million in aggregate commitments for secured revolving loans (“Revolving Facility”), of which there were no outstanding borrowings as of September 30, 2023. • Term Loan: A term loan of $85.0 million (the “Term Loan”) was borrowed on April 29, 2022, the proceeds of which were used to replenish cash used to fund the acquisition of Segmint, which closed on April 25, 2022. • Accordion Feature: The Amended Credit Agreement also permits the Company, subject to certain conditions, to request additional revolving loan commitments in an aggregate principal amount of up to $50.0 million, of which there were no outstanding borrowings as of September 30, 2023. Revolving Facility loans under the Amended Credit Agreement may be voluntarily prepaid and re-borrowed. Principal payments on the Term Loan are due in quarterly installments equal to an initial amount of approximately $1.1 million, beginning on June 30, 2023 and continuing through March 31, 2024, and increasing to approximately $2.1 million beginning on June 30, 2024 through the Amended Credit Agreement maturity date. Once repaid or prepaid, the Term Loan may not be re-borrowed. Debt issuance costs paid for the execution of the Amended Credit Facility were $0.9 million, of which $0.1 million was included in prepaid expenses and other current assets and $0.2 million was included in other assets on the condensed consolidated balance sheets. Debt issuance costs paid for the execution of the First Amendment were $0.3 million, of which $0.1 million was included in prepaid expenses and other current assets and $0.1 million was included in other assets on the condensed consolidated balance sheets. The First Amendment added additional covenants that begin each fiscal quarter ending on or after April 29, 2025 (the “Financial Covenant Trigger Date”). Before the Financial Covenant Trigger Date, borrowings under the Amended Credit Agreement bear interest at a variable rate based upon the Secured Overnight Financing Rate (the “SOFR”) plus a margin of 3.00% to 3.50% per annum depending on the applicable recurring revenue leverage ratio. After the Financial Covenant Trigger Date, borrowings under the Amended Credit Agreement bear interest at a variable rate based upon the SOFR plus a margin of 1.50%, 2.00%, 2.50% or 3.00% per annum depending on the applicable consolidated total leverage ratio. If the SOFR is ever less than 0%, then the SOFR shall be deemed to be 0%. The Amended Credit Agreement is subject to certain liquidity and operating covenants and includes customary representations and warranties, affirmative and negative covenants and events of default. The Company is required to pay a commitment fee of 0.25% per annum on the undrawn portion available under the Revolving Facility and variable fees on outstanding letters of credit. The Company has a standby letter of credit in the amount of $0.3 million, which serves as security under the lease relating to the Company’s office space that expires in 2033. Obligations under the Amended Credit Agreement are guaranteed by the Company’s subsidiaries and secured by all or substantially all of the assets of the Company and its subsidiaries pursuant to an Amended and Restated Guarantee and Collateral Agreement. The Amended Credit Agreement contains customary affirmative and negative covenants. Before the Financial Covenant Trigger Date, the following covenants are applicable: (i) an annual recurring revenue growth covenant requiring the loan parties to have recurring revenues in any four consecutive fiscal quarter period in an amount that is 10% greater than the recurring revenues for the corresponding four consecutive quarter period in the previous year; and (ii) a liquidity (defined as the aggregate amount of cash in bank accounts subject to a control agreement plus availability under the Revolving Facility) covenant, requiring the loan parties to have liquidity, tested on the last day of each calendar month, of $20.0 million or more. After the Financial Covenant Trigger Date, the existing annual recurring revenue growth and liquidity financial covenants are no longer applicable and the following covenants take effect: (i) a consolidated total leverage ratio requiring the ratio, as calculated at the last day of such fiscal quarter for the period of 12 consecutive months then ending, to be less than 3.50:1.00; and (ii) a consolidated fixed charge ratio requiring the ratio, for any fiscal quarter ending as calculated at the last day of such fiscal quarter for the period of 12 consecutive months then ending, to be more than 1.25:1.00. The First Amendment also added, applicable beginning June 30, 2023, a free cash flow covenant requiring, as calculated at the last day of such fiscal quarter for the period of 12 consecutive months then ending, free cash flow to be not less than $(75.0) million for the fiscal quarters ended June 30, 2023 and September 30, 2023, respectively, and $(50.0) million for the fiscal quarter ended December 31, 2023 and each fiscal quarter ending thereafter. The Amended Credit Agreement also contains customary events of default, which if they occur, could result in the termination of commitments under the Amended Credit Agreement, the declaration that all outstanding loans are immediately due and payable in whole or in part, and the requirement to maintain cash collateral deposits in respect of outstanding letters of credit. The Company was in compliance with all covenants as of September 30, 2023. On March 26, 2023, the FDIC announced that First-Citizens Bank & Trust Company would assume all of SVB’s deposits and loans as of March 27, 2023. This resulted in no impact to the Company’s condensed consolidated financial statements or changes to the terms of the Amended Credit Agreement. See Note 2. Summary of Significant Accounting Policies - Concentration of Credit Risk for additional information. Long-term Debt The following table summarizes long-term debt obligations as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Term Debt $ 82,875 $ 85,000 Less unamortized debt issuance costs (438) (420) Net amount 82,437 84,580 Less current maturities of long-term debt (6,375) (3,188) Long-term portion $ 76,062 $ 81,392 Maturities of long-term debt outstanding as of September 30, 2023, are summarized as follows (in thousands): 2023 1,062 2024 7,438 2025 8,500 2026 65,875 Thereafter — Total $ 82,875

Stockholders' Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stockholders' Equity	Stockholders' Equity Equity Compensation Plans Stock-based compensation expense was included in the condensed consolidated statements of operations as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2023 2022 2023 2022 Cost of revenues $ 1,507 $ 1,244 $ 4,140 $ 3,278 Research and development 4,116 3,023 11,854 7,487 Sales and marketing 1,906 1,112 5,309 2,859 General and administrative 6,389 6,535 16,611 19,332 Total stock-based compensation expenses $ 13,918 $ 11,914 $ 37,914 $ 32,956

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded income tax expense of less than $0.1 million and $0.3 million for the three and nine months ended September 30, 2023, respectively. This resulted in an effective tax rate of (0.3)% and (0.6)%, respectively. As compared to an income tax benefit of $0.2 million and income tax expense of $0.1 million for the three and nine months ended September 30, 2022, respectively. This resulted in an effective tax rate of 0.8% and (0.2)%, respectively. The Company’s effective tax rate for the three and nine months ended September 30, 2023 and September 30, 2022 differs from the statutory tax rate primarily due to the impact of the valuation allowance against its deferred tax assets and state tax expense. The Company recognizes deferred tax assets and liabilities based on the estimated future tax effects of temporary differences between the financial statement basis and tax basis of assets and liabilities given the provisions of enacted tax law. Management reviews deferred tax assets to assess their future realization by considering all available evidence, both positive and negative, to determine whether a valuation allowance is needed

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments consist primarily of cash, restricted cash and cash equivalents, marketable securities, accounts receivable, accounts payable, long-term debt, and contingent consideration. The carrying values of cash, restricted cash and cash equivalents, accounts receivable, and accounts payable approximate their respective fair values due to the short-term nature of these instruments. The carrying value of long-term debt approximates its fair value due to the variable interest rate. Cash equivalents include amounts held in money market accounts that are measured at fair value using observable market prices. Marketable securities include debt securities that are measured at fair value using observable inputs. The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2. Significant other inputs that are directly or indirectly observable in the marketplace. Level 3. Significant unobservable inputs which are supported by little or no market activity. The Company evaluates 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 September 30, 2023 and December 31, 2022 and indicate the fair value hierarchy of the valuation: Fair Value at Reporting Date Using (in thousands) September 30, 2023 Level 1 Level 2 Level 3 Assets: Cash equivalents (1) $ 64,548 $ 64,548 $ — $ — Marketable securities: Corporate bonds 14,077 — 14,077 — Commercial paper 17,290 — 17,290 — U.S. government-sponsored enterprise securities 15,008 — 15,008 — U.S. Treasury debt securities 53,386 53,386 — — International debt securities 2,104 — 2,104 — Total marketable securities 101,865 53,386 48,479 — Total Assets $ 166,413 $ 117,934 $ 48,479 $ — (1) Includes cash sweep account, money market account, and money market funds that have investments primarily in U.S. Government Agency debt, U.S. Treasury debt, U.S. Treasury Repurchase Agreements, U.S. Government Agency Repurchase Agreements, and corporate bonds that have a maturity of three months or less from the original acquisition date. Fair Value at Reporting Date Using (in thousands) December 31, 2022 Level 1 Level 2 Level 3 Assets: Cash equivalents (1) $ 28,173 $ 28,173 $ — $ — Marketable securities: Corporate bonds 26,037 — 26,037 — Commercial paper 36,407 — 36,407 — U.S. Treasury debt securities 22,731 22,731 — — International debt securities 2,460 2,460 — — Total marketable securities 87,635 25,191 62,444 — Total Assets $ 115,808 $ 53,364 $ 62,444 $ — (1) Includes cash sweep account, money market account, and money market funds that have investments primarily in U.S. Government Agency debt, U.S. Treasury debt, U.S. Treasury Repurchase Agreements, U.S. Government Agency Repurchase Agreements, and corporate bonds that have a maturity of three months or less from the original acquisition date.

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic net loss per share attributable to common stockholders is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Because the Company has reported a net loss for the three and nine months ended September 30, 2023 and 2022, the number of shares used to calculate diluted net loss per share attributable to common stockholders is the same as the number of shares used to calculate basic net loss per share attributable to common stockholders for the period presented because the potentially dilutive shares would have been anti-dilutive if included in the calculation. The computation of basic and diluted EPS is as follows for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, (in thousands, except shares and per share amounts) 2023 2022 2023 2022 Net loss $ (15,476) $ (20,049) $ (50,200) $ (53,688) Weighted-average shares of common stock outstanding - basic and diluted 94,675,358 91,182,235 93,477,486 90,703,061 Net loss per common share - basic and diluted $ (0.16) $ (0.22) $ (0.54) $ (0.59) For the three and nine months ended September 30, 2023 and 2022, the following potential shares of common stock were excluded from diluted EPS as the Company had a net loss in each of the periods presented: As of September 30, 2023 2022 Stock options 4,688,972 6,675,385 RSUs 8,074,490 7,041,744 ESPP 94,635 67,456 Total anti-dilutive common share equivalents 12,858,097 13,784,585

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company may become party to various legal actions during the ordinary course of business. Defending such proceedings is costly and can impose a significant burden on management and employees, it may receive unfavorable preliminary or interim rulings during litigation, and there can be no assurances that favorable final outcomes will be obtained. In addition, the Company’s industry is characterized by the existence of a large number of patents, copyrights, trademarks, trade secrets and other intellectual property and proprietary rights. Companies in our industry are often required to defend against litigation claims based on allegations of infringement or other violations of intellectual property rights. Furthermore, client agreements typically require the Company to indemnify clients against liabilities incurred in connection with claims alleging its solutions infringe the intellectual property rights of a third party. From time to time, the Company has been involved in disputes related to patent and other intellectual property rights of third parties, none of which has resulted in material liabilities. The Company expects these types of disputes may continue to arise in the future. Based upon present information, the Company believes that its liability, if any, arising from such pending legal proceedings, asserted legal claims and known potential legal claims which are likely to be asserted, is not reasonably likely to be material to the Company’s financial position, results of operations, or cash flows, taking into account established accruals for estimated liabilities.

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2023
Leases [Abstract]
Leases	Leases The Company leases office space under non-cancellable operating leases for its corporate headquarters in Plano, Texas pursuant to a 10-year lease agreement under which the Company leases approximately 125,468 square feet of office space with an initial term that expires on August 31, 2028, with the option to extend the lease for either two additional terms of five years each or one additional term of 10 years. Renewal options were not included in the right-of-use (“ROU”) asset and lease liability calculation. The Company elected the practical expedient to not provide comparable presentation for periods prior to adoption. On September 5, 2023, the Company entered into an amendment to its office lease which, among other things, reduces the leased space in Plano, Texas from approximately 125,468 square feet to 83,939 square feet, effective December 31, 2023, and also extends the term for the remaining reduced leased space to August 31, 2033. The Company determined that the amendment would be treated as a lease modification. The modification resulted in a remeasurement of the operating lease ROU asset and lease liability, and the effect was an increase to the ROU asset and lease liability of $3.1 million and $2.7 million, respectively. In addition, the Company recorded a gain on lease modification of $0.4 million, which was included in general and administrative expenses in the condensed consolidated statements of operation. Operating lease expense consisted of: (in thousands) Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Operating lease expense $ 745 $ 785 $ 2,313 $ 2,353 Short-term lease expense and other (1) (22) 340 611 976 Total lease expense $ 723 $ 1,125 $ 2,924 $ 3,329 (1) Other lease expense includes variable lease expense, sublease income, and gain on lease modification. Supplemental Cash Flow Information Nine months ended September 30, Cash flow information (in thousands) 2023 2022 Cash paid for operating lease liabilities $ 2,924 $ 2,877 Non-cash adjustment to operating lease right-of-use assets from lease modification (1) $ 3,108 $ — (1) For the nine months ended September 30, 2023, includes increase of $8.0 million related to the extension of lease to 2033 for the remaining leased space, net of a $4.9 million decrease related to the reduction of the leased space effective December 31, 2023. The future maturities of operating lease liabilities are as follows: (in thousands) September 30, 2023 2023 (three months remaining) $ 985 2024 2,659 2025 2,701 2026 2,614 2027 2,613 Thereafter 17,758 Total minimum lease payments $ 29,330 Less: present value discount (9,471) Total lease liability balance $ 19,859

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
Goodwill and Other Intangibles	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles Goodwill and intangible assets deemed to have an indefinite life are not amortized but are reviewed annually for impairment of value or when indicators of a potential impairment are present. As part of the Company’s business planning cycle, the Company performs an annual goodwill impairment test in the fourth quarter of the fiscal year. There were no indications of impairment of goodwill noted as of September 30, 2023. Goodwill had a carrying value of $148.1 million and $148.0 million as of September 30, 2023 and December 31, 2022, respectively. Total intangibles, net, consisted of the following as of September 30, 2023 and December 31, 2022: As of September 30, 2023 (in thousands) Carrying Value Accumulated Amortization Net Carrying Value Finite-lived: Customer Relationships $ 20,470 $ (2,479) $ 17,991 Developed Technology 27,700 (8,813) 18,887 Tradenames 750 (149) 601 Subtotal amortizable intangible assets 48,920 (11,441) 37,479 Website domain name 25 — 25 Total intangible assets $ 48,945 $ (11,441) $ 37,504 As of December 31, 2022 (in thousands) Carrying Value Accumulated Amortization Net Carrying Value Finite-lived: Customer Relationships $ 20,470 $ (1,455) $ 19,015 Developed Technology 27,700 (4,800) 22,900 Tradenames 750 (97) 653 Subtotal amortizable intangible assets 48,920 (6,352) 42,568 Website domain name 25 — 25 Total intangible assets $ 48,945 $ (6,352) $ 42,593 Amortization expense recognized on intangible assets was $1.7 million and $5.1 million for the three and nine months ended September 30, 2023, respectively, and $1.7 million and $3.4 million for the three and nine months ended September 30, 2022, respectively. The following table shows the estimated annual amortization expense of the definite-lived intangible assets for the next five years and thereafter (in thousands): 2023 (remaining three months) $ 1,697 2024 6,786 2025 6,786 2026 6,554 2027 3,194 Thereafter 12,462 $ 37,479

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (15,476)	$ (20,049)	$ (50,200)	$ (53,688)

Insider Trading Arrangements

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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All intercompany accounts and transactions are eliminated. In the Company's opinion, the accompanying interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, consisting of normal, recurring adjustments, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Certain information and disclosures normally included in the notes to the annual consolidated financial statements prepared in accordance with GAAP have been omitted from these interim unaudited condensed consolidated financial statements pursuant to the rules and regulations of the SEC. Accordingly, these interim unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the accompanying notes for the fiscal year ended December 31, 2022, which are included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on February 24, 2023. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2023. The Company has no sources of other comprehensive income, and accordingly, net loss presented each period is the same as comprehensive loss.
Reclassification	Reclassification. The Company has reclassified certain amounts on its condensed consolidated statements of cash flows in the prior periods to conform to current periods presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions include determining the timing and amount of revenue recognition, recoverability and amortization period related to costs to obtain and fulfill contracts, deferred implementation costs, revaluation of contingent consideration, and business combinations.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company invests its cash equivalents in highly rated money market funds. The Company’s marketable securities consist of debt securities issued by highly rated corporate entities, foreign governments, and the U.S. federal government. Deposits may exceed federally insured limits, and the Company is exposed to credit risk on deposits in the event of default by the financial institutions to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company continues to monitor ongoing events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions or other companies in the financial services industry or the financial services industry generally, including developments related to Silicon Valley Bank (“SVB”). On March 10, 2023, SVB was closed by the California Department of Financial Protection and Innovation, and the FDIC was appointed as receiver. On March 12, 2023, the U.S. Department of the Treasury, Federal Reserve Board, and FDIC released a joint statement announcing that the FDIC would complete its resolution of SVB in a manner that fully protected all depositors at SVB and that depositors would have access to all their money starting March 13, 2023. On March 26, 2023, the FDIC announced that First-Citizens Bank & Trust Company would assume all SVB's deposits and loans as of March 27, 2023. In light of the foregoing, the Company does not believe that it has exposure to loss as a result of SVB’s receivership. Additionally, the Company’s overall liquidity and financing has not been impacted. During the periods presented, the Company has not experienced any losses on its deposits of cash, cash equivalents or marketable securities.
Cash and Cash Equivalents	Cash and Cash EquivalentsThe Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. At September 30, 2023 and December 31, 2022, $64.5 million and $28.2 million, respectively, was held in cash equivalent money market and marketable securities accounts. Certain cash equivalents held in marketable securities accounts may have related unrealized gains or losses that are recognized on the condensed consolidated statements of operations.
Restricted Cash	Restricted Cash The Company defines restricted cash as cash that is legally restricted as to withdrawal or usage. The amounts included in restricted cash on the condensed consolidated balance sheets at September 30, 2023 and December 31, 2022, represent the additional cash proceeds in deposit with an escrow agent for satisfaction of holdback provisions related to the acquisitions of MK Decisioning Systems, LLC (“MK”) and Segmint Inc. (“Segmint”). See Note 3 for further information.
Capitalized Software Development Costs	Capitalized Software Development Costs Software development costs relate primarily to software coding, systems interfaces, and testing of the Company’s proprietary systems and are accounted for in accordance with ASC 350-40, Internal Use Software. Internal software development costs are capitalized from the time the internal use software is in the application development stage until the software is ready for use. Business analysis, system evaluation, and software maintenance costs are expensed as incurred. The capitalized software development costs are reported in property and equipment, net, in the condensed consolidated balance sheets. The Company had $9.3 million and $5.7 million in capitalized internal software development costs, net of accumulated amortization, as of September 30, 2023 and December 31, 2022, respectively. Capitalized software development costs are amortized using the straight-line method over the estimated useful life of the software, generally three
Contract Balances	Contract Balances Client contracts under which revenues have been recognized while the Company is not yet able to invoice results in contract assets. Generally, contract assets arise as a result of reallocating revenues when discounts are more heavily weighted in the early years of a multi-year contract, or the client contract has substantive minimum fees that escalate over the term of the contract. Contract assets totaled $1.4 million and $0.5 million as of September 30, 2023 and December 31, 2022, respectively, which are included in other assets in the accompanying condensed consolidated balance sheets. Contract liabilities are comprised of billings or payments received from the Company’s clients in advance of performance under the contract and are represented in deferred revenues in the condensed consolidated balance sheets.
Recent Accounting Pronouncements	Recent Accounting Pronouncements On July 26, 2023, the SEC adopted amendments intended to enhance and standardize disclosures related to cybersecurity. The amendments require timely disclosure of material cybersecurity incidents and annual disclosures related to cybersecurity risk management, strategy, and governance. The disclosures are effective beginning with annual reports for fiscal years ending on or after December 15, 2023.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
Summary of Significant Accounting Policies (Tables)	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	September 30, December 31, (in thousands) 2023 2022 Cash and cash equivalents $ 76,381 $ 108,720 Restricted cash included in Prepaid expenses and other current assets 2,600 3,617 Total cash and cash equivalents and restricted cash $ 78,981 $ 112,337
Schedule of Restrictions on Cash and Cash Equivalents	September 30, December 31, (in thousands) 2023 2022 Cash and cash equivalents $ 76,381 $ 108,720 Restricted cash included in Prepaid expenses and other current assets 2,600 3,617 Total cash and cash equivalents and restricted cash $ 78,981 $ 112,337

Business Combination (Tables)

Business Combination (Tables)	9 Months Ended
Business Combination (Tables)	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the fair value amounts recognized as of the acquisition date for each major class of asset acquired or liability assumed, as well as adjustments made during the measurement period: (in thousands) Preliminary Fair Value as of April 25, 2022 Measurement Period Adjustments Adjusted Fair Value as of March 31, 2023 Cash $ — $ 601 $ 601 Trade accounts receivables 1,788 7 1,795 Other current assets 323 (8) 315 Property and equipment 35 — 35 Goodwill 99,310 649 99,959 Intangible assets 35,400 1,100 36,500 Total assets acquired $ 136,856 $ 2,349 $ 139,205 Accounts payable $ 768 $ (282) $ 486 Accrued liabilities 188 371 559 Deferred revenues, current 145 — 145 Deferred tax liability — 2,350 2,350 Other non-current liabilities 625 — 625 Total liabilities assumed 1,726 2,439 4,165 Net assets acquired $ 135,130 $ (90) $ 135,040 Less cash acquired — (601) (601) Total cash consideration for acquisition, less cash acquired $ 135,130 $ (691) $ 134,439
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination	The table below outlines the purchased identifiable intangible assets: Weighted-Average Amortization Period Total (in years) (in thousands) Customer relationships 15 $ 15,200 Developed technology 5 20,600 Trade names 10 700 Total identifiable intangible assets $ 36,500

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
Property and Equipment, Net (Tables)	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net, includes the following amounts at September 30, 2023 and December 31, 2022: (in thousands) Useful Life September 30, 2023 December 31, 2022 Software 2 to 5 years $ 11,904 $ 7,253 Computers and equipment 3 years 6,182 5,606 Furniture and fixtures 5 years 3,988 3,986 Leasehold improvements 3 to 10 years 11,911 11,715 $ 33,985 $ 28,560 Less: accumulated depreciation and amortization (17,736) (14,999) Property and equipment, net $ 16,249 $ 13,561

Revenues and Deferred Costs (Ta

Revenues and Deferred Costs (Tables)	9 Months Ended
Revenues and Deferred Costs (Tables)	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table disaggregates the Company's revenue by major source for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, (in thousands) 2023 2022 2023 2022 SaaS subscription services $ 64,758 $ 50,697 $ 183,446 $ 141,287 Implementation services 2,077 1,922 6,961 5,503 Other services 868 793 3,055 1,942 Total revenues $ 67,703 $ 53,412 $ 193,462 $ 148,732

Accounts Receivable (Tables)

Accounts Receivable (Tables)	9 Months Ended
Accounts Receivable (Tables)	Sep. 30, 2023
Receivables [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable includes the following amounts at September 30, 2023 and December 31, 2022: September 30, December 31, (in thousands) 2023 2022 Trade accounts receivable $ 26,185 $ 21,665 Unbilled receivables 5,391 4,621 Other receivables 501 747 Total receivables 32,077 27,033 Allowance for credit losses (294) (467) Reserve for estimated credits (517) (320) $ 31,266 $ 26,246

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
Accrued Liabilities (Tables)	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following at September 30, 2023 and December 31, 2022: September 30, December 31, (in thousands) 2023 2022 Bonus accrual $ 10,792 $ 6,199 Accrued vendor purchases 465 1,496 Commissions accrual 723 2,280 Accrued hosting services 2,135 930 Client refund liability 431 279 Accrued consulting and professional fees 558 187 Accrued tax liabilities 922 1,147 MK and Segmint acquisition holdback provision 2,600 3,618 ESPP liability 1,504 717 Other accrued liabilities 6,172 4,790 Total accrued liabilities $ 26,302 $ 21,643

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table summarizes long-term debt obligations as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Term Debt $ 82,875 $ 85,000 Less unamortized debt issuance costs (438) (420) Net amount 82,437 84,580 Less current maturities of long-term debt (6,375) (3,188) Long-term portion $ 76,062 $ 81,392
Schedule of Maturities of Long-term Debt	Maturities of long-term debt outstanding as of September 30, 2023, are summarized as follows (in thousands): 2023 1,062 2024 7,438 2025 8,500 2026 65,875 Thereafter — Total $ 82,875

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
Stockholders' Equity (Tables)	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount	Stock-based compensation expense was included in the condensed consolidated statements of operations as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2023 2022 2023 2022 Cost of revenues $ 1,507 $ 1,244 $ 4,140 $ 3,278 Research and development 4,116 3,023 11,854 7,487 Sales and marketing 1,906 1,112 5,309 2,859 General and administrative 6,389 6,535 16,611 19,332 Total stock-based compensation expenses $ 13,918 $ 11,914 $ 37,914 $ 32,956

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
Fair Value of Financial Instruments (Tables)	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables summarize the Company’s financial assets measured at fair value as of September 30, 2023 and December 31, 2022 and indicate the fair value hierarchy of the valuation: Fair Value at Reporting Date Using (in thousands) September 30, 2023 Level 1 Level 2 Level 3 Assets: Cash equivalents (1) $ 64,548 $ 64,548 $ — $ — Marketable securities: Corporate bonds 14,077 — 14,077 — Commercial paper 17,290 — 17,290 — U.S. government-sponsored enterprise securities 15,008 — 15,008 — U.S. Treasury debt securities 53,386 53,386 — — International debt securities 2,104 — 2,104 — Total marketable securities 101,865 53,386 48,479 — Total Assets $ 166,413 $ 117,934 $ 48,479 $ — (1) Includes cash sweep account, money market account, and money market funds that have investments primarily in U.S. Government Agency debt, U.S. Treasury debt, U.S. Treasury Repurchase Agreements, U.S. Government Agency Repurchase Agreements, and corporate bonds that have a maturity of three months or less from the original acquisition date. Fair Value at Reporting Date Using (in thousands) December 31, 2022 Level 1 Level 2 Level 3 Assets: Cash equivalents (1) $ 28,173 $ 28,173 $ — $ — Marketable securities: Corporate bonds 26,037 — 26,037 — Commercial paper 36,407 — 36,407 — U.S. Treasury debt securities 22,731 22,731 — — International debt securities 2,460 2,460 — — Total marketable securities 87,635 25,191 62,444 — Total Assets $ 115,808 $ 53,364 $ 62,444 $ — (1) Includes cash sweep account, money market account, and money market funds that have investments primarily in U.S. Government Agency debt, U.S. Treasury debt, U.S. Treasury Repurchase Agreements, U.S. Government Agency Repurchase Agreements, and corporate bonds that have a maturity of three months or less from the original acquisition date.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computation of basic and diluted EPS is as follows for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, (in thousands, except shares and per share amounts) 2023 2022 2023 2022 Net loss $ (15,476) $ (20,049) $ (50,200) $ (53,688) Weighted-average shares of common stock outstanding - basic and diluted 94,675,358 91,182,235 93,477,486 90,703,061 Net loss per common share - basic and diluted $ (0.16) $ (0.22) $ (0.54) $ (0.59)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	For the three and nine months ended September 30, 2023 and 2022, the following potential shares of common stock were excluded from diluted EPS as the Company had a net loss in each of the periods presented: As of September 30, 2023 2022 Stock options 4,688,972 6,675,385 RSUs 8,074,490 7,041,744 ESPP 94,635 67,456 Total anti-dilutive common share equivalents 12,858,097 13,784,585

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2023
Leases [Abstract]
Schedule of Lease, Cost	Operating lease expense consisted of: (in thousands) Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Operating lease expense $ 745 $ 785 $ 2,313 $ 2,353 Short-term lease expense and other (1) (22) 340 611 976 Total lease expense $ 723 $ 1,125 $ 2,924 $ 3,329 (1) Other lease expense includes variable lease expense, sublease income, and gain on lease modification. Supplemental Cash Flow Information Nine months ended September 30, Cash flow information (in thousands) 2023 2022 Cash paid for operating lease liabilities $ 2,924 $ 2,877 Non-cash adjustment to operating lease right-of-use assets from lease modification (1) $ 3,108 $ — (1) For the nine months ended September 30, 2023, includes increase of $8.0 million related to the extension of lease to 2033 for the remaining leased space, net of a $4.9 million decrease related to the reduction of the leased space effective December 31, 2023.
Schedule of Lessee, Operating Lease, Liability, Maturity	The future maturities of operating lease liabilities are as follows: (in thousands) September 30, 2023 2023 (three months remaining) $ 985 2024 2,659 2025 2,701 2026 2,614 2027 2,613 Thereafter 17,758 Total minimum lease payments $ 29,330 Less: present value discount (9,471) Total lease liability balance $ 19,859

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	9 Months Ended
Goodwill and Other Intangibles (Tables)	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Total intangibles, net, consisted of the following as of September 30, 2023 and December 31, 2022: As of September 30, 2023 (in thousands) Carrying Value Accumulated Amortization Net Carrying Value Finite-lived: Customer Relationships $ 20,470 $ (2,479) $ 17,991 Developed Technology 27,700 (8,813) 18,887 Tradenames 750 (149) 601 Subtotal amortizable intangible assets 48,920 (11,441) 37,479 Website domain name 25 — 25 Total intangible assets $ 48,945 $ (11,441) $ 37,504 As of December 31, 2022 (in thousands) Carrying Value Accumulated Amortization Net Carrying Value Finite-lived: Customer Relationships $ 20,470 $ (1,455) $ 19,015 Developed Technology 27,700 (4,800) 22,900 Tradenames 750 (97) 653 Subtotal amortizable intangible assets 48,920 (6,352) 42,568 Website domain name 25 — 25 Total intangible assets $ 48,945 $ (6,352) $ 42,593
Schedule of Indefinite-Lived Intangible Assets	Total intangibles, net, consisted of the following as of September 30, 2023 and December 31, 2022: As of September 30, 2023 (in thousands) Carrying Value Accumulated Amortization Net Carrying Value Finite-lived: Customer Relationships $ 20,470 $ (2,479) $ 17,991 Developed Technology 27,700 (8,813) 18,887 Tradenames 750 (149) 601 Subtotal amortizable intangible assets 48,920 (11,441) 37,479 Website domain name 25 — 25 Total intangible assets $ 48,945 $ (11,441) $ 37,504 As of December 31, 2022 (in thousands) Carrying Value Accumulated Amortization Net Carrying Value Finite-lived: Customer Relationships $ 20,470 $ (1,455) $ 19,015 Developed Technology 27,700 (4,800) 22,900 Tradenames 750 (97) 653 Subtotal amortizable intangible assets 48,920 (6,352) 42,568 Website domain name 25 — 25 Total intangible assets $ 48,945 $ (6,352) $ 42,593
Schedule of Definite-Lived Intangible Assets, Future Amortization Expense	The following table shows the estimated annual amortization expense of the definite-lived intangible assets for the next five years and thereafter (in thousands): 2023 (remaining three months) $ 1,697 2024 6,786 2025 6,786 2026 6,554 2027 3,194 Thereafter 12,462 $ 37,479

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalent money market and marketable securities accounts	$ 64.5		$ 28.2
Capitalized internal software development costs	9.3		5.7
Contract assets	1.4		$ 0.5
Software Development Costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capitalized stock-based compensation	$ 0.6	$ 0.2
Minimum \| Software Development Costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Useful life (in years)	3 years
Maximum \| Software Development Costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Useful life (in years)	5 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 76,381	$ 108,720
Restricted cash included in Prepaid expenses and other current assets	2,600	3,617
Total cash and cash equivalents and restricted cash	$ 78,981	$ 112,337	$ 104,128	$ 312,954

Business Combination - Narrativ

Business Combination - Narrative (Details)			12 Months Ended
Business Combination - Narrative (Details)	Apr. 25, 2022 USD ($)	Sep. 10, 2021 USD ($) extension $ / shares	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)
MK
Business Acquisition [Line Items]
Cash consideration paid		$ 20,000,000
Holdback provision held in escrow		2,000,000
Holdback provision to be released		$ 1,000,000
Anniversary period for first escrow release		12 months
Second escrow release period		18 months
Number of earn-out periods \| extension		2
Earn-out period		12 months
Reference price (in dollars per share) \| $ / shares		$ 35
Contingent consideration period		170 days
Maximum contingent consideration to be paid (as a percent)		62%	0%
Maximum contingent consideration to be paid		$ 25,000,000	$ 25,000,000
MK \| Level 2 \| Fair Value, Recurring
Business Acquisition [Line Items]
Fair value of contingent earn-out			$ 0	$ 0
MK \| Earn-Out Shares
Business Acquisition [Line Items]
Contingent consideration		15,500,000
MK \| Maximum \| Earn-Out Shares
Business Acquisition [Line Items]
Contingent consideration		20,000,000
MK \| Maximum \| First Earn Out Period
Business Acquisition [Line Items]
Contingent consideration		7,500,000
MK \| Maximum \| Second Earn Out Period
Business Acquisition [Line Items]
Contingent consideration		$ 17,500,000
Segmint, Inc.
Business Acquisition [Line Items]
Cash consideration paid	$ 135,000,000
Consideration placed into escrow	$ 2,600,000

Business Combination - Schedule

Business Combination - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	11 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Apr. 25, 2022
Assets
Goodwill		$ 148,050	$ 148,017
Segmint, Inc.
Assets
Cash	$ 601			$ 0
Measurement Period Adjustments, Cash	601
Trade accounts receivables	1,795			1,788
Measurement Period Adjustments, Trade accounts receivables	7
Other current assets	315			323
Measurement Period Adjustments, Other current assets	(8)
Property and equipment	35			35
Goodwill	99,959			99,310
Measurement Period Adjustments, Goodwill	649
Intangible assets	36,500			35,400
Measurement Period Adjustments, Intangible assets	1,100
Total assets acquired	139,205			136,856
Measurement Period Adjustments, Total assets acquired	2,349
Liabilities
Accounts payable	486			768
Measurement Period Adjustments, Accounts payable	(282)
Accrued liabilities	559			188
Measurement Period Adjustments, Accrued liabilities	371
Deferred revenues, current	145			145
Deferred tax liability	2,350			0
Measurement Period Adjustments, Deferred tax liability	2,350
Other non-current liabilities	625			625
Total liabilities assumed	4,165			1,726
Measurement Period Adjustments, Total liabilities assumed	2,439
Net assets acquired	135,040			135,130
Measurement Period Adjustments, Net assets acquired	(90)
Less cash acquired	(601)			0
Measurement Period Adjustments, cash acquired	(601)
Total cash consideration for acquisition, less cash acquired	134,439			$ 135,130
Measurement Period Adjustments, Cash consideration for acquisition, less cash acquired	$ (691)

Business Combination - Schedu_2

Business Combination - Schedule of Purchased Identifiable Intangible Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Business Acquisition [Line Items]
Total identifiable intangible assets	$ 36,500
Customer relationships
Business Acquisition [Line Items]
Weighted-Average Amortization Period	15 years
Total identifiable intangible assets	$ 15,200
Developed technology
Business Acquisition [Line Items]
Weighted-Average Amortization Period	5 years
Total identifiable intangible assets	$ 20,600
Trade names
Business Acquisition [Line Items]
Weighted-Average Amortization Period	10 years
Total identifiable intangible assets	$ 700

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1	$ 0.8	$ 2.8	$ 2.1

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 33,985	$ 28,560
Less: accumulated depreciation and amortization	(17,736)	(14,999)
Property and equipment, net	16,249	13,561
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 11,904	7,253
Software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	2 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Computers and equipment
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Property and equipment, gross	$ 6,182	5,606
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Property and equipment, gross	$ 3,988	3,986
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 11,911	$ 11,715
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	10 years

Revenues and Deferred Costs - D

Revenues and Deferred Costs - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 67,703	$ 53,412	$ 193,462	$ 148,732
SaaS subscription services
Disaggregation of Revenue [Line Items]
Total revenues	64,758	50,697	183,446	141,287
Implementation services
Disaggregation of Revenue [Line Items]
Total revenues	2,077	1,922	6,961	5,503
Other services
Disaggregation of Revenue [Line Items]
Total revenues	$ 868	$ 793	$ 3,055	$ 1,942

Revenues and Deferred Costs - N

Revenues and Deferred Costs - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue recognized during period			$ 7
Remaining performance obligation, amount	$ 987.4		987.4
Deferred Commissions Costs
Disaggregation of Revenue [Line Items]
Capitalized cost during period	1.6	$ 2.3	4.4	$ 4
Amortization of capitalized costs	1	0.7	2.7	2.1
Deferred commissions	18		18		$ 16.2
Deferred Implementation Costs
Disaggregation of Revenue [Line Items]
Capitalized cost during period	2.3	1.9	6.4	4.8
Amortization of capitalized costs	1.3	$ 1	3.6	$ 2.9
Deferred commissions	$ 19.2		$ 19.2		$ 16.4

Revenues and Deferred Costs - R

Revenues and Deferred Costs - Remaining Performance Obligation (Details)	Sep. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	45.90%
Remaining performance obligation, period	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	33.20%
Remaining performance obligation, period	24 months

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 32,077	$ 27,033
Allowance for credit losses	(294)	(467)
Reserve for estimated credits	(517)	(320)
Accounts receivable, net	31,266	26,246
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	26,185	21,665
Unbilled receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	5,391	4,621
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 501	$ 747

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Bonus accrual	$ 10,792	$ 6,199
Accrued vendor purchases	465	1,496
Commissions accrual	723	2,280
Accrued hosting services	2,135	930
Client refund liability	431	279
Accrued consulting and professional fees	558	187
Accrued tax liabilities	922	1,147
MK and Segmint acquisition holdback provision	2,600	3,618
ESPP liability	1,504	717
Other accrued liabilities	6,172	4,790
Total accrued liabilities	$ 26,302	$ 21,643

Debt - Narrative (Details)

Debt - Narrative (Details)				3 Months Ended
Debt - Narrative (Details)	Apr. 30, 2025	Jun. 27, 2023 USD ($)	Apr. 29, 2022 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Apr. 29, 2025	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Long term debt					$ 82,437,000			$ 84,580,000
Debt issuance costs					438,000			$ 420,000
Line of Credit
Debt Instrument [Line Items]
Revenue growth requirement (as a percent)			10%
Liquidity requirement			$ 20,000,000
Line of Credit \| Amended Credit Agreement \| Forecast
Debt Instrument [Line Items]
Maximum consolidated total leverage ratio							3.50
Minimum consolidated fixed charge ratio							1.25
Covenant, required free cash flow				$ (50,000,000)
Line of Credit \| Amended Credit Agreement \| Minimum
Debt Instrument [Line Items]
Covenant, required free cash flow					(75,000,000)	$ (75,000,000)
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit, unused capacity, commitment fee (as a percent)		0.25%
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0%
Basis spread on variable rate, maximum (as a percent)		0%
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate \| Component One \| Forecast
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate \| Component Two \| Forecast
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2%
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate \| Component Three \| Forecast
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.50%
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate \| Component Four \| Forecast
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3%
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		3%
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		3.50%
Revolving Credit Facility \| Line of Credit \| Amended Credit Agreement
Debt Instrument [Line Items]
Increase to maximum borrowing capacity		$ 20,000,000
Line of credit, maximum borrowing capacity		60,000,000
Long term debt					0
Accordion feature		50,000,000
Term Loan \| Line of Credit \| Amended Credit Agreement
Debt Instrument [Line Items]
Proceeds from borrowings of term loan			85,000,000
Quarterly installment payments			1,100,000
Increase in quarterly installment payments			2,100,000
Debt issuance costs		300,000	900,000
Term Loan \| Line of Credit \| Amended Credit Agreement \| Prepaid Expenses and Other Current Assets
Debt Instrument [Line Items]
Debt issuance costs		100,000	100,000
Term Loan \| Line of Credit \| Amended Credit Agreement \| Other Assets
Debt Instrument [Line Items]
Debt issuance costs		$ 100,000	$ 200,000
Standby Letters of Credit
Debt Instrument [Line Items]
Long term debt					$ 300,000

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Term Debt	$ 82,875	$ 85,000
Less unamortized debt issuance costs	(438)	(420)
Net amount	82,437	84,580
Less current maturities of long-term debt	(6,375)	(3,188)
Long-term portion	$ 76,062	$ 81,392

Debt - Maturities of Long Term

Debt - Maturities of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2023	$ 1,062
2024	7,438
2025	8,500
2026	65,875
Thereafter	0
Total	$ 82,875	$ 85,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	$ 13,918	$ 11,914	$ 37,914	$ 32,956
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	1,507	1,244	4,140	3,278
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	4,116	3,023	11,854	7,487
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	1,906	1,112	5,309	2,859
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	$ 6,389	$ 6,535	$ 16,611	$ 19,332

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit) (less than $0.1 million)	$ 39	$ (163)	$ 323	$ 80
Effective income tax rate (as a percent)	(0.30%)	0.80%	(0.60%)	(0.20%)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Cash equivalents	$ 64,548	$ 28,173
Marketable securities	101,865	87,635
Total Assets	166,413	115,808
Corporate bonds
Assets:
Marketable securities	14,077	26,037
Commercial paper
Assets:
Marketable securities	17,290	36,407
U.S. government-sponsored enterprise securities
Assets:
Marketable securities	15,008
U.S. Treasury debt securities
Assets:
Marketable securities	53,386	22,731
International debt securities
Assets:
Marketable securities	2,104	2,460
Level 1
Assets:
Cash equivalents	64,548	28,173
Marketable securities	53,386	25,191
Total Assets	117,934	53,364
Level 1 \| Corporate bonds
Assets:
Marketable securities	0	0
Level 1 \| Commercial paper
Assets:
Marketable securities	0	0
Level 1 \| U.S. government-sponsored enterprise securities
Assets:
Marketable securities	0
Level 1 \| U.S. Treasury debt securities
Assets:
Marketable securities	53,386	22,731
Level 1 \| International debt securities
Assets:
Marketable securities	0	2,460
Level 2
Assets:
Cash equivalents	0	0
Marketable securities	48,479	62,444
Total Assets	48,479	62,444
Level 2 \| Corporate bonds
Assets:
Marketable securities	14,077	26,037
Level 2 \| Commercial paper
Assets:
Marketable securities	17,290	36,407
Level 2 \| U.S. government-sponsored enterprise securities
Assets:
Marketable securities	15,008
Level 2 \| U.S. Treasury debt securities
Assets:
Marketable securities	0	0
Level 2 \| International debt securities
Assets:
Marketable securities	2,104	0
Level 3
Assets:
Cash equivalents	0	0
Marketable securities	0	0
Total Assets	0	0
Level 3 \| Corporate bonds
Assets:
Marketable securities	0	0
Level 3 \| Commercial paper
Assets:
Marketable securities	0	0
Level 3 \| U.S. government-sponsored enterprise securities
Assets:
Marketable securities	0
Level 3 \| U.S. Treasury debt securities
Assets:
Marketable securities	0	0
Level 3 \| International debt securities
Assets:
Marketable securities	$ 0	$ 0

Earnings Per Share - Computatio

Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net loss	$ (15,476)	$ (20,049)	$ (50,200)	$ (53,688)
Weighted-average shares of common stock outstanding - basic (in shares)	94,675,358	91,182,235	93,477,486	90,703,061
Weighted-average shares of common stock outstanding - diluted (in shares)	94,675,358	91,182,235	93,477,486	90,703,061
Net loss per common share - basic (in dollars per share)	$ (0.16)	$ (0.22)	$ (0.54)	$ (0.59)
Net loss per common share - diluted (in dollars per share)	$ (0.16)	$ (0.22)	$ (0.54)	$ (0.59)

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Antidilutive Securities (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	12,858,097	13,784,585
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	4,688,972	6,675,385
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	8,074,490	7,041,744
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	94,635	67,456

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions		9 Months Ended
Leases - Narrative (Details) $ in Millions	Sep. 05, 2023 USD ($)	Sep. 30, 2023 ft² additional_term	Dec. 31, 2023 ft²
Lessee, Lease, Description [Line Items]
Operating lease, term (in years)		10 years
Office space (in square feet) \| ft²		125,468
Increase in right of use assets	$ 3.1
Increase in lease liability	2.7
Gain on lease modification	$ 0.4
Forecast
Lessee, Lease, Description [Line Items]
Office space (in square feet) \| ft²			83,939
Office Space Lease, Five Year Additional Term
Lessee, Lease, Description [Line Items]
Operating lease, number of additional terms \| additional_term		2
Operating lease, additional term (in years)		5 years
Office Space Lease, Ten Year Additional Term
Lessee, Lease, Description [Line Items]
Operating lease, number of additional terms \| additional_term		1
Operating lease, additional term (in years)		10 years

Leases - Operating Lease Expens

Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease expense	$ 745	$ 785	$ 2,313	$ 2,353
Short-term lease expense and other	(22)	340	611	976
Total lease expense	$ 723	$ 1,125	2,924	3,329
Cash paid for operating lease liabilities			2,924	2,877
Non-cash adjustment to operating lease right-of-use assets from lease modification			3,108	$ 0
Operating lease, right-of-use asset, modification adjustment, extension of lease			8,000
Operating lease, right-of-use asset, modification adjustment, reduction in leased space			$ 4,900

Leases - Schedule of Future Mat

Leases - Schedule of Future Maturities of Operating Leases (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
2023 (three months remaining)	$ 985
2024	2,659
2025	2,701
2026	2,614
2027	2,613
Thereafter	17,758
Total minimum lease payments	29,330
Less: present value discount	(9,471)
Total lease liability balance	$ 19,859

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 148,050		$ 148,050		$ 148,017
Amortization of acquired intangibles	$ 1,700	$ 1,700	$ 5,100	$ 3,400

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Schedule of Total Intangibles, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Carrying Value	$ 48,920	$ 48,920
Accumulated Amortization	(11,441)	(6,352)
Net Carrying Value	37,479	42,568
Website domain name	25	25
Total carrying value, gross	48,945	48,945
Total net carrying value	37,504	42,593
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Carrying Value	20,470	20,470
Accumulated Amortization	(2,479)	(1,455)
Net Carrying Value	17,991	19,015
Developed technology
Finite-Lived Intangible Assets [Line Items]
Carrying Value	27,700	27,700
Accumulated Amortization	(8,813)	(4,800)
Net Carrying Value	18,887	22,900
Trade names
Finite-Lived Intangible Assets [Line Items]
Carrying Value	750	750
Accumulated Amortization	(149)	(97)
Net Carrying Value	$ 601	$ 653

Goodwill and Other Intangible_4

Goodwill and Other Intangibles - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (remaining three months)	$ 1,697
2024	6,786
2025	6,786
2026	6,554
2027	3,194
Thereafter	12,462
Net Carrying Value	$ 37,479	$ 42,568