0001514416-22-000054 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 331,453	$ 72,163
Restricted cash	836	9,274
Other investments	0	40,000
Accounts receivable, net of allowance for doubtful accounts	61,572	55,243
Deferred costs	3,204	2,411
Prepaid expenses and other current assets	15,820	14,508
Total current assets	412,885	193,599
Property, plant and equipment, net	69,604	51,645
Operating right-of-use asset, net	14,061	19,491
Intangible assets, net	211,217	248,055
Deferred costs, non-current	4,676	3,604
Other long-term assets	8,673	1,975
Goodwill	344,423	372,239
Total assets	1,065,539	890,608
Current liabilities:
Accounts payable	9,142	11,665
Accrued expenses and other current liabilities	65,921	63,065
Current portion of deferred revenue	6,248	6,515
Advanced billings	6,380	5,429
Operating lease liability, current	5,807	5,515
Total current liabilities	93,498	92,189
Other liabilities	6,018	1,707
Operating lease liability, net of current portion	10,958	17,202
Deferred revenue, net of current portion	7,634	6,386
Deferred tax liability	48,396	61,005
Convertible senior notes	486,440	282,196
Total liabilities	652,944	460,685
Commitments and contingencies
Stockholders’ equity:
Preferred stock; $0.001 par value; 10,000,000 shares authorized; 0 shares issued	0	0
Additional paid-in capital	502,477	451,463
Accumulated deficit	(76,867)	(49,505)
Accumulated other comprehensive income (loss)	(13,040)	27,941
Total stockholders’ equity	412,595	429,923
Total liabilities and stockholders’ equity	1,065,539	890,608
Class A voting common stock
Stockholders’ equity:
Class A and Class B common stock	23	22
Class B voting common stock
Stockholders’ equity:
Class A and Class B common stock	$ 2	$ 2

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Class A voting common stock
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	23,177,988	22,413,004
Common stock, shares outstanding (in shares)	23,177,988	22,413,004
Class B voting common stock
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	1,965,170	2,496,125
Common stock, shares outstanding (in shares)	1,965,170	2,496,125

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue	$ 490,907	$ 343,113	$ 232,594
Cost of revenue	272,384	185,252	124,959
Gross profit	218,523	157,861	107,635
Operating expenses:
Research and development	55,173	42,059	31,461
Sales and marketing	51,817	40,552	35,020
General and administrative	113,770	88,755	58,847
Total operating expenses	220,760	171,366	125,328
Operating loss	(2,237)	(13,505)	(17,693)
Other income (expense), net:
Interest income (expense), net	(28,784)	(13,672)	2,446
Other income (expense), net			23
Other income (expense), net	(174)	(1,795)
Total other income (expense), net	(28,958)	(15,467)	2,469
Loss before income taxes	(31,195)	(28,972)	(15,224)
Income tax benefit (provision)	3,833	(15,005)	17,718
Net income (loss)	$ (27,362)	$ (43,977)	$ 2,494
Net income (loss) per share:
Basic (in usd per share)	$ (1.09)	$ (1.83)	$ 0.11
Diluted (in usd per share)	$ (1.09)	$ (1.83)	$ 0.10
Weighted average number of common shares outstanding:
Basic (in shares)	25,090,916	24,092,574	22,640,461
Diluted (in shares)	25,090,916	24,092,574	23,923,777
CPaaS
Revenue	$ 413,948	$ 298,090	$ 197,944
Cost of revenue	217,403	160,706	110,343
Other
Revenue	76,959	45,023	34,650
Cost of revenue	$ 54,981	$ 24,546	$ 14,616

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (27,362)	$ (43,977)	$ 2,494
Other comprehensive income (loss)
Unrealized gain on marketable securities, net	0	0	1
Foreign currency translation, net of income taxes	(41,150)	27,900	41
Unrealized gain on employee benefit plan, net of income taxes	169	0	0
Total other comprehensive income (loss)	(40,981)	27,900	42
Total comprehensive income (loss)	$ (68,343)	$ (16,077)	$ 2,536

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Adjustment to opening retained earnings due to adoption of ASC 606	Additional paid-in capital	Accumulated other comprehensive (loss) income	Accumulated deficit	Accumulated deficit Adjustment to opening retained earnings due to adoption of ASC 606	Class A voting common stock	Class A voting common stock Common stock	Class B voting common stock	Class B voting common stock Common stock
Beginning balance (in shares) at Dec. 31, 2018								12,912,747		6,510,732
Beginning balance at Dec. 31, 2018	$ 108,770	$ (174)	$ 116,600	$ (1)	$ (7,848)	$ (174)		$ 13		$ 6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)								2,875,000
Issuance of common stock	147,391		147,388					$ 3
Costs in connection with initial public offering	(834)		(834)
Exercises of vested stock options (in shares)								1,075,482
Exercises of vested stock options	7,357		7,356					$ 1
Vesting of restricted stock units (in shares)								163,944
Equity awards withheld for tax liability (in shares)								(26,026)
Equity awards withheld for tax liability	(1,583)		(1,583)
Conversion of Class B voting common stock to Class A voting common stock (in shares)								1,583,331		(1,583,331)
Conversion of Class B voting common stock to Class A voting common stock	1							$ 2		$ (1)
Unrealized loss on marketable securities	1			1
Foreign currency translation	41			41
Unrealized gain on employee benefit pension plan	0
Stock based compensation	6,626		6,626
Net income (loss)	2,494				2,494
Ending balance (in shares) at Dec. 31, 2019								18,584,478		4,927,401
Ending balance at Dec. 31, 2019	270,090		275,553	41	(5,528)			$ 19		$ 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of debt conversion option	104,553		104,553
Debt conversion option issuance costs, net of tax	(3,742)		(3,742)
Capped call option purchase price	(43,320)		(43,320)
Exercises of vested stock options (in shares)								593,084
Exercises of vested stock options	4,076		4,075					$ 1
Vesting of restricted stock units (in shares)								161,067
Equity awards withheld for tax liability (in shares)								(20,295)
Equity awards withheld for tax liability	(1,916)		(1,916)
Conversion of Class B voting common stock to Class A voting common stock (in shares)								2,431,276		(2,431,276)
Conversion of Class B voting common stock to Class A voting common stock	(2)							$ 1		$ (3)
Equity consideration for Voxbone acquisition (in shares)								663,394
Equity consideration for Voxbone acquisition	106,380		106,379					$ 1
Foreign currency translation	27,900			27,900
Unrealized gain on employee benefit pension plan	0
Stock based compensation	9,881		9,881
Net income (loss)	(43,977)				(43,977)
Ending balance (in shares) at Dec. 31, 2020							22,413,004	22,413,004	2,496,125	2,496,125
Ending balance at Dec. 31, 2020	429,923		451,463	27,941	(49,505)			$ 22		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of debt conversion option	66,908		66,908
Debt conversion option issuance costs, net of tax	(2,019)		(2,019)
Capped call option purchase price	(25,500)		(25,500)
Exercises of vested stock options (in shares)								73,985
Exercises of vested stock options	923		923
Vesting of restricted stock units (in shares)								186,502
Equity awards withheld for tax liability (in shares)								(26,458)
Equity awards withheld for tax liability	(3,835)		(3,835)
Conversion of Class B voting common stock to Class A voting common stock (in shares)								530,955		(530,955)
Conversion of Class B voting common stock to Class A voting common stock	1							$ 1		$ 0
Foreign currency translation	(41,150)			(41,150)
Unrealized gain on employee benefit pension plan	169			169
Stock based compensation	14,537		14,537
Net income (loss)	(27,362)				(27,362)
Ending balance (in shares) at Dec. 31, 2021							23,177,988	23,177,988	1,965,170	1,965,170
Ending balance at Dec. 31, 2021	$ 412,595		$ 502,477	$ (13,040)	$ (76,867)			$ 23		$ 2

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income (loss)	$ (27,362)	$ (43,977)	$ 2,494
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Depreciation and amortization	36,642	16,803	9,538
Right-of-use asset amortization	5,722	4,812	4,269
Accretion of bond discount	0	0	(700)
Gain on sale of marketable securities	0	0	(4)
Amortization of debt discount and issuance costs	26,754	15,647	177
Stock-based compensation	14,537	9,881	6,626
Deferred taxes	(8,318)	14,266	(17,502)
Loss on disposal of property and equipment	832	334	456
Changes in operating assets and liabilities:
Accounts receivable	(6,711)	(18,832)	(6,178)
Prepaid expenses and other assets	(6,751)	(3,823)	(4,245)
Accounts payable	1,992	315	1,145
Accrued expenses and other liabilities	9,693	14,393	6,028
Operating right-of-use liability	(6,227)	(5,301)	(3,357)
Net cash (used in) provided by operating activities	40,803	4,518	(1,253)
Cash flows from investing activities
Purchase of property and equipment	(20,686)	(12,273)	(22,215)
Capitalized software development costs	(3,926)	(2,319)	(3,544)
Purchase of land	(30,017)	0	0
Proceeds from sale of land	17,462	0	0
Purchase of marketable securities	0	0	(68,361)
Proceeds from sales and maturities of marketable securities	0	0	86,467
Purchase of other investments	0	(230,780)	0
Proceeds from sales and maturities of other investments	40,000	190,780	0
Acquisition, net of cash acquired	0	(400,493)	0
Net cash (used in) provided by investing activities	2,833	(455,085)	(7,653)
Cash flows from financing activities
Payments on finance leases	(212)	(28)	0
Proceeds from the follow-on public offering, net of underwriting discounts	0	0	147,391
Payment of costs related to the follow-on public offering	0	0	(757)
Proceeds from issuance of convertible senior notes	250,000	400,000	0
Purchase of capped call	(25,500)	(43,320)	0
Payment of Acquisition holdback	(6,689)	0	0
Payment of debt issuance costs	(7,544)	(11,990)	(167)
Proceeds from exercises of stock options	926	4,073	7,357
Value of equity awards withheld for tax liabilities	(3,954)	(1,844)	(1,406)
Net cash provided by financing activities	207,027	346,891	152,418
Effect of exchange rate changes on cash, cash equivalents and restricted cash	189	109	(9)
Net increase (decrease) in cash, cash equivalents, and restricted cash	250,852	(103,567)	143,503
Cash, cash equivalents, and restricted cash, beginning of period	81,437	185,004	41,501
Cash, cash equivalents, and restricted cash, end of period	332,289	81,437	185,004
Supplemental disclosure of cash flow information
Cash paid for interest	1,476	579	341
Cash (refunded) paid for taxes	1,999	454	(178)
Right-of-use assets obtained in exchange for new operating lease liabilities	526	3,105	4,528
Property and equipment obtained in exchange for new finance lease liabilities	0	462	0
Supplemental disclosure of noncash investing and financing activities
Purchase of property and equipment, accrued but not paid	3,760	6,043	1,375
Lease incentive	4,677	0	0
Value of common stock issued in acquisition	0	106,379	0
Acquisition holdback	0	8,595	0
Equity awards withheld for tax liabilities, accrued but not paid	127	247	177
Acquisition of equipment through finance leases	$ 160	$ 113	$ 0

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business Bandwidth Inc. (together with its subsidiaries, “Bandwidth” or the “Company”) was founded in July 2000 and incorporated in Delaware on March 29, 2001. The Company’s headquarters are located in Raleigh, North Carolina. The Company is an international cloud-based, software-powered communications platform-as-a-service (“CPaaS”) provider that enables enterprises to create, scale and operate voice or messaging communications services across any mobile application or connected device. The Company has two operating and reportable segments, CPaaS and Other. CPaaS revenue is derived from usage and monthly services fees charged for usage of Voice, Messaging, 911 and Phone Numbers solutions through the Company’s proprietary CPaaS software application programming interfaces. Other revenue consists of fees charged for services provided such as: SIP trunking, data resale, and a hosted Voice-over Internet Protocol (“VoIP”). The Other segment also includes revenue from traffic generated by other carriers, SMS registration fees and other miscellaneous product lines.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Reclassification

The Company reclassified certain prior year amounts to conform to the current year presentation. These reclassifications had no impact on the previously reported total assets, liabilities, stockholder’s deficit or net income.

Principles of Consolidation

The consolidated financial statements include the accounts of Bandwidth Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the amounts reported in these financial statements and accompanying notes. These estimates in the consolidated financial statements include, but are not limited to, allowance for doubtful accounts, reserve for expected credit losses, reserve for sales credits, recoverability of long lived and intangible assets, fair value of acquired intangible assets and goodwill, discount rates used in the valuation of right-of-use assets and lease liabilities, the fair value of the liability and equity components of the Company’s Convertible Notes (as defined herein), estimated period of benefit, valuation allowances on deferred tax assets, certain accrued expenses and contingencies, economic and demographic actuarial assumptions related to pension and other postretirement benefit costs and liabilities, estimated cash flows on asset retirement obligation. Although

the Company believes that the estimates it uses are reasonable, due to the inherent uncertainty involved in making these estimates, actual results reported in future periods could differ from those estimates.

Effective January 1, 2020, due to the continued growth in customers and low churn rates, the Company updated its calculation of the estimated period of benefit for nonrefundable upfront fees from 3 to 4 years.

Effective July 1, 2020, due to significant investment in software during the first half of 2020 and management's expectation that such investment would yield benefit for a longer period of time, the Company updated its estimated useful life for internal-use software development from 3 to 4 years.

Revenue Recognition

Revenue recognition commences upon transfer of control of promised goods or services to customers in an amount that the Company expects to receive in exchange for those products or services.

The Company determines revenue recognition through the following steps:

•identification of the contract, or contracts, with a customer;

•identification of the performance obligations in the contract;

•determination of the transaction price;

•allocation of the transaction price to the performance obligations in the contract; and

•recognition of revenue, when, or as, the Company satisfies a performance obligation.

Nature of Products and Services

Revenue consists primarily of the sale of communications services offered through Application Programming Interface (“API”) software solutions to large enterprise, as well as small and medium-sized business, customers and is generally derived from usage and service fees in both the CPaaS and Other segments. Usage revenue includes voice communication (primarily driven by inbound minutes, outbound minutes and toll-free minutes) and messaging communication (driven by the number of messages) that traverse the platform and network. Service fees include the provision and management of phone numbers and emergency services access.

The majority of the Company’s revenue is generated from usage-based fees earned from customers accessing the Company’s communications platform. Access to the Company’s communication platform is considered a series of distinct services, with continuous transfer of control to the customer, comprising one performance obligation and usage-based fees are recognized in revenue in the period the traffic traverses the Company’s network. For the years ended December 31, 2019, 2020 and 2021 the revenue from usage-based fees represented $131.6 million, $219.8 million and $319.0 million of CPaaS revenue, respectively, and $29.0 million, $40.8 million and $73.5 million of Other revenue, respectively.

Revenue from service fees is recognized on a ratable basis as the service is provided, which is typically one month. For the years ended December 31, 2019, 2020 and 2021 the revenue from service fees represented $61.2 million, $72.3 million and $87.6 million of CPaaS revenue, respectively, and $5.6 million, $4.2 million and $3.5 million of Other revenue, respectively.

The remaining $5.1 million, $6.0 million and $7.3 million of CPaaS revenue for the years ended December 31, 2019, 2020 and 2021, respectively, are generated from other miscellaneous services.

Infrequently, Bandwidth’s contracts with customers may include multiple performance obligations. For such arrangements, revenues are allocated to each performance obligation based on its relative standalone selling price. Generally, standalone selling prices are determined based on the prices charged to similar customers for similar services.

When required as part of providing service, revenues and associated expenses related to nonrefundable, upfront service activation and setup fees are deferred and recognized over the longer of the associated service contract period or estimated customer life.

The Company’s contracts do not contain general rights of return. However, occasionally credits may be issued. The Company’s contracts do not provide customers with the right to take possession of the software supporting the applications. Amounts that have been invoiced are recorded in accounts receivable and in revenue or deferred revenue depending on whether the revenue recognition criteria have been met.

The Company maintains a reserve for sales credits. Credits are accounted for as variable consideration and are estimated based on several inputs including historical experience and current trends of credit issuances. Adjustments to the reserve are recorded against revenue.

The Company has various sales commission plans for which eligible employees can earn commissions from the sale of products and services to customers. Eligible employees must be employed at the time of payment in order to receive a commission. The Company pays commissions over time and a corresponding requisite substantive service condition exists for the employee to receive the commission. The Company determined that the timing of the commission payments and the underlying service performed by the employee were commensurate. Accordingly, sales commissions are generally expensed as incurred. These costs are recorded within sales and marketing expenses.

Contract Assets and Liabilities

The following table provides information about receivables and contract liabilities from contracts with customers:


	As of December 31,
	2020		2021

	(In thousands)
Receivables (1)	$	55,243	$	61,572
Contract liabilities (2)	12,901		13,882

________________________

(1) Included in accounts receivable, net of allowance for doubtful accounts on the consolidated balance sheet.

(2) Included in current portion of deferred revenue and deferred revenue, net of current portion on the consolidated balance sheet.

Deferred revenue is recorded when cash payments are received in advance of future usage on contracts. Revenue is typically recognized in the following month when service is rendered or, in the case of nonrefundable upfront fees, over the estimated period of benefit from the date the fee is incurred by the customer. Customer refundable payments are recorded as advanced billings. During the year ended December 31, 2021, the Company recognized revenue of $5.7 million related to contract liabilities recorded at the beginning of the year. The Company expects to recognize $6.2 million in revenue over the next 12 months related to its contract liabilities as of December 31, 2021.

Cost of Revenue

CPaaS cost of revenue consists primarily of fees paid to other network service providers from whom the Company buys services such as minutes of use, phone numbers, messages, porting of customer numbers, and network circuits. Cost of revenue also contains costs related to the support of the network, web services and cloud infrastructure, capacity planning and management, rent for network facilities, software licenses, hardware and software maintenance fees, and network engineering services. Personnel costs (including non-cash stock-based compensation expenses) associated with personnel who are responsible for the delivery of services, operation and

maintenance of the communications network, customer support, as well as, third party support agreements, and depreciation and amortization of acquired technology intangibles are also recorded as cost of revenue.

Other cost of revenue consists of amortization of capital software development costs related to platform applications supporting non-CPaaS services including circuit costs paid to third party providers, internet connectivity expenses, minutes of use, contractors, regulatory fees and surcharges, depreciation, and software and hardware maintenance fees.

Operating Expenses

Research and Development

Research and development expenses consist primarily of personnel costs (including non-cash stock-based compensation expenses), outsourced software development and engineering services and cloud infrastructure fees for staging and development outsourced engineering services.

Sales and Marketing

Sales and marketing expenses consist primarily of personnel costs, including commissions for sales employees and non-cash stock-based compensation expenses. Sales and marketing expenses also include expenditures related to advertising, marketing, brand awareness activities, sales support and professional services fees.

General and Administrative

General and administrative expenses consist primarily of personnel costs for support personnel and executives in accounting, finance, legal, information services, human resources and administrative functions. General and administrative expenses also include costs related to product management and reporting, data services, customer billing and collection functions, and other professional services fees, credit card processing fees, rent associated with the Company’s headquarters in Raleigh, North Carolina and its offices worldwide, depreciation and amortization.

Cash and Cash Equivalents

The Company classifies all highly liquid investments with original stated maturities of three months or less from the date of purchase as cash equivalents. All highly liquid investments with original stated maturities of greater than three months from the date of purchase are classified as current marketable securities, with the exception of time deposits with maturities greater than ninety days which are classified as other investments. Cash deposits are primarily in financial institutions in the United States. However, cash for monthly operating costs of international operations are deposited in banks outside the United States. The Company has a policy of making investments only with commercial institutions that have at least an investment grade credit rating. The Company utilizes money market funds as an investment option and only invests in AAA rated funds.

Restricted Cash

Restricted cash consists primarily of employee withholding tax liability and employee benefits contributions not yet remitted. The Company has classified this asset as a short-term asset in order to match the expected period of restriction.

Accounts Receivable and Current Expected Credit Losses

Accounts receivable are stated at realizable value, net of allowances, which includes an allowance for doubtful accounts and a reserve for expected credit losses. The allowance for doubtful accounts is based on management’s assessment of the collectability of its customer accounts. The Company regularly reviews the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, customer creditworthiness, current economic trends, and reasonable and supportable forecasts about the future. Relevant risk

The Company includes unbilled receivables in its accounts receivable balance. Generally, these receivables represent earned revenue from services provided to customers, which will be billed in the next billing cycle. All amounts are considered collectible and billable. As of December 31, 2020 and December 31, 2021, unbilled receivables were $27.7 million and $31.8 million, respectively.

Concentration of Credit Risk

Financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents, other investments and trade accounts receivable. Cash deposits may be in excess of insured limits. The Company believes that the financial institutions that hold its cash deposits are financially sound and, accordingly, minimal credit risk exists with respect to these balances.

With regard to customers, credit evaluation and account monitoring procedures are used to minimize the risk of loss. The Company believes that no additional credit risk beyond amounts provided for by the allowance for doubtful accounts are inherent in accounts receivable. As of December 31, 2020 and December 31, 2021, one individual customer represented approximately 11% and 10%, respectively, of the Company’s accounts receivable, net of allowance for doubtful accounts.

For the years ended December 31, 2019, 2020 and 2021, no individual customer represented more than 10% of the Company’s revenue.

Property and Equipment, net

Property and equipment, net is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of those assets as follows:


Computer hardware and software			1 to 7 years
Internal-use software development costs			4 to 7 years
Furniture and fixtures			2 to 5 years
Leasehold improvements			Shorter of the estimated lease term or 4 to 7 years

Maintenance and repairs are charged to expense as incurred.

Deferred Costs

The Company defers certain direct and incremental upfront costs related to the generation of a revenue stream or obtaining a new customer agreement. These costs include installment fees, activation and other telecommunication fees. The Company capitalizes these costs and amortizes them over the longer of the term of the customer contract or the estimated period of benefit, which is approximately four years.

Internal-Use Software Development Costs

Internal-use software includes software that has been acquired, internally developed, or modified exclusively to meet the Company’s needs. The Company capitalizes qualifying internal-use software development costs that are incurred during the application development stage. Capitalization of costs begins when two criteria are met: (i) the preliminary project stage is completed, and (ii) it is probable that the software will be completed and used for its intended function. Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all significant testing. The Company also capitalizes costs related to

specific upgrades and enhancements when the expenditures will result in additional functionality, and expenses costs incurred for maintenance and minor upgrades and enhancements. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred.

Capitalized costs of platform and other software applications are included in property and equipment. These costs are amortized over the estimated useful life of the software on a straight-line basis over four to seven years. Management evaluates the useful life of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.

Debt Issuance Costs

The Company incurs debt issuance costs associated with obtaining and entering into credit agreements and issuing convertible notes. These costs customarily include non-refundable structuring fees, commitment fees, up-front fees and syndication expenses. The Company has a policy of deferring and amortizing these costs based on the effective interest method over the term of the credit agreements or the convertible notes, as applicable.

Amortization of Intangibles

Intangible assets determinable economic lives are carried at cost, less accumulated amortization. Amortization is computed over the estimated useful life of each asset on a straight-line basis. The Company determines the useful lives of identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors the Company considers when determining useful lives include the contractual term of any agreement related to the asset, the historical performance of the asset, the Company's long-term strategy for using the asset, any laws or other local regulations which could impact the useful life of the asset and other economic factors, including competition and specific market conditions. Intangible assets without determinable economic lives are carried at cost, not amortized and reviewed for impairment at least annually. Refer to Note 8, “Goodwill and Intangible Assets” to these consolidated financial statements, for the useful lives of the Company's intangible assets as of December 31, 2020 and December 31, 2021.

Goodwill

The Company reviews goodwill and indefinite-lived intangible assets at least annually, as of December 31, for possible impairment. Goodwill and indefinite-lived intangible assets are reviewed for possible impairment at an interim date if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit or indefinite-lived intangible asset below its carrying value. The Company tests goodwill at the reporting unit level and has determined that it has 2-reporting units, CPaaS and Other. All Goodwill is allocated to the CPaaS reporting unit. Management may first evaluate qualitative factors to assess if it is more likely than not that the fair value of a reporting unit is less than its carrying amount and to determine if a two-step impairment test is necessary. Management may choose to proceed directly to the two-step evaluation, bypassing the initial qualitative assessment. The first step of the impairment test involves comparing the fair value of the reporting unit to its net book value, including goodwill. If the carrying value exceeds its fair value, then the Company would perform the second step of the goodwill impairment test to determine the amount of the impairment loss. The impairment loss would be calculated by comparing the implied fair value of the goodwill to its carrying value. In calculating the implied fair value of goodwill, the fair value of the entity would be allocated to all of the other assets and liabilities based on their fair values. The excess of the fair value of the entity over the amount assigned to other assets and liabilities is the implied fair value of goodwill. An impairment loss would be recognized when the carrying amount of goodwill exceeds its implied fair value.

The Company makes assumptions regarding estimated future cash flows, discount rates, long-term growth rates and market values to determine each reporting unit’s and indefinite-lived intangible asset’s estimated fair value. If these estimates or related assumptions change in the future, the Company may be required to record an impairment charge. As of December 31, 2020 and 2021, the Company has recorded goodwill of $372.2 million and $344.4 million, respectively. No goodwill impairment charges were recorded for the years ended December 31, 2019, 2020 and 2021.

Impairment of Long-Lived Assets

The Company evaluates long-lived assets, including property and equipment and definite lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by a comparison of the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If such evaluation indicates that the carrying amount of the asset or the asset group is not recoverable, any impairment loss would be equal to the amount the carrying value exceeds the fair value.

Business Combinations

The Company uses the acquisition method of accounting for business combinations which requires the tangible and intangible assets acquired and liabilities assumed to be recorded at their respective fair market value as of the acquisition date. Goodwill represents the excess of the consideration transferred over the fair value of the net assets acquired. The fair values of the assets acquired and liabilities assumed are determined based upon the Company’s valuation and involves making significant estimates and assumptions based on facts and circumstances that existed as of the acquisition date. The Company uses a measurement period following the acquisition date to gather information that existed as of the acquisition date that is needed to determine the fair value of the assets acquired and liabilities assumed. The measurement period ends once all information is obtained, but no later than one year from the acquisition date.

Advertising Costs

The Company expenses advertising costs as incurred. Advertising costs totaled $1.5 million, $1.6 million and $1.8 million for the years ended December 31, 2019, 2020 and 2021, respectively, which are included in sales and marketing expenses in the accompanying consolidated statements of operations.

Commissions

Commissions consist of variable compensation earned by sales personnel and third-party resellers. Sales commissions associated with the acquisition of a new customer contract are paid over time, based on monthly revenues, and are recognized as sales and marketing expense in the period incurred.

Stock-Based Compensation

The Company accounts for stock-based compensation expense related to all stock-based awards based on the fair value of the award on the grant date. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period, which is generally four years. The fair value of the restricted stock units is determined using the fair value of the Company’s Class A common stock on the date of grant. The Company uses the Black-Scholes option pricing model, net of estimated forfeitures, to measure the fair value of its stock options.

The Company has elected to estimate expected forfeitures, and, as such, the Company must also determine a forfeiture rate to calculate the stock-based compensation for awards. Through December 31, 2021, the Company recognized compensation for only the portion of options expected to vest using an estimated forfeiture rate that was derived from historical employee termination behavior. If any of the assumptions used in the Black-Scholes option pricing model change, stock-based compensation for future options may differ materially compared to that associated with previous grants.

Income Taxes

The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on temporary differences between the financial statement and tax

basis of assets and liabilities using enacted tax rates. The Company recognizes the effect of a change in tax rates on deferred tax assets and liabilities in the period that includes the enactment date.

The Company reduces the measurement of a deferred tax asset, if necessary, by a valuation allowance if it is more likely than not that it will not realize some or all the deferred tax asset. Quarterly, the Company reviews the deferred tax assets for recoverability based on historical taxable income, projected future taxable income, the expected timing of the reversals of existing temporary differences and the implementation of prudent and feasible tax planning strategies. The evaluation of the recoverability of deferred tax assets requires judgment in assessing future profitability. Should there be a change in the ability to recover deferred tax assets, the Company’s income tax provision would increase or decrease in the period in which the assessment is changed.

The Company accounts for uncertain tax positions by recognizing the financial statement effects of a tax position only when, based upon technical merits, it is more likely than not that the position will be sustained upon examination. The tax benefit recognized is measured as the largest amount of benefit determined on a cumulative probability basis that the Company believes is more likely than not to be realized upon ultimate settlement of the position. The Company recognizes potential accrued interest and penalties associated with unrecognized tax positions in income tax expense.

Operating Segments

Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to make operating decisions, allocate resources and in assessing performance. The Company has two operating segments, CPaaS and Other, which are deemed to be reportable segments. The Company’s CODM is its Chief Executive Officer. The CODM evaluates the performance of the Company’s operating segments primarily based on revenue and gross profit. The Company does not analyze discrete segment balance sheet information related to long-term assets. All other financial information is evaluated on a consolidated basis.

Earnings per Share

Basic earnings per share attributable to common stockholders is calculated by dividing the net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period.

Diluted net income per share is calculated by giving effect to all potentially dilutive common stock when determining the weighted-average number of common shares outstanding. For purposes of the diluted net income (loss) per share calculation, options to purchase common stock, restricted stock units and redeemable convertible preferred stock are considered to be potential common stock.

Foreign currency translation

The Company has foreign operations with non-USD functional currencies. The Euro and British Pound are the primary functional currencies for the Company’s international operations.

All of the assets and liabilities of these subsidiaries are converted to U.S. dollars at the exchange rate in effect at the balance sheet date, and equity accounts are carried at historical exchange rates. Revenue and expenses are translated at average exchange rates in effect during each reporting period. The net effect of foreign currency translation adjustments is included in shareholder’s equity as a component of “Accumulated other comprehensive loss” line item in the accompanying consolidated balance sheets.

Foreign currency transaction gains and losses are the result of exchange rate changes during the period of time between the consummation and cash settlement of transactions denominated in currencies other than the

functional currency. Foreign currency transaction gains and losses are recognized in current period earnings as incurred.

Foreign exchange gains and losses, which result from the process of remeasuring foreign currency transactions into the appropriate functional currency, are included in other income (expense), net in the Company’s consolidated statements of operations. The Company recorded less than $0.1 million in related gains and losses during each of the years ended December 31, 2019, 2020 and 2021.

Fair Value of Financial Instruments

The Company minimizes its credit risk associated with investments by investing primarily in investment grade, liquid securities. The Company policy is designed to preserve capital, maintain liquidity and minimize credit risk, and the policy limits exposure to any one issuer and also establishes minimum credit ratings of approved investments. Periodic evaluations of relative credit standing of those issuers are considered in the Company's investment strategy.

The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires use of observable inputs when available, and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows:

•Level 1. Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities;

•Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

•Level 3. Unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Comprehensive Income (Loss)

The Company has elected to present Comprehensive Income (Loss) and its components as a separate financial statement. Comprehensive income refers to net income and other revenue, expenses, gains and losses that, under generally accepted accounting principles, are recorded as an element of stockholders’ equity but are excluded from the calculation of net income.

Recently Adopted Accounting Standards

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted this standard on January 1, 2021 on a prospective basis, which did not have a material impact on the Company’s financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt —Modifications and Extinguishments (Subtopic 470-50), Compensation--Stock Compensation (Topic 718), and Derivatives and Hedging--Contracts in Entity's Own Equity (Subtopic 815-40), which is intended to provide clarity surrounding the treatment for a modification or an exchange of a freestanding equity-classified written call option. The amendments also provide guidance for the recognition and measurement of earnings-per-share (“EPS”) for certain modifications or exchanges of freestanding equity-classified written call options for entities that present EPS. The amendments do not affect a holder’s accounting for freestanding call options. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company did not and does not expect to have any modification or exchanges of freestanding written call options classified in equity during the reporting period and therefore does not expect adoption will have a material impact on its financial statements.

In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40), which is intended to address issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. For convertible instruments, ASU 2020-06 reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and enhances information transparency by making targeted improvements to the disclosures for convertible instruments and EPS guidance on the basis of feedback from financial statement users. ASU 2020-06 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company will adopt the new guidance on January 1, 2022 using the modified retrospective approach resulting in adjustments in accumulated deficit and paid in capital. The Company will also record an increase in the convertible notes balance as a result of the reversal of the separation of the convertible debt between debt and equity. The adoption of this standard will decrease the amount of non-cash interest expense to be recognized in future periods as a result of eliminating the discount associated with the equity component. The number of diluted shares will increase as a result of transitioning from the treasury stock method to the as-if converted method for the calculation. The Company is currently quantifying the effect of adopting this new accounting guidance on its financial statements and earnings per share calculations.

Business Combination	12 Months Ended
Business Combination	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Business Combination	3. Business Combination Voxbone Acquisition On November 2, 2020, the Company acquired all of the A Ordinary Shares, B Ordinary Shares and C Ordinary Shares of Voice Topco Limited (“Voice Topco”) through a Share Purchase Agreement (the “Share Purchase Agreement” and such purchase, the “Share Purchase”). Voice Topco directly or indirectly held all of the issued and outstanding shares of Voxbone S.A., which (with its subsidiaries) was the operating subsidiary of Voice Topco (“Voxbone”). The transaction was valued at €446 million. As consideration for the Share Purchase, the Company (i) paid the selling stockholders approximately $400 million (or approximately €338 million based on prevailing exchange rates at the close of business on October 9, 2020) at the Closing and (ii) issued to the selling stockholders at the Closing shares of the Company’s Class A common stock, with an aggregate value of approximately €108 million (or approximately $128 million based on prevailing exchange rates at the close of business on October 9, 2020). During the year ended December 31, 2021 the Company made measurement period adjustments to reflect facts and circumstances in existence as of October 31, 2020, the effective date of the Share Purchase (the “Effective Date”). The adjustments primarily related to certain state and local tax liabilities as well as an adjustment related to the finalization of the net working capital adjustment which were not reasonably estimable at the Effective Date and consisted of a $1.0 million increase to goodwill and $1.0 million increase to accrued expenses and other current liabilities. The Company, in accordance with the Share Purchase Agreement (“SPA”), paid the selling stockholders $7.6 million, which included $7.4 million of the amount held in escrow as a holdback amount and $0.2 million in interest earned from the escrow.

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The carrying amounts of cash and cash equivalents, other investments, accounts receivable, accounts payable and accrued expenses approximate fair value as of December 31, 2020 and 2021 because of the relatively short duration of these instruments.

The Company evaluated its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period.

The following table summarizes the assets measured at fair value as of December 31, 2020 and December 31, 2021:


				Fair value measurements on a recurring basis December 31, 2020
	Level 1	Level 2	Level 3	Total

				(In thousands)
Financial assets:
Cash and cash equivalents:
Money market account				$	57,517	$	—	$	—	$	57,517








Other investments:
Time deposits				40,000		—		—		40,000

Total financial assets				$	97,517	$	—	$	—	$	97,517


				Fair value measurements on a recurring basis December 31, 2021
	Level 1	Level 2	Level 3			Total

				(In thousands)
Financial assets:
Cash and cash equivalents:
Money market account				$	241,157		$	—	$	—	$	241,157












Total financial assets				$	241,157		$	—	$	—	$	241,157

As of the years ended December 31, 2020 and 2021, the fair value of the 2026 Convertible Notes, as further described in Note 9, “Debt”, was approximately $716.3 million and $427.1 million, respectively. As of December 31, 2021, the fair value of the 2028 Convertible Notes, as further described in Note 9, “Debt”, was approximately $194.2 million. The fair value was determined based on the closing price for the Convertible Notes on the last trading day of the reporting period and is considered as Level 2 in the fair value hierarchy.

As of the years ended December 31, 2020 and 2021, the fair value of the Pension Plan’s assets, as further described in Note 14, “Employee Benefit Plans”, was approximately $2.9 million and $3.0 million, respectively. The fair value was determined by an independent actuary and is considered as Level 2 in the fair value hierarchy.

The Company monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. There were no transfers between Levels 1, 2 or 3 during the years ended December 31, 2020 and 2021.

The money market account is included in cash and cash equivalents in the consolidated balance sheets as of December 31, 2020 and December 31, 2021.

During the year ended December 31, 2019, there was $69.0 million in maturities of marketable securities. There were no maturities in marketable securities during the years ended December 31, 2020 and 2021, respectively.

There were no sales of marketable securities for the years ended December 31, 2020 and 2021. Proceeds and gross realized gains from sales of marketable securities were $17.5 million and less than $0.1 million, respectively for the year ended December 31, 2019. The cost of the securities sold was based on the specific identification method and the gross realized gain is recorded as other income (expense), net, in the consolidated statements of operations.

Interest earned on marketable securities was less than $0.1 million for the years ended December 31, 2019, 2020 and 2021, respectively, and is recorded within other income (expense), net in the accompanying consolidated statements of operations.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Financial Statement Components

12 Months Ended

Dec. 31, 2021

Financial Statement Components [Abstract]

Financial Statement Components

5. Financial Statement Components

Accounts receivable, net of allowances consist of the following:


	As of December 31,
	2020		2021

	(In thousands)
Trade accounts receivable	$	26,504	$	31,036
Unbilled accounts receivable	27,692		31,786
Allowance for doubtful accounts and reserve for expected credit losses	(1,203)		(1,661)
Other accounts receivable	2,250		411
Total accounts receivable, net	$	55,243	$	61,572

Components of allowance for doubtful accounts and reserve for expected credit losses are as follows:


	Year ended December 31,
		2020		2021

		(In thousands)
Allowance for doubtful accounts:
Balance, beginning of period		$	(769)	$	(1,203)
Charged to bad debt expense		(1,322)		(913)
Deductions (1)		888		416
Impact of foreign currency translation		—		39



Balance, end of period		$	(1,203)	$	(1,661)

________________________

(1) Write off of uncollectible accounts after all collection efforts have been exhausted.

Accrued expenses and other current liabilities consisted of the following:


	As of December 31,
	2020		2021

	(In thousands)
Accrued expense	$	31,549	$	31,264
Accrued compensation and benefits	19,534		19,042
Accrued sales, use, VAT and telecommunications related taxes	9,142		11,046

Current portion of finance lease	183		177

Other accrued expenses	2,657		4,392
Total accrued expenses and other current liabilities	$	63,065	$	65,921

Right-of-Use Asset and Lease Liabilities

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Right-of-Use Asset and Lease Liabilities

6. Right-of-Use Asset and Lease Liabilities

Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company determines if an arrangement is a lease at inception. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease expense attributable to lease payments is recognized on a straight-line basis over the lease term and is included in general and administrative expense on the Company’s consolidated statements of operations. Finance leases result in the recognition of depreciation expense, which is recognized on a straight-line basis over the expected life of the leased asset, and interest expense, which is recognized following an effective interest rate method. Depreciation expense attributable to finance leases is included in general and administrative expense on the Company’s consolidated statements of operations. The Company presents the operating leases in long-term assets and current and long-term liabilities in the accompanying consolidated balance sheets. Finance leases are reported in property, plant and equipment, net, accrued expenses and other current liabilities, and other liabilities on the Company’s consolidated balance sheets.

The Company sub-leases approximately 17,073 square feet of office space to a related party, Relay, Inc. (f/k/a Republic Wireless, Inc.) (“Relay”). Future minimum sub-lease receipts required under the non-cancellable lease are as follows:


	As of December 31,
	2021

	(In thousands)

2022	$	249

As of December 31, 2021, the Company had various leased properties in the United States and internationally, with remaining lease terms of six months to 5 years, some of which include options to extend the leases for up to 5 years. None of the options to extend the leases are recognized in operating lease ROU assets or lease liabilities. The Company has one lease with an early-termination option, which it does not expect to exercise. The Company has a lease not yet commenced, with a lease term of 20 years and two options to extend the lease by a term of ten years each, up to twenty additional years in total.

The components of lease expense recorded in general and administrative expenses in the consolidated statement of operations were as follows:


	Year ended December 31,
		2019		2020		2021

		(In thousands)
Operating lease cost		$	5,548	$	5,949	$	6,818
Finance lease cost:
Depreciation of assets		—		20		218
Interest on lease liabilities		—		2		18


Sublease income (1)		(643)		(384)		(384)
Total net lease cost		$	4,905	$	5,587	$	6,670

________________________

(1) See Note 16, “Related Parties” to these consolidated financial statements, for additional details on sublease income.

During the years ended December 31, 2019, 2020 and 2021, short-term operating lease expense was $0.0 million, $0.2 million and $1.3 million, respectively.

Supplemental balance sheet information related to leases was as follows:


		As of December 31,
Leases	Classification	2020		2021

		(In thousands)
Assets:
Operating lease assets	Operating right-of-use asset, net (1)	$	19,491	$	14,061
Finance lease assets	Property, plant and equipment, net (2)	464		373
Total leased assets		$	19,955	$	14,434

Liabilities:
Current
Operating	Operating lease liability, current	$	5,515	$	5,807
Finance	Accrued expenses and other current liabilities	183		177
Non-current
Operating	Operating lease liability, net of current portion	17,202		10,958
Finance	Other liabilities	282		202
Total lease liabilities		$	23,182	$	17,144

________________________

(1) Operating lease assets are recorded net of accumulated amortization of $9.1 million and $14.8 million as of December 31, 2020 and December 31, 2021, respectively.

(2) Finance lease assets are recorded net of accumulated depreciation of $0.0 million and $0.2 million as of December 31, 2020 and December 31, 2021, respectively.

Supplemental cash flow and other information related to leases was as follows:


	Year ended December 31,
		2019			2020			2021

		(In thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	3,357		$	5,301		$	6,227

Financing cash flows from finance leases		—			28			212
		$	3,357		$	5,329		$	6,439

Weighted average remaining lease term (in years)
Operating leases		4.35			3.79			2.95
Finance leases		—			2.99			2.44

Weighted average discount rate
Operating leases		4.98		%	4.81		%	4.78		%
Finance leases		—		%	4.00		%	3.91		%

Maturities of lease liabilities were as follows:


	As of December 31, 2021
	Operating Leases		Finance Leases

	(In thousands)

2022	$	6,422	$	191
2023	6,601		121
2024	2,649		75
2025	1,623		10
2026	692		—

Total lease payments	17,987		397
Less: imputed interest	(1,222)		(18)

Total lease obligations	16,765		379
Less: current obligations	(5,807)		(177)
Long-term lease obligations	$	10,958	$	202

On June 4, 2021, the Company purchased approximately 40 acres of undeveloped land (the “Property”) in Raleigh, North Carolina, from the State of North Carolina (the “State”). The Company paid $30.0 million for the land. Additionally, as consideration for the Property, the Company agreed to construct, at its expense, a parking lot and related improvements (the “Parking Improvements”) on land owned by the State adjacent to the Property. The estimated cost of construction of the Parking Improvements was $7.8 million. Subsequent to the purchase of the Property, the Company sold a portion of the Property constituting approximately 23.76 acres (the “Conveyed Parcel”) to USEF Edwards Mill Owner, LLC (the “Developer”) for $17.5 million. In addition, the Developer agreed to construct, at its expense, the Parking Improvements in connection with the Company’s purchase of the Property from the State. The Company retained approximately 17.06 acres of the Property, which was recorded at cost and is included in the Company’s consolidated balance sheet as a component property, plant and equipment, net. The

Company recorded an asset for the Developer’s obligation to construct the Parking Improvements at the Developer's expense, which is included as a component of prepaid expenses and other current assets in the consolidated balance sheet as of December 31, 2021. A lease incentive of $4.7 million was recognized for the difference between the consideration received from the Developer for the Conveyed Parcel and the cost basis of the Conveyed Parcel and is included as a component of other liabilities on the consolidated balance sheet. On October 1, 2021, the developer delivered the completed parking improvements and the State released the Company from its liability.

On May 27, 2021, the Company entered into a Lease Agreement (the “Lease”) with the Developer for the Conveyed Parcel, together with improvements for office and related infrastructure to be constructed thereon, collectively constituting approximately 534,000 gross square feet (the “Project”). The lease became effective upon closing of the sale of the Conveyed Parcel to the Developer. When construction of the Project is completed, the Company intends to relocate its corporate headquarters to the Project. The lease term will commence upon substantial completion of the final building to be delivered, as evidenced by a certificate of occupancy issued by the City of Raleigh (the “Commencement Date”), and continue for a period of twenty (20) years (the “Initial Term”). It is anticipated that the Commencement Date will occur in May 2023. The Company has the option to renew the Initial Term for two ten-year periods at a rental rate equal to 100% of the then-prevailing market rental rate for comparable buildings in the Raleigh, North Carolina, market. Upon the effective date, the Company deposited $2.5 million with the Developer as security on the lease. The deposit is included in other long-term assets on the Company’s consolidated balance sheet. Additionally, the Company placed $3.0 million in escrow to fund the certain tenant improvements expected to be constructed as part of the development of the Project.

No right-of-use assets or lease liabilities have been recognized in connection with the lease as of December 31, 2021. Future lease payments are included in Note 13, “Commitments and Contingencies”.

Asset Retirement Obligation

The Company has an obligation to return one of its leased properties to its original leased condition. These costs are accrued at the present value of expected cost to settle the obligation using estimated cash flows. The cash flows are discounted at a current pre-tax rate that reflects the risk specific to the retirement liability. The estimated future cost of restoration is reviewed annually and adjusted as appropriate. As of December 31, 2021, asset retirement obligation was $0.2 million included in other liabilities.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

7. Property, Plant and Equipment

Property, plant and equipment, net consisted of the following:


	As of December 31,
	2020		2021

	(In thousands)
Furniture and fixtures	$	2,341	$	2,240
Computer and office equipment	4,077		5,419
Telecommunications equipment	60,651		76,963
Leasehold improvements	6,285		6,970
Software	3,901		6,942
Internal-use software development	19,968		22,917
Automobile	502		616
Land	—		17,269
Total cost	97,725		139,336
Less—accumulated depreciation	(46,080)		(69,732)
Total property, plant and equipment, net	$	51,645	$	69,604

The Company capitalizes the costs to design software for internal use related to the development of its platform during the application development stage of the projects. The costs are primarily comprised of salaries and benefits of the projects’ engineers and product development teams. Internally developed software is reported at cost less accumulated amortization. Amortization begins once the project is substantially complete and ready for its intended use. The Company amortizes the asset on a straight-line basis over the useful life, which is estimated to be 4 years. Costs incurred prior to the application development stage, maintenance activities or minor upgrades are expensed in the period incurred. Unamortized software development costs were approximately $6.0 million and $7.5 million as of December 31, 2020 and 2021, respectively.

The Company capitalized $3.6 million, $2.3 million, and $3.9 million of software development costs for the years ended December 31, 2019, 2020 and 2021, respectively.

Amortization expense related to capitalized software development costs $2.0 million, $2.0 million, and $1.8 million for the years ended December 31, 2019, 2020 and 2021, respectively. As of December 31, 2021, unamortized implementation costs related to cloud computing arrangements are $0.4 million, of which $0.1 million are included in prepaid expenses and other current assets and $0.3 million are included in other long-term assets.

The Company leases automobiles under leases accounted for as finance leases with expiration dates ranging from February 28, 2022 to June 30, 2025. As of December 31, 2020, cost and accumulated depreciation of the assets under finance leases recorded by the Company were $0.5 million and less than $0.1 million, respectively. As of December 31, 2021, cost and accumulated depreciation of the assets under finance leases recorded by the Company were $0.6 million and $0.2 million, respectively.

The Company recognized an impairment of $0.3 million, $0.2 million, and $0.5 million during the years ended December 31, 2019, 2020 and 2021, respectively, related to capitalized software development costs that provided no future benefit and therefore were impaired. This expense is reflected within cost of revenue in the accompanying consolidated statements of operations.

The Company recognized depreciation expense, which includes amortization of capitalized software development costs, as follows:


	Year ended December 31,
		2019		2020		2021

		(In thousands)
Cost of revenue		$	6,583	$	9,536	$	12,051
Research and development		268		670		1,189
Sales and marketing		112		120		124
General and administrative		2,055		2,811		4,159
Total depreciation expense		$	9,018	$	13,137	$	17,523

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

8. Goodwill and Intangible Assets

Goodwill

The changes in carrying amount of goodwill were as follows:


	Total

	(In thousands)
Balance as of December 31, 2019	$	6,867
Goodwill additions related to 2020 acquisition	346,564
Impact of foreign currency translation	18,808
Balance as of December 31, 2020	372,239
Measurement period adjustment	999
Impact of foreign currency translation	(28,815)
Balance as of December 31, 2021	$	344,423

Intangible Assets

Intangible assets, net consisted of the following as of December 31, 2020:


	Gross Amount		Accumulated Amortization		Net Carrying Value		Amortization Period

	(In thousands)						(In years)
Customer relationships	$	166,955	$	(6,850)	$	160,105	15 - 20



Developed technology	89,439		(2,253)		87,186		10
Other, definite lived	3,158		(3,158)		—		2 - 7
Licenses, indefinite lived	764		—		764		Indefinite







Total intangible assets, net	$	260,316	$	(12,261)	$	248,055

Intangible assets, net consisted of the following as of December 31, 2021:


	Gross Amount		Accumulated Amortization		Net Carrying Value		Amortization Period

	(In thousands)						(In years)
Customer relationships	$	155,081	$	(16,861)	$	138,220	15 - 20



Developed technology	82,548		(10,315)		72,233		10
Other, definite lived	3,158		(3,158)		—		2 - 7
Licenses, indefinite lived	764		—		764		Indefinite







Total intangible assets, net	$	241,551	$	(30,334)	$	211,217

The Company recognized amortization expense as follows:


	Year ended December 31,
		2019		2020		2021

		(In thousands)
Cost of revenue		$	—	$	1,445	$	8,543


General and administrative		520		2,221		10,576
Total amortization expense		$	520	$	3,666	$	19,119

The remaining weighted average amortization period for definite lived intangible assets is 12 years.

Future estimated amortization expense for definite lived intangible assets is as follows:


	As of December 31,
	2021

	(In thousands)

2022	$	18,344
2023	18,344
2024	18,344
2025	18,344
2026	18,344

Thereafter	118,733
	$	210,453

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

9. Debt

Revolving Loan

On May 25, 2021, the Company terminated the Credit and Security Agreement, dated as of November 4, 2016 as amended and restated as of March 1, 2019, among the Company, Key Bank National Association, and KeyBanc Capital Markets Inc. (the “Credit Agreement”). The agreement provided for a secured $25 million revolving credit facility (the “Credit Facility”). As of December 31, 2020 and at the date of termination, no outstanding indebtedness existed under the Credit Facility and the Company was in compliance with all financial and non-financial covenants.

As of December 31, 2020, unamortized debt issuance costs were $0.1 million, of which were included in prepaid expenses and other current assets, and other long-term assets. As of December 31, 2021, there were no outstanding debt issuance costs.

Convertible Senior Notes and Capped Call Transactions

2026 Convertible Notes

On February 28, 2020, the Company issued $400 million aggregate principal amount of 0.25% Convertible Notes due March 1, 2026 in a private placement to qualified institutional buyers pursuant to Rule 144A under the

Securities Act (the “2026 Convertible Notes”). The interest on the 2026 Convertible Notes is payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2020.

The 2026 Convertible Notes may bear special interest under specified circumstances relating to the Company's failure to comply with its reporting obligations under the indenture governing the 2026 Convertible Notes (the “2026 Indenture”) or if the 2026 Convertible Notes are not freely tradeable as required by the 2026 Indenture. The 2026 Convertible Notes will mature on March 1, 2026, unless earlier repurchased, redeemed by the Company, or converted pursuant to their terms. The total net proceeds from the 2026 Convertible Notes, after deducting initial purchaser discounts, costs related to the 2026 Capped Calls (as defined herein), and debt issuance costs, paid by the Company, were approximately $344.7 million.

Each $0.001 principal amount of the 2026 Convertible Notes is initially convertible into 10.9857 shares of the Company's Class A common stock, par value $0.001 per share, which is equivalent to an initial conversion price of approximately $91.03 per share. The conversion rate is subject to adjustment upon the occurrence of certain specified events but will not be adjusted for any accrued and unpaid special interest. In addition, upon the occurrence of a make-whole fundamental change, as defined in the 2026 Indenture, the Company will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert its 2026 Convertible Notes in connection with such make-whole fundamental change or during the relevant redemption period.

The 2026 Convertible Notes will be redeemable in whole or in part at the Company's option on or after March 6, 2023, but before the fortieth (40th) scheduled trading day before the maturity date, at a cash redemption price equal to 100% of the principal amount of the 2026 Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, if the last reported sale price of the Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading days ending on, and including, the trading day immediately before the date the redemption notices were sent; and the trading day immediately before such notices were sent.

Prior to the close of business on the business day immediately preceding September 1, 2025, the 2026 Convertible Notes may be convertible at the option of the holders only under the following circumstances:

(1)during any calendar quarter commencing after the calendar quarter ending on June 30, 2020 (and only during such calendar quarter), if the last reported sale price per share of the Company's Class A common stock exceeds 130% of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

(2)during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “measurement period”) in which the trading price per $0.001 principal amount of 2026 Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Company's Class A common stock on such trading day and the conversion rate on such trading day;

(3)upon the occurrence of certain corporate events or distributions on its Class A common stock; and

(4)if the Company calls such 2026 Convertible Notes for redemption.

On or after September 1, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the 2026 Convertible Notes may, at their option, convert all or a portion of their 2026 Convertible Notes regardless of the foregoing conditions.

Prior to and during the nine months ended September 20, 2021, the conditional conversion feature of the 2026 Convertible Notes was triggered as the last reported sale price of the Company's Class A common stock was

more than or equal to 130% of the conversion price for at least 20 trading days (whether or not consecutive) in the period of 30 consecutive trading days ending on or after June 30, 2020 (the last trading day of the calendar quarter), and therefore the 2026 Convertible Notes were convertible, in whole or in part, at the option of the holders between July 1, 2020 through September 30, 2021. The conditional conversion feature of the 2026 Convertible Note was not triggered from October 1, 2021 through December 31, 2021 as the last reported sale price of the Company's Class A common stock was not more than or equal to 130% of the conversion price for at least 20 trading days (whether or not consecutive) in the period of 30 consecutive trading days (the last trading day of the calendar quarter). Whether the 2026 Convertible Notes will be convertible following such period will depend on the satisfaction of this condition or another conversion condition in the future. The Company continues to classify the 2026 Convertible Notes as a long-term liability in its consolidated balance sheet as of December 31, 2021, based on contractual settlement provisions.

Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of Class A common stock, or a combination of cash and shares of Class A common stock, at the Company's election. It is the Company's current intent to settle the principal amount of the 2026 Convertible Notes with cash.

No sinking fund is provided for the 2026 Convertible Notes. Upon the occurrence of a fundamental change (as defined in the 2026 Indenture) prior to the maturity date, holders may require the Company to repurchase all or a portion of the 2026 Convertible Notes for cash at a price equal to the principal amount of the 2026 Convertible Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

In accounting for the issuance of the 2026 Convertible Notes, the Company separated the 2026 Convertible Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was $125.2 million and was determined by deducting the fair value of the liability component from the par value of the 2026 Convertible Notes. The difference represents the debt discount that is amortized to interest expense at an effective interest rate of 6.763% over the term of the 2026 Convertible Notes. The carrying amount of the equity component was $57.5 million and is recorded in additional paid-in-capital. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the liability component over its carrying amount, or the debt discount, is amortized to interest expense at an annual effective interest rate of 6.907% over the contractual terms of the 2026 Convertible Notes.

In accounting for the transaction costs related to the 2026 Convertible Notes, the Company allocated the total amount incurred to the liability and equity components of the 2026 Convertible Notes based on the proportion of the proceeds allocated to the debt and equity components. Issuance costs attributable to the liability component were approximately $8.2 million, were recorded as an additional debt discount and are amortized to interest expense using the effective interest method over the contractual terms of the 2026 Convertible Notes. Issuance costs attributable to the equity component of $3.7 million were netted with the equity component in stockholders’ equity.

2028 Convertible Notes

On March 16, 2021, the Company issued $250 million aggregate principal amount of 0.50% Convertible Notes due April 1, 2028 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act (the “2028 Convertible Notes and, together with the 2026 Convertible Notes, the “Convertible Notes”). The interest on the 2028 Convertible Notes is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2021.

The 2028 Convertible Notes may bear special interest under specified circumstances relating to the Company's failure to comply with its reporting obligations under the indenture governing the 2028 Convertible Notes (the “2028 Indenture”) or if the 2028 Convertible Notes are not freely tradeable as required by the 2028 Indenture. The 2028 Convertible Notes will mature on April 1, 2028, unless earlier repurchased, redeemed by the Company, or converted pursuant to their terms. The total net proceeds from the 2028 Convertible Notes, after deducting initial purchaser discounts, costs related to the 2028 Capped Calls (as defined herein), and debt issuance costs, paid by the Company, were approximately $217 million.

Each $0.001 principal amount of the 2028 Convertible Notes is initially convertible into 5.5781 shares of the Company's Class A common stock, par value $0.001 per share, which is equivalent to an initial conversion price of approximately $179.27 per share. The conversion rate is subject to adjustment upon the occurrence of certain specified events but will not be adjusted for any accrued and unpaid special interest. In addition, upon the occurrence of a make-whole fundamental change, as defined in the 2028 Indenture, the Company will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert its 2028 Convertible Notes in connection with such make-whole fundamental change or during the relevant redemption period.

The 2028 Convertible Notes will be redeemable in whole or in part at the Company's option on or after April 6, 2025, but before the fortieth (40th) scheduled trading day before the maturity date, at a cash redemption price equal to 100% of the principal amount of the 2028 Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, if the last reported sale price of the Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading days ending on, and including, the trading day immediately before the date the redemption notices were sent; and the trading day immediately before such notices were sent.

On or after April 6, 2025 until the close of business on the scheduled trading day immediately preceding the maturity date, the 2028 Convertible Notes may be convertible at the option of the holders only under the following circumstances:

(1)during any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price per share of the Company's Class A common stock exceeds 130% of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

(2)during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “measurement period”) in which the trading price per $0.001 principal amount of 2028 Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Company's Class A common stock on such trading day and the conversion rate on such trading day;

(3)upon the occurrence of certain corporate events or distributions on its Class A common stock; and

(4)if the Company calls such 2028 Convertible Notes for redemption.

On or after October 1, 2027, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the 2028 Convertible Notes may, at their option, convert all or a portion of their Convertible Notes regardless of the foregoing conditions.

No sinking fund is provided for the 2028 Convertible Notes. Upon the occurrence of a fundamental change (as defined in the 2028 Indenture) prior to the maturity date, holders may require the Company to repurchase all or a portion of the 2028 Convertible Notes for cash at a price equal to the principal amount of the 2028 Convertible Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

In accounting for the issuance of the 2028 Convertible Notes, the Company separated the 2028 Convertible Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was $66.9 million and was determined by deducting the fair value of the liability component from the par value of the 2028 Convertible Notes. The difference represents the debt discount that is amortized to interest expense at an effective interest rate of 5.125% over the term of the 2028 Convertible Notes. The carrying amount of the equity component was $39.4 million and is recorded in additional paid-in-capital. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the liability component over its carrying amount, or the debt discount, is amortized to interest expense at an annual effective interest rate of 4.959% over the contractual terms of the 2028 Convertible Notes.

In accounting for the transaction costs related to the 2028 Convertible Notes, the Company allocated the total amount incurred to the liability and equity components of the 2028 Convertible Notes based on the proportion of the proceeds allocated to the debt and equity components. Issuance costs attributable to the liability component were approximately $5.5 million, were recorded as an additional debt discount and are amortized to interest expense using the effective interest method over the contractual terms of the 2028 Convertible Notes. Issuance costs attributable to the equity component of $2.0 million were netted with the equity component in stockholders’ equity.

The net carrying amount of the liability components of the 2026 and 2028 Convertible Notes were as follows:


	As of December 31,
	2020		2021

2026 Convertible Notes:	(In thousands)
Principal	$	400,000	$	400,000
Unamortized discount	(110,546)		(92,034)
Unamortized debt issuance costs	(7,258)		(6,043)
2026 Convertible Notes net carrying amount	$	282,196	$	301,923

2028 Convertible Notes:
Principal	$	—	$	250,000
Unamortized discount	—		(60,488)
Unamortized debt issuance costs	—		(4,995)
2028 Convertible Notes net carrying amount	$	—	$	184,517
Total net carrying amount	$	282,196	$	486,440

The net carrying amount of the equity components of the 2026 and 2028 Convertible Notes were as follows:


	As of December 31,
	2020		2021

2026 Convertible Notes:	(In thousands)
Proceeds allocated to the conversion options (debt discount)	$	125,152	$	125,152
Issuance costs	(3,742)		(3,742)
2026 Convertible Notes net carrying amount	$	121,410	$	121,410

2028 Convertible Notes:
Proceeds allocated to the conversion options (debt discount)	$	—	$	66,908
Issuance costs	—		(2,019)
2028 Convertible Notes net carrying amount	$	—	$	64,889
Total net carrying amount	$	121,410	$	186,299

The following table sets forth the interest expense recognized related to the 2026 and 2028 Convertible Notes:


	Year ended December 31,
		2020		2021

2026 Convertible Notes:		(In thousands)
Contractual interest expense		$	841	$	1,000
Amortization of debt discount		14,606		18,505
Amortization of debt issuance costs		959		1,214
Total interest expense related to the 2026 Convertible Notes		$	16,406	$	20,719

2028 Convertible Notes:
Contractual interest expense		$	—	$	991
Amortization of debt discount		—		6,419
Amortization of debt issuance costs		—		532
Total interest expense related to the 2028 Convertible Notes		$	—	$	7,942
Total interest expense		$	16,406	$	28,661

In connection with the offering of the 2026 Convertible Notes and the 2028 Convertible Notes, the Company entered into privately negotiated capped call transactions with certain counterparties (the “2026 Capped Calls” and the “2028 Capped Calls,” respectively and, collectively, the “Capped Calls”). The 2026 Capped Calls and the 2028 Capped Calls each have an initial strike price of approximately $91.03 and $179.27 per share, respectively, subject to certain adjustments, which corresponds to the initial conversion price of the 2026 Convertible Notes and the 2028 Convertible Notes. The 2026 Capped Calls and the 2028 Capped Calls have initial cap prices of $137.40 and $260.76 per share subject to certain adjustments, respectively. The 2026 Capped Calls and the 2028 Capped Calls cover, subject to anti-dilution adjustments, approximately 4,394,276 and 1,394,525 shares of Class A common stock for the 2026 Convertible Notes and 2028 Convertible Notes, respectively. The Capped Calls are generally intended to reduce or offset the potential dilution to the Class A common stock upon any conversion of the 2026 Convertible Notes and 2028 Convertible Notes with such reduction or offset, as the case may be, subject to a cap based on the cap price. The Capped Calls expire on the earlier of (i) the last day on which

any convertible securities remain outstanding and (ii) March 1, 2026 for the 2026 Capped Calls and April 1, 2028 for the 2028 Capped Calls, subject to earlier exercise. The Capped Calls are subject to either adjustment or termination upon the occurrence of specified extraordinary events affecting the Company, including a merger event, a tender offer, and a nationalization, insolvency or delisting involving the Company. In addition, the Capped Calls are subject to certain specified additional disruption events that may give rise to a termination of the Capped Calls, including changes in law, insolvency filings, and hedging disruptions. The Capped Call transactions are recorded in stockholders’ equity and are not accounted for as derivatives. The net cost of $43.3 million and $25.5 million incurred to purchase the 2026 Capped Calls and the 2028 Capped Calls, respectively, was recorded as a reduction to additional paid-in capital in the accompanying consolidated balance sheets.

The Convertible Notes are effectively subordinated to the Company’s future senior secured indebtedness, if any, to the extent of the value of the collateral securing that indebtedness. The Convertible notes are the senior, unsecured obligations of the Company and are equal in right of payment with the Company’s future senior unsecured indebtedness, if any, senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated to the Convertible Notes and the Convertible Notes will be structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and preferred equity, if any, of the Company’s subsidiaries.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Segment and Geographic Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment and Geographic Information

10. Segment and Geographic Information

The Company has two reportable segments, CPaaS and Other. Segments are primarily evaluated based on revenue and gross profit. The Company does not allocate operating expenses, interest expense or income tax expense to its segments. Accordingly, the Company does not report such information. Additionally, the Chief Operating Decision Maker does not evaluate the Company’s operating segments using discrete asset information. The segments share the majority of the Company’s assets. Therefore, no segment asset information is reported.


	Year ended December 31,
		2019		2020		2021

		(In thousands)
CPaaS
Revenue		$	197,944	$	298,090	$	413,948
Cost of revenue		110,343		160,706		217,403
Gross profit		$	87,601	$	137,384	$	196,545
Other
Revenue		$	34,650	$	45,023	$	76,959
Cost of revenue		14,616		24,546		54,981
Gross profit		$	20,034	$	20,477	$	21,978
Consolidated
Revenue		$	232,594	$	343,113	$	490,907
Cost of revenue		124,959		185,252		272,384
Gross profit		$	107,635	$	157,861	$	218,523

The Company’s long-lived assets were primarily held in the United States as of December 31, 2020 and December 31, 2021. As of December 31, 2020 and December 31, 2021, long-lived assets held outside of the United States were $11.2 million and $9.2 million, respectively.

The Company generates its revenue primarily in the United States. Revenue by geographic area is detailed in the table below (which is determined based on the customer billing address):


	Year ended December 31,
		2019		2020		2021

		(In thousands)
CPaaS
United States		$	192,506	$	281,757	$	364,412
International		5,438		16,333		49,536
Total		$	197,944	$	298,090	$	413,948

Other
United States		$	33,664	$	42,692	$	69,051
International		986		2,331		7,908
Total		$	34,650	$	45,023	$	76,959

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

11. Stockholders’ Equity

Preferred Stock

As of December 31, 2020 and December 31, 2021, the Company had authorized 10,000,000 shares of undesignated preferred stock, par value $0.001, of which no shares were issued and outstanding.

Common Stock

As of December 31, 2020 and December 31, 2021, the Company had authorized 100,000,000 shares of Class A common stock, par value $0.001 per share, with one vote per share and 20,000,000 shares of Class B common stock, par value $0.001 per share, with ten votes per share.

As of December 31, 2020, 22,413,004 and 2,496,125 shares of Class A common stock and Class B common stock, respectively, were issued and outstanding.

As of December 31, 2021, 23,177,988 and 1,965,170 shares of Class A common stock and Class B common stock, respectively, were issued and outstanding.

Shares of Class B common stock are convertible into shares of Class A common stock upon the stockholder’s voluntary written notice to the Company’s transfer agent or a transfer by the stockholder, subject to limited exceptions for transfers for estate planning purposes.

Voting Rights

The holders of Class A common stock and Class B common stock have identical rights, except that holders of Class A voting common stock are entitled to one vote per share of Class A common stock and holder of Class B common stock are entitled to ten votes per share of Class B common stock.

Dividends

Any dividends or distributions paid or payable to the holders of shares of Class A common stock and Class B common stock shall be paid pro-rata, on an equal priority. During the years ended December 31, 2019, 2020 and 2021, no dividends were declared. Dividend payments are not subject to restriction.

Reserved Shares

The Company had reserved shares of Class A common stock for issuance under stock-based award agreements as follows:


	As of December 31,
	2020	2021
Stock options issued and outstanding	255,000	180,209
Nonvested restricted stock units issued and outstanding	450,614	344,486
Stock-based awards available for grant under the 2017 Plan	2,020,342	3,060,674
	2,725,956	3,585,369

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Stock Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock Based Compensation

12. Stock Based Compensation

2010 Stock Option Plan

As of July 26, 2010, the Company adopted the 2010 Equity Compensation Plan (the “2010 Plan”). On November 9, 2017, the 2010 Plan was terminated in connection with the Company’s initial public offering. Accordingly, no shares are available for future issuance under the 2010 Plan. However, the 2010 Plan continues to govern the terms and conditions of the outstanding awards granted thereunder.

2017 Incentive Award Plan

The Company’s 2017 Incentive Award Plan (the “2017 Plan”) became effective on November 9, 2017. The 2017 Plan provides for the grant of stock options, including incentive stock options and non-qualified stock options, stock appreciation rights, restricted stock, dividend equivalents, restricted stock units, and other stock or cash based awards to employees, consultants and directors of the Company. A total of 1,050,000 shares of the Company’s Class A common stock were originally reserved for issuance under the 2017 Plan. These available shares automatically increase each January 1, beginning on January 1, 2018, by 5% of the number of shares of the Company’s Class A common stock outstanding on the final day of the immediately preceding calendar year. On January 1, 2021, the shares available for grant under the 2017 Plan were automatically increased by 1,120,650 shares.

The terms of the stock option grants are determined by the Company’s Board of Directors. The Company’s stock options vest based on terms of the stock option agreements, which is generally over four years. The stock options have a contractual life of ten years.

Restricted stock units (“RSUs”) granted under the 2017 Plan are generally subject to a time-based vesting condition. The compensation expense related to these awards is based on the grant date fair value of the RSUs and is recognized on a ratable basis over the applicable service period. The Company granted RSUs to its non-employee members of the Board of Directors, some of which vested immediately while others vest 25% as of each calendar quarter immediately following the grant date. Certain RSUs awarded to executives vest over four years with 50% vesting in the first year in 12.5% increments on each calendar quarter immediately following the grant date and the remaining 50% earned over years two, three and four. Other RSUs awarded to executives and employees generally are earned over a service period of four years.

Stock Options

The following summarizes the stock option activity for the period presented:


	Number of options outstanding	Weighted- average exercise price (Per share)		Weighted- average remaining contract life (In years)	Aggregate intrinsic value (In thousands)
Outstanding as of December 31, 2020	255,000	$	10.82	4.42	$	36,426
Granted	—	—
Exercised	(73,985)	12.47
Forfeited or cancelled	(806)	10.49
Outstanding as of December 31, 2021	180,209	$	10.14	3.39	$	11,104

Options vested and exercisable at December 31, 2021	180,209	$	10.14	3.39	$	11,104
Options vested and expected to vest as of December 31, 2021	180,209	$	10.14	3.39	$	11,104


	Year ended December 31,
		2019		2020		2021

		(In thousands)
Aggregate intrinsic value of stock options exercised		$	57,159	$	54,088	$	9,297
Total estimated grant date fair value of options vested		729		416		247

Aggregate intrinsic value is computed based on the difference between the option exercise price and the fair value of the Company’s common stock as of December 31, 2021, based on the Company’s Class A common stock price as reported on the NASDAQ Global Select Market.

No options were granted for the year ended December 31, 2021.

As of December 31, 2021, the Company had no unrecognized compensation cost related to non-vested stock options. All outstanding stock options are fully vested.

Restricted Stock Units

The following summarizes the RSU activity for the period presented:


	Number of awards outstanding	Weighted-average grant date fair value (Per share)
Nonvested RSUs as of December 31, 2020	450,614	$	51.58
Granted	154,360	143.31
Vested	(186,502)	67.40
Forfeited or cancelled	(73,986)	74.84
Nonvested RSUs as of December 31, 2021	344,486	$	82.38

As of December 31, 2021, total unrecognized compensation cost related to non-vested RSUs was $21.6 million, which will be amortized over a weighted-average period of 2.71 years.

Stock-Based Compensation Expense

The Company recognized total stock-based compensation expense as follows:


	Year ended December 31,
		2019		2020		2021

		(In thousands)
Cost of revenue		$	211	$	208	$	252
Research and development		1,461		2,118		2,648
Sales and marketing		1,199		1,525		1,890
General and administrative		3,755		6,030		9,747
Total		$	6,626	$	9,881	$	14,537

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies Operating Leases The Company leases office space under operating lease agreements that expire over the next 5 years. See Note 6, “Right-of-Use Asset and Lease Liabilities” to the consolidated financial statements, for additional details on the Company’s operating lease commitments. Contractual Obligations On October 25, 2015, the Company entered into an agreement with a telecommunications service provider. The service agreement requires the Company to pay a monthly recurring charge associated with the services received. The service agreement is non-cancellable and contains annual minimum commitments. On August 1, 2020, the Company amended the agreement to require annual minimum commitments of $0.6 million and $0.3 million in 2021 and 2022, respectively. In addition, as of December 31, 2021, the Company has $18.1 million in other non-cancellable purchase obligations, consisting of primarily network equipment maintenance and software license contracts, of which $13.2 million will be fulfilled within one year. On May 27, 2021, the Company entered into the Lease with the Developer for the Conveyed Parcel, together with the Project. The respective obligations of the Company and the Developer under the Lease were conditioned upon the Developer acquiring fee simple title to the Conveyed Parcel, which occurred on June 4, 2021. The Lease term will commence upon the Commencement Date and continue for the Initial Term. It is anticipated that the Commencement Date will occur in May 2023. If the Commencement Date does not occur within one hundred twenty (120) days from the scheduled Commencement Date, the Company shall be entitled to certain rent abatements, as described in the Lease. If the Commencement Date is not delivered within twelve (12) months of the scheduled Commencement Date, the Company may terminate the Lease. The Company has the option to renew the Initial Term for two ten-year periods. Base rent payments will begin on the Commencement Date. The initial base rent will increase by 1.85% on each anniversary of the Commencement Date. Total lease payments over the Initial Term are approximately $495.7 million. See Note 6, “Right-of-Use Asset and Lease Liabilities” to the consolidated financial statements, for additional details on the Company's operating lease commitments. On December 7, 2021, the Company entered into a non-cancelable operating lease agreement for its London, UK, facilities. The lease term commenced on January 1, 2022 and will continue for the initial term of 24 months. Total lease payments over the initial term are approximately $3.6 million. The lease will automatically renew on a month by month basis after the initial lease term. Legal Matters The Company is involved as a defendant in various litigation, including, but not limited to, lawsuits alleging that the Company failed to bill, collect and remit certain taxes and surcharges associated with the provision of 911 services pursuant to applicable laws in various jurisdictions. While the results of these legal proceedings cannot be predicted with certainty, in the opinion of management, the ultimate resolution of these matters will not have a material adverse effect on the Company’s financial position or results of operations.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Employee Benefit Plans

14. Employee Benefit Plans

The Company sponsors a U.S. defined contribution 401(k), which allows eligible U.S.-based employees to defer a portion of their compensation. The Company, at its discretion, may make matching contributions. With the acquisition of Voxbone S.A. on November 1, 2020, the Company assumed sponsorship for Voxbone S.A.’s U.S. defined contribution 401(k). In connection with that acquisition, the Company also assumed sponsorship for a non-U.S. defined contribution plan for which it pays fixed contributions into a separate entity. The Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current or prior periods. The contributions are recognized as employee benefit expense when they are due. The Company made matching contributions for the defined contribution plans of $1.7 million, $2.2 million, and $3.8 million for the years ended December 31, 2019, 2020 and 2021, respectively.

In addition, as a result of the acquisition of Voxbone S.A., the Company assumed sponsorship for Voxbone S.A.’s non-U.S. defined benefit pension plans. The liability recognized is the present value of the defined benefit obligation at the end of the reporting period less the fair value of the plan assets and is included in other liabilities in the accompanying consolidated balance sheets. The defined benefit obligation is calculated annually by an independent actuary using the Projected Unit Credit Method.

The following table summarizes information for the pension plans:


	As of December 31,
	2020		2021

	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	—	$	4,064
Service cost	75		396
Interest cost	3		21
Actuarial loss (gain)	15		(237)
Taxes, insurance premiums and administrative expenses	(9)		(55)
Acquisitions/plan mergers	3,980		—
Impact of foreign currency translation	—		(315)
Benefit obligation at end of year	$	4,064	$	3,874

Change in plan assets:
Fair value of plan assets at beginning of year	$	—	$	2,882
Return on plan assets	8		14
Actuarial gain	2		6
Employer contribution	57		335
Acquisitions/plan mergers	2,824		—
Taxes, insurance premiums and administrative expenses	(9)		(55)
Impact of foreign currency translation	—		(224)
Fair value of plan assets at end of year	2,882		2,958
Funded status, net liability	$	1,182	$	916

The following table presents the balance sheet location of the Company’s pension liability for the Company’s non-U.S. defined benefit pension plans:


	As of December 31,
	2020		2021

	(In thousands)
Other liabilities	$	1,182	$	916

The following table summarizes information for the Company’s pension plans with an accumulated benefit obligation in excess of plan assets:


	As of December 31,
	2020		2021

	(In thousands)
Projected benefit obligation	$	4,064	$	3,874
Accumulated benefit obligation	3,450		3,282
Fair value of plan assets	2,882		2,958

The Company reports the service cost component of net periodic benefit cost in the same line item as other compensation costs arising from the services rendered by the employee and records the other components of net periodic benefit cost in other expense, net.

Pretax amounts for net periodic benefit cost and other amounts for the defined benefit pension plans consisted of the following components:


	Year ended December 31,
	2020		2021

	(In thousands)
Service cost	$	75	$	396
Interest cost	3		21
Return on plan assets	(8)		(14)
Net periodic pension cost	70		403
Changes in plan assets and benefit obligations included in other comprehensive income (loss):
Unrecognized net actuarial loss beginning of year	—		17
Actuarial loss (gain) on benefit obligation	15		(237)
Actuarial loss (gain) on fair value of plan assets	2		(6)
Impact of foreign currency translation	—		(1)

Total included in other comprehensive income (loss) (before tax effect)	17		(227)
Total recognized in net periodic benefit cost and included in other comprehensive income (loss)	$	87	$	176

The Company uses significant judgment to determine the measurement of their non-U.S. defined benefit pension plans’ assets and liabilities. These amounts are calculated by an independent actuary. The present value of the defined benefit obligation depends on a number of factors that are determined on an actuarial basis using a number of assumptions. Any change in these assumptions will impact the present value of the defined benefit obligation.

The actuarial gains and losses recognized in the pension expense are determined using the so-called “10% corridor” method, i.e. actuarial gains and losses which exceed 10% of the higher of the plan assets and the projected benefit obligation are amortized on a straight line basis over the average remaining service period of the active plan participants. Any prior service costs are amortized on a straight line basis over the average remaining service period of the active plan participants.

The Company determines the appropriate discount rate at the end of each year. This is the interest rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. In determining the appropriate discount rate, the Company considers the interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related obligation. The other assumptions for pension obligations are based in part on market conditions.

Significant assumptions used in determining benefit obligations and net periodic benefit cost are as follows:


	Year ended December 31,
	2020		2021
Defined benefit obligations:
Discount rate	0.50	%	0.90	%
Rate of salary increase	4.07	%	4.27	%
Inflation	1.60	%	1.80	%

Defined benefit cost:
Discount rate	1.50	%	0.90	%
Rate of salary increase	4.37	%	4.27	%
Rate of return on plan assets	0.50	%	0.90	%
Inflation	1.90	%	1.80	%

Plan Assets

The Company’s non-U.S. defined benefit plans are insured by a third party. The investments are governed by the insurer, who oversees all investment decisions. The insurance contracts are classified as Level 2 because a portion of the underlying funds are valued using significant other observable inputs. The insurance contracts provide for a guaranteed interest credit and a profit-sharing adjustment based on the actual performance of the underlying investment assets of the insurer. The fair value of the contract is determined by the insurer based on the premiums paid by the Company plus interest credits plus the profit-sharing adjustment less benefit payments.

The major categories of plan assets are as follows:


	As of December 31,
	2020		2021

	(In thousands)
Assets held by:
Insurance companies (collective and individual)	$	2,882	$	2,958

Expected Cash Flows

The Company expects to contribute $0.3 million to its non-U.S. defined benefit pension plans during 2022.

The following table summarizes projected benefit payments from the Company’s pension plans through 2031, including benefits attributable to estimated future service:


	As of December 31,
	2021

	(In thousands)
2022	$	4
2023	4
2024	31
2025	4
2026	6
2027-2031	34
	$	83

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

15. Income Taxes

The following table presents domestic and foreign components of loss before income taxes for the tax years ended December 31, 2019, 2020 and 2021:


	Year Ended December 31,
	2019		2020		2021

	(In thousands)
United States	$	(15,229)	$	(25,745)	$	(27,547)
International	5		(3,227)		(3,648)
Loss before income taxes	$	(15,224)	$	(28,972)	$	(31,195)

Benefit (provision) for income taxes from operations consists of the following:


	Year Ended December 31,

	2019		2020		2021

	(In thousands)
Current:
Federal	$	81	$	431	$	(2,713)
State	132		(87)		(145)
Foreign	3		(1,083)		(1,627)
Total	216		(739)		(4,485)
Deferred:
Federal	15,205		(9,847)		(364)
State	2,297		(5,176)		—
Foreign	—		757		8,682
Total	17,502		(14,266)		8,318
Income tax benefit (provision)	$	17,718	$	(15,005)	$	3,833

The following table presents a reconciliation of the statutory federal tax rate and the Company's effective tax rate for the years ended December 31, 2019, 2020 and 2021:


	Year Ended December 31,
	2019		2020		2021
Federal Tax Rate	21.0	%	21.0	%	21.0	%
State Tax Rate	3.1		2.0		2.8
Non-deductible expenses	(1.6)		(9.2)		(4.4)
Research credit	7.2		10.5		6.2
Stock-based compensation	88.6		46.8		13.9
Change in valuation allowance	—		(123.4)		16.3
Deferred tax rate change	(0.3)		0.2		(0.2)
Voxbone US 338(g) gain	—		—		(8.9)
Intangibles and deferred adjustments	—		—		(40.2)
Foreign rate differential	—		—		1.3
Other	(1.6)		0.3		4.5
Total	116.4	%	(51.8)	%	12.3	%

The following table presents the significant components of the Company’s net deferred tax liability:


	As of December 31,
	2020		2021

	(In thousands)
Deferred tax assets:
Allowance for doubtful accounts	$	134	$	262
Accrued liabilities	3,478		3,412
Operating lease liabilities	4,878		3,456
Deferred revenue	1,702		1,880

Stock-based compensation - deferred tax asset	1,968		2,278
OID	9,433		8,848
Tax credits	7,270		9,214
Net operating losses	47,385		50,285
Other deferred tax assets	2,207		4,166
Total deferred tax assets	78,455		83,801
Less: valuation allowance	(37,771)		(32,224)
Net deferred tax assets	40,684		51,577
Deferred tax liabilities:
Property and equipment	8,038		7,813
Goodwill	989		1,130
Intangibles	60,667		49,470
Operating lease assets	4,092		2,860
Debt	27,766		38,411
Other liability	137		289
Total deferred tax liabilities	101,689		99,973
Net deferred tax liability	$	(61,005)	$	(48,396)

The Company’s accounting for deferred taxes involves the evaluation of a number of factors concerning the realizability of its net deferred tax assets. The Company primarily considered the historic performance of Bandwidth, the nature of the Company’s deferred tax assets and the timing, likelihood and amount, if any, of future taxable income during the periods in which those temporary differences and carryforwards become deductible. Based on an analysis of these factors, the Company maintained that in 2021 a valuation allowance against US deferred tax assets was required.

As of December 31, 2021, the Company had approximately $195.5 million in US federal net operating loss carryforwards, $5.6 million in UK loss carryforwards, and $9.2 million in federal tax credits. All US federal net operating loss carryforwards were generated after the enactment of the Tax Cuts and Jobs Act (the “Act”) and as such do not expire, but can only be utilized to offset up to 80% of taxable income in any given year. The federal tax credits start to expire at various dates beginning in 2032.

As of December 31, 2021, the Company had approximately $138.1 million in state net operating loss carryforwards. If not utilized, some state net operating loss carryforwards will expire at various dates beginning in 2023.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	Year Ended December 31,
	2020		2021

	(In thousands)
Unrecognized tax benefits—January 1,	$	1,398	$	2,414
Gross increases—tax positions in prior period	402		—

Gross increases—tax positions in current period	614		648


Unrecognized tax benefits—December 31,	$	2,414	$	3,062

If the $3.1 million of unrecognized tax benefit is recognized, it would not impact the effective tax rate due to the valuation allowance on the Company's net U.S. deferred tax assets.

The Company has not incurred any material tax interest or penalties with respect to income taxes in the years ended December 31, 2020 and 2021.

The Company expects no material changes in the twelve months following December 31, 2021 in its uncertain tax positions.

The Company files U.S. federal income tax returns as well as income tax returns in many U.S. states and foreign jurisdictions. The tax years 2018 - 2020 remain open to examination by the major jurisdictions in which the Company is subject to tax.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Parties	12 Months Ended
Related Parties	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Parties	16. Related Parties On April 20, 2015, the Company created a wholly owned subsidiary, Relay, Inc. (f/k/a Republic Wireless, Inc.) (“Relay”), which was incorporated in Delaware. On November 30, 2016, the Company completed a pro-rata distribution of the common stock of Relay to its stockholders of record as of the close of business (the “Spin-Off”). In connection with the Spin-Off on November 30, 2016, the Company and Relay entered into certain agreements in order to govern the ongoing relationships between the two companies after the Spin-Off and to provide for an orderly transition. The agreements include a Transition Services Agreement, Facilities Sharing Agreement, Tax Sharing Agreement, and Master Services Agreement. The equity holders of Bandwidth pre-initial public offering are comprised of substantially the same individuals and entities that are the equity owners of Relay. The Company has determined the equity owners of Relay are related parties of Bandwidth. The Company has certain involvement with Relay via ongoing services arrangements, with these ongoing services arrangements creating a variable interest in Relay. The Company assessed the relationship with Relay under guidance for variable interest entities (“VIE”). Because investors in Relay have disproportionate voting rights, the Company concluded that Relay is a VIE, but Bandwidth is not a primary beneficiary. The Company’s maximum exposure to loss relating to this VIE is limited to amounts due under the service agreements between the Company and Relay. The Company recorded a reduction of rent expense under the Facilities Sharing Agreement of $0.6 million, $0.4 million, and $0.4 million for the years ended December 31, 2019, 2020 and 2021, respectively, which is included in general and administrative expenses in the consolidated statements of operations. No amounts were due to the Company under the Facilities Sharing Agreement as of December 31, 2020 and December 31, 2021. The Tax Sharing Agreement governs rights and obligations after the Spin-Off regarding income taxes and other taxes, including tax liabilities and benefits, attributes, returns and contests. There were no amounts outstanding or payable under this agreement as of December 31, 2020 and December 31, 2021. The Master Services Agreement specifies certain wholesale telecommunications services to be provided by the Company. The agreement is cancellable at any time by either party. The Company provided telecommunication services to Relay of $2.6 million, $2.2 million, and $1.8 million for the years ended December 31, 2019, 2020 and 2021, respectively. The Company recognized such amounts as revenue in the accompanying consolidated statements of operations. As of December 31, 2020 and December 31, 2021, the Company had a receivable of $0.2 million and $0.1 million, respectively, under the Master Services Agreement. Subsequent to the expiration of the 180-day IPO blackout window on May 9, 2018, Relay employees that held Bandwidth stock options began exercising their options. Upon exercise, Bandwidth withholds the employee tax amounts due from the proceeds. Bandwidth had collected on behalf of, and remitted withholding tax to, Relay of $1.8 million, $1.4 million, and $0.4 million for the years ended December 31, 2019, 2020 and 2021, respectively. As of December 31, 2020 and December 31, 2021, the Company had no amounts that were due to Relay. On September 30, 2019, the Company entered into a services agreement with Relay. Pursuant to the terms of the new agreement, Relay receives services performed by the Company’s legal department, effective September 30, 2019. The Company is compensated by Relay for these services based on costs incurred by the Company. The Company received net compensation of less than $0.1 million for the years ended December 31, 2019 and 2021. The Company received net compensation of $0.1 million for the year ended December 31, 2020, which is included in general and administrative expenses in the consolidated statements of operations. As of December 31, 2020 and December 31, 2021, the Company had receivables of less than $0.1 million under this agreement.

Basic and Diluted Income (Loss) per Common Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Basic and Diluted Income (Loss) per Common Share

17. Basic and Diluted Income (Loss) per Common Share

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by giving effect to all potential shares of common stock, including stock options and stock related to unvested restricted stock awards.

The components of basic and diluted income (loss) per share are as follows:


	Year ended December 31,
		2019		2020		2021

		(In thousands, except share and per share amounts)
Earnings per share


Net income (loss) attributable to common stockholders		$	2,494	$	(43,977)	$	(27,362)
Net income (loss) per share:
Basic		$	0.11	$	(1.83)	$	(1.09)
Diluted		$	0.10	$	(1.83)	$	(1.09)














Weighted average number of common shares outstanding
Basic		22,640,461		24,092,574		25,090,916



Dilutive effect of stock options, restricted stock units, and warrants		1,283,316		—		—
Diluted		23,923,777		24,092,574		25,090,916

The following common share equivalents were excluded from the weighted average shares used to calculate net loss per common share because their effects would have been anti-dilutive:


	As of December 31,
	2019	2020	2021
Stock options issued and outstanding	—	255,000	180,209
Restricted stock units issued and outstanding	—	450,614	344,486
Convertible senior notes (1)	—	1,022,941	987,149
Total	—	1,728,555	1,511,844

________________________

(1) As of December 31, 2020 and December 31, 2021, the Company used the treasury stock method to calculate the dilutive impact of the 2026 and 2028 Convertible Notes because at that time the Company expected to settle the principal amount of these notes in cash and any excess in shares of the Company’s Class A common stock. As of December 31, 2020 and December 31, 2021, the conversion spread, calculated using the average market price of Class A common stock during the period consistent with the treasury stock method, had a dilutive impact for the 2026 Convertible Notes on diluted net income per share of Class A common stock when the average market price of the Company’s Class A common stock for a given period exceeded the conversion price of $91.03 per share. As of December 31, 2021, the conversion spread for the 2028 Convertible Notes was anti-dilutive as the average market price of the Company’s Class A common stock for a given period did not exceed the conversion price of $179.27 per share.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Reclassification

Principles of Consolidation

The consolidated financial statements include the accounts of Bandwidth Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

Revenue Recognition

Revenue recognition commences upon transfer of control of promised goods or services to customers in an amount that the Company expects to receive in exchange for those products or services.

The Company determines revenue recognition through the following steps:

•identification of the contract, or contracts, with a customer;

•identification of the performance obligations in the contract;

•determination of the transaction price;

•allocation of the transaction price to the performance obligations in the contract; and

•recognition of revenue, when, or as, the Company satisfies a performance obligation.

Nature of Products and Services

The remaining $5.1 million, $6.0 million and $7.3 million of CPaaS revenue for the years ended December 31, 2019, 2020 and 2021, respectively, are generated from other miscellaneous services.

Contract Assets and Liabilities

The following table provides information about receivables and contract liabilities from contracts with customers:


	As of December 31,
	2020		2021

	(In thousands)
Receivables (1)	$	55,243	$	61,572
Contract liabilities (2)	12,901		13,882

________________________

(1) Included in accounts receivable, net of allowance for doubtful accounts on the consolidated balance sheet.

(2) Included in current portion of deferred revenue and deferred revenue, net of current portion on the consolidated balance sheet.

Cost of Revenue

Research and Development

Sales and Marketing, General and Administrative

Sales and Marketing

General and Administrative

Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents

Restricted Cash

Accounts Receivable

Accounts Receivable and Current Expected Credit Losses

characteristics include customer size and historical loss patterns. Management has evaluated the expected credit losses related to trade accounts receivable and determined that allowances of approximately $1.2 million and $1.7 million for uncollectible accounts and customer balances that are disputed were required as of December 31, 2020 and December 31, 2021, respectively. Refer to Note 5, “Financial Statement Components” to these consolidated financial statements, for a rollforward of the components of the allowances as of December 31, 2020 and December 31, 2021.The Company includes unbilled receivables in its accounts receivable balance. Generally, these receivables represent earned revenue from services provided to customers, which will be billed in the next billing cycle. All amounts are considered collectible and billable.

Current Expected Credit Losses

Accounts Receivable and Current Expected Credit Losses

Concentration of Credit Risk

Property and Equipment, net


Computer hardware and software			1 to 7 years
Internal-use software development costs			4 to 7 years
Furniture and fixtures			2 to 5 years
Leasehold improvements			Shorter of the estimated lease term or 4 to 7 years

Maintenance and repairs are charged to expense as incurred.

Deferred Costs

Deferred CostsThe Company defers certain direct and incremental upfront costs related to the generation of a revenue stream or obtaining a new customer agreement. These costs include installment fees, activation and other telecommunication fees.

Internal-Use Software Development Costs

Debt Issuance Costs

Debt Issuance CostsThe Company incurs debt issuance costs associated with obtaining and entering into credit agreements and issuing convertible notes. These costs customarily include non-refundable structuring fees, commitment fees, up-front fees and syndication expenses. The Company has a policy of deferring and amortizing these costs based on the effective interest method over the term of the credit agreements or the convertible notes, as applicable.

Amortization of Intangibles

Amortization of IntangiblesIntangible assets determinable economic lives are carried at cost, less accumulated amortization. Amortization is computed over the estimated useful life of each asset on a straight-line basis. The Company determines the useful lives of identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors the Company considers when determining useful lives include the contractual term of any agreement related to the asset, the historical performance of the asset, the Company's long-term strategy for using the asset, any laws or other local regulations which could impact the useful life of the asset and other economic factors, including competition and specific market conditions. Intangible assets without determinable economic lives are carried at cost, not amortized and reviewed for impairment at least annually.

Goodwill

Impairment of Long-Lived Assets

Business Combinations

Advertising Costs

Advertising CostsThe Company expenses advertising costs as incurred.

Commissions

Share-Based Compensation

Stock-Based Compensation

Income Taxes

Operating Segments

Earnings per Share

Foreign currency translation

The Company has foreign operations with non-USD functional currencies. The Euro and British Pound are the primary functional currencies for the Company’s international operations.

functional currency. Foreign currency transaction gains and losses are recognized in current period earnings as incurred.

Fair Value of Financial Instruments

•Level 1. Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities;

•Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

•Level 3. Unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Comprehensive Income (Loss)

Recently Adopted Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Standards

Recent Accounting Pronouncements Not Yet Adopted

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Contract Assets and Liabilities

The following table provides information about receivables and contract liabilities from contracts with customers:


	As of December 31,
	2020		2021

	(In thousands)
Receivables (1)	$	55,243	$	61,572
Contract liabilities (2)	12,901		13,882

________________________

(1) Included in accounts receivable, net of allowance for doubtful accounts on the consolidated balance sheet.

(2) Included in current portion of deferred revenue and deferred revenue, net of current portion on the consolidated balance sheet.

Schedule of Property, and Equipment, Net


Computer hardware and software			1 to 7 years
Internal-use software development costs			4 to 7 years
Furniture and fixtures			2 to 5 years
Leasehold improvements			Shorter of the estimated lease term or 4 to 7 years

Property, plant and equipment, net consisted of the following:


	As of December 31,
	2020		2021

	(In thousands)
Furniture and fixtures	$	2,341	$	2,240
Computer and office equipment	4,077		5,419
Telecommunications equipment	60,651		76,963
Leasehold improvements	6,285		6,970
Software	3,901		6,942
Internal-use software development	19,968		22,917
Automobile	502		616
Land	—		17,269
Total cost	97,725		139,336
Less—accumulated depreciation	(46,080)		(69,732)
Total property, plant and equipment, net	$	51,645	$	69,604

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

The following table summarizes the assets measured at fair value as of December 31, 2020 and December 31, 2021:


				Fair value measurements on a recurring basis December 31, 2020
	Level 1	Level 2	Level 3	Total

				(In thousands)
Financial assets:
Cash and cash equivalents:
Money market account				$	57,517	$	—	$	—	$	57,517








Other investments:
Time deposits				40,000		—		—		40,000

Total financial assets				$	97,517	$	—	$	—	$	97,517


				Fair value measurements on a recurring basis December 31, 2021
	Level 1	Level 2	Level 3			Total

				(In thousands)
Financial assets:
Cash and cash equivalents:
Money market account				$	241,157		$	—	$	—	$	241,157












Total financial assets				$	241,157		$	—	$	—	$	241,157

Financial Statement Components (Tables)

12 Months Ended

Dec. 31, 2021

Financial Statement Components [Abstract]

Schedule of Accounts Receivable, Net, and Allowance for Doubtful Accounts

Accounts receivable, net of allowances consist of the following:


	As of December 31,
	2020		2021

	(In thousands)
Trade accounts receivable	$	26,504	$	31,036
Unbilled accounts receivable	27,692		31,786
Allowance for doubtful accounts and reserve for expected credit losses	(1,203)		(1,661)
Other accounts receivable	2,250		411
Total accounts receivable, net	$	55,243	$	61,572

Components of allowance for doubtful accounts and reserve for expected credit losses are as follows:


	Year ended December 31,
		2020		2021

		(In thousands)
Allowance for doubtful accounts:
Balance, beginning of period		$	(769)	$	(1,203)
Charged to bad debt expense		(1,322)		(913)
Deductions (1)		888		416
Impact of foreign currency translation		—		39



Balance, end of period		$	(1,203)	$	(1,661)

________________________

(1) Write off of uncollectible accounts after all collection efforts have been exhausted.

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	As of December 31,
	2020		2021

	(In thousands)
Accrued expense	$	31,549	$	31,264
Accrued compensation and benefits	19,534		19,042
Accrued sales, use, VAT and telecommunications related taxes	9,142		11,046

Current portion of finance lease	183		177

Other accrued expenses	2,657		4,392
Total accrued expenses and other current liabilities	$	63,065	$	65,921

Right-of-Use Asset and Lease Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Future Minimum Lease Receipts for Operating Lease

Future minimum sub-lease receipts required under the non-cancellable lease are as follows:


	As of December 31,
	2021

	(In thousands)

2022	$	249

Components of Lease Expense and Supplemental Cash Flow and Other Information

The components of lease expense recorded in general and administrative expenses in the consolidated statement of operations were as follows:


	Year ended December 31,
		2019		2020		2021

		(In thousands)
Operating lease cost		$	5,548	$	5,949	$	6,818
Finance lease cost:
Depreciation of assets		—		20		218
Interest on lease liabilities		—		2		18


Sublease income (1)		(643)		(384)		(384)
Total net lease cost		$	4,905	$	5,587	$	6,670

________________________

(1) See Note 16, “Related Parties” to these consolidated financial statements, for additional details on sublease income.

Supplemental cash flow and other information related to leases was as follows:


	Year ended December 31,
		2019			2020			2021

		(In thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	3,357		$	5,301		$	6,227

Financing cash flows from finance leases		—			28			212
		$	3,357		$	5,329		$	6,439

Weighted average remaining lease term (in years)
Operating leases		4.35			3.79			2.95
Finance leases		—			2.99			2.44

Weighted average discount rate
Operating leases		4.98		%	4.81		%	4.78		%
Finance leases		—		%	4.00		%	3.91		%

Schedule of Supplemental Balance Sheet Lease Information

Supplemental balance sheet information related to leases was as follows:


		As of December 31,
Leases	Classification	2020		2021

		(In thousands)
Assets:
Operating lease assets	Operating right-of-use asset, net (1)	$	19,491	$	14,061
Finance lease assets	Property, plant and equipment, net (2)	464		373
Total leased assets		$	19,955	$	14,434

Liabilities:
Current
Operating	Operating lease liability, current	$	5,515	$	5,807
Finance	Accrued expenses and other current liabilities	183		177
Non-current
Operating	Operating lease liability, net of current portion	17,202		10,958
Finance	Other liabilities	282		202
Total lease liabilities		$	23,182	$	17,144

________________________

(1) Operating lease assets are recorded net of accumulated amortization of $9.1 million and $14.8 million as of December 31, 2020 and December 31, 2021, respectively.

(2) Finance lease assets are recorded net of accumulated depreciation of $0.0 million and $0.2 million as of December 31, 2020 and December 31, 2021, respectively.

Schedule of Maturities of Operating Lease Liabilities

Maturities of lease liabilities were as follows:


	As of December 31, 2021
	Operating Leases		Finance Leases

	(In thousands)

2022	$	6,422	$	191
2023	6,601		121
2024	2,649		75
2025	1,623		10
2026	692		—

Total lease payments	17,987		397
Less: imputed interest	(1,222)		(18)

Total lease obligations	16,765		379
Less: current obligations	(5,807)		(177)
Long-term lease obligations	$	10,958	$	202

Schedule of Maturities of Finance Lease Liabilities

Maturities of lease liabilities were as follows:


	As of December 31, 2021
	Operating Leases		Finance Leases

	(In thousands)

2022	$	6,422	$	191
2023	6,601		121
2024	2,649		75
2025	1,623		10
2026	692		—

Total lease payments	17,987		397
Less: imputed interest	(1,222)		(18)

Total lease obligations	16,765		379
Less: current obligations	(5,807)		(177)
Long-term lease obligations	$	10,958	$	202

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net


Computer hardware and software			1 to 7 years
Internal-use software development costs			4 to 7 years
Furniture and fixtures			2 to 5 years
Leasehold improvements			Shorter of the estimated lease term or 4 to 7 years

Property, plant and equipment, net consisted of the following:


	As of December 31,
	2020		2021

	(In thousands)
Furniture and fixtures	$	2,341	$	2,240
Computer and office equipment	4,077		5,419
Telecommunications equipment	60,651		76,963
Leasehold improvements	6,285		6,970
Software	3,901		6,942
Internal-use software development	19,968		22,917
Automobile	502		616
Land	—		17,269
Total cost	97,725		139,336
Less—accumulated depreciation	(46,080)		(69,732)
Total property, plant and equipment, net	$	51,645	$	69,604

Schedule of Depreciation Expense

The Company recognized depreciation expense, which includes amortization of capitalized software development costs, as follows:


	Year ended December 31,
		2019		2020		2021

		(In thousands)
Cost of revenue		$	6,583	$	9,536	$	12,051
Research and development		268		670		1,189
Sales and marketing		112		120		124
General and administrative		2,055		2,811		4,159
Total depreciation expense		$	9,018	$	13,137	$	17,523

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill

The changes in carrying amount of goodwill were as follows:


	Total

	(In thousands)
Balance as of December 31, 2019	$	6,867
Goodwill additions related to 2020 acquisition	346,564
Impact of foreign currency translation	18,808
Balance as of December 31, 2020	372,239
Measurement period adjustment	999
Impact of foreign currency translation	(28,815)
Balance as of December 31, 2021	$	344,423

Schedule of Finite Lived Intangible Assets

Intangible assets, net consisted of the following as of December 31, 2020:


	Gross Amount		Accumulated Amortization		Net Carrying Value		Amortization Period

	(In thousands)						(In years)
Customer relationships	$	166,955	$	(6,850)	$	160,105	15 - 20



Developed technology	89,439		(2,253)		87,186		10
Other, definite lived	3,158		(3,158)		—		2 - 7
Licenses, indefinite lived	764		—		764		Indefinite







Total intangible assets, net	$	260,316	$	(12,261)	$	248,055

Intangible assets, net consisted of the following as of December 31, 2021:


	Gross Amount		Accumulated Amortization		Net Carrying Value		Amortization Period

	(In thousands)						(In years)
Customer relationships	$	155,081	$	(16,861)	$	138,220	15 - 20



Developed technology	82,548		(10,315)		72,233		10
Other, definite lived	3,158		(3,158)		—		2 - 7
Licenses, indefinite lived	764		—		764		Indefinite







Total intangible assets, net	$	241,551	$	(30,334)	$	211,217

Schedule of Infinite Lived Intangible Assets

Intangible assets, net consisted of the following as of December 31, 2020:


	Gross Amount		Accumulated Amortization		Net Carrying Value		Amortization Period

	(In thousands)						(In years)
Customer relationships	$	166,955	$	(6,850)	$	160,105	15 - 20



Developed technology	89,439		(2,253)		87,186		10
Other, definite lived	3,158		(3,158)		—		2 - 7
Licenses, indefinite lived	764		—		764		Indefinite







Total intangible assets, net	$	260,316	$	(12,261)	$	248,055

Intangible assets, net consisted of the following as of December 31, 2021:


	Gross Amount		Accumulated Amortization		Net Carrying Value		Amortization Period

	(In thousands)						(In years)
Customer relationships	$	155,081	$	(16,861)	$	138,220	15 - 20



Developed technology	82,548		(10,315)		72,233		10
Other, definite lived	3,158		(3,158)		—		2 - 7
Licenses, indefinite lived	764		—		764		Indefinite







Total intangible assets, net	$	241,551	$	(30,334)	$	211,217

Schedule of Amortization Expense

The Company recognized amortization expense as follows:


	Year ended December 31,
		2019		2020		2021

		(In thousands)
Cost of revenue		$	—	$	1,445	$	8,543


General and administrative		520		2,221		10,576
Total amortization expense		$	520	$	3,666	$	19,119

Schedule of Future Estimated Amortization Expense

Future estimated amortization expense for definite lived intangible assets is as follows:


	As of December 31,
	2021

	(In thousands)

2022	$	18,344
2023	18,344
2024	18,344
2025	18,344
2026	18,344

Thereafter	118,733
	$	210,453

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Net Carrying Amount of Liability and Equity Component of Notes

The net carrying amount of the liability components of the 2026 and 2028 Convertible Notes were as follows:


	As of December 31,
	2020		2021

2026 Convertible Notes:	(In thousands)
Principal	$	400,000	$	400,000
Unamortized discount	(110,546)		(92,034)
Unamortized debt issuance costs	(7,258)		(6,043)
2026 Convertible Notes net carrying amount	$	282,196	$	301,923

2028 Convertible Notes:
Principal	$	—	$	250,000
Unamortized discount	—		(60,488)
Unamortized debt issuance costs	—		(4,995)
2028 Convertible Notes net carrying amount	$	—	$	184,517
Total net carrying amount	$	282,196	$	486,440

The net carrying amount of the equity components of the 2026 and 2028 Convertible Notes were as follows:


	As of December 31,
	2020		2021

2026 Convertible Notes:	(In thousands)
Proceeds allocated to the conversion options (debt discount)	$	125,152	$	125,152
Issuance costs	(3,742)		(3,742)
2026 Convertible Notes net carrying amount	$	121,410	$	121,410

2028 Convertible Notes:
Proceeds allocated to the conversion options (debt discount)	$	—	$	66,908
Issuance costs	—		(2,019)
2028 Convertible Notes net carrying amount	$	—	$	64,889
Total net carrying amount	$	121,410	$	186,299

Schedule of Interest Income and Interest Expense Disclosure

The following table sets forth the interest expense recognized related to the 2026 and 2028 Convertible Notes:


	Year ended December 31,
		2020		2021

2026 Convertible Notes:		(In thousands)
Contractual interest expense		$	841	$	1,000
Amortization of debt discount		14,606		18,505
Amortization of debt issuance costs		959		1,214
Total interest expense related to the 2026 Convertible Notes		$	16,406	$	20,719

2028 Convertible Notes:
Contractual interest expense		$	—	$	991
Amortization of debt discount		—		6,419
Amortization of debt issuance costs		—		532
Total interest expense related to the 2028 Convertible Notes		$	—	$	7,942
Total interest expense		$	16,406	$	28,661

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Information


	Year ended December 31,
		2019		2020		2021

		(In thousands)
CPaaS
Revenue		$	197,944	$	298,090	$	413,948
Cost of revenue		110,343		160,706		217,403
Gross profit		$	87,601	$	137,384	$	196,545
Other
Revenue		$	34,650	$	45,023	$	76,959
Cost of revenue		14,616		24,546		54,981
Gross profit		$	20,034	$	20,477	$	21,978
Consolidated
Revenue		$	232,594	$	343,113	$	490,907
Cost of revenue		124,959		185,252		272,384
Gross profit		$	107,635	$	157,861	$	218,523

Schedule of Revenue by Geographical Area

The Company generates its revenue primarily in the United States. Revenue by geographic area is detailed in the table below (which is determined based on the customer billing address):


	Year ended December 31,
		2019		2020		2021

		(In thousands)
CPaaS
United States		$	192,506	$	281,757	$	364,412
International		5,438		16,333		49,536
Total		$	197,944	$	298,090	$	413,948

Other
United States		$	33,664	$	42,692	$	69,051
International		986		2,331		7,908
Total		$	34,650	$	45,023	$	76,959

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Reserved Shares of Common Stock for Issuance

The Company had reserved shares of Class A common stock for issuance under stock-based award agreements as follows:


	As of December 31,
	2020	2021
Stock options issued and outstanding	255,000	180,209
Nonvested restricted stock units issued and outstanding	450,614	344,486
Stock-based awards available for grant under the 2017 Plan	2,020,342	3,060,674
	2,725,956	3,585,369

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65888546&loc=d3e21300-112643

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
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+ Details

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following summarizes the stock option activity for the period presented:


	Number of options outstanding	Weighted- average exercise price (Per share)		Weighted- average remaining contract life (In years)	Aggregate intrinsic value (In thousands)
Outstanding as of December 31, 2020	255,000	$	10.82	4.42	$	36,426
Granted	—	—
Exercised	(73,985)	12.47
Forfeited or cancelled	(806)	10.49
Outstanding as of December 31, 2021	180,209	$	10.14	3.39	$	11,104

Options vested and exercisable at December 31, 2021	180,209	$	10.14	3.39	$	11,104
Options vested and expected to vest as of December 31, 2021	180,209	$	10.14	3.39	$	11,104


	Year ended December 31,
		2019		2020		2021

		(In thousands)
Aggregate intrinsic value of stock options exercised		$	57,159	$	54,088	$	9,297
Total estimated grant date fair value of options vested		729		416		247

Schedule of Restricted Stock Unit Activity

The following summarizes the RSU activity for the period presented:


	Number of awards outstanding	Weighted-average grant date fair value (Per share)
Nonvested RSUs as of December 31, 2020	450,614	$	51.58
Granted	154,360	143.31
Vested	(186,502)	67.40
Forfeited or cancelled	(73,986)	74.84
Nonvested RSUs as of December 31, 2021	344,486	$	82.38

Schedule of Stock-Based Compensation Expense

The Company recognized total stock-based compensation expense as follows:


	Year ended December 31,
		2019		2020		2021

		(In thousands)
Cost of revenue		$	211	$	208	$	252
Research and development		1,461		2,118		2,648
Sales and marketing		1,199		1,525		1,890
General and administrative		3,755		6,030		9,747
Total		$	6,626	$	9,881	$	14,537

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Projected Benefit Obligation and Plan Assets Changes

The following table summarizes information for the pension plans:


	As of December 31,
	2020		2021

	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	—	$	4,064
Service cost	75		396
Interest cost	3		21
Actuarial loss (gain)	15		(237)
Taxes, insurance premiums and administrative expenses	(9)		(55)
Acquisitions/plan mergers	3,980		—
Impact of foreign currency translation	—		(315)
Benefit obligation at end of year	$	4,064	$	3,874

Change in plan assets:
Fair value of plan assets at beginning of year	$	—	$	2,882
Return on plan assets	8		14
Actuarial gain	2		6
Employer contribution	57		335
Acquisitions/plan mergers	2,824		—
Taxes, insurance premiums and administrative expenses	(9)		(55)
Impact of foreign currency translation	—		(224)
Fair value of plan assets at end of year	2,882		2,958
Funded status, net liability	$	1,182	$	916

The following table presents the balance sheet location of the Company’s pension liability for the Company’s non-U.S. defined benefit pension plans:


	As of December 31,
	2020		2021

	(In thousands)
Other liabilities	$	1,182	$	916

Schedule of Defined Benefit Plan With Accumulated Benefit Obligation in Excess of Plan Assets

The following table summarizes information for the Company’s pension plans with an accumulated benefit obligation in excess of plan assets:


	As of December 31,
	2020		2021

	(In thousands)
Projected benefit obligation	$	4,064	$	3,874
Accumulated benefit obligation	3,450		3,282
Fair value of plan assets	2,882		2,958

Schedule of Accumulated Benefit Obligation in Excess of Plan Assets

Pretax amounts for net periodic benefit cost and other amounts for the defined benefit pension plans consisted of the following components:


	Year ended December 31,
	2020		2021

	(In thousands)
Service cost	$	75	$	396
Interest cost	3		21
Return on plan assets	(8)		(14)
Net periodic pension cost	70		403
Changes in plan assets and benefit obligations included in other comprehensive income (loss):
Unrecognized net actuarial loss beginning of year	—		17
Actuarial loss (gain) on benefit obligation	15		(237)
Actuarial loss (gain) on fair value of plan assets	2		(6)
Impact of foreign currency translation	—		(1)

Total included in other comprehensive income (loss) (before tax effect)	17		(227)
Total recognized in net periodic benefit cost and included in other comprehensive income (loss)	$	87	$	176

Schedule Significant Pension Benefit Costs Assumptions

Significant assumptions used in determining benefit obligations and net periodic benefit cost are as follows:


	Year ended December 31,
	2020		2021
Defined benefit obligations:
Discount rate	0.50	%	0.90	%
Rate of salary increase	4.07	%	4.27	%
Inflation	1.60	%	1.80	%

Defined benefit cost:
Discount rate	1.50	%	0.90	%
Rate of salary increase	4.37	%	4.27	%
Rate of return on plan assets	0.50	%	0.90	%
Inflation	1.90	%	1.80	%

Schedule of Major Categories of Plan Assets

The major categories of plan assets are as follows:


	As of December 31,
	2020		2021

	(In thousands)
Assets held by:
Insurance companies (collective and individual)	$	2,882	$	2,958

Schedule of Estimated Future Pension and Postretirement Benefit Payments

The following table summarizes projected benefit payments from the Company’s pension plans through 2031, including benefits attributable to estimated future service:


	As of December 31,
	2021

	(In thousands)
2022	$	4
2023	4
2024	31
2025	4
2026	6
2027-2031	34
	$	83

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of Income (Loss)

The following table presents domestic and foreign components of loss before income taxes for the tax years ended December 31, 2019, 2020 and 2021:


	Year Ended December 31,
	2019		2020		2021

	(In thousands)
United States	$	(15,229)	$	(25,745)	$	(27,547)
International	5		(3,227)		(3,648)
Loss before income taxes	$	(15,224)	$	(28,972)	$	(31,195)

Schedule of (Provision) Benefit for Income Taxes from Continuing Operations

Benefit (provision) for income taxes from operations consists of the following:


	Year Ended December 31,

	2019		2020		2021

	(In thousands)
Current:
Federal	$	81	$	431	$	(2,713)
State	132		(87)		(145)
Foreign	3		(1,083)		(1,627)
Total	216		(739)		(4,485)
Deferred:
Federal	15,205		(9,847)		(364)
State	2,297		(5,176)		—
Foreign	—		757		8,682
Total	17,502		(14,266)		8,318
Income tax benefit (provision)	$	17,718	$	(15,005)	$	3,833

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of the statutory federal tax rate and the Company's effective tax rate for the years ended December 31, 2019, 2020 and 2021:


	Year Ended December 31,
	2019		2020		2021
Federal Tax Rate	21.0	%	21.0	%	21.0	%
State Tax Rate	3.1		2.0		2.8
Non-deductible expenses	(1.6)		(9.2)		(4.4)
Research credit	7.2		10.5		6.2
Stock-based compensation	88.6		46.8		13.9
Change in valuation allowance	—		(123.4)		16.3
Deferred tax rate change	(0.3)		0.2		(0.2)
Voxbone US 338(g) gain	—		—		(8.9)
Intangibles and deferred adjustments	—		—		(40.2)
Foreign rate differential	—		—		1.3
Other	(1.6)		0.3		4.5
Total	116.4	%	(51.8)	%	12.3	%

Schedule of Significant Components of Deferred Tax Assets and Liabilities

The following table presents the significant components of the Company’s net deferred tax liability:


	As of December 31,
	2020		2021

	(In thousands)
Deferred tax assets:
Allowance for doubtful accounts	$	134	$	262
Accrued liabilities	3,478		3,412
Operating lease liabilities	4,878		3,456
Deferred revenue	1,702		1,880

Stock-based compensation - deferred tax asset	1,968		2,278
OID	9,433		8,848
Tax credits	7,270		9,214
Net operating losses	47,385		50,285
Other deferred tax assets	2,207		4,166
Total deferred tax assets	78,455		83,801
Less: valuation allowance	(37,771)		(32,224)
Net deferred tax assets	40,684		51,577
Deferred tax liabilities:
Property and equipment	8,038		7,813
Goodwill	989		1,130
Intangibles	60,667		49,470
Operating lease assets	4,092		2,860
Debt	27,766		38,411
Other liability	137		289
Total deferred tax liabilities	101,689		99,973
Net deferred tax liability	$	(61,005)	$	(48,396)

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	Year Ended December 31,
	2020		2021

	(In thousands)
Unrecognized tax benefits—January 1,	$	1,398	$	2,414
Gross increases—tax positions in prior period	402		—

Gross increases—tax positions in current period	614		648


Unrecognized tax benefits—December 31,	$	2,414	$	3,062

Basic and Diluted Income (Loss) per Common Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The components of basic and diluted income (loss) per share are as follows:


	Year ended December 31,
		2019		2020		2021

		(In thousands, except share and per share amounts)
Earnings per share


Net income (loss) attributable to common stockholders		$	2,494	$	(43,977)	$	(27,362)
Net income (loss) per share:
Basic		$	0.11	$	(1.83)	$	(1.09)
Diluted		$	0.10	$	(1.83)	$	(1.09)














Weighted average number of common shares outstanding
Basic		22,640,461		24,092,574		25,090,916



Dilutive effect of stock options, restricted stock units, and warrants		1,283,316		—		—
Diluted		23,923,777		24,092,574		25,090,916

Schedule of Anti-dilutive Common Shares Excluded from Calculation of Net Loss

The following common share equivalents were excluded from the weighted average shares used to calculate net loss per common share because their effects would have been anti-dilutive:


	As of December 31,
	2019	2020	2021
Stock options issued and outstanding	—	255,000	180,209
Restricted stock units issued and outstanding	—	450,614	344,486
Convertible senior notes (1)	—	1,022,941	987,149
Total	—	1,728,555	1,511,844

________________________

Organization and Description of Business (Details)	12 Months Ended
Organization and Description of Business (Details)	Dec. 31, 2021 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	2
Number of reportable segments	2

Summary of Significant Accounting Policies - Use of Estimates (Details)	Jul. 01, 2020	Jun. 30, 2020	Dec. 31, 2021	Jan. 01, 2020
Internal-use software development
Change in Accounting Estimate [Line Items]
Property and equipment, useful life	4 years	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Change in Accounting Estimate [Line Items]
Remaining performance obligation period			12 months
Estimated period of benefit for nonrefundable upfront fees \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Change in Accounting Estimate [Line Items]
Remaining performance obligation period				3 years
Estimated period of benefit for nonrefundable upfront fees \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Change in Accounting Estimate [Line Items]
Remaining performance obligation period				4 years

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Revenue	$ 490,907	$ 343,113	$ 232,594
Recognized revenue	5,700
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Concentration Risk [Line Items]
Remaining performance obligation, amount	$ 6,200
Remaining performance obligation period	12 months
CPaaS, Usage-Based Fees
Concentration Risk [Line Items]
Revenue	$ 319,000	219,800	131,600
Other, Usage-Based Fees
Concentration Risk [Line Items]
Revenue	73,500	40,800	29,000
CPaaS, Service Fees
Concentration Risk [Line Items]
Revenue	87,600	72,300	61,200
Other, Service Fees
Concentration Risk [Line Items]
Revenue	3,500	4,200	5,600
Other miscellaneous services
Concentration Risk [Line Items]
Revenue	$ 7,300	$ 6,000	$ 5,100

Summary of Significant Accounting Policies - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Receivables	$ 61,572	$ 55,243
Contract liabilities	$ 13,882	$ 12,901

Summary of Significant Accounting Policies - Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 1,661	$ 1,203
Unbilled accounts receivable	$ 31,786	$ 27,692

Summary of Significant Accounting Policies - Accounts Receivable and Current Expected Credit Losses and Concentration of Credit Risk and Deferred Revenue and Customer Deposits (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Customer One \| Customer \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	11.00%

Summary of Significant Accounting Policies - Property and Equipment, net, Deferred Costs and Internal-Use Software Development Costs (Details)			12 Months Ended
	Jul. 01, 2020	Jun. 30, 2020	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Capitalized contract cost, amortization period			4 years
Computer hardware and software \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life			1 year
Computer hardware and software \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life			7 years
Internal-use software development costs
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	4 years	3 years
Internal-use software development costs \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life			4 years
Capitalized contract cost, amortization period			4 years
Internal-use software development costs \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life			7 years
Capitalized contract cost, amortization period			7 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life			2 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life			5 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life			4 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life			7 years

Summary of Significant Accounting Policies - Goodwill, Advertising Costs, Stock-Based Compensation, Operating Segments, Foreign Currency Translation (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Accounting Policies [Abstract]
Number of reporting units \| segment	2
Goodwill	$ 344,423,000	$ 372,239,000	$ 6,867,000
Goodwill impairment charges	0	0	0
Advertising costs	$ 1,800,000	1,600,000	1,500,000
Service period	4 years
Number of operating segments \| segment	2
Number of reportable segments \| segment	2
Foreign currency transaction gains (less than)	$ 100,000	$ 100,000	$ 100,000

Business Combination (Details) $ in Thousands, € in Millions			12 Months Ended
	Nov. 02, 2020 USD ($)	Nov. 02, 2020 EUR (€)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Measurement period adjustment			$ 999
Voxbone
Business Acquisition [Line Items]
Total purchase consideration \| €		€ 446
Fair value of cash paid	$ 400,000	338
Measurement period adjustment			1,000
Increase in accrued expenses and other current liabilities			1,000
Holdback release payment			7,600
Holdback released from escrow			7,400
Interest earned			$ 200
Voxbone \| Common stock
Business Acquisition [Line Items]
Fair value of Bandwidth common stock issued	$ 128,000	€ 108

Fair Value Measurements - Assets Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 241,157	$ 97,517
Money market account
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	241,157	57,517
Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total other investments		40,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	241,157	97,517
Level 1 \| Money market account
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	241,157	57,517
Level 1 \| Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total other investments		40,000
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Level 2 \| Money market account
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 2 \| Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total other investments		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Level 3 \| Money market account
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 0	0
Level 3 \| Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total other investments		$ 0

Fair Value Measurements - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Maturities of marketable securities	$ 0	$ 0	$ 69,000,000
Proceeds from sale of marketable securities			17,500,000
Gain on sale of marketable securities (less than)	0	0	4,000
Interest earned on marketable securities (less than)	100,000	100,000	$ 100,000
Pension Plan
Debt Instrument [Line Items]
Fair value of plan assets	3,000,000	2,900,000
Convertible notes \| 0.25% Convertible senior notes due 2026
Debt Instrument [Line Items]
Fair value	427,100,000	$ 716,300,000
Convertible notes \| 0.50% Convertible senior notes due 2028
Debt Instrument [Line Items]
Fair value	$ 194,200,000

Financial Statement Components - Accounts Receivable, Net of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial Statement Components [Abstract]
Trade accounts receivable	$ 31,036	$ 26,504
Unbilled accounts receivable	31,786	27,692
Allowance for doubtful accounts and reserve for expected credit losses	(1,661)	(1,203)
Other accounts receivable	411	2,250
Total accounts receivable, net	$ 61,572	$ 55,243

Financial Statement Components - Allowance For Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance, beginning of period	$ (1,203)	$ (769)
Charged to bad debt expense	(913)	(1,322)
Deductions	416	888
Impact of foreign currency translation	39	0
Balance, end of period	$ (1,661)	$ (1,203)

Financial Statement Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial Statement Components [Abstract]
Accrued expense	$ 31,264	$ 31,549
Accrued compensation and benefits	19,042	19,534
Accrued sales, use, VAT and telecommunications related taxes	11,046	9,142
Current portion of finance lease	177	183
Other accrued expenses	4,392	2,657
Total accrued expenses and other current liabilities	$ 65,921	$ 63,065

Right-of-Use Asset and Lease Liabilities - Additional Information (Details)				12 Months Ended
	Jun. 05, 2021 USD ($) a	Jun. 04, 2021 USD ($) a	May 27, 2021 USD ($) ft² lease	Dec. 31, 2021 USD ($) ft² lease	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Option to extend, term				5 years
Number of leases with early-termination option \| lease				1
Short-term operating lease expense				$ 1,300,000	$ 200,000	$ 0
Consideration for the proposed Land purchase				30,017,000	0	0
Proceeds from sale of land				17,462,000	0	0
Lease incentive				4,700,000
Right-of-use assets obtained in exchange for new operating lease liabilities				526,000	$ 3,105,000	$ 4,528,000
Asset retirement obligation				$ 200,000
Lease not yet commenced
Lessee, Lease, Description [Line Items]
Lease term				20 years
Number of option to extend \| lease			2	2
Term of option to extend			10 years	10 years
Total available extensions				20 years
Office space (in square foot) \| ft²			534,000
Term of lease			20 years
Market rental rate			100.00%
Escrow to fund			$ 3,000,000
Right-of-use assets obtained in exchange for new operating lease liabilities				$ 0
Lease not yet commenced \| Developer
Lessee, Lease, Description [Line Items]
Security deposit			$ 2,500,000
Property
Lessee, Lease, Description [Line Items]
Land (acres) \| a	17.06	40
Consideration for the proposed Land purchase		$ 30,000,000
Estimated cost of construction		$ 7,800,000
Property \| Developer
Lessee, Lease, Description [Line Items]
Area of land sold \| a	23.76
Proceeds from sale of land	$ 17,500,000
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term				6 months
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term				5 years
Relay, Inc
Lessee, Lease, Description [Line Items]
Sublease \| ft²				17,073

Right-of-Use Asset and Lease Liabilities - Future Minimum Sub-lease Receipts (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 249

Right-of-Use Asset and Lease Liabilities - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 6,818	$ 5,949	$ 5,548
Depreciation of assets	218	20	0
Interest on lease liabilities	18	2	0
Sublease income	(384)	(384)	(643)
Total net lease cost	$ 6,670	$ 5,587	$ 4,905

Right-of-Use Asset and Lease Liabilities - Supplemental Balance Sheet Lease Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Operating lease assets	$ 14,061	$ 19,491
Finance lease assets	373	464
Total leased assets	14,434	19,955
Current
Operating	5,807	5,515
Finance	177	183
Non-current
Operating	10,958	17,202
Finance	202	282
Total lease liabilities	$ 17,144	$ 23,182
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Accumulated amortization	$ 14,800	$ 9,100
Accumulated depreciation of assets under finance leases	$ 200	$ 0

Right-of-Use Asset and Lease Liabilities - Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 6,227	$ 5,301	$ 3,357
Financing cash flows from finance leases	212	28	0
Lease liabilities	$ 6,439	$ 5,329	$ 3,357
Weighted average remaining lease term (in years)
Operating leases	2 years 11 months 12 days	3 years 9 months 14 days	4 years 4 months 6 days
Finance leases	2 years 5 months 8 days	2 years 11 months 26 days	0 years
Weighted average discount rate
Operating leases	4.78%	4.81%	4.98%
Finance leases	3.91%	4.00%	0.00%

Right-of-Use Asset and Lease Liabilities - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
2022	$ 6,422
2023	6,601
2024	2,649
2025	1,623
2026	692
Total lease payments	17,987
Less: imputed interest	(1,222)
Total lease obligations	16,765
Less: current obligations	(5,807)	$ (5,515)
Long-term lease obligations	10,958	17,202
Finance Leases
2022	191
2023	121
2024	75
2025	10
2026	0
Total lease payments	397
Less: imputed interest	(18)
Total lease obligations	379
Less: current obligations	(177)	(183)
Long-term lease obligations	$ 202	$ 282

Property, Plant and Equipment - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total cost	$ 139,336	$ 97,725
Less—accumulated depreciation	(69,732)	(46,080)
Total property, plant and equipment, net	69,604	51,645
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total cost	2,240	2,341
Computer and office equipment
Property, Plant and Equipment [Line Items]
Total cost	5,419	4,077
Telecommunications equipment
Property, Plant and Equipment [Line Items]
Total cost	76,963	60,651
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total cost	6,970	6,285
Software
Property, Plant and Equipment [Line Items]
Total cost	6,942	3,901
Internal-use software development
Property, Plant and Equipment [Line Items]
Total cost	22,917	19,968
Automobile
Property, Plant and Equipment [Line Items]
Total cost	616	502
Land
Property, Plant and Equipment [Line Items]
Total cost	$ 17,269	$ 0

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions			12 Months Ended
	Jul. 01, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Unamortized software development costs			$ 7.5	$ 6.0
Capitalized software development costs, additions			3.9	2.3	$ 3.6
Amortization of capitalized software development costs			1.8	2.0	2.0
Capitalized implementation costs related to cloud computing arrangements			0.4
Cost of assets under finance leases			0.6	0.5
Accumulated depreciation of assets under finance leases			0.2	0.0
Capitalized software impairments			0.5	$ 0.2	$ 0.3
Prepaid expenses and other current assets
Property, Plant and Equipment [Line Items]
Capitalized implementation costs related to cloud computing arrangements			0.1
Other long-term assets
Property, Plant and Equipment [Line Items]
Capitalized implementation costs related to cloud computing arrangements			$ 0.3
Internal-use software development
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	4 years	3 years

Property, Plant and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Depreciation Expense [Line Items]
Total depreciation expense	$ 17,523	$ 13,137	$ 9,018
Cost of revenue
Depreciation Expense [Line Items]
Total depreciation expense	12,051	9,536	6,583
Research and development
Depreciation Expense [Line Items]
Total depreciation expense	1,189	670	268
Sales and marketing
Depreciation Expense [Line Items]
Total depreciation expense	124	120	112
General and administrative
Depreciation Expense [Line Items]
Total depreciation expense	$ 4,159	$ 2,811	$ 2,055

Goodwill and Intangible Assets - Summary of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Beginning balance	$ 372,239	$ 6,867
Goodwill additions related to 2020 acquisition		346,564
Measurement period adjustment	999
Impact of foreign currency translation	(28,815)	18,808
Ending balance	$ 344,423	$ 372,239

Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (30,334)	$ (12,261)
Finite-lived intangible assets, net	210,453
Gross Amount	241,551	260,316
Net Carrying Value	211,217	248,055
Licenses, indefinite lived
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Licenses, indefinite lived	764	764
Customer relationships
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Finite-lived intangible assets, gross	155,081	166,955
Accumulated Amortization	(16,861)	(6,850)
Finite-lived intangible assets, net	$ 138,220	$ 160,105
Customer relationships \| Minimum
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization Period	15 years	15 years
Customer relationships \| Maximum
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization Period	20 years	20 years
Developed technology
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Finite-lived intangible assets, gross	$ 82,548	$ 89,439
Accumulated Amortization	(10,315)	(2,253)
Finite-lived intangible assets, net	$ 72,233	$ 87,186
Amortization Period	10 years	10 years
Other, definite lived
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Finite-lived intangible assets, gross	$ 3,158	$ 3,158
Accumulated Amortization	(3,158)	(3,158)
Finite-lived intangible assets, net	$ 0	$ 0
Other, definite lived \| Minimum
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization Period	2 years	2 years
Other, definite lived \| Maximum
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization Period	7 years	7 years

Goodwill and Intangible Assets - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average useful life	12 years

Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Total amortization expense	$ 19,119	$ 3,666	$ 520
Cost of revenue
Goodwill [Line Items]
Total amortization expense	8,543	1,445	0
General and administrative
Goodwill [Line Items]
Total amortization expense	$ 10,576	$ 2,221	$ 520

Goodwill and Intangible Assets - Future Estimated Amortization Expense (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 18,344
2023	18,344
2024	18,344
2025	18,344
2026	18,344
Thereafter	118,733
Finite-lived intangible assets, net	$ 210,453

Debt - Revolving Loan (Details) - USD ($)	Dec. 31, 2021	May 25, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Outstanding unamortized loan fees	$ 0		$ 100,000
Credit Facility
Debt Instrument [Line Items]
Borrowing capacity		$ 25,000,000
Long-term debt			$ 0

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Debt - 2026 Convertible Notes (Details)			3 Months Ended
Debt - 2026 Convertible Notes (Details)	Mar. 16, 2021 USD ($) day $ / shares	Feb. 28, 2020 USD ($) day $ / shares	Dec. 31, 2021 USD ($) day $ / shares	Dec. 31, 2020 USD ($) $ / shares
Debt Instrument [Line Items]
Total net proceeds		$ 344,700,000
Class A voting common stock
Debt Instrument [Line Items]
Common stock, par value (in usd per share) \| $ / shares			$ 0.001	$ 0.001
2026 Convertible Notes
Debt Instrument [Line Items]
Redemption period scheduled trading day before the maturity date		40 days
Cash redemption price, percent		100.00%
2026 Convertible Notes \| Class A voting common stock
Debt Instrument [Line Items]
Common stock, par value (in usd per share) \| $ / shares		$ 0.001
2026 Convertible Notes \| Convertible notes
Debt Instrument [Line Items]
Principal		$ 400,000,000	$ 400,000,000	$ 400,000,000
Stated rate		0.25%
Conversion price (in usd per share) \| $ / shares		$ 91.03	$ 91.03	$ 91.03
Conversion option		$ 125,200,000
Effective interest rate		6.763%
Carrying amount of equity component		$ 57,500,000
Annual effective interest rate		6.907%
Issuance costs attributable to the liability component		$ 8,200,000
Issuance costs		$ 3,700,000	$ 3,742,000	$ 3,742,000
2026 Convertible Notes \| Convertible notes \| Conversion option 2
Debt Instrument [Line Items]
Trading days \| day		5
Consecutive trading days \| day		10
2026 Convertible Notes \| Convertible notes \| Class A voting common stock
Debt Instrument [Line Items]
Conversion ratio		0.0109857
2026 Convertible Notes \| Convertible notes \| Class A voting common stock \| Conversion option 1
Debt Instrument [Line Items]
Stock price trigger percent		130.00%	130.00%
Trading days \| day		20	20
Consecutive trading days \| day		30	30
2026 Convertible Notes \| Convertible notes \| Class A voting common stock \| Conversion option 2
Debt Instrument [Line Items]
Stock price trigger percent		98.00%
0.50% Convertible senior notes due 2028 \| Class A voting common stock
Debt Instrument [Line Items]
Common stock, par value (in usd per share) \| $ / shares	$ 0.001
0.50% Convertible senior notes due 2028 \| Convertible notes
Debt Instrument [Line Items]
Principal	$ 250,000,000		$ 250,000,000	0
Stated rate	0.50%
Total net proceeds	$ 217,000,000
Conversion price (in usd per share) \| $ / shares	$ 179.27		$ 179.27
Cash redemption price, percent	100.00%
Conversion option	$ 66,900,000
Effective interest rate	5.125%
Carrying amount of equity component	$ 39,400,000
Annual effective interest rate	4.959%
Issuance costs attributable to the liability component	$ 5,500,000
Issuance costs	$ 2,000,000		$ 2,019,000	$ 0
0.50% Convertible senior notes due 2028 \| Convertible notes \| Conversion option 1
Debt Instrument [Line Items]
Trading days \| day	20
Consecutive trading days \| day	30
0.50% Convertible senior notes due 2028 \| Convertible notes \| Conversion option 2
Debt Instrument [Line Items]
Trading days \| day	5
Consecutive trading days \| day	10
0.50% Convertible senior notes due 2028 \| Convertible notes \| Class A voting common stock
Debt Instrument [Line Items]
Conversion ratio	0.0055781
0.50% Convertible senior notes due 2028 \| Convertible notes \| Class A voting common stock \| Conversion option 1
Debt Instrument [Line Items]
Stock price trigger percent	130.00%
0.50% Convertible senior notes due 2028 \| Convertible notes \| Class A voting common stock \| Conversion option 2
Debt Instrument [Line Items]
Stock price trigger percent	98.00%

Debt - 2028 Convertible Notes (Details)	Mar. 16, 2021 USD ($) day $ / shares	Feb. 28, 2020 USD ($)	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares
Debt Instrument [Line Items]
Total net proceeds		$ 344,700,000
Class A voting common stock
Debt Instrument [Line Items]
Common stock, par value (in usd per share) \| $ / shares			$ 0.001	$ 0.001
2028 Convertible Notes \| Class A voting common stock
Debt Instrument [Line Items]
Common stock, par value (in usd per share) \| $ / shares	$ 0.001
2028 Convertible Notes \| Convertible notes
Debt Instrument [Line Items]
Principal	$ 250,000,000		$ 250,000,000	$ 0
Stated rate	0.50%
Total net proceeds	$ 217,000,000
Conversion price (in usd per share) \| $ / shares	$ 179.27		$ 179.27
Cash redemption price, percent	100.00%
Conversion option	$ 66,900,000
Effective interest rate	5.125%
Carrying amount of equity component	$ 39,400,000
Annual effective interest rate	4.959%
Issuance costs attributable to the liability component	$ 5,500,000
Issuance costs	$ 2,000,000		$ 2,019,000	$ 0
2028 Convertible Notes \| Convertible notes \| Class A voting common stock
Debt Instrument [Line Items]
Conversion ratio	0.0055781
2028 Convertible Notes \| Convertible notes \| Conversion option 1
Debt Instrument [Line Items]
Trading days \| day	20
Consecutive trading days \| day	30
2028 Convertible Notes \| Convertible notes \| Conversion option 1 \| Class A voting common stock
Debt Instrument [Line Items]
Stock price trigger percent	130.00%
2028 Convertible Notes \| Convertible notes \| Conversion option 2
Debt Instrument [Line Items]
Trading days \| day	5
Consecutive trading days \| day	10
2028 Convertible Notes \| Convertible notes \| Conversion option 2 \| Class A voting common stock
Debt Instrument [Line Items]
Stock price trigger percent	98.00%

Debt - Schedule of Debt (Details) - Convertible notes - USD ($)	Dec. 31, 2021	Mar. 16, 2021	Dec. 31, 2020	Feb. 28, 2020
Debt Instrument [Line Items]
Total net carrying amount	$ 486,440,000		$ 282,196,000
Total net carrying amount	186,299,000		121,410,000
2026 Convertible Notes
Debt Instrument [Line Items]
Principal	400,000,000		400,000,000	$ 400,000,000
Unamortized discount	(92,034,000)		(110,546,000)
Unamortized debt issuance costs	(6,043,000)		(7,258,000)
Total net carrying amount	301,923,000		282,196,000
Proceeds allocated to the conversion options (debt discount)	125,152,000		125,152,000
Issuance costs	(3,742,000)		(3,742,000)	$ (3,700,000)
Total net carrying amount	121,410,000		121,410,000
2028 Convertible Notes
Debt Instrument [Line Items]
Principal	250,000,000	$ 250,000,000	0
Unamortized discount	(60,488,000)		0
Unamortized debt issuance costs	(4,995,000)		0
Total net carrying amount	184,517,000		0
Proceeds allocated to the conversion options (debt discount)	66,908,000		0
Issuance costs	(2,019,000)	$ (2,000,000)	0
Total net carrying amount	$ 64,889,000		$ 0

Debt - Interest Income and Interest Expense Disclosure (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total interest expense	$ 28,661	$ 16,406
2026 Convertible Notes
Debt Instrument [Line Items]
Contractual interest expense	1,000	841
Amortization of debt discount	18,505	14,606
Amortization of debt issuance costs	1,214	959
Total interest expense	20,719	16,406
2028 Convertible Notes
Debt Instrument [Line Items]
Contractual interest expense	991	0
Amortization of debt discount	6,419	0
Amortization of debt issuance costs	532	0
Total interest expense	$ 7,942	$ 0

Debt - Convertible Senior Notes and Capped Call Transactions (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 16, 2021	Feb. 28, 2020
Debt Instrument [Line Items]
Net cost of capped call purchase	$ 25.5	$ 43.3
Class A voting common stock
Debt Instrument [Line Items]
Capped call shares (in shares)	1,394,525	4,394,276
Convertible notes \| 0.25% Convertible senior notes due 2026
Debt Instrument [Line Items]
Initial conversion strike price (in usd per share)		$ 91.03
Initial cap price (in usd per share)		$ 137.40
Convertible notes \| 0.50% Convertible senior notes due 2028
Debt Instrument [Line Items]
Initial conversion strike price (in usd per share)	$ 179.27
Initial cap price (in usd per share)	$ 260.76

Segment and Geographic Information - Reconciliation of Segment Profit (Loss) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	2
Segment Reporting Information [Line Items]
Revenue	$ 490,907	$ 343,113	$ 232,594
Cost of revenue	272,384	185,252	124,959
Gross profit	218,523	157,861	107,635
CPaaS
Segment Reporting Information [Line Items]
Revenue	413,948	298,090	197,944
Cost of revenue	217,403	160,706	110,343
Gross profit	196,545	137,384	87,601
Other
Segment Reporting Information [Line Items]
Revenue	76,959	45,023	34,650
Cost of revenue	54,981	24,546	14,616
Gross profit	$ 21,978	$ 20,477	$ 20,034

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Segment and Geographic Information - Reconciliation of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	$ 1,065,539	$ 890,608
Revenue	490,907	343,113	$ 232,594
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	9,200	11,200
CPaaS
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	413,948	298,090	197,944
CPaaS \| United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	364,412	281,757	192,506
CPaaS \| International
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	49,536	16,333	5,438
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	76,959	45,023	34,650
Other \| United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	69,051	42,692	33,664
Other \| International
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 7,908	$ 2,331	$ 986

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Stockholders' Equity - Preferred Stock (Details) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Stockholders' Equity - Common Stock (Details)	12 Months Ended
Stockholders' Equity - Common Stock (Details)	Dec. 31, 2021 vote $ / shares shares	Dec. 31, 2020 vote $ / shares shares	Dec. 31, 2019 $ / shares
Class of Stock [Line Items]
Common stock, dividends declared (in usd per share) \| $ / shares	$ 0	$ 0	$ 0
Class A voting common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in usd per share) \| $ / shares	$ 0.001	$ 0.001
Common stock voting rights \| vote	1	1
Common stock, shares issued (in shares)	23,177,988	22,413,004
Common stock, shares outstanding (in shares)	23,177,988	22,413,004
Class B voting common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, par value (in usd per share) \| $ / shares	$ 0.001	$ 0.001
Common stock voting rights \| vote	10	10
Common stock, shares issued (in shares)	1,965,170	2,496,125
Common stock, shares outstanding (in shares)	1,965,170	2,496,125

Stockholders' Equity - Reserved Shares of Common Stock for Issuance (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	3,585,369	2,725,956
Stock options issued and outstanding
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	180,209	255,000
Nonvested restricted stock units issued and outstanding
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	344,486	450,614
Stock-based awards available for grant under the 2017 Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	3,060,674	2,020,342

Stock Based Compensation - Additional Information (Details) - USD ($)				12 Months Ended
	Jan. 01, 2021	Jan. 01, 2018	Nov. 09, 2017	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)				3,585,369	2,725,956
Service period				4 years
Unrecognized cost for stock based compensation				$ 0
Stock options issued and outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				0
Restricted stock units issued and outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)				344,486	450,614
Unrecognized compensation cost related to non-vested RSUs				$ 21,600,000
Unrecognized cost for stock based compensation, period for recognition (in years)				2 years 8 months 15 days
2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)				0
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)			1,050,000
Common stock reserved for future issuance, percent increase		5.00%
Increase in shares available for grant (in shares)	1,120,650
2017 Plan \| Stock options issued and outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			4 years
Contractual life (in years)			10 years
2017 Plan \| Restricted stock units issued and outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period			4 years
2017 Plan \| Restricted stock units issued and outstanding \| Non-employee Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
2017 Plan \| Restricted stock units issued and outstanding \| Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			4 years
2017 Plan \| Restricted stock units issued and outstanding \| Executives \| Year one vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50.00%
2017 Plan \| Restricted stock units issued and outstanding \| Executives \| First quarter vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			12.50%
2017 Plan \| Restricted stock units issued and outstanding \| Executives \| Second quarter vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			12.50%
2017 Plan \| Restricted stock units issued and outstanding \| Executives \| Third quarter vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			12.50%
2017 Plan \| Restricted stock units issued and outstanding \| Executives \| First quarter vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			12.50%
2017 Plan \| Restricted stock units issued and outstanding \| Executives \| Year two, three and four vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50.00%

Stock Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Aggregate intrinsic value (In thousands)
Aggregate intrinsic value of stock options exercised	$ 9,297	$ 54,088	$ 57,159
Total estimated grant date fair value of options vested	$ 247	$ 416	$ 729
Stock options issued and outstanding
Number of options outstanding
Beginning balance (in shares)	255,000
Granted (in shares)	0
Exercised (in shares)	(73,985)
Forfeited or cancelled (in shares)	(806)
Ending balance (in shares)	180,209	255,000
Options vested and exercisable (in shares)	180,209
Options vested and expected to vest (in shares)	180,209
Weighted- average exercise price (Per share)
Beginning balance (in usd per share)	$ 10.82
Granted (in usd per share)	0
Exercised (in usd per share)	12.47
Forfeited or cancelled (in usd per share)	10.49
Ending balance (in usd per share)	10.14	$ 10.82
Weighted-average exercise price, Options vested and exercisable (in usd per share)	10.14
Weighted-average exercise price, Options vested and expected to vest (in usd per share)	$ 10.14
Weighted- average remaining contract life (In years)
Outstanding (in years)	3 years 4 months 20 days	4 years 5 months 1 day
Options vested and exercisable at December 31, 2021	3 years 4 months 20 days
Options vested and expected to vest as of December 31, 2021	3 years 4 months 20 days
Aggregate intrinsic value (In thousands)
Options outstanding	$ 11,104	$ 36,426
Options vested and exercisable at December 31, 2021	11,104
Options vested and expected to vest as of December 31, 2021	$ 11,104

Stock Based Compensation - Restricted Stock Unit Activity (Details) - Restricted stock units issued and outstanding	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Number of awards outstanding
Beginning balance (in shares) \| shares	450,614
Granted (in shares) \| shares	154,360
Vested (in shares) \| shares	(186,502)
Forfeited or cancelled (in shares) \| shares	(73,986)
Ending balance (in shares) \| shares	344,486
Weighted-average grant date fair value (Per share)
Beginning balance (in usd per share) \| $ / shares	$ 51.58
Granted (in usd per share) \| $ / shares	143.31
Vested (in usd per share) \| $ / shares	67.40
Forfeited or cancelled (in usd per share) \| $ / shares	74.84
Ending balance (in usd per share) \| $ / shares	$ 82.38

Stock Based Compensation - Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 14,537	$ 9,881	$ 6,626
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	252	208	211
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,648	2,118	1,461
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,890	1,525	1,199
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 9,747	$ 6,030	$ 3,755

Commitments and Contingencies - Additional Information (Details) $ in Thousands		12 Months Ended
	May 27, 2021 USD ($) lease	Dec. 31, 2021 USD ($) lease	Jan. 01, 2022 USD ($)	Aug. 01, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Annual minimum commitment, year one				$ 600
Annual minimum commitment, year two				$ 300
Non-cancellable purchase obligation		$ 18,100
Non-cancellable purchase obligation, fulfilled within a year		13,200
Lease payments of initial term		$ 17,987
Project
Lessee, Lease, Description [Line Items]
Commencement date, rent abatement period	120 days
Commencement delivered period	12 months
Number of option to extend \| lease	2	2
Term of option to extend	10 years	10 years
Base rent percentage	1.85%
Lease payments of initial term	$ 495,700
Term of lease	20 years
Lease Agreement, London, UK \| Subsequent Event
Lessee, Lease, Description [Line Items]
Lease payments of initial term			$ 3,600
Term of lease			24 months
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term		5 years

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Matching contributions	$ 3.8	$ 2.2	$ 1.7
Non-U.S. \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Expected contributions	$ 0.3

Employee Benefit Plans - Schedule of Projected Benefit Obligation and Plan Assets Changes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Change in benefit obligation:
Actuarial loss (gain)	$ (237)	$ 15
Impact of foreign currency translation	(1)	0
Pension Plan
Change in plan assets:
Fair value of plan assets at beginning of year	2,900
Fair value of plan assets at end of year	3,000	2,900
Non-U.S. \| Pension Plan
Change in benefit obligation:
Benefit obligation at beginning of year	4,064	0
Service cost	396	75
Interest cost	21	3
Actuarial loss (gain)	(237)	15
Taxes, insurance premiums and administrative expenses	(55)	(9)
Acquisitions/plan mergers	0	3,980
Impact of foreign currency translation	(315)	0
Benefit obligation at end of year	3,874	4,064
Change in plan assets:
Fair value of plan assets at beginning of year	2,882	0
Return on plan assets	14	8
Actuarial gain	6	2
Employer contribution	335	57
Acquisitions/plan mergers	0	2,824
Impact of foreign currency translation	(224)	0
Fair value of plan assets at end of year	2,958	2,882
Funded status, net liability	916	1,182
Non-U.S. \| Pension Plan \| Other liabilities
Change in plan assets:
Other liabilities	$ 916	$ 1,182

Employee Benefit Plans - Summary of Accumulated Benefit Obligation in Excess of Plan Assets (Details) - Non-U.S. - Pension Plan - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan, Plan Assets, Category [Line Items]
Projected benefit obligation	$ 3,874	$ 4,064
Accumulated benefit obligation	3,282	3,450
Fair value of plan assets	$ 2,958	$ 2,882

Employee Benefit Plans - Summary of Net Periodic Cost of Pension and Postretirement Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in plan assets and benefit obligations included in other comprehensive income (loss):
Unrecognized net actuarial loss beginning of year	$ 17	$ 0
Actuarial loss (gain)	(237)	15
Actuarial loss (gain) on fair value of plan assets	(6)	2
Impact of foreign currency translation	(1)	0
Non-U.S. \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	396	75
Interest cost	21	3
Return on plan assets	(14)	(8)
Net periodic pension cost	403	70
Changes in plan assets and benefit obligations included in other comprehensive income (loss):
Actuarial loss (gain)	(237)	15
Impact of foreign currency translation	(315)	0
Total included in other comprehensive income (loss) (before tax effect)	(227)	17
Total recognized in net periodic benefit cost and included in other comprehensive income (loss)	$ 176	$ 87

Employee Benefit Plans - Significant Pension Benefit Costs Assumptions (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined benefit obligations:
Discount rate	0.90%	0.50%
Rate of salary increase	4.27%	4.07%
Inflation	1.80%	1.60%
Defined benefit cost:
Discount rate	0.90%	1.50%
Rate of salary increase	4.27%	4.37%
Rate of return on plan assets	0.90%	0.50%
Inflation	1.80%	1.90%

Employee Benefit Plans - Schedule of Major Categories of Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	$ 3,000	$ 2,900
Non-U.S.
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	2,958	2,882	$ 0
Non-U.S. \| Insurance companies (collective and individual)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	$ 2,958	$ 2,882

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Employee Benefit Plans - Estimated Future Pension and Postretirement Benefit Payments (Details) - Non-U.S. - Pension Plan $ in Thousands	Dec. 31, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2022	$ 4
2023	4
2024	31
2025	4
2026	6
2027-2031	34
Net periodic pension cost	$ 83

Income Taxes - Schedule of Domestic and Foreign Components of Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
United States	$ (27,547)	$ (25,745)	$ (15,229)
International	(3,648)	(3,227)	5
Loss before income taxes	$ (31,195)	$ (28,972)	$ (15,224)

Income Taxes - Components of (Provision) Benefit for Income Taxes from Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ (2,713)	$ 431	$ 81
State	(145)	(87)	132
Foreign	(1,627)	(1,083)	3
Total	(4,485)	(739)	216
Deferred:
Federal	(364)	(9,847)	15,205
State	0	(5,176)	2,297
Foreign	8,682	757	0
Total	8,318	(14,266)	17,502
Income tax (provision) benefit	$ 3,833	$ (15,005)	$ 17,718

Income Taxes - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal Tax Rate	21.00%	21.00%	21.00%
State Tax Rate	2.80%	2.00%	3.10%
Non-deductible expenses	(4.40%)	(9.20%)	(1.60%)
Research credit	6.20%	10.50%	7.20%
Stock-based compensation	13.90%	46.80%	88.60%
Change in valuation allowance	16.30%	(123.40%)	0.00%
Deferred tax rate change	(0.20%)	0.20%	(0.30%)
Voxbone US 338(g) gain	(8.90%)	0.00%	0.00%
Intangibles and deferred adjustments	(40.20%)	0.00%	0.00%
Foreign rate differential	1.30%	0.00%	0.00%
Other	4.50%	0.30%	(1.60%)
Total	12.30%	(51.80%)	116.40%

Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Allowance for doubtful accounts	$ 262	$ 134
Accrued liabilities	3,412	3,478
Operating lease liabilities	3,456	4,878
Deferred revenue	1,880	1,702
Stock-based compensation - deferred tax asset	2,278	1,968
OID	8,848	9,433
Tax credits	9,214	7,270
Net operating losses	50,285	47,385
Other deferred tax assets	4,166	2,207
Total deferred tax assets	83,801	78,455
Less: valuation allowance	(32,224)	(37,771)
Net deferred tax assets	51,577	40,684
Deferred tax liabilities:
Property and equipment	7,813	8,038
Goodwill	1,130	989
Intangibles	49,470	60,667
Operating lease assets	2,860	4,092
Debt	38,411	27,766
Other liability	289	137
Total deferred tax liabilities	99,973	101,689
Net deferred tax liability	$ (48,396)	$ (61,005)

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Federal tax credits	$ 9,200
Unrecognized tax benefits	3,062	$ 2,414	$ 1,398
Federal Ministry of Finance, Germany
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	195,500
Tax and Customs Administration, Netherlands
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	5,600
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 138,100

Income Taxes - Summary of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning balance	$ 2,414	$ 1,398
Gross increases—tax positions in prior period	0	402
Gross increases—tax positions in current period	648	614
Unrecognized tax benefits, ending balance	$ 3,062	$ 2,414

Related Parties (Details) - Affiliated Entity - Relay - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Amount collected on behalf	$ 400,000	$ 1,400,000	$ 1,800,000
Facilities Sharing Agreement
Related Party Transaction [Line Items]
Reduction of rent expense	400,000	400,000	600,000
Due from related parties	0	0
Tax Sharing Agreement
Related Party Transaction [Line Items]
Due from related parties	0	0
Master Services Agreement
Related Party Transaction [Line Items]
Revenue from related parties	1,800,000	2,200,000	2,600,000
Accounts receivable, related parties	100,000	200,000
Legal services
Related Party Transaction [Line Items]
Revenue from related parties	100,000	100,000	$ 100,000
Accounts receivable, related parties	$ 100,000	$ 100,000

Basic and Diluted Income (Loss) per Common Share - Components of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders	$ (27,362)	$ (43,977)	$ 2,494
Net income (loss) per share:
Basic (in usd per share)	$ (1.09)	$ (1.83)	$ 0.11
Diluted (in usd per share)	$ (1.09)	$ (1.83)	$ 0.10
Weighted average number of common shares outstanding
Basic (in shares)	25,090,916	24,092,574	22,640,461
Dilutive effect of stock options, restricted stock units, and warrants (in shares)	0	0	1,283,316
Diluted (in shares)	25,090,916	24,092,574	23,923,777

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Basic and Diluted Income (Loss) per Common Share - Schedule of Antidilutive Common Share Equivalents Excluded from Earnings Per Share (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 16, 2021	Feb. 28, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,511,844	1,728,555	0
Convertible notes \| 0.25% Convertible senior notes due 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion price (in usd per share)	$ 91.03	$ 91.03			$ 91.03
Convertible notes \| 0.50% Convertible senior notes due 2028
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion price (in usd per share)	$ 179.27			$ 179.27
Stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	180,209	255,000	0
Restricted stock units issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	344,486	450,614	0
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	987,149	1,022,941	0

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2014-09 [Member]

- Definition

Indicates amendment to accounting standards.

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