0001514416-24-000173 | 10-Q | XBRL Viewer

Debt

9 Months Ended

Sep. 30, 2024

8. Debt

Revolving Credit Facility

On August 1, 2023, the Company entered into a credit agreement (the “Credit Agreement”) among the Company, as borrower, the lenders from time to time party thereto, and Bank of America, N.A., as administrative agent, swingline lender and letters of credit issuer. The Credit Agreement provides for a $50.0 million revolving credit facility (the “Credit Facility”), including a $15.0 million sublimit for the issuance of letters of credit and a swingline subfacility of up to $5.0 million. The Credit Facility has an accordion feature that allows for an increase in the total borrowing size up to $25.0 million, subject to certain conditions. The Credit Facility matures on the earlier of (a) August 1, 2028 or (b) the date that is 91 days prior to the scheduled maturity date or mandatory conversion date of any of the Company’s outstanding convertible notes. The Credit Agreement requires that the Company maintain consolidated EBITDA, tested on a quarterly basis. The Company is also required to maintain minimum liquidity of $75.0 million, which includes the amount of undrawn borrowing commitments available under the Credit Agreement.

On May 1, 2024, the Company entered into an amendment (the “Amendment”) to the Credit Agreement. The Amendment increased the aggregate revolving credit commitments from $50.0 million to $100.0 million; increased the swingline sublimit from $5.0 million to $10.0 million; increased the minimum liquidity from $75.0 million to $82.5 million; and extended the maturity date from August 1, 2028 to the earlier of (a) May 1, 2029 or (b) the date that is 91 days prior to the scheduled maturity date or mandatory conversion date of any of the Company’s outstanding convertible notes.

Interest on borrowings under the Credit Facility accrues at an annual rate tied to a base rate or the Secured Overnight Financing Rate (“SOFR”), at the Company’s election. Loans based on SOFR bear interest at a rate equal to term SOFR for the applicable interest period plus 10 basis points plus an applicable margin between 2.25% and 2.75%, and loans based on the base rate bear interest at a rate equal to the base rate plus an applicable margin between 1.25% and 1.75%, in each case of the foregoing, depending upon the Company’s consolidated EBITDA for the most recent period of four consecutive fiscal quarters for which financial statements have been delivered under the Credit Agreement. The Company is required to pay a quarterly commitment fee equal to between 0.05% and 0.0625% on the unused portion of the borrowing commitment, depending upon the Company’s consolidated EBITDA for the most recent period of four consecutive fiscal quarters for which financial statements have been delivered under the Credit Agreement.

The obligations under the Credit Agreement are secured by a lien on substantially all of the Company’s tangible and intangible property and by a pledge of all of the equity interests of the Company’s direct domestic subsidiaries and 65% of the voting capital stock and 100% of the non-voting capital stock of any first-tier foreign subsidiaries, subject to limited exceptions. In addition, the Company’s direct domestic subsidiaries guarantee the obligations under the Credit Agreement and grant a lien and pledge, as applicable, on substantially all of their tangible and intangible property to secure the obligations under the Credit Agreement.

As of September 30, 2024, unamortized debt issuance costs were $0.9 million, of which $0.2 million were included in prepaid expenses and other current assets and $0.7 million were included in other long-term assets. As of December 31, 2023, unamortized debt issuance costs were $0.6 million, of which $0.1 million were included in prepaid expenses and other current assets and $0.5 million were included in other long-term assets.

As of September 30, 2024, the Company had $25.0 million in outstanding borrowings under the Credit Facility and was in compliance with all financial and non-financial covenants for all periods presented. As of September 30, 2024, the applicable interest rate was 7.71% and the available borrowing capacity under the Credit Facility was $75.0 million.

Convertible Senior Notes and Capped Call Transactions

2026 Convertible Notes

In February 2020, the Company issued $400.0 million aggregate principal amount of 0.25% Convertible Notes due 2026 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act (the “2026 Convertible Notes”). The interest on the 2026 Convertible Notes is payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2020. The 2026 Convertible Notes will mature on March 1, 2026, unless earlier repurchased, redeemed by the Company, or converted pursuant to their terms. The total net proceeds from the 2026 Convertible Notes, after deducting initial purchaser discounts, costs related to the 2026 Capped Calls (as defined herein), and debt issuance costs, paid by the Company, were approximately $344.7 million. The excess of the principal amount of the liability component over its carrying amount, or the debt discount, was amortized to interest expense at an annual effective interest rate of 0.510% over the contractual terms of the 2026 Convertible Notes.

Each $1,000 principal amount of the 2026 Convertible Notes is initially convertible into 10.9857 shares of the Company’s Class A common stock, par value $0.001 per share, which is equivalent to an initial conversion price of approximately $91.03 per share.

During May 2024, the Company entered into separate, privately negotiated repurchase agreements with a limited number of holders of the 2026 Convertible Notes (the “2024 Repurchases”) to repurchase approximately $140.0 million aggregate principal amount of the 2026 Convertible Notes for an aggregate cash price of approximately $128.5 million. The 2024 Repurchases closed on May 9, 2024. Following the 2024 Repurchases and previous repurchases, approximately $35.0 million principal amount of the 2026 Convertible Notes remain outstanding. The difference between the consideration used for the 2024 Repurchases and the carrying value of the 2026 Convertible Notes resulted in a gain of $10.3 million recorded within net gain on extinguishment of debt on the Company’s condensed consolidated statements of operations for the nine months ended September 30, 2024. The Company had previously entered into capped call transactions with certain financial institutions in connection with the 2026 Convertible Notes. All of these transactions are expected to remain in effect notwithstanding the repurchases.

2028 Convertible Notes

In March 2021, the Company issued $250.0 million aggregate principal amount of 0.50% Convertible Notes due 2028 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act (the “2028 Convertible Notes” and, together with the 2026 Convertible Notes, the “Convertible Notes”). The interest on the 2028 Convertible Notes is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on

October 1, 2021. The 2028 Convertible Notes will mature on April 1, 2028, unless earlier repurchased, redeemed by the Company, or converted pursuant to their terms. The total net proceeds from the 2028 Convertible Notes, after deducting initial purchaser discounts, costs related to the 2028 Capped Calls (as defined herein), and debt issuance costs, paid by the Company, were approximately $217.0 million. The excess of the principal amount of the liability component over its carrying amount, or the debt discount, was amortized to interest expense at an annual effective interest rate of 0.442% over the contractual terms of the 2028 Convertible Notes.

Each $1,000 principal amount of the 2028 Convertible Notes is initially convertible into 5.5781 shares of the Company’s Class A common stock, par value $0.001 per share, which is equivalent to an initial conversion price of approximately $179.27 per share.

Other Terms of the Convertible Notes

The Convertible Notes are effectively subordinated to the Company’s future senior secured indebtedness to the extent of the value of the collateral securing that indebtedness. The Convertible Notes are the senior, unsecured obligations of the Company and are equal in right of payment with the Company’s future senior unsecured indebtedness, if any, senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated to the Convertible Notes and the Convertible Notes will be structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and preferred equity, if any, of the Company’s subsidiaries. The Convertible Notes may bear special interest under specified circumstances relating to the Company’s failure to comply with its reporting obligations under the indenture governing the applicable Convertible Notes (each, a “Notes Indenture” and collectively, the “Notes Indentures”) or if the Convertible Notes are not freely tradeable as required by the applicable Notes Indenture.

The conversion rate is subject to adjustment upon the occurrence of certain specified events but will not be adjusted for any accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change (which includes the calling of any Convertible Notes for redemption), as defined in the applicable Notes Indenture, the Company will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert its Convertible Notes in connection with such make-whole fundamental change or during the relevant redemption period.

The Company may redeem the Convertible Notes, in whole or in part, at its option at any time, and from time to time, on or after (i) March 6, 2023 for the 2026 Convertible Notes, or ii) after April 6, 2025 for the 2028 Convertible Notes, in each case, on or before the fortieth (40th) scheduled trading day immediately before the maturity date, at a cash redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding the redemption date, if the last reported sale price of the Class A common stock has exceeded 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading date immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading days ending on, and including, the trading date immediately before the date on which the Company provides the related redemption notice. No sinking fund is provided for the Convertible Notes.

The Convertible Notes will be convertible at certain times and upon the occurrence of certain events in the future. Further, on or after September 1, 2025 for the 2026 Convertible Notes, and on or after October 1, 2027 for the 2028 Convertible Notes, in each case, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the Convertible Notes may convert all or a portion of their Convertible Notes regardless of these conditions. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of Class A common stock, or a combination of cash and shares of Class A common stock, at the Company’s election. It is the Company’s current intent to settle the principal amount of the Convertible Notes with cash.

During the three and nine months ended September 30, 2024, the conditions allowing the holders of the 2026 Convertible Notes and the 2028 Convertible Notes to convert were not met. The Convertible Notes may be convertible thereafter if one or more of the conversion conditions specified in each respective Notes Indenture are

satisfied during future measurement periods. The Company continues to classify the Convertible Notes as a long-term liability in its condensed consolidated balance sheets as of September 30, 2024, based on contractual settlement provisions.

Upon the occurrence of a fundamental change (as defined in the applicable Notes Indenture) prior to the maturity date, holders may require the Company to repurchase all or a portion of the 2026 Convertible Notes or 2028 Convertible Notes for cash at a price equal to the principal amount of the Convertible Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

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


	As of September 30,		As of December 31,

	2024		2023

2026 Convertible Notes:	(In thousands)
Principal	$	35,000	$	175,000

Unamortized debt issuance costs	(248)		(1,891)
2026 Convertible Notes net carrying amount	34,752		173,109

2028 Convertible Notes:
Principal	250,000		250,000

Unamortized debt issuance costs	(3,780)		(4,583)
2028 Convertible Notes net carrying amount	246,220		245,417
Total net carrying amount	$	280,972	$	418,526

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


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

2026 Convertible Notes:	(In thousands)
Contractual interest expense	$	22	$	109	$	219	$	356

Amortization of debt issuance costs	44		217		377		723
Total interest expense related to the 2026 Convertible Notes	66		326		596		1,079

2028 Convertible Notes:
Contractual interest expense	313		313		939		939

Amortization of debt issuance costs	267		267		803		797
Total interest expense related to the 2028 Convertible Notes	580		580		1,742		1,736
Total interest expense	$	646	$	906	$	2,338	$	2,815

Capped Calls

In connection with the offering of the 2026 Convertible Notes and the 2028 Convertible Notes, the Company entered into privately negotiated capped call transactions with certain counterparties (the “2026 Capped Calls” and the “2028 Capped Calls,” respectively and, collectively, the “Capped Calls”). The initial strike price of the Convertible Notes corresponds to the initial conversion price of the 2026 Convertible Notes and the 2028 Convertible Notes. The Capped Calls are generally intended to reduce or offset the potential dilution to the Class A common stock upon any conversion of the 2026 Convertible Notes and 2028 Convertible Notes with such reduction or offset, as the case may be, subject to a cap based on the cap price. The Capped Calls expire on the earlier of (i) the last day on which any convertible securities remain outstanding and (ii) March 1, 2026 for the 2026 Capped Calls and April 1, 2028 for the 2028 Capped Calls, subject to earlier exercise. The Capped Calls are subject to either adjustment or termination upon the occurrence of specified extraordinary events affecting the Company, including a merger event, a tender offer, and a nationalization, insolvency or delisting involving the Company. In addition, the Capped Calls are subject to certain specified additional disruption events that may give rise to a termination of the Capped Calls, including changes in law, insolvency filings, and hedging disruptions. The Capped Call transactions are recorded in stockholders’ equity and are not accounted for as derivatives. The net cost to purchase the Capped Calls was recorded as a reduction to additional paid-in capital in the accompanying condensed consolidated balance sheets.

The following table sets forth key terms and costs incurred for the Capped Calls related to the Convertible Notes as of September 30, 2024:


	2026 Convertible Notes		2028 Convertible Notes

	(In thousands, except share and per share amounts)
Initial approximate strike price per share, subject to certain adjustments	$	91.03	$	179.27
Initial cap price per share, subject to certain adjustments	$	137.40	$	260.76
Net costs incurred	$	43,320	$	25,500
Class A common stock covered, subject to anti-dilution adjustments	384,500		1,394,525

All of the Capped Calls were outstanding as of September 30, 2024.

- 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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Debt - Revolving Credit Facility (Details) $ in Millions	Aug. 01, 2023 USD ($) quarter	Sep. 30, 2024 USD ($)	May 01, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Outstanding unamortized loan fees		$ 0.9		$ 0.6
Voting Capital Stock
Debt Instrument [Line Items]
Equity interests pledged, percentage of capital stock	0.65
Nonvoting Capital Stock
Debt Instrument [Line Items]
Equity interests pledged, percentage of capital stock	1
Prepaid Expenses and Other Current Assets
Debt Instrument [Line Items]
Outstanding unamortized loan fees		0.2		0.1
Other Long-Term Assets
Debt Instrument [Line Items]
Outstanding unamortized loan fees		0.7		$ 0.5
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 50.0		$ 100.0
Accordion feature, increase limit	$ 25.0
Days prior to maturity date (in days)	91 days		91 days
Minimum liquidity required	$ 75.0
Covenant, consecutive quarters \| quarter	4
Line of credit		$ 25.0
Effective interest rate (as percent)		7.71%
Available borrowing capacity		$ 75.0
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Unused portion of borrowing commitment (as percent)	0.05%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Unused portion of borrowing commitment (as percent)	0.0625%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Additional basis spread on variable rate	0.10%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	2.25%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	2.75%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1.25%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1.75%
Credit Commitments \| Bank of America Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 15.0
Swing Line \| Bank of America Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	5.0		$ 10.0
Minimum liquidity	$ 75.0		$ 82.5

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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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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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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit	Class A voting common stock	Class A voting common stock Common stock	Class B voting common stock	Class B voting common stock Common stock
Beginning balance (in shares) at Dec. 31, 2022						23,379,000		1,965,170
Beginning balance at Dec. 31, 2022	$ 272,177	$ 364,913	$ (44,214)	$ (48,547)		$ 23		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercises of vested stock options (in shares)						22,975
Exercises of vested stock options	155	155
Vesting of restricted stock units (in shares)						171,950
Vesting of restricted stock units	1					$ 1
Equity awards withheld for tax liability (in shares)						(43,325)
Equity awards withheld for tax liability	(903)	(903)
Unrealized gain(loss) on marketable securities	72		72
Foreign currency translation	7,647		7,647
Stock-based compensation	6,649	6,649
Net income (loss)	3,611			3,611
Ending balance (in shares) at Mar. 31, 2023						23,530,600		1,965,170
Ending balance at Mar. 31, 2023	289,409	370,814	(36,495)	(44,936)		$ 24		$ 2
Beginning balance (in shares) at Dec. 31, 2022						23,379,000		1,965,170
Beginning balance at Dec. 31, 2022	272,177	364,913	(44,214)	(48,547)		$ 23		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(5,409)
Ending balance (in shares) at Sep. 30, 2023						23,682,801		1,958,028
Ending balance at Sep. 30, 2023	279,987	383,013	(49,096)	(53,956)		$ 24		$ 2
Beginning balance (in shares) at Mar. 31, 2023						23,530,600		1,965,170
Beginning balance at Mar. 31, 2023	289,409	370,814	(36,495)	(44,936)		$ 24		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercises of vested stock options (in shares)						38,374
Exercises of vested stock options	259	259
Vesting of restricted stock units (in shares)						58,084
Equity awards withheld for tax liability (in shares)						(2,289)
Equity awards withheld for tax liability	(30)	(30)
Unrealized gain(loss) on marketable securities	54		54
Foreign currency translation	234		234
Stock-based compensation	5,866	5,866
Net income (loss)	(3,890)			(3,890)
Ending balance (in shares) at Jun. 30, 2023						23,624,769		1,965,170
Ending balance at Jun. 30, 2023	291,902	376,909	(36,207)	(48,826)		$ 24		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)						51,132
Equity awards withheld for tax liability (in shares)						(242)
Equity awards withheld for tax liability	(3)	(3)
Conversion of Class B voting common stock to Class A voting common stock (in shares)						7,142		(7,142)
Unrealized gain(loss) on marketable securities	(129)		(129)
Foreign currency translation	(12,760)		(12,760)
Stock-based compensation	6,107	6,107
Net income (loss)	(5,130)			(5,130)
Ending balance (in shares) at Sep. 30, 2023						23,682,801		1,958,028
Ending balance at Sep. 30, 2023	279,987	383,013	(49,096)	(53,956)		$ 24		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)						523,796
Equity awards withheld for tax liability (in shares)						(457)
Equity awards withheld for tax liability	(5)	(5)
Unrealized gain(loss) on marketable securities	(245)		(245)
Foreign currency translation	20,577		20,577
Unrealized loss on employee benefit pension plan	(30)		(30)
Stock-based compensation	8,040	8,040
Net income (loss)	(10,934)			(10,934)
Ending balance (in shares) at Dec. 31, 2023					24,206,140	24,206,140	1,958,028	1,958,028
Ending balance at Dec. 31, 2023	297,390	391,048	(28,794)	(64,890)		$ 24		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercises of vested stock options (in shares)						10,849
Exercises of vested stock options	103	103
Vesting of restricted stock units (in shares)						920,435
Vesting of restricted stock units	1					$ 1
Equity awards withheld for tax liability (in shares)						(116,747)
Equity awards withheld for tax liability	(2,267)	(2,267)
Unrealized gain(loss) on marketable securities	9		9
Foreign currency translation	(9,340)		(9,340)
Stock-based compensation	21,536	21,536
Net income (loss)	(9,233)			(9,233)
Ending balance (in shares) at Mar. 31, 2024						25,020,677		1,958,028
Ending balance at Mar. 31, 2024	298,199	410,420	(38,125)	(74,123)		$ 25		$ 2
Beginning balance (in shares) at Dec. 31, 2023					24,206,140	24,206,140	1,958,028	1,958,028
Beginning balance at Dec. 31, 2023	$ 297,390	391,048	(28,794)	(64,890)		$ 24		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercises of vested stock options (in shares)	13,504
Net income (loss)	$ (4,765)
Ending balance (in shares) at Sep. 30, 2024					25,549,670	25,549,670	1,958,028	1,958,028
Ending balance at Sep. 30, 2024	336,575	426,757	(20,555)	(69,655)		$ 26		$ 2
Beginning balance (in shares) at Mar. 31, 2024						25,020,677		1,958,028
Beginning balance at Mar. 31, 2024	298,199	410,420	(38,125)	(74,123)		$ 25		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercises of vested stock options (in shares)						1,625
Exercises of vested stock options	16	16
Vesting of restricted stock units (in shares)						251,015
Equity awards withheld for tax liability (in shares)						(1,351)
Equity awards withheld for tax liability	(24)	(24)
Unrealized gain(loss) on marketable securities	117		117
Foreign currency translation	(3,007)		(3,007)
Stock-based compensation	8,091	8,091
Net income (loss)	4,055			4,055
Ending balance (in shares) at Jun. 30, 2024						25,271,966		1,958,028
Ending balance at Jun. 30, 2024	307,447	418,503	(41,015)	(70,068)		$ 25		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercises of vested stock options (in shares)						1,030
Exercises of vested stock options	10	10
Vesting of restricted stock units (in shares)						276,855
Vesting of restricted stock units	1					$ 1
Equity awards withheld for tax liability (in shares)						(181)
Equity awards withheld for tax liability	(3)	(3)
Unrealized gain(loss) on marketable securities	(78)		(78)
Foreign currency translation	20,538		20,538
Stock-based compensation	8,247	8,247
Net income (loss)	413			413
Ending balance (in shares) at Sep. 30, 2024					25,549,670	25,549,670	1,958,028	1,958,028
Ending balance at Sep. 30, 2024	$ 336,575	$ 426,757	$ (20,555)	$ (69,655)		$ 26		$ 2

Basic and Diluted Income (Loss) per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Basic and Diluted Income (Loss) per Common Share

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

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

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


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

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


Net income (loss) attributable to common stockholders	$	413	$	(5,130)	$	(4,765)	$	(5,409)
Net income (loss) per share:
Basic	$	0.02	$	(0.20)	$	(0.18)	$	(0.21)
Diluted	$	0.01	$	(0.20)	$	(0.18)	$	(0.21)



















Weighted average number of common shares outstanding:
Basic	27,374,367		25,613,441		26,983,931		25,539,642


Stock options issued and outstanding	25,021		—		—		—
Nonvested RSUs outstanding	1,216,132		—		—		—

Diluted	28,615,520		25,613,441		26,983,931		25,539,642

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


	As of September 30,
	2024	2023
Stock options issued and outstanding	83,039	98,105
Restricted stock units issued and outstanding	3,965,171	2,547,955
Convertible senior notes	2,503,118	3,484,424
Total	6,551,328	6,130,484

Debt - 2026 Convertible Notes (Details)		1 Months Ended	3 Months Ended		9 Months Ended
Debt - 2026 Convertible Notes (Details)	May 09, 2024 USD ($)	Feb. 28, 2020 USD ($) $ / shares	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Mar. 31, 2021 $ / shares
Debt Instrument [Line Items]
Net gain on extinguishment of debt			$ 0	$ 0	$ 10,267,000	$ 12,767,000
Class A voting common stock
Debt Instrument [Line Items]
Common stock, par value (in usd per share) \| $ / shares		$ 0.001	$ 0.001		$ 0.001		$ 0.001	$ 0.001
2026 Convertible Notes: \| Convertible Notes
Debt Instrument [Line Items]
Principal amount	$ 35,000,000.0	$ 400,000,000.0	$ 35,000,000		$ 35,000,000		$ 175,000,000
Stated rate (as percent)		0.25%
Total net proceeds		$ 344,700,000
Effective interest rate (as percent)		0.51%
Conversion price (in usd per share) \| $ / shares		$ 91.03
Repurchased face amount	140,000,000.0
Repayments of debt	$ 128,500,000
Net gain on extinguishment of debt					$ 10,300,000
2026 Convertible Notes: \| Convertible Notes \| Class A voting common stock
Debt Instrument [Line Items]
Conversion ratio		0.0109857

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following summarizes the stock option activity for the nine months ended September 30, 2024:


	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, 2023	97,480	$	12.75	2.97	$	332
Granted	—	—
Exercised	(13,504)	9.51
Forfeited or expired	(937)	22.81
Outstanding as of September 30, 2024	83,039	$	13.17	2.34	$	430

Options vested and exercisable at September 30, 2024	83,039	$	13.17	2.34	$	430
Options vested and expected to vest as of September 30, 2024	83,039	$	13.17	2.34	$	430

Schedule of Restricted Stock Unit Activity

The following summarizes the restricted stock unit (“RSU”) activity for the nine months ended September 30, 2024:


	Number of awards outstanding	Weighted-average grant date fair value (Per share)
Nonvested RSUs as of December 31, 2023	5,066,159	$	18.41
Granted	729,780	20.40
Vested	(1,448,305)	25.27
Forfeited	(445,727)	16.39
Nonvested RSUs as of September 30, 2024	3,901,907	$	16.46

Schedule of Total Stock-Based Compensation Expense

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


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(In thousands)
Cost of revenue	$	352	$	182	$	1,123	$	578
Research and development	4,606		2,822		14,606		9,278
Sales and marketing	1,744		1,160		6,014		3,825
General and administrative	4,747		2,778		13,405		8,644
Total	$	11,449	$	6,942	$	35,148	$	22,325

Commitments and Contingencies (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Lease payments of initial term	$ 473,137
Non-cancellable purchase obligation	12,000
Non-cancellable purchase obligation, fulfilled within a year	4,500
Office Space
Lessee, Lease, Description [Line Items]
Lease payments of initial term	$ 478,600

Stock-Based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of options outstanding
Beginning balance (in shares) \| shares	97,480
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	(13,504)
Forfeited or expired (in shares) \| shares	(937)
Ending balance (in shares) \| shares	83,039	97,480
Options vested and exercisable (in shares) \| shares	83,039
Options vested and expected to vest (in shares) \| shares	83,039
Weighted- average exercise price (Per share)
Beginning balance (in usd per share) \| $ / shares	$ 12.75
Granted (in usd per share) \| $ / shares	0
Exercised (in usd per share) \| $ / shares	9.51
Forfeited or expired (in usd per share) \| $ / shares	22.81
Ending balance (in usd per share) \| $ / shares	13.17	$ 12.75
Weighted-average exercise price, Options vested and exercisable (in usd per share) \| $ / shares	13.17
Weighted-average exercise price, Options vested and expected to vest (in usd per share) \| $ / shares	$ 13.17
Weighted- average remaining contract life (In years)
Outstanding (in years)	2 years 4 months 2 days	2 years 11 months 19 days
Options vested and exercisable (in years)	2 years 4 months 2 days
Options vested and expected to vest (in years)	2 years 4 months 2 days
Aggregate intrinsic value (In thousands)
Options outstanding \| $	$ 430	$ 332
Options vested and exercisable at September 30, 2024 \| $	430
Options vested and expected to vest as of September 30, 2024 \| $	$ 430

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

11. Stock-Based Compensation

Stock Options

The following summarizes the stock option activity for the nine months ended September 30, 2024:


	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, 2023	97,480	$	12.75	2.97	$	332
Granted	—	—
Exercised	(13,504)	9.51
Forfeited or expired	(937)	22.81
Outstanding as of September 30, 2024	83,039	$	13.17	2.34	$	430

Options vested and exercisable at September 30, 2024	83,039	$	13.17	2.34	$	430
Options vested and expected to vest as of September 30, 2024	83,039	$	13.17	2.34	$	430

As of September 30, 2024, the Company had no unrecognized compensation cost related to non-vested stock options. All outstanding stock options were fully vested prior to December 31, 2022.

Restricted Stock Units

The following summarizes the restricted stock unit (“RSU”) activity for the nine months ended September 30, 2024:


	Number of awards outstanding	Weighted-average grant date fair value (Per share)
Nonvested RSUs as of December 31, 2023	5,066,159	$	18.41
Granted	729,780	20.40
Vested	(1,448,305)	25.27
Forfeited	(445,727)	16.39
Nonvested RSUs as of September 30, 2024	3,901,907	$	16.46

As of September 30, 2024, total unrecognized compensation cost related to non-vested RSUs was $49.0 million, which will be amortized over a weighted-average period of 1.74 years.

Stock-Based Compensation Expense

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


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(In thousands)
Cost of revenue	$	352	$	182	$	1,123	$	578
Research and development	4,606		2,822		14,606		9,278
Sales and marketing	1,744		1,160		6,014		3,825
General and administrative	4,747		2,778		13,405		8,644
Total	$	11,449	$	6,942	$	35,148	$	22,325

Financial Statement Components - Schedule of Allowance for Doubtful Accounts and Reserve for Expected Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance, beginning of period	$ (2,843)	$ (1,616)	$ (1,128)	$ (1,191)
Charged to bad debt expense, net of reversals	(212)	260	(2,088)	(465)
Deductions	1,520	82	1,658	386
Impact of foreign currency translation	(34)	9	(11)	5
Balance, end of period	$ (1,569)	$ (1,265)	$ (1,569)	$ (1,265)

Stock-Based Compensation - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized cost for stock based compensation	$ 0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested RSUs	$ 49,000,000.0
Unrecognized cost for stock based compensation, period for recognition (in years)	1 year 8 months 26 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

7. Goodwill and Intangible Assets

Goodwill

The change in the carrying amounts of goodwill was as follows:


	Total

	(In thousands)








Balance as of December 31, 2023	$	335,872
Foreign currency translation adjustments	4,515
Balance as of September 30, 2024	$	340,387

Intangible Assets

Intangible assets, net consisted of the following:


	As of September 30,						As of December 31,
	2024						2023

	Gross Amount		Accumulated Amortization		Net Carrying Value		Gross Amount		Accumulated Amortization		Net Carrying Value

	(In thousands)
Customer relationships	$	154,049	$	(44,570)	$	109,479	$	147,426	$	(35,599)	$	111,827



Developed technology	80,796		(31,645)		49,151		79,702		(25,239)		54,463
Other, definite lived	2,828		(2,828)		—		2,828		(2,828)		—
Licenses, indefinite lived	624		—		624		624		—		624







Total intangible assets, net	$	238,297	$	(79,043)	$	159,254	$	230,580	$	(63,666)	$	166,914

The Company recognized amortization expense as follows:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(In thousands)
Cost of revenue	$	1,977	$	1,959	$	5,877	$	5,863

Sales and marketing	2,459		2,389		7,256		7,097

Total amortization expense	$	4,436	$	4,348	$	13,133	$	12,960

The remaining weighted average amortization period for definite lived intangible assets is 9.2 years.

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


	As of September 30,
	2024

	(In thousands)
2024 (remaining)	$	4,544
2025	18,176
2026	18,176
2027	18,176
2028	18,176


Thereafter	81,382
	$	158,630

Goodwill and Intangible Assets - Schedule of Future Estimated Amortization Expense (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining)	$ 4,544
2025	18,176
2026	18,176
2027	18,176
2028	18,176
Thereafter	81,382
Net Carrying Value	$ 158,630

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Change in Carrying Amounts of Goodwill

The change in the carrying amounts of goodwill was as follows:


	Total

	(In thousands)








Balance as of December 31, 2023	$	335,872
Foreign currency translation adjustments	4,515
Balance as of September 30, 2024	$	340,387

Schedule of Finite Lived Intangible Assets

Intangible assets, net consisted of the following:


	As of September 30,						As of December 31,
	2024						2023

	Gross Amount		Accumulated Amortization		Net Carrying Value		Gross Amount		Accumulated Amortization		Net Carrying Value

	(In thousands)
Customer relationships	$	154,049	$	(44,570)	$	109,479	$	147,426	$	(35,599)	$	111,827



Developed technology	80,796		(31,645)		49,151		79,702		(25,239)		54,463
Other, definite lived	2,828		(2,828)		—		2,828		(2,828)		—
Licenses, indefinite lived	624		—		624		624		—		624







Total intangible assets, net	$	238,297	$	(79,043)	$	159,254	$	230,580	$	(63,666)	$	166,914

Schedule of Infinite Lived Intangible Assets

Intangible assets, net consisted of the following:


	As of September 30,						As of December 31,
	2024						2023

	Gross Amount		Accumulated Amortization		Net Carrying Value		Gross Amount		Accumulated Amortization		Net Carrying Value

	(In thousands)
Customer relationships	$	154,049	$	(44,570)	$	109,479	$	147,426	$	(35,599)	$	111,827



Developed technology	80,796		(31,645)		49,151		79,702		(25,239)		54,463
Other, definite lived	2,828		(2,828)		—		2,828		(2,828)		—
Licenses, indefinite lived	624		—		624		624		—		624







Total intangible assets, net	$	238,297	$	(79,043)	$	159,254	$	230,580	$	(63,666)	$	166,914

Schedule of Amortization Expense

The Company recognized amortization expense as follows:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(In thousands)
Cost of revenue	$	1,977	$	1,959	$	5,877	$	5,863

Sales and marketing	2,459		2,389		7,256		7,097

Total amortization expense	$	4,436	$	4,348	$	13,133	$	12,960

Schedule of Future Estimated Amortization Expense

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


	As of September 30,
	2024

	(In thousands)
2024 (remaining)	$	4,544
2025	18,176
2026	18,176
2027	18,176
2028	18,176


Thereafter	81,382
	$	158,630

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Financial Statement Components (Tables)

9 Months Ended

Sep. 30, 2024

Financial Statement Components [Abstract]

Schedule of Accounts Receivable, Net of Allowances

Accounts receivable, net of allowances consist of the following:


	As of September 30,		As of December 31,

	2024		2023

	(In thousands)
Trade accounts receivable	$	46,132	$	35,612
Unbilled accounts receivable	54,824		43,631
Allowance for doubtful accounts and reserve for expected credit losses	(1,569)		(1,128)
Other accounts receivable	229		40
Total accounts receivable, net	$	99,616	$	78,155

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


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(In thousands)
Balance, beginning of period	$	(2,843)	$	(1,616)	$	(1,128)	$	(1,191)
Charged to bad debt expense, net of reversals	(212)		260		(2,088)		(465)
Deductions (1)	1,520		82		1,658		386
Impact of foreign currency translation	(34)		9		(11)		5



Balance, end of period	$	(1,569)	$	(1,265)	$	(1,569)	$	(1,265)

________________________

(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 September 30,		As of December 31,

	2024		2023

	(In thousands)
Accrued expense	$	67,125	$	40,731
Accrued compensation and benefits	18,388		19,142
Accrued sales, use, VAT and telecommunications related taxes	8,087		8,467




Other accrued expenses	814		674
Total accrued expenses and other current liabilities	$	94,414	$	69,014

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 28, 2024. The condensed consolidated balance sheet as of December 31, 2023, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive income (loss) and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year 2024 or any future period. Principles of Consolidation The condensed consolidated financial statements include the accounts of Bandwidth Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the amounts reported in these financial statements and accompanying notes. These estimates in the condensed consolidated financial statements include, but are not limited to, allowance for doubtful accounts, reserve for expected credit losses, reserve for sales credits, recoverability of long lived and intangible assets, fair value of acquired intangible assets and goodwill, discount rates used in the valuation of right-of-use assets and lease liabilities, the fair value of the liability of the Company’s Convertible Notes (as defined herein), estimated period of benefit, valuation allowances on deferred tax assets, certain accrued expenses and contingencies, economic and demographic actuarial assumptions related to pension and other postretirement benefit costs and liabilities. Although the Company believes that the estimates it uses are reasonable, due to the inherent uncertainty involved in making these estimates, actual results reported in future periods could differ from those estimates. Marketable Securities The Company classifies marketable securities as available-for-sale at the time of purchase and reevaluates such classification as of each balance sheet date. The Company may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies investments with maturities greater than 90 days as marketable securities in the accompanying condensed consolidated balance sheets. The Company evaluates its investments to assess whether the amortized cost basis is in excess of estimated fair value and determines what amount of that difference, if any, is caused by expected credit losses. Allowances for credit losses are recognized as a charge in other income, net on the condensed consolidated statements of operations, and any remaining unrealized losses are included in accumulated other comprehensive loss on the condensed consolidated balance sheets. Due to the nature and investment grade of the Company’s marketable securities, there were no credit losses recorded for the three and nine months ended September 30, 2024. There have been no impairment charges for any unrealized losses during the period. Accounts Receivable and Current Expected Credit Losses Accounts receivable are stated at realizable value, net of allowances, which includes an allowance for doubtful accounts and a reserve for expected credit losses. The allowance for doubtful accounts is based on management’s assessment of the collectability of its customer accounts. The Company regularly reviews the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, customer creditworthiness, current economic trends, and reasonable and supportable forecasts about the future. Relevant risk characteristics include customer size and historical loss patterns. Management has evaluated the expected credit losses related to trade accounts receivable and determined that an allowance of approximately $1.6 million and $1.1 million for uncollectible accounts and customer balances that are disputed was required as of September 30, 2024 and December 31, 2023, respectively. Refer to Note 4, “Financial Statement Components” to these condensed consolidated financial statements, for a rollforward of the components of the allowances for the three and nine months ended September 30, 2024 and 2023. The Company includes unbilled receivables in its accounts receivable balance. Generally, these receivables represent earned revenue from services provided to customers, which will be billed in the next billing cycle. All amounts are considered collectible and billable. As of September 30, 2024 and December 31, 2023, unbilled receivables were $54.8 million and $43.6 million, respectively. Concentration of Credit Risk Financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents, marketable securities and trade accounts receivable. The Company maintains its cash, cash equivalents and marketable securities with high credit-quality financial institutions. Certain balances held by such financial institutions exceed insured limits. With regard to customers, credit evaluation and account monitoring procedures are used to minimize the risk of loss. The Company believes that no additional credit risk beyond amounts provided for by the allowance for doubtful accounts are inherent in accounts receivable. As of September 30, 2024 and December 31, 2023, no individual customer represented more than 10% of the Company’s accounts receivable, net of allowance for doubtful accounts. For the three and nine months ended September 30, 2024 and 2023, no individual customer represented more than 10% of the Company’s revenue. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with the guidance applied retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2023-07 on its financial statements and expects to adopt the guidance upon its effective date. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). The amendments also require entities on an annual basis to disclose disaggregated amounts of income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with the option to apply the guidance prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2023-09 on its financial statements and expects to adopt the guidance upon its effective date.

Leases - Schedule of Other Supplemental Information Related to Operating Leases (Details)	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Weighted average remaining lease term (in years)	18 years 8 months 15 days	19 years 3 months 29 days
Weighted average discount rate	8.77%	8.73%

Revenue - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 193,883	$ 152,013	$ 538,518	$ 435,731
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	170,269	130,571	471,239	370,737
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 23,614	$ 21,442	$ 67,279	$ 64,994

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Income (Loss) Per Share

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


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

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


Net income (loss) attributable to common stockholders	$	413	$	(5,130)	$	(4,765)	$	(5,409)
Net income (loss) per share:
Basic	$	0.02	$	(0.20)	$	(0.18)	$	(0.21)
Diluted	$	0.01	$	(0.20)	$	(0.18)	$	(0.21)



















Weighted average number of common shares outstanding:
Basic	27,374,367		25,613,441		26,983,931		25,539,642


Stock options issued and outstanding	25,021		—		—		—
Nonvested RSUs outstanding	1,216,132		—		—		—

Diluted	28,615,520		25,613,441		26,983,931		25,539,642

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

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


	As of September 30,
	2024	2023
Stock options issued and outstanding	83,039	98,105
Restricted stock units issued and outstanding	3,965,171	2,547,955
Convertible senior notes	2,503,118	3,484,424
Total	6,551,328	6,130,484

Financial Statement Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial Statement Components [Abstract]
Accrued expense	$ 67,125	$ 40,731
Accrued compensation and benefits	18,388	19,142
Accrued sales, use, VAT and telecommunications related taxes	8,087	8,467
Other accrued expenses	814	674
Total accrued expenses and other current liabilities	$ 94,414	$ 69,014

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Other Supplemental Information Related to Operating Leases

Other supplemental information related to operating leases were as follows:


	Nine months ended September 30,
		2024		2023









Weighted average remaining lease term (in years)		18.71		19.33



Weighted average discount rate		8.77	%	8.73	%

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities were as follows:


	As of September 30,
	2024


	(In thousands)

2024 (remaining)	$	5,743
2025	22,278
2026	21,723
2027	22,123
2028	22,462

Thereafter	378,808
Total lease payments	473,137
Less: imputed interest	(250,072)

Total lease obligations	223,065
Less: current obligations	(3,360)
Long-term lease obligations	$	219,705

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

5. Leases

The Company primarily leases facilities for office space under non-cancelable operating leases for its U.S. and international locations. As of September 30, 2024, non-cancelable leases expire on various dates between 2024 and 2043, some of which include options to extend the leases for up to 20 years.

The lease expense recorded in the condensed consolidated statements of operations is comprised of operating lease costs of $5.6 million and $17.4 million for the three and nine months ended September 30, 2024,

respectively, and $5.3 million and $8.8 million for the three and nine months ended September 30, 2023, respectively.

Other supplemental information related to operating leases were as follows:


	Nine months ended September 30,
		2024		2023









Weighted average remaining lease term (in years)		18.71		19.33



Weighted average discount rate		8.77	%	8.73	%

Maturities of operating lease liabilities were as follows:


	As of September 30,
	2024


	(In thousands)

2024 (remaining)	$	5,743
2025	22,278
2026	21,723
2027	22,123
2028	22,462

Thereafter	378,808
Total lease payments	473,137
Less: imputed interest	(250,072)

Total lease obligations	223,065
Less: current obligations	(3,360)
Long-term lease obligations	$	219,705

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Net Carrying Amount of Liability Components of Convertible Notes

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


	As of September 30,		As of December 31,

	2024		2023

2026 Convertible Notes:	(In thousands)
Principal	$	35,000	$	175,000

Unamortized debt issuance costs	(248)		(1,891)
2026 Convertible Notes net carrying amount	34,752		173,109

2028 Convertible Notes:
Principal	250,000		250,000

Unamortized debt issuance costs	(3,780)		(4,583)
2028 Convertible Notes net carrying amount	246,220		245,417
Total net carrying amount	$	280,972	$	418,526

Schedule of Interest Expense Recognized Related to Convertible Notes

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


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

2026 Convertible Notes:	(In thousands)
Contractual interest expense	$	22	$	109	$	219	$	356

Amortization of debt issuance costs	44		217		377		723
Total interest expense related to the 2026 Convertible Notes	66		326		596		1,079

2028 Convertible Notes:
Contractual interest expense	313		313		939		939

Amortization of debt issuance costs	267		267		803		797
Total interest expense related to the 2028 Convertible Notes	580		580		1,742		1,736
Total interest expense	$	646	$	906	$	2,338	$	2,815

Schedule of Costs Incurred for Capped Calls Related to Convertible Notes

The following table sets forth key terms and costs incurred for the Capped Calls related to the Convertible Notes as of September 30, 2024:


	2026 Convertible Notes		2028 Convertible Notes

	(In thousands, except share and per share amounts)
Initial approximate strike price per share, subject to certain adjustments	$	91.03	$	179.27
Initial cap price per share, subject to certain adjustments	$	137.40	$	260.76
Net costs incurred	$	43,320	$	25,500
Class A common stock covered, subject to anti-dilution adjustments	384,500		1,394,525

Property, Plant and Equipment - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 7,989	$ 6,647	$ 24,005	$ 16,727
Cost of revenue
Property, Plant and Equipment [Line Items]
Total depreciation expense	4,679	4,056	14,135	11,790
Research and development
Property, Plant and Equipment [Line Items]
Total depreciation expense	1,628	1,199	4,856	2,461
Sales and marketing
Property, Plant and Equipment [Line Items]
Total depreciation expense	1,107	905	3,355	1,486
General and administrative
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 575	$ 487	$ 1,659	$ 990

Debt - Schedule of Interest Expense Recognized Related to Convertible Notes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Total interest expense	$ 646	$ 906	$ 2,338	$ 2,815
2026 Convertible Notes:
Debt Instrument [Line Items]
Contractual interest expense	22	109	219	356
Amortization of debt issuance costs	44	217	377	723
Total interest expense	66	326	596	1,079
2028 Convertible Notes:
Debt Instrument [Line Items]
Contractual interest expense	313	313	939	939
Amortization of debt issuance costs	267	267	803	797
Total interest expense	$ 580	$ 580	$ 1,742	$ 1,736

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events Second Amendment to Credit Agreement On October 28, 2024, the Company entered into a second amendment to the Credit Agreement among the Company, as borrower, certain subsidiaries of the Company, as guarantors, the lenders from time to time party thereto, and Bank of America, N.A., as administrative agent, swingline lender and letters of credit issuer, with BofA Securities, Inc. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Bookrunners. Effective as of October 28, 2024, the Credit Agreement was amended to: •increase the aggregate revolving credit commitments from $100.0 million to $150.0 million; •with respect to applicable interest rates, modify the applicable margin for loans based on SOFR to between 2.00% and 2.50%, and modify the applicable margin for loans based on the base rate to between 1.00% and 1.50%, in each case depending upon the Company’s consolidated total leverage ratio for the most recent fiscal quarter for which financial statements have been delivered under the Credit Agreement; •modify the quarterly commitment fee to between 0.20% and 0.25% on the unused portion of the borrowing commitment, depending upon the Company’s consolidated total leverage ratio for the most recent fiscal quarter for which financial statements have been delivered under the Credit Agreement; •replace the existing financial covenants with the following new financial covenants: (a) (1) for each fiscal quarter ending on or prior to June 30, 2025, a consolidated senior secured leverage ratio not to exceed 2.75 to 1.00, and (2) for each fiscal quarter thereafter, a consolidated senior secured leverage ratio not to exceed 2.50 to 1.00; and (b) a consolidated fixed charge coverage ratio not less than 2.00 to 1.00, in each case tested as of the end of any fiscal quarter; •modify exceptions to certain customary negative covenants to require a pro forma consolidated senior secured leverage ratio at least 0.50 to 1.00 inside the maximum then-applicable consolidated senior secured leverage ratio, and modify the exception to the restriction on additional convertible indebtedness to require a pro forma consolidated total leverage ratio over the most recent four fiscal quarters not to exceed 4.50 to 1.00; and •modify the maturity date to the earlier of (a) May 1, 2029 or (b) the date that is 91 days prior to the scheduled maturity date or mandatory conversion date of any of the Company’s outstanding convertible senior notes due 2028. Except as described above, the terms of any loans under the Credit Agreement are unmodified and remain in full force and effect.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A voting common stock
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	25,549,670	24,206,140
Common stock, shares outstanding (in shares)	25,549,670	24,206,140
Class B voting common stock
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	1,958,028	1,958,028
Common stock, shares outstanding (in shares)	1,958,028	1,958,028

Goodwill and Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill [Line Items]
Total amortization expense	$ 4,436	$ 4,348	$ 13,133	$ 12,960
Cost of revenue
Goodwill [Line Items]
Total amortization expense	1,977	1,959	5,877	5,863
Sales and marketing
Goodwill [Line Items]
Total amortization expense	$ 2,459	$ 2,389	$ 7,256	$ 7,097

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 193,883	$ 152,013	$ 538,518	$ 435,731
Cost of revenue	120,749	92,514	335,071	261,624
Gross profit	73,134	59,499	203,447	174,107
Operating expenses
Research and development	30,171	24,792	87,215	75,305
Sales and marketing	26,285	25,011	81,490	75,794
General and administrative	17,576	15,843	52,130	48,430
Total operating expenses	74,032	65,646	220,835	199,529
Operating loss	(898)	(6,147)	(17,388)	(25,422)
Other income, net
Net gain on extinguishment of debt	0	0	10,267	12,767
Gain on business interruption insurance recoveries	0	0	0	4,000
Other income, net	577	798	1,091	52
Total other income, net	577	798	11,358	16,819
Loss before income taxes	(321)	(5,349)	(6,030)	(8,603)
Income tax benefit	734	219	1,265	3,194
Net income (loss)	$ 413	$ (5,130)	$ (4,765)	$ (5,409)
Net income (loss) per share:
Basic (in usd per share)	$ 0.02	$ (0.20)	$ (0.18)	$ (0.21)
Diluted (in usd per share)	$ 0.01	$ (0.20)	$ (0.18)	$ (0.21)
Weighted average number of common shares outstanding:
Basic (in shares)	27,374,367	25,613,441	26,983,931	25,539,642
Diluted (in shares)	28,615,520	25,613,441	26,983,931	25,539,642

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Capitalized software development costs	$ 2.7	$ 3.4	$ 8.9	$ 8.4
Amortization of capitalized software development costs	$ 1.0	$ 0.8	$ 3.0	$ 2.2

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue by Geographic Area

The Company generates its revenue primarily in North America. Revenue by geographic area is detailed in the table below, which is apportioned based on the destination of the service:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(In thousands)
North America	$	170,269	$	130,571	$	471,239	$	370,737
Rest of World	23,614		21,442		67,279		64,994
Total	$	193,883	$	152,013	$	538,518	$	435,731

Stockholders' Equity (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	7,361,032	7,494,255
Stock options issued and outstanding
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	83,039	97,480
Nonvested restricted stock units issued and outstanding
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	3,901,907	5,066,159
Stock-based awards available for grant under the 2017 Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	3,376,086	2,330,616

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
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-Section 50
-Paragraph 13
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 74,940	$ 131,987	$ 107,373
Amortized cost or carrying value	4,853	21,422
Unrealized gains	114	66
Unrealized losses	0	0
Total marketable securities	4,967
Total financial assets	70,999	142,146
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	4,967	21,488
Total financial assets	71,113	142,212
Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	4,967	21,488
Total financial assets	71,113	142,212
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Total financial assets	0	0
Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Total financial assets	0	0
Money market account
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	41,259	120,724
Money market account \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	41,259	120,724
Money market account \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	41,259	120,724
Money market account \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Money market account \| Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost or carrying value		20,000
Unrealized gains		0
Unrealized losses		0
Time deposits \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		20,000
Time deposits \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		20,000
Time deposits \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		0
Time deposits \| Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	24,887
Amortized cost or carrying value	4,853	1,422
Unrealized gains	114	66
Unrealized losses	0	0
Commercial paper \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	24,887
Total marketable securities	4,967	1,488
Commercial paper \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	24,887
Total marketable securities	4,967	1,488
Commercial paper \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Total marketable securities	0	0
Commercial paper \| Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Total marketable securities	0	0
Total included in cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	66,146	120,724
Total included in cash and cash equivalents \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	66,146	120,724
Total included in cash and cash equivalents \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	66,146	120,724
Total included in cash and cash equivalents \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Total included in cash and cash equivalents \| Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 0	$ 0

Basic and Diluted Income (Loss) per Common Share - Schedule of Basic and Diluted Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) attributable to common stockholders, basic	$ 413	$ (5,130)	$ (4,765)	$ (5,409)
Net income (loss) per share:
Basic (in usd per share)	$ 0.02	$ (0.20)	$ (0.18)	$ (0.21)
Diluted (in usd per share)	$ 0.01	$ (0.20)	$ (0.18)	$ (0.21)
Weighted average number of common shares outstanding:
Basic (in shares)	27,374,367	25,613,441	26,983,931	25,539,642
Diluted (in shares)	28,615,520	25,613,441	26,983,931	25,539,642
Stock options issued and outstanding
Weighted average number of common shares outstanding:
Issued and outstanding of stock options and nonvested RSUs (in shares)	25,021	0	0	0
Nonvested restricted stock units issued and outstanding
Weighted average number of common shares outstanding:
Issued and outstanding of stock options and nonvested RSUs (in shares)	1,216,132	0	0	0

Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (79,043)	$ (63,666)
Net Carrying Value	158,630
Gross Amount	238,297	230,580
Net Carrying Value	159,254	166,914
Licenses, indefinite lived
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Licenses, indefinite lived	624	624
Customer relationships
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Amount	154,049	147,426
Accumulated Amortization	(44,570)	(35,599)
Net Carrying Value	109,479	111,827
Developed technology
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Amount	80,796	79,702
Accumulated Amortization	(31,645)	(25,239)
Net Carrying Value	49,151	54,463
Other, definite lived
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Amount	2,828	2,828
Accumulated Amortization	(2,828)	(2,828)
Net Carrying Value	$ 0	$ 0

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 25, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-38285
Entity Registrant Name	BANDWIDTH INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	56-2242657
Entity Address, Address Line One	2230 Bandmate Way
Entity Address, City or Town	Raleigh
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27607
City Area Code	(800)
Local Phone Number	808-5150
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Trading Symbol	BAND
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001514416
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class A voting common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		25,552,081
Class B voting common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,958,028

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes At the end of each interim reporting period, the Company determines the income tax provision by using an estimate of the annual effective tax rate, adjusted for discrete items occurring in the quarter. The effective income tax rate reflects the effect of federal, international, and state income taxes and the permanent impacts of differences in book and tax accounting. The Company’s effective tax rate was 228.7% and 21.0% for the three and nine months ended September 30, 2024, respectively, and 4.1% and 37.1% for the three and nine months ended September 30, 2023, respectively. For the three months ended September 30, 2024, the effective tax rate increased from the three months ended September 30, 2023, primarily due to the near breakeven year-to-date pre-tax loss of $0.3 million in relation to the tax benefits resulting from operating losses outside of the U.S. which are not offset by a valuation allowance, and decreased tax payable in the U.S. For the nine months ended September 30, 2024, the unfavorable change in the effective tax rate associated with the decreased tax benefit, as compared to the nine months ended September 30, 2023, is primarily due to decreased operating losses outside of the U.S., where tax benefits are recognized and are not offset by a valuation allowance. Judgment is required in determining whether deferred tax assets will be realized in full or in part. Management assesses the available positive and negative evidence on a jurisdictional basis to estimate if deferred tax assets will be recognized and when it is more likely than not that all or some deferred tax assets will not be realized, and a valuation allowance must be established. As of September 30, 2024, the Company continues to maintain a valuation allowance against its U.S. federal and state net deferred tax assets. The Company’s effective tax rate for the three months and nine months ended September 30, 2024 differed from the federal statutory tax rate of 21% in the U.S. primarily due the valuation allowance recorded against its U.S. federal and state net deferred tax assets. Other permanent tax adjustments within the effective tax rates, which are offset by the valuation allowance, include state taxes, federal research credit under Internal Revenue Code Section 41, equity compensation in the U.S. and other U.S. non-deductible expenditures.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basic and Diluted Income (Loss) per Common Share - Schedule of Anti-dilutive Common Shares Excluded from Calculation of Net Income (Loss) (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	6,551,328	6,130,484
Stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	83,039	98,105
Restricted stock units issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,965,171	2,547,955
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,503,118	3,484,424

Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

9. Revenue

Geographic Information

The Company generates its revenue primarily in North America. Revenue by geographic area is detailed in the table below, which is apportioned based on the destination of the service:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(In thousands)
North America	$	170,269	$	130,571	$	471,239	$	370,737
Rest of World	23,614		21,442		67,279		64,994
Total	$	193,883	$	152,013	$	538,518	$	435,731

The Company’s long-lived assets are primarily held in North America. As of September 30, 2024 and December 31, 2023, long-lived assets held outside of North America were $2.5 million and $4.5 million, respectively.

Deferred Revenue

During the three and nine months ended September 30, 2024, the Company recognized revenue of $1.6 million and $5.3 million, respectively, that was included in the deferred revenue balances at the beginning of the year. The Company expects to recognize $7.0 million in revenue over the next 12 months related to its contract liabilities as of September 30, 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended							9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 413	$ 4,055	$ (9,233)	$ (10,934)	$ (5,130)	$ (3,890)	$ 3,611	$ (4,765)	$ (5,409)

- 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

Debt - 2028 Convertible Notes (Details)	1 Months Ended
Debt - 2028 Convertible Notes (Details)	Mar. 31, 2021 USD ($) $ / shares	Sep. 30, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares	Feb. 28, 2020 $ / shares
Class A voting common stock
Debt Instrument [Line Items]
Common stock, par value (in usd per share) \| $ / shares	$ 0.001	$ 0.001	$ 0.001	$ 0.001
2028 Convertible Notes: \| Convertible Notes
Debt Instrument [Line Items]
Principal amount \| $	$ 250,000,000.0	$ 250,000,000	$ 250,000,000
Stated rate (as percent)	0.50%
Total net proceeds \| $	$ 217,000,000.0
Effective interest rate (as percent)	0.442%
Conversion price (in usd per share) \| $ / shares	$ 179.27
2028 Convertible Notes: \| Convertible Notes \| Class A voting common stock
Debt Instrument [Line Items]
Conversion ratio	0.0055781

Stock-Based Compensation - Schedule of Restricted Stock Unit Activity (Details) - RSUs	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of awards outstanding
Beginning balance (in shares) \| shares	5,066,159
Granted (in shares) \| shares	729,780
Vested (in shares) \| shares	(1,448,305)
Forfeited (in shares) \| shares	(445,727)
Ending balance (in shares) \| shares	3,901,907
Weighted-average grant date fair value (Per share)
Beginning balance (in usd per share) \| $ / shares	$ 18.41
Granted (in usd per share) \| $ / shares	20.40
Vested (in usd per share) \| $ / shares	25.27
Forfeited (in usd per share) \| $ / shares	16.39
Ending balance (in usd per share) \| $ / shares	$ 16.46

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (4,765)	$ (5,409)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization	37,138	29,687
Non-cash reduction to the right-of-use asset	2,759	5,227
Amortization of debt discount and issuance costs	1,332	1,995
Stock-based compensation	35,148	22,325
Deferred taxes and other	(4,249)	(5,902)
Gain on sale of intangible asset	(1,000)	0
Net gain on extinguishment of debt	(10,267)	(12,767)
Changes in operating assets and liabilities:
Accounts receivable, net of allowances	(21,318)	(654)
Prepaid expenses and other assets	2,482	2,102
Accounts payable	(11,940)	4,164
Accrued expenses and other liabilities	24,991	(13,031)
Operating right-of-use liability	(2,946)	(8,004)
Net cash provided by operating activities	47,365	19,733
Cash flows from investing activities
Purchase of property, plant and equipment	(10,636)	(5,287)
Refund of deposits for construction in progress	2,707	0
Capitalized software development costs	(8,571)	(8,384)
Purchase of marketable securities	(32,081)	(60,625)
Proceeds from sales and maturities of marketable securities	48,649	100,109
Proceeds from sale of business	624	1,070
Proceeds from sale of intangible assets	1,000	0
Net cash provided by investing activities	1,692	26,883
Cash flows from financing activities
Borrowings on line of credit	165,500	0
Repayments on line of credit	(140,500)	0
Payments on finance leases	(68)	(124)
Net cash paid for debt extinguishment	(128,534)	(51,259)
Payment of debt issuance costs	(379)	(696)
Proceeds from exercises of stock options	128	413
Value of equity awards withheld for tax liabilities	(2,291)	(1,056)
Net cash used in financing activities	(106,144)	(52,722)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	41	(887)
Net decrease in cash, cash equivalents, and restricted cash	(57,046)	(6,993)
Cash, cash equivalents, and restricted cash, beginning of period	132,307	114,622
Cash, cash equivalents, and restricted cash, end of period	75,261	107,629
Reconciliation of cash, cash equivalents, and restricted cash, end of period
Cash and cash equivalents	74,940	107,373
Restricted cash included in prepaid expenses and other current assets	321	256
Total cash, cash equivalents, and restricted cash, end of period	75,261	107,629
Supplemental disclosure of cash flow information
Cash paid for (received from) interest	21	(814)
Cash paid for taxes, net	3,212	5,688
Right-of-use assets obtained in exchange for new operating lease liabilities	0	155,588
Supplemental disclosure of noncash investing and financing activities
Purchase of property, plant and equipment, accrued but not paid	2,884	3,825
Purchase of property and equipment through lease incentive	0	57,329
Purchase of property and equipment through use of escrow deposits	$ 0	$ 20,674

Goodwill and Intangible Assets - Schedule of Change in Carrying Amounts of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 335,872
Foreign currency translation adjustments	4,515
Ending balance	$ 340,387

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Debt - Other Terms of the Convertible Notes (Details) - 2026 Convertible Notes	9 Months Ended
	Sep. 30, 2024 day
Debt Instrument [Line Items]
Redemption period scheduled trading day before the maturity date	40 days
Cash redemption price (as percent)	100.00%
Conversion Option 1 \| Convertible Notes \| Class A voting common stock
Debt Instrument [Line Items]
Stock price trigger (as percent)	130.00%
Trading days	20
Notice of redemption (in days)	30

Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating Leases
2024 (remaining)	$ 5,743
2025	22,278
2026	21,723
2027	22,123
2028	22,462
Thereafter	378,808
Total lease payments	473,137
Less: imputed interest	(250,072)
Total lease obligations	223,065
Less: current obligations	(3,360)	$ (5,463)
Long-term lease obligations	$ 219,705	$ 220,548

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 1,569	$ 1,128
Unbilled accounts receivable	$ 54,824	$ 43,631

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Reserved Shares of Common Stock for Issuance

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


	As of September 30,	As of December 31,

	2024	2023
Stock options issued and outstanding	83,039	97,480
Nonvested restricted stock units issued and outstanding	3,901,907	5,066,159
Stock-based awards available for grant under the 2017 Plan	3,376,086	2,330,616
Total	7,361,032	7,494,255

- 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.

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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 74,940	$ 131,987
Marketable securities	4,967	21,488
Accounts receivable, net of allowance for doubtful accounts	99,616	78,155
Deferred costs	3,806	4,155
Prepaid expenses and other current assets	15,333	16,990
Total current assets	198,662	252,775
Property, plant and equipment, net	170,131	177,864
Operating right-of-use asset, net	152,559	157,507
Intangible assets, net	159,254	166,914
Deferred costs, non-current	4,511	4,586
Other long-term assets	4,244	5,530
Goodwill	340,387	335,872
Total assets	1,029,748	1,101,048
Current liabilities:
Accounts payable	20,557	34,208
Accrued expenses and other current liabilities	94,414	69,014
Current portion of deferred revenue	7,020	8,059
Advanced billings	3,304	6,027
Operating lease liability, current	3,360	5,463
Line of credit, current portion	25,000	0
Total current liabilities	153,655	122,771
Other liabilities	360	386
Operating lease liability, net of current portion	219,705	220,548
Deferred revenue, net of current portion	8,133	8,406
Deferred tax liability	30,348	33,021
Convertible senior notes	280,972	418,526
Total liabilities	693,173	803,658
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock: $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding	0	0
Additional paid-in capital	426,757	391,048
Accumulated deficit	(69,655)	(64,890)
Accumulated other comprehensive loss	(20,555)	(28,794)
Total stockholders’ equity	336,575	297,390
Total liabilities and stockholders’ equity	1,029,748	1,101,048
Class A voting common stock
Stockholders’ equity:
Class A and Class B common stock	26	24
Class B voting common stock
Stockholders’ equity:
Class A and Class B common stock	$ 2	$ 2

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Option to extend lease, term (in years)	20 years		20 years
Operating lease cost	$ 5.6	$ 5.3	$ 17.4	$ 8.8

Fair Value Measurements - Schedule of Contractual Maturities of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amortized cost
Less than one year	$ 4,853
Total	4,853	$ 21,422
Aggregate fair value
Less than one year	4,967
Total	$ 4,967

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Stock-Based Compensation - Schedule of Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 11,449	$ 6,942	$ 35,148	$ 22,325
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	352	182	1,123	578
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	4,606	2,822	14,606	9,278
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	1,744	1,160	6,014	3,825
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 4,747	$ 2,778	$ 13,405	$ 8,644

Property, Plant and Equipment - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total cost	$ 271,788	$ 255,802
Less—accumulated depreciation	(101,657)	(77,938)
Total property, plant and equipment, net	170,131	177,864
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total cost	16,053	16,036
Computer and office equipment
Property, Plant and Equipment [Line Items]
Total cost	13,892	13,669
Telecommunications equipment
Property, Plant and Equipment [Line Items]
Total cost	85,654	82,991
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total cost	75,875	75,437
Software
Property, Plant and Equipment [Line Items]
Total cost	16,381	12,552
Internal-use software development
Property, Plant and Equipment [Line Items]
Total cost	34,752	25,909
Automobile
Property, Plant and Equipment [Line Items]
Total cost	480	507
Land
Property, Plant and Equipment [Line Items]
Total cost	27,636	27,771
Land Improvements
Property, Plant and Equipment [Line Items]
Total cost	$ 1,065	$ 930

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

6. Property, Plant and Equipment

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



	As of September 30,		As of December 31,
	2024		2023

	(In thousands)
Furniture and fixtures	$	16,053	$	16,036
Computer and office equipment	13,892		13,669
Telecommunications equipment	85,654		82,991
Leasehold improvements	75,875		75,437
Software	16,381		12,552
Internal-use software development	34,752		25,909
Automobile	480		507
Land	27,636		27,771
Land Improvements	1,065		930
Total cost	271,788		255,802
Less—accumulated depreciation	(101,657)		(77,938)
Total property, plant and equipment, net	$	170,131	$	177,864

The Company capitalized $2.7 million and $8.9 million of software development costs for the three and nine months ended September 30, 2024, respectively, and $3.4 million and $8.4 million for the three and nine months ended September 30, 2023, respectively.

Amortization expense related to capitalized software development costs was $1.0 million and $3.0 million for the three and nine months ended September 30, 2024, respectively, and $0.8 million and $2.2 million for the three and nine months ended September 30, 2023, respectively.

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


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(In thousands)
Cost of revenue	$	4,679	$	4,056	$	14,135	$	11,790
Research and development	1,628		1,199		4,856		2,461
Sales and marketing	1,107		905		3,355		1,486
General and administrative	575		487		1,659		990
Total depreciation expense	$	7,989	$	6,647	$	24,005	$	16,727

Goodwill and Intangible Assets - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average amortization period (in years)	9 years 2 months 12 days

Debt - Schedule of Net Carrying Amount of Liability Components of Convertible Notes (Details) - Convertible Notes - USD ($)	Sep. 30, 2024	May 09, 2024	Dec. 31, 2023	Mar. 31, 2021	Feb. 28, 2020
Debt Instrument [Line Items]
Total net carrying amount	$ 280,972,000		$ 418,526,000
2026 Convertible Notes:
Debt Instrument [Line Items]
Principal	35,000,000	$ 35,000,000.0	175,000,000		$ 400,000,000.0
Unamortized debt issuance costs	(248,000)		(1,891,000)
Total net carrying amount	34,752,000		173,109,000
2028 Convertible Notes:
Debt Instrument [Line Items]
Principal	250,000,000		250,000,000	$ 250,000,000.0
Unamortized debt issuance costs	(3,780,000)		(4,583,000)
Total net carrying amount	$ 246,220,000		$ 245,417,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value

The Company evaluated its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. The following tables summarize the Company’s financial assets measured at fair value as of September 30, 2024 and December 31, 2023:


	Amortized cost or carrying value		Unrealized gains		Unrealized losses		Fair value measurements on a recurring basis September 30, 2024
							Level 1		Level 2		Level 3		Total

	(In thousands)
Financial assets:
Cash and cash equivalents:
Money market account	$	41,259	$	—	$	—	$	41,259	$	—	$	—	$	41,259





Commercial paper	24,887		—		—		24,887		—		—		24,887

Total included in cash and cash equivalents	66,146		—		—		66,146		—		—		66,146
Marketable securities:



Commercial paper	4,853		114		—		4,967		—		—		4,967
Total marketable securities	4,853		114		—		4,967		—		—		4,967



Total financial assets	$	70,999	$	114	$	—	$	71,113	$	—	$	—	$	71,113


	Amortized cost or carrying value		Unrealized gains		Unrealized losses		Fair value measurements on a recurring basis December 31, 2023
							Level 1		Level 2		Level 3		Total

	(In thousands)
Financial assets:
Cash and cash equivalents:
Money market account	$	120,724	$	—	$	—	$	120,724	$	—	$	—	$	120,724







Total included in cash and cash equivalents	120,724		—		—		120,724		—		—		120,724
Marketable securities:
Time deposits	20,000		—		—		20,000		—		—		20,000


Commercial paper	1,422		66		—		1,488		—		—		1,488
Total marketable securities	21,422		66		—		21,488		—		—		21,488



Total financial assets	$	142,146	$	66	$	—	$	142,212	$	—	$	—	$	142,212

Schedule of Contractual Maturities of Marketable Securities

The Company classifies its marketable securities as current assets as they are available for current operating needs. The following table summarizes the contractual maturities of marketable securities as of September 30, 2024:


	Amortized cost		Aggregate fair value

	(In thousands)
Financial assets:
Less than one year	$	4,853	$	4,967

Total	$	4,853	$	4,967

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Maturities of marketable securities	$ 10.3	$ 18.9	$ 48.6	$ 61.8
Proceeds from sale of marketable securities	0.0	0.0	0.0	38.3
Interest earned on marketable securities (less than)	0.2	$ 0.6	0.8	$ 1.4
Convertible Notes \| 2026 Convertible Notes:
Debt Instrument [Line Items]
Fair value	31.8		31.8		$ 145.5
Convertible Notes \| 2028 Convertible Notes:
Debt Instrument [Line Items]
Fair value	$ 195.0		$ 195.0		$ 157.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Financial Statement Components - Schedule of Accounts Receivable, Net of Allowances (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial Statement Components [Abstract]
Trade accounts receivable	$ 46,132	$ 35,612
Unbilled accounts receivable	54,824	43,631
Allowance for doubtful accounts and reserve for expected credit losses	(1,569)	(1,128)
Other accounts receivable	229	40
Total accounts receivable, net	$ 99,616	$ 78,155

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business Bandwidth Inc. (together with its subsidiaries, “Bandwidth” or the “Company”) was founded in July 2000 and incorporated in Delaware on March 29, 2001. The Company’s headquarters are located in Raleigh, North Carolina. The Company is a global cloud-based, software-powered communications platform-as-a-service (“CPaaS”) provider that enables enterprises to create, scale and operate voice or messaging communications services across any mobile application or connected device.

Subsequent Events (Details) - Revolving Loan - Bank of America Credit Agreement - Line of Credit $ in Millions	Oct. 28, 2024 USD ($)	Aug. 01, 2023 USD ($) quarter	May 01, 2024 USD ($)
Subsequent Event [Line Items]
Borrowing capacity		$ 50.0	$ 100.0
Covenant, consecutive quarters \| quarter		4
Days prior to maturity date (in days)		91 days	91 days
Minimum
Subsequent Event [Line Items]
Unused portion of borrowing commitment (as percent)		0.05%
Minimum \| Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Basis spread on variable rate (as percent)		2.25%
Minimum \| Base Rate
Subsequent Event [Line Items]
Basis spread on variable rate (as percent)		1.25%
Maximum
Subsequent Event [Line Items]
Unused portion of borrowing commitment (as percent)		0.0625%
Maximum \| Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Basis spread on variable rate (as percent)		2.75%
Maximum \| Base Rate
Subsequent Event [Line Items]
Basis spread on variable rate (as percent)		1.75%
Subsequent Event
Subsequent Event [Line Items]
Borrowing capacity	$ 150.0
Covenant, fixed charge ratio, minimum	2.00
Covenant, pro forma leverage ratio, maximum allowed	0.50
Covenant, consecutive quarters	4
Covenant, pro forma total leverage ratio, maximum allowed	4.50
Days prior to maturity date (in days)	91 days
Subsequent Event \| Each Fiscal Quarter Ending Prior to June 30, 2025
Subsequent Event [Line Items]
Covenant, leverage ratio, maximum	2.75
Subsequent Event \| Each Fiscal Quarter Ending After, June 30, 2025
Subsequent Event [Line Items]
Covenant, leverage ratio, maximum	2.50
Subsequent Event \| Minimum
Subsequent Event [Line Items]
Unused portion of borrowing commitment (as percent)	0.20%
Subsequent Event \| Minimum \| Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Basis spread on variable rate (as percent)	2.00%
Subsequent Event \| Minimum \| Base Rate
Subsequent Event [Line Items]
Basis spread on variable rate (as percent)	1.00%
Subsequent Event \| Maximum
Subsequent Event [Line Items]
Unused portion of borrowing commitment (as percent)	0.25%
Subsequent Event \| Maximum \| Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Basis spread on variable rate (as percent)	2.50%
Subsequent Event \| Maximum \| Base Rate
Subsequent Event [Line Items]
Basis spread on variable rate (as percent)	1.50%

Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets held outside north america	$ 1,029,748	$ 1,029,748	$ 1,101,048
Recognized revenue	1,600	5,300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenues from External Customers and Long-Lived Assets [Line Items]
Remaining performance obligation, amount	$ 7,000	$ 7,000
Remaining performance obligation period (in months)	12 months	12 months
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets held outside north america	$ 2,500	$ 2,500	$ 4,500

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (as percent)	228.70%	4.10%	21.00%	37.10%
Pre-tax loss	$ 321	$ 5,349	$ 6,030	$ 8,603

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 28, 2024. The condensed consolidated balance sheet as of December 31, 2023, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive income (loss) and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year 2024 or any future period.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of Bandwidth Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the amounts reported in these financial statements and accompanying notes. These estimates in the condensed consolidated financial statements include, but are not limited to, allowance for doubtful accounts, reserve for expected credit losses, reserve for sales credits, recoverability of long lived and intangible assets, fair value of acquired intangible assets and goodwill, discount rates used in the valuation of right-of-use assets and lease liabilities, the fair value of the liability of the Company’s Convertible Notes (as defined herein), estimated period of benefit, valuation allowances on deferred tax assets, certain accrued expenses and contingencies, economic and demographic actuarial assumptions related to pension and other postretirement benefit costs and liabilities. Although the Company believes that the estimates it uses are reasonable, due to the inherent uncertainty involved in making these estimates, actual results reported in future periods could differ from those estimates.
Marketable Securities	Marketable Securities The Company classifies marketable securities as available-for-sale at the time of purchase and reevaluates such classification as of each balance sheet date. The Company may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies investments with maturities greater than 90 days as marketable securities in the accompanying condensed consolidated balance sheets. The Company evaluates its investments to assess whether the amortized cost basis is in excess of estimated fair value and determines what amount of that difference, if any, is caused by expected credit losses. Allowances for credit losses are recognized as a charge in other income, net on the condensed consolidated statements of operations, and any remaining unrealized losses are included in accumulated other comprehensive loss on the condensed consolidated balance sheets.
Accounts Receivable	Accounts Receivable and Current Expected Credit Losses Accounts receivable are stated at realizable value, net of allowances, which includes an allowance for doubtful accounts and a reserve for expected credit losses. The allowance for doubtful accounts is based on management’s assessment of the collectability of its customer accounts. The Company regularly reviews the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, customer creditworthiness, current economic trends, and reasonable and supportable forecasts about the future. Relevant risk characteristics include customer size and historical loss patterns. Management has evaluated the expected credit losses related to trade accounts receivable and determined that an allowance of approximately $1.6 million and $1.1 million for uncollectible accounts and customer balances that are disputed was required as of September 30, 2024 and December 31, 2023, respectively. Refer to Note 4, “Financial Statement Components” to these condensed consolidated financial statements, for a rollforward of the components of the allowances for the three and nine months ended September 30, 2024 and 2023. The Company includes unbilled receivables in its accounts receivable balance. Generally, these receivables represent earned revenue from services provided to customers, which will be billed in the next billing cycle. All amounts are considered collectible and billable.
Current Expected Credit Losses	Accounts Receivable and Current Expected Credit Losses Accounts receivable are stated at realizable value, net of allowances, which includes an allowance for doubtful accounts and a reserve for expected credit losses. The allowance for doubtful accounts is based on management’s assessment of the collectability of its customer accounts. The Company regularly reviews the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, customer creditworthiness, current economic trends, and reasonable and supportable forecasts about the future. Relevant risk characteristics include customer size and historical loss patterns. Management has evaluated the expected credit losses related to trade accounts receivable and determined that an allowance of approximately $1.6 million and $1.1 million for uncollectible accounts and customer balances that are disputed was required as of September 30, 2024 and December 31, 2023, respectively. Refer to Note 4, “Financial Statement Components” to these condensed consolidated financial statements, for a rollforward of the components of the allowances for the three and nine months ended September 30, 2024 and 2023. The Company includes unbilled receivables in its accounts receivable balance. Generally, these receivables represent earned revenue from services provided to customers, which will be billed in the next billing cycle. All amounts are considered collectible and billable.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents, marketable securities and trade accounts receivable. The Company maintains its cash, cash equivalents and marketable securities with high credit-quality financial institutions. Certain balances held by such financial institutions exceed insured limits. 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.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with the guidance applied retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2023-07 on its financial statements and expects to adopt the guidance upon its effective date. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). The amendments also require entities on an annual basis to disclose disaggregated amounts of income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with the option to apply the guidance prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2023-09 on its financial statements and expects to adopt the guidance upon its effective date.
Fair Value Measurements	The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires use of observable inputs when available, and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows: •Level 1. Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities; •Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and •Level 3. Unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value as of September 30, 2024 and December 31, 2023 because of the relatively short duration of these instruments. Marketable securities consist of time deposits and commercial paper not otherwise classified as cash equivalents. All marketable securities are considered to be available-for-sale and are recorded at their estimated fair values. Unrealized gains and losses for available-for-sale securities are recorded in accumulated other comprehensive loss.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Operating Leases The Company leases office space under non-cancelable operating lease agreements that expire on various dates through July 2043. As of September 30, 2024, the Company has $478.6 million in future minimum rent payments for its current office space. See Note 5, “Leases,” to the condensed consolidated financial statements, for additional details on the Company’s operating lease commitments. Contractual Obligations As of September 30, 2024, the Company has $12.0 million in non-cancellable purchase obligations, consisting of primarily network equipment maintenance and software license contracts, of which $4.5 million will be fulfilled within one year. Legal Matters The Company is involved as a defendant in various litigation, including, but not limited to, lawsuits alleging that the Company failed to bill, collect and remit certain taxes and surcharges associated with the provision of 911 services pursuant to applicable laws in various jurisdictions. The Company intends to vigorously defend these lawsuits and believes that it has meritorious defenses to each. However, litigation is inherently uncertain, and any judgment or injunctive relief entered against the Company or any adverse settlement could adversely affect the Company’s business, results of operations and financial condition.

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

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



	As of September 30,		As of December 31,
	2024		2023

	(In thousands)
Furniture and fixtures	$	16,053	$	16,036
Computer and office equipment	13,892		13,669
Telecommunications equipment	85,654		82,991
Leasehold improvements	75,875		75,437
Software	16,381		12,552
Internal-use software development	34,752		25,909
Automobile	480		507
Land	27,636		27,771
Land Improvements	1,065		930
Total cost	271,788		255,802
Less—accumulated depreciation	(101,657)		(77,938)
Total property, plant and equipment, net	$	170,131	$	177,864

Schedule of Depreciation Expense

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


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(In thousands)
Cost of revenue	$	4,679	$	4,056	$	14,135	$	11,790
Research and development	1,628		1,199		4,856		2,461
Sales and marketing	1,107		905		3,355		1,486
General and administrative	575		487		1,659		990
Total depreciation expense	$	7,989	$	6,647	$	24,005	$	16,727

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 413	$ (5,130)	$ (4,765)	$ (5,409)
Other comprehensive income (loss)
Unrealized (loss) gain on marketable securities, net of income taxes	(78)	(129)	48	(3)
Foreign currency translation, net of income taxes	20,538	(12,760)	8,191	(4,879)
Total other comprehensive income (loss)	20,460	(12,889)	8,239	(4,882)
Total comprehensive income (loss)	$ 20,873	$ (18,019)	$ 3,474	$ (10,291)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

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

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

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

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

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

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value as of September 30, 2024 and December 31, 2023 because of the relatively short duration of these instruments. Marketable securities consist of time deposits and commercial paper not otherwise classified as cash equivalents. All marketable securities are considered to be available-for-sale and are recorded at their estimated fair values. Unrealized gains and losses for available-for-sale securities are recorded in accumulated other comprehensive loss.


	Amortized cost or carrying value		Unrealized gains		Unrealized losses		Fair value measurements on a recurring basis September 30, 2024
							Level 1		Level 2		Level 3		Total

	(In thousands)
Financial assets:
Cash and cash equivalents:
Money market account	$	41,259	$	—	$	—	$	41,259	$	—	$	—	$	41,259





Commercial paper	24,887		—		—		24,887		—		—		24,887

Total included in cash and cash equivalents	66,146		—		—		66,146		—		—		66,146
Marketable securities:



Commercial paper	4,853		114		—		4,967		—		—		4,967
Total marketable securities	4,853		114		—		4,967		—		—		4,967



Total financial assets	$	70,999	$	114	$	—	$	71,113	$	—	$	—	$	71,113


	Amortized cost or carrying value		Unrealized gains		Unrealized losses		Fair value measurements on a recurring basis December 31, 2023
							Level 1		Level 2		Level 3		Total

	(In thousands)
Financial assets:
Cash and cash equivalents:
Money market account	$	120,724	$	—	$	—	$	120,724	$	—	$	—	$	120,724







Total included in cash and cash equivalents	120,724		—		—		120,724		—		—		120,724
Marketable securities:
Time deposits	20,000		—		—		20,000		—		—		20,000


Commercial paper	1,422		66		—		1,488		—		—		1,488
Total marketable securities	21,422		66		—		21,488		—		—		21,488



Total financial assets	$	142,146	$	66	$	—	$	142,212	$	—	$	—	$	142,212


	Amortized cost		Aggregate fair value

	(In thousands)
Financial assets:
Less than one year	$	4,853	$	4,967

Total	$	4,853	$	4,967

As of September 30, 2024, the marketable securities were in an unrealized gain position. The Company has determined that (i) it does not have the intent to sell any of these investments and (ii) it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. As of September 30, 2024, the Company anticipates that it will recover the entire amortized cost basis of its marketable securities before maturity.

During the three and nine months ended September 30, 2024, there were $10.3 million and $48.6 million, respectively, in maturities of marketable securities. There were no proceeds from sales of marketable securities for the three and nine months ended September 30, 2024. There were $18.9 million and $61.8 million in maturities from marketable securities for the three and nine months ended September 30, 2023, respectively. There were no proceeds from sales of marketable securities for the three months ended September 30, 2023 and $38.3 million for the nine months ended September 30, 2023. The Company determines realized gains and losses on sale of marketable securities using the specific identification method and records such gains and losses in other income, net on the condensed consolidated statements of operations. Interest earned on marketable securities was $0.2 million and $0.8 million for the three and nine months ended September 30, 2024, respectively, and $0.6 million and $1.4 million for the three and nine months ended September 30, 2023, respectively. The interest is recorded in other income, net, on the accompanying condensed consolidated statements of operations. Accrued interest receivable is recorded in prepaid expenses and other current assets on the accompanying condensed consolidated balance sheets.

As of September 30, 2024, the fair value of the 2026 Convertible Notes and 2028 Convertible Notes, as further described in Note 8, “Debt,” to these condensed consolidated financial statements, was approximately $31.8 million and $195.0 million, respectively. As of December 31, 2023, the fair value of the 2026 Convertible Notes and the 2028 Convertible Notes was approximately $145.5 million and $157.6 million, respectively. The fair value was determined based on the closing price for the Convertible Notes on the last trading day of the reporting period and is considered as Level 2 in the fair value hierarchy.

- 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.

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+ Details

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders' Equity

10. Stockholders’ Equity

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


	As of September 30,	As of December 31,

	2024	2023
Stock options issued and outstanding	83,039	97,480
Nonvested restricted stock units issued and outstanding	3,901,907	5,066,159
Stock-based awards available for grant under the 2017 Plan	3,376,086	2,330,616
Total	7,361,032	7,494,255

- Definition

The entire disclosure for equity.

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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Financial Statement Components

9 Months Ended

Sep. 30, 2024

Financial Statement Components [Abstract]

Financial Statement Components

4. Financial Statement Components

Accounts receivable, net of allowances consist of the following:


	As of September 30,		As of December 31,

	2024		2023

	(In thousands)
Trade accounts receivable	$	46,132	$	35,612
Unbilled accounts receivable	54,824		43,631
Allowance for doubtful accounts and reserve for expected credit losses	(1,569)		(1,128)
Other accounts receivable	229		40
Total accounts receivable, net	$	99,616	$	78,155

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


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

	(In thousands)
Balance, beginning of period	$	(2,843)	$	(1,616)	$	(1,128)	$	(1,191)
Charged to bad debt expense, net of reversals	(212)		260		(2,088)		(465)
Deductions (1)	1,520		82		1,658		386
Impact of foreign currency translation	(34)		9		(11)		5



Balance, end of period	$	(1,569)	$	(1,265)	$	(1,569)	$	(1,265)

________________________

(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 September 30,		As of December 31,

	2024		2023

	(In thousands)
Accrued expense	$	67,125	$	40,731
Accrued compensation and benefits	18,388		19,142
Accrued sales, use, VAT and telecommunications related taxes	8,087		8,467




Other accrued expenses	814		674
Total accrued expenses and other current liabilities	$	94,414	$	69,014